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(MARK ONE)
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ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
(State or other jurisdiction of
incorporation or organization)
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27-2963337
(I.R.S. Employer
Identification Number)
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110 N. Wacker Dr., Chicago, IL
(Address of principal executive offices)
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60606
(Zip Code)
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Title of Each Class:
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Name of Each Exchange on Which Registered:
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Common Stock, $.01 par value
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New York Stock Exchange
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a
smaller reporting company)
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Smaller reporting company
o
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Item No.
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Page
Number
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Top Retail Properties (1)
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2016 Sales (all less anchors)
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2015 Sales (all less anchors)
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2016 Sales (<10,000 sq ft)
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2015 Sales (<10,000 sq ft)
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Sales Growth (all less anchors)
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% of Company NOI
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||||||||||
Top 10
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$
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4,098
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$
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3,982
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$
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835
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$
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848
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2.9
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%
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24.0
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%
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Top 30
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9,617
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9,425
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737
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745
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2.0
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%
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51.0
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%
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Top 50
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13,338
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13,114
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664
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667
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1.7
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%
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69.0
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%
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Top 100
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19,289
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19,145
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582
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584
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0.8
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%
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96.0
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%
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Total Retail Properties
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20,493
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20,317
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569
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572
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0.9
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%
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100.0
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%
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75 Class A Retail Properties
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16,567
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16,385
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644
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649
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1.1
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%
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81.0
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%
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•
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initial rental rates for signed leases that commenced in 2016 on a suite-to-suite basis increased 10.1% when compared to the rental rate for expiring leases;
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tenant sales (all less anchors) increased
0.9%
on a trailing 12-month basis for 2016;
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leased percentage was
97.2%
at December 31, 2016 (as defined in Item 7);
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•
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invested
$547.4 million
in development and redevelopment of our properties;
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sold interests in eight properties for total gross proceeds at share of
$604.3 million
, which resulted in a net gain of
$132.1 million
(
Note 3
);
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•
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sold a
50%
interest in Fashion Show located in Las Vegas, Nevada to a joint venture partner for a gross sales price of
$1.25 billion
, which resulted in a gain of
$634.9 million
(
Note 3
);
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•
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acquired interests in five properties for a total gross purchase price at share of
$278.3 million
including anchor boxes that will provide opportunities for redevelopment (
Note 3
); and
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•
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acquired the remaining
50%
interest in Riverchase Galleria in Hoover, Alabama for a gross purchase price of
$143.5 million
including the assumption of our venture partner's
$110.3 million
share of property level debt (
Note 3
).
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•
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strategically locate tenants within each property to achieve a merchandising strategy that promotes traffic, cross-shopping and maximizes sales;
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introduce new concepts to the property which may include restaurants, theaters, grocery stores, first-to-market retailers, and e-commerce retailers;
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invest capital to provide the right environment for our tenants and consumers, including aesthetic, technological, and infrastructure improvements; and
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ensure our properties are clean, secure and comfortable.
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we may not be able to obtain anchor store, mortgage lender and property partner approvals, if applicable, for expansion or development activities.
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No one person may own more than 9.9% of the outstanding number or value. This ensures we meet the REIT requirement that not more than 50% in value of the outstanding shares of our capital stock may be owned, directly or indirectly by five or fewer “individuals” at any time during the last half of a taxable year.
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No person can acquire shares that would result in outstanding shares being beneficially owned by fewer than 100 persons. This ensures we meet the REIT requirement that there be at least 100 stockholders.
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No person can transfer shares that would cause us or our subsidiaries to constructively own 10% or more of the ownership interests in a tenant. This protects against having certain rent be treated as “related party” rent and thereby having such rent be non-qualifying income for purposes of the REIT tests.
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restrictions on the ability of stockholders to call a special meeting without 15% or more of the voting power of the issued and outstanding shares entitled to vote generally in the election of directors; and
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rules regarding how stockholders may present proposals or nominate directors for election at stockholder meetings.
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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;
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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 of our 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; and
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•
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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.
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limiting our ability to borrow significant additional amounts for working capital, capital expenditures, debt service requirements, execution of our business strategy or other purposes;
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•
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limiting our ability to use operating cash flow in other areas of our business or to pay dividends because we must dedicate a portion of these funds to service debt;
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increasing our vulnerability to general adverse economic and industry conditions, including increases in interest rates, particularly given the portion of our indebtedness which bears interest at variable rates;
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limiting our ability to capitalize on business opportunities and to react to competitive pressures and adverse changes in government regulation; and
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•
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giving secured lenders the ability to foreclose on our assets.
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Property
Count
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Property Name
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Location
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GGP
Ownership
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Total GLA
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Mall and
Freestanding GLA
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Retail
Percentage
Leased
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Anchors
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Consolidated Retail Properties
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1
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200 Lafayette
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New York, NY
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100
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%
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27,970
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27,970
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100.0
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%
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Pirch
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2
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605 N. Michigan Avenue
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Chicago, IL
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100
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%
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82,526
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82,526
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51.8
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%
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Sephora
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3
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830 N. Michigan Avenue
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Chicago, IL
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100
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%
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117,411
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117,411
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100.0
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%
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Uniqlo, Topshop
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4
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Apache Mall (1)
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Rochester, MN
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100
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%
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782,318
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413,202
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98.2
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%
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Herberger's, JCPenney, Macy's
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5
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Augusta Mall (1)
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Augusta, GA
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100
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%
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1,099,384
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502,161
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99.0
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%
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Dillard's, JCPenney, Macy's, Sears
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6
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Baybrook Mall
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Friendswood, TX
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100
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%
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1,694,298
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876,762
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98.0
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%
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Dillard's, JCPenney, Macy's, Sears
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7
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Beachwood Place
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Beachwood, OH
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100
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%
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1,007,584
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348,809
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98.8
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%
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Dillard's, Nordstrom, Saks Fifth Avenue
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8
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Bellis Fair
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Bellingham, WA
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100
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%
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685,713
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347,403
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92.9
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%
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JCPenney, Kohl's, Macy's, Target
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9
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Boise Towne Square (1)
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Boise, ID
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100
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%
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1,211,363
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423,406
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96.5
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%
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Dillard's, JCPenney, Macy's, Sears, Kohl's
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10
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Brass Mill Center
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Waterbury, CT
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100
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%
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1,165,475
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448,245
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97.6
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%
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Burlington Coat Factory, JCPenney, Macy's, Sears
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11
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Coastland Center (1)
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Naples, FL
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100
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%
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922,996
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332,606
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99.6
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%
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Dillard's, JCPenney, Macy's, Sears
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12
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Columbia Mall
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Columbia, MO
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100
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%
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727,193
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306,133
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98.7
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%
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Dillard's, JCPenney, Sears, Target
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13
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Columbiana Centre
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Columbia, SC
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100
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%
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786,034
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265,115
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98.9
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%
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Belk, Dillard's, JCPenney
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14
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Coral Ridge Mall
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Coralville, IA
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100
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%
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1,051,901
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510,940
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97.7
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%
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Dillard's, JCPenney, Target, Younkers
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15
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Coronado Center (1)
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Albuquerque, NM
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100
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%
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1,108,759
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522,122
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100.0
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%
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JCPenney, Kohl's, Macy's, Sears
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16
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Crossroads Center
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St. Cloud, MN
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100
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%
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901,340
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377,898
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98.3
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%
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JCPenney, Macy's, Sears, Target
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17
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Cumberland Mall
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Atlanta, GA
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100
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%
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1,037,458
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536,883
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|
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99.5
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%
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Macy's, Sears
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18
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Deerbrook Mall
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Humble, TX
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100
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%
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1,293,035
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|
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639,495
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100.0
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%
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Dillard's, JCPenney, Macy's, Sears
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19
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Eastridge Mall WY
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Casper, WY
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100
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%
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570,951
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|
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281,155
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92.2
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%
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JCPenney, Macy's, Sears, Target
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20
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Fashion Place (1)
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Murray, UT
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100
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%
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917,960
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418,360
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96.7
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%
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Dillard's, Nordstrom
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21
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Four Seasons Town Centre
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Greensboro, NC
|
|
100
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%
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|
1,078,793
|
|
|
436,777
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|
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96.4
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%
|
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Dillard's, JCPenney
|
22
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|
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Fox River Mall
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Appleton, WI
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|
100
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%
|
|
1,154,298
|
|
|
559,384
|
|
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97.3
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%
|
|
JCPenney, Macy's, Sears, Target, Younkers
|
23
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|
|
Glenbrook Square
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Fort Wayne, IN
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|
100
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%
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|
1,224,890
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|
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448,020
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|
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90.5
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%
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|
JCPenney, Macy's, Sears, Carson's
|
24
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|
Governor's Square (1)
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Tallahassee, FL
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|
100
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%
|
|
1,030,972
|
|
|
339,367
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|
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99.5
|
%
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|
Dillard's, JCPenney, Macy's, Sears
|
25
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|
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Grand Teton Mall
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Idaho Falls, ID
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|
100
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%
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|
630,321
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|
|
213,122
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|
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92.0
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%
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|
Dillard's, JCPenney, Macy's, Sears
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26
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|
Greenwood Mall
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Bowling Green, KY
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|
100
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%
|
|
851,576
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|
|
422,523
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|
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99.8
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%
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|
Dillard's, JCPenney, Sears, Macy's
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27
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Hulen Mall
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Ft. Worth, TX
|
|
100
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%
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|
991,148
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|
|
394,578
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|
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98.3
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%
