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(MARK ONE)
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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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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
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27-2963337
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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250 Vesey Street, 15th Floor
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New York
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NY
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10281-1023
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(Address of principal executive offices)
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(Zip Code)
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Title of Each Class
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Trading Symbol (s)
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Name of Each Exchange on Which Registered:
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Class A Stock, $.01 par value
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BPR
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Nasdaq Global Select Market
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6.375% Series A Cumulative Perpetual Redeemable Preferred Stock, par value $0.01 per share
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BPRAP
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Nasdaq Global Select Market
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☒
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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Item No.
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Page
Number
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•
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increasing the permanent occupancy of our regional mall portfolio by converting temporary leases to permanent leases and leasing vacant space;
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•
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renewing or replacing expiring leases at greater rental rates;
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actively recycling capital through the disposition of assets, investing in whole or partial interests in high-quality regional malls, anchor pads and our development pipeline and repaying debt; and
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•
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continuing to execute on our existing redevelopment projects and seeking additional opportunities within our portfolio for redevelopment.
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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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•
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utilize our properties with the opportunities to add other potential uses such as residential, hospitality and office space to complement our retail experience;
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•
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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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•
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ensure our properties are clean, secure and comfortable.
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•
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perception and/or recommendations by analysts, investors and/or other third parties that these securities should be priced differently;
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•
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actual or perceived differences in distributions to holders of Class A Stock versus BPY unitholders, including as a result of any legal prohibitions;
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•
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business developments or financial performance or other events or conditions that may be specific to only BPR or BPY; and
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•
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difficulty in the exchange mechanics between Class A Stock and BPY units, including the potential expiration or termination of the Rights Agreement, dated as of April 27, 2018 by and between BAM and Wilmington Trust, National Association, in accordance with its terms.
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•
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changes in stock market analyst recommendations or earnings estimates regarding the Class A Stock and/or BPY units,
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•
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changes in the market price of BPY units;
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•
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actual or anticipated fluctuations in BPY’s or BPR’s operating results or future prospects;
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•
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reactions to public announcements by BPY and BPR;
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•
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strategic actions taken by BPY, BPR and/or their competitors;
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•
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adverse conditions in the financial market or general U.S. or international economic conditions, including those resulting from war, incidents of terrorism and responses to such events; and
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•
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sales of such securities by BPY, BPR and/or members of their management team or significant stockholders.
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•
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BPY may not have enough unrestricted funds to pay such distributions due to changes in BPY’s cash requirements, capital spending plans, cash flow or financial position;
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•
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decisions on whether, when and in which amounts to make any future distributions will be dependent on then-existing conditions, including BPY and BPR’s financial condition, earnings, legal requirements, including limitations under Bermuda law, restrictions in BPY’s borrowing agreements that limit its ability to pay dividends to unitholders and other factors BPY deems relevant; and
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•
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BPY may desire to retain cash to improve its credit profile or for other reasons.
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•
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whether BPR declares or fails to declare dividends on the BPR series A preferred stock from time to time;
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real or anticipated changes in the credit ratings assigned to BPR or BPY securities;
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BPR’s and BPY’s creditworthiness and credit profile;
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interest rates;
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developments in the securities, credit markets, and developments with respect to financial institutions
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•
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the market for similar securities; and
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•
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economic, corporate, securities market, geopolitical, regulatory or judicial events that affect BPR and BPY, the asset
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•
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we may not have sufficient capital to proceed with planned expansion or development activities;
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•
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acquisition or construction costs of a project may exceed original estimates;
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•
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we may not be able to obtain zoning, occupancy or other required governmental permits and authorizations;
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•
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income from completed projects may not meet projections; and
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•
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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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we have a board that is comprised of a majority of "independent directors," as defined under the rules of such exchange;
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we have a nominating and corporate governance committee that is comprised entirely of independent directors; and
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we have a compensation committee that is comprised entirely of independent directors.
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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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giving secured lenders the ability to foreclose on our assets.
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•
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amend our organizational documents;
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incur indebtedness;
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•
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create liens on assets;
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•
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sell assets;
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•
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manage our cash flows;
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transfer assets to other subsidiaries;
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make capital expenditures;
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•
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engage in mergers and acquisitions; and
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•
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make distributions to equity holders, including holders of our Class A Stock.
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Property
Count
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Property Name
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BPR Ownership (2)
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Location
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Mall and Freestanding GLA
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Anchor GLA (BPR Owned)
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Anchor GLA (Tenant Owned)
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Strip Center GLA
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Office GLA
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Total GLA
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Retail Percentage Leased
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Proportionate GLA
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Key Stores (3)
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Consolidated Retail Properties
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||||||||
1
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200 Lafayette
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90%
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New York, NY
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30
|
|
—
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—
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—
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—
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30
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100%
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27
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Leased
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2
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218 W 57th Street
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90%
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New York, NY
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35
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|
—
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—
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—
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—
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35
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100%
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32
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Leased
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3
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|
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605 North Michigan Avenue
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90%
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Chicago, IL
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73
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|
—
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—
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—
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—
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73
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100%
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66
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Sephora, Chase Bank, Regus, Roots
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4
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530 Fifth Avenue
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81%
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New York, NY
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46
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|
—
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—
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—
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—
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46
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100%
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38
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Vans, Chase Bank, Duane Reade
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5
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685 Fifth Avenue
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88%
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New York, NY
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24
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|
—
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—
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—
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—
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24
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100%
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21
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Coach, Stuart Weitzman, Tag Heuer
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6
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730 Fifth Avenue
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90%
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New York, NY
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25
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—
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—
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—
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—
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25
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100%
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23
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Bulgari, Mikimoto, Piaget, Zegna
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7
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830 N. Michigan Ave.
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90%
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Chicago, IL
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117
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|
—
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—
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—
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—
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117
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100%
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106
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Uniqlo, Columbia
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8
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Beachwood Place
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90%
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Beachwood, OH
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325
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317
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247
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97
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—
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987
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94.9%
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667
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Nordstrom, Saks Fifth Avenue, Dillard's
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9
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|
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Bellis Fair
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90%
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Bellingham, WA