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Dillard's, Macy's, Sears
|
28
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Jordan Creek Town Center
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West Des Moines, IA
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|
100
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%
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|
1,346,015
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|
|
736,522
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99.0
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%
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Dillard's, Younkers
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29
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Lakeside Mall
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Sterling Heights, MI
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100
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%
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1,503,945
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483,227
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85.1
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%
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JCPenney, Lord & Taylor, Macy's, Macy's Men's & Home, Sears
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Property
Count
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Property Name
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Location
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GGP
Ownership
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|
Total GLA
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Mall and
Freestanding GLA
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|
Retail
Percentage
Leased
|
|
Anchors
|
|||||
30
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Lynnhaven Mall
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Virginia Beach, VA
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|
100
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%
|
|
1,181,022
|
|
|
649,630
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|
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98.8
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%
|
|
Dillard's, JCPenney, Macy's
|
31
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|
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Mall of Louisiana
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Baton Rouge, LA
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|
100
|
%
|
|
1,559,645
|
|
|
610,381
|
|
|
97.7
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%
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|
Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Sears
|
32
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|
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Mall St. Matthews
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Louisville, KY
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|
100
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%
|
|
1,019,067
|
|
|
504,932
|
|
|
98.7
|
%
|
|
Dillard's, Dillard's Men's & Home, JCPenney
|
33
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|
|
Market Place Shopping Center
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|
Champaign, IL
|
|
100
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%
|
|
887,071
|
|
|
502,257
|
|
|
98.7
|
%
|
|
Bergner's, JCPenney, Macy's,
|
34
|
|
|
Mayfair
|
|
Wauwatosa, WI
|
|
100
|
%
|
|
1,600,934
|
|
|
637,028
|
|
|
97.4
|
%
|
|
Boston Store, Macy's, Nordstrom
|
35
|
|
|
Meadows Mall
|
|
Las Vegas, NV
|
|
100
|
%
|
|
944,951
|
|
|
308,098
|
|
|
94.3
|
%
|
|
Dillard's/Curacao, JCPenney, Macy's, Sears
|
36
|
|
|
Mondawmin Mall
|
|
Baltimore, MD
|
|
100
|
%
|
|
459,453
|
|
|
385,535
|
|
|
100.0
|
%
|
|
|
37
|
|
|
North Point Mall
|
|
Alpharetta, GA
|
|
100
|
%
|
|
1,324,412
|
|
|
421,411
|
|
|
92.5
|
%
|
|
Dillard's, JCPenney, Macy's, Sears, Von Maur
|
38
|
|
|
North Star Mall
|
|
San Antonio, TX
|
|
100
|
%
|
|
1,247,753
|
|
|
518,431
|
|
|
98.6
|
%
|
|
Dillard's, JCPenney, Macy's, Saks Fifth Avenue
|
39
|
|
|
Northridge Fashion Center
|
|
Northridge, CA
|
|
100
|
%
|
|
1,406,079
|
|
|
581,636
|
|
|
97.8
|
%
|
|
JCPenney, Macy's, Sears
|
40
|
|
|
Northtown Mall (1)
|
|
Spokane, WA
|
|
100
|
%
|
|
921,026
|
|
|
436,517
|
|
|
89.2
|
%
|
|
JCPenney, Kohl's, Macy's, Sears
|
41
|
|
|
Oak View Mall
|
|
Omaha, NE
|
|
100
|
%
|
|
859,459
|
|
|
255,273
|
|
|
84.9
|
%
|
|
Dillard's, JCPenney, Sears, Younkers
|
42
|
|
|
Oakwood Center
|
|
Gretna, LA
|
|
100
|
%
|
|
914,017
|
|
|
399,989
|
|
|
97.5
|
%
|
|
Dillard's, JCPenney, Sears
|
43
|
|
|
Oakwood Mall
|
|
Eau Claire, WI
|
|
100
|
%
|
|
819,370
|
|
|
404,526
|
|
|
96.5
|
%
|
|
Macy's, JCPenney, Sears, Younkers
|
44
|
|
|
Oglethorpe Mall
|
|
Savannah, GA
|
|
100
|
%
|
|
943,945
|
|
|
407,361
|
|
|
98.2
|
%
|
|
Belk, JCPenney, Macy's, Sears
|
45
|
|
|
Oxmoor Center (1)
|
|
Louisville, KY
|
|
94
|
%
|
|
918,536
|
|
|
351,326
|
|
|
95.5
|
%
|
|
Macy's, Sears, Von Maur
|
46
|
|
|
Paramus Park (1)
|
|
Paramus, NJ
|
|
100
|
%
|
|
764,996
|
|
|
305,939
|
|
|
100.0
|
%
|
|
Macy's, Sears
|
47
|
|
|
Park City Center
|
|
Lancaster, PA
|
|
100
|
%
|
|
1,437,839
|
|
|
534,674
|
|
|
96.5
|
%
|
|
Bon Ton, Boscov's, JCPenney, Kohl's, Sears
|
48
|
|
|
Park Place
|
|
Tucson, AZ
|
|
100
|
%
|
|
1,053,695
|
|
|
472,238
|
|
|
99.3
|
%
|
|
Dillard's, Macy's, Sears
|
49
|
|
|
Peachtree Mall
|
|
Columbus, GA
|
|
100
|
%
|
|
815,553
|
|
|
380,338
|
|
|
98.2
|
%
|
|
Dillard's, JCPenney, Macy's
|
50
|
|
|
Pecanland Mall
|
|
Monroe, LA
|
|
100
|
%
|
|
963,268
|
|
|
347,832
|
|
|
97.0
|
%
|
|
Belk, Burlington Coat Factory, Dillard's, JCPenney, Sears
|
51
|
|
|
Pembroke Lakes Mall
|
|
Pembroke Pines, FL
|
|
100
|
%
|
|
1,135,670
|
|
|
354,395
|
|
|
96.7
|
%
|
|
Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Macy's Home Store, Sears
|
52
|
|
|
Pioneer Place (1)
|
|
Portland, OR
|
|
100
|
%
|
|
310,331
|
|
|
310,331
|
|
|
99.0
|
%
|
|
|
53
|
|
|
Prince Kuhio Plaza (1)
|
|
Hilo, HI
|
|
100
|
%
|
|
495,241
|
|
|
258,821
|
|
|
93.1
|
%
|
|
Macy's, Sears
|
54
|
|
|
Providence Place (1)
|
|
Providence, RI
|
|
94
|
%
|
|
1,241,729
|
|
|
723,609
|
|
|
99.0
|
%
|
|
Macy's, Nordstrom
|
55
|
|
|
Quail Springs Mall
|
|
Oklahoma City, OK
|
|
100
|
%
|
|
1,116,211
|
|
|
450,615
|
|
|
95.3
|
%
|
|
Dillard's, JCPenney, Von Maur
|
56
|
|
|
Red Cliffs Mall
|
|
St. George, UT
|
|
100
|
%
|
|
433,279
|
|
|
140,944
|
|
|
97.2
|
%
|
|
Dillard's, JCPenney, Sears
|
57
|
|
|
Ridgedale Center
|
|
Minnetonka, MN
|
|
100
|
%
|
|
1,173,773
|
|
|
372,833
|
|
|
92.6
|
%
|
|
JCPenney, Macy's, Sears, Nordstrom
|
Property
Count
|
|
Property Name
|
|
Location
|
|
GGP
Ownership
|
|
Total GLA
|
|
Mall and
Freestanding GLA
|
|
Retail
Percentage
Leased
|
|
Anchors
|
|||||
58
|
|
|
Riverchase Galleria
|
|
Hoover (Birmingham), AL
|
|
76
|
%
|
|
1,478,101
|
|
|
538,043
|
|
|
99.5
|
%
|
|
Belk, JCPenney, Macy's, Sears, Von Maur
|
59
|
|
|
River Hills Mall
|
|
Mankato, MN
|
|
100
|
%
|
|
716,224
|
|
|
352,282
|
|
|
96.1
|
%
|
|
Herberger's, JCPenney, Sears, Target
|
60
|
|
|
Rivertown Crossings
|
|
Grandville (Grand Rapids), MI
|
|
100
|
%
|
|
1,258,813
|
|
|
623,188
|
|
|
96.9
|
%
|
|
JCPenney, Kohl's, Macy's, Sears, Younkers
|
61
|
|
|
Sooner Mall
|
|
Norman, OK
|
|
100
|
%
|
|
504,308
|
|
|
237,403
|
|
|
95.5
|
%
|
|
Dillard's, JCPenney, Sears
|
62
|
|
|
Southwest Plaza
|
|
Littleton, CO
|
|
100
|
%
|
|
1,356,350
|
|
|
715,986
|
|
|
91.8
|
%
|
|
Dillard's, JCPenney, Macy's, Sears
|
63
|
|
|
Spokane Valley Mall (1)
|
|
Spokane, WA
|
|
100
|
%
|
|
867,920
|
|
|
352,309
|
|
|
94.3
|
%
|
|
JCPenney, Macy's, Sears
|
64
|
|
|
Staten Island Mall
|
|
Staten Island, NY
|
|
100
|
%
|
|
1,253,292
|
|
|
512,778
|
|
|
99.5
|
%
|
|
Macy's, Sears, JCPenney
|
65
|
|
|
Stonestown Galleria
|
|
San Francisco, CA
|
|
100
|
%
|
|
840,261
|
|
|
411,968
|
|
|
98.8
|
%
|
|
Macy's, Nordstrom
|
66
|
|
|
The Crossroads
|
|
Portage, MI
|
|
100
|
%
|
|
768,263
|
|
|
265,302
|
|
|
95.0
|
%
|
|
Burlington Coat Factory, JCPenney, Macy's, Sears
|
67
|
|
|
The Gallery at Harborplace (1)
|
|
Baltimore, MD
|
|
100
|
%
|
|
366,019
|
|
|
99,914
|
|
|
86.6
|
%
|
|
|
68
|
|
|
The Maine Mall (1)
|
|
South Portland, ME
|
|
100
|
%
|
|
1,021,548
|
|
|
479,116
|
|
|
99.7
|
%
|
|
Bon Ton, JCPenney, Macy's, Sears
|
69
|
|
|
The Mall in Columbia
|
|
Columbia, MD
|
|
100
|
%
|
|
1,424,993
|
|
|
624,825
|
|
|
95.8
|
%
|
|
JCPenney, Lord & Taylor, Macy's, Nordstrom, Sears
|
70
|
|
|
The Oaks Mall
|
|
Gainesville, FL
|
|
100
|
%
|
|
906,104
|
|
|
348,237
|
|
|
94.7
|
%
|
|
Belk, Dillard's, JCPenney, Macy's, Sears
|
71
|
|
|
The Parks at Arlington
|
|
Arlington, TX
|
|
100
|
%
|
|
1,511,265
|
|
|
762,320
|
|
|
97.3
|
%
|
|
Dillard's, JCPenney, Macy's, Sears
|
72
|
|
|
The Shoppes at Buckland Hills
|
|
Manchester, CT
|
|
100
|
%
|
|
1,068,091
|
|
|
555,480
|
|
|
95.2
|
%
|
|
JCPenney, Macy's, Macy's Men's & Home, Sears
|
73
|
|
|
The Shops at Fallen Timbers
|
|
Maumee, OH
|
|
100
|
%
|
|
605,575
|
|
|
344,073
|
|
|
94.2
|
%
|
|
Dillard's, JCPenney
|
74
|
|
|
The Shops at La Cantera
|
|
San Antonio, TX
|
|
75
|
%
|
|
1,316,213
|
|
|
615,553
|
|
|
98.5
|
%
|
|
Dillard's, Macy's, Neiman Marcus, Nordstrom
|
75
|
|
|
The Streets at Southpoint
|
|
Durham, NC
|
|
94
|
%
|
|
1,334,322
|
|
|
607,975
|
|
|
99.6
|
%
|
|
Belk, JCPenney, Macy's, Nordstrom, Sears
|
76
|
|
|
The Woodlands Mall
|
|
Woodlands, TX
|
|
100
|
%
|
|
1,464,030
|
|
|
708,950
|
|
|
99.7
|
%
|
|
Dillard's, JCPenney, Macy's, Nordstrom
|
77
|
|
|
Town East Mall
|
|
Mesquite, TX
|
|
100
|
%
|
|
1,217,770
|
|
|
408,384
|
|
|
100.0
|
%
|
|
Dillard's, JCPenney, Macy's, Sears
|
78
|
|
|
Tucson Mall (1)
|
|
Tucson, AZ
|
|
100
|
%
|
|
1,280,235
|
|
|
602,872
|
|
|
96.1
|
%
|
|
Dillard's, JCPenney, Macy's, Sears
|
79
|
|
|
Tysons Galleria (1)
|
|
McLean (Washington, D.C.), VA
|
|
100
|
%
|
|
796,707
|
|
|
284,774
|
|
|
96.2
|
%
|
|
Neiman Marcus, Saks Fifth Avenue
|
80
|
|
|
Valley Plaza Mall
|
|
Bakersfield, CA
|
|
100
|
%
|
|
1,174,824
|
|
|
517,856
|
|
|
98.4
|
%
|
|
JCPenney, Macy's, Sears, Target
|
81
|
|
|
Visalia Mall
|
|
Visalia, CA
|
|
100
|
%
|
|
435,371
|
|
|
178,371
|
|
|
95.1
|
%
|
|
JCPenney, Macy's
|
82
|
|
|
Westlake Center
|
|
Seattle, WA
|
|
100
|
%
|
|
97,128
|
|
|
97,128
|
|
|
98.4
|
%
|
|
|
83
|
|
|
Westroads Mall
|
|
Omaha, NE
|
|
100
|
%
|
|
1,069,492
|
|
|
540,456
|
|
|
98.0
|
%
|
|
JCPenney, Von Maur, Younkers
|
84
|
|
|
White Marsh Mall
|
|
Baltimore, MD
|
|
100
|
%
|
|
1,110,980
|
|
|
387,625
|
|
|
96.9
|
%
|
|
JCPenney, Macy's, Macy's Home Store, Sears, Boscov's
|
85
|
|
|
Willowbrook (1)
|
|
Wayne, NJ
|
|
100
|
%
|
|
1,518,546
|
|
|
488,486
|
|
|
100.0
|
%
|
|
Bloomingdale's, Lord & Taylor, Macy's, Sears
|
Property
Count
|
|
Property Name
|
|
Location
|
|
GGP
Ownership
|
|
Total GLA
|
|
Mall and
Freestanding GLA
|
|
Retail
Percentage
Leased
|
|
Anchors
|
|||||
111
|
|
|
Oakbrook Center
|
|
Oak Brook, IL
|
|
48
|
%
|
|
2,445,549
|
|
|
1,139,741
|
|
|
98.8
|
%
|
|
Lord & Taylor, Macy's, Neiman Marcus, Nordstrom, Sears
|
112
|
|
|
Otay Ranch Town Center
|
|
Chula Vista, CA
|
|
50
|
%
|
|
652,595
|
|
|
512,595
|
|
|
99.2
|
%
|
|
Macy's
|
113
|
|
|
Park Meadows
|
|
Lone Tree, CO
|
|
35
|
%
|
|
1,576,935
|
|
|
753,935
|
|
|
97.4
|
%
|
|
Dillard's, JCPenney, Macy's, Nordstrom
|
114
|
|
|
Perimeter Mall
|
|
Atlanta, GA
|
|
50
|
%
|
|
1,563,892
|
|
|
510,618
|
|
|
95.8
|
%
|
|
Dillard's, Macy's, Nordstrom, Von Maur
|
115
|
|
|
Pinnacle Hills Promenade
|
|
Rogers, AR
|
|
50
|
%
|
|
999,954
|
|
|
355,945
|
|
|
95.8
|
%
|
|
Dillard's, JCPenney
|
116
|
|
|
Plaza Frontenac
|
|
St. Louis, MO
|
|
55
|
%
|
|
485,231
|
|
|
224,518
|
|
|
98.5
|
%
|
|
Neiman Marcus, Saks Fifth Avenue
|
117
|
|
|
Saint Louis Galleria
|
|
St. Louis, MO
|
|
74
|
%
|
|
1,175,423
|
|
|
461,371
|
|
|
98.2
|
%
|
|
Dillard's, Macy's, Nordstrom
|
118
|
|
|
Stonebriar Centre
|
|
Frisco, TX
|
|
50
|
%
|
|
1,703,332
|
|
|
838,140
|
|
|
98.6
|
%
|
|
Dillard's, JCPenney, Macy's, Nordstrom, Sears
|
119
|
|
|
The Grand Canal Shoppes (1)
|
|
Las Vegas, NV
|
|
50
|
%
|
|
764,726
|
|
|
645,895
|
|
|
99.7
|
%
|
|
Barneys New York
|
120
|
|
|
The Shops at Bravern
|
|
Bellevue, WA
|
|
40
|
%
|
|
266,853
|
|
|
142,216
|
|
|
92.4
|
%
|
|
Neiman Marcus
|
121
|
|
|
The Shoppes at River Crossing
|
|
Macon, GA
|
|
50
|
%
|
|
738,317
|
|
|
405,098
|
|
|
99.2
|
%
|
|
Belk, Dillard's
|
122
|
|
|
Towson Town Center
|
|
Towson, MD
|
|
35
|
%
|
|
1,025,100
|
|
|
605,971
|
|
|
96.4
|
%
|
|
Macy's, Nordstrom
|
123
|
|
|
One Union Square
|
|
San Francisco, CA
|
|
50
|
%
|
|
41,715
|
|
|
22,208
|
|
|
100.0
|
%
|
|
Bulgari
|
124
|
|
|
Shops at Merrick Park (1)
|
|
Coral Gables, FL
|
|
55
|
%
|
|
846,146
|
|
|
414,883
|
|
|
99.3
|
%
|
|
Neiman Marcus, Nordstrom
|
125
|
|
|
Water Tower Place
|
|
Chicago, IL
|
|
47
|
%
|
|
790,222
|
|
|
405,285
|
|
|
99.3
|
%
|
|
Macy's
|
126
|
|
|
Whaler's Village
|
|
Lahaina, HI
|
|
50
|
%
|
|
106,993
|
|
|
104,436
|
|
|
99.0
|
%
|
|
|
127
|
|
|
Willowbrook Mall
|
|
Houston, TX
|
|
50
|
%
|
|
1,522,800
|
|
|
538,428
|
|
|
99.1
|
%
|
|
Dillard's, JCPenney, Macy's, Macy's Men's, Sears
|
|
|
|
|
Total Unconsolidated Retail Properties
|
|
|
|
39,877,805
|
|
|
18,908,439
|
|
|
|
|
|
|||
|
|
|
|
Total Retail Properties
|
|
|
|
125,225,296
|
|
56,025,236
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
OTHER RETAIL PROPERTIES
|
|||||||||||||||||||
Property Count
|
|
Property Name
|
|
Location
|
|
GGP
Ownership
|
|
Total GLA
|
|
Mall and Freestanding
GLA
|
|
Retail
Percentage
Leased
|
|
Anchors
|
|||||
128
|
|
|
Shopping Leblon
|
|
Rio de Janeiro, Brazil
|
|
35
|
%
|
|
256,045
|
|
|
256,045
|
|
|
99.5
|
%
|
|
|
|
|
|
|
Total Other Retail
|
|
256,045
|
|
|
256,045
|
|
|
|
|
|
Name
|
|
GGP
Ownership
|
|
Proportionate
Balance (1)
|
|
Maturity
Year (2)
|
|
Proportionate Balloon
Pmt at
Maturity
|
|
Interest
Rate
|
|
Parent
Recourse
as of
12/31/2016 (3)
|
||||
Fixed Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Consolidated Property Level
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Four Seasons Town Centre
|
|
100%
|
|
$
|
74,253
|
|
|
2017
|
|
$
|
72,532
|
|
|
5.60%
|
|
No
|
The Gallery at Harborplace - Other
|
|
100%
|
|
3,277
|
|
|
2018
|
|
190
|
|
|
6.05%
|
|
No
|
||
Hulen Mall
|
|
100%
|
|
123,004
|
|
|
2018
|
|
118,702
|
|
|
4.25%
|
|
No
|
||
Governor's Square
|
|
100%
|
|
68,631
|
|
|
2019
|
|
66,488
|
|
|
6.69%
|
|
No
|
||
Oak View Mall
|
|
100%
|
|
76,866
|
|
|
2019
|
|
74,467
|
|
|
6.69%
|
|
No
|
||
Coronado Center
|
|
100%
|
|
189,756
|
|
|
2019
|
|
180,278
|
|
|
3.50%
|
|
No
|
||
Park City Center
|
|
100%
|
|
180,978
|
|
|
2019
|
|
172,224
|
|
|
5.34%
|
|
No
|
||
Fashion Place
|
|
100%
|
|
226,730
|
|
|
2020
|
|
226,730
|
|
|
3.64%
|
|
No
|
||
Mall St. Matthews
|
|
100%
|
|
184,677
|
|
|
2020
|
|
170,305
|
|
|
2.72%
|
|
No
|
||
Town East Mall
|
|
100%
|
|
160,270
|
|
|
2020
|
|
160,270
|
|
|
3.57%
|
|
No
|
||
Tucson Mall
|
|
100%
|
|
246,000
|
|
|
2020
|
|
246,000
|
|
|
4.01%
|
|
No
|
||
Visalia Mall
|
|
100%
|
|
74,000
|
|
|
2020
|
|
74,000
|
|
|
3.71%
|
|
No
|
||
Tysons Galleria
|
|
100%
|
|
306,347
|
|
|
2020
|
|
282,081
|
|
|
4.06%
|
|
No
|
||
The Mall In Columbia
|
|
100%
|
|
342,190
|
|
|
2020
|
|
316,928
|
|
|
3.95%
|
|
No
|
||
Northridge Fashion Center
|
|
100%
|
|
228,930
|
|
|
2021
|
|
207,503
|
|
|
5.10%
|
|
No
|
||
Deerbrook Mall
|
|
100%
|
|
140,825
|
|
|
2021
|
|
127,934
|
|
|
5.25%
|
|
No
|
||
White Marsh Mall
|
|
100%
|
|
190,000
|
|
|
2021
|
|
190,000
|
|
|
3.66%
|
|
No
|
||
Park Place
|
|
100%
|
|
182,984
|
|
|
2021
|
|
165,815
|
|
|
5.18%
|
|
No
|
||
Providence Place
|
|
94%
|
|
331,591
|
|
|
2021
|
|
302,577
|
|
|
5.65%
|
|
No
|
||
Fox River Mall
|
|
100%
|
|
172,125
|
|
|
2021
|
|
156,373
|
|
|
5.46%
|
|
No
|
||
Oxmoor Center
|
|
94%
|
|
82,426
|
|
|
2021
|
|
74,781
|
|
|
5.37%
|
|
No
|
||
Rivertown Crossings
|
|
100%
|
|
155,529
|
|
|
2021
|
|
141,356
|
|
|
5.52%
|
|
No
|
||
Westlake Center - Land
|
|
100%
|
|
2,437
|
|
|
2021
|
|
2,437
|
|
|
12.90%
|
|
Yes - Full
|
||
Bellis Fair
|
|
100%
|
|
86,660
|
|
|
2022
|
|
77,060
|
|
|
5.23%
|
|
No
|
||
The Shoppes at Buckland Hills
|
|
100%
|
|
120,811
|
|
|
2022
|
|
107,820
|
|
|
5.19%
|
|
No
|
||
The Gallery at Harborplace
|
|
100%
|
|
76,483
|
|
|
2022
|
|
68,096
|
|
|
5.24%
|
|
No
|
||
The Streets at South Point
|
|
94%
|
|
234,583
|
|
|
2022
|
|
207,909
|
|
|
4.36%
|
|
No
|
||
Spokane Valley Mall
|
|
100%
|
|
58,370
|
|
|
2022
|
|
51,312
|
|
|
4.65%
|
|
No
|
||
Greenwood Mall
|
|
100%
|
|
63,000
|
|
|
2022
|
|
57,469
|
|
|
4.19%
|
|
No
|
||
North Star Mall
|
|
100%
|
|
312,840
|
|
|
2022
|
|
270,113
|
|
|
3.93%
|
|
No
|
||
Coral Ridge Mall
|
|
100%
|
|
108,358
|
|
|
2022
|
|
98,394
|
|
|
5.71%
|
|
No
|
||
The Oaks Mall
|
|
100%
|
|
129,444
|
|
|
2022
|
|
112,842
|
|
|
4.55%
|
|
No
|
||
Westroads Mall
|
|
100%
|
|
146,206
|
|
|
2022
|
|
127,455
|
|
|
4.55%
|
|
No
|
||
Coastland Center
|
|
100%
|
|
119,960
|
|
|
2022
|
|
102,621
|
|
|
3.76%
|
|
No
|
||
Pecanland Mall
|
|
100%
|
|
87,233
|
|
|
2023
|
|
75,750
|
|
|
3.88%
|
|
No
|
||
Crossroads Center (MN)
|
|
100%
|
|
99,265
|
|
|
2023
|
|
83,026
|
|
|
3.25%
|
|
No
|
||
Cumberland Mall
|
|
100%
|
|
160,000
|
|
|
2023
|
|
160,000
|
|
|
3.67%
|
|
No
|
||
The Woodlands
|
|
100%
|
|
245,567
|
|
|
2023
|
|
207,057
|
|
|
5.04%
|
|
No
|
||
Meadows Mall
|
|
100%
|
|
150,756
|
|
|
2023
|
|
118,726
|
|
|
3.96%
|
|
No
|
||
Oglethorpe Mall
|
|
100%
|
|
150,000
|
|
|
2023
|
|
136,166
|
|
|
3.90%
|
|
No
|
||
Prince Kuhio Plaza
|
|
100%
|
|
42,305
|
|
|
2023
|
|
35,974
|
|
|
4.10%
|
|
No
|
||
Augusta Mall
|
|
100%
|
|
170,000
|
|
|
2023
|
|
170,000
|
|
|
4.36%
|
|
No
|
||
Staten Island Mall
|
|
100%
|
|
248,164
|
|
|
2023
|
|
206,942
|
|
|
4.77%
|
|
No
|
||
Stonestown Galleria
|
|
100%
|
|
180,000
|
|
|
2023
|
|
164,720
|
|
|
4.39%
|
|
No
|
||
Boise Towne Square
|
|
100%
|
|
127,727
|
|
|
2023
|
|
106,372
|
|
|
4.79%
|
|
No
|
||
The Crossroads (MI)
|
|
100%
|
|
95,074
|
|
|
2023
|
|
80,833
|
|
|
4.42%
|
|
No
|
Name
|
|
GGP
Ownership
|
|
Proportionate
Balance (1)
|
|
Maturity
Year (2)
|
|
Proportionate Balloon
Pmt at
Maturity
|
|
Interest
Rate
|
|
Parent
Recourse
as of
12/31/2016 (3)
|
||||
Jordan Creek Town Center
|
|
100%
|
|
209,355
|
|
|
2024
|
|
177,448
|
|
|
4.37%
|
|
No
|
||
Woodbridge Center
|
|
100%
|
|
250,000
|
|
|
2024
|
|
220,726
|
|
|
4.80%
|
|
No
|
||
The Maine Mall
|
|
100%
|
|
235,000
|
|
|
2024
|
|
235,000
|
|
|
4.66%
|
|
No
|
||
Baybrook Mall
|
|
100%
|
|
245,777
|
|
|
2024
|
|
212,423
|
|
|
5.52%
|
|
No
|
||
The Parks Mall at Arlington
|
|
100%
|
|
245,815
|
|
|
2024
|
|
212,687
|
|
|
5.57%
|
|
No
|
||
Beachwood Place
|
|
100%
|
|
220,000
|
|
|
2025
|
|
184,350
|
|
|
3.94%
|
|
No
|
||
Pembroke Lakes Mall
|
|
100%
|
|
260,000
|
|
|
2025
|
|
260,000
|
|
|
3.56%
|
|
No
|
||
Valley Plaza Mall
|
|
100%
|
|
240,000
|
|
|
2025
|
|
206,847
|
|
|
3.75%
|
|
No
|
||
Willowbrook Mall
|
|
100%
|
|
360,000
|
|
|
2025
|
|
360,000
|
|
|
3.55%
|
|
No
|
||
Boise Towne Plaza
|
|
100%
|
|
19,557
|
|
|
2025
|
|
16,006
|
|
|
4.13%
|
|
No
|
||
Paramus Park
|
|
100%
|
|
120,000
|
|
|
2025
|
|
120,000
|
|
|
4.07%
|
|
No
|
||
Glenbrook Square
|
|
100%
|
|
162,000
|
|
|
2025
|
|
137,791
|
|
|
4.27%
|
|
No
|
||
Peachtree Mall
|
|
100%
|
|
79,379
|
|
|
2025
|
|
59,269
|
|
|
3.94%
|
|
No
|
||
North Point Mall
|
|
100%
|
|
250,000
|
|
|
2026
|
|
218,205
|
|
|
4.54%
|
|
No
|
||
The Shops at La Cantera
|
|
75%
|
|
262,500
|
|
|
2027
|
|
262,500
|
|
|
3.6%
|
|
No
|
||
Providence Place - Other
|
|
94%
|
|
33,014
|
|
|
2028
|
|
2,247
|
|
|
7.75%
|
|
No
|
||
Consolidated Property Level
|
|
|
|
10,149,029
|
|
|
|
|
9,242,127
|
|
|
4.44%
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unconsolidated Property Level
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Shops at Bravern
|
|
40%
|
|
$
|
20,394
|
|
|
2017
|
|
$
|
20,273
|
|
|
3.86%
|
|
No
|
Plaza Frontenac
|
|
55%
|
|
28,600
|
|
|
2018
|
|
28,600
|
|
|
3.04%
|
|
No
|
||
Saint Louis Galleria
|
|
74%
|
|
158,262
|
|
|
2018
|
|
158,262
|
|
|
3.44%
|
|
No
|
||
The Grand Canal Shoppes
|
|
50%
|
|
313,125
|
|
|
2019
|
|
313,125
|
|
|
4.24%
|
|
No
|
||
First Colony Mall
|
|
50%
|
|
89,180
|
|
|
2019
|
|
84,321
|
|
|
4.50%
|
|
No
|
||
Natick Mall
|
|
50%
|
|
220,824
|
|
|
2019
|
|
209,699
|
|
|
4.6%
|
|
No
|
||
Oakbrook Center
|
|
48%
|
|
202,725
|
|
|
2020
|
|
202,725
|
|
|
3.66%
|
|
No
|
||
Christiana Mall
|
|
50%
|
|
115,472
|
|
|
2020
|
|
108,697
|
|
|
5.1%
|
|
No
|
||
Water Tower Place
|
|
47%
|
|
178,765
|
|
|
2020
|
|
171,026
|
|
|
4.35%
|
|
No
|
||
Kenwood Towne Centre
|
|
70%
|
|
149,756
|
|
|
2020
|
|
137,191
|
|
|
5.37%
|
|
No
|
||
Fashion Show - Other
|
|
50%
|
|
1,910
|
|
|
2021
|
|
788
|
|
|
6.06%
|
|
Yes - Full
|
||
Whaler's Village
|
|
50%
|
|
40,000
|
|
|
2021
|
|
40,000
|
|
|
5.42%
|
|
No
|
||
Shops at Merrick Park
|
|
55%
|
|
93,785
|
|
|
2021
|
|
85,797
|
|
|
5.73%
|
|
No
|
||
Willowbrook Mall (TX)
|
|
50%
|
|
98,103
|
|
|
2021
|
|
88,965
|
|
|
5.13%
|
|
No
|
||
Northbrook Court
|
|
50%
|
|
63,145
|
|
|
2021
|
|
56,811
|
|
|
4.25%
|
|
No
|
||
Ala Moana Center
|
|
63%
|
|
875,000
|
|
|
2022
|
|
875,000
|
|
|
4.23%
|
|
No
|
||
Florence Mall
|
|
50%
|
|
45,000
|
|
|
2022
|
|
45,000
|
|
|
4.15%
|
|
No
|
||
Clackamas Town Center
|
|
50%
|
|
108,000
|
|
|
2022
|
|
108,000
|
|
|
4.18%
|
|
No
|
||
Bridgewater Commons
|
|
35%
|
|
105,000
|
|
|
2022
|
|
105,000
|
|
|
3.34%
|
|
No
|
||
The Shoppes at River Crossing
|
|
50%
|
|
38,675
|
|
|
2023
|
|
35,026
|
|
|
3.75%
|
|
No
|
||
Carolina Place
|
|
50%
|
|
86,744
|
|
|
2023
|
|
75,542
|
|
|
3.84%
|
|
No
|
||
Union Square Portfolio
|
|
50%
|
|
25,000
|
|
|
2023
|
|
25,000
|
|
|
5.12%
|
|
No
|
||
Galleria at Tyler
|
|
50%
|
|
91,740
|
|
|
2023
|
|
76,716
|
|
|
5.05%
|
|
No
|
||
Park Meadows
|
|
35%
|
|
126,000
|
|
|
2023
|
|
112,734
|
|
|
4.60%
|
|
No
|
||
Fashion Show
|
|
50%
|
|
417,500
|
|
|
2024
|
|
417,500
|
|
|
4.03%
|
|
No
|
||
Stonebriar Centre
|
|
50%
|
|
140,000
|
|
|
2024
|
|
120,886
|
|
|
4.05%
|
|
No
|
||
Pinnacle Hills Promenade
|
|
50%
|
|
59,019
|
|
|
2025
|
|
48,805
|
|
|
4.13%
|
|
No
|
||
Altamonte Mall
|
|
50%
|
|
80,000
|
|
|
2025
|
|
69,045
|
|
|
3.72%
|
|
No
|
||
Alderwood
|
|
50%
|
|
172,483
|
|
|
2025
|
|
138,693
|
|
|
3.48%
|
|
No
|
||
Towson Town Center
|
|
35%
|
|
113,761
|
|
|
2025
|
|
97,713
|
|
|
3.82%
|
|
No
|
||
Perimeter Mall
|
|
50%
|
|
137,500
|
|
|
2026
|
|
137,500
|
|
|
3.96%
|
|
No
|
||
Glendale Galleria
|
|
50%
|
|
215,000
|
|
|
2026
|
|
190,451
|
|
|
4.06%
|
|
No
|
||
Unconsolidated Property Level
|
|
|
|
4,610,468
|
|
|
|
|
4,384,891
|
|
|
4.23%
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Fixed Rate Debt
|
|
|
|
14,759,497
|
|
|
|
|
13,627,018
|
|
|
4.37%
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Name
|
|
GGP
Ownership
|
|
Proportionate
Balance (1)
|
|
Maturity
Year (2)
|
|
Proportionate Balloon
Pmt at
Maturity
|
|
Interest
Rate
|
|
Parent
Recourse
as of
12/31/2016 (3)
|
||||
Variable Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated Property Level
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Columbia Mall
|
|
100%
|
|
$
|
100,000
|
|
|
2018
|
|
$
|
100,000
|
|
|
Libor + 175 bps
|
|
Yes - Full
|
Market Place Shopping Center
|
|
100%
|
|
113,425
|
|
|
2018
|
|
113,425
|
|
|
Libor + 240 bps
|
|
No
|
||
Lynnhaven Mall
|
|
100%
|
|
235,000
|
|
|
2019
|
|
235,000
|
|
|
Libor + 185 bps
|
|
No
|
||
830 N. Michigan
|
|
100%
|
|
85,000
|
|
|
2019
|
|
85,000
|
|
|
Libor + 160 bps
|
|
No
|
||
Westlake Center
|
|
100%
|
|
42,500
|
|
|
2019
|
|
42,500
|
|
|
Libor + 230 bps
|
|
No
|
||
200 Lafayette
|
|
100%
|
|
33,000
|
|
|
2019
|
|
33,000
|
|
|
Libor + 250 bps
|
|
No
|
||
Brass Mill Center (4)
|
|
100%
|
|
66,779
|
|
|
2021
|
|
62,884
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Columbiana Centre (4)
|
|
100%
|
|
124,871
|
|
|
2021
|
|
117,588
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Eastridge (WY) (4)
|
|
100%
|
|
43,433
|
|
|
2021
|
|
40,900
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Grand Teton Mall (4)
|
|
100%
|
|
45,605
|
|
|
2021
|
|
42,945
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Mayfair (4)
|
|
100%
|
|
349,095
|
|
|
2021
|
|
328,736
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Mondawmin Mall (4)
|
|
100%
|
|
85,526
|
|
|
2021
|
|
80,539
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
North Town Mall (4)
|
|
100%
|
|
86,866
|
|
|
2021
|
|
81,801
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Oakwood (4)
|
|
100%
|
|
71,231
|
|
|
2021
|
|
67,077
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Oakwood Center (4)
|
|
100%
|
|
87,138
|
|
|
2021
|
|
82,056
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Pioneer Place (4)
|
|
100%
|
|
127,585
|
|
|
2021
|
|
120,145
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Red Cliffs Mall (4)
|
|
100%
|
|
31,310
|
|
|
2021
|
|
29,484
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
River Hills Mall (4)
|
|
100%
|
|
71,272
|
|
|
2021
|
|
67,116
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Sooner Mall (4)
|
|
100%
|
|
72,149
|
|
|
2021
|
|
67,942
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Southwest Plaza (4)
|
|
100%
|
|
115,967
|
|
|
2021
|
|
109,204
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
The Shops at Fallen Timbers (4)
|
|
100%
|
|
21,174
|
|
|
2021
|
|
19,939
|
|
|
Libor + 175 bps
|
|
Yes - Partial
|
||
Consolidated Property Level
|
|
|
|
2,008,926
|
|
|
|
|
1,927,281
|
|
|
2.45%
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unconsolidated Property Level
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ala Moana Construction Loan (5)
|
|
63%
|
|
$
|
257,916
|
|
|
2019
|
|
$
|
257,916
|
|
|
Libor + 190 bps
|
|
Yes - Partial
|
685 Fifth Avenue
|
|
50%
|
|
170,000
|
|
|
2019
|
|
170,000
|
|
|
Libor + 275 bps
|
|
No
|
||
Miami Design District
|
|
15%
|
|
76,392
|
|
|
2019
|
|
76,392
|
|
|
Libor + 250 bps
|
|
No
|
||
530 Fifth Avenue Senior
|
|
50%
|
|
95,000
|
|
|
2019
|
|
94,526
|
|
|
Libor + 325 bps
|
|
No
|
||
Bayside Marketplace
|
|
51%
|
|
127,500
|
|
|
2020
|
|
127,500
|
|
|
Libor + 205 bps
|
|
No
|
||
Baybrook LPC Construction Loan (6)
|
|
53%
|
|
52,271
|
|
|
2020
|
|
52,271
|
|
|
Libor + 200 bps
|
|
Yes - Partial
|
||
730 Fifth Avenue (7)
|
|
37%
|
|
457,750
|
|
|
2020
|
|
457,750
|
|
|
Libor + 263 bps
|
|
No
|
||
Park Lane Construction Loan (8)
|
|
50%
|
|
64,839
|
|
|
2020
|
|
64,839
|
|
|
Libor + 325 bps
|
|
Yes - Partial
|
||
85 Fifth Avenue
|
|
50%
|
|
30,000
|
|
|
2021
|
|
30,000
|
|
|
Libor + 275 bps
|
|
No
|
||
Unconsolidated Property Level
|
|
|
|
1,331,668
|
|
|
|
|
1,331,194
|
|
|
3.45%
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Junior Subordinated Notes Due 2036
|
|
100%
|
|
$
|
206,200
|
|
|
2036
|
|
$
|
206,200
|
|
|
Libor + 145 bps
|
|
Yes - Full
|
Consolidated Corporate
|
|
|
|
206,200
|
|
|
|
|
206,200
|
|
|
2.34%
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Variable Rate Debt
|
|
|
|
3,546,794
|
|
|
|
|
3,464,675
|
|
|
2.82%
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total (9)
|
|
|
|
18,306,291
|
|
|
|
|
17,091,693
|
|
|
4.07%
|
|
|
(1)
|
Proportionate share (see Item 7) for Consolidated Properties presented exclusive of non-controlling interests. See reconciliation to our consolidated mortgages, notes and loans payable below.
|
(2)
|
Assumes that all maturity extensions are exercised.
|
(3)
|
Total recourse to GGP or its subsidiaries of approximately $1.3 billion, excluding the corporate revolver.
|
(4)
|
Properties provide mortgage collateral as guarantors for $1.4 billion corporate borrowing and are cross collateralized.
|
(5)
|
Reflects the amount drawn as of December 31, 2016 on the $430.0 million construction loan ($268.8 million at share).
|
(6)
|
Reflects the amount drawn as of December 31, 2016 on the $126.0 million construction loan ($66.8 million at share).
|
(7)
|
Per the joint venture agreement approximately $915 million of the total property debt is associated with the retail units and approximately $335 million is associated with the upper units. GGP owns a 50% equity interest in the retail units, and as a result GPP's pro rata share of the property debt is approximately $458 million or 37%.
|
(8)
|
Reflects the amount drawn as of December 31, 2016 on the $460.0 million construction loan ($230.0 million at share).
|
(9)
|
Reflects amortization for the period subsequent to December 31, 2016.
|
Total Maturities and Amortization, from above
|
$
|
18,306,291
|
|
Our share of Unconsolidated Real Estate Affiliates
|
(5,942,136
|
)
|
|
Total Consolidated Maturities and Amortization
|
12,364,155
|
|
|
Noncontrolling interests in consolidated real estate affiliates
|
181,775
|
|
|
Market rate adjustments, net
|
27,837
|
|
|
Deferred financing costs, net
|
(40,050
|
)
|
|
Debt transferred to special servicer
|
144,451
|
|
|
Partner share of Riverchase
|
(54,063
|
)
|
|
Debt related to solar projects
|
12,513
|
|
|
Junior Subordinated Notes Due 2036
|
(206,200
|
)
|
|
Mortgages, Notes and Loans Payable
|
$
|
12,430,418
|
|
Year
|
|
Number of
Expiring
Leases
|
|
Expiring GLA
at 100%
|
|
Percent of
Total
|
|
Expiring
Rent
|
|
Expiring
Rent ($psf)
|
||||||
|
|
|
|
(in thousands)
|
|
|
|
(in thousands)
|
|
|
||||||
Specialty Leasing
|
|
893
|
|
|
1,849
|
|
|
3.5%
|
|
$
|
40,049
|
|
|
$
|
21.65
|
|
2017
|
|
2,182
|
|
|
6,858
|
|
|
12.9%
|
|
385,516
|
|
|
56.21
|
|
||
2018
|
|
1,625
|
|
|
5,621
|
|
|
10.6%
|
|
344,118
|
|
|
61.22
|
|
||
2019
|
|
1,434
|
|
|
5,773
|
|
|
10.9%
|
|
326,324
|
|
|
56.52
|
|
||
2020
|
|
1,124
|
|
|
4,130
|
|
|
7.8%
|
|
246,501
|
|
|
59.69
|
|
||
2021
|
|
1,254
|
|
|
4,686
|
|
|
8.8%
|
|
298,262
|
|
|
63.65
|
|
||
2022
|
|
863
|
|
|
3,379
|
|
|
6.4%
|
|
229,971
|
|
|
68.06
|
|
||
2023
|
|
944
|
|
|
3,712
|
|
|
7.0%
|
|
279,314
|
|
|
75.25
|
|
||
2024
|
|
853
|
|
|
4,069
|
|
|
7.7%
|
|
305,320
|
|
|
75.04
|
|
||
Subsequent
|
|
2,190
|
|
|
12,997
|
|
|
24.5%
|
|
885,207
|
|
|
68.11
|
|
||
Total
|
|
13,362
|
|
|
53,073
|
|
|
100.0%
|
|
$
|
3,340,583
|
|
|
$
|
62.94
|
|
Vacant Space
|
|
647
|
|
|
1,553
|
|
|
|
|
|
|
|
||||
Mall and Freestanding GLA
|
|
14,009
|
|
|
54,626
|
|
|
|
|
|
|
|
As Of
|
|
|
November 9, 2010
|
|
December 31, 2010
|
|
December 31, 2011
|
|
December 31, 2012
|
|
December 31, 2013
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2016
|
||||||||
GGP Inc.
|
Cum $
|
|
100
|
|
|
115
|
|
|
115
|
|
|
160
|
|
|
166
|
|
|
238
|
|
|
236
|
|
|
226
|
|
Return %
|
|
|
|
15.12
|
|
|
14.79
|
|
|
59.73
|
|
|
65.52
|
|
|
138.10
|
|
|
136.45
|
|
|
125.75
|
|
||
FTSE NAREIT Equity REIT Index
|
Cum $
|
|
100
|
|
|
102
|
|
|
111
|
|
|
131
|
|
|
134
|
|
|
174
|
|
|
180
|
|
|
195
|
|
Return %
|
|
|
|
2.32
|
|
|
10.80
|
|
|
30.81
|
|
|
34.04
|
|
|
74.44
|
|
|
80.01
|
|
|
95.35
|
|
||
S&P 500 Index
|
Cum $
|
|
100
|
|
|
104
|
|
|
106
|
|
|
123
|
|
|
163
|
|
|
185
|
|
|
188
|
|
|
210
|
|
|
Return %
|
|
|
|
3.96
|
|
|
6.15
|
|
|
23.14
|
|
|
63.02
|
|
|
85.34
|
|
|
87.90
|
|
|
110.37
|
|
|
|
|
|
|
|
|
||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend
Per Share
|
||
2016
|
|
|
|
|
|
|
||
December 13
|
|
December 27
|
|
January 27, 2017
|
|
$
|
0.26
|
|
October 31
|
|
December 15
|
|
January 6, 2017
|
|
0.22
|
|
|
August 1
|
|
October 14
|
|
October 31, 2016
|
|
0.20
|
|
|
May 2
|
|
July 15
|
|
July 29, 2016
|
|
0.19
|
|
|
February 1
|
|
April 15
|
|
April 29, 2016
|
|
0.19
|
|
|
2015
|
|
|
|
|
|
|
||
November 2
|
|
December 15
|
|
January 4, 2016
|
|
$
|
0.19
|
|
September 1
|
|
October 15
|
|
October 30, 2015
|
|
0.18
|
|
|
May 21
|
|
July 15
|
|
July 31, 2015
|
|
0.17
|
|
|
February 19
|
|
April 15
|
|
April 30, 2015
|
|
0.17
|
|
Period
|
Total Number of Shares Purchased (1)
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number or Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
|
||||||
November 2016
|
1,260,490
|
|
$
|
24.50
|
|
1,260,490
|
|
$
|
477,112,174
|
|
December 2016
|
627,261
|
|
$
|
24.40
|
|
627,261
|
|
$
|
461,804,631
|
|
Total
|
1,887,751
|
|
$
|
24.47
|
|
1,887,751
|
|
|
(1)
|
The Company's stock repurchase program, approved by our Board of Directors on August 8, 2011, authorizes the purchase of up to $250 million of the Company's common stock. On August 18, 2015, our Board of Directors approved an increase of $500 million to the Company's existing share repurchase program.
|
|
Year Ended December 31, 2016
|
|
Year Ended December 31, 2015
|
|
Year Ended December 31, 2014
|
|
Year Ended December 31, 2013
|
|
Year Ended December 31, 2012
|
||||||||||
|
(Dollars in thousands, except per share amounts)
|
||||||||||||||||||
OPERATING DATA (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total revenues
|
$
|
2,346,446
|
|
|
$
|
2,403,906
|
|
|
$
|
2,535,559
|
|
|
$
|
2,486,017
|
|
|
$
|
2,426,301
|
|
Total expenses
|
1,546,193
|
|
|
1,480,013
|
|
|
1,594,046
|
|
|
1,645,601
|
|
|
1,644,998
|
|
|||||
Income (loss) from continuing operations
|
1,308,273
|
|
|
1,393,596
|
|
|
398,011
|
|
|
328,821
|
|
|
(426,985
|
)
|
|||||
Net income (loss) available to common stockholders
|
1,272,432
|
|
|
1,358,624
|
|
|
649,914
|
|
|
288,450
|
|
|
(481,233
|
)
|
|||||
Basic earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Continuing operations
|
1.44
|
|
|
1.54
|
|
|
0.42
|
|
|
$
|
0.32
|
|
|
$
|
(0.47
|
)
|
|||
Discontinued operations
|
—
|
|
|
—
|
|
|
0.32
|
|
|
(0.01
|
)
|
|
(0.05
|
)
|
|||||
Total basic earnings (loss) per share
|
$
|
1.44
|
|
|
$
|
1.54
|
|
|
$
|
0.74
|
|
|
$
|
0.31
|
|
|
$
|
(0.52
|
)
|
Diluted earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Continuing operations
|
1.34
|
|
|
1.43
|
|
|
0.39
|
|
|
$
|
0.32
|
|
|
$
|
(0.47
|
)
|
|||
Discontinued operations
|
—
|
|
|
—
|
|
|
0.30
|
|
|
(0.01
|
)
|
|
(0.05
|
)
|
|||||
Total diluted earnings (loss) per share
|
$
|
1.34
|
|
|
$
|
1.43
|
|
|
$
|
0.69
|
|
|
$
|
0.31
|
|
|
$
|
(0.52
|
)
|
Dividends declared per share
|
$
|
1.06
|
|
|
$
|
0.71
|
|
|
$
|
0.63
|
|
|
$
|
0.51
|
|
|
$
|
0.42
|
|
COMPANY NOI(2)
|
$
|
2,356,069
|
|
|
$
|
2,194,948
|
|
|
$
|
2,003,437
|
|
|
$
|
1,921,017
|
|
|
$
|
1,819,882
|
|
COMPANY EBITDA(3)
|
$
|
2,221,115
|
|
|
$
|
2,031,445
|
|
|
$
|
1,825,621
|
|
|
$
|
1,734,915
|
|
|
$
|
1,735,613
|
|
FUNDS FROM OPERATIONS ("FFO")(4)
|
$
|
1,500,848
|
|
|
$
|
1,299,454
|
|
|
$
|
1,320,197
|
|
|
$
|
1,030,852
|
|
|
$
|
521,080
|
|
COMPANY FFO(4)
|
$
|
1,471,250
|
|
|
$
|
1,376,806
|
|
|
$
|
1,255,651
|
|
|
$
|
1,148,233
|
|
|
$
|
986,041
|
|
CASH FLOW DATA(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating activities
|
$
|
1,132,845
|
|
|
$
|
1,064,888
|
|
|
$
|
949,724
|
|
|
$
|
889,531
|
|
|
$
|
807,103
|
|
Investing activities
|
$
|
549,991
|
|
|
$
|
(312,755
|
)
|
|
$
|
(677,925
|
)
|
|
$
|
116,860
|
|
|
$
|
(221,452
|
)
|
Financing activities
|
$
|
(1,564,974
|
)
|
|
$
|
(767,709
|
)
|
|
$
|
(476,599
|
)
|
|
$
|
(1,103,935
|
)
|
|
$
|
(533,708
|
)
|
|
As of December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment in real estate assets—cost
|
$
|
23,278,210
|
|
|
$
|
23,791,086
|
|
|
$
|
25,582,072
|
|
|
$
|
25,405,973
|
|
|
$
|
26,327,729
|
|
Total assets
|
22,732,746
|
|
|
24,073,555
|
|
|
25,281,631
|
|
|
25,708,408
|
|
|
27,238,173
|
|
|||||
Total debt (6)
|
12,636,618
|
|
|
14,422,360
|
|
|
16,150,387
|
|
|
15,824,742
|
|
|
16,128,834
|
|
|||||
Redeemable preferred noncontrolling interests
|
144,060
|
|
|
157,903
|
|
|
164,031
|
|
|
131,881
|
|
|
136,008
|
|
|||||
Redeemable common noncontrolling interests
|
118,667
|
|
|
129,724
|
|
|
135,265
|
|
|
97,021
|
|
|
132,211
|
|
|||||
Stockholders' equity
|
8,635,764
|
|
|
8,270,043
|
|
|
7,605,919
|
|
|
8,103,121
|
|
|
7,621,698
|
|
(1)
|
For all periods presented, the operating data related to continuing operations do not include the effects of amounts reported in discontinued operations. For the years ended
December 31, 2016
and
2015
, the definition of discontinued operations changed based on updated accounting guidance. See
Note 4
for further discussion of discontinued operations.
|
(2)
|
Company NOI (as defined below) is presented at our proportionate share and does not represent income from operations as defined by GAAP.
|
(3)
|
Company EBITDA (as defined below) is presented at our proportionate share and is a supplemental measure of operating performance and does not represent income from operations as defined by GAAP.
|
(4)
|
FFO and Company FFO (as defined below) are presented at our proportionate share and do not represent cash flows from operations as defined by GAAP.
|
(5)
|
Cash flow data only represents GGP's consolidated cash flows as defined by GAAP and as such, operating cash flow does not include the cash received from our Unconsolidated Real Estate Affiliates, except to the extent of contributions to or distributions from our Unconsolidated Real Estate Affiliates.
|
(6)
|
We elected to early adopt accounting guidance requiring companies to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability on the balance sheet. This resulted in the reclassification of unamortized capitalized loan fees from deferred expenses to a direct reduction of the Company’s total debt for all periods presented.
|
1)
|
contractual rent increases;
|
•
|
sold interests in eight properties for total gross proceeds at share of
$604.3 million
, which resulted in a net gain of
$132.1 million
(
Note 3
);
|
•
|
sold a
50%
interest in Fashion Show located in Las Vegas, Nevada to a joint venture partner for a gross sales price of
$1.25 billion
, which resulted in a gain of
$634.9 million
(
Note 3
);
|
•
|
acquired interests in five properties for a total gross purchase price at share of
$278.3 million
including anchor boxes that will provide opportunities for redevelopment (
Note 3
); and
|
•
|
acquired the remaining
50%
interest in Riverchase Galleria in Hoover, Alabama for a gross purchase price of
$143.5 million
including the assumption of our venture partner's
$110.3 million
share of property level debt (
Note 3
).
|
|
December 31, 2016 (1)
|
|
December 31, 2015 (1)
|
||||
In-Place Rents per square foot (3)
|
|
|
|
|
|||
Consolidated Retail Properties
|
$
|
64.76
|
|
|
$
|
63.75
|
|
Unconsolidated Retail Properties
|
98.19
|
|
|
94.36
|
|
||
Total Retail Properties
|
$
|
76.38
|
|
|
$
|
74.29
|
|
|
|
|
|
||||
Percentage Leased
|
|
|
|
|
|
||
Consolidated Retail Properties
|
97.3
|
%
|
|
96.9
|
%
|
||
Unconsolidated Retail Properties
|
97.0
|
%
|
|
97.6
|
%
|
||
Total Retail Properties
|
97.2
|
%
|
|
97.1
|
%
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2016 (2)
|
|
December 31, 2015 (2)
|
||||||||
Tenant Sales Volume (All Less Anchors) (1) (4)
|
|
|
|
|
|
|
|
||||||||
Consolidated Retail Properties
|
$
|
11,998
|
|
|
$
|
12,001
|
|
|
$
|
11,998
|
|
|
$
|
12,001
|
|
Unconsolidated Retail Properties
|
9,124
|
|
|
9,289
|
|
|
8,495
|
|
|
8,316
|
|
||||
Total Retail Properties
|
$
|
21,122
|
|
|
$
|
21,290
|
|
|
$
|
20,493
|
|
|
$
|
20,317
|
|
|
|
|
|
|
|
|
|
||||||||
Tenant Sales per square foot (1) (4)
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated Retail Properties
|
$
|
507
|
|
|
$
|
512
|
|
|
$
|
507
|
|
|
$
|
512
|
|
Unconsolidated Retail Properties
|
722
|
|
|
762
|
|
|
690
|
|
|
693
|
|
||||
Total Retail Properties
|
$
|
581
|
|
|
$
|
597
|
|
|
$
|
569
|
|
|
$
|
572
|
|
(1)
|
Metrics exclude properties acquired in the years ended December 31, 2016 and 2015 and certain other retail properties.
|
(2)
|
Metrics exclude Christiana Mall.
|
(3)
|
Rent is presented on a cash basis and consists of base minimum rent and common area costs.
|
(4)
|
Tenant Sales Volume (All Less Anchors) is presented as total sales volume in millions of dollars and Tenant Sales <10,000 square feet is presented as sales per square foot in dollars.
|
|
Number
of Leases
|
|
Square
Feet
|
|
Term/Years
|
|
Initial Rent Per
Square Foot (1)
|
|
Expiring Rent Per
Square Foot (2)
|
|
Initial Rent
Spread
|
|
% Change
|
|||||||||
Commencement 2016
|
1,708
|
|
|
4,983,206
|
|
|
6.8
|
|
$
|
67.32
|
|
|
$
|
61.14
|
|
|
$
|
6.18
|
|
|
10.1
|
%
|
Commencement 2017
|
505
|
|
|
1,812,706
|
|
|
6.7
|
|
$
|
55.35
|
|
|
$
|
51.08
|
|
|
$
|
4.27
|
|
|
8.4
|
%
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
|
(Dollars in thousands)
|
|
|
|
|
|||||||||
Components of Minimum rents:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Base minimum rents
|
$
|
1,455,452
|
|
|
$
|
1,495,083
|
|
|
$
|
(39,631
|
)
|
|
(2.7
|
)%
|
Lease termination income
|
16,024
|
|
|
13,782
|
|
|
2,242
|
|
|
16.3
|
|
|||
Straight-line rent
|
11,867
|
|
|
27,811
|
|
|
(15,944
|
)
|
|
(57.3
|
)
|
|||
Above and below-market tenant leases, net
|
(33,639
|
)
|
|
(55,062
|
)
|
|
21,423
|
|
|
(38.9
|
)
|
|||
Total Minimum rents
|
$
|
1,449,704
|
|
|
$
|
1,481,614
|
|
|
$
|
(31,910
|
)
|
|
(2.2
|
)%
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
|||||||
|
(Dollars in thousands)
|
|
|
|
|
|||||||||
Components of Minimum rents:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Base minimum rents
|
$
|
1,495,083
|
|
|
$
|
1,591,137
|
|
|
$
|
(96,054
|
)
|
|
(6.0
|
)%
|
Lease termination income
|
13,782
|
|
|
10,589
|
|
|
3,193
|
|
|
30.2
|
|
|||
Straight-line rent
|
27,811
|
|
|
48,254
|
|
|
(20,443
|
)
|
|
(42.4
|
)
|
|||
Above and below-market tenant leases, net
|
(55,062
|
)
|
|
(66,285
|
)
|
|
11,223
|
|
|
(16.9
|
)
|
|||
Total Minimum rents
|
$
|
1,481,614
|
|
|
$
|
1,583,695
|
|
|
$
|
(102,081
|
)
|
|
(6.4
|
)%
|
|
Consolidated
|
|
Unconsolidated
|
||||
|
(Dollars in thousands)
|
||||||
2017
|
$
|
218,776
|
|
|
$
|
20,439
|
|
2018
|
338,744
|
|
|
186,728
|
|
||
2019
|
913,225
|
|
|
1,141,742
|
|
||
2020
|
1,528,387
|
|
|
1,304,529
|
|
||
2021
|
2,899,120
|
|
|
329,027
|
|
||
Subsequent
|
6,738,366
|
|
|
2,825,870
|
|
||
|
$
|
12,636,618
|
|
|
$
|
5,808,335
|
|
•
|
sold interests in eight properties for total gross proceeds at share of
$604.3 million
, which resulted in a net gain of
$132.1 million
(
Note 3
);
|
•
|
sold a
50%
interest in Fashion Show located in Las Vegas, Nevada to a joint venture partner for a gross sales price of
$1.25 billion
, which resulted in a gain of
$634.9 million
(
Note 3
);
|
•
|
acquired interests in five properties for a total gross purchase price at share of
$278.3 million
including anchor boxes that will provide opportunities for redevelopment (
Note 3
); and
|
•
|
acquired the remaining
50%
interest in Riverchase Galleria in Hoover, Alabama for a gross purchase price of
$143.5 million
including the assumption of our venture partner's
$110.3 million
share of property level debt (
Note 3
).
|
(1)
|
Projected costs and investments to date exclude capitalized interest and internal overhead.
|
(2)
|
Return on investment represents first year stabilized cash on cost return, based upon budgeted assumptions. Actual costs may vary.
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(Dollars in thousands)
|
||||||
Capital expenditures
|
$
|
164,615
|
|
|
$
|
185,075
|
|
Tenant allowances
|
156,254
|
|
|
148,082
|
|
||
Capitalized interest and capitalized overhead
|
58,662
|
|
|
65,212
|
|
||
Total
|
$
|
379,531
|
|
|
$
|
398,369
|
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend
Per Share
|
||
2016
|
|
|
|
|
|
|
|
|
December 13
|
|
December 27
|
|
January 27, 2017
|
|
$
|
0.26
|
|
October 31
|
|
December 15
|
|
January 6, 2017
|
|
0.22
|
|
|
August 1
|
|
October 14
|
|
October 31, 2016
|
|
0.20
|
|
|
May 2
|
|
July 15
|
|
July 29, 2016
|
|
0.19
|
|
|
February 1
|
|
April 15
|
|
April 29, 2016
|
|
0.19
|
|
|
2015
|
|
|
|
|
|
|
|
|
November 2
|
|
December 15
|
|
January 4, 2016
|
|
$
|
0.19
|
|
September 1
|
|
October 15
|
|
October 30, 2015
|
|
0.18
|
|
|
May 21
|
|
July 15
|
|
July 31, 2015
|
|
0.17
|
|
|
February 19
|
|
April 15
|
|
April 30, 2015
|
|
0.17
|
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend
Per Share
|
||
2016
|
|
|
|
|
|
|
||
October 31
|
|
December 15
|
|
January 3, 2017
|
|
$
|
0.3984
|
|
August 1
|
|
September 15
|
|
October 3, 2016
|
|
0.3984
|
|
|
May 2
|
|
June 15
|
|
July 1, 2016
|
|
0.3984
|
|
|
February 1
|
|
March 15
|
|
April 1, 2016
|
|
0.3984
|
|
|
2015
|
|
|
|
|
|
|
|
|
November 2
|
|
December 15
|
|
January 4, 2016
|
|
$
|
0.3984
|
|
September 1
|
|
September 15
|
|
October 1, 2015
|
|
0.3984
|
|
|
May 21
|
|
June 15
|
|
July 1, 2015
|
|
0.3984
|
|
|
February 19
|
|
March 16
|
|
April 1, 2015
|
|
0.3984
|
|
•
|
increase in distributions received from Unconsolidated Real Estate Affiliates;
|
•
|
decrease in marketing expenses due to operational efficiencies; and
|
•
|
decrease in interest costs primarily a result of prior year refinancing of mortgage notes.
|
•
|
increase in management fees and other corporate revenue due to new joint ventures;
|
•
|
increase in distributions received from Unconsolidated Real Estate Affiliates;
|
•
|
increase in income related to notes receivable from joint venture partners; and
|
•
|
decrease in interest costs primarily a result of refinancing of mortgage notes, pay downs of mortgage notes in Q1 2015, and reduction in corporate loan interest rate due to 2014 amendment.
|
•
|
increase in base minimum rents and related collections due to overall increase in permanent occupancy partially offset by
|
•
|
extinguishment of the tax indemnification liability.
|
•
|
acquisition of real estate and real estate interests of
$(577.8) million
.
|
•
|
proceeds from the sale of joint venture interests and real estate assets of $1.2 billion (Note 3).
|
•
|
development of real estate and property improvements of $(624.8) million;
|
•
|
distributions received from our Unconsolidated Real Estate Affiliates in excess of income $387.2 million;
|
•
|
contributions of $(537.4) million to form seven new joint ventures and loans to venture partners of $(137.1) million (Note 3); partially offset by
|
•
|
proceeds from the disposition of one retail property and three other assets and the contribution of one property to a joint venture for $361.2 million (Note 3).
|
•
|
acquisition of 1.4 million shares of our common stock for $(34.0) million;
|
•
|
cash distributions paid to common and preferred stockholders of $(680.7) and $(15.9) million, respectively; and
|
•
|
principal payments on mortgages, notes and loans payable, net of proceeds from refinancing or issuance of $(834.7) million.
|
•
|
acquisition of 4.3 million shares of our common stock for $(109.6) million;
|
•
|
cash distributions paid to common and preferred stockholders of $(610.6) and $(15.9) million, respectively; and
|
•
|
distributions to noncontrolling interests in consolidated real estate affiliates of $(55.1) million.
|
•
|
acquisition of 27.6 million shares of our common stock for $(555.8) million; and
|
•
|
cash distributions paid to common stockholders of $(534.2) million; partially offset by
|
•
|
proceeds from the refinancing or issuance of mortgages, notes, and loans payable, net of principal payments $641.4 million.
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Subsequent/
Other
|
|
Total
|
||||||||||||||
|
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
||||||||||||||||||
Long-term debt-principal (1)
|
$
|
361,382
|
|
|
$
|
496,106
|
|
|
$
|
1,055,619
|
|
|
$
|
1,643,312
|
|
|
$
|
2,837,024
|
|
|
$
|
6,036,896
|
|
|
$
|
12,430,339
|
|
Interest payments (2)
|
511,055
|
|
|
511,993
|
|
|
474,540
|
|
|
433,035
|
|
|
312,937
|
|
|
636,678
|
|
|
2,880,238
|
|
|||||||
Retained debt-principal
|
1,711
|
|
|
1,808
|
|
|
1,909
|
|
|
81,042
|
|
|
—
|
|
|
—
|
|
|
86,470
|
|
|||||||
Ground lease payments
|
6,726
|
|
|
6,698
|
|
|
6,790
|
|
|
6,972
|
|
|
7,025
|
|
|
241,348
|
|
|
275,559
|
|
|||||||
Corporate leases
|
6,802
|
|
|
6,813
|
|
|
6,854
|
|
|
6,858
|
|
|
6,863
|
|
|
7,228
|
|
|
41,418
|
|
|||||||
Purchase obligations (3)
|
144,498
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144,498
|
|
|||||||
Junior Subordinated Notes (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
206,200
|
|
|
206,200
|
|
|||||||
Total
|
$
|
1,032,174
|
|
|
$
|
1,023,418
|
|
|
$
|
1,545,712
|
|
|
$
|
2,171,219
|
|
|
$
|
3,163,849
|
|
|
$
|
7,128,350
|
|
|
$
|
16,064,722
|
|
(1)
|
Excludes
$27.8 million
of non-cash debt market rate adjustments,
$40.1 million
of deferred financing costs, and
$12.5 million
of debt related to solar projects.
|
(2)
|
Based on rates as of
December 31, 2016
. Variable rates are based on a LIBOR rate of
0.77%
. Excludes interest payments related to debt market rate adjustments.
|
(3)
|
Reflects accrued and incurred construction costs payable. Routine trade payables have been excluded.
|
(4)
|
The
$206.2 million
of Junior Subordinated Notes are due in 2036, but may be redeemed by us any time after April 30, 2011. As we do not expect to redeem the notes prior to maturity, they are included in consolidated debt maturing subsequent to
2021
.