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428
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100
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|
238
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—
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—
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766
|
|
86.6%
|
477
|
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Macy's, JCPenney, Kohl's, Dick's Sporting Goods, Target
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10
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|
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Brass Mill Center
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90%
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Waterbury, CT
|
440
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218
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319
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189
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—
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1,166
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93.9%
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764
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Macy's, JCPenney, Burlington Stores, Regal Cinemas
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11
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|
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Coastland Center (1)
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90%
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Naples, FL
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334
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276
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315
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|
—
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—
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924
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97.1%
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550
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Dillard's, Macy's, JCPenney
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12
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Columbia Mall
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90%
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Columbia, MO
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304
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—
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421
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—
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—
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725
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92.2%
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274
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Dillard's, JCPenney, Target
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13
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|
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Coral Ridge Mall
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90%
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Coralville, IA
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606
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—
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442
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—
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|
25
|
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1,074
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97.1%
|
570
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Dillard's, Scheels, JCPenney, Target, Homegoods, Best Buy, Ulta
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14
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|
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Crossroads Center
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90%
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St. Cloud, MN
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422
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168
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229
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—
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—
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|
819
|
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89.9%
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533
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Macy's, Scheels, JCPenney, Target
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15
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|
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Deerbrook Mall
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90%
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Humble, TX
|
618
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|
—
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654
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—
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—
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1,271
|
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97%
|
558
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Dillard's, Macy's, JCPenney, AMC Theaters, Dick's Sporting Goods
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16
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|
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Eastridge Mall
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90%
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Casper, WY
|
281
|
|
214
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|
76
|
|
—
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|
—
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571
|
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84.5%
|
447
|
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JCPenney, Dick's Sporting Goods, Target
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17
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|
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Four Seasons Town Centre
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90%
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Greensboro, NC
|
506
|
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294
|
|
202
|
|
—
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|
—
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|
1,002
|
|
94.7%
|
722
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Dillard's, JCPenney, Round 1 Bowling
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18
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|
|
Fox River Mall
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90%
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Appleton, WI
|
627
|
|
—
|
|
595
|
|
—
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|
—
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1,222
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96.3%
|
566
|
|
Macy's, Scheels, JCPenney, Target
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Property
Count
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Property Name
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BPR Ownership (2)
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Location
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Mall and Freestanding GLA
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Anchor GLA (BPR Owned)
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Anchor GLA (Tenant Owned)
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Strip Center GLA
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Office GLA
|
Total GLA
|
Retail Percentage Leased
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Proportionate GLA
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Key Stores (3)
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||||||||
19
|
|
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Grand Teton Mall
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90%
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Idaho Falls, ID
|
213
|
|
199
|
|
125
|
|
93
|
|
—
|
|
631
|
|
89.2%
|
456
|
|
Dillard's, Macy's, JCPenney, Ross Dress For Less
|
20
|
|
|
Greenwood Mall
|
90%
|
Bowling Green, KY
|
423
|
|
278
|
|
151
|
|
—
|
|
—
|
|
852
|
|
94%
|
633
|
|
Dillard's, Belk, JCPenney
|
21
|
|
|
Hulen Mall
|
90%
|
Ft. Worth, TX
|
393
|
|
—
|
|
597
|
|
—
|
|
—
|
|
990
|
|
96.6%
|
355
|
|
Dillard's, Macy's
|
22
|
|
|
Jordan Creek Town Center
|
90%
|
West Des Moines, IA
|
732
|
|
152
|
|
198
|
|
259
|
|
—
|
|
1,341
|
|
98.4%
|
1,032
|
|
Von Maur, Dillard's, Scheels, Century Theaters, Dave & Buster's
|
23
|
|
|
Mall Of Louisiana
|
90%
|
Baton Rouge, LA
|
619
|
|
—
|
|
806
|
|
144
|
|
—
|
|
1,568
|
|
99%
|
688
|
|
Dillard's, Macy's, JCPenney, Nordstrom Rack, AMC Theaters, Dick's Sporting Goods, Main Event
|
24
|
|
|
Mall St. Matthews
|
90%
|
Louisville, KY
|
499
|
|
—
|
|
514
|
|
—
|
|
—
|
|
1,013
|
|
91.9%
|
450
|
|
Dillard's, Cinemark, JCPenney, Dave & Buster's
|
25
|
|
|
Mayfair
|
90%
|
Wauwatosa, WI
|
623
|
|
289
|
|
360
|
|
—
|
|
188
|
|
1,460
|
|
98.6%
|
993
|
|
Nordstrom, Macy's, AMC Theaters, Crate & Barrel
|
26
|
|
|
Meadows Mall
|
90%
|
Las Vegas, NV
|
309
|
|
—
|
|
637
|
|
—
|
|
—
|
|
945
|
|
89.8%
|
279
|
|
Dillard's, Macy's, JCPenney, Round 1 Bowling
|
27
|
|
|
Mondawmin Mall
|
90%
|
Baltimore, MD
|
387
|
|
—
|
|
—
|
|
—
|
|
74
|
|
460
|
|
98.2%
|
416
|
|
Ross Dress for Less, Shoppers Food & Pharmacy
|
28
|
|
|
Neshaminy Mall
|
90%
|
Bensalem, PA
|
383
|
|
416
|
|
218
|
|
—
|
|
—
|
|
1,018
|
|
88%
|
721
|
|
Barnes & Noble, Boscov's, AMC Theaters, Round 1 Bowling
|
29
|
|
|
North Point Mall
|
90%
|
Alpharetta, GA
|
408
|
|
540
|
|
363
|
|
—
|
|
34
|
|
1,345
|
|
91.9%
|
886
|
|
Von Maur, Dillard's, Macy's, JCPenney, American Girl
|
30
|
|
|
North Star Mall
|
90%
|
San Antonio, TX
|
515
|
|
207
|
|
522
|
|
—
|
|
—
|
|
1,245
|
|
98.3%
|
652
|
|
Dillard's, Macy's, Saks Fifth Avenue, JCPenney
|
31
|
|
|
Northtown Mall (1)
|
90%
|
Spokane, WA
|
437
|
|
242
|
|
242
|
|
—
|
|
—
|
|
922
|
|
94.5%
|
613
|
|
Macy's, Kohl's, JCPenney, Regal Cinemas
|
32
|
|
|
Oakwood Center
|
90%
|
Gretna, LA
|
355
|
|
229
|
|
332
|
|
—
|
|
—
|
|
916
|
|
97.7%
|
528
|
|
Dillard's, JCPenney, Dick's Sporting Goods
|
33
|
|
|
Oakwood Mall
|
90%
|
Eau Claire, WI
|
468
|
|
146
|
|
198
|
|
—
|
|
—
|
|
812
|
|
94.2%
|
554
|
|
JCPenney, Scheels, Hobby Lobby
|
34
|
|
|
Oxmoor Center (1)
|
85%
|
Louisville, KY
|
313
|
|
296
|
|
271
|
|
—
|
|
—
|
|
880
|
|
96.4%
|
519
|
|
Von Maur, Macy's, Dick's Sporting Goods, Top Golf
|
35
|
|
|
Paramus Park
|
90%
|
Paramus, NJ
|
372
|
|
69
|
|
289
|
|
—
|
|
21
|
|
753
|
|
94.4%
|
418
|
|
Macy's, Stew Leonard's
|
36
|
|
|
Park City Center
|
90%
|
Lancaster, PA
|
517
|
|
515
|
|
227
|
|
—
|
|
7
|
|
1,266
|
|
94.9%
|
938
|
|
Boscov's, Kohl's, JCPenney
|
37
|
|
|
Park Meadows
|
90%
|
Lone Tree, CO
|
743
|
|
—
|
|
823
|
|
—
|
|
—
|
|
1,566
|
|
99.3%
|
670
|
|
Nordstrom, Dillard's, Macy's, JCPenney, Dick's Sporting Goods
|
38
|
|
|
Peachtree Mall
|
90%
|
Columbus, GA
|
385
|
|
222
|
|
201
|
|
—
|
|
13
|
|
821
|
|
95.3%
|
559
|
|
Dillard's, Macy's, At Home, JCPenney
|
39
|
|
|
Pecanland Mall
|
90%
|
Monroe, LA
|
410
|
|
20
|
|
532
|
|
—
|
|
—
|
|
962
|
|
90%
|
388
|
|
Dillard's, Belk, JCPenney, Dick's Sporting Goods
|
40
|
|
|
Perimeter Mall
|
90%
|
Atlanta, GA
|
497
|
|
222
|
|
831
|
|
—
|
|
—
|
|
1,551
|
|
98.9%
|
649
|
|
Nordstrom, Von Maur, Dillard's, Macy's
|
41
|
|
|
Pioneer Place (1)
|
90%
|
Portland, OR
|
324
|
|
—
|
|
—
|
|
—
|
|
—
|
|
324
|
|
92.9%
|
292
|
|
Apple, Tiffany's, Louis Vuitton, H&M, Zara, WeWork
|
42
|
|
|
Prince Kuhio Plaza (1)
|
90%
|
Hilo, HI
|
272
|
|
125
|
|
62
|
|
—
|
|
—
|
|
459
|
|
95.2%
|
358
|
|
Macy's, TJ Maxx, Tractor Supply, CVS
|
43
|
|
|
Providence Place (1)
|
85%
|
Providence, RI
|
699
|
|
233
|
|
200
|
|
—
|
|
—
|
|
1,132
|
|
98%
|
794
|
|
Macy's, Boscov's, Providence Place Cinemas, Dave & Buster's
|
Property
Count
|
|
Property Name
|
BPR Ownership (2)
|
Location
|
Mall and Freestanding GLA
|
Anchor GLA (BPR Owned)
|
Anchor GLA (Tenant Owned)
|
Strip Center GLA
|
Office GLA
|
Total GLA
|
Retail Percentage Leased
|
Proportionate GLA
|
Key Stores (3)
|
||||||||
68
|
|
|
Augusta Mall (1)
|
46%
|
Augusta, GA
|
480
|
|
—
|
|
597
|
|
—
|
|
—
|
|
1,077
|
|
97.7%
|
221
|
|
Dillard's, Macy's, JCPenney, Dick's Sporting Goods
|
69
|
|
|
Baybrook Mall
|
46%
|
Friendswood, TX
|
1,075
|
|
97
|
|
721
|
|
—
|
|
—
|
|
1,892
|
|
99.4%
|
539
|
|
Dillard's, Macy's, JCPenney, Lifetime Fitness, Star Cinema Grill, Dick's Sporting Goods, Dave & Buster's
|
70
|
|
|
Boise Towne Square (1)
|
46%
|
Boise, ID
|
416
|
|
426
|
|
248
|
|
115
|
|
—
|
|
1,204
|
|
93.1%
|
440
|
|
Dillard's, Macy's, Kohl's, JCPenney, Nordstrom Rack
|
71
|
|
|
Carolina Place
|
45%
|
Pineville, NC
|
512
|
|
277
|
|
349
|
|
—
|
|
—
|
|
1,138
|
|
98.6%
|
356
|
|
Dillard's, Belk, JCPenney, Dave & Buster's, Dick's Sporting Goods
|
72
|
|
|
Christiana Mall (1)
|
23%
|
Newark, DE
|
623
|
|
—
|
|
641
|
|
—
|
|
—
|
|
1,265
|
|
99.5%
|
141
|
|
Nordstrom, Macy's, JCPenney, Cinemark, Cabela's, Target
|
73
|
|
|
Clackamas Town Center
|
45%
|
Happy Valley, OR
|
630
|
|
—
|
|
775
|
|
—
|
|
—
|
|
1,405
|
|
96.9%
|
284
|
|
Nordstrom, Macy's, JCPenney, Century Theatres, Dave & Buster's
|
74
|
|
|
Columbiana Centre
|
46%
|
Columbia, SC
|
295
|
|
145
|
|
361
|
|
—
|
|
—
|
|
801
|
|
99.5%
|
203
|
|
Dillard's, Belk, JCPenney, Dave & Buster's
|
75
|
|
|
Coronado Center (1)
|
46%
|
Albuquerque, NM
|
671
|
|
118
|
|
281
|
|
—
|
|
—
|
|
1,070
|
|
99.3%
|
363
|
|
Macy's, Kohl's, JCPenney, Dick's Sporting Goods, Round 1 Bowling, Furniture City
|
76
|
|
|
Cumberland Mall
|
46%
|
Atlanta, GA
|
538
|
|
226
|
|
278
|
|
—
|
|
—
|
|
1,042
|
|
98.7%
|
352
|
|
Macy's, Costco, Dick's Sporting Goods, Round 1 Bowling
|
77
|
|
|
Fashion Place (1)
|
46%
|
Murray, UT
|
463
|
|
162
|
|
338
|
|
—
|
|
—
|
|
962
|
|
99.5%
|
287
|
|
Nordstrom, Dillard's, Macy's, Crate & Barrel
|
78
|
|
|
Fashion Show
|
45%
|
Las Vegas, NV
|
837
|
|
272
|
|
762
|
|
—
|
|
—
|
|
1,871
|
|
98.6%
|
500
|
|
Neiman Marcus, Nordstrom, Saks Fifth Avenue, Dillard's, Macy's, Macy's Men, Dick's Sporting Goods
|
79
|
|
|
First Colony Mall
|
45%
|
Sugar Land, TX
|
556
|
|
—
|
|
619
|
|
—
|
|
—
|
|
1,175
|
|
99.8%
|
251
|
|
Dillard's, Macy's, JCPenney, Dick's Sporting Goods, AMC Theaters
|
80
|
|
|
Florence Mall
|
45%
|
Florence, KY
|
382
|
|
—
|
|
552
|
|
—
|
|
—
|
|
934
|
|
87.9%
|
172
|
|
Macy's, Macy's Home Store, JCPenney
|
81
|
|
|
Galleria At Tyler (1)
|
45%
|
Riverside, CA
|
562
|
|
—
|
|
622
|
|
—
|
|
—
|
|
1,184
|
|
98.6%
|
254
|
|
Nordstrom, Macy's, JCPenney, AMC Theaters
|
82
|
|
|
Glenbrook Square
|
46%
|
Fort Wayne, IN
|
429
|
|
556
|
|
—
|
|
—
|
|
—
|
|
984
|
|
94.7%
|
453
|
|
Macy's, JCPenney, Round 1 Bowling
|
83
|
|
|
Glendale Galleria (1)
|
45%
|
Glendale, CA
|
514
|
|
305
|
|
525
|
|
—
|
|
138
|
|
1,482
|
|
99.2%
|
432
|
|
Bloomingdale's, Macy's, JCPenney, Target, Dick's Sporting Goods, Gold's Gym
|
84
|
|
|
Governor's Square (1)
|
46%
|
Tallahassee, FL
|
338
|
|
—
|
|
692
|
|
—
|
|
—
|
|
1,030
|
|
86.9%
|
156
|
|
Dillard's, JCPenney
|
85
|
|
|
Kenwood Towne Centre
|
45%
|
Cincinnati, OH
|
519
|
|
241
|
|
401
|
|
—
|
|
—
|
|
1,161
|
|
98.7%
|
343
|
|
Nordstrom, Dillard's, Macy's, Louis Vuitton, Tiffany
|
86
|
|
|
Lynnhaven Mall
|
46%
|
Virginia Beach, VA
|
650
|
|
150
|
|
381
|
|
—
|
|
—
|
|
1,181
|
|
98.7%
|
368
|
|
Dillard's, Macy's, JCPenney, Dick's Sporting Goods, AMC Theaters, Dave & Buster's
|
87
|
|
|
Market Place Shopping Center
|
46%
|
Champaign, IL
|
474
|
|
235
|
|
150
|
|
—
|
|
—
|
|
859
|
|
97.1%
|
326
|
|
Macy's, Kohl's, JCPenney, Dick's Sporting Goods
|
88
|
|
|
Miami Design District
|
20%
|
Miami, FL
|
644
|
|
—
|
|
—
|
|
—
|
|
100
|
|
744
|
|
91.5%
|
149
|
|
Hermes, Fendi, Louis Vuitton, Valentino, Bulgari, Prada, Gucci
|
89
|
|
|
Mizner Park (1)
|
23%
|
Boca Raton, FL
|
138
|
|
80
|
|
—
|
|
—
|
|
265
|
|
483
|
|
94.5%
|
111
|
|
Lord & Taylor, IPIC Theaters
|
Property
Count
|
|
Property Name
|
BPR Ownership (2)
|
Location
|
Mall and Freestanding GLA
|
Anchor GLA (BPR Owned)
|
Anchor GLA (Tenant Owned)
|
Strip Center GLA
|
Office GLA
|
Total GLA
|
Retail Percentage Leased
|
Proportionate GLA
|
Key Stores (3)
|
||||||||
90
|
|
|
Natick Mall (1)
|
45%
|
Natick, MA
|
943
|
|
88
|
|
558
|
|
—
|
|
—
|
|
1,589
|
|
97.3%
|
465
|
|
Neiman Marcus, Nordstrom, Macy's, Lord & Taylor, Wegman's, Dave & Buster's
|
91
|
|
|
Northbrook Court
|
45%
|
Northbrook, IL
|
470
|
|
406
|
|
130
|
|
—
|
|
—
|
|
1,006
|
|
89.6%
|
395
|
|
Neiman Marcus, Lord & Taylor, AMC Theaters, Crate & Barrel, Fresh Farm
|
92
|
|
|
Northridge Fashion Center
|
46%
|
Northridge, CA
|
664
|
|
257
|
|
557
|
|
—
|
|
—
|
|
1,477
|
|
97.3%
|
424
|
|
Macy's, JCPenney, Dick's Sporting Goods, Pacific Theaters, Dave & Buster's, Gold's Gym
|
93
|
|
|
Oakbrook Center
|
43%
|
Oak Brook, IL
|
1,171
|
|
284
|
|
468
|
|
—
|
|
263
|
|
2,185
|
|
98.9%
|
739
|
|
Neiman Marcus, Nordstrom, Macy's, AMC Theatres, Lifetime Fitness, KidZania
|
94
|
|
|
Oglethorpe Mall
|
46%
|
Savannah, GA
|
400
|
|
221
|
|
316
|
|
—
|
|
—
|
|
936
|
|
97.2%
|
286
|
|
Macy's, Belk, JCPenney
|
95
|
|
|
One Union Square
|
45%
|
San Francisco, CA
|
22
|
|
—
|
|
—
|
|
—
|
|
20
|
|
42
|
|
100%
|
19
|
|
Bulgari, Moncler
|
96
|
|
|
Otay Ranch Town Center
|
45%
|
Chula Vista, CA
|
539
|
|
—
|
|
140
|
|
—
|
|
—
|
|
679
|
|
95.2%
|
243
|
|
Macy's, AMC Theaters, Barons Market
|
97
|
|
|
Park Place
|
46%
|
Tucson, AZ
|
467
|
|
—
|
|
584
|
|
—
|
|
—
|
|
1,051
|
|
96.1%
|
215
|
|
Dillard's, Macy's, Century Theatres, Round 1 Bowling
|
98
|
|
|
Pembroke Lakes Mall
|
46%
|
Pembroke Pines, FL
|
388
|
|
353
|
|
386
|
|
—
|
|
—
|
|
1,128
|
|
95.9%
|
341
|
|
Dillard's, Macy's, JCPenney, AMC Theaters, Round 1 Bowling
|
99
|
|
|
Pinnacle Hills Promenade
|
45%
|
Rogers, AR
|
367
|
|
99
|
|
162
|
|
309
|
|
74
|
|
1,011
|
|
91.7%
|
383
|
|
Dillard's, JCPenney, Malco Theatres, Dave & Buster's
|
100
|
|
|
Plaza Frontenac
|
50%
|
St. Louis, MO
|
217
|
|
126
|
|
135
|
|
—
|
|
—
|
|
478
|
|
95.5%
|
170
|
|
Neiman Marcus, Saks Fifth Avenue
|
101
|
|
|
Ridgedale Center