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(Dollars in thousands)
|
||||||||||
Contractual rent expense, including participation rent
|
$
|
8,589
|
|
|
$
|
8,546
|
|
|
$
|
13,605
|
|
Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent
|
6,278
|
|
|
6,183
|
|
|
9,036
|
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
|
|
|
||||
|
|
|
|
||||
Operating Income
|
$
|
800,253
|
|
|
$
|
923,893
|
|
Loss (gain) on sales of investment properties
|
1,017
|
|
|
(499
|
)
|
||
Depreciation and amortization
|
660,746
|
|
|
643,689
|
|
||
Provision for loan loss
|
29,615
|
|
|
—
|
|
||
Provision for impairment
|
73,039
|
|
|
8,604
|
|
||
General and administrative
|
55,745
|
|
|
50,405
|
|
||
Property management and other costs
|
138,602
|
|
|
161,556
|
|
||
Management fees and other corporate revenues
|
(95,814
|
)
|
|
(86,595
|
)
|
||
Consolidated Properties
|
1,663,203
|
|
|
1,701,053
|
|
||
Noncontrolling interest in NOI of Consolidated Properties
|
(15,425
|
)
|
|
(18,525
|
)
|
||
NOI of sold interests
|
(42,747
|
)
|
|
(103,021
|
)
|
||
Unconsolidated Properties
|
725,479
|
|
|
578,841
|
|
||
Proportionate NOI
|
2,330,510
|
|
|
2,158,348
|
|
||
Company adjustments:
|
|
|
|
||||
Minimum rents
|
15,609
|
|
|
26,556
|
|
||
Real estate taxes
|
5,958
|
|
|
5,958
|
|
||
Property operating expenses
|
3,992
|
|
|
4,086
|
|
||
Company NOI
|
$
|
2,356,069
|
|
|
$
|
2,194,948
|
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
|
|
|
||||
Net Income Attributable to GGP Inc.
|
$
|
1,288,367
|
|
|
$
|
1,374,561
|
|
Allocation to noncontrolling interests
|
19,906
|
|
|
19,035
|
|
||
Loss (gain) on sales of investment properties
|
1,017
|
|
|
(499
|
)
|
||
Gains from changes in control of investment properties and other
|
(722,904
|
)
|
|
(634,367
|
)
|
||
Unconsolidated Real Estate Affiliates - gain on investment
|
(51,555
|
)
|
|
(327,017
|
)
|
||
Equity in income of Unconsolidated Real Estate Affiliates
|
(231,615
|
)
|
|
(73,390
|
)
|
||
Provision for loan loss
|
29,615
|
|
|
—
|
|
||
Provision for impairment
|
73,039
|
|
|
8,604
|
|
||
Provision for (benefit from) income taxes
|
901
|
|
|
(38,334
|
)
|
||
Loss (gain) on foreign currency
|
(14,087
|
)
|
|
44,984
|
|
||
Interest expense
|
571,200
|
|
|
607,675
|
|
||
Interest and dividend income
|
(59,960
|
)
|
|
(49,254
|
)
|
||
Depreciation and amortization
|
660,746
|
|
|
643,689
|
|
||
Consolidated Properties
|
1,564,670
|
|
|
1,575,687
|
|
||
Noncontrolling interest in EBITDA of Consolidated Properties
|
(14,808
|
)
|
|
(17,805
|
)
|
||
EBITDA of sold interests
|
(42,461
|
)
|
|
(102,327
|
)
|
||
Unconsolidated Properties
|
688,155
|
|
|
539,290
|
|
||
Proportionate EBITDA
|
2,195,556
|
|
|
1,994,845
|
|
||
Company adjustments:
|
|
|
|
||||
Minimum rents
|
15,609
|
|
|
26,556
|
|
||
Real estate taxes
|
5,958
|
|
|
5,958
|
|
||
Property operating expenses
|
3,992
|
|
|
4,086
|
|
||
Company EBITDA
|
$
|
2,221,115
|
|
|
$
|
2,031,445
|
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
|
|
|
||||
Net Income Attributable to GGP Inc.
|
$
|
1,288,367
|
|
|
$
|
1,374,561
|
|
Redeemable noncontrolling interests
|
9,971
|
|
|
7,839
|
|
||
Provision for impairment excluded from FFO
|
73,039
|
|
|
8,604
|
|
||
Noncontrolling interests in depreciation of Consolidated Properties
|
(6,036
|
)
|
|
(7,754
|
)
|
||
Unconsolidated Real Estate Affiliates - gain on investment
|
(51,555
|
)
|
|
(327,017
|
)
|
||
Loss on sales of investment properties
|
1,016
|
|
|
2,687
|
|
||
Preferred stock dividends
|
(15,935
|
)
|
|
(15,937
|
)
|
||
Gains from changes in control of investment properties and other
|
(722,904
|
)
|
|
(634,367
|
)
|
||
Depreciation and amortization of capitalized real estate costs - Consolidated Properties
|
645,129
|
|
|
632,328
|
|
||
Depreciation and amortization of capitalized real estate costs - Unconsolidated Properties
|
279,756
|
|
|
258,510
|
|
||
FFO (1)
|
1,500,848
|
|
|
1,299,454
|
|
||
Company adjustments:
|
|
|
|
||||
Minimum rents
|
15,609
|
|
|
26,556
|
|
||
Property operating expenses
|
5,958
|
|
|
5,958
|
|
||
Property management and other costs
|
3,992
|
|
|
4,086
|
|
||
Investment income, net
|
(818
|
)
|
|
(818
|
)
|
||
Market rate adjustments
|
(3,247
|
)
|
|
(1,724
|
)
|
||
Gain on extinguishment of debt
|
(54,138
|
)
|
|
—
|
|
||
Write-off of mark-to-market adjustments on extinguished debt
|
(2,290
|
)
|
|
7,229
|
|
||
Provision for loan loss
|
22,095
|
|
|
—
|
|
||
Loss (gain) on foreign currency
|
(14,087
|
)
|
|
44,984
|
|
||
Provision for income taxes
|
(1,857
|
)
|
|
(16,551
|
)
|
||
FFO from sold interests
|
(815
|
)
|
|
7,632
|
|
||
Company FFO
|
$
|
1,471,250
|
|
|
$
|
1,376,806
|
|
(1)
|
Reflects shares of common stock, restricted stock and LTIPs available for issuance under the Equity Plan.
|
(a)
|
Consolidated Financial Statements and Consolidated Financial Statement Schedule.
|
(b)
|
Exhibits.
|
(c)
|
Separate financial statements.
|
|
|
|
GGP INC.
|
|
|
|
|
|
/s/ SANDEEP MATHRANI
|
|
|
Sandeep Mathrani
|
|
|
Chief Executive Officer
|
|
February 22, 2017
|
Signature
|
|
Title
|
Date
|
|
|
|
|
/s/ SANDEEP MATHRANI
|
|
Director and Chief Executive Officer (Principal Executive Officer)
|
February 22, 2017
|
Sandeep Mathrani
|
|
|
|
|
|
|
|
/s/ MICHAEL B. BERMAN
|
|
Chief Financial Officer (Principal Financial Officer)
|
February 22, 2017
|
Michael B. Berman
|
|
|
|
|
|
|
|
/s/ TARA L. MARSZEWSKI
|
|
Chief Accounting Officer (Principal Accounting Officer)
|
February 22, 2017
|
Tara L. Marszewski
|
|
|
|
|
|
|
|
/s/ RICHARD B. CLARK
|
|
Director
|
February 22, 2017
|
Richard B. Clark
|
|
|
|
|
|
|
|
/s/ MARY LOU FIALA
|
|
Director
|
February 22, 2017
|
Mary Lou Fiala
|
|
|
|
Signature
|
|
Title
|
Date
|
|
|
|
|
/s/ J. BRUCE FLATT
|
|
Director
|
February 22, 2017
|
J. Bruce Flatt
|
|
|
|
|
|
|
|
/s/ JOHN K. HALEY
|
|
Director
|
February 22, 2017
|
John K. Haley
|
|
|
|
|
|
|
|
/s/ DANIEL B. HURWITZ
|
|
Director
|
February 22, 2017
|
Daniel B. Hurwitz
|
|
|
|
|
|
|
|
/s/ BRIAN W. KINGSTON
|
|
Director
|
February 22, 2017
|
Brian W. Kingston
|
|
|
|
|
|
|
|
/s/ DAVID J. NEITHERCUT
|
|
Director
|
February 22, 2017
|
David J. Neithercut
|
|
|
|
|
|
|
|
/s/ MARK R. PATTERSON
|
|
Director
|
February 22, 2017
|
Mark R. Patterson
|
|
|
|
GGP INC.
(Dollars in thousands, except per share amounts)
CONSOLIDATED BALANCE SHEETS
|
|||||||
|
December 31,
2016 |
|
December 31,
2015 |
||||
Assets:
|
|
|
|
|
|
||
Investment in real estate:
|
|
|
|
|
|
||
Land
|
$
|
3,066,019
|
|
|
$
|
3,596,354
|
|
Buildings and equipment
|
16,091,582
|
|
|
16,379,789
|
|
||
Less accumulated depreciation
|
(2,737,286
|
)
|
|
(2,452,127
|
)
|
||
Construction in progress
|
251,616
|
|
|
308,903
|
|
||
Net property and equipment
|
16,671,931
|
|
|
17,832,919
|
|
||
Investment in Unconsolidated Real Estate Affiliates
|
3,868,993
|
|
|
3,506,040
|
|
||
Net investment in real estate
|
20,540,924
|
|
|
21,338,959
|
|
||
Cash and cash equivalents
|
474,757
|
|
|
356,895
|
|
||
Accounts receivable, net
|
322,196
|
|
|
336,572
|
|
||
Notes receivable, net
|
678,496
|
|
|
641,445
|
|
||
Deferred expenses, net
|
209,852
|
|
|
214,578
|
|
||
Prepaid expenses and other assets
|
506,521
|
|
|
968,873
|
|
||
Assets held for disposition
|
—
|
|
|
216,233
|
|
||
Total assets
|
$
|
22,732,746
|
|
|
$
|
24,073,555
|
|
Liabilities:
|
|
|
|
|
|
||
Mortgages, notes and loans payable
|
$
|
12,430,418
|
|
|
$
|
14,216,160
|
|
Investment in Unconsolidated Real Estate Affiliates
|
39,506
|
|
|
38,488
|
|
||
Accounts payable and accrued expenses
|
655,362
|
|
|
784,493
|
|
||
Dividend payable
|
433,961
|
|
|
172,070
|
|
||
Deferred tax liabilities
|
3,843
|
|
|
1,289
|
|
||
Junior subordinated notes
|
206,200
|
|
|
206,200
|
|
||
Liabilities held for disposition
|
—
|
|
|
58,934
|
|
||
Total liabilities
|
13,769,290
|
|
|
15,477,634
|
|
||
Redeemable noncontrolling interests:
|
|
|
|
|
|
||
Preferred
|
144,060
|
|
|
157,903
|
|
||
Common
|
118,667
|
|
|
129,724
|
|
||
Total redeemable noncontrolling interests
|
262,727
|
|
|
287,627
|
|
||
Commitments and Contingencies
|
—
|
|
|
—
|
|
||
Equity:
|
|
|
|
|
|||
Common stock: 11,000,000,000 shares authorized, $0.01 par value, 968,153,526 issued, 884,097,680 outstanding as of December 31, 2016, and 966,096,656 issued and 882,397,202 outstanding as of December 31, 2015
|
9,407
|
|
|
9,386
|
|
||
Preferred Stock:
|
|
|
|
|
|
||
500,000,000 shares authorized, $.01 par value, 10,000,000 shares issued and outstanding as of December 31, 2016 and December 31, 2015
|
242,042
|
|
|
242,042
|
|
||
Additional paid-in capital
|
11,417,597
|
|
|
11,362,369
|
|
||
Retained earnings (accumulated deficit)
|
(1,824,866
|
)
|
|
(2,141,549
|
)
|
||
Accumulated other comprehensive loss
|
(70,456
|
)
|
|
(72,804
|
)
|
||
Common stock in treasury, at cost, 56,596,651 shares as of December 31, 2016 and 56,240,259 shares as of December 31, 2015
|
(1,137,960
|
)
|
|
(1,129,401
|
)
|
||
Total stockholders' equity
|
8,635,764
|
|
|
8,270,043
|
|
||
Noncontrolling interests in consolidated real estate affiliates
|
33,583
|
|
|
24,712
|
|
||
Noncontrolling interests related to long-term incentive plan common units
|
31,382
|
|
|
13,539
|
|
||
Total equity
|
8,700,729
|
|
|
8,308,294
|
|
||
Total liabilities and equity
|
$
|
22,732,746
|
|
|
$
|
24,073,555
|
|
GGP INC.
(Dollars in thousands, except per share amounts)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||
Minimum rents
|
$
|
1,449,704
|
|
|
$
|
1,481,614
|
|
|
$
|
1,583,695
|
|
Tenant recoveries
|
668,081
|
|
|
689,536
|
|
|
739,411
|
|
|||
Overage rents
|
42,534
|
|
|
44,024
|
|
|
51,611
|
|
|||
Management fees and other corporate revenues
|
95,814
|
|
|
86,595
|
|
|
70,887
|
|
|||
Other
|
90,313
|
|
|
102,137
|
|
|
89,955
|
|
|||
Total revenues
|
2,346,446
|
|
|
2,403,906
|
|
|
2,535,559
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|||
Real estate taxes
|
229,635
|
|
|
222,883
|
|
|
227,992
|
|
|||
Property maintenance costs
|
55,027
|
|
|
60,040
|
|
|
66,897
|
|
|||
Marketing
|
13,155
|
|
|
21,958
|
|
|
24,654
|
|
|||
Other property operating costs
|
282,591
|
|
|
302,797
|
|
|
333,620
|
|
|||
Provision for doubtful accounts
|
8,038
|
|
|
8,081
|
|
|
8,055
|
|
|||
Provision for loan loss
|
29,615
|
|
|
—
|
|
|
—
|
|
|||
Property management and other costs
|
138,602
|
|
|
161,556
|
|
|
155,093
|
|
|||
General and administrative
|
55,745
|
|
|
50,405
|
|
|
64,051
|
|
|||
Provision for impairment
|
73,039
|
|
|
8,604
|
|
|
5,278
|
|
|||
Depreciation and amortization
|
660,746
|
|
|
643,689
|
|
|
708,406
|
|
|||
Total expenses
|
1,546,193
|
|
|
1,480,013
|
|
|
1,594,046
|
|
|||
Operating income
|
800,253
|
|
|
923,893
|
|
|
941,513
|
|
|||
Interest and dividend income
|
59,960
|
|
|
49,254
|
|
|
28,613
|
|
|||
Interest expense
|
(571,200
|
)
|
|
(607,675
|
)
|
|
(699,285
|
)
|
|||
Gain (loss) on foreign currency
|
14,087
|
|
|
(44,984
|
)
|
|
(18,048
|
)
|
|||
Gains from changes in control of investment properties and other, net
|
722,904
|
|
|
634,367
|
|
|
91,193
|
|
|||
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations and allocation to noncontrolling interests
|
1,026,004
|
|
|
954,855
|
|
|
343,986
|
|
|||
(Provision for) benefit from income taxes
|
(901
|
)
|
|
38,334
|
|
|
(7,253
|
)
|
|||
Equity in income of Unconsolidated Real Estate Affiliates
|
231,615
|
|
|
73,390
|
|
|
51,568
|
|
|||
Unconsolidated Real Estate Affiliates - gain on investment
|
51,555
|
|
|
327,017
|
|
|
9,710
|
|
|||
Income from continuing operations
|
1,308,273
|
|
|
1,393,596
|
|
|
398,011
|
|
|||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|||
Income from discontinued operations, including gains on dispositions
|
—
|
|
|
—
|
|
|
137,989
|
|
|||
Gain on extinguishment of tax indemnification liability
|
—
|
|
|
—
|
|
|
77,215
|
|
|||
Gain on extinguishment of debt
|
—
|
|
|
—
|
|
|
66,679
|
|
|||
Discontinued operations, net
|
—
|
|
|
—
|
|
|
281,883
|
|
|||
Net income
|
1,308,273
|
|
|
1,393,596
|
|
|
679,894
|
|
|||
Allocation to noncontrolling interests
|
(19,906
|
)
|
|
(19,035
|
)
|
|
(14,044
|
)
|
|||
Net income attributable to GGP Inc.
|
1,288,367
|
|
|
1,374,561
|
|
|
665,850
|
|
|||
Preferred Stock dividends
|
(15,935
|
)
|
|
(15,937
|
)
|
|
(15,936
|
)
|
|||
Net income attributable to common stockholders
|
$
|
1,272,432
|
|
|
$
|
1,358,624
|
|
|
$
|
649,914
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
GGP INC.
(Dollars in thousands, except per share amounts)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)
|
|||||||||||
Basic Earnings (Loss) Per Share:
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
1.44
|
|
|
$
|
1.54
|
|
|
$
|
0.42
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
0.32
|
|
|||
Total basic earnings per share
|
$
|
1.44
|
|
|
$
|
1.54
|
|
|
$
|
0.74
|
|
Diluted Earnings (Loss) Per Share:
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
$
|
1.34
|
|
|
$
|
1.43
|
|
|
$
|
0.39
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
0.30
|
|
|||
Total diluted earnings per share
|
$
|
1.34
|
|
|
$
|
1.43
|
|
|
$
|
0.69
|
|
Comprehensive Income (Loss), Net:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
1,308,273
|
|
|
$
|
1,393,596
|
|
|
$
|
679,894
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation
|
14,319
|
|
|
(33,292
|
)
|
|
(13,604
|
)
|
|||
Reclassification adjustment for realized gains on available-for-sale securities included in net income
|
(11,978
|
)
|
|
11,978
|
|
|
—
|
|
|||
Net unrealized gains (losses) on other financial instruments
|
5
|
|
|
30
|
|
|
(54
|
)
|
|||
Other comprehensive (loss) income
|
2,346
|
|
|
(21,284
|
)
|
|
(13,658
|
)
|
|||
Comprehensive income
|
1,310,619
|
|
|
1,372,312
|
|
|
666,236
|
|
|||
Comprehensive income allocated to noncontrolling interests
|
(19,904
|
)
|
|
(18,802
|
)
|
|
(13,966
|
)
|
|||
Comprehensive income attributable to GGP Inc.
|
1,290,715
|
|
|
1,353,510
|
|
|
652,270
|
|
|||
Preferred stock dividends
|
(15,935
|
)
|
|
(15,937
|
)
|
|
(15,936
|
)
|
|||
Comprehensive income, net, attributable to common stockholders
|
$
|
1,274,780
|
|
|
$
|
1,337,573
|
|
|
$
|
636,334
|
|
GGP INC.
(Dollars in thousands, except per share amounts)
CONSOLIDATED STATEMENTS OF EQUITY
|
|||||||||||||||||||||||||||||||
|
Common
Stock
|
|
Preferred
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
(Accumulated
Deficit)
|
|
Accumulated Other
Comprehensive
Income (Loss)
|
|
Common
Stock in
Treasury
|
|
Noncontrolling
Interests in Consolidated Real Estate Affiliates and Long Term Incentive Plan Common Units |
|
Total
Equity
|
||||||||||||||||
|
(Dollars in thousands, except for share amounts)
|
||||||||||||||||||||||||||||||
Balance at January 1, 2014
|
$
|
9,395
|
|
|
$
|
242,042
|
|
|
$
|
11,372,443
|
|
|
$
|
(2,915,723
|
)
|
|
$
|
(38,173
|
)
|
|
$
|
(566,863
|
)
|
|
$
|
82,142
|
|
|
$
|
8,185,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
665,850
|
|
|
|
|
|
|
1,851
|
|
|
667,701
|
|
||||||||||
Distributions to noncontrolling interests in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,392
|
)
|
|
(4,392
|
)
|
||||||||
Restricted stock grants, net of forfeitures (16,112 common shares)
|
—
|
|
|
|
|
|
2,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,496
|
|
||||||||
Employee stock purchase program (138,446 common shares)
|
1
|
|
|
|
|
|
2,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,952
|
|
||||||||
Stock option exercise, net of forfeitures (1,164,945 common shares)
|
12
|
|
|
|
|
|
40,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,726
|
|
||||||||
Treasury stock purchases (27,624,282 common shares)
|
|
|
|
|
|
|
|
|
|
|
(555,801
|
)
|
|
|
|
(555,801
|
)
|
||||||||||||||
Cash dividends reinvested (DRIP) in stock (22,186 common shares)
|
1
|
|
|
|
|
|
505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
506
|
|
||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,580
|
)
|
|
|
|
|
|
|
|
(13,580
|
)
|
||||||||
Cash distributions declared ($0.63 per share)
|
|
|
|
|
|
|
|
|
|
(556,931
|
)
|
|
|
|
|
|
|
|
|
|
|
(556,931
|
)
|
||||||||
Cash distributions on Preferred Stock
|
|
|
|
|
|
|
(15,936
|
)
|
|
|
|
|
|
|
|
(15,936
|
)
|
||||||||||||||
Fair value adjustment for noncontrolling interest in certain properties
|
|
|
|
|
|
|
3,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,169
|
|
||||||||
Fair value adjustment for noncontrolling interest in GGPOP and other
|
|
|
|
|
(70,653
|
)
|
|
|
|
|
|
|
|
|
|
(70,653
|
)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2014
|
$
|
9,409
|
|
|
$
|
242,042
|
|
|
$
|
11,351,625
|
|
|
$
|
(2,822,740
|
)
|
|
$
|
(51,753
|
)
|
|
$
|
(1,122,664
|
)
|
|
$
|
79,601
|
|
|
$
|
7,685,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GGP INC.
(Dollars in thousands, except per share amounts)
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
|
|||||||||||||||||||||||||||||||
|
Common
Stock |
|
Preferred
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings (Accumulated Deficit) |
|
Accumulated Other
Comprehensive Income (Loss) |
|
Common
Stock in Treasury |
|
Noncontrolling
Interests in Consolidated Real Estate Affiliates and Long Term Incentive Plan Common Units |
|
Total
Equity |
||||||||||||||||
|
(Dollars in thousands, except for share amounts)
|
||||||||||||||||||||||||||||||
Balance at January 1, 2015
|
$
|
9,409
|
|
|
$
|
242,042
|
|
|
$
|
11,351,625
|
|
|
$
|
(2,822,740
|
)
|
|
$
|
(51,753
|
)
|
|
$
|
(1,122,664
|
)
|
|
$
|
79,601
|
|
|
$
|
7,685,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
1,374,561
|
|
|
|
|
|
|
|
|
2,685
|
|
|
1,377,246
|
|
||||||||
Distributions to noncontrolling interests in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(55,050
|
)
|
|
(55,050
|
)
|
||||||||
Long Term Incentive Plan Common Unit grants, net (1,645,901 LTIP Units)
|
|
|
|
|
|
|
|
|
|
|
|
|
11,015
|
|
|
11,015
|
|
||||||||||||||
Restricted stock grants, net of forfeitures (216,640 common shares)
|
2
|
|
|
|
|
3,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,440
|
|
|||||||||
Employee stock purchase program (137,247 common shares)
|
1
|
|
|
|
|
|
3,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,250
|
|
||||||||
Stock option exercise, net of forfeitures (1,432,250 common shares)
|
14
|
|
|
|
|
|
42,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,616
|
|
||||||||
Cancellation of repurchased common shares (4,053,620 common shares)
|
(40
|
)
|
|
|
|
(52,871
|
)
|
|
(49,922
|
)
|
|
|
|
102,833
|
|
|
|
|
—
|
|
|||||||||||
Treasury stock purchases (4,324,489 common shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(109,570
|
)
|
|
|
|
|
(109,570
|
)
|
||||||||
Cash dividends reinvested (DRIP) in stock (23,542 common shares)
|
|
|
|
|
487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
487
|
|
||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
(21,051
|
)
|
|
|
|
|
|
|
|
(21,051
|
)
|
||||||||
Cash distributions declared ($0.71 per share)
|
|
|
|
|
|
|
|
|
|
(627,511
|
)
|
|
|
|
|
|
|
|
|
|
|
(627,511
|
)
|
||||||||
Cash distributions on Preferred Stock
|
|
|
|
|
|
|
|
|
|
(15,937
|
)
|
|
|
|
|
|
|
|
|
|
|
(15,937
|
)
|
||||||||
Fair value adjustment for noncontrolling interest in Operating Partnership
|
|
|
|
|
|
|
13,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,839
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2015
|
$
|
9,386
|
|
|
$
|
242,042
|
|
|
$
|
11,362,369
|
|
|
$
|
(2,141,549
|
)
|
|
$
|
(72,804
|
)
|
|
$
|
(1,129,401
|
)
|
|
$
|
38,251
|
|
|
$
|
8,308,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GGP INC.
(Dollars in thousands, except per share amounts)
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
|
|||||||||||||||||||||||||||||||
|
Common
Stock |
|
Preferred
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings (Accumulated Deficit) |
|
Accumulated Other
Comprehensive Income (Loss) |
|
Common
Stock in Treasury |
|
Noncontrolling
Interests in Consolidated Real Estate Affiliates and Long Term Incentive Plan Common Units |
|
Total
Equity |
||||||||||||||||
|
(Dollars in thousands, except for share amounts)
|
||||||||||||||||||||||||||||||
Balance at January 1, 2016
|
$
|
9,386
|
|
|
$
|
242,042
|
|
|
$
|
11,362,369
|
|
|
$
|
(2,141,549
|
)
|
|
$
|
(72,804
|
)
|
|
$
|
(1,129,401
|
)
|
|
$
|
38,251
|
|
|
$
|
8,308,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
1,288,367
|
|
|
|
|
|
|
|
|
4,175
|
|
|
1,292,542
|
|
||||||||
Distributions to noncontrolling interests in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,358
|
)
|
|
(3,358
|
)
|
||||||||
Acquisition/disposition of partner's noncontrolling interests in consolidated Real Estate Affiliates
|
|
|
|
|
(18,416
|
)
|
|
|
|
|
|
|
|
(2,970
|
)
|
|
(21,386
|
)
|
|||||||||||||
Contributions to noncontrolling interest in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
13,943
|
|
|
13,943
|
|
||||||||||||||
Long Term Incentive Plan Common Unit grants, net (61,358 LTIP Units)
|
|
|
|
|
104
|
|
|
(950
|
)
|
|
|
|
|
|
14,924
|
|
|
14,078
|
|
||||||||||||
Restricted stock grants, net (342,037 common shares)
|
3
|
|
|
|
|
3,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,320
|
|
||||||||||
Employee stock purchase program (126,825 common shares)
|
—
|
|
|
|
|
|
4,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,206
|
|
||||||||
Stock option exercise, net of forfeitures (2,886,986 common shares)
|
31
|
|
|
|
|
|
58,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,405
|
|
||||||||
Cancellation of repurchased common shares (1,260,490 common shares)
|
(15
|
)
|
|
|
|
(19,846
|
)
|
|
(17,805
|
)
|
|
|
|
37,666
|
|
|
|
|
—
|
|
|||||||||||
OP Unit Conversion to Common Stock (200,000 common shares)
|
2
|
|
|
|
|
5,425
|
|
|
|
|
|
|
|
|
|
|
5,427
|
|
|||||||||||||
Treasury stock purchases (1,887,751 common shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(46,225
|
)
|
|
|
|
|
(46,225
|
)
|
||||||||
Cash dividends reinvested (DRIP) in stock (32,381 common shares)
|
|
|
|
|
|
|
889
|
|
|
(215
|
)
|
|
|
|
|
|
|
|
|
|
|
674
|
|
||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
14,242
|
|
|
|
|
|
|
|
|
14,242
|
|
||||||||
Amounts reclassified from Accumulated Other Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,894
|
)
|
|
|
|
|
|
|
|
(11,894
|
)
|
||||||||
Cash distributions declared ($1.06 per share)
|
|
|
|
|
|
|
|
|
|
(936,779
|
)
|
|
|
|
|
|
|
|
|
|
|
(936,779
|
)
|
||||||||
Cash distributions on Preferred Stock
|
|
|
|
|
|
|
|
|
|
(15,935
|
)
|
|
|
|
|
|
|
|
|
|
|
(15,935
|
)
|
||||||||
Fair value adjustment for noncontrolling interest in Operating Partnership
|
|
|
|
|
|
|
21,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,175
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2016
|
$
|
9,407
|
|
|
$
|
242,042
|
|
|
$
|
11,417,597
|
|
|
$
|
(1,824,866
|
)
|
|
$
|
(70,456
|
)
|
|
$
|
(1,137,960
|
)
|
|
$
|
64,965
|
|
|
$
|
8,700,729
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Cash Flows provided by Operating Activities:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
1,308,273
|
|
|
$
|
1,393,596
|
|
|
$
|
679,894
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Equity in income of Unconsolidated Real Estate Affiliates
|
(231,615
|
)
|
|
(73,390
|
)
|
|
(51,568
|
)
|
|||
Distributions received from Unconsolidated Real Estate Affiliates
|
120,674
|
|
|
87,138
|
|
|
46,463
|
|
|||
Provision for doubtful accounts
|
8,038
|
|
|
8,081
|
|
|
8,151
|
|
|||
Depreciation and amortization
|
660,746
|
|
|
643,689
|
|
|
718,064
|
|
|||
Amortization/write-off of deferred finance costs
|
11,876
|
|
|
11,607
|
|
|
13,621
|
|
|||
Accretion/write-off of debt market rate adjustments
|
(5,184
|
)
|
|
13,171
|
|
|
13,442
|
|
|||
Amortization of intangibles other than in-place leases
|
41,154
|
|
|
62,106
|
|
|
76,615
|
|
|||
Straight-line rent amortization
|
(11,867
|
)
|
|
(27,809
|
)
|
|
(48,935
|
)
|
|||
Deferred income taxes
|
15,353
|
|
|
(42,136
|
)
|
|
(5,615
|
)
|
|||
Litigation loss
|
—
|
|
|
—
|
|
|
17,854
|
|
|||
Gain on dispositions, net
|
(37,526
|
)
|
|
(30,669
|
)
|
|
(131,849
|
)
|
|||
Unconsolidated Real Estate Affiliates—gain on investment, net
|
(51,555
|
)
|
|
(327,017
|
)
|
|
(9,710
|
)
|
|||
Gains from changes in control of investment properties and other
|
(722,904
|
)
|
|
(634,367
|
)
|
|
(91,193
|
)
|
|||
Loss (gain) on extinguishment of debt
|
5,403
|
|
|
—
|
|
|
(66,679
|
)
|
|||
Provisions for impairment
|
73,039
|
|
|
8,604
|
|
|
5,278
|
|
|||
Provisions for loan loss
|
29,615
|
|
|
—
|
|
|
—
|
|
|||
(Gain) loss on foreign currency
|
(14,087
|
)
|
|
44,984
|
|
|
18,048
|
|
|||
Cash paid for extinguishment of tax indemnification liability
|
—
|
|
|
—
|
|
|
(138,000
|
)
|
|||
Gain on extinguishment of tax indemnification liability
|
—
|
|
|
—
|
|
|
(77,215
|
)
|
|||
Net changes:
|
|
|
|
|
|
|
|
|
|||
Accounts and notes receivable, net
|
(37,489
|
)
|
|
(30,116
|
)
|
|
(19,613
|
)
|
|||
Prepaid expenses and other assets
|
(4,092
|
)
|
|
(24,381
|
)
|
|
(28,966
|
)
|
|||
Deferred expenses, net
|
(27,888
|
)
|
|
(42,708
|
)
|
|
(24,234
|
)
|
|||
Restricted cash
|
(3,306
|
)
|
|
(3,698
|
)
|
|
(1,070
|
)
|
|||
Accounts payable and accrued expenses
|
(27,924
|
)
|
|
(4,858
|
)
|
|
21,703
|
|
|||
Other, net
|
34,111
|
|
|
33,061
|
|
|
25,238
|
|
|||
Net cash provided by operating activities
|
1,132,845
|
|
|
1,064,888
|
|
|
949,724
|
|
|||
Cash Flows provided by (used in) Investing Activities:
|
|
|
|
|
|
|
|
|
|||
Acquisition of real estate and property additions
|
(577,845
|
)
|
|
(384,270
|
)
|
|
(537,357
|
)
|
|||
Development of real estate and property improvements
|
(547,447
|
)
|
|
(694,621
|
)
|
|
(624,829
|
)
|
|||
Distributions received from Unconsolidated Real Estate Affiliates in excess of income
|
82,800
|
|
|
145,461
|
|
|
387,234
|
|
|||
Loans to joint venture partners
|
(59,769
|
)
|
|
(328,819
|
)
|
|
(137,070
|
)
|
|||
Proceeds from repayment of loans to joint venture partners
|
13,042
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales of investment properties and Unconsolidated Real Estate Affiliates
|
1,699,466
|
|
|
1,155,765
|
|
|
361,183
|
|
|||
Contributions to Unconsolidated Real Estate Affiliates
|
(135,906
|
)
|
|
(173,704
|
)
|
|
(130,500
|
)
|
|||
Sale (acquisition) of marketable securities
|
46,408
|
|
|
(33,300
|
)
|
|
—
|
|
|||
Decrease in restricted cash
|
28,580
|
|
|
733
|
|
|
3,414
|
|
|||
Other, net
|
662
|
|
|
—
|
|
|
—
|
|
|||
Net cash provided by (used in) investing activities
|
549,991
|
|
|
(312,755
|
)
|
|
(677,925
|
)
|
|||
Cash Flows used in Financing Activities:
|
|
|
|
|
|
|
|
|
|||
Proceeds from refinancing/issuance of mortgages, notes and loans payable
|
908,479
|
|
|
1,837,440
|
|
|
2,401,407
|
|
|||
Principal payments on mortgages, notes and loans payable
|
(1,743,216
|
)
|
|
(1,831,624
|
)
|
|
(1,760,032
|
)
|
|||
Deferred finance costs
|
(13,771
|
)
|
|
(7,095
|
)
|
|
(21,264
|
)
|
|||
Treasury stock purchases
|
(34,021
|
)
|
|
(109,570
|
)
|
|
(555,801
|
)
|
|||
Cash distributions paid to common stockholders
|
(680,712
|
)
|
|
(610,554
|
)
|
|
(534,151
|
)
|
|||
Cash distributions to noncontrolling interests in consolidated real estate affiliates
|
(24,445
|
)
|
|
(55,050
|
)
|
|
(4,392
|
)
|
|||
Cash distributions reinvested (DRIP) in common stock
|
889
|
|
|
658
|
|
|
506
|
|
|||
Cash distributions paid to preferred stockholders
|
(15,935
|
)
|
|
(15,937
|
)
|
|
(15,936
|
)
|
|||
Cash distributions and redemptions paid to holders of common units
|
(5,545
|
)
|
|
(950
|
)
|
|
(718
|
)
|
|||
Other, net
|
43,303
|
|
|
24,973
|
|
|
13,782
|
|
|||
Net cash used in financing activities
|
(1,564,974
|
)
|
|
(767,709
|
)
|
|
(476,599
|
)
|
|||
Net change in cash and cash equivalents
|
117,862
|
|
|
(15,576
|
)
|
|
(204,800
|
)
|
|||
Cash and cash equivalents at beginning of year
|
356,895
|
|
|
372,471
|
|
|
577,271
|
|
|||
Cash and cash equivalents at end of year
|
$
|
474,757
|
|
|
$
|
356,895
|
|
|
$
|
372,471
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
$
|
567,137
|
|
|
$
|
602,495
|
|
|
$
|
688,297
|
|
Interest capitalized
|
5,257
|
|
|
12,752
|
|
|
16,665
|
|
|||
Income taxes paid
|
4,150
|
|
|
14,286
|
|
|
10,202
|
|
|||
Accrued capital expenditures included in accounts payable and accrued expenses
|
115,077
|
|
|
158,027
|
|
|
198,471
|
|
|||
Settlement of Tax indemnification liability:
|
|
|
|
|
|
||||||
Assets
|
—
|
|
|
—
|
|
|
106,743
|
|
|||
Liability extinguished
|
—
|
|
|
—
|
|
|
(321,958
|
)
|
|||
Non-Cash Sale of Retail Property
|
|
|
|
|
|
|
|
|
|||
Assets
|
—
|
|
|
—
|
|
|
21,426
|
|
|||
Liabilities and equity
|
—
|
|
|
—
|
|
|
(21,426
|
)
|
|||
Sale of Bayside Marketplace, Ala Moana Center and Fashion Show (Refer to Note 3)
|
|
|
|
|
|
||||||
Acquisition of Riverchase Galleria (Refer to Note 3)
|
|
|
|
|
|
|
Years
|
Buildings and improvements
|
10 - 45
|
Equipment and fixtures
|
3 - 20
|
Tenant improvements
|
Shorter of useful life or applicable lease term
|
|
Gross Asset
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|||
Tenant leases:
|
|
|
|
|
|
|
|
|
|||
In-place value
|
$
|
306,094
|
|
|
$
|
(214,111
|
)
|
|
$
|
91,983
|
|
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|||
Tenant leases:
|
|
|
|
|
|
|
|
|
|||
In-place value
|
$
|
409,637
|
|
|
$
|
(264,616
|
)
|
|
$
|
145,021
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Amortization/accretion effect on continuing operations
|
$
|
(86,979
|
)
|
|
$
|
(137,462
|
)
|
|
$
|
(196,792
|
)
|
Year
|
|
Amount
|
||
2017
|
|
$
|
63,350
|
|
2018
|
|
41,509
|
|
|
2019
|
|
25,996
|
|
|
2020
|
|
18,858
|
|
|
2021
|
|
13,445
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Amortization of straight-line rent
|
$
|
11,867
|
|
|
$
|
27,809
|
|
|
$
|
48,254
|
|
Net amortization/accretion of above and below-market tenant leases
|
(33,639
|
)
|
|
(55,062
|
)
|
|
(66,258
|
)
|
|||
Lease termination income
|
16,021
|
|
|
13,786
|
|
|
10,590
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
Straight-line rent receivables, net
|
$
|
226,226
|
|
|
$
|
234,862
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Balance as of January 1,
|
$
|
14,654
|
|
|
$
|
15,621
|
|
|
$
|
17,892
|
|
Provision for doubtful accounts (1)
|
10,534
|
|
|
11,833
|
|
|
10,934
|
|
|||
Provisions for doubtful accounts in discontinued operations
|
—
|
|
|
—
|
|
|
602
|
|
|||
Write-offs
|
(7,305
|
)
|
|
(12,800
|
)
|
|
(13,807
|
)
|
|||
Balance as of December 31,
|
$
|
17,883
|
|
|
$
|
14,654
|
|
|
$
|
15,621
|
|
(1)
|
Excludes recoveries of
$2.4 million
,
$2.1 million
and
$2.7 million
for the years ended
December 31, 2016
,
2015
and
2014
, respectively.
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Management fees from affiliates (1)
|
$
|
82,742
|
|
|
$
|
86,595
|
|
|
$
|
70,887
|
|
Management fee expense
|
(33,049
|
)
|
|
(30,723
|
)
|
|
(26,972
|
)
|
|||
Net management fees from affiliates
|
$
|
49,693
|
|
|
$
|
55,872
|
|
|
$
|
43,915
|
|
(1)
|
Excludes a
$13.1 million
gain recognized in management fees and other corporate revenues on the divestiture of our investment in Seritage Growth Properties during the year ended
December 31, 2016
.
|
•
|
Level 1—defined as observable inputs such as quoted prices for identical assets or liabilities in active markets;
|
•
|
Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
|
•
|
Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
|
Loss from a Change of Control in Riverchase Galleria
|
|
||
Cash paid to acquire our joint venture partner's interest
|
$
|
33.8
|
|
Less: proportionate share of previous investment in Riverchase Galleria
|
(78.0
|
)
|
|
Losses from changes in control of investment properties
|
$
|
(44.2
|
)
|
|
|||
Allocation of the Riverchase Purchase Price
|
|
||
Investment in real estate, including intangible assets and liabilities
|
$
|
274.3
|
|
Fair value of debt (1)
|
(220.7
|
)
|
|
Net working capital (2)
|
12.7
|
|
|
Net assets acquired
|
$
|
66.3
|
|
Cash received from joint venture partner
|
$
|
830.5
|
|
Less: Proportionate share of previous investment in Fashion Show
|
(195.6
|
)
|
|
Gain from change in control of investment property
|
$
|
634.9
|
|
Gain on Sale of Interests in Ala Moana Center
|
25.0%
|
12.5%
|
||||
Total proceeds (net of transaction costs of $6.8 million and $2.5 million, respectively)
|
$
|
900.2
|
|
$
|
451.0
|
|
Joint venture partner share of debt
|
462.5
|
|
231.3
|
|
||
Total consideration
|
1,362.7
|
|
682.3
|
|
||
Less: JV partner proportionate share of investment in Ala Moana Center and estimated development costs
|
(705.9
|
)
|
(353.8
|
)
|
||
Total gain from changes in control of investment properties and other
|
656.8
|
|
—
|
|
||
Total Unconsolidated Real Estate Affiliates - gain on investment
|
—
|
|
328.5
|
|
||
Gain attributable to JV partner proportionate share of investment in Ala Moana Center at closing
|
584.4
|
|
295.9
|
|
||
Gain attributable to post-sale development activities through December 31, 2015
|
38.0
|
|
15.4
|
|
||
Gain attributable to post-sale development activities for the year ended December 31, 2016
|
34.4
|
|
17.2
|
|
|
|
||
|
2014
|
||
Retail and other revenue
|
$
|
27,276
|
|
Total revenues
|
27,276
|
|
|
Retail and other operating expenses
|
17,515
|
|
|
Total expenses
|
17,515
|
|
|
Operating income
|
9,761
|
|
|
Interest expense, net
|
(2,188
|
)
|
|
Gains on dispositions
|
130,416
|
|
|
Net income from operations
|
137,989
|
|
|
Gain on extinguishment of debt
|
66,679
|
|
|
Gain on extinguishment of tax indemnification liability
|
77,215
|
|
|
Net income from discontinued operations
|
$
|
281,883
|
|
|
Total Fair Value
Measurement
|
|
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs (Level 3) |
|
Provisions for Impairment
|
||||||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investments in real estate (1)
|
$
|
219,165
|
|
|
$
|
—
|
|
|
$
|
131,000
|
|
|
$
|
88,165
|
|
|
$
|
(73,039
|
)
|
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Investments in real estate (1)
|
$
|
61,500
|
|
|
$
|
—
|
|
|
$
|
61,500
|
|
|
$
|
—
|
|
|
$
|
(8,604
|
)
|
(1)
|
Refer to
Note 2
for more information regarding impairment. Investments in real estate includes consolidated properties and Unconsolidated Real Estate Affiliates.
|
Unobservable Quantitative Input
|
|
Range
|
Discount rates
|
|
9.0% to 11.0%
|
Terminal capitalization rates
|
|
16.0% to 17.0%
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Carrying
Amount (1)
|
|
Estimated
Fair Value
|
|
Carrying
Amount (2)
|
|
Estimated
Fair Value
|
||||||||
Fixed-rate debt
|
$
|
10,441,166
|
|
|
$
|
10,832,272
|
|
|
$
|
11,921,302
|
|
|
$
|
12,247,451
|
|
Variable-rate debt
|
1,989,252
|
|
|
1,990,458
|
|
|
2,294,858
|
|
|
2,304,551
|
|
||||
|
$
|
12,430,418
|
|
|
$
|
12,822,730
|
|
|
$
|
14,216,160
|
|
|
$
|
14,552,002
|
|
(1)
|
Includes net
$27.8 million
of market rate adjustments and
$40.1 million
of deferred financing costs.
|
(2)
|
Includes net
$33.0 million
of market rate adjustments and
$40.2 million
of deferred financing costs.
|
|
|
December 31, 2015
|
||||||||||
|
|
Fair Value
|
|
Cost Basis
|
|
Unrealized Gain
|
||||||
Marketable securities:
|
|
|
|
|
|
|
||||||
Seritage Growth Properties
|
|
$
|
45,278
|
|
|
$
|
33,300
|
|
|
$
|
11,978
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
Condensed Combined Balance Sheets—Unconsolidated Real Estate Affiliates (1)
|
|
|
|
|
|
||
Assets:
|
|
|
|
|
|
||
Land
|
$
|
2,664,736
|
|
|
$
|
1,949,577
|
|
Buildings and equipment
|
13,555,059
|
|
|
12,344,045
|
|
||
Less accumulated depreciation
|
(3,538,776
|
)
|
|
(3,131,659
|
)
|
||
Construction in progress
|
284,198
|
|
|
828,521
|
|
||
Net property and equipment
|
12,965,217
|
|
|
11,990,484
|
|
||
Investments in unconsolidated joint ventures
|
503,305
|
|
|
421,778
|
|
||
Net investment in real estate
|
13,468,522
|
|
|
12,412,262
|
|
||
Cash and cash equivalents
|
455,862
|
|
|
426,470
|
|
||
Accounts receivable, net
|
655,655
|
|
|
258,589
|
|
||
Notes receivable, net
|
8,912
|
|
|
9,093
|
|
||
Deferred expenses, net
|
321,095
|
|
|
239,262
|
|
||
Prepaid expenses and other assets
|
327,645
|
|
|
463,030
|
|
||
Total assets
|
$
|
15,237,691
|
|
|
$
|
13,808,706
|
|
Liabilities and Owners' Equity:
|
|
|
|
|
|
||
Mortgages, notes and loans payable
|
$
|
10,476,935
|
|
|
$
|
9,812,378
|
|
Accounts payable, accrued expenses and other liabilities
|
595,570
|
|
|
740,388
|
|
||
Cumulative effect of foreign currency translation ("CFCT")
|
(50,851
|
)
|
|
(67,224
|
)
|
||
Owners' equity, excluding CFCT
|
4,216,037
|
|
|
3,323,164
|
|
||
Total liabilities and owners' equity
|
$
|
15,237,691
|
|
|
$
|
13,808,706
|
|
Investment in Unconsolidated Real Estate Affiliates, Net:
|
|
|
|
|
|
||
Owners' equity
|
$
|
4,165,186
|
|
|
$
|
3,255,940
|
|
Less: joint venture partners' equity
|
(2,095,166
|
)
|
|
(1,518,581
|
)
|
||
Plus: excess investment/basis differences
|
1,590,821
|
|
|
1,550,193
|
|
||
Investment in Unconsolidated Real Estate Affiliates, net (equity method)
|
3,660,841
|
|
|
3,287,552
|
|
||
Investment in Unconsolidated Real Estate Affiliates, net (cost method)
|
180,000
|
|
|
180,000
|
|
||
Elimination of consolidated real estate investment interest through joint venture
|
(27,500
|
)
|
|
—
|
|
||
Retail investment, net
|
16,146
|
|
|
—
|
|
||
Investment in Unconsolidated Real Estate Affiliates, net
|
$
|
3,829,487
|
|
|
$
|
3,467,552
|
|
|
|
|
|
||||
Reconciliation—Investment in Unconsolidated Real Estate Affiliates:
|
|
|
|
|
|
||
Asset—Investment in Unconsolidated Real Estate Affiliates
|
$
|
3,868,993
|
|
|
$
|
3,506,040
|
|
Liability—Investment in Unconsolidated Real Estate Affiliates
|
(39,506
|
)
|
|
(38,488
|
)
|
||
Investment in Unconsolidated Real Estate Affiliates, net
|
$
|
3,829,487
|
|
|
$
|
3,467,552
|
|
(1)
|
The Condensed Combined Balance Sheets - Unconsolidated Real Estate Affiliates include Fashion Show as of
December 31, 2016
as the property was contributed into a joint venture during the third quarter of 2016.
|
|
Year Ended
December 31, 2016 |
|
Year Ended
December 31, 2015 |
|
Year Ended
December 31, 2014 |
||||||
Condensed Combined Statements of Income—Unconsolidated Real Estate Affiliates (1)
|
|
|
|
|
|
|
|
|
|||
Revenues:
|
|
|
|
|
|
|
|
|
|||
Minimum rents
|
$
|
1,106,691
|
|
|
$
|
1,011,393
|
|
|
$
|
827,436
|
|
Tenant recoveries
|
473,357
|
|
|
443,905
|
|
|
355,188
|
|
|||
Overage rents
|
39,298
|
|
|
38,282
|
|
|
30,915
|
|
|||
Condominium sales
|
520,360
|
|
|
—
|
|
|
—
|
|
|||
Other
|
52,511
|
|
|
52,027
|
|
|
39,804
|
|
|||
Total revenues
|
2,192,217
|
|
|
1,545,607
|
|
|
1,253,343
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|||
Real estate taxes
|
124,355
|
|
|
129,593
|
|
|
110,665
|
|
|||
Property maintenance costs
|
41,132
|
|
|
41,619
|
|
|
39,105
|
|
|||
Marketing
|
22,368
|
|
|
19,348
|
|
|
14,626
|
|
|||
Other property operating costs
|
214,071
|
|
|
214,417
|
|
|
172,547
|
|
|||
Condominium cost of sales
|
379,401
|
|
|
—
|
|
|
—
|
|
|||
Provision for doubtful accounts
|
13,665
|
|
|
5,427
|
|
|
3,052
|
|
|||
Property management and other costs (2)
|
71,499
|
|
|
64,084
|
|
|
57,980
|
|
|||
General and administrative
|
3,198
|
|
|
10,245
|
|
|
9,250
|
|
|||
Depreciation and amortization
|
466,715
|
|
|
408,537
|
|
|
325,787
|
|
|||
Total expenses
|
1,336,404
|
|
|
893,270
|
|
|
733,012
|
|
|||
Operating income
|
855,813
|
|
|
652,337
|
|
|
520,331
|
|
|||
Interest income
|
9,505
|
|
|
7,070
|
|
|
5,909
|
|
|||
Interest expense
|
(318,628
|
)
|
|
(395,114
|
)
|
|
(315,339
|
)
|
|||
Provision for income taxes
|
(1,278
|
)
|
|
(996
|
)
|
|
(1,497
|
)
|
|||
Equity in loss of unconsolidated joint ventures
|
(45,057
|
)
|
|
(28,513
|
)
|
|
(194
|
)
|
|||
Income from continuing operations
|
500,355
|
|
|
234,784
|
|
|
209,210
|
|
|||
Net income from disposed investment
|
—
|
|
|
—
|
|
|
1,415
|
|
|||
Allocation to noncontrolling interests
|
(128
|
)
|
|
(64
|
)
|
|
(58
|
)
|
|||
Net income attributable to the ventures
|
$
|
500,227
|
|
|
$
|
234,720
|
|
|
$
|
210,567
|
|
Equity In Income of Unconsolidated Real Estate Affiliates:
|
|
|
|
|
|
|
|
|
|||
Net income attributable to the ventures
|
$
|
500,227
|
|
|
$
|
234,720
|
|
|
$
|
210,567
|
|
Joint venture partners' share of income
|
(235,544
|
)
|
|
(112,582
|
)
|
|
(114,263
|
)
|
|||
Elimination of loss from consolidated real estate investment with interest owned through joint venture
|
1,266
|
|
|
—
|
|
|
—
|
|
|||
Loss on retail investment
|
4,264
|
|
|
—
|
|
|
—
|
|
|||
Amortization of capital or basis differences (3)
|
(38,598
|
)
|
|
(48,748
|
)
|
|
(44,736
|
)
|
|||
Equity in income of Unconsolidated Real Estate Affiliates
|
$
|
231,615
|
|
|
$
|
73,390
|
|
|
$
|
51,568
|
|
(1)
|
The Condensed Combined Statements of Income - Unconsolidated Real Estate Affiliates include income from Ala Moana Center subsequent to the formation of the joint venture on February 27, 2015 and income from Fashion Show subsequent to the formation of the joint venture on July 29, 2016.
|
(2)
|
Includes management fees charged to the unconsolidated joint ventures by GGMI and GGSI.
|
(3)
|
Includes a
$3.2 million
impairment charge related to our investment in a single property venture during the year ended
December 31, 2015
(
Note 2
).
|
|
December 31, 2016 (1)
|
|
Weighted-Average
Interest Rate(2)
|
|
December 31, 2015 (3)
|
|
Weighted-Average
Interest Rate(2)
|
||||||
Fixed-rate debt:
|
|
|
|
|
|
|
|
|
|
|
|
||
Collateralized mortgages, notes and loans payable (4)
|
$
|
10,441,166
|
|
|
4.44
|
%
|
|
$
|
11,921,302
|
|
|
4.43
|
%
|
Total fixed-rate debt
|
10,441,166
|
|
|
4.44
|
%
|
|
11,921,302
|
|
|
4.43
|
%
|
||
Variable-rate debt:
|
|
|
|
|
|
|
|
|
|
|
|
||
Collateralized mortgages, notes and loans payable (4)
|
1,997,978
|
|
|
2.45
|
%
|
|
1,991,022
|
|
|
2.08
|
%
|
||
Revolving credit facility
|
(8,726
|
)
|
|
—
|
|
|
303,836
|
|
|
1.89
|
%
|
||
Total variable-rate debt
|
1,989,252
|
|
|
2.45
|
%
|
|
2,294,858
|
|
|
2.05
|
%
|
||
Total Mortgages, notes and loans payable
|
$
|
12,430,418
|
|
|
4.12
|
%
|
|
$
|
14,216,160
|
|
|
4.05
|
%
|
Junior Subordinated Notes
|
$
|
206,200
|
|
|
2.34
|
%
|
|
$
|
206,200
|
|
|
1.77
|
%
|
(1)
|
Includes net
$27.8 million
of market rate adjustments and
$40.1 million
of deferred financing costs.
|
(2)
|
Represents the weighted-average interest rates on our principal balances, excluding the effects of deferred finance costs.
|
(3)
|
Includes net
$33.0 million
of market rate adjustments and
$40.2 million
of deferred financing costs.
|
(4)
|
$1.4 billion
of the variable-rate balance is cross-collateralized.
|
|
December 31, 2016 (1)
|
|
Weighted-Average
Interest Rate
|
|
December 31, 2015 (2)
|
|
Weighted-Average
Interest Rate
|
||||||
Unsecured debt:
|
|
|
|
|
|
|
|
|
|
|
|
||
Revolving credit facility
|
—
|
|
|
—
|
|
|
315,000
|
|
|
1.89
|
%
|
||
Total unsecured debt
|
$
|
—
|
|
|
—
|
|
|
$
|
315,000
|
|
|
1.89
|
%
|
(1)
|
Excludes deferred financing costs of
$8.7 million
that decrease the total amount that appears outstanding in our Consolidated Balance Sheets.
|
(2)
|
Excludes deferred financing costs of
$11.2 million
that decrease the total amount that appears outstanding in our Consolidated Balance Sheets.