|
46%
|
Minnetonka, MN
|
367
|
|
177
|
|
596
|
|
—
|
|
—
|
|
1,139
|
|
93.5%
|
250
|
|
Nordstrom, Macy's, JCPenney
|
102
|
|
|
Riverchase Galleria
|
46%
|
Hoover, AL
|
528
|
|
330
|
|
610
|
|
—
|
|
—
|
|
1,468
|
|
95%
|
395
|
|
Von Maur, Macy's, Belk, Belk Homestore, JCPenney, Dave & Buster's
|
103
|
|
|
Saint Louis Galleria
|
66%
|
St. Louis, MO
|
463
|
|
—
|
|
714
|
|
—
|
|
—
|
|
1,177
|
|
99.3%
|
308
|
|
Nordstrom, Dillard's, Macy's, Carvana
|
104
|
|
|
Stonebriar Centre
|
45%
|
Frisco, TX
|
929
|
|
163
|
|
703
|
|
—
|
|
—
|
|
1,795
|
|
99.7%
|
493
|
|
Nordstrom, Dillard's, Macy's, JCPenney, Dick's Sporting Goods, AMC Theaters, KidZania
|
105
|
|
|
The Crossroads
|
46%
|
Portage, MI
|
261
|
|
82
|
|
421
|
|
—
|
|
—
|
|
764
|
|
91.4%
|
158
|
|
Macy's, Burlington Stores, JCPenney
|
106
|
|
|
The Gallery At Harborplace
|
46%
|
Baltimore, MD
|
98
|
|
—
|
|
—
|
|
—
|
|
292
|
|
390
|
|
74.5%
|
179
|
|
Victoria Secret, Footlocker, Forever 21, Spaces
|
107
|
|
|
The Grand Canal Shoppes
|
45%
|
Las Vegas, NV
|
658
|
|
—
|
|
—
|
|
—
|
|
94
|
|
752
|
|
99.9%
|
340
|
|
Louis Vuitton, Tao Nightclub, Smith & Wollensky, Canaletto
|
108
|
|
|
The Maine Mall
|
46%
|
South Portland, ME
|
460
|
|
120
|
|
378
|
|
—
|
|
1
|
|
958
|
|
97.7%
|
267
|
|
Macy's, JCPenney, Round 1 Bowling, Best Buy, Jordan's Furniture
|
109
|
|
|
The Mall In Columbia
|
45%
|
Columbia, MD
|
707
|
|
278
|
|
449
|
|
—
|
|
—
|
|
1,434
|
|
97.5%
|
444
|
|
Nordstrom, Macy's, Lord & Taylor, JCPenney, AMC Theaters, Main Event, Barnes & Noble
|
110
|
|
|
The Oaks Mall
|
46%
|
Gainesville, FL
|
348
|
|
233
|
|
325
|
|
—
|
|
—
|
|
906
|
|
90.7%
|
268
|
|
Dillard's, Belk, JCPenney
|
111
|
|
|
The Parks Mall at Arlington
|
46%
|
Arlington, TX
|
761
|
|
—
|
|
749
|
|
—
|
|
1
|
|
1,510
|
|
99.5%
|
350
|
|
Dillard's, Macy's, JCPenney, Nordstrom Rack, Dick's Sporting Goods
|
112
|
|
|
The Shoppes at River Crossing
|
45%
|
Macon, GA
|
417
|
|
—
|
|
333
|
|
—
|
|
—
|
|
751
|
|
94%
|
188
|
|
Dillard's, Belk, Dick's Sporting Goods
|
113
|
|
|
The Shops at La Cantera
|
34%
|
San Antonio, TX
|
617
|
|
—
|
|
628
|
|
—
|
|
73
|
|
1,317
|
|
99.4%
|
233
|
|
Neiman Marcus, Nordstrom, Dillard's, Macy's
|
Property
Count
|
|
Property Name
|
BPR Ownership (2)
|
Location
|
Mall and Freestanding GLA
|
Anchor GLA (BPR Owned)
|
Anchor GLA (Tenant Owned)
|
Strip Center GLA
|
Office GLA
|
Total GLA
|
Retail Percentage Leased
|
Proportionate GLA
|
Key Stores (3)
|
||||||||
114
|
|
|
The Shops at The Bravern
|
36%
|
Bellevue, WA
|
160
|
|
125
|
|
—
|
|
—
|
|
—
|
|
285
|
|
97.3%
|
103
|
|
Neiman Marcus, Hermes, Louis Vuitton, Gucci, Lifetime Fitness
|
115
|
|
|
The SoNo Collection
|
12%
|
Norwalk, CT
|
265
|
|
300
|
|
—
|
|
—
|
|
—
|
|
565
|
|
100%
|
66
|
|
Nordstrom, Bloomingdale's, Lillian August
|
116
|
|
|
Tucson Mall (1)
|
46%
|
Tucson, AZ
|
620
|
|
—
|
|
641
|
|
36
|
|
—
|
|
1,298
|
|
95.5%
|
302
|
|
Dillard's, Macy's, JCPenney, Dick's Sporting Goods
|
117
|
|
|
Water Tower Place
|
43%
|
Chicago, IL
|
411
|
|
297
|
|
—
|
|
—
|
|
86
|
|
794
|
|
93.6%
|
338
|
|
Macy's, American Girl
|
118
|
|
|
Westroads Mall
|
46%
|
Omaha, NE
|
531
|
|
—
|
|
529
|
|
—
|
|
—
|
|
1,060
|
|
97.8%
|
244
|
|
Von Maur, JCPenney, AMC Theaters, Dick's Sporting Goods
|
119
|
|
|
Whaler's Village
|
45%
|
Lahaina, HI
|
110
|
|
—
|
|
—
|
|
—
|
|
9
|
|
119
|
|
98.4%
|
54
|
|
Louis Vuitton, Lululemon, Leilani's, Hula Grill
|
120
|
|
|
White Marsh Mall
|
46%
|
Baltimore, MD
|
434
|
|
257
|
|
466
|
|
—
|
|
—
|
|
1,158
|
|
96.9%
|
318
|
|
Macy's, Macy's Home Store, Boscov's, JCPenney, Dave & Buster's
|
121
|
|
|
Willowbrook Mall
|
45%
|
Houston, TX
|
531
|
|
—
|
|
984
|
|
—
|
|
—
|
|
1,516
|
|
99.4%
|
240
|
|
Dillard's, Macy's, JCPenney, Dick's Sporting Goods
|
122
|
|
|
Woodbridge Center
|
46%
|
Woodbridge, NJ
|
635
|
|
458
|
|
561
|
|
—
|
|
—
|
|
1,655
|
|
96.2%
|
503
|
|
Macy's, Lord & Taylor, Boscov's, JCPenney, Dick's Sporting Goods
|
|
|
Total Unconsolidated Retail Properties
|
|
|
30,493
|
|
9,663
|
|
22,817
|
|
513
|
|
1,779
|
|
65,264
|
|
96.9%
|
18,654
|
|
|
|
|
|
Total Retail Properties
|
|
|
56,102
|
|
17,869
|
|
42,642
|
|
1,517
|
|
2,351
|
|
120,481
|
|
96.4%
|
50,481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
OTHER RETAIL PROPERTIES
|
|||||||||||||||||||||
Property Count
|
|
Property Name
|
BPR Ownership
|
Location
|
Mall and Freestanding GLA
|
Anchor GLA (BPR Owned)
|
Anchor GLA (Tenant Owned)
|
Strip Center GLA
|
Office GLA
|
Total GLA
|
Retail Percentage Leased
|
Proportionate GLA
|
Key Store
|
||||||||
123
|
|
|
Shopping Leblon
|
32%
|
Rio de Janeiro, Brazil
|
221
|
|
64
|
|
—
|
|
—
|
|
—
|
|
286
|
|
99.3%
|
90
|
|
|
|
|
Total
|
|
|
56,323
|
|
17,933
|
|
42,642
|
|
1,517
|
|
2,351
|
|
120,767
|
|
96.5%
|
50,571
|
|
|
Property Name
|
|
Location
|
|
Interest
Rate |
Maturity Date (1)
|
|
BPR
Ownership (2)
|
|
Proportionate
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Mortgage Details
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Consolidated Property Level
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Mall St. Matthews
|
|
Louisville, KY
|
|
2.72%
|
June
|
2020
|
|
90%
|
|
$
|
155
|
|
|
$
|
155
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fixed
|
|
Town East Mall
|
|
Mesquite (Dallas), TX
|
|
3.57%
|
June
|
2020
|
|
90%
|
|
145
|
|
|
145
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Visalia Mall
|
|
Visalia, CA
|
|
3.71%
|
June
|
2020
|
|
90%
|
|
67
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
830 North Michigan
|
|
Chicago, IL
|
|
3.6%
|
July
|
2020
|
|
90%
|
|
70
|
|
|
70
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Tysons Galleria
|
|
McLean (Washington, D.C.), VA
|
|
4.06%
|
September
|
2020
|
|
90%
|
|
259
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Deerbrook Mall
|
|
Humble (Houston), TX
|
|
5.25%
|
April
|
2021
|
|
90%
|
|
119
|
|
|
3
|
|
|
116
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Brass Mill Center
|
|
Waterbury, CT
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
58
|
|
|
1
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Columbia Mall
|
|
Columbia, MO
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
42
|
|
|
1
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Eastridge
|
|
Casper, WY
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
38
|
|
|
1
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Four Seasons
|
|
Greensboro, NC
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
27
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Grand Teton Mall
|
|
Idaho Falls, ID
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
39
|
|
|
1
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Mayfair
|
|
Wauwatosa (Milwaukee), WI
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
302
|
|
|
5
|
|
|
297
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Mondawmin Mall
|
|
Baltimore, MD
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
74
|
|
|
1
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
North Town Mall
|
|
Spokane, WA
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
75
|
|
|
1
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Oakwood
|
|
Eau Claire, WI
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
62
|
|
|
1
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Oakwood Center
|
|
Gretna, LA
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
75
|
|
|
1
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Pioneer Place
|
|
Portland, OR
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
110
|
|
|
2
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Quail Springs Mall
|
|
Oklahoma City, OK
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
61
|
|
|
1
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
River Hills Mall
|
|
Mankato, MN
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
62
|
|
|
1
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Sooner Mall
|
|
Norman, OK
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
62
|
|
|
1
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Southwest Plaza
|
|
Littleton (Denver), CO
|
|
3.44%
|
April
|
2021
|
|
90%
|
|
100
|
|
|
2
|
|
|
98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Providence Place
|
|
Providence, RI
|
|
5.65%
|
May
|
2021
|
|
85%
|
|
282
|
|
|
7
|
|
|
275
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Fox River Mall
|
|
Appleton, WI
|
|
5.46%
|
June
|
2021
|
|
90%
|
|
146
|
|
|
4
|
|
|
142
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Oxmoor Center
|
|
Louisville, KY
|
|
5.37%
|
June
|
2021
|
|
85%
|
|
70
|
|
|
2
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Rivertown Crossings
|
|
Grandville (Grand Rapids), MI
|
|
5.19%
|
June
|
2021
|
|
90%
|
|
122
|
|
|
3
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Westlake Center
|
|
Seattle, WA
|
|
4.21%
|
July
|
2021
|
|
90%
|
|
44
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Park City Center
|
|
Lancaster (Philadelphia), PA
|
|
4.74%
|
September
|
2021
|
|
90%
|
|
122
|
|
|
—
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
Property Name
|
|
Location
|
|
Interest
Rate |
Maturity Date (1)
|
|
BPR
Ownership (2)
|
|
Proportionate
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Mortgage Details
|
|||||||||||||||
Westlake Center - Land
|
|
Seattle, WA
|
|
12.90%
|
November
|
2021
|
|
90%
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
530 Fifth Avenue
|
|
New York, NY
|
|
4.99%
|
November
|
2021
|
|
81%
|
|
90
|
|
|
—
|
|
|
90
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
200 Lafayette
|
|
New York, NY
|
|
4.21%
|
November
|
2021
|
|
90%
|
|
24
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Bellis Fair
|
|
Bellingham (Seattle), WA
|
|
5.23%
|
February
|
2022
|
|
90%
|
|
73
|
|
|
2
|
|
|
2
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
The Shoppes at Buckland Hills
|
|
Manchester, CT
|
|
5.19%
|
March
|
2022
|
|
90%
|
|
103
|
|
|
3
|
|
|
3
|
|
|
97
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
The Streets at SouthPoint
|
|
Durham, NC
|
|
4.36%
|
May
|
2022
|
|
85%
|
|
199
|
|
|
5
|
|
|
5
|
|
|
189
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Spokane Valley Mall
|
|
Spokane, WA
|
|
4.65%
|
June
|
2022
|
|
90%
|
|
49
|
|
|
1
|
|
|
1
|
|
|
47
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Greenwood Mall
|
|
Bowling Green, KY
|
|
4.19%
|
July
|
2022
|
|
90%
|
|
55
|
|
|
1
|
|
|
1
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
North Star Mall
|
|
San Antonio, TX
|
|
3.93%
|
August
|
2022
|
|
90%
|
|
263
|
|
|
8
|
|
|
8
|
|
|
247
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Coral Ridge Mall
|
|
Coralville (Iowa City), IA
|
|
5.71%
|
September
|
2022
|
|
90%
|
|
88
|
|
|
2
|
|
|
2
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Coastland Center
|
|
Naples, FL
|
|
3.76%
|
November
|
2022
|
|
90%
|
|
101
|
|
|
3
|
|
|
3
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Pecanland Mall
|
|
Monroe, LA
|
|
3.88%
|
March
|
2023
|
|
90%
|
|
74
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Crossroads Center (MN)
|
|
St. Cloud, MN
|
|
3.25%
|
April
|
2023
|
|
90%
|
|
83
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Meadows Mall
|
|
Las Vegas, NV
|
|
3.96%
|
July
|
2023
|
|
90%
|
|
124
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
109
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Prince Kuhio Plaza
|
|
Hilo, HI
|
|
4.10%
|
July
|
2023
|
|
90%
|
|
36
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Staten Island Mall
|
|
Staten Island, NY
|
|
4.77%
|
September
|
2023
|
|
90%
|
|
209
|
|
|
6
|
|
|
7
|
|
|
7
|
|
|
189
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Hulen Mall
|
|
Fort Worth, TX
|
|
4.51%
|
October
|
2023
|
|
90%
|
|
80
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
77
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Stonestown Galleria
|
|
San Francisco, CA
|
|
4.39%
|
October
|
2023
|
|
90%
|
|
159
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
150
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
605 North Michigan Avenue
|
|
Chicago, IL
|
|
4.76%
|
December
|
2023
|
|
90%
|
|
72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Jordan Creek Town Center
|
|
West Des Moines, IA
|
|
4.37%
|
January
|
2024
|
|
90%
|
|
178
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
158
|
|
|
—
|
|
|
Fixed
|
|||||||
730 Fifth Avenue
|
|
New York , NY
|
|
5.27%
|
September
|
2024
|
|
90%
|
|
729
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
729
|
|
|
—
|
|
|
Floating
|
|||||||
Shops at Merrick Park
|
|
Coral Gables, FL
|
|
3.90%
|
November
|
2024
|
|
90%
|
|
352
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
352
|
|
|
—
|
|
|
Fixed
|
|||||||
Park Meadows
|
|
Lone Tree, CO
|
|
3.56%
|
November
|
2024
|
|
90%
|
|
632
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
632
|
|
|
—
|
|
|
Fixed
|
|||||||
Valley Plaza Mall
|
|
Bakersfield, CA
|
|
3.75%
|
March
|
2025
|
|
90%
|
|
210
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
185
|
|
|
Fixed
|
|||||||
Willowbrook Mall
|
|
Wayne, NJ
|
|
3.55%
|
March
|
2025
|
|
90%
|
|
325
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
325
|
|
|
Fixed
|
|||||||
Beachwood Place
|
|
Beachwood, OH
|
|
3.94%
|
March
|
2025
|
|
90%
|
|
188
|
|
|
4
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
164
|
|
|
Fixed
|
|||||||
Towson Town Center
|
|
Towson, MD
|
|
3.82%
|
August
|
2025
|
|
90%
|
|
286
|
|
|
6
|
|
|
6
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
253
|
|
|
Fixed
|
|||||||
Paramus Park
|
|
Paramus, NJ
|
|
4.07%
|
September
|
2025
|
|
90%
|
|
108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
Fixed
|
|||||||
Peachtree Mall
|
|
Columbus, GA
|
|
3.94%
|
December
|
2025
|
|
90%
|
|
66
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
55
|
|
|
Fixed
|
|||||||
Perimeter Mall
|
|
Atlanta, GA
|
|
3.96%
|
September
|
2026
|
|
90%
|
|
248
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
248
|
|
|
Fixed
|
|||||||
North Point Mall
|
|
Alpharetta (Atlanta), GA
|
|
4.54%
|
September
|
2026
|
|
90%
|
|
225
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
5
|
|
|
5
|
|
|
203
|
|
|
Fixed
|
Property Name
|
|
Location
|
|
Interest
Rate |
Maturity Date (1)
|
|
BPR
Ownership (2)
|
|
Proportionate
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Mortgage Details
|
|||||||||||||||
Mall of Louisiana
|
|
Baton Rouge, LA
|
|
3.98%
|
August
|
2027
|
|
90%
|
|
293
|
|
|
2
|
|
|
6
|
|
|
6
|
|
|
6
|
|
|
6
|
|
|
267
|
|
|
Fixed
|
|||||||
Providence Place - Other
|
|
Providence, RI
|
|
7.75%
|
July
|
2028
|
|
85%
|
|
26
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
4
|
|
|
13
|
|
|
Fixed
|
|||||||
685 Fifth Avenue
|
|
New York, NY
|
|
4.53%
|
July
|
2028
|
|
88%
|
|
241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
241
|
|
|
Fixed
|
|||||||
The Woodlands
|
|
Woodlands (Houston), TX
|
|
4.36%
|
August
|
2029
|
|
90%
|
|
419
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|
4
|
|
|
402
|
|
|
Fixed
|
|||||||
Norwalk
|
|
Norwalk, CT
|
|
2%
|
December
|
2037
|
|
90%
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
Fixed
|
|||||||
Consolidated Property Level
|
|
|
|
|
|
|
|
|
|
$
|
9,201
|
|
|
$
|
814
|
|
|
$
|
2,254
|
|
|
$
|
942
|
|
|
$
|
814
|
|
|
$
|
1,910
|
|
|
$
|
2,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Unconsolidated Property Level
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Miami Design District Misc
|
|
Miami, FL
|
|
6.04%
|
February
|
2020
|
|
20%
|
|
$
|
20
|
|
|
$
|
20
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Floating
|
|
The Shops at The Bravern
|
|
Bellevue, WA
|
|
4.25%
|
May
|
2020
|
|
36%
|
|
21
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Tucson Mall
|
|
Tucson, AZ
|
|
4.01%
|
June
|
2020
|
|
46%
|
|
113
|
|
|
113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Fashion Place
|
|
Murray, UT
|
|
3.64%
|
June
|
2020
|
|
46%
|
|
104
|
|
|
104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Oakbrook Center
|
|
Oak Brook (Chicago), IL
|
|
3.66%
|
July
|
2020
|
|
43%
|
|
183
|
|
|
183
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
The Mall in Columbia
|
|
Columbia, MD
|
|
3.95%
|
September
|
2020
|
|
45%
|
|
145
|
|
|
145
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Water Tower Place
|
|
Chicago, IL
|
|
4.33%
|
October
|
2020
|
|
43%
|
|
156
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Kenwood Towne Centre
|
|
Cincinnati, OH
|
|
5.37%
|
December
|
2020
|
|
63%
|
|
127
|
|
|
127
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Whaler's Village
|
|
Lahaina, HI
|
|
5.42%
|
January
|
2021
|
|
45%
|
|
36
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Northridge Fashion Center
|
|
Northridge (Los Angeles), CA
|
|
5.10%
|
April
|
2021
|
|
46%
|
|
99
|
|
|
3
|
|
|
96
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Willowbrook Mall (TX)
|
|
Houston, TX
|
|
5.13%
|
April
|
2021
|
|
45%
|
|
83
|
|
|
2
|
|
|
81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
85 Fifth Avenue
|
|
New York, NY
|
|
4.46%
|
April
|
2021
|
|
45%
|
|
27
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
White Marsh Mall
|
|
Baltimore, MD
|
|
3.66%
|
May
|
2021
|
|
46%
|
|
87
|
|
|
—
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Park Place
|
|
Tucson, AZ
|
|
5.18%
|
May
|
2021
|
|
46%
|
|
79
|
|
|
2
|
|
|
77
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Miami Design District
|
|
Miami, FL
|
|
6.20%
|
May
|
2021
|
|
20%
|
|
117
|
|
|
—
|
|
|
117
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Northbrook Court
|
|
Northbrook, IL
|
|
4.25%
|
November
|
2021
|
|
45%
|
|
54
|
|
|
1
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Fashion Show - Other
|
|
Las Vegas,
|
|
6.06%
|
November
|
2021
|
|
45%
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Ala Moana Center
|
|
Honolulu, HI
|
|
4.23%
|
April
|
2022
|
|
45%
|
|
632
|
|
|
—
|
|
|
—
|
|
|
632
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
The Gallery at Harborplace
|
|
Baltimore, MD
|
|
5.24%
|
May
|
2022
|
|
46%
|
|
33
|
|
|
1
|
|
|
1
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Florence Mall
|
|
Florence (Cincinnati, OH), KY
|
|
4.15%
|
June
|
2022
|
|
45%
|
|
41
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
Property Name
|
|
Location
|
|
Interest
Rate |
Maturity Date (1)
|
|
BPR
Ownership (2)