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||
Current
|
$
|
804
|
|
|
$
|
3,134
|
|
|
$
|
13,994
|
|
Deferred
|
97
|
|
|
(41,468
|
)
|
|
(6,741
|
)
|
|||
Total
|
$
|
901
|
|
|
$
|
(38,334
|
)
|
|
$
|
7,253
|
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||
Total deferred tax assets
|
$
|
22,090
|
|
|
$
|
34,870
|
|
|
$
|
19,347
|
|
Valuation allowance
|
(15,147
|
)
|
|
(15,127
|
)
|
|
(15,127
|
)
|
|||
Net deferred tax assets
|
6,943
|
|
|
19,743
|
|
|
4,220
|
|
|||
Total deferred tax liabilities
|
(3,843
|
)
|
|
(1,289
|
)
|
|
(21,240
|
)
|
|||
Net deferred tax assets (liabilities)
|
$
|
3,100
|
|
|
$
|
18,454
|
|
|
$
|
(17,020
|
)
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||
Operating loss and tax credit carryforwards
|
$
|
42,496
|
|
|
$
|
18,541
|
|
|
$
|
15,699
|
|
Other TRS property, primarily differences in basis of assets and liabilities
|
(24,249
|
)
|
|
15,040
|
|
|
(17,592
|
)
|
|||
Valuation allowance
|
(15,147
|
)
|
|
(15,127
|
)
|
|
(15,127
|
)
|
|||
Net deferred tax assets (liabilities)
|
$
|
3,100
|
|
|
$
|
18,454
|
|
|
$
|
(17,020
|
)
|
Warrant Holder
|
|
Number of Warrants
|
|
Initial
Exercise Price
|
|||
Brookfield - A
|
|
57,500,000
|
|
|
$
|
10.75
|
|
Brookfield - B
|
|
16,430,000
|
|
|
10.50
|
|
|
|
|
73,930,000
|
|
|
|
|
|
|
|
|
Exercise Price
|
|||||||
Record Date
|
|
Issuable Shares
|
|
Brookfield - A
|
|
Brookfield - B
|
|||||
April 15, 2015
|
|
87,856,714
|
|
|
$
|
9.05
|
|
|
$
|
8.84
|
|
July 15, 2015
|
|
88,433,357
|
|
|
8.99
|
|
|
8.78
|
|
||
October 15, 2015
|
|
89,039,571
|
|
|
8.93
|
|
|
8.72
|
|
||
December 15, 2015
|
|
89,697,535
|
|
|
8.86
|
|
|
8.66
|
|
||
April 15, 2016
|
|
90,288,964
|
|
|
8.80
|
|
|
8.60
|
|
||
July 15, 2016
|
|
90,865,607
|
|
|
8.75
|
|
|
8.54
|
|
||
October 14, 2016
|
|
91,553,142
|
|
|
8.68
|
|
|
8.48
|
|
||
December 15, 2016
|
|
92,344,178
|
|
|
8.61
|
|
|
8.41
|
|
||
December 27, 2016
|
|
93,268,285
|
|
|
8.52
|
|
|
8.32
|
|
Year
|
|
Amount
|
||
2017
|
|
$
|
1,380,855
|
|
2018
|
|
1,245,426
|
|
|
2019
|
|
1,087,327
|
|
|
2020
|
|
959,824
|
|
|
2021
|
|
832,388
|
|
|
Subsequent
|
|
2,525,038
|
|
|
|
|
$
|
8,030,858
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Distributions to preferred Operating Partnership units
|
$
|
(8,680
|
)
|
|
$
|
(8,884
|
)
|
|
$
|
(8,965
|
)
|
Net income allocation to noncontrolling interests in operating partnership from continuing operations (common units)
|
(7,051
|
)
|
|
(7,466
|
)
|
|
(3,228
|
)
|
|||
Net income allocation to noncontrolling interests in operating partnership from continuing operations (LTIP units)
|
(2,920
|
)
|
|
(2,524
|
)
|
|
—
|
|
|||
Net income allocated to noncontrolling interest in consolidated real estate affiliates
|
(1,255
|
)
|
|
(161
|
)
|
|
(1,851
|
)
|
|||
Allocation to noncontrolling interests
|
(19,906
|
)
|
|
(19,035
|
)
|
|
(14,044
|
)
|
|||
Other comprehensive loss (income) allocated to noncontrolling interests
|
2
|
|
|
233
|
|
|
78
|
|
|||
Comprehensive income allocated to noncontrolling interests
|
$
|
(19,904
|
)
|
|
$
|
(18,802
|
)
|
|
$
|
(13,966
|
)
|
|
Number of Common
Units for each
Preferred Unit
|
|
Number of
Contractual
Convertible
Preferred Units
Outstanding as of
December 31, 2016
|
|
Converted Basis to
Common Units
Outstanding as of
December 31, 2016
|
|
Conversion Price
|
|
Redemption Value
|
|||||||
Series B (1)
|
3.00000
|
|
|
1,184,417
|
|
|
3,694,536
|
|
|
$
|
16.66670
|
|
|
92,290
|
|
|
Series D
|
1.50821
|
|
|
532,750
|
|
|
835,447
|
|
|
33.15188
|
|
|
26,637
|
|
||
Series E
|
1.29836
|
|
|
502,658
|
|
|
678,583
|
|
|
38.51000
|
|
|
25,133
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
144,060
|
|
(1)
|
The conversion price of Series B preferred units is lower than the GGP
December 31, 2016
closing common stock price of
$24.98
. Therefore, a common stock price of
$24.98
is used to calculate the Series B redemption value.
|
Balance at January 1, 2014
|
$
|
228,902
|
|
Net income
|
3,228
|
|
|
Distributions
|
(3,059
|
)
|
|
Redemption of operating partnership units
|
(350
|
)
|
|
Other comprehensive income
|
(78
|
)
|
|
Fair value adjustment for noncontrolling interests in Operating Partnership
|
70,653
|
|
|
Balance at December 31, 2014
|
$
|
299,296
|
|
Balance at January 1, 2015
|
299,296
|
|
|
Net income
|
7,466
|
|
|
Distributions
|
(4,258
|
)
|
|
Redemption of operating partnership units
|
(805
|
)
|
|
Other comprehensive income
|
(233
|
)
|
|
Fair value adjustment for noncontrolling interests in Operating Partnership
|
(13,839
|
)
|
|
Balance at December 31, 2015
|
$
|
287,627
|
|
Balance at January 1, 2016
|
$
|
287,627
|
|
Net income
|
7,051
|
|
|
Distributions
|
(5,449
|
)
|
|
Redemption of operating partnership units
|
(2,120
|
)
|
|
Preferred Unit Redemption to Common Stock
|
(3,205
|
)
|
|
Other comprehensive income
|
(2
|
)
|
|
Fair value adjustment for noncontrolling interests in Operating Partnership
|
(21,175
|
)
|
|
Balance at December 31, 2016
|
$
|
262,727
|
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend Per Share
|
||
2016
|
|
|
|
|
|
|
|
|
December 13
|
|
December 27
|
|
January 27, 2017
|
|
$
|
0.26
|
|
October 31
|
|
December 15
|
|
January 6, 2017
|
|
0.22
|
|
|
August 1
|
|
October 14
|
|
October 31, 2016
|
|
0.20
|
|
|
May 2
|
|
July 15
|
|
July 29, 2016
|
|
0.19
|
|
|
February 1
|
|
April 15
|
|
April 29, 2016
|
|
0.19
|
|
|
2015
|
|
|
|
|
|
|
|
|
November 2
|
|
December 15
|
|
January 4, 2016
|
|
$
|
0.19
|
|
September 1
|
|
October 15
|
|
October 30, 2015
|
|
0.18
|
|
|
May 21
|
|
July 15
|
|
July 31, 2015
|
|
0.17
|
|
|
February 19
|
|
April 15
|
|
April 30, 2015
|
|
0.17
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Ordinary income
|
$
|
0.685
|
|
|
$
|
0.752
|
|
|
$
|
0.499
|
|
Capital gain distributions
|
0.300
|
|
|
—
|
|
|
0.034
|
|
|||
Distributions per share
|
$
|
0.985
|
|
|
$
|
0.752
|
|
|
$
|
0.533
|
|
|
|
|
|
|
|
|
||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend Per Share
|
||
2016
|
|
|
|
|
|
|
||
October 31
|
|
December 15
|
|
January 3, 2017
|
|
$
|
0.3984
|
|
August 1
|
|
September 15
|
|
October 3, 2016
|
|
0.3984
|
|
|
May 2
|
|
June 15
|
|
July 1, 2016
|
|
0.3984
|
|
|
February 1
|
|
March 15
|
|
April 1, 2016
|
|
0.3984
|
|
|
2015
|
|
|
|
|
|
|
|
|
November 2
|
|
December 15
|
|
January 4, 2016
|
|
$
|
0.3984
|
|
September 1
|
|
September 15
|
|
October 1, 2015
|
|
0.3984
|
|
|
May 21
|
|
June 15
|
|
July 1, 2015
|
|
0.3984
|
|
|
February 19
|
|
March 16
|
|
April 1, 2015
|
|
0.3984
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Numerators—Basic:
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations
|
$
|
1,308,273
|
|
|
$
|
1,393,596
|
|
|
$
|
398,011
|
|
Preferred Stock dividend
|
(15,935
|
)
|
|
(15,937
|
)
|
|
(15,936
|
)
|
|||
Allocation to noncontrolling interests
|
(19,906
|
)
|
|
(19,035
|
)
|
|
(12,935
|
)
|
|||
Income from continuing operations—net of noncontrolling interests
|
1,272,432
|
|
|
1,358,624
|
|
|
369,140
|
|
|||
Discontinued operations
|
—
|
|
|
—
|
|
|
281,883
|
|
|||
Allocation to noncontrolling interests
|
—
|
|
|
—
|
|
|
(1,109
|
)
|
|||
Discontinued operations—net of noncontrolling interests
|
—
|
|
|
—
|
|
|
280,774
|
|
|||
Net income
|
1,308,273
|
|
|
1,393,596
|
|
|
679,894
|
|
|||
Preferred Stock dividend
|
(15,935
|
)
|
|
(15,937
|
)
|
|
(15,936
|
)
|
|||
Allocation to noncontrolling interests
|
(19,906
|
)
|
|
(19,035
|
)
|
|
(14,044
|
)
|
|||
Net income attributable to common stockholders
|
$
|
1,272,432
|
|
|
$
|
1,358,624
|
|
|
$
|
649,914
|
|
Numerators—Diluted:
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations—net of noncontrolling interests
|
$
|
1,272,432
|
|
|
$
|
1,358,624
|
|
|
$
|
369,140
|
|
Diluted income from continuing operations
|
$
|
1,272,432
|
|
|
$
|
1,358,624
|
|
|
$
|
369,140
|
|
Net income attributable to common stockholders
|
$
|
1,272,432
|
|
|
$
|
1,358,624
|
|
|
$
|
649,914
|
|
Diluted net income attributable to common stockholders
|
$
|
1,272,432
|
|
|
$
|
1,358,624
|
|
|
$
|
649,914
|
|
Denominators:
|
|
|
|
|
|
|
|
|
|||
Weighted-average number of common shares outstanding—basic
|
884,029
|
|
|
884,676
|
|
|
887,031
|
|
|||
Effect of dilutive securities
|
68,304
|
|
|
66,386
|
|
|
57,690
|
|
|||
Weighted-average number of common shares outstanding—diluted
|
952,333
|
|
|
951,062
|
|
|
944,721
|
|
|||
Anti-dilutive Securities:
|
|
|
|
|
|
|
|
|
|||
Effect of Preferred Units
|
5,209
|
|
|
5,415
|
|
|
5,505
|
|
|||
Effect of Common Units
|
4,782
|
|
|
4,783
|
|
|
4,833
|
|
|||
Effect of LTIP Units
|
1,767
|
|
|
1,609
|
|
|
—
|
|
|||
|
11,758
|
|
|
11,807
|
|
|
10,338
|
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Shares
|
|
Weighted
Average
Exercise
Price (2)
|
|
Shares
|
|
Weighted
Average
Exercise
Price (2)
|
|||||||||
Stock options Outstanding at January 1,
|
18,162,700
|
|
|
$
|
17.34
|
|
|
19,744,224
|
|
|
$
|
17.18
|
|
|
21,565,281
|
|
|
$
|
17.11
|
|
Granted (1)
|
247,592
|
|
|
20.81
|
|
|
267,253
|
|
|
28.86
|
|
|
50,000
|
|
|
22.41
|
|
|||
Exercised
|
(2,886,986
|
)
|
|
14.45
|
|
|
(1,374,512
|
)
|
|
16.54
|
|
|
(1,164,945
|
)
|
|
15.33
|
|
|||
Forfeited
|
(230,509
|
)
|
|
19.94
|
|
|
(460,588
|
)
|
|
19.78
|
|
|
(662,820
|
)
|
|
18.71
|
|
|||
Expired
|
(15,608
|
)
|
|
17.73
|
|
|
(13,677
|
)
|
|
17.17
|
|
|
(43,292
|
)
|
|
14.43
|
|
|||
Stock options Outstanding at December 31,
|
15,277,189
|
|
|
$
|
17.90
|
|
|
18,162,700
|
|
|
$
|
17.34
|
|
|
19,744,224
|
|
|
$
|
17.18
|
|
1)
|
Included in 2016 grants are
156,331
units related to additional grants required as a result of antidilution provisions triggered by our 2016 distribution of a special dividend declared on December 13, 2016 (
Note 11
).
|
2)
|
Changes to prior year weighted average exercise price is due to adjustment of the strike price for the special dividend issued in 2016.
|
|
|
Stock Options Outstanding
|
|
Stock Options Exercisable
|
||||||||||||||||
Range of Exercise Prices
|
|
Shares
|
|
Weighted Average
Remaining Contractual
Term (in years)
|
|
Weighted
Average
Exercise
Price
|
|
Shares
|
|
Weighted Average
Remaining Contractual
Term (in years)
|
|
Weighted
Average
Exercise
Price
|
||||||||
$8.00 - $12.00
|
|
1,010,350
|
|
|
3.82
|
|
$
|
9.60
|
|
|
1,010,350
|
|
|
3.82
|
|
$
|
9.60
|
|
||
$13.00 - $17.00
|
|
4,076,567
|
|
|
4.48
|
|
14.53
|
|
|
4,076,567
|
|
|
4.48
|
|
14.53
|
|
||||
$18.00 - $23.00
|
|
9,878,353
|
|
|
6.50
|
|
19.83
|
|
|
6,352,711
|
|
|
6.57
|
|
19.93
|
|
||||
$24.00 - $30.00
|
|
311,919
|
|
|
8.22
|
|
27.96
|
|
|
57,756
|
|
|
7.31
|
|
28.86
|
|
||||
Total
|
|
15,277,189
|
|
|
5.82
|
|
$
|
17.90
|
|
|
11,497,384
|
|
|
5.59
|
|
$
|
17.15
|
|
||
Intrinsic value ($24.98 stock price as of December 31, 2016)
|
|
$
|
108,163
|
|
|
|
|
|
|
|
$
|
90,025
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||
|
Shares
|
|
Weighted
Average Grant
Date Fair Value
|
|
Shares
|
|
Weighted
Average Grant
Date Fair Value
|
|
Shares
|
|
Weighted
Average Grant
Date Fair Value
|
|||||||||
Nonvested restricted stock grants outstanding as of beginning of period
|
206,219
|
|
|
$
|
29.16
|
|
|
104,142
|
|
|
$
|
14.79
|
|
|
1,242,924
|
|
|
$
|
13.99
|
|
Granted
|
329,326
|
|
|
26.20
|
|
|
253,886
|
|
|
29.12
|
|
|
34,100
|
|
|
20.04
|
|
|||
Vested
|
(71,570
|
)
|
|
28.48
|
|
|
(114,563
|
)
|
|
16.75
|
|
|
(1,154,894
|
)
|
|
14.08
|
|
|||
Canceled
|
(10,379
|
)
|
|
27.28
|
|
|
(37,246
|
)
|
|
26.86
|
|
|
(17,988
|
)
|
|
14.73
|
|
|||
Nonvested restricted stock grants outstanding as of end of period
|
453,596
|
|
|
$
|
27.16
|
|
|
206,219
|
|
|
$
|
29.16
|
|
|
104,142
|
|
|
$
|
14.79
|
|
|
2016
|
|
2015
|
||||||||||
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
|
|
Weighted Average Grant Date Fair Value (2)
|
||||||
LTIP Units Outstanding at January 1,
|
1,724,747
|
|
|
$
|
29.32
|
|
|
—
|
|
|
$
|
—
|
|
Granted (1)
|
2,089,917
|
|
|
25.84
|
|
|
1,758,396
|
|
|
29.32
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
(38,862
|
)
|
|
28.95
|
|
|
(33,649
|
)
|
|
29.04
|
|
||
Expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
LTIP Units Outstanding at December 31,
|
3,775,802
|
|
|
$
|
27.40
|
|
|
1,724,747
|
|
|
$
|
29.32
|
|
1)
|
Included in 2016 grants are
19,064
units related to additional grants required as a result of antidilution provisions triggered by our 2016 distribution of a special dividend declared on December 13, 2016 (
Note 11
).
|
|
2016
|
|||||
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|||
Nonvested performance grants outstanding as of beginning of period
|
—
|
|
|
$
|
—
|
|
Granted
|
593,200
|
|
|
26.07
|
|
|
Vested
|
—
|
|
|
—
|
|
|
Canceled
|
—
|
|
|
—
|
|
|
Nonvested performance grants outstanding as of end of period
|
593,200
|
|
|
$
|
26.07
|
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
|
|
2014
|
|||
Risk-free interest rate(*)
|
1.52
|
%
|
|
1.75
|
%
|
|
2.20
|
%
|
Dividend yield(*)
|
3.07
|
%
|
|
2.33
|
%
|
|
2.70
|
%
|
Expected volatility
|
25.00
|
%
|
|
25.00
|
%
|
|
30.00
|
%
|
Expected life (in years)
|
6.25
|
|
|
6.25
|
|
|
6.25
|
|
(*)
|
Weighted average
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Stock options—Property management and other costs
|
$
|
5,833
|
|
|
$
|
7,103
|
|
|
$
|
7,468
|
|
Stock options—General and administrative
|
10,448
|
|
|
11,006
|
|
|
15,074
|
|
|||
Restricted stock—Property management and other costs
|
2,860
|
|
|
2,853
|
|
|
1,683
|
|
|||
Restricted stock—General and administrative
|
635
|
|
|
603
|
|
|
1,013
|
|
|||
LTIP Units - Property management and other costs
|
1,346
|
|
|
1,046
|
|
|
—
|
|
|||
LTIP Units - General and administrative
|
14,804
|
|
|
10,002
|
|
|
—
|
|
|||
Total
|
$
|
35,926
|
|
|
$
|
32,613
|
|
|
$
|
25,238
|
|
Year
|
Amount
|
||
2017
|
$
|
32,196
|
|
2018
|
20,867
|
|
|
2019
|
10,604
|
|
|
2020
|
714
|
|
|
|
$
|
64,381
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
Trade receivables
|
|
$
|
107,107
|
|
|
$
|
109,401
|
|
Short-term tenant receivables
|
|
1,414
|
|
|
1,321
|
|
||
Straight-line rent receivable
|
|
227,859
|
|
|
236,589
|
|
||
Other accounts receivable
|
|
3,699
|
|
|
3,916
|
|
||
Total accounts receivable
|
|
340,079
|
|
|
351,227
|
|
||
Provision for doubtful accounts
|
|
(17,883
|
)
|
|
(14,655
|
)
|
||
Total accounts receivable, net
|
|
$
|
322,196
|
|
|
$
|
336,572
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||
Notes receivable
|
|
665,289
|
|
|
636,737
|
|
Accrued interest
|
|
13,207
|
|
|
16,046
|
|
Total notes receivable
|
|
678,496
|
|
|
652,783
|
|
Discount allowance
|
|
—
|
|
|
(11,338
|
)
|
Total notes receivable, net
|
|
678,496
|
|
|
641,445
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross Asset
|
|
Accumulated
Amortization
|
|
Balance
|
|
Gross Asset
|
|
Accumulated
Amortization
|
|
Balance
|
||||||||||||
Intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Above-market tenant leases, net
|
$
|
512,802
|
|
|
$
|
(368,900
|
)
|
|
$
|
143,902
|
|
|
$
|
644,728
|
|
|
$
|
(416,181
|
)
|
|
$
|
228,547
|
|
Below-market ground leases, net
|
118,994
|
|
|
(12,788
|
)
|
|
106,206
|
|
|
119,545
|
|
|
(10,761
|
)
|
|
108,784
|
|
||||||
Real estate tax stabilization agreement, net
|
111,506
|
|
|
(38,769
|
)
|
|
72,737
|
|
|
111,506
|
|
|
(32,458
|
)
|
|
79,048
|
|
||||||
Total intangible assets
|
$
|
743,302
|
|
|
$
|
(420,457
|
)
|
|
$
|
322,845
|
|
|
$
|
875,779
|
|
|
$
|
(459,400
|
)
|
|
$
|
416,379
|
|
Remaining Prepaid expenses and other assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Security and escrow deposits
|
|
|
|
|
|
|
59,054
|
|
|
|
|
|
|
|
|
87,818
|
|
||||||
Prepaid expenses
|
|
|
|
|
|
|
46,709
|
|
|
|
|
|
|
|
|
43,809
|
|
||||||
Other non-tenant receivables (1)
|
|
|
|
|
|
|
34,677
|
|
|
|
|
|
|
|
|
326,391
|
|
||||||
Deferred tax, net of valuation allowances
|
|
|
|
|
|
|
6,943
|
|
|
|
|
|
|
|
|
19,743
|
|
||||||
Marketable securities
|
|
|
|
|
—
|
|
|
|
|
|
|
45,278
|
|
||||||||||
Other
|
|
|
|
|
|
|
36,293
|
|
|
|
|
|
|
|
|
29,455
|
|
||||||
Total remaining Prepaid expenses and other assets
|
|
|
|
|
|
|
183,676
|
|
|
|
|
|
|
|
|
552,494
|
|
||||||
Total Prepaid expenses and other assets
|
|
|
|
|
|
|
$
|
506,521
|
|
|
|
|
|
|
|
|
$
|
968,873
|
|
(1)
|
December 31, 2015 balance includes receivable from our joint venture partners received upon completion of the redevelopment at Ala Moana in the fourth quarter of 2016.
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross Liability
|
|
Accumulated
Accretion
|
|
Balance
|
|
Gross Liability
|
|
Accumulated
Accretion
|
|
Balance
|
||||||||||||
Intangible liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Below-market tenant leases, net
|
$
|
267,048
|
|
|
$
|
(172,210
|
)
|
|
$
|
94,838
|
|
|
$
|
356,115
|
|
|
$
|
(203,474
|
)
|
|
$
|
152,641
|
|
Above-market headquarters office leases, net
|
15,268
|
|
|
(10,346
|
)
|
|
4,922
|
|
|
15,268
|
|
|
(8,604
|
)
|
|
6,664
|
|
||||||
Above-market ground leases, net
|
9,127
|
|
|
(2,258
|
)
|
|
6,869
|
|
|
9,127
|
|
|
(1,890
|
)
|
|
7,237
|
|
||||||
Total intangible liabilities
|
$
|
291,443
|
|
|
$
|
(184,814
|
)
|
|
$
|
106,629
|
|
|
$
|
380,510
|
|
|
$
|
(213,968
|
)
|
|
$
|
166,542
|
|
Remaining Accounts payable and accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accrued interest
|
|
|
|
|
|
|
47,821
|
|
|
|
|
|
|
|
|
46,129
|
|
||||||
Accounts payable and accrued expenses
|
|
|
|
|
|
|
87,485
|
|
|
|
|
|
|
|
|
64,954
|
|
||||||
Accrued real estate taxes
|
|
|
|
|
|
|
87,313
|
|
|
|
|
|
|
|
|
80,599
|
|
||||||
Deferred gains/income
|
|
|
|
|
|
|
91,720
|
|
|
|
|
|
|
|
|
125,701
|
|
||||||
Accrued payroll and other employee liabilities
|
|
|
|
|
|
|
57,721
|
|
|
|
|
|
|
|
|
66,970
|
|
||||||
Construction payable
|
|
|
|
|
|
|
115,077
|
|
|
|
|
|
|
|
|
158,027
|
|
||||||
Tenant and other deposits
|
|
|
|
|
|
|
15,061
|
|
|
|
|
|
|
|
|
25,296
|
|
||||||
Insurance reserve liability
|
|
|
|
|
|
|
14,184
|
|
|
|
|
|
|
|
|
15,780
|
|
||||||
Capital lease obligations
|
|
|
|
|
|
|
5,386
|
|
|
|
|
|
|
|
|
11,385
|
|
||||||
Conditional asset retirement obligation liability
|
|
|
|
|
|
|
5,327
|
|
|
|
|
|
|
|
|
5,927
|
|
||||||
Other
|
|
|
|
|
|
|
21,638
|
|
|
|
|
|
|
|
|
17,183
|
|
||||||
Total remaining Accounts payable and accrued expenses
|
|
|
|
|
|
|
548,733
|
|
|
|
|
|
|
|
|
617,951
|
|
||||||
Total Accounts payable and accrued expenses
|
|
|
|
|
|
|
$
|
655,362
|
|
|
|
|
|
|
|
|
$
|
784,493
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
Net unrealized gains on financial instruments
|
$
|
104
|
|
|
$
|
100
|
|
Foreign currency translation
|
(70,560
|
)
|
|
(84,798
|
)
|
||
Unrealized gains on available-for-sale securities
|
—
|
|
|
11,894
|
|
||
Accumulated other comprehensive loss
|
$
|
(70,456
|
)
|
|
$
|
(72,804
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Contractual rent expense, including participation rent
|
|
$
|
8,589
|
|
|
$
|
8,546
|
|
|
$
|
13,605
|
|
Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent
|
|
6,278
|
|
|
6,183
|
|
|
9,036
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Subsequent/
Other
|
|
Total
|
||||||||||||||
Mortgages, notes and loans payable
|
$
|
365,549
|
|
|
$
|
500,624
|
|
|
$
|
1,059,628
|
|
|
$
|
1,647,570
|
|
|
$
|
2,841,413
|
|
|
$
|
6,015,634
|
|
|
$
|
12,430,418
|
|
Retained debt-principal
|
1,711
|
|
|
1,808
|
|
|
1,909
|
|
|
81,042
|
|
|
—
|
|
|
—
|
|
|
86,470
|
|
|||||||
Purchase obligations
|
144,498
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144,498
|
|
|||||||
Ground lease payments
|
6,726
|
|
|
6,698
|
|
|
6,790
|
|
|
6,972
|
|
|
7,025
|
|
|
241,348
|
|
|
275,559
|
|
|||||||
Junior Subordinated Notes (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
206,200
|
|
|
206,200
|
|
|||||||
Total
|
$
|
518,484
|
|
|
$
|
509,130
|
|
|
$
|
1,068,327
|
|
|
$
|
1,735,584
|
|
|
$
|
2,848,438
|
|
|
$
|
6,463,182
|
|
|
$
|
13,143,145
|
|
(1)
|
The
$206.2 million
of Junior Subordinated Notes are due in 2036, but may be redeemed any time after April 30, 2011. As we do not expect to redeem the notes prior to maturity, they are included in the consolidated debt maturing subsequent to
2021
.
|
|
2016
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Total revenues
|
$
|
607,032
|
|
|
$
|
574,586
|
|
|
$
|
554,493
|
|
|
$
|
610,335
|
|
Operating income
|
173,980
|
|
|
216,035
|
|
|
153,417
|
|
|
256,818
|
|
||||
Income from continuing operations
|
195,337
|
|
|
189,901
|
|
|
681,748
|
|
|
241,284
|
|
||||
Net income attributable to common shareholders
|
187,796
|
|
|
181,962
|
|
|
670,194
|
|
|
232,476
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic Earnings Per Share
|
0.21
|
|
|
0.21
|
|
|
0.76
|
|
|
0.26
|
|
||||
Diluted Earnings Per Share
|
0.20
|
|
|
0.19
|
|
|
0.70
|
|
|
0.24
|
|
||||
Dividends declared per share
|
0.19
|
|
|
0.19
|
|
|
0.20
|
|
|
0.48
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
882,673
|
|
|
883,381
|
|
|
885,092
|
|
|
884,948
|
|
||||
Diluted
|
950,154
|
|
|
952,290
|
|
|
955,856
|
|
|
950,301
|
|
|
2015
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Total revenues
|
$
|
594,143
|
|
|
$
|
579,805
|
|
|
$
|
585,324
|
|
|
$
|
644,634
|
|
Operating income
|
202,813
|
|
|
227,378
|
|
|
224,975
|
|
|
268,727
|
|
||||
Income from continuing operations
|
641,750
|
|
|
427,853
|
|
|
127,366
|
|
|
196,627
|
|
||||
Net income attributable to common shareholders
|
630,747
|
|
|
417,956
|
|
|
119,868
|
|
|
190,053
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic Earnings Per Share
|
0.71
|
|
|
0.47
|
|
|
0.14
|
|
|
0.22
|
|
||||
Diluted Earnings Per Share
|
0.66
|
|
|
0.44
|
|
|
0.13
|
|
|
0.20
|
|
||||
Dividends declared per share
|
0.17
|
|
|
0.17
|
|
|
0.18
|
|
|
0.19
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
885,462
|
|
|
886,218
|
|
|
884,640
|
|
|
882,419
|
|
||||
Diluted
|
954,432
|
|
|
952,597
|
|
|
949,061
|
|
|
948,418
|
|
|
|
|
|
|
|
Acquisition Cost(b)
|
|
Costs Capitalized
Subsequent to
Acquisition
|
|
Gross Amounts at Which Carried at
Close of Period(c)
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Name of Center
|
|
Location
|
|
Encumbrances(a)
|
|
Land
|
|
Buildings and
Improvements
|
|
Land
|
|
Buildings and
Improvements
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation(d)
|
|
Date
Acquired
|
|
Life Upon
Which Latest
Statement of
Operation is
Computed
|
||||||||||||||||||
Apache Mall
|
|
Rochester, MN
|
|
—
|
|
|
17,738
|
|
|
116,663
|
|
|
8,043
|
|
|
15,111
|
|
|
25,781
|
|
|
131,774
|
|
|
157,555
|
|
|
25,609
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Augusta Mall
|
|
Augusta, GA
|
|
169,759
|
|
|
25,450
|
|
|
137,376
|
|
|
—
|
|
|
8,620
|
|
|
25,450
|
|
|
145,996
|
|
|
171,446
|
|
|
32,068
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Baybrook Mall
|
|
Friendswood, TX
|
|
254,814
|
|
|
76,527
|
|
|
288,241
|
|
|
(1,091
|
)
|
|
6,842
|
|
|
75,436
|
|
|
295,083
|
|
|
370,519
|
|
|
50,698
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Beachwood Place
|
|
Beachwood, OH
|
|
219,500
|
|
|
59,156
|
|
|
196,205
|
|
|
1,355
|
|
|
21,769
|
|
|
60,511
|
|
|
217,974
|
|
|
278,485
|
|
|
32,952
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Bellis Fair
|
|
Bellingham, WA
|
|
86,550
|
|
|
14,122
|
|
|
102,033
|
|
|
—
|
|
|
24,788
|
|
|
14,122
|
|
|
126,821
|
|
|
140,943
|
|
|
22,864
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Boise Towne Square
|
|
Boise, ID
|
|
146,854
|
|
|
44,182
|
|
|
163,118
|
|
|
—
|
|
|
9,270
|
|
|
44,182
|
|
|
172,388
|
|
|
216,570
|
|
|
31,068
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Brass Mill Center
|
|
Waterbury, CT
|
|
66,274
|
|
|
31,496
|
|
|
99,107
|
|
|
—
|
|
|
8,165
|
|
|
31,496
|
|
|
107,272
|
|
|
138,768
|
|
|
23,874
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Coastland Center
|
|
Naples, FL
|
|
119,332
|
|
|
24,470
|
|
|
166,038
|
|
|
—
|
|
|
1,875
|
|
|
24,470
|
|
|
167,913
|
|
|
192,383
|
|
|
29,476
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Columbia Mall
|
|
Columbia, MO
|
|
—
|
|
|
7,943
|
|
|
107,969
|
|
|
(154
|
)
|
|
596
|
|
|
7,789
|
|
|
108,565
|
|
|
116,354
|
|
|
17,808
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Columbiana Centre
|
|
Columbia, SC
|
|
123,927
|
|
|
22,178
|
|
|
125,061
|
|
|
—
|
|
|
3,236
|
|
|
22,178
|
|
|
128,297
|
|
|
150,475
|
|
|
23,157
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Coral Ridge Mall
|
|
Coralville, IA
|
|
110,870
|
|
|
20,178
|
|
|
134,515
|
|
|
2,219
|
|
|
3,053
|
|
|
22,397
|
|
|
137,568
|
|
|
159,965
|
|
|
25,853
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Coronado Center
|
|
Albuquerque, NM
|
|
189,520
|
|
|
28,312
|
|
|
153,526
|
|
|
4,545
|
|
|
47,280
|
|
|
32,857
|
|
|
200,806
|
|
|
233,663
|
|
|
38,219
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Crossroads Center
|
|
St. Cloud, MN
|
|
99,102
|
|
|
15,499
|
|
|
103,077
|
|
|
—
|
|
|
6,685
|
|
|
15,499
|
|
|
109,762
|
|
|
125,261
|
|
|
18,479
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Cumberland Mall
|
|
Atlanta, GA
|
|
159,769
|
|
|
36,913
|
|
|
138,795
|
|
|
(309
|
)
|
|
13,352
|
|
|
36,604
|
|
|
152,147
|
|
|
188,751
|
|
|
28,945
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Deerbrook Mall
|
|
Humble, TX
|
|
140,539
|
|
|
36,761
|
|
|
133,448
|
|
|
—
|
|
|
16,123
|
|
|
36,761
|
|
|
149,571
|
|
|
186,332
|
|
|
23,552
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Eastridge Mall
|
|
Casper, WY
|
|
43,105
|
|
|
5,484
|
|
|
36,756
|
|
|
—
|
|
|
8,370
|
|
|
5,484
|
|
|
45,126
|
|
|
50,610
|
|
|
13,058
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Fashion Place
|
|
Murray, UT
|
|
226,325
|
|
|
24,068
|
|
|
232,456
|
|
|
2,079
|
|
|
38,930
|
|
|
26,147
|
|
|
271,386
|
|
|
297,533
|
|
|
44,419
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Four Seasons Town Centre
|
|
Greensboro, NC
|
|
74,325
|
|
|
17,259
|
|
|
126,570
|
|
|
—
|
|
|
6,246
|
|
|
17,259
|
|
|
132,816
|
|
|
150,075
|
|
|
33,997
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Fox River Mall
|
|
Appleton, WI
|
|
171,923
|
|
|
42,259
|
|
|
217,932
|
|
|
—
|
|
|
2,239
|
|
|
42,259
|
|
|
220,171
|
|
|
262,430
|
|
|
36,309
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Glenbrook Square
|
|
Fort Wayne, IN
|
|
161,731
|
|
|
30,965
|
|
|
147,002
|
|
|
2,444
|
|
|
15,555
|
|
|
33,409
|
|
|
162,557
|
|
|
195,966
|
|
|
28,381
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Governor's Square
|
|
Tallahassee, FL
|
|
69,307
|
|
|
18,289
|
|
|
123,088
|
|
|
—
|
|
|
10,781
|
|
|
18,289
|
|
|
133,869
|
|
|
152,158
|
|
|
36,206
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Grand Teton Mall
|
|
Idaho Falls, ID
|
|
45,259
|
|
|
13,066
|
|
|
59,658
|
|
|
(1,026
|
)
|
|
(4,462
|
)
|
|
12,040
|
|
|
55,196
|
|
|
67,236
|
|
|
10,603
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Greenwood Mall
|
|
Bowling Green, KY
|
|
62,864
|
|
|
12,459
|
|
|
85,370
|
|
|
(330
|
)
|
|
639
|
|
|
12,129
|
|
|
86,009
|
|
|
98,138
|
|
|
20,079
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Hulen Mall
|
|
Fort Worth, TX
|
|
122,821
|
|
|
8,665
|
|
|
112,252
|
|
|
—
|
|
|
23,546
|
|
|
8,665
|
|
|
135,798
|
|
|
144,463
|
|
|
21,897
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Jordan Creek Town Center
|
|
West Des Moines, IA
|
|
209,087
|
|
|
54,663
|
|
|
262,608
|
|
|
(226
|
)
|
|
1,244
|
|
|
54,437
|
|
|
263,852
|
|
|
318,289
|
|
|
43,863
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Lakeside Mall
|
|
Sterling Heights, MI
|
|
144,451
|
|
|
36,993
|
|
|
130,460
|
|
|
(15,366
|
)
|
|
(66,866
|
)
|
|
21,627
|
|
|
63,594
|
|
|
85,221
|
|
|
780
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Lynnhaven Mall
|
|
Virginia Beach, VA
|
|
234,482
|
|
|
54,628
|
|
|
219,013
|
|
|
(90
|
)
|
|
53,302
|
|
|
54,538
|
|
|
272,315
|
|
|
326,853
|
|
|
45,128
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Mall of Louisiana
|
|
Baton Rouge, LA
|
|
—
|
|
|
88,742
|
|
|
319,097
|
|
|
—
|
|
|
6,599
|
|
|
88,742
|
|
|
325,696
|
|
|
414,438
|
|
|
53,430
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Mall St. Matthews
|
|
Louisville, KY
|
|
184,482
|
|
|
42,014
|
|
|
155,809
|
|
|
(6,522
|
)
|
|
13,178
|
|
|
35,492
|
|
|
168,987
|
|
|
204,479
|
|
|
29,656
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Market Place Shopping Center
|
|
Champaign, IL
|
|
112,905
|
|
|
21,611
|
|
|
111,515
|
|
|
—
|
|
|
27,193
|
|
|
21,611
|
|
|
138,708
|
|
|
160,319
|
|
|
24,584
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Mayfair Mall
|
|
Wauwatosa, WI
|
|
346,452
|
|
|
84,473
|
|
|
352,140
|
|
|
(1,950
|
)
|
|
41,682
|
|
|
82,523
|
|
|
393,822
|
|
|
476,345
|
|
|
60,926
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Meadows Mall
|
|
Las Vegas, NV
|
|
150,557
|
|
|
30,275
|
|
|
136,846
|
|
|
—
|
|
|
1,596
|
|
|
30,275
|
|
|
138,442
|
|
|
168,717
|
|
|
23,151
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Mondawmin Mall
|
|
Baltimore, MD
|
|
84,880
|
|
|
19,707
|
|
|
63,348
|
|
|
—
|
|
|
22,789
|
|
|
19,707
|
|
|
86,137
|
|
|
105,844
|
|
|
17,953
|
|
|
November, 2010
|
|
(d)
|
|||||||||
North Point Mall
|
|
San Antonio, TX
|
|
249,631
|
|
|
57,900
|
|
|
228,517
|
|
|
—
|
|
|
10,081
|
|
|
57,900
|
|
|
238,598
|
|
|
296,498
|
|
|
46,055
|
|
|
November, 2010
|
|
(d)
|
|||||||||
North Star Mall
|
|
Northridge, CA
|
|
312,333
|
|
|
91,135
|
|
|
392,422
|
|
|
—
|
|
|
10,800
|
|
|
91,135
|
|
|
403,222
|
|
|
494,357
|
|
|
63,780
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Northridge Fashion Center
|
|
Alpharetta, GA
|
|
228,724
|
|
|
66,774
|
|
|
238,023
|
|
|
—
|
|
|
32,482
|
|
|
66,774
|
|
|
270,505
|
|
|
337,279
|
|
|
44,731
|
|
|
November, 2010
|
|
(d)
|
|
|
|
|
|
|
Acquisition Cost(b)
|
|
Costs Capitalized
Subsequent to
Acquisition
|
|
Gross Amounts at Which Carried at
Close of Period(c)
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Name of Center
|
|
Location
|
|
Encumbrances(a)
|
|
Land
|
|
Buildings and
Improvements
|
|
Land
|
|
Buildings and
Improvements
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation(d)
|
|
Date
Acquired
|
|
Life Upon
Which Latest
Statement of
Operation is
Computed
|
||||||||||||||||||
NorthTown Mall
|
|
Spokane, WA
|
|
86,210
|
|
|
12,310
|
|
|
108,857
|
|
|
—
|
|
|
26,233
|
|
|
12,310
|
|
|
135,090
|
|
|
147,400
|
|
|
20,990
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Oak View Mall
|
|
Omaha, NE
|
|
77,644
|
|
|
20,390
|
|
|
107,216
|
|
|
—
|
|
|
(916
|
)
|
|
20,390
|
|
|
106,300
|
|
|
126,690
|
|
|
16,540
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Oakwood Center
|
|
Gretna, LA
|
|
86,475
|
|
|
21,105
|
|
|
74,228
|
|
|
—
|
|
|
24,481
|
|
|
21,105
|
|
|
98,709
|
|
|
119,814
|
|
|
19,434
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Oakwood Mall
|
|
Eau Claire, WI
|
|
70,692
|
|
|
13,786
|
|
|
92,114
|
|
|
204
|
|
|
5,098
|
|
|
13,990
|
|
|
97,212
|
|
|
111,202
|
|
|
17,531
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Oglethorpe Mall
|
|
Savannah, GA
|
|
149,773
|
|
|
27,075
|
|
|
157,100
|
|
|
—
|
|
|
1,223
|
|
|
27,075
|
|
|
158,323
|
|
|
185,398
|
|
|
25,638
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Oxmoor Center
|
|
Louisville, KY
|
|
87,186
|
|
|
—
|
|
|
117,814
|
|
|
—
|
|
|
11,585
|
|
|
—
|
|
|
129,399
|
|
|
129,399
|
|
|
22,861
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Paramus Park
|
|
Paramus, NJ
|
|
119,515
|
|
|
31,320
|
|
|
102,054
|
|
|
—
|
|
|
6,783
|
|
|
31,320
|
|
|
108,837
|
|
|
140,157
|
|
|
20,466
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Park City Center
|
|
Lancaster, PA
|
|
180,831
|
|
|
42,451
|
|
|
195,409
|
|
|
—
|
|
|
2,251
|
|
|
42,451
|
|
|
197,660
|
|
|
240,111
|
|
|
31,052
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Park Place
|
|
Tucson, AZ
|
|
182,865
|
|
|
61,907
|
|
|
236,019
|
|
|
—
|
|
|
6,726
|
|
|
61,907
|
|
|
242,745
|
|
|
304,652
|
|
|
38,396
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Peachtree Mall
|
|
Columbus, GA
|
|
78,974
|
|
|
13,855
|
|
|
92,143
|
|
|
942
|
|
|
4,772
|
|
|
14,797
|
|
|
96,915
|
|
|
111,712
|
|
|
16,030
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Pecanland Mall
|
|
Monroe, LA
|
|
86,997
|
|
|
12,943
|
|
|
73,231
|
|
|
—
|
|
|
10,179
|
|
|
12,943
|
|
|
83,410
|
|
|
96,353
|
|
|
16,976
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Pembroke Lakes Mall
|
|
Pembroke Pines, FL
|
|
259,115
|
|
|
64,883
|
|
|
254,910
|
|
|
—
|
|
|
(9,318
|
)
|
|
64,883
|
|
|
245,592
|
|
|
310,475
|
|
|
40,637
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Pioneer Place
|
|
Portland, OR
|
|
126,621
|
|
|
—
|
|
|
97,096
|
|
|
—
|
|
|
17,471
|
|
|
—
|
|
|
114,567
|
|
|
114,567
|
|
|
17,180
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Prince Kuhio Plaza
|
|
Hilo, HI
|
|
42,098
|
|
|
—
|
|
|
52,373
|
|
|
—
|
|
|
11,323
|
|
|
—
|
|
|
63,696
|
|
|
63,696
|
|
|
16,929
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Providence Place
|
|
Providence, RI
|
|
385,969
|
|
|
—
|
|
|
400,893
|
|
|
—
|
|
|
56,166
|
|
|
—
|
|
|
457,059
|
|
|
457,059
|
|
|
66,855
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Quail Springs Mall
|
|
Oklahoma City, OK
|
|
67,120
|
|
|
40,523
|
|
|
149,571
|
|
|
—
|
|
|
7,939
|
|
|
40,523
|
|
|
157,510
|
|
|
198,033
|
|
|
21,657
|
|
|
June, 2013
|
|
(d)
|
|||||||||
Red Cliffs Mall
|
|
St. George, UT
|
|
31,073
|
|
|
6,811
|
|
|
33,930
|
|
|
—
|
|
|
529
|
|
|
6,811
|
|
|
34,459
|
|
|
41,270
|
|
|
10,373
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Ridgedale Center
|
|
Minnetonka, MN
|
|
—
|
|
|
39,495
|
|
|
151,090
|
|
|
(4,089
|
)
|
|
87,946
|
|
|
35,406
|
|
|
239,036
|
|
|
274,442
|
|
|
29,425
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Riverchase Galleria
|
|
Birmingham, AL
|
|
220,665
|
|
|
53,423
|
|
|
271,508
|
|
|
—
|
|
|
—
|
|
|
53,423
|
|
|
271,508
|
|
|
324,931
|
|
|
57,952
|
|
|
November, 2016
|
|
(d)
|
|||||||||
River Hills Mall
|
|
Mankato, MN
|
|
70,733
|
|
|
16,207
|
|
|
85,608
|
|
|
—
|
|
|
6,325
|
|
|
16,207
|
|
|
91,933
|
|
|
108,140
|
|
|
15,414
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Rivertown Crossings
|
|
Grandville, MI
|
|
155,287
|
|
|
47,790
|
|
|
181,770
|
|
|
(504
|
)
|
|
5,114
|
|
|
47,286
|
|
|
186,884
|
|
|
234,170
|
|
|
31,736
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Sooner Mall
|
|
Norman, OK
|
|
71,604
|
|
|
9,902
|
|
|
69,570
|
|
|
—
|
|
|
2,757
|
|
|
9,902
|
|
|
72,327
|
|
|
82,229
|
|
|
13,245
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Spokane Valley Mall
|
|
Spokane, WA
|
|
58,127
|
|
|
16,817
|
|
|
100,209
|
|
|
—
|
|
|
(8,216
|
)
|
|
16,817
|
|
|
91,992
|
|
|
108,809
|
|
|
19,237
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Staten Island Mall
|
|
Staten Island, NY
|
|
252,664
|
|
|
102,227
|
|
|
375,612
|
|
|
—
|
|
|
(3,908
|
)
|
|
102,227
|
|
|
371,704
|
|
|
473,931
|
|
|
60,428
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Stonestown Galleria
|
|
San Francisco, CA
|
|
179,793
|
|
|
65,962
|
|
|
203,043
|
|
|
(1,686
|
)
|
|
31,875
|
|
|
64,276
|
|
|
234,918
|
|
|
299,194
|
|
|
32,732
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Crossroads
|
|
Portage, MI
|
|
94,846
|
|
|
20,261
|
|
|
95,463
|
|
|
1,110
|
|
|
4,523
|
|
|
21,371
|
|
|
99,986
|
|
|
121,357
|
|
|
15,410
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Gallery at Harborplace
|
|
Baltimore, MD
|
|
79,455
|
|
|
15,930
|
|
|
112,117
|
|
|
—
|
|
|
9,170
|
|
|
15,930
|
|
|
121,287
|
|
|
137,217
|
|
|
25,192
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Maine Mall
|
|
South Portland, ME
|
|
234,649
|
|
|
36,205
|
|
|
238,067
|
|
|
(1,909
|
)
|
|
8,394
|
|
|
34,296
|
|
|
246,461
|
|
|
280,757
|
|
|
40,536
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Mall in Columbia
|
|
Columbia, MD
|
|
341,086
|
|
|
124,540
|
|
|
479,171
|
|
|
—
|
|
|
25,155
|
|
|
124,540
|
|
|
504,326
|
|
|
628,866
|
|
|
80,027
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Oaks Mall
|
|
Gainesville, FL
|
|
129,191
|
|
|
21,954
|
|
|
173,353
|
|
|
—
|
|
|
(1,792
|
)
|
|
21,954
|
|
|
171,561
|
|
|
193,515
|
|
|
25,586
|
|
|
April, 2012
|
|
(d)
|
|||||||||
The Parks at Arlington
|
|
Arlington, TX
|
|
252,317
|
|
|
19,807
|
|
|
299,708
|
|
|
49
|
|
|
19,691
|
|
|
19,856
|
|
|
319,399
|
|
|
339,255
|
|
|
56,615
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Shoppes at Buckland
|
|
Manchester, CT
|
|
120,415
|
|
|
35,180
|
|
|
146,474
|
|
|
(280
|
)
|
|
7,470
|
|
|
34,900
|
|
|
153,944
|
|
|
188,844
|
|
|
24,659
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Shops at Fallen Timbers
|
|
Maumee, OH
|
|
21,014
|
|
|
3,785
|
|
|
31,771
|
|
|
(535
|
)
|
|
(1,721
|
)
|
|
3,250
|
|
|
30,050
|
|
|
33,300
|
|
|
11,117
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Shops at La Cantera
|
|
San Antonio, TX
|
|
349,275
|
|
|
80,016
|
|
|
350,737
|
|
|
—
|
|
|
25,296
|
|
|
80,016
|
|
|
376,032
|
|
|
456,048
|
|
|
68,816
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Streets at SouthPoint
|
|
Durham, NC
|
|
248,150
|
|
|
66,045
|
|
|
242,189
|
|
|
—
|
|
|
125
|
|
|
66,045
|
|
|
242,314
|
|
|
308,359
|
|
|
42,503
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Woodlands Mall
|
|
The Woodlands, TX
|
|
245,245
|
|
|
84,889
|
|
|
349,315
|
|
|
2,315
|
|
|
39,644
|
|
|
87,204
|
|
|
388,959
|
|
|
476,163
|
|
|
61,971
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Town East Mall
|
|
Mesquite, TX
|
|
159,898
|
|
|
9,928
|
|
|
168,555
|
|
|
—
|
|
|
6,135
|
|
|
9,928
|
|
|
174,690
|
|
|
184,618
|
|
|
29,547
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Tucson Mall
|
|
Tucson, AZ
|
|
245,539
|
|
|
2,071
|
|
|
193,815
|
|
|
—
|
|
|
77,525
|
|
|
2,071
|
|
|
271,340
|
|
|
273,411
|
|
|
44,048
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Tysons Galleria
|
|
McLean, VA
|
|
305,972
|
|
|
90,317
|
|
|
351,005
|
|
|
(105
|
)
|
|
9,920
|
|
|
90,212
|
|
|
360,925
|
|
|
451,137
|
|
|
54,207
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Valley Plaza Mall
|
|
Bakersfield, CA
|
|
239,793
|
|
|
38,964
|
|
|
211,930
|
|
|
—
|
|
|
1,134
|
|
|
38,964
|
|
|
213,064
|
|
|
252,028
|
|
|
35,868
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Visalia Mall
|
|
Visalia, CA
|
|
73,936
|
|
|
11,912
|
|
|
80,185
|
|
|
—
|
|
|
2,375
|
|
|
11,912
|
|
|
82,560
|
|
|
94,472
|
|
|
13,449
|
|
|
November, 2010
|
|
(d)
|
|
|
|
|
|
|
Acquisition Cost(b)
|
|
Costs Capitalized
Subsequent to
Acquisition
|
|
Gross Amounts at Which Carried at
Close of Period(c)
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Name of Center
|
|
Location
|
|
Encumbrances(a)
|
|
Land
|
|
Buildings and
Improvements
|
|
Land
|
|
Buildings and
Improvements
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation(d)
|
|
Date
Acquired
|
|
Life Upon
Which Latest
Statement of
Operation is
Computed
|
||||||||||||||||||
Westlake Center
|
|
Seattle, WA
|
|
46,152
|
|
|
19,055
|
|
|
129,295
|
|
|
(14,819
|
)
|
|
(78,954
|
)
|
|
4,236
|
|
|
50,341
|
|
|
54,577
|
|
|
10,749
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Westroads Mall
|
|
Omaha, NE
|
|
145,978
|
|
|
32,776
|
|
|
184,253
|
|
|
—
|
|
|
34,002
|
|
|
32,776
|
|
|
218,255
|
|
|
251,031
|
|
|
34,383
|
|
|
April, 2012
|
|
(d)
|
|||||||||
White Marsh Mall
|
|
Baltimore, MD
|
|
189,754
|
|
|
43,880
|
|
|
177,194
|
|
|
4,125
|
|
|
6,113
|
|
|
48,005
|
|
|
183,307
|
|
|
231,312
|
|
|
29,051
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Willowbrook
|
|
Wayne, NJ
|
|
359,410
|
|
|
110,660
|
|
|
419,822
|
|
|
—
|
|
|
24,665
|
|
|
110,660
|
|
|
444,487
|
|
|
555,147
|
|
|
73,655
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Woodbridge Center
|
|
Woodbridge, NJ
|
|
249,408
|
|
|
67,825
|
|
|
242,744
|
|
|
—
|
|
|
28,357
|
|
|
67,825
|
|
|
271,101
|
|
|
338,926
|
|
|
73,463
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Office, other and construction in progress (e)
|
|
|
|
254,648
|
|
|
100,106
|
|
|
361,250
|
|
|
47,936
|
|
|
611,032
|
|
|
148,044
|
|
|
972,281
|
|
|
1,120,325
|
|
|
83,112
|
|
|
Various
|
|
(d)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Total
|
|
$
|
12,636,616
|
|
|
$
|
3,039,642
|
|
|
$
|
14,737,835
|
|
|
$
|
26,375
|
|
|
$
|
1,605,366
|
|
|
$
|
3,066,019
|
|
|
$
|
16,343,198
|
|
|
$
|
19,409,217
|
|
|
$
|
2,737,286
|
|
|
|
|
|
(a)
|
See description of mortgages, notes and other loans payable in
Note 7
of Notes to Consolidated Financial Statements. Includes
$1.4 billion
cross-collateralized loan.