|
|
Proportionate
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Mortgage Details
|
|||||||||||||||
Clackamas Town Center
|
|
Happy Valley, OR
|
|
4.18%
|
October
|
2022
|
|
45%
|
|
97
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
The Oaks Mall
|
|
Gainesville, FL
|
|
4.55%
|
October
|
2022
|
|
46%
|
|
56
|
|
|
2
|
|
|
2
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Westroads Mall
|
|
Omaha, NE
|
|
4.55%
|
October
|
2022
|
|
46%
|
|
63
|
|
|
2
|
|
|
2
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
The Shoppes at River Crossing
|
|
Macon, GA
|
|
3.75%
|
March
|
2023
|
|
45%
|
|
34
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Ala Moana Expansion
|
|
Honolulu, HI
|
|
3.80%
|
May
|
2023
|
|
45%
|
|
226
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
226
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Cumberland Mall
|
|
Atlanta, GA
|
|
3.67%
|
May
|
2023
|
|
46%
|
|
74
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Carolina Place
|
|
Pineville (Charlotte), NC
|
|
3.84%
|
June
|
2023
|
|
45%
|
|
74
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Oglethorpe Mall
|
|
Savannah, GA
|
|
3.90%
|
July
|
2023
|
|
46%
|
|
67
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Augusta Mall
|
|
Augusta, GA
|
|
4.36%
|
August
|
2023
|
|
46%
|
|
78
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
The SoNo Collection
|
|
Norwalk, CT
|
|
5.46%
|
August
|
2023
|
|
12%
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Ridgedale Center
|
|
Minnetonka, MN
|
|
4.29%
|
September
|
2023
|
|
46%
|
|
77
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Riverchase Galleria
|
|
Birmingham, AL
|
|
5.25%
|
September
|
2023
|
|
46%
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Apache Mall
|
|
Rochester, MN
|
|
5.25%
|
September
|
2023
|
|
46%
|
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Columbiana Centre
|
|
Columbia, SC
|
|
5.25%
|
September
|
2023
|
|
46%
|
|
63
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
One Union Square
|
|
San Francisco, CA
|
|
5.12%
|
October
|
2023
|
|
45%
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Boise Towne Square
|
|
Boise Towne Square, ID
|
|
4.79%
|
October
|
2023
|
|
46%
|
|
54
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Galleria at Tyler
|
|
Riverside, CA
|
|
5.05%
|
November
|
2023
|
|
45%
|
|
77
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
71
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Market Place Shopping Center
|
|
Champaign, IL
|
|
4.66%
|
November
|
2023
|
|
46%
|
|
41
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
The Crossroads (MI)
|
|
Portage, MI
|
|
4.42%
|
December
|
2023
|
|
46%
|
|
41
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
Fixed
|
|||||||
Woodbridge Center
|
|
Woodbridge, NJ
|
|
4.80%
|
April
|
2024
|
|
46%
|
|
110
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
102
|
|
|
—
|
|
|
Fixed
|
|||||||
The Maine Mall
|
|
South Portland, ME
|
|
4.66%
|
April
|
2024
|
|
46%
|
|
108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
Fixed
|
|||||||
Governor's Square
|
|
Tallahassee, FL
|
|
5.09%
|
May
|
2024
|
|
46%
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
Floating
|
|||||||
Coronado Center
|
|
Albuquerque, NM
|
|
5.09%
|
May
|
2024
|
|
46%
|
|
101
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
101
|
|
|
—
|
|
|
Floating
|
|||||||
Lynnhaven Mall
|
|
Virginia Beach, VA
|
|
5.09%
|
May
|
2024
|
|
46%
|
|
108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
Floating
|
|||||||
Stonebriar Centre
|
|
Frisco (Dallas), TX
|
|
4.05%
|
August
|
2024
|
|
45%
|
|
121
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
109
|
|
|
—
|
|
|
Fixed
|
|||||||
Baybrook Mall
|
|
Friendswood (Houston), TX
|
|
5.52%
|
September
|
2024
|
|
46%
|
|
108
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
99
|
|
|
—
|
|
|
Fixed
|
|||||||
The Parks Mall at Arlington
|
|
Arlington (Dallas), TX
|
|
5.57%
|
September
|
2024
|
|
46%
|
|
108
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
99
|
|
|
—
|
|
|
Fixed
|
|||||||
Fashion Show
|
|
Las Vegas, NV
|
|
4.03%
|
November
|
2024
|
|
45%
|
|
377
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
377
|
|
|
—
|
|
|
Fixed
|
|||||||
Natick Mall
|
|
Natick (Boston), MA
|
|
3.72%
|
November
|
2024
|
|
45%
|
|
228
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
228
|
|
|
—
|
|
|
Fixed
|
|||||||
Pinnacle Hills Promenade
|
|
Rogers, AR
|
|
4.13%
|
January
|
2025
|
|
45%
|
|
50
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
45
|
|
|
Fixed
|
|||||||
Altamonte Mall
|
|
Altamonte Springs (Orlando), FL
|
|
3.72%
|
February
|
2025
|
|
45%
|
|
70
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
60
|
|
|
Fixed
|
Property Name
|
|
Location
|
|
Interest
Rate |
Maturity Date (1)
|
|
BPR
Ownership (2)
|
|
Proportionate
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Mortgage Details
|
|||||||||||||||
Pembroke Lakes Mall
|
|
Pembroke, FL
|
|
3.56%
|
March
|
2025
|
|
46%
|
|
120
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
120
|
|
|
Fixed
|
|||||||
Alderwood
|
|
Lynnwood (Seattle), WA
|
|
3.48%
|
June
|
2025
|
|
45%
|
|
146
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
126
|
|
|
Fixed
|
|||||||
Boise Towne Plaza
|
|
Boise Towne Square, ID
|
|
4.13%
|
August
|
2025
|
|
46%
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
Fixed
|
|||||||
Glenbrook Square
|
|
Fort Wayne, IN
|
|
4.27%
|
November
|
2025
|
|
46%
|
|
72
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
63
|
|
|
Fixed
|
|||||||
Glendale Galleria
|
|
Glendale, CA
|
|
4.06%
|
September
|
2026
|
|
45%
|
|
194
|
|
|
1
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
177
|
|
|
Fixed
|
|||||||
The Shops at La Cantera
|
|
San Antonio, Bexar County, TX
|
|
3.60%
|
May
|
2027
|
|
34%
|
|
118
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
118
|
|
|
Fixed
|
|||||||
Baybrook Expansion
|
|
Friendswood, TX
|
|
3.77%
|
December
|
2027
|
|
26%
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
Fixed
|
|||||||
Christiana Mall
|
|
Newark, DE
|
|
4.28%
|
August
|
2028
|
|
23%
|
|
124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
Fixed
|
|||||||
Plaza Frontenac
|
|
St. Louis, MO
|
|
4.43%
|
August
|
2028
|
|
50%
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
Fixed
|
|||||||
Saint Louis Galleria
|
|
St. Louis, MO
|
|
5.10%
|
November
|
2028
|
|
66%
|
|
173
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|
158
|
|
|
Fixed
|
|||||||
The Grand Canal Shoppes
|
|
Las Vegas, NV
|
|
4.29%
|
July
|
2029
|
|
45%
|
|
441
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
441
|
|
|
Fixed
|
|||||||
First Colony Mall
|
|
Sugarland, TX
|
|
3.55%
|
November
|
2029
|
|
45%
|
|
99
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|
Fixed
|
|||||||
Unconsolidated Property Level
|
|
|
|
|
|
|
|
|
|
$
|
6,548
|
|
|
$
|
913
|
|
|
$
|
615
|
|
|
$
|
948
|
|
|
$
|
1,071
|
|
|
$
|
1,375
|
|
|
$
|
1,626
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Subordinated Unsecured Note ($31.7M)
|
|
N/A
|
|
4.71%
|
January
|
2020
|
|
90.25%
|
|
$
|
32
|
|
|
$
|
32
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Floating
|
|
BPR Term Loan A-1
|
|
N/A
|
|
4.03%
|
August
|
2021
|
|
90.25%
|
|
31
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
Project Gold - Revolver
|
|
N/A
|
|
4.03%
|
August
|
2022
|
|
90.25%
|
|
645
|
|
|
—
|
|
|
—
|
|
|
645
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
BPR Term Loan A-2
|
|
N/A
|
|
4.05%
|
August
|
2023
|
|
90.25%
|
|
1,805
|
|
|
—
|
|
|
25
|
|
|
100
|
|
|
1,680
|
|
|
—
|
|
|
—
|
|
|
Floating
|
|||||||
BPR Term Loan B
|
|
N/A
|
|
4.3%
|
August
|
2025
|
|
90.25%
|
|
1,782
|
|
|
20
|
|
|
20
|
|
|
20
|
|
|
20
|
|
|
20
|
|
|
1,682
|
|
|
Floating
|
|||||||
Senior Secured Notes - Silver Bonds
|
|
N/A
|
|
5.75%
|
May
|
2026
|
|
90.25%
|
|
902
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
902
|
|
|
Floating
|
|||||||
Subordinated Unsecured Note ($70.5M)
|
|
N/A
|
|
4.71%
|
June
|
2029
|
|
90.25%
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
Floating
|
|||||||
Junior Subordinated Notes Due 2036
|
|
N/A
|
|
3.39%
|
April
|
2036
|
|
90.25%
|
|
186
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
186
|
|
|
Floating
|
|||||||
Total Corporate
|
|
|
|
|
|
|
|
|
|
$
|
5,386
|
|
|
$
|
52
|
|
|
$
|
76
|
|
|
$
|
765
|
|
|
$
|
1,700
|
|
|
$
|
20
|
|
|
$
|
2,773
|
|
|
|
Other, net
|
|
|
|
|
|
|
|
|
|
166
|
|
|
|
|
|
|
|
|
|
|
|
|
166
|
|
|
|
||||||||||||
Total
|
|
|
|
|
|
|
|
|
|
$
|
21,301
|
|
|
$
|
1,779
|
|
|
$
|
2,945
|
|
|
$
|
2,655
|
|
|
$
|
3,585
|
|
|
$
|
3,305
|
|
|
$
|
7,032
|
|
|
|
Total Maturities, from above
|
$
|
21,301
|
|
Debt related to solar projects and other
|
292
|
|
|
Proportionate Portfolio Debt
|
21,593
|
|
|
Deferred financing costs, market rate adjustments and other, net
|
(132
|
)
|
|
Junior Subordinated Notes Due 2036
|
(206
|
)
|
|
Proportionate Mortgages, Notes and Loans Payable
|
$
|
21,255
|
|
BPR Share of Unconsolidated Real Estate Affiliates
|
(6,547
|
)
|
|
Noncontrolling Interests
|
1,195
|
|
|
Consolidated Mortgages, Notes and Loans Payable on US GAAP Basis
|
$
|
15,903
|
|
Year
|
|
Number of
Expiring
Leases
|
|
Expiring GLA
at 100%
|
|
Percent of
Total
|
|
Expiring
Rent
|
|
Expiring
Rent ($psf)
|
||||||
Specialty Leasing
|
|
1,080
|
|
|
2,577
|
|
|
4.8%
|
|
$
|
62,693
|
|
|
$
|
24.33
|
|
2020
|
|
1,819
|
|
|
5,697
|
|
|
10.5%
|
|
334,441
|
|
|
58.71
|
|
||
2021
|
|
1,681
|
|
|
5,800
|
|
|
10.7%
|
|
321,815
|
|
|
55.49
|
|
||
2022
|
|
1,582
|
|
|
6,163
|
|
|
11.4%
|
|
316,136
|
|
|
51.30
|
|
||
2023
|
|
1,321
|
|
|
5,170
|
|
|
9.6%
|
|
324,173
|
|
|
62.70
|
|
||
2024
|
|
1,321
|
|
|
6,062
|
|
|
11.2%
|
|
371,758
|
|
|
61.33
|
|
||
2025
|
|
1,046
|
|
|
5,075
|
|
|
9.4%
|
|
363,146
|
|
|
71.56
|
|
||
2026
|
|
833
|
|
|
3,892
|
|
|
7.2%
|
|
294,206
|
|
|
75.60
|
|
||
2027
|
|
668
|
|
|
3,871
|
|
|
7.2%
|
|
265,205
|
|
|
68.52
|
|
||
2028
|
|
603
|
|
|
3,233
|
|
|
6.0%
|
|
203,972
|
|
|
63.09
|
|
||
Subsequent
|
|
1,093
|
|
|
6,539
|
|
|
12.1%
|
|
369,198
|
|
|
56.46
|
|
||
Total
|
|
13,047
|
|
|
54,078
|
|
|
100.0%
|
|
$
|
3,226,743
|
|
|
$
|
59.67
|
|
Vacant Space
|
|
919
|
|
|
2,024
|
|
|
|
|
|
|
|
||||
Mall and Freestanding GLA
|
|
13,966
|
|
|
56,102
|
|
|
|
|
|
|
|
As Of
|
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2016
|
|
December 31, 2017
|
|
December 31, 2018
|
|
December 31, 2019
|
||||||
BPR
|
Cum $
|
|
100
|
|
|
99
|
|
|
95
|
|
|
92
|
|
|
67
|
|
|
82
|
|
Return %
|
|
|
|
(0.69
|
)
|
|
(5.19
|
)
|
|
(7.72
|
)
|
|
(32.87
|
)
|
|
(17.57
|
)
|
||
FTSE Nareit Equity REIT Index
|
Cum $
|
|
100
|
|
|
103
|
|
|
112
|
|
|
118
|
|
|
112
|
|
|
142
|
|
Return %
|
|
|
|
3.20
|
|
|
11.99
|
|
|
17.84
|
|
|
12.39
|
|
|
41.61
|
|
||
S&P 500 Index
|
Cum $
|
|
100
|
|
|
101
|
|
|
114
|
|
|
138
|
|
|
132
|
|
|
174
|
|
Return %
|
|
|
|
1.38
|
|
|
13.51
|
|
|
38.29
|
|
|
32.23
|
|
|
73.86
|
|
Period
|
(a) Total number of shares (or units) purchased
|
|
(b) Average price paid per share (or unit)
|
|
(c) Total number of shares (or units) purchased as part of publicly announced plans or programs
|
|
(d) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs
|
||||||
October 1 - October 31, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|||
November 1 - November 30, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|||
December 1 - December 31, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(2)
|
(1)
|
On August 1, 2019, the Company’s Board of Directors authorized the repurchase of the greater of (i) 5% of the Company’s Class A Stock that are issued or outstanding or (ii) 10% of its public float of Class A Stock over the next 12 months from time to time as market conditions warrant.
|
(2)
|
As of December 31, 2019, the number of shares of Class A Stock comprising 10% of the Company's public float was greater than 5% of the Company's issued and outstanding Class A Stock, and was equal to 6,402,442 shares of Class A Stock. As of December 31, 2019, 6,005,217 shares of Class A Stock were available for repurchase under the Company's stock repurchase plan.
|
2019
|
High ($)
|
Low ($)
|
Volume
|
|||||
October 1, 2019 - December 31, 2019
|
$
|
20.52
|
|
$
|
17.99
|
|
58,672,300
|
|
July 1, 2019 - September 30, 2019
|
$
|
20.58
|
|
$
|
18.26
|
|
51,862,900
|
|
April 1, 2019 - June 30, 2019
|
$
|
21.22
|
|
$
|
18.12
|
|
77,184,300
|
|
January 1, 2019 - March 31, 2019
|
$
|
20.79
|
|
$
|
15.89
|
|
87,399,700
|
|
2018
|
|
|
|
|||||
October 1, 2018 - December 31, 2018
|
$
|
21.09
|
|
$
|
14.96
|
|
121,103,300
|
|
July 1, 2018 - September 30, 2018
|
$
|
21.15
|
|
$
|
18.86
|
|
199,737,100
|
|
April 1, 2018 - June 30, 2018
|
$
|
20.65
|
|
$
|
18.46
|
|
23,710,400
|
|
January 1, 2018 - March 31, 2018
|
$
|
22.31
|
|
$
|
18.13
|
|
16,866,800
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
|
Year Ended December 31, 2015
|
||||||||||
|
(Dollars in thousands, except per share amounts)
|
||||||||||||||||||
OPERATING DATA (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total revenues
|
$
|
1,563,968
|
|
|
$
|
2,064,034
|
|
|
$
|
2,327,862
|
|
|
$
|
2,346,446
|
|
|
$
|
2,403,906
|
|
Total expenses
|
1,373,886
|
|
|
1,636,358
|
|
|
1,489,605
|
|
|
1,546,193
|
|
|
1,480,013
|
|
|||||
Income from continuing operations
|
480,911
|
|
|
4,163,769
|
|
|
666,873
|
|
|
1,308,273
|
|
|
1,393,596
|
|
|||||
Net income attributable to Brookfield Property REIT Inc.
|
432,880
|
|
|
4,090,541
|
|
|
657,334
|
|
|
1,288,367
|
|
|
1,374,561
|
|
|||||
Common Stock Basic Earnings Per Share (Through August 27, 2018):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
—
|
|
|
$
|
4.16
|
|
|
$
|
0.72
|
|
|
$
|
1.44
|
|
|
$
|
1.54
|
|
Common Stock Diluted Earnings Per Share (Through August 27, 2018):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
—
|
|
|
$
|
4.15
|
|
|
$
|
0.68
|
|
|
$
|
1.34
|
|
|
$
|
1.43
|
|
Class A dividends declared per share (August 28, 2018 through December 31, 2019) (Note 11) (1)
|
$
|
1.32
|
|
|
$
|
0.63
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Common stock dividends declared per share (Through August 27, 2018) (Note 11) (2)
|
$
|
—
|
|
|
$
|
0.44
|
|
|
$
|
0.88
|
|
|
$
|
1.06
|
|
|
$
|
0.71
|
|
FUNDS FROM OPERATIONS ("FFO") (3)
|
$
|
674,213
|
|
|
$
|
1,569,283
|
|
|
$
|
1,530,590
|
|
|
$
|
1,500,848
|
|
|
$
|
1,299,454
|
|
CASH FLOW DATA (1) (4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating activities
|
$
|
428,129
|
|
|
$
|
584,549
|
|
|
$
|
1,294,612
|
|
|
$
|
1,136,151
|
|
|
$
|
1,068,586
|
|
Investing activities
|
$
|
(1,328,958
|
)
|
|
$
|
2,697,130
|
|
|
$
|
(855,296
|
)
|
|
$
|
521,411
|
|
|
$
|
(313,488
|
)
|
Financing activities
|
$
|
877,648
|
|
|
$
|
(3,214,925
|
)
|
|
$
|
(738,263
|
)
|
|
$
|
(1,564,114
|
)
|
|
$
|
(778,175
|
)
|
|
As of December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment in real estate assets—cost
|
$
|
22,474,919
|
|
|
$
|
19,443,057
|
|
|
$
|
24,821,824
|
|
|
$
|
23,278,210
|
|
|
$
|
23,791,086
|
|
Total assets
|
21,973,386
|
|
|
19,033,526
|
|
|
23,347,526
|
|
|
22,732,746
|
|
|
24,073,555
|
|
|||||
Total debt
|
16,109,094
|
|
|
12,795,849
|
|
|
13,038,659
|
|
|
12,636,618
|
|
|
14,422,360
|
|
|||||
Redeemable noncontrolling interests
|
62,235
|
|
|
73,696
|
|
|
248,126
|
|
|
262,727
|
|
|
287,627
|
|
|||||
Stockholders' equity
|
1,762,367
|
|
|
1,221,826
|
|
|
8,795,660
|
|
|
8,635,764
|
|
|
8,270,043
|
|
(1)
|
Cash flow data only represents BPR's consolidated cash flows as defined by generally accepted accounting principles ("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.
|
(2)
|
Excludes the Pre-Closing Dividend.
|
(3)
|
FFO (as defined below) are presented at our proportionate share and do not represent cash flows from operations as defined by GAAP.
|
(4)
|
We adopted accounting guidance which requires that the statement of cash flows explain the change during the reporting period in the total of cash, cash equivalents and restricted cash or restricted cash equivalents. This resulted in the reclassification of restricted cash within the statement of cash flows for all periods presented.
|
•
|
increasing the permanent occupancy of our regional mall portfolio by converting temporary leases to permanent leases and leasing vacant space;
|
•
|
renewing or replacing expiring leases at greater rental rates;
|
•
|
actively recycling capital through the disposition of assets; investing in whole or partial interests in high-quality regional malls, anchor pads, and our development pipeline and repaying debt; and
|
•
|
continuing to execute on our existing redevelopment projects and seeking additional opportunities within our portfolio for redevelopment.
|
|
December 31, 2019 (1)
|
|
December 31, 2018 (1)
|
||||
In-Place Rents Per Square Foot (all less anchors) (2)
|
$
|
61.74
|
|
|
$
|
61.44
|
|
In-Place Rents Per Square Foot (<10K square feet) (2)
|
$
|
79.84
|
|
|
$
|
78.01
|
|
|
|
|
|
||||
Percentage Occupied for Total Retail Properties
|
96.0
|
%
|
|
96.1
|
%
|
||
Percentage Leased for Total Retail Properties
|
96.4
|
%
|
|
96.5
|
%
|
|
(1)
|
Metrics exclude properties acquired in the year ended December 31, 2019 and the December 31, 2018, reductions in ownership as a result of sales or other transactions, and certain redevelopments and other properties.
|
(2)
|
Rent is presented on a cash basis and consists of base minimum rent and common area costs.
|
|
Number of Leases
|
|
Square Feet (in thousands)
|
|
Term/Years
|
|
Initial Rent Per Square Foot (1)
|
|
Expiring Rent Per Square Foot (2)
|
|
Initial Rent Spread
|
|
% Change
|
|||||||||
Trailing 12 Month Commencements
|
1,329
|
|
|
5,256
|
|
|
6.5
|
|
$
|
60.58
|
|
|
$
|
58.47
|
|
|
$
|
2.12
|
|
|
3.6
|
%
|
|
Number of Leases
|
|
Square Feet (in thousands)
|
|
Term/Years
|
|
Initial Rent Per Square Foot (1)
|
|
Expiring Rent Per Square Foot (2)
|
|
Initial Rent Spread
|
|
% Change
|
|||||||||
Trailing 12 Month Commencements
|
1,329
|
|
|
5,256
|
|
|
6.5
|
|
$
|
45.96
|
|
|
$
|
43.99
|
|
|
$
|
1.97
|
|
|
4.5
|
%
|
•
|
to obtain property-secured debt with laddered maturities; and
|
•
|
to minimize the amount of debt that is cross-collateralized and/or recourse to us.
|
(1)
|
Costs are at BPR's ownership share post - August, 28, 2018, with closing of new joint venture partnerships.
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(Dollars in thousands)
|
||||||
Operating capital expenditures (1)
|
$
|
167,118
|
|
|
$
|
145,808
|
|
Tenant allowances and capitalized leasing costs (2)
|
200,302
|
|
|
190,327
|
|
||
Capitalized interest and capitalized overhead
|
22,585
|
|
|
69,582
|
|
||
Total
|
$
|
390,005
|
|
|
$
|
405,717
|
|
(1)
|
Reflects only non-tenant operating capital expenditures.
|
(2)
|
Tenant allowances paid on 7.8 million square feet for the year ended December 31, 2019 and 7.9 million for the year ended December 31, 2018.
|
•
|
in 2019, a decrease of cash inflows was primarily due to the joint ventures formed in conjunction with the BPY Transaction in the third quarter of 2018 (Note 3); and
|
•
|
in 2019, gain from change in control of investment properties and other, net of $(720.7) million; and
|
•
|
in 2018, gain from change in control of investment properties and other, net of $(3.1) billion.
|
•
|
acquisition of real estate and property additions, $(877.1) million;
|
•
|
loans to joint venture and joint venture partners, $(95.8) million;
|
•
|
proceeds from sales of investments properties and Unconsolidated Real Estate Affiliates, $185.2 million;
|
•
|
development of real estate and property improvements, $(514.3) million;
|
•
|
net proceeds from distributions received from Unconsolidated Real Estate Affiliates in excess of income, $363.2 million;
|
•
|
contributions to Unconsolidated Real Estate Affiliates, $(239.4) million;
|
•
|
proceeds from loan to affiliates of $330.0 million; and
|
•
|
loans to affiliates of $(330.0) million.
|
•
|
proceeds from the sale of investment properties and Unconsolidated Real Estate Affiliates, $3.1 billion;
|
•
|
development of real estate and property improvements of $(674.5) million;
|
•
|
net proceeds from distributions received from Unconsolidated Real Estate Affiliates in excess of income, $410.6 million;
|
•
|
contributions to Unconsolidated Real Estate Affiliates, $(218.0) million; and
|
•
|
proceeds from repayment of loans to joint ventures and joint venture partners, $204.9 million.
|
•
|
proceeds from the sale of investment properties and Unconsolidated Real Estate Affiliates, $62.0 million;
|
•
|
loans to joint venture and joint venture partners, $(121.3) million;
|
•
|
development of real estate and property improvements, $(662.8) million;
|
•
|
net proceeds from distributions received from Unconsolidated Real Estate Affiliates in excess of income, $166.9 million;
|
•
|
contributions to Unconsolidated Real Estate Affiliates, $(120.4) million;
|
•
|
proceeds from repayment of loans to joint ventures and joint venture partners, $51.0 million; and
|
•
|
acquisition of real estate and real estate interests, $(230.8) million.
|
•
|
proceeds from the refinancing or issuance of mortgages, notes and loans payable of $6.4 billion, which includes a $1.0 billion bonds issuance;
|
•
|
principal payments on mortgages, notes, and loan payable, $(4.5) billion;
|
•
|
buyback of Class A Stock, $(114.9) million;
|
•
|
buyback of Class B-1 Stock, $(224.5) million;
|
•
|
issuances of Class B-1 Stock, $293.3 million;
|
•
|
cash distributions to noncontrolling interests in consolidated real estate affiliates, $(99.3) million; and
|
•
|
cash distributions paid to stockholders of $(790.2) million.
|
•
|
proceeds from the refinancing or issuance of mortgages, notes and loans payable of $7.0 billion; net of principal payments of $(1.8) billion;
|
•
|
issuances of Class C Stock, $200.0 million;
|
•
|
cash contributions from noncontrolling interests in consolidated real estate affiliates, $1.5 billion;
|
•
|
cash distributions paid to common stockholders of $(9.9) billion; and
|
•
|
cash distributions and redemptions paid to holders of common units, $(107.1) million.
|
•
|
proceeds from refinancing/issuance of mortgages, notes and loans payable, $1.6 billion;
|
•
|
principal payments on mortgages, notes and loans payable, $(1.6) billion;
|
•
|
repurchase of treasury stock, $(274.0) million;
|
•
|
proceeds from warrant exercises, $551.2 million; and
|
•
|
cash distributions paid to common stockholders, $(1.0) billion.
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Subsequent/
Other
|
|
Total
|
||||||||||||||
|
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
||||||||||||||||||
Long-term debt-principal (1)
|
$
|
908,044
|
|
|
$
|
2,609,314
|
|
|
$
|
1,888,517
|
|
|
$
|
2,799,645
|
|
|
$
|
2,134,234
|
|
|
$
|
5,874,998
|
|
|
$
|
16,214,752
|
|
Interest payments (2)
|
672,815
|
|
|
580,379
|
|
|
502,173
|
|
|
422,862
|
|
|
323,506
|
|
|
405,737
|
|
|
2,907,472
|
|
|||||||
Retained debt-principal
|
1,837
|
|
|
79,695
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81,532
|
|
|||||||
Ground lease payments
|
2,024
|
|
|
2,058
|
|
|
2,105
|
|
|
2,178
|
|
|
2,214
|
|
|
140,250
|
|
|
150,829
|
|
|||||||
Corporate leases
|
7,281
|
|
|
7,462
|
|
|
7,649
|
|
|
7,840
|
|
|
8,036
|
|
|
25,333
|
|
|
63,601
|
|
|||||||
Purchase obligations (3)
|
314,743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
314,743
|
|
|||||||
Junior Subordinated Notes (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
206,200
|
|
|
206,200
|
|
|||||||
Total
|
$
|
1,906,744
|
|
|
$
|
3,278,908
|
|
|
$
|
2,400,444
|
|
|
$
|
3,232,525
|
|
|
$
|
2,467,990
|
|
|
$
|
6,652,518
|
|
|
$
|
19,939,129
|
|
(1)
|
Excludes $4.7 million of non-cash debt market rate adjustments, $131.8 million of deferred financing costs, and $11.9 million of debt related to solar projects.
|
(2)
|
Based on rates as of December 31, 2019. Variable rates are based on a LIBOR rate of 2.0%. 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. As we do not expect to redeem the notes prior to maturity, they are included in consolidated debt maturing subsequent to 2024.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Dollars in thousands)
|
||||||||||
Contractual rent expense, including participation rent
|
$
|
12,979
|
|
|
$
|
7,105
|
|
|
$
|
8,561
|
|
Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent
|
12,979
|
|
|
5,083
|
|
|
6,304
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net Income Attributable to BPR
|
$
|
432,880
|
|
|
$
|
4,090,541
|
|
Provision for impairment excluded from FFO
|
223,287
|
|
|
45,866
|
|
||
Gain from changes in control of investment properties and other
|
(720,706
|
)
|
|
(3,097,196
|
)
|
||
Unconsolidated Real Estate Affiliates - gain on investment
|
(206,790
|
)
|
|
(3,692
|
)
|
||
Gain on sales of investment properties
|
(14,414
|
)
|
|
(448,174
|
)
|
||
Preferred stock dividends
|
(15,937
|
)
|
|
(15,936
|
)
|
||
Redeemable noncontrolling interests
|
—
|
|
|
39,232
|
|
||
Depreciation and amortization of capitalized real estate costs - Consolidated Properties
|
482,531
|
|
|
606,204
|
|
||
Depreciation and amortization of capitalized real estate costs - Unconsolidated Properties
|
531,323
|
|
|
389,449
|
|
||
Allocation of noncontrolling interests (1)
|
(37,961
|
)
|
|
(37,011
|
)
|
||
FFO
|
674,213
|
|
|
1,569,283
|
|
(1)
|
Noncontrolling interest holders' share of adjustments including depreciation, impairment, gain from changes in control of investment properties and other, Unconsolidated Real Estate Affiliates - gain on investment and gain on sales of investment properties.
|
•
|
the market price of BPY units and the combined business performance of BPY as a whole;
|
•
|
general volatility of conditions affecting the retail sector;
|
•
|
our inability to acquire and maintain tenants or to lease space on terms favorable to us;
|
•
|
risks related to the bankruptcy or store closures of national tenants with chains of stores in many of our properties;
|
•
|
our inability to sell real estate quickly;
|
•
|
risks related to perceptions by retailers and shoppers of the convenience and attractiveness of our retail properties;
|
•
|
risks related to the development, expansion and acquisitions of properties;
|
•
|
risks related to competition in our business;
|
•
|
risks related to natural disasters or terrorist attacks;
|
•
|
risks related to cyber and data security breaches or information technology failures;
|
•
|
environmental uncertainties and related costs, including costs resulting from uninsured potential losses;
|
•
|
general risks related to inflation or deflation;
|
•
|
risks relating to impairment charges for our real estate assets;
|
•
|
risks related to conflicts of interest with BPY and our status as a "controlled company" within the meaning of the rules of Nasdaq;
|
•
|
our dependence on our subsidiaries for cash;
|
•
|
risks related to our joint venture partners, including risks related to conflicts of interests, potential bankruptcies, tax-related obligations and financial support relating to such joint venture partners;
|
•
|
our inability to maintain status as a REIT, and possible adverse changes to tax laws;
|
•
|
risks related to our indebtedness and debt restrictions and covenants;
|
•
|
our inability to refinance, extend, restructure or repay near and indeterminate debt;
|
•
|
our inability to raise capital through financing activities or asset sales; and
|
•
|
risks related to the structure and trading of the Class A Shares.
|
(a)
|
Consolidated Financial Statements and Consolidated Financial Statement Schedule.
|
(b)
|
Exhibits.
|
|
|
|
|
Incorporated by Reference Herein
|
||||||
Exhibit
Number
|
|
Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
File No.
|
2.1*
|
|
|
8-K
|
|
2.1
|
|
3/27/2018
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
|
2.2*
|
|
|
S-4/A
|
|
2.2
|
|
6/25/2018
|
|
333-224593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
3.1
|
|
6/25/2019
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-A12B
|
|
3.2
|
|
8/27/2018
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
|
4.13
|
|
2/27/2009
|
|
001-11656
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K/A
|
|
4.14
|
|
4/30/2010
|
|
001-11656
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
|
4.15
|
|
2/27/2008
|
|
001-11656
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
4.1
|
|
5/10/2019
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
4.2
|
|
5/10/2019
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
4.1
|
|
5/2/2019
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
10.1
|
|
6/25/2019
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference Herein
|
||||||
Exhibit
Number
|
|
Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
File No.
|
10.2*
|
|
|
10-K
|
|
10.20
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
|
10.3*
|
|
|
10-K
|
|
10.21
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
|
10.4*
|
|
|
10-K
|
|
10.22
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
|
10.5*
|
|
|
10-K
|
|
10.23
|
|
3/31/2006
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
|
10.6*
|
|
|
10-K
|
|
10.25
|
|
2/27/2008
|
|
001-11656
|
|
|
|
|
|
|
|
|
|
|
|
|
10.7*
|
|
|
10-Q
|
|
10.1
|
|
5/1/2015
|
|
001-34948
|
|
|
|
|
|
|
|
|
|
|
|
|
10.8#
|
|
|
S-8
|
|
4.3
|
|
8/29/2018
|
|
333-227086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
10.1
|
|
11/12/2010
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
10.7
|
|
11/12/2010
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
|
10.51
|
|
3/8/2011
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
|
10.48
|
|
2/28/2013
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
10.4
|
|
11/12/2010
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
99.1
|
|
4/29/2016
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
10.4
|
|
3/27/2018
|
|
001-34948
|
|
|
|
|
Incorporated by Reference Herein
|
||||||
Exhibit
Number
|
|
Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
File No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
10.3
|
|
8/28/2018
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
10.5
|
|
8/28/2018
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
4.1
|
|
8/28/2018
|
|
001-34948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document (filed herewith).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference Herein
|
||||||
Exhibit
Number
|
|
Description
|
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
File No.
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document (filed herewith).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*) (filed herewith).
|
|
|
|
|
|
|
|
|
*
|
Incorporated by reference to filings by GGP Inc. (formerly GGP, Inc. and 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.
|
(c)
|
Separate financial statements.
|
|
|
|
Brookfield Property REIT Inc.
|
|
|
|
|
|
/s/ MICHELLE CAMPBELL
|
|
|
Michelle Campbell
|
|
|
Secretary
|
|
February 28, 2020
|
Signature
|
|
Title
|
Date
|
|
|
|
|
/s/ BRIAN W. KINGSTON
|
|
Chief Executive Officer*
|
February 28, 2020
|
Brian W. Kingston
|
|
Brookfield Property Group LLC
|
|
|
|
|
|
/s/ BRYAN K. DAVIS
|
|
Chief Financial Officer*
|
February 28, 2020
|
Bryan K. Davis
|
|
Brookfield Property Group LLC
|
|
|
|
|
|
/s/ RICHARD B. CLARK
|
|
Chairman of the Board of Directors
|
February 28, 2020
|
Richard B. Clark
|
|
|
|
|
|
|
|
/s/ CAROLINE ATKINSON
|
|
Director
|
February 28, 2020
|
Caroline Atkinson
|
|
|
|
|
|
|
|
/s/ JEFFREY M. BLIDNER
|
|
Director
|
February 28, 2020
|
Jeffrey M. Blidner
|
|
|
|
|
|
|
|
/s/ SOON YOUNG CHANG
|
|
Director
|
February 28, 2020
|
Soon Young Chang
|
|
|
|
|
|
|
|
/s/ OMAR CARNEIRO DA CUNHA
|
|
Director
|
February 28, 2020
|
Omar Carneiro da Cunha
|
|
|
|
|
|
|
|
/s/ SCOTT CUTLER
|
|
Director
|
February 28, 2020
|
Scott Cutler
|
|
|
|
|
|
|
|
/s/ STEPHEN DENARDO
|
|
Director
|
February 28, 2020
|
Stephen DeNardo
|
|
|
|
|
|
|
|
/s/ LOUIS JOSEPH MAROUN
|
|
Director
|
February 28, 2020
|
Louis Joseph Maroun
|
|
|
|
|
|
|
|
/s/ LARS RODERT
|
|
Director
|
February 28, 2020
|
Lars Rodert
|
|
|
|
*
|
Messrs. Kingston and Davis perform the functions of chief executive officer and chief financial officer, respectively, for Brookfield Property REIT Inc. (the “Company”) pursuant to a Master Services Agreement dated August 27, 2018, among Brookfield Asset Management Inc., the Company and certain other parties thereto.
|
•
|
We tested the effectiveness of controls over management’s evaluation of the recoverability of investments in real estate, including those over future occupancy levels, rental rates, capitalization rates, and expected returns on unconsolidated real estate affiliates.
|
•
|
Evaluated the reasonableness of the Company’s undiscounted future cash flows with the assistance of our fair value specialists, including evaluating the reasonableness of estimates of future occupancy levels, rental rates, capitalization rates and expected remaining holding periods.
|
•
|
Evaluated the reasonableness of the Company’s expected returns on unconsolidated real estate.
|
•
|
Evaluated the source information and assumptions used by management, and tested the mathematical accuracy of, the undiscounted future cash flows analysis.
|
•
|
Compared management’s projections to the Company’s historical results and external market sources for reasonableness.
|
•
|
We tested the effectiveness of controls over the transaction consideration and purchase price allocation, including management’s controls over the valuation methodology for estimating the fair value of assets acquired and liabilities assumed.
|
•
|
We assessed the reasonableness of management’s projections of rental revenue by comparing the assumptions used in the projections to external market sources, in-place lease agreements, historical data, and results from other areas of the audit.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of the (1) valuation methodology, (2) discount and terminal capitalization rates, (3) cost to replace certain assets, and (4) current interest rate assumptions used in estimating the discounted cash flows of the acquired property.
|
•
|
We tested the mathematical accuracy of the valuation, and developed independent estimates of acceptable ranges used for certain assumptions and compared our estimates to those used by management for reasonableness.
|
Brookfield Property REIT Inc.
(Dollars in thousands, except per share amounts)
CONSOLIDATED BALANCE SHEETS
|
|||||||
|
December 31,
2019 |
|
December 31,
2018 |
||||
Assets:
|
|
|
|
|
|
||
Investment in real estate:
|
|
|
|
|
|
||
Land
|
$
|
3,659,595
|
|
|
$
|
2,706,701
|
|
Buildings and equipment
|
14,020,589
|
|
|
10,774,079
|
|
||
Less accumulated depreciation
|
(2,569,911
|
)
|
|
(2,214,603
|
)
|
||
Construction in progress
|
160,443
|
|
|
576,695
|
|
||
Net property and equipment
|
15,270,716
|
|
|
11,842,872
|
|
||
Investment in Unconsolidated Real Estate Affiliates
|
4,634,292
|
|
|
5,385,582
|
|
||
Net investment in real estate
|
19,905,008
|
|
|
17,228,454
|
|
||
Cash and cash equivalents
|
197,829
|
|
|
247,019
|
|
||
Accounts receivable, net
|
234,928
|
|
|
222,562
|
|
||
Notes receivable
|
76,310
|
|
|
256,937
|
|
||
Deferred expenses, net
|
188,591
|
|
|
145,631
|
|
||
Prepaid expenses and other assets
|
745,060
|
|
|
313,648
|
|
||
Deferred tax assets, net
|
625,660
|
|
|
619,275
|
|
||
Total assets
|
$
|
21,973,386
|
|
|
$
|
19,033,526
|
|
Liabilities:
|
|
|
|
|
|
||
Mortgages, notes and loans payable
|
$
|
15,902,894
|
|
|
$
|
12,589,649
|
|
Investment in Unconsolidated Real Estate Affiliates
|
125,565
|
|
|
124,627
|
|
||
Accounts payable and accrued expenses
|
1,027,130
|
|
|
953,369
|
|
||
Dividend payable
|
21
|
|
|
4,668
|
|
||
Junior subordinated notes
|
206,200
|
|
|
206,200
|
|
||
Total liabilities
|
17,261,810
|
|
|
13,878,513
|
|
||
Redeemable equity interests
|
1,354,234
|
|
|
2,305,895
|
|
||
Redeemable noncontrolling interests
|
62,235
|
|
|
73,696
|
|
||
Total redeemable interests
|
1,416,469
|
|
|
2,379,591
|
|
||
Commitments and Contingencies (Note 19)
|
—
|
|
|
—
|
|
||
Equity:
|
|
|
|
|
|||
Class B Stock & Series B Preferred Stock (collectively, "Combined Class B Stock"): 5,907,500,000 shares authorized, $0.01 par value, 493,665,297 issued and outstanding as of December 31, 2019, 454,744,938 issued and outstanding as of December 31, 2018
|
4,937
|
|
|
4,547
|
|
||
Class C Stock: 1,000,000,000 shares authorized, $0.01 par value, 640,051,301 issued and outstanding as of December 31, 2019 and December 31, 2018
|
6,401
|
|
|
6,401
|
|
||
Common Stock: no shares authorized and outstanding as of December 31, 2019; 965,000,000 shares authorized, $0.01 par value, no shares issued or outstanding as of December 31, 2018
|
—
|
|
|
—
|
|
||
Preferred Stock: 500,000,000 shares authorized, $.01 par value, 10,000,000 shares issued and outstanding as of December 31, 2019 and December 31, 2018
|
242,042
|
|
|
242,042
|
|
||
Additional paid-in capital
|
6,670,844
|
|
|
5,772,824
|
|
||
Accumulated deficit
|
(5,076,455
|
)
|
|
(4,721,335
|
)
|
||
Accumulated other comprehensive loss
|
(85,402
|
)
|
|
(82,653
|
)
|
||
Total stockholders' equity
|
1,762,367
|
|
|
1,221,826
|
|
||
Noncontrolling interests in Consolidated Real Estate Affiliates
|
26,210
|
|
|
26,652
|
|
||
Noncontrolling interests of the Operating Partnership
|
1,506,530
|
|
|
1,526,944
|
|
||
Total equity
|
3,295,107
|
|
|
2,775,422
|
|
||
Total liabilities, redeemable interests and equity
|
$
|
21,973,386
|
|
|
$
|
19,033,526
|
|
Brookfield Property REIT Inc.