|
(b)
|
Acquisition for individual properties represents historical cost at the end of the month acquired.
|
(c)
|
The aggregate cost of land, buildings and improvements of consolidated properties for federal income tax purposes is approximately
$15.4 billion
.
|
(d)
|
Depreciation is computed based upon the following estimated useful lives:
|
|
|
Years
|
Buildings and improvements
|
|
10 - 45
|
Equipment and fixtures
|
|
3 - 20
|
Tenant improvements
|
|
Shorter of useful life or applicable lease term
|
(e)
|
Office and other retail properties.
|
|
2016
|
|
2015
|
|
2014
|
||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period
|
$
|
20,285,046
|
|
|
$
|
22,977,310
|
|
|
$
|
22,998,275
|
|
Additions
|
958,651
|
|
|
765,960
|
|
|
703,227
|
|
|||
Impairments
|
(130,619
|
)
|
|
—
|
|
|
(5,278
|
)
|
|||
Dispositions, transfers and write-offs
|
(1,703,861
|
)
|
|
(3,458,224
|
)
|
|
(718,914
|
)
|
|||
Balance at end of period
|
$
|
19,409,217
|
|
|
$
|
20,285,046
|
|
|
$
|
22,977,310
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period
|
$
|
2,452,127
|
|
|
$
|
2,280,845
|
|
|
$
|
1,884,861
|
|
Depreciation expense
|
620,540
|
|
|
607,192
|
|
|
685,006
|
|
|||
Dispositions, transfers and write-offs
|
(335,381
|
)
|
|
(435,910
|
)
|
|
(289,022
|
)
|
|||
Balance at end of period
|
$
|
2,737,286
|
|
|
$
|
2,452,127
|
|
|
$
|
2,280,845
|
|
|
|
|
|
Incorporated by Reference Herein
|
||||||||
Exhibit
Number
|
|
Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
File No.
|
||
2*
|
|
|
Third Amended Plan of Reorganization as filed with the United States Bankruptcy Court for the Southern District of New York on October 21, 2010
|
|
8-K
|
|
2.1
|
|
|
10/27/2010
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
3.1
|
|
|
Amended and Restated Certificate of Incorporation of GGP Inc., dated November 9, 2010
|
|
8-K
|
|
3.1
|
|
|
11/12/2010
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
3.2
|
|
|
Third Amended and Restated Bylaws of GGP Inc., dated January 27, 2017
|
|
8-K
|
|
3.2
|
|
|
1/18/2017
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
3.3
|
|
|
Certificate of Designations, Preferences and Rights of 6.375% Series A Cumulative Redeemable Preferred Stock filed with the Delaware Secretary of State on February 11, 2013
|
|
8-K
|
|
3.1
|
|
|
2/13/2013
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
3.4
|
|
|
Certificate of Amendment of the Amended and Restated Certificate of Incorporation of GGP Inc., dated January 17, 2017
|
|
8-K
|
|
3.1
|
|
|
1/18/2017
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
4.1*
|
|
|
Rights Agreement dated July 27, 1993, between the Predecessor and certain other parties named therein
|
|
10-K
|
|
4.2
|
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
4.2*
|
|
|
Amendment to Rights Agreement dated as of February 1, 2000, between the Predecessor and certain other parties named therein
|
|
8-A12B
|
|
4.3
|
|
|
3/3/2010
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
4.3*
|
|
|
Redemption Rights Agreement dated October 23, 1997, among the Predecessor, the Operating Partnership and Peter Leibowits
|
|
10-K
|
|
4.7
|
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
4.4*
|
|
|
Redemption Rights Agreement dated April 2, 1998, among the Operating Partnership, the Predecessor and Southwest Properties Venture
|
|
10-K
|
|
4.8
|
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
4.5*
|
|
|
Redemption Rights Agreement dated July 21, 1998, among the Operating Partnership, the Predecessor, Nashland Associates, and HRE Altamonte, Inc.
|
|
10-K
|
|
4.9
|
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
4.6*
|
|
|
Redemption Rights Agreement (Series B Preferred Units) dated July 10, 2002, by and among the Operating Partnership, the Predecessor and the persons listed on the signature pages thereof
|
|
10-K
|
|
4.12
|
|
|
2/27/2008
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
4.7*
|
|
|
Redemption Rights Agreement (Common Units) dated November 27, 2002, by and among the Operating Partnership, the Predecessor and JSG, LLC
|
|
10-K
|
|
4.13
|
|
|
2/27/2009
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
4.8*
|
|
|
Redemption Rights Agreement dated December 11, 2003, by and among the Operating Partnership, the Predecessor and Everitt Enterprises, Inc.
|
|
10-K/A
|
|
4.14
|
|
|
4/30/2010
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
4.9*
|
|
|
Redemption Rights Agreement dated March 5, 2004, by and among the Operating Partnership, the Predecessor and Koury Corporation
|
|
10-K
|
|
4.15
|
|
|
2/27/2008
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference Herein
|
||||||||
Exhibit
Number
|
|
Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
File No.
|
||
4.10*
|
|
|
Registration Rights Agreement dated April 15, 1993, between the Predecessor, Martin Bucksbaum, Matthew Bucksbaum and the other parties named therein
|
|
10-K
|
|
4.16
|
|
|
2/27/2008
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
10.1
|
|
|
Fourth Amended and Restated Agreement of Limited Partnership of GGP Operating Partnership, LP (f/k/a GGP Limited Partnership) dated May 1, 2014
|
|
10-Q
|
|
10.2
|
|
|
8/6/2014
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.2
|
|
|
First Amendment dated July 1, 2015 to Fourth Amended and Restated Agreement of Limited Partnership of GGP Operating Partnership, LP (f/k/a GGP Limited Partnership) dated May 1, 2014
|
|
10-Q
|
|
10.1
|
|
|
8/6/2015
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.3
|
|
|
Second Amendment dated February 17, 2016, to Fourth Amended and Restated Agreement of Limited Partnership of GGP Operating Partnership, LP
|
|
10-K
|
|
10.3
|
|
|
2/19/2016
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.4
|
|
|
Third Amendment dated December 27, 2016 to Fourth Amended and Restated Agreement of Limited Partnership of GGP Operating Partnership, LP (filed herewith)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
10.5*
|
|
|
Operating Agreement dated November 10, 1999, between the Operating Partnership, NYSCRF, and GGP/Homart II L.L.C.
|
|
10-K
|
|
10.20
|
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
10.6*
|
|
|
Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated November 22, 2002
|
|
10-K
|
|
10.21
|
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
10.7*
|
|
|
Letter Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated January 31, 2003
|
|
10-K
|
|
10.22
|
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
10.8*
|
|
|
Second Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated January 31, 2003
|
|
10-K
|
|
10.23
|
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
10.9*
|
|
|
Third Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated February 8, 2008
|
|
10-K
|
|
10.25
|
|
|
2/27/2008
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
10.10
|
|
|
Second Amended and Restated Limited Liability Company Agreement of Ala Moana Holding, LLC, dated April 10, 2015
|
|
10-Q
|
|
10.1
|
|
|
5/1/2015
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.11
|
|
|
Summary of Non-Employee Director Compensation Program Revised November 11, 2015
|
|
10-K
|
|
10.10
|
|
|
2/19/2016
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.12*#
|
|
|
GGP Inc. 2010 Equity Incentive Plan adopted October 27, 2010
|
|
8-K
|
|
4.1
|
|
|
11/1/2010
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
||
10.13#
|
|
|
First Amendment to GGP Inc. 2010 Equity Incentive Plan adopted November 12, 2013
|
|
8-K
|
|
10.2
|
|
|
11/18/2013
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.14#
|
|
|
Form of Nonqualified Stock Option Award Agreement (Groups B and C) pursuant to the 2010 Equity Incentive Plan
|
|
S-11/A
|
|
10.26
|
|
|
11/15/2010
|
|
333-16811
|
|
|
|
|
|
|
|
|
|
|
|
||
10.15#
|
|
|
Form of Nonqualified Stock Option Award Agreement (employees) pursuant to the 2010 Equity Incentive Plan
|
|
10-K
|
|
10.14
|
|
|
2/19/2016
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.16#
|
|
|
Form of Restricted Stock Award Agreement (Groups B and C) pursuant to the 2010 Equity Incentive Plan
|
|
S-11/A
|
|
10.28
|
|
|
11/15/2010
|
|
333-16811
|
|
|
|
|
Incorporated by Reference Herein
|
||||||||
Exhibit
Number
|
|
Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
File No.
|
||
|
|
|
|
|
|
|
|
|
|
|
||
10.17#
|
|
|
Form of Restricted Stock Award Agreement (employees) pursuant to the 2010 Equity Plan
|
|
10-K
|
|
10.16
|
|
|
2/19/2016
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.18#
|
|
|
Form of Performance-vesting Restricted Stock Award Agreement (employees) pursuant to the 2010 Equity Plan
|
|
10-K
|
|
10.17
|
|
|
2/19/2016
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.19#
|
|
|
Form of Appreciation Only LTIP Unit Award Agreement (employees) pursuant to the 2010 Equity Incentive Plan
|
|
10-K
|
|
10.18
|
|
|
2/19/2016
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.20#
|
|
|
Form of Full Value LTIP Unit Award Agreement (employees) pursuant to the 2010 Equity Incentive Plan
|
|
10-K
|
|
10.19
|
|
|
2/19/2016
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.21#
|
|
|
Form of Performance-vesting Full Value LTIP Unit Award Agreement (employees) pursuant to the 2010 Equity Incentive Plan
|
|
10-K
|
|
10.20
|
|
|
2/19/2016
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.22#
|
|
|
Form of Restricted Stock Award Agreement (new directors) pursuant to the 2010 Equity Plan
|
|
10-K
|
|
10.17
|
|
|
3/2/2015
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.23#
|
|
|
Form of Restricted Stock Award Agreement (directors) pursuant to the 2010 Equity Plan
|
|
10-K
|
|
10.18
|
|
|
3/2/2015
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.24#
|
|
|
Form of Full Value LTIP Unit Award Agreement (directors) pursuant to the 2010 Equity Incentive Plan (filed herewith)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
10.25#
|
|
|
Employment Agreement, dated February 12, 2015, by and between the Company and Sandeep Mathrani
|
|
8-K
|
|
10.1
|
|
|
2/17/2015
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.26#
|
|
|
Full Value LTIP Award, dated February 12, 2015, by and between the Company and Sandeep Mathrani
|
|
8-K
|
|
10.2
|
|
|
2/17/2015
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.27
|
|
|
Amended and Restated Cornerstone Investment Agreement, effective as of March 31, 2010, between REP Investments LLC (as predecessor to Brookfield Retail Holdings LLC), an affiliate of Brookfield Asset Management Inc. and the Predecessor
|
|
8-K
|
|
10.1
|
|
|
11/12/2010
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.28
|
|
|
Registration Rights Agreement between affiliates of Brookfield Asset Management, Inc. and GGP Inc., dated November 9, 2010
|
|
8-K
|
|
10.7
|
|
|
11/12/2010
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.29
|
|
|
Amended and Restated Warrant Agreement between GGP Inc. and American Stock Transfer & Trust Company, LLC, relating to the warrants issued to affiliates of Brookfield Asset Management, Inc., The Fairholme Fund, Fairholme Focused Income Fund, Pershing Square, L.P., Pershing Square II, L.P., Pershing Square International, Ltd., Pershing Square International V, Ltd. and Blackstone Real Estate Partners VI L.P. and its permitted assigns, October 28, 2013
|
|
10-Q
|
|
10.1
|
|
|
11/6/2013
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.30
|
|
|
Relationship Agreement between Brookfield Retail Holdings LLC, Brookfield Retail Holdings II LLC, Brookfield Retail Holdings III LLC, Brookfield Retail Holdings IV-A LLC, Brookfield Retail Holdings IV-B LLC, Brookfield Retail Holdings IV-C LLC, Brookfield Retail Holdings IV-D LLC and Brookfield Retail Holdings V LP and GGP Inc., dated November 9, 2010
|
|
10-K
|
|
10.51
|
|
|
3/8/2011
|
|
001-34948
|
|
|
|
|
Incorporated by Reference Herein
|
||||||||
Exhibit
Number
|
|
Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
File No.
|
||
|
|
|
|
|
|
|
|
|
|
|
||
10.31
|
|
|
Amending Agreement to Relationship Agreement between Brookfield Asset Management Inc. and GGP Inc., dated January 12, 2012
|
|
10-K
|
|
10.48
|
|
|
2/28/2013
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.32
|
|
|
Form of indemnification agreement for directors and executive officers
|
|
S-11/A
|
|
10.53
|
|
|
11/3/2010
|
|
333-16811
|
|
|
|
|
|
|
|
|
|
|
|
||
10.33
|
|
|
Standstill Agreement between Brookfield Retail Holdings LLC, Brookfield Retail Holdings II LLC, Brookfield Retail Holdings III LLC, Brookfield Retail Holdings IV-A LLC, Brookfield Retail Holdings IV-B LLC, Brookfield Retail Holdings IV-C LLC, Brookfield Retail Holdings IV-D LLC and Brookfield Retail Holdings V LP and GGP Inc., dated November 9, 2010
|
|
8-K
|
|
10.4
|
|
|
11/12/2010
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.34
|
|
|
Fourth Amended and Restated Credit Agreement dated October 30, 2015
|
|
8-K
|
|
10.1
|
|
|
11/2/2015
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.35
|
|
|
Loan Agreement by and among certain subsidiaries of GGP Inc. dated as of April 25, 2016
|
|
8-K
|
|
99.1
|
|
|
4/29/2016
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
10.36#
|
|
|
Second Amended and Restated Employee Stock Purchase Plan effective May 15, 2014
|
|
10-Q
|
|
10.3
|
|
|
8/6/2014
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
||
21.1
|
|
|
List of Subsidiaries of GGP Inc. (filed herewith).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
23.1
|
|
|
Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm, relating to GGP Inc. (filed herewith).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
24.1
|
|
|
Power of Attorney (included on signature page).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
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).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
101
|
|
|
The following financial information from GGP Inc.'s. Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on February 22, 2017, formatted in XBRL (Extensible Business Reporting Language): (1) Consolidated Balance Sheets, (2) Consolidated Statement of Operations and Comprehensive Income (Loss), (3) Consolidated Statements of Equity, (4) Conso1idated Statements of Cash Flows and (5) Notes to Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
*
|
Incorporated by reference to filings by GGP, Inc. (formerly General Growth Properties, Inc. and referred to as "the Predecessor")
|
#
|
Management contracts and compensatory plans or arrangements required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K.
|
1.
|
Capitalized Terms
. Capitalized terms used but not defined herein shall have the definitions assigned to such terms in the Partnership Agreement.
|
2.
|
Amendment of Section 1.1
.
|
a.
|
The term “AO LTIP Unit Threshold Amount Adjustment” shall be inserted immediately following the definition of “AO LTIP Unit” and shall be defined as follows:
|
b.
|
The term “Eligible AO LTIP Unit” is hereby deleted in its entirety and the following is hereby inserted in its place and stead:
|
3.
|
Amendment of Section 1.8 of
Schedule H
. The terms “AO LTIP Conversion Factor” and “AO LTIP Unit Participation Threshold” are hereby deleted from Section 1.8 of
Schedule H
in their entirety and the following terms, including the new terms “AO LTIP Conversion Factor Adjustment” and “Conversion Date Value,” are hereby inserted in their place and stead:
|
4.
|
Amendment of Section 1(a) subparagraph 6 of
Exhibit B
. The first paragraph of Section 1(a) subparagraph 6 of
Exhibit B
is hereby deleted in its entirety and the following paragraph is hereby inserted in its place and stead:
|
5.
|
Amendment of Section 1(b) subparagraph 1 of
Exhibit B
. The following sentence is hereby added to the end of Section 1(a) subparagraph 1 of
Exhibit B
:
|
6.
|
Other Provisions Unaffected
. Except as expressly amended hereby, the Partnership Agreement shall remain in full force and effect in accordance with its terms.
|
Obligated Partner
|
Protected Amount*
|
|
|
Cache Valley Mall Partnership, Ltd
|
|
$5,029,114
|
|
Burke Cloward
|
|
$0
|
|
James Cordano
|
|
$500,000
|
|
Gregory Curtis
|
|
$31,396
|
|
Fairfax Holding, LLC
|
|
$81,333,944
|
|
Rex & Barbara Frazier Family Trust
|
|
$1,130,001
|
|
Michael C. Frei
|
|
$334,774
|
|
Hall Investment Company
|
|
$0
|
|
Kenneth G. Hansen Trust
|
|
$0
|
|
King American Hospital
|
|
$466,600
|
|
Warren P. King
|
|
$1,412,628
|
|
Paul K. Mendenhall
|
|
$87,946
|
|
North Plains Development Co., Ltd.
|
|
$5,517,829
|
|
Carl E. Olson
|
|
$394,673
|
|
Martin G. Peterson
|
|
$664,359
|
|
Pine Ridge Land Company, Ltd.
|
|
$435,213
|
|
Price Fremont Company, Ltd.
|
|
$1,067,104
|
|
Deidra Price
|
|
$0
|
|
John Price
|
|
$2,144
|
|
Steven Price
|
|
$293,090
|
|
Red Cliff Mall Investment Company, Ltd.
|
|
$1,171,766
|
|
Philip P. Taylor
|
|
$0
|
|
Jennifer Wallin
|
|
$0
|
|
Lena Wilcher Revocable Trust
|
|
$0
|
|
Koury Corporation
|
An amount up to:
|
|
|
|
|
$99,678,228.70
|
|
|
|
GGP INC.
|
|
|
|
|
|
|
|
|
|
|
|
Name:
|
|
|
Title:
|
|
|
|
|
|
|
|
|
GGP OPERATING PARTNERSHIP, LP
|
|
|
BY GGP REAL ESTATE HOLDING II, INC., its General Partner
|
|
|
|
|
|
|
|
|
|
|
|
Name:
|
|
|
Title:
|
Acknowledged as of the
|
|
|
date first written above:
|
|
|
|
|
|
|
|
|
|
|
|
PARTICIPANT:
|
|
|
1.
|
The name, address and taxpayer identification number of the undersigned and the taxable year for which this election is being made are:
|
2.
|
Description of property with respect to which the election is being made:
|
3.
|
The date on which the FV LTIP Units were transferred is [ ] (“
Date of Grant
”).
|
4.
|
Nature of restrictions to which the FV LTIP Units are subject:
|
(a)
|
With limited exceptions, until the FV LTIP Units vest, the Taxpayer may not transfer in any manner any portion of the FV LTIP Units.
|
(b)
|
The Taxpayer’s LTIP Units vest twenty-five percent (25%) on the last day of each calendar quarter of the year of the Date of Grant, provided that the Taxpayer continues to serve as a director of GGP Inc. (the “
Company
”) or its subsidiaries through such dates, subject to acceleration in the event of certain extraordinary transactions. Unvested FV LTIPs are subject to forfeiture in the event of failure to vest based on the passage of time.
|
5.
|
The fair market value at time of transfer (determined without regard to any restrictions other than nonlapse restrictions as defined in §1.83-3(h) of the Income Tax Regulations) of the FV LTIP Units with respect to which this election is being made is $0 per FV LTIP Unit.
|
6.
|
The amount paid by the Taxpayer for the FV LTIP Units was $0 per FV LTIP Unit.
|
7.
|
A copy of this statement has been furnished to the Partnership and to its general partner, GGP Inc. Additionally, the undersigned will include a copy of the election with his or her income tax return for the taxable year in which the property is transferred. The undersigned is the person performing services in connection with which the FV LTIP Units were transferred.
|
Subsidiary Name
|
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State or Other Jurisdiction of Incorporation or Organization
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GGP Nimbus, LP
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Delaware
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GGP Limited Partnership
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Delaware
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GGP Operating Partnership, LP
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Delaware
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General Growth Services, Inc.
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Delaware
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GGP Limited Partnership II
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Delaware
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GGP, LLC
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Delaware
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GGPLP L.L.C.
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Delaware
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GGPLP Real Estate, Inc.
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Delaware
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GGP Real Estate Holding I, Inc.
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Delaware
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GGP Real Estate Holding II, Inc.
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Delaware
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1.
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I have reviewed this annual report on Form 10-K of General Growth Properties, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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5.
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The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
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/s/ SANDEEP MATHRANI
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Sandeep Mathrani
Chief Executive Officer
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1.
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I have reviewed this annual report on Form 10-K of General Growth Properties, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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5.
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The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
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/s/ MICHAEL B. BERMAN
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Michael B. Berman
Chief Financial Officer
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ SANDEEP MATHRANI
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Sandeep Mathrani
Chief Executive Officer
February 22, 2017
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ MICHAEL B. BERMAN
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Michael B. Berman
Chief Financial Officer
February 22, 2017
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