(Dollars in thousands, except per share amounts)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||
Rental revenues, net
|
$
|
1,337,684
|
|
|
$
|
1,867,980
|
|
|
$
|
2,133,520
|
|
Management fees and other corporate revenues
|
166,505
|
|
|
125,776
|
|
|
105,144
|
|
|||
Other
|
59,779
|
|
|
70,278
|
|
|
89,198
|
|
|||
Total revenues
|
1,563,968
|
|
|
2,064,034
|
|
|
2,327,862
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|||
Real estate taxes
|
171,072
|
|
|
221,175
|
|
|
237,198
|
|
|||
Property maintenance costs
|
32,032
|
|
|
41,637
|
|
|
49,784
|
|
|||
Marketing
|
5,945
|
|
|
7,787
|
|
|
11,043
|
|
|||
Other property operating costs
|
179,278
|
|
|
253,210
|
|
|
286,168
|
|
|||
Provision for doubtful accounts
|
—
|
|
|
12,102
|
|
|
10,701
|
|
|||
Property management and other costs
|
229,150
|
|
|
172,554
|
|
|
145,251
|
|
|||
General and administrative
|
22,452
|
|
|
46,441
|
|
|
56,133
|
|
|||
Costs related to the BPY Transaction
|
9,179
|
|
|
202,523
|
|
|
—
|
|
|||
Provision for impairment
|
223,142
|
|
|
45,866
|
|
|
—
|
|
|||
Depreciation and amortization
|
501,636
|
|
|
633,063
|
|
|
693,327
|
|
|||
Total expenses
|
1,373,886
|
|
|
1,636,358
|
|
|
1,489,605
|
|
|||
Interest and dividend income
|
25,792
|
|
|
33,710
|
|
|
61,566
|
|
|||
Interest expense
|
(678,460
|
)
|
|
(576,700
|
)
|
|
(541,945
|
)
|
|||
Loss on foreign currency
|
—
|
|
|
—
|
|
|
(819
|
)
|
|||
Gains from changes in control of investment properties and other, net
|
720,706
|
|
|
3,097,196
|
|
|
79,056
|
|
|||
(Loss) gain on extinguishment of debt
|
(27,542
|
)
|
|
13,983
|
|
|
55,112
|
|
|||
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates and related gain on investment, and allocation to noncontrolling interests
|
230,578
|
|
|
2,995,865
|
|
|
491,227
|
|
|||
(Provision for) benefit from income taxes
|
(9,683
|
)
|
|
594,186
|
|
|
10,896
|
|
|||
Equity in income of Unconsolidated Real Estate Affiliates
|
19,586
|
|
|
86,552
|
|
|
152,750
|
|
|||
Unconsolidated Real Estate Affiliates - gain on investment, net
|
240,430
|
|
|
487,166
|
|
|
12,000
|
|
|||
Net income
|
480,911
|
|
|
4,163,769
|
|
|
666,873
|
|
|||
Allocation to noncontrolling interests
|
(48,031
|
)
|
|
(73,228
|
)
|
|
(9,539
|
)
|
|||
Net income attributable to Brookfield Property REIT Inc.
|
432,880
|
|
|
4,090,541
|
|
|
657,334
|
|
|||
Class A Stock Earnings Per Share (August 28, 2018 through December 31, 2019) (See Note 11)
|
|
|
|
|
|
||||||
Basic & Diluted Earnings Per Share
|
$
|
1.32
|
|
|
$
|
0.63
|
|
|
$
|
—
|
|
Common Stock Earnings Per Share (Through August 27, 2018) (See Note 11)
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
|
$
|
4.16
|
|
|
$
|
0.72
|
|
||
Diluted
|
|
|
$
|
4.15
|
|
|
$
|
0.68
|
|
||
Comprehensive Income, Net:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
480,911
|
|
|
$
|
4,163,769
|
|
|
$
|
666,873
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation
|
(2,608
|
)
|
|
(10,725
|
)
|
|
(1,551
|
)
|
|||
Net unrealized (loss) gain on other financial instruments
|
(141
|
)
|
|
16
|
|
|
12
|
|
|||
Other comprehensive loss
|
(2,749
|
)
|
|
(10,709
|
)
|
|
(1,539
|
)
|
|||
Comprehensive income
|
478,162
|
|
|
4,153,060
|
|
|
665,334
|
|
|||
Comprehensive income allocated to noncontrolling interests
|
(48,031
|
)
|
|
(73,267
|
)
|
|
(9,450
|
)
|
|||
Comprehensive income attributable to Brookfield Property REIT Inc.
|
430,131
|
|
|
4,079,793
|
|
|
655,884
|
|
Brookfield Property REIT Inc.
(Dollars in thousands, except per share amounts)
CONSOLIDATED STATEMENTS OF EQUITY
|
|||||||||||||||||||||||||||||||||||||||||||
|
Common
Stock
|
|
Combined Class B Stock
|
|
Class C 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 Operating Partnership |
|
Total
Equity
|
|
Redeemable Class A Stock
|
||||||||||||||||||||||
|
(Dollars in thousands, except for share amounts)
|
|
|
||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2017
|
$
|
9,407
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
242,042
|
|
|
$
|
11,417,597
|
|
|
$
|
(1,824,866
|
)
|
|
$
|
(70,456
|
)
|
|
$
|
(1,137,960
|
)
|
|
$
|
64,965
|
|
|
$
|
8,700,729
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Cumulative effect of accounting change
|
|
|
|
|
|
|
|
|
2,342
|
|
|
(3,000
|
)
|
|
|
|
|
|
658
|
|
|
—
|
|
|
|
||||||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
657,334
|
|
|
|
|
|
|
2,842
|
|
|
660,176
|
|
|
|
||||||||||||||||
Distributions to noncontrolling interests in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,597
|
)
|
|
(5,597
|
)
|
|
|
||||||||||||||
Acquisition/disposition of partner's noncontrolling interests in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,795
|
|
|
10,795
|
|
|
|
|||||||||||||||||||
Contributions received from noncontrolling interest in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,258
|
|
|
15,258
|
|
|
|
||||||||||||||||||||
Long Term Incentive Plan Common Unit grants, net (451,585 LTIP Units)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,827
|
|
|
15,827
|
|
|
|
||||||||||||||
Restricted stock grants, net of forfeitures (787,484 common shares)
|
8
|
|
|
|
|
|
|
|
|
|
9,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,668
|
|
|
|
||||||||||||||
Employee stock purchase program (147,475 common shares)
|
1
|
|
|
|
|
|
|
|
|
|
3,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,521
|
|
|
|
||||||||||||||
Stock option exercise, net of forfeitures (690,969 common shares)
|
8
|
|
|
|
|
|
|
|
|
23,017
|
|
|
|
|
|
|
|
|
|
|
23,025
|
|
|
|
|||||||||||||||||||
Cancellation of repurchased common shares (13,278,252 common shares)
|
(133
|
)
|
|
|
|
|
|
|
|
|
(174,098
|
)
|
|
(115,074
|
)
|
|
|
|
|
289,305
|
|
|
|
|
|
—
|
|
|
|
||||||||||||||
Treasury stock purchases (12,650,991 common shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(273,985
|
)
|
|
|
|
|
(273,985
|
)
|
|
|
|||||||||||||||
Cash dividends reinvested (DRIP) in stock (43,732 common shares)
|
|
|
|
|
|
|
|
|
|
|
1,019
|
|
|
(274
|
)
|
|
|
|
|
|
|
|
|
|
|
745
|
|
|
|
||||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,450
|
)
|
|
|
|
|
|
(1,450
|
)
|
|
|
||||||||||||||||||||
Cash distributions declared ($0.88 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(805,682
|
)
|
|
|
|
|
|
|
|
|
|
|
(805,682
|
)
|
|
|
||||||||||||||
Cash distributions on Preferred Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,936
|
)
|
|
|
|
|
|
|
|
|
|
|
(15,936
|
)
|
|
|
||||||||||||||
Exercise of Warrants (83,866,187 common shares)
|
839
|
|
|
|
|
|
|
|
|
550,357
|
|
|
|
|
|
|
|
|
|
|
551,196
|
|
|
|
|||||||||||||||||||
Fair value adjustment for noncontrolling interest in Operating Partnership
|
|
|
|
|
|
|
|
|
12,118
|
|
|
|
|
|
|
|
|
|
|
12,118
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Balance at December 31, 2017
|
$
|
10,130
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
242,042
|
|
|
$
|
11,845,532
|
|
|
$
|
(2,107,498
|
)
|
|
$
|
(71,906
|
)
|
|
$
|
(1,122,640
|
)
|
|
$
|
104,748
|
|
|
$
|
8,900,408
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Property REIT INC.
(Dollars in thousands, except per share amounts)
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
|
|||||||||||||||||||||||||||||||||||||||||||
|
Common
Stock |
|
Combined Class B Stock
|
|
Class C 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 Operating Partnership |
|
Total
Equity |
|
Redeemable Class A Stock
|
||||||||||||||||||||||
|
(Dollars in thousands, except for share amounts)
|
|
|
||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018
|
$
|
10,130
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
242,042
|
|
|
$
|
11,845,532
|
|
|
$
|
(2,107,498
|
)
|
|
$
|
(71,906
|
)
|
|
$
|
(1,122,640
|
)
|
|
$
|
104,748
|
|
|
$
|
8,900,408
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Cumulative effect of accounting change
|
|
|
|
|
|
|
|
|
|
|
|
(16,864
|
)
|
|
|
|
|
|
|
|
|
(16,864
|
)
|
|
|
||||||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,001,959
|
|
|
|
|
|
|
|
|
36,789
|
|
|
4,038,748
|
|
|
88,582
|
|
|||||||||||||
Distributions to noncontrolling interests in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,023
|
)
|
|
(15,023
|
)
|
|
|
||||||||||||||
Acquisition/disposition of partner's noncontrolling interests in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
3,808
|
|
|
|
|
|
|
|
|
(25,429
|
)
|
|
(21,621
|
)
|
|
|
|||||||||||||||||||
Cash dividends reinvested (DRIP) in stock (11,239 common shares)
|
|
|
|
|
|
|
|
|
245
|
|
|
(245
|
)
|
|
|
|
|
|
|
|
—
|
|
|
|
|||||||||||||||||||
Adjust Mezzanine Equity to Fair Value
|
|
|
|
|
|
|
|
|
40,294
|
|
|
|
|
|
|
|
|
|
|
40,294
|
|
|
|
||||||||||||||||||||
Contributions received from noncontrolling interest in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
894
|
|
|
894
|
|
|
|
||||||||||||||||||||
Long Term Incentive Plan Common Unit grants, net (238,655 LTIP Units)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,858
|
|
|
17,858
|
|
|
|
||||||||||||||||||
Restricted stock grants, net (1,000,143 Common Shares and 68,675 Class A Stock)
|
10
|
|
|
|
|
|
|
|
|
11,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,151
|
|
|
4,781
|
|
|||||||||||||||
Employee stock purchase program (80,522 common shares)
|
|
|
|
|
|
|
|
|
|
|
1,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,797
|
|
|
|
||||||||||||||
Stock option exercise (288,715 common shares)
|
3
|
|
|
|
|
|
|
|
|
|
4,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,975
|
|
|
|
||||||||||||||
OP Unit Conversion to Common Stock (4,098,105 common shares)
|
41
|
|
|
|
|
|
|
|
|
87,149
|
|
|
|
|
|
|
|
|
|
|
87,190
|
|
|
|
|||||||||||||||||||
Preferred stock dividend
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,936
|
)
|
|
|
|
|
|
|
|
|
|
|
(15,936
|
)
|
|
|
|||||||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,747
|
)
|
|
|
|
|
|
|
|
(10,747
|
)
|
|
|
|||||||||||||||
Dividends on Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(421,446
|
)
|
|
|
|
|
|
|
|
|
|
|
(421,446
|
)
|
|
|
||||||||||||||
Special Pre-Closing Dividend
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,152,446
|
)
|
|
|
|
|
|
|
|
(36,436
|
)
|
|
(9,188,882
|
)
|
|
|
||||||||||||||
BPR Equity Recapitalization (See Note 1)
|
(10,184
|
)
|
|
4,074
|
|
|
|
|
|
|
|
(7,428,697
|
)
|
|
2,903,347
|
|
|
|
|
|
1,122,640
|
|
|
(662
|
)
|
|
(3,409,482
|
)
|
|
3,402,365
|
|
||||||||||||
Cash Contribution from BPY
|
|
|
|
|
|
6,401
|
|
|
|
|
193,599
|
|
|
|
|
|
|
|
|
|
|
200,000
|
|
|
|
||||||||||||||||||
Class A Conversion to Class B (47,390,895 Class B shares)
|
|
|
|
473
|
|
|
|
|
|
|
|
1,012,984
|
|
|
87,794
|
|
|
|
|
|
|
|
|
|
|
|
1,101,251
|
|
|
(1,101,251
|
)
|
||||||||||||
Acquisition of Noncontrolling Interest by Institutional Investor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,470,857
|
|
|
1,470,857
|
|
|
|
||||||||||||||||||||
Class A Dividend
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(88,582
|
)
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Balance at December 31, 2018
|
$
|
—
|
|
|
$
|
4,547
|
|
|
$
|
6,401
|
|
|
$
|
242,042
|
|
|
$
|
5,772,824
|
|
|
$
|
(4,721,335
|
)
|
|
$
|
(82,653
|
)
|
|
$
|
—
|
|
|
$
|
1,553,596
|
|
|
$
|
2,775,422
|
|
|
$
|
2,305,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookfield Property REIT INC.
(Dollars in thousands, except per share amounts)
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
|
|||||||||||||||||||||||||||||||||||||||||||
|
Common
Stock |
|
Combined Class B Stock
|
|
Class C 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 Operating Partnership |
|
Total
Equity |
|
Redeemable Class A Stock
|
||||||||||||||||||||||
|
(Dollars in thousands, except for share amounts)
|
|
|
||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019
|
$
|
—
|
|
|
$
|
4,547
|
|
|
$
|
6,401
|
|
|
$
|
242,042
|
|
|
$
|
5,772,824
|
|
|
$
|
(4,721,335
|
)
|
|
$
|
(82,653
|
)
|
|
$
|
—
|
|
|
$
|
1,553,596
|
|
|
$
|
2,775,422
|
|
|
$
|
2,305,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
324,255
|
|
|
|
|
|
|
|
|
42,279
|
|
|
366,534
|
|
|
108,625
|
|
|||||||||||||
Distributions to noncontrolling interests in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(99,331
|
)
|
|
(99,331
|
)
|
|
|
||||||||||||||
Acquisition/disposition of partner's noncontrolling interests in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,237
|
|
|
5,237
|
|
|
|
|||||||||||||||||||
Contributions received from noncontrolling interest in consolidated Real Estate Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,688
|
|
|
31,688
|
|
|
|
||||||||||||||||||||
Long Term Incentive Plan & Stock Option Expense
|
|
|
|
|
|
|
|
|
|
|
877
|
|
|
|
|
|
|
|
|
|
877
|
|
|
|
|||||||||||||||||||
Restricted stock grants, net of forfeitures (604,202 Class A Stock)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
9,190
|
|
|||||||||||||||
Preferred stock dividend ($1.5936 per share)
|
|
|
|
|
|
|
|
|
|
|
(15,937
|
)
|
|
|
|
|
|
|
|
(15,937
|
)
|
|
|
||||||||||||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,749
|
)
|
|
|
|
|
|
|
|
(2,749
|
)
|
|
|
||||||||||||||
Dividends on Combined Class B Stock (Refer to Note 10)
|
|
|
|
|
|
|
|
|
|
|
(681,567
|
)
|
|
|
|
|
|
|
|
(681,567
|
)
|
|
|
||||||||||||||||||||
Class A Conversion to Class B-1 (40,030,429 Class A Shares converted to 35,704,228 Class B-1 Shares)
|
|
|
358
|
|
|
|
|
|
|
763,356
|
|
|
76,927
|
|
|
|
|
|
|
|
|
840,641
|
|
|
(840,641
|
)
|
|||||||||||||||||
Dividends on Class A ($1.32 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(108,625
|
)
|
||||||||||||||||||||
Buyback of Class A Stock
|
|
|
|
|
|
|
|
|
|
|
5,283
|
|
|
|
|
|
|
|
|
5,283
|
|
|
(120,210
|
)
|
|||||||||||||||||||
Buyback of Class B-1 Stock
|
|
|
(105
|
)
|
|
|
|
|
|
(158,517
|
)
|
|
(65,902
|
)
|
|
|
|
|
|
|
|
(224,524
|
)
|
|
|
||||||||||||||||||
Series K Preferred Unit redemption
|
|
|
|
|
|
|
|
|
|
|
944
|
|
|
|
|
|
|
(729
|
)
|
|
215
|
|
|
|
|||||||||||||||||||
Class B-1 Equity Issuance
|
|
|
137
|
|
|
|
|
|
|
293,181
|
|
|
|
|
|
|
|
|
|
|
293,318
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Balance at December 31, 2019
|
$
|
—
|
|
|
$
|
4,937
|
|
|
$
|
6,401
|
|
|
$
|
242,042
|
|
|
$
|
6,670,844
|
|
|
$
|
(5,076,455
|
)
|
|
$
|
(85,402
|
)
|
|
$
|
—
|
|
|
$
|
1,532,740
|
|
|
$
|
3,295,107
|
|
|
$
|
1,354,234
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash Flows provided by Operating Activities:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
480,911
|
|
|
$
|
4,163,769
|
|
|
$
|
666,873
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Equity in income of Unconsolidated Real Estate Affiliates
|
(19,586
|
)
|
|
(86,552
|
)
|
|
(152,750
|
)
|
|||
Distributions received from Unconsolidated Real Estate Affiliates
|
127,121
|
|
|
117,167
|
|
|
237,956
|
|
|||
Provision for doubtful accounts
|
10,733
|
|
|
12,102
|
|
|
10,701
|
|
|||
Depreciation and amortization
|
501,636
|
|
|
633,063
|
|
|
693,327
|
|
|||
Amortization/write-off of deferred finance costs
|
29,409
|
|
|
19,294
|
|
|
11,880
|
|
|||
Accretion/write-off of debt market rate adjustments
|
(1,684
|
)
|
|
(1,585
|
)
|
|
(4,346
|
)
|
|||
Amortization of intangibles other than in-place leases
|
(15,798
|
)
|
|
16,061
|
|
|
28,309
|
|
|||
Amortization of right-of-use assets
|
5,282
|
|
|
—
|
|
|
—
|
|
|||
Straight-line rent amortization
|
(8,488
|
)
|
|
2,425
|
|
|
(2,084
|
)
|
|||
Deferred income taxes
|
(7,420
|
)
|
|
(600,643
|
)
|
|
(15,532
|
)
|
|||
Gain on dispositions, net
|
—
|
|
|
—
|
|
|
(5,356
|
)
|
|||
Unconsolidated Real Estate Affiliates—gain on investment, net
|
(240,430
|
)
|
|
(487,166
|
)
|
|
(12,000
|
)
|
|||
Gains from changes in control of investment properties and other, net
|
(720,706
|
)
|
|
(3,097,196
|
)
|
|
(79,056
|
)
|
|||
Loss (gain) on extinguishment of debt
|
27,542
|
|
|
(13,983
|
)
|
|
(55,112
|
)
|
|||
Provisions for impairment
|
223,142
|
|
|
45,866
|
|
|
—
|
|
|||
Loss on foreign currency
|
—
|
|
|
—
|
|
|
819
|
|
|||
Net changes:
|
|
|
|
|
|
|
|
|
|||
Accounts and notes receivable, net
|
34,790
|
|
|
(40,790
|
)
|
|
(6,103
|
)
|
|||
Prepaid expenses and other assets
|
5,433
|
|
|
(34,829
|
)
|
|
(40,326
|
)
|
|||
Deferred expenses, net
|
(15,279
|
)
|
|
(44,746
|
)
|
|
(36,603
|
)
|
|||
Accounts payable and accrued expenses
|
1,317
|
|
|
(59,352
|
)
|
|
13,777
|
|
|||
Other, net
|
10,204
|
|
|
41,644
|
|
|
40,238
|
|
|||
Net cash provided by operating activities
|
428,129
|
|
|
584,549
|
|
|
1,294,612
|
|
|||
Cash Flows (used in ) provided by Investing Activities:
|
|
|
|
|
|
|
|
|
|||
Acquisition of real estate and property additions
|
(877,059
|
)
|
|
(63,700
|
)
|
|
(230,754
|
)
|
|||
Development of real estate and property improvements
|
(514,287
|
)
|
|
(674,485
|
)
|
|
(662,762
|
)
|
|||
Purchase of US Treasury securities in connection with defeasance of mortgage note payable
|
(168,777
|
)
|
|
—
|
|
|
—
|
|
|||
Distributions received from Unconsolidated Real Estate Affiliates in excess of income
|
363,168
|
|
|
410,578
|
|
|
166,867
|
|
|||
Loans to joint venture and joint venture partners
|
(95,815
|
)
|
|
(12,393
|
)
|
|
(121,262
|
)
|
|||
Loans to affiliates
|
(330,000
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from repayment of loans from affiliates
|
330,000
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from repayment of loans to joint venture and joint venture partners
|
18,020
|
|
|
204,867
|
|
|
50,964
|
|
|||
Proceeds from sales of investment properties and Unconsolidated Real Estate Affiliates
|
185,167
|
|
|
3,050,301
|
|
|
62,007
|
|
|||
Contributions to Unconsolidated Real Estate Affiliates
|
(239,375
|
)
|
|
(218,038
|
)
|
|
(120,356
|
)
|
|||
Net cash (used in) provided by investing activities
|
(1,328,958
|
)
|
|
2,697,130
|
|
|
(855,296
|
)
|
|||
Cash Flows provided by (used in) Financing Activities:
|
|
|
|
|
|
|
|
|
|||
Proceeds from refinancing/issuance of mortgages, notes and loans payable
|
6,420,326
|
|
|
7,031,647
|
|
|
1,595,000
|
|
|||
Principal payments on mortgages, notes and loans payable
|
(4,527,272
|
)
|
|
(1,774,657
|
)
|
|
(1,579,655
|
)
|
|||
Payment of deferred finance costs
|
(42,146
|
)
|
|
(112,626
|
)
|
|
(3,133
|
)
|
|||
Buyback of Class A Stock
|
(114,927
|
)
|
|
—
|
|
|
—
|
|
|||
Buyback of Combined Class B Stock
|
(224,524
|
)
|
|
—
|
|
|
—
|
|
|||
Issuances of Class B Stock
|
293,318
|
|
|
—
|
|
|
—
|
|
|||
Issuances of Class C Stock
|
—
|
|
|
200,000
|
|
|
—
|
|
|||
Series K preferred unit redemptions
|
(14,783
|
)
|
|
—
|
|
|
—
|
|
|||
Stock Issuance Costs
|
—
|
|
|
(6,524
|
)
|
|
—
|
|
|||
Treasury stock purchases
|
—
|
|
|
—
|
|
|
(273,985
|
)
|
|||
Proceeds from warrant exercises
|
—
|
|
|
—
|
|
|
551,196
|
|
|||
Cash contributions from noncontrolling interests in consolidated real estate affiliates
|
—
|
|
|
1,471,750
|
|
|
15,258
|
|
|||
Cash distributions paid to stockholders
|
(790,192
|
)
|
|
(9,873,248
|
)
|
|
(1,020,018
|
)
|
|||
Cash distributions to noncontrolling interests in consolidated real estate affiliates
|
(99,331
|
)
|
|
(15,023
|
)
|
|
(5,597
|
)
|
|||
Cash distributions reinvested (DRIP) in common stock
|
—
|
|
|
357
|
|
|
1,020
|
|
|||
Cash distributions paid to preferred stockholders
|
(15,938
|
)
|
|
(19,920
|
)
|
|
(15,936
|
)
|
|||
Cash distributions and redemptions paid to holders of common units
|
(6,883
|
)
|
|
(107,050
|
)
|
|
(18,372
|
)
|
|||
Other, net
|
—
|
|
|
(9,631
|
)
|
|
15,959
|
|
|||
Net cash provided by (used in) financing activities
|
877,648
|
|
|
(3,214,925
|
)
|
|
(738,263
|
)
|
|||
Effect on foreign exchange rates on cash and cash equivalents
|
—
|
|
|
—
|
|
|
(819
|
)
|
|||
Net change in cash, cash equivalents and restricted cash
|
(23,181
|
)
|
|
66,754
|
|
|
(299,766
|
)
|
|||
Cash, cash equivalents and restricted cash at beginning of year
|
298,693
|
|
|
231,939
|
|
|
531,705
|
|
|||
Cash, cash equivalents and restricted cash at end of year
|
$
|
275,512
|
|
|
$
|
298,693
|
|
|
$
|
231,939
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
$
|
659,484
|
|
|
$
|
595,435
|
|
|
$
|
548,833
|
|
Interest capitalized
|
14,730
|
|
|
20,840
|
|
|
11,085
|
|
|||
Income taxes paid
|
8,743
|
|
|
3,015
|
|
|
14,957
|
|
|||
Accrued capital expenditures included in accounts payable and accrued expenses
|
301,096
|
|
|
267,102
|
|
|
219,317
|
|
|||
Cash paid for amounts included in the measurement of lease liabilities
|
8,636
|
|
|
—
|
|
|
—
|
|
|||
Recognition of right-of-use assets
|
73,633
|
|
|
—
|
|
|
—
|
|
|||
Lease liabilities arising from obtaining right-of-use lease asset
|
73,633
|
|
|
—
|
|
|
—
|
|
|||
Straight-line ground rent assets reclassed to right-of-use lease asset
|
53,779
|
|
|
—
|
|
|
—
|
|
|||
Straight-line ground rent liability reclassed to right-of-use lease asset
|
3,817
|
|
|
—
|
|
|
—
|
|
|||
Straight-line office rent liability reclassed to right-of-use lease asset
|
3,599
|
|
|
—
|
|
|
—
|
|
|||
Non-cash transfer of legal rights for Coronado Mall (Refer to Note 3)
|
53,109
|
|
|
—
|
|
|
—
|
|
|||
Non-cash satisfaction of notes receivable from joint venture partner (Refer to Note 3)
|
250,000
|
|
|
—
|
|
|
—
|
|
|||
Non-cash transfer of legal rights for Pembroke Lakes Mall (Refer to Note 3)
|
33,849
|
|
|
—
|
|
|
—
|
|
|||
Non-cash consideration of the ownership interest in Bridgewater Commons (Refer to Note 3)
|
161.885
|
|
|
—
|
|
|
—
|
|
|||
Non-cash US treasury securities transferred in connection with the defeasance of mortgage note payable and defeasance of mortgage note payable (Refer to Note 3)
|
168,777
|
|
|
—
|
|
|
—
|
|
|||
Non-cash contribution from noncontrolling interest
|
31.687
|
|
|
—
|
|
|
—
|
|
|
Years
|
Buildings and improvements
|
10 - 45
|
Equipment and fixtures
|
3 - 20
|
Tenant improvements
|
Shorter of useful life or applicable lease term
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||||||||
|
As Originally Reported
|
|
As Reclassified
|
|
As Originally Reported
|
|
As Reclassified
|
||||||||
Minimum rents
|
$
|
1,297,945
|
|
|
$
|
—
|
|
|
$
|
1,455,039
|
|
|
$
|
—
|
|
Tenant recoveries
|
540,376
|
|
|
—
|
|
|
643,607
|
|
|
—
|
|
||||
Overage rent
|
29,659
|
|
|
—
|
|
|
34,874
|
|
|
—
|
|
||||
Total rental revenues
|
$
|
—
|
|
|
$
|
1,867,980
|
|
|
$
|
—
|
|
|
$
|
2,133,520
|
|
|
Gross Asset
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
As of December 31, 2019
|
|
|
|
|
|
|
|
|
|||
Tenant leases:
|
|
|
|
|
|
|
|
|
|||
In-place value
|
$
|
311,838
|
|
|
$
|
(72,658
|
)
|
|
$
|
239,180
|
|
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|||
Tenant leases:
|
|
|
|
|
|
|
|
|
|||
In-place value
|
$
|
188,140
|
|
|
$
|
(86,510
|
)
|
|
$
|
101,630
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Amortization/accretion effect on continuing operations
|
$
|
(14,101
|
)
|
|
$
|
(48,655
|
)
|
|
$
|
(74,802
|
)
|
Year
|
|
Amount
|
||
2020
|
|
$
|
41,771
|
|
2021
|
|
36,947
|
|
|
2022
|
|
36,195
|
|
|
2023
|
|
35,912
|
|
|
2024
|
|
35,202
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance as of January 1,
|
$
|
19,657
|
|
|
$
|
19,457
|
|
|
$
|
17,883
|
|
Provision for doubtful accounts (1)
|
15,728
|
|
|
14,309
|
|
|
13,594
|
|
|||
Write-offs
|
(7,560
|
)
|
|
(14,109
|
)
|
|
(12,020
|
)
|
|||
Balance as of December 31,
|
$
|
27,825
|
|
|
$
|
19,657
|
|
|
$
|
19,457
|
|
(1)
|
Excludes recoveries of $4.7 million, $2.2 million and $2.9 million for the years ended December 31, 2019, 2018 and 2017, respectively.
|
•
|
The transition practical expedient that allows us to carry forward our historical accounting treatment for land easements on existing agreements.
|
•
|
The short-term lease election that allows a lessee not to apply the balance sheet recognition requirements to leases with a term of 12 months or less; lease payments associated with these leases are recognized on a straight-line basis as an expense over the lease term and are not material.
|
•
|
The practical expedient which allows a lessee to not separate lease and non-lease components. We have elected to apply this election to all classes of underlying assets.
|
•
|
The Company did not elect to apply the practical expedients related to hindsight or assessing impairment of ROU assets.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Amortization of straight-line rent
|
$
|
8,488
|
|
|
$
|
(2,425
|
)
|
|
$
|
2,084
|
|
Net amortization/accretion of above and below-market tenant leases
|
22,037
|
|
|
(3,259
|
)
|
|
(23,963
|
)
|
|||
Lease termination income
|
13,235
|
|
|
31,297
|
|
|
29,081
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Straight-line rent receivables, net
|
$
|
142,791
|
|
|
$
|
136,007
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Management fees from affiliates (1)
|
$
|
164,096
|
|
|
$
|
125,555
|
|
|
$
|
97,136
|
|
Management fee expense
|
(48,595
|
)
|
|
(46,953
|
)
|
|
(38,166
|
)
|
|||
Net management fees from affiliates
|
$
|
115,501
|
|
|
$
|
78,602
|
|
|
$
|
58,970
|
|
(1)
|
Excludes $8.0 million in corporate fees earned during the year ended December 31, 2017.
|
•
|
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.
|
Fair value of Investment in Unconsolidated Real Estate Affiliates as of change in control
|
$
|
876.6
|
|
Less: carrying value of Investment in Unconsolidated Real Estate Affiliates
|
195.4
|
|
|
Gain from changes in control of investment properties and other, net
|
$
|
681.2
|
|
Investment in real estate, including intangible assets and liabilities
|
$
|
2,937.7
|
|
Fair value of debt held by the acquired properties
|
(1,155.1
|
)
|
|
Net working capital
|
11.6
|
|
|
Net assets acquired
|
$
|
1,794.2
|
|
Fair value of Investment in Unconsolidated Real Estate Affiliates as of change in control
|
$
|
404.0
|
|
Less: carrying value of Investment in Unconsolidated Real Estate Affiliates
|
364.3
|
|
|
Gain from changes in control of investment properties and other, net
|
$
|
39.7
|
|
Investment in real estate, including intangible assets and liabilities
|
$
|
1,560.5
|
|
Debt held by the joint venture
|
(720.0
|
)
|
|
Net working capital
|
(32.5
|
)
|
|
Net assets acquired
|
$
|
808.0
|
|
Property
|
|
Prior Ownership
|
|
Current Ownership
|
|
Total Asset Value
|
|
Other Costs (1)
|
|
Debt Balance
|
|
Book Value of Investment
|
|
Gains from changes in control of investment properties and other, net
|
|
Unconsolidated Real Estate Affiliates - gain on investment, net
|
||||||||||||
Apache Mall
|
|
100%
|
|
51%
|
|
$
|
143.0
|
|
|
$
|
(2.0
|
)
|
|
$
|
73.5
|
|
|
$
|
56.9
|
|
|
$
|
10.6
|
|
|
$
|
—
|
|
Augusta Mall
|
|
100%
|
|
51%
|
|
251.8
|
|
|
1.0
|
|
|
170.0
|
|
|
(34.1
|
)
|
|
116.9
|
|
|
—
|
|
||||||
Boise Towne Square
|
|
100%
|
|
51%
|
|
354.5
|
|
|
1.0
|
|
|
142.0
|
|
|
41.6
|
|
|
171.9
|
|
|
—
|
|
||||||
Columbiana Centre
|
|
100%
|
|
51%
|
|
268.8
|
|
|
(2.0
|
)
|
|
137.3
|
|
|
1.0
|
|
|
128.5
|
|
|
—
|
|
||||||
Coronado Center
|
|
100%
|
|
51%
|
|
359.2
|
|
|
(0.1
|
)
|
|
182.8
|
|
|
54.3
|
|
|
122.0
|
|
|
—
|
|
||||||
Glenbrook Square
|
|
100%
|
|
51%
|
|
166.8
|
|
|
0.4
|
|
|
160.0
|
|
|
0.5
|
|
|
6.7
|
|
|
—
|
|
||||||
Governor's Square
|
|
100%
|
|
51%
|
|
105.7
|
|
|
0.3
|
|
|
66.9
|
|
|
39.8
|
|
|
(0.7
|
)
|
|
—
|
|
||||||
Lynnhaven Mall
|
|
100%
|
|
51%
|
|
383.7
|
|
|
0.5
|
|
|
235.0
|
|
|
40.9
|
|
|
108.3
|
|
|
—
|
|
||||||
Market Place Shopping Center
|
|
100%
|
|
51%
|
|
153.1
|
|
|
2.4
|
|
|
113.4
|
|
|
20.0
|
|
|
22.1
|
|
|
—
|
|
||||||
Mizner Park
|
|
50%
|
|
26%
|
|
235.2
|
|
|
—
|
|
|
—
|
|
|
39.1
|
|
|
—
|
|
|
18.5
|
|
||||||
Northridge Fashion Center
|
|
100%
|
|
51%
|
|
584.7
|
|
|
(2.3
|
)
|
|
221.1
|
|
|
79.0
|
|
|
282.3
|
|
|
—
|
|
||||||
Oglethorpe Mall
|
|
100%
|
|
51%
|
|
203.1
|
|
|
0.4
|
|
|
149.8
|
|
|
8.5
|
|
|
45.2
|
|
|
—
|
|
||||||
Park Place
|
|
100%
|
|
51%
|
|
269.6
|
|
|
0.6
|
|
|
176.8
|
|
|
84.6
|
|
|
8.8
|
|
|
—
|
|
||||||
Pembroke Lakes Mall
|
|
100%
|
|
51%
|
|
471.1
|
|
|
0.8
|
|
|
260.0
|
|
|
40.1
|
|
|
171.8
|
|
|
—
|
|
||||||
Riverchase Galleria
|
|
100%
|
|
51%
|
|
260.9
|
|
|
6.2
|
|
|
164.2
|
|
|
110.0
|
|
|
(7.1
|
)
|
|
—
|
|
||||||
The Crossroads
|
|
100%
|
|
51%
|
|
108.8
|
|
|
1.9
|
|
|
92.0
|
|
|
15.2
|
|
|
3.5
|
|
|
—
|
|
||||||
The Gallery at Harborplace
|
|
100%
|
|
51%
|
|
122.3
|
|
|
0.8
|
|
|
74.1
|
|
|
37.8
|
|
|
11.2
|
|
|
—
|
|
||||||
The Maine Mall
|
|
100%
|
|
51%
|
|
339.7
|
|
|
1.3
|
|
|
235.0
|
|
|
4.8
|
|
|
101.2
|
|
|
—
|
|
||||||
The Oaks Mall
|
|
100%
|
|
51%
|
|
160.2
|
|
|
0.4
|
|
|
125.1
|
|
|
36.0
|
|
|
(0.5
|
)
|
|
—
|
|
||||||
Tucson Mall
|
|
100%
|
|
51%
|
|
260.1
|
|
|
0.5
|
|
|
246.0
|
|
|
25.7
|
|
|
(11.1
|
)
|
|
—
|
|
||||||
Westroads Mall
|
|
100%
|
|
51%
|
|
287.4
|
|
|
0.4
|
|
|
141.3
|
|
|
68.8
|
|
|
77.7
|
|
|
—
|
|
||||||
White Marsh Mall
|
|
100%
|
|
51%
|
|
233.5
|
|
|
0.3
|
|
|
190.0
|
|
|
16.1
|
|
|
27.7
|
|
|
—
|
|
||||||
Woodbridge Center
|
|
100%
|
|
51%
|
|
247.6
|
|
|
5.9
|
|
|
245.1
|
|
|
10.7
|
|
|
(2.3
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
$
|
5,970.8
|
|
|
$
|
18.7
|
|
|
$
|
3,601.4
|
|
|
$
|
797.3
|
|
|
$
|
1,394.7
|
|
|
$
|
18.5
|
|
(1)
|
Includes working capital, closing costs, liabilities, and financing costs.
|
Property
|
|
Prior Ownership
|
|
Current Ownership
|
|
Total Asset Value
|
|
Other Costs (1)
|
|
Debt Balance
|
|
Book Value of Investment
|
|
Gains from changes in control of investment properties and other, net
|
|
Unconsolidated Real Estate Affiliates - gain on investment, net
|
||||||||||||
Baybrook Lifestyle
|
|
53%
|
|
29%
|
|
$
|
292.5
|
|
|
$
|
(0.1
|
)
|
|
$
|
140.0
|
|
|
$
|
17.9
|
|
|
$
|
—
|
|
|
$
|
18.4
|
|
Baybrook Mall
|
|
100%
|
|
51%
|
|
683.7
|
|
|
(0.4
|
)
|
|
240.3
|
|
|
74.3
|
|
|
368.7
|
|
|
—
|
|
||||||
The Mall in Columbia
|
|
100%
|
|
50%
|
|
838.9
|
|
|
(10.1
|
)
|
|
332.3
|
|
|
256.6
|
|
|
239.9
|
|
|
—
|
|
||||||
The Shops at La Cantera
|
|
75%
|
|
38%
|
|
847.5
|
|
|
(0.4
|
)
|
|
350.0
|
|
|
38.6
|
|
|
334.8
|
|
|
—
|
|
||||||
|
|
|
|
|
|
$
|
2,662.6
|
|
|
$
|
(11.0
|
)
|
|
$
|
1,062.6
|
|
|
$
|
387.4
|
|
|
$
|
943.4
|
|
|
$
|
18.4
|
|
(1)
|
Includes working capital, closing costs, liabilities, and financing costs.
|
Property
|
|
Prior Ownership
|
|
Current Ownership
|
|
Total Asset Value
|
|
Other Costs (1)
|
|
Debt Balance
|
|
Book Value of Investment
|
|
Gains from changes in control of investment properties and other, net
|
|
Unconsolidated Real Estate Affiliates - gain on investment, net
|
||||||||||||
Cumberland Mall
|
|
100%
|
|
51%
|
|
$
|
400.0
|
|
|
$
|
(7.2
|
)
|
|
$
|
160.0
|
|
|
$
|
7.7
|
|
|
$
|
225.1
|
|
|
$
|
—
|
|
Parks at Arlington
|
|
100%
|
|
51%
|
|
530.0
|
|
|
—
|
|
|
239.8
|
|
|
40.7
|
|
|
249.5
|
|
|
—
|
|
||||||
Ridgedale Center
|
|
100%
|
|
51%
|
|
300.0
|
|
|
—
|
|
|
167.0
|
|
|
153.6
|
|
|
(20.6
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
$
|
1,230.0
|
|
|
$
|
(7.2
|
)
|
|
$
|
566.8
|
|
|
$
|
202.0
|
|
|
$
|
454.0
|
|
|
$
|
—
|
|
(1)
|
Includes working capital, closing costs, liabilities, and financing costs.
|
Property
|
|
Prior Ownership
|
|
Current Ownership
|
|
Total Asset Value
|
|
Other Costs (1)
|
|
Debt Balance
|
|
Book Value of Investment
|
|
Gains from changes in control of investment properties and other, net
|
|
Unconsolidated Real Estate Affiliates - gain on investment, net
|
||||||||||||
Ala Moana Center
|
|
63%
|
|
50%
|
|
$
|
5,045.9
|
|
|
$
|
—
|
|
|
$
|
1,900.0
|
|
|
$
|
112.3
|
|
|
$
|
—
|
|
|
$
|
280.9
|
|
Christiana Mall
|
|
50%
|
|
25%
|
|
1,036.9
|
|
|
3.0
|
|
|
550.0
|
|
|
(34.7
|
)
|
|
—
|
|
|
159.4
|
|
||||||
|
|
|
|
|
|
$
|
6,082.8
|
|
|
$
|
3.0
|
|
|
$
|
2,450.0
|
|
|
$
|
77.6
|
|
|
$
|
—
|
|
|
$
|
440.3
|
|
(1)
|
Includes working capital, closing costs, liabilities, and financing costs.
|
Gain from changes in control for 218 West 57th Street, 530 Fifth Avenue and 685 Fifth Avenue
|
|
||
Net implied fair value of previous investment and consideration
|
$
|
250.0
|
|
Less: carrying value of Investment in Unconsolidated Real Estate Affiliates
|
198.1
|
|
|
Gain from changes in control of investment properties and other, net
|
$
|
51.9
|
|
Allocation of Thor Equities Purchase Price
|
218 W. 57th Street
|
530 Fifth Avenue
|
685 Fifth Avenue
|
||||||
Investment in real estate, including intangible assets and liabilities
|
$
|
104.0
|
|
$
|
334.0
|
|
$
|
652.6
|
|
Fair value of debt (1)
|
(53.0
|
)
|
(221.0
|
)
|
(340.0
|
)
|
|||
Net working capital (2)
|
0.1
|
|
14.3
|
|
1.7
|
|
|||
Net assets acquired
|
$
|
51.1
|
|
$
|
127.3
|
|
$
|
314.3
|
|
(1)
|
530 Fifth Avenue includes $31.0 million of an intercompany loan between 530 Fifth Avenue and the Company. 218 W. 57th Street includes $53.0 million of an intercompany loan between 218 W. 57th Street and the Company. Both loans eliminate in consolidation.
|
(2)
|
530 Fifth Avenue includes a $9.4 million escrow.
|
Unobservable Quantitative Input
|
|
Range
|
Discount Rates
|
|
6.0% to 7.0%
|
Terminal capitalization rates
|
|
4.0% to 5.5%
|
Gain from a Change of Control in GSPH
|
|
||
Consideration paid to acquire our joint venture partner's interest
|
$
|
190.1
|
|
Less: carrying value of Investment in Unconsolidated Real Estate Affiliates
|
147.2
|
|
|
Gain from changes in control of investment properties and other, net
|
$
|
42.9
|
|
|
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, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Investments in real estate (1)
|
$
|
599,721
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
599,721
|
|
|
$
|
223,142
|
|
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Investments in real estate (1)
|
62,490
|
|
|
—
|
|
|
—
|
|
|
62,490
|
|
|
45,866
|
|
(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
|
Year ended December 31, 2019
|
|
|
Discount rate
|
|
5.50%
|
Terminal capitalization rate
|
|
4.00%
|
Year ended December 31, 2018
|
|
|
Discount rates
|
|
9.75% to 11.00%
|
Terminal capitalization rates
|
|
9.50% to 10.25%
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying
Amount (1)
|
|
Estimated
Fair Value
|
|
Carrying
Amount (2)
|
|
Estimated
Fair Value
|
||||||||
Fixed-rate debt
|
$
|
8,627,332
|
|
|
$
|
8,631,704
|
|
|
$
|
6,073,193
|
|
|
$
|
6,048,104
|
|
Variable-rate debt
|
7,275,562
|
|
|
7,355,744
|
|
|
6,516,456
|
|
|
6,614,172
|
|
||||
|
$
|
15,902,894
|
|
|
$
|
15,987,448
|
|
|
$
|
12,589,649
|
|
|
$
|
12,662,276
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Condensed Combined Balance Sheets—Unconsolidated Real Estate Affiliates (1)
|
|
|
|
|
|
||
Assets:
|
|
|
|
|
|
||
Land
|
$
|
3,458,485
|
|
|
$
|
3,595,706
|
|
Buildings and equipment
|
22,119,745
|
|
|
23,468,110
|
|
||
Less accumulated depreciation
|
(4,303,109
|
)
|
|
(4,361,210
|
)
|
||
Construction in progress
|
657,170
|
|
|
489,250
|
|
||
Net property and equipment
|
21,932,291
|
|
|
23,191,856
|
|
||
Investments in unconsolidated joint ventures
|
—
|
|
|
632,060
|
|
||
Net investment in real estate
|
21,932,291
|
|
|
23,823,916
|
|
||
Cash and cash equivalents
|
662,879
|
|
|
540,905
|
|
||
Accounts receivable, net
|
344,946
|
|
|
348,655
|
|
||
Notes receivable
|
22,497
|
|
|
22,881
|
|
||
Deferred expenses, net
|
428,460
|
|
|
511,814
|
|
||
Prepaid expenses and other assets
|
692,407
|
|
|
796,815
|
|
||
Total assets
|
$
|
24,083,480
|
|
|
$
|
26,044,986
|
|
Liabilities and Owners' Equity:
|
|
|
|
|
|
||
Mortgages, notes and loans payable
|
$
|
15,173,099
|
|
|
$
|
16,139,498
|
|
Accounts payable, accrued expenses and other liabilities
|
1,079,915
|
|
|
1,118,663
|
|
||
Cumulative effect of foreign currency translation ("CFCT")
|
(9,985
|
)
|
|
(21,384
|
)
|
||
Owners' equity, excluding CFCT
|
7,840,451
|
|
|
8,808,209
|
|
||
Total liabilities and owners' equity
|
$
|
24,083,480
|
|
|
$
|
26,044,986
|
|
Investment in Unconsolidated Real Estate Affiliates, Net:
|
|
|
|
|
|
||
Owners' equity
|
$
|
7,830,466
|
|
|
$
|
8,786,824
|
|
Less: joint venture partners' equity
|
(4,357,244
|
)
|
|
(4,796,896
|
)
|
||
Plus: excess investment/basis differences
|
954,262
|
|
|
1,220,632
|
|
||
Investment in Unconsolidated Real Estate Affiliates, net (equity method)
|
4,427,484
|
|
|
5,210,560
|
|
||
Investment in Unconsolidated Real Estate Affiliates, net (cost method)
|
57,061
|
|
|
30,483
|
|
||
Retail investment, net
|
24,182
|
|
|
19,912
|
|
||
Investment in Unconsolidated Real Estate Affiliates, net
|
$
|
4,508,727
|
|
|
$
|
5,260,955
|
|
|
|
|
|
||||
Reconciliation—Investment in Unconsolidated Real Estate Affiliates:
|
|
|
|
|
|
||
Asset—Investment in Unconsolidated Real Estate Affiliates
|
$
|
4,634,292
|
|
|
$
|
5,385,582
|
|
Liability—Investment in Unconsolidated Real Estate Affiliates
|
(125,565
|
)
|
|
(124,627
|
)
|
||
Investment in Unconsolidated Real Estate Affiliates, net
|
$
|
4,508,727
|
|
|
$
|
5,260,955
|
|
(1)
|
The Condensed Combined Balance Sheets - Unconsolidated Real Estate Affiliates exclude the joint ventures dissolved as a result of the JPM Transaction and 730 Fifth Avenue as of December 31, 2019, and include the joint ventures formed in conjunction with the BPY Transaction subsequent to August 27, 2018 and Fashion Place subsequent to December 14, 2018 (Note 3).
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Condensed Combined Statements of Income—Unconsolidated Real Estate Affiliates (1)
|
|
|
|
|
|
|
|
|
|||
Revenues:
|
|
|
|
|
|
|
|
|
|||
Rental revenues, net
|
$
|
2,488,056
|
|
|
$
|
2,019,866
|
|
|
$
|
1,712,330
|
|
Condominium sales
|
9,390
|
|
|
110,792
|
|
|
328,237
|
|
|||
Other
|
136,069
|
|
|
84,049
|
|
|
70,497
|
|
|||
Total revenues
|
2,633,515
|
|
|
2,214,707
|
|
|
2,111,064
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|||
Real estate taxes
|
241,626
|
|
|
182,514
|
|
|
140,944
|
|
|||
Property maintenance costs
|
55,174
|
|
|
36,361
|
|
|
41,550
|
|
|||
Marketing
|
22,109
|
|
|
24,282
|
|
|
21,338
|
|
|||
Other property operating costs
|
330,316
|
|
|
270,071
|
|
|
230,930
|
|
|||
Condominium cost of sales
|
6,844
|
|
|
79,927
|
|
|
239,528
|
|
|||
Provision for doubtful accounts
|
—
|
|
|
9,128
|
|
|
6,416
|
|
|||
Property management and other costs (2)
|
112,295
|
|
|
103,475
|
|
|
84,446
|
|
|||
General and administrative
|
3,911
|
|
|
3,026
|
|
|
2,101
|
|
|||
Depreciation and amortization
|
1,028,631
|
|
|
725,316
|
|
|
505,387
|
|
|||
Total expenses
|
1,800,906
|
|
|
1,434,100
|
|
|
1,272,640
|
|
|||
Interest income
|
11,750
|
|
|
7,401
|
|
|
11,054
|
|
|||
Interest expense
|
(716,690
|
)
|
|
(550,939
|
)
|
|
(465,242
|
)
|
|||
Provision for income taxes
|
(961
|
)
|
|
(1,842
|
)
|
|
(1,312
|
)
|
|||
Equity in loss of unconsolidated joint ventures
|
(36,606
|
)
|
|
(33,621
|
)
|
|
(23,553
|
)
|
|||
Income from continuing operations
|
90,102
|
|
|
201,606
|
|
|
359,371
|
|
|||
Allocation to noncontrolling interests
|
(64
|
)
|
|
(78
|
)
|
|
(103
|
)
|
|||
Net income attributable to the ventures
|
$
|
90,038
|
|
|
$
|
201,528
|
|
|
$
|
359,268
|
|
Equity In Income of Unconsolidated Real Estate Affiliates:
|
|
|
|
|
|
|
|
|
|||
Net income attributable to the ventures
|
$
|
90,038
|
|
|
$
|
201,528
|
|
|
$
|
359,268
|
|
Joint venture partners' share of income
|
(44,279
|
)
|
|
(97,758
|
)
|
|
(162,469
|
)
|
|||
Elimination of loss from consolidated real estate investment with interest owned through joint venture
|
—
|
|
|
679
|
|
|
860
|
|
|||
Gain (loss) on retail investment
|
5,159
|
|
|
12,374
|
|
|
(3,874
|
)
|
|||
Amortization of capital or basis differences
|
(31,332
|
)
|
|
(30,271
|
)
|
|
(41,035
|
)
|
|||
Equity in income of Unconsolidated Real Estate Affiliates
|
$
|
19,586
|
|
|
$
|
86,552
|
|
|
$
|
152,750
|
|
(1)
|
The Condensed Combined Statements of Income - Unconsolidated Real Estate Affiliates exclude income from the joint ventures dissolved as a result of the JPM Transaction and 730 Fifth Avenue subsequent to November 1, 2019 and August 26, 2019, respectively, and include income from Miami Design District subsequent to June 1, 2017, income from the joint ventures formed in conjunction with the BPY Transaction subsequent to August 27, 2018 and Fashion Place subsequent to December 14, 2018 (Note 3).
|
(2)
|
Includes management fees charged to the unconsolidated joint ventures by BPRRS and BPRI.
|
|
December 31, 2019 (1)
|
|
Weighted-Average
Interest Rate (2)
|
|
December 31, 2018 (3)
|
|
Weighted-Average
Interest Rate (2)
|
||||||
Fixed-rate debt:
|
|
|
|
|
|
|
|
|
|
|
|
||
Collateralized mortgages, notes and loans payable
|
$
|
7,638,697
|
|
|
4.21
|
%
|
|
$
|
6,073,193
|
|
|
4.38
|
%
|
Senior Secured Notes - Silver Bonds
|
988,635
|
|
|
5.75
|
%
|
|
—
|
|
|
—
|
|
||
Total fixed-rate debt
|
8,627,332
|
|
|
4.39
|
%
|
|
6,073,193
|
|
|
4.38
|
%
|
||
Variable-rate debt:
|
|
|
|
|
|
|
|
|
|
|
|
||
Collateralized mortgages, notes and loans payable (4)
|
2,594,182
|
|
|
4.20
|
%
|
|
1,702,142
|
|
|
4.22
|
%
|
||
Unsecured corporate debt (5)
|
4,681,380
|
|
|
4.16
|
%
|
|
4,814,314
|
|
|
4.86
|
%
|
||
Total variable-rate debt
|
7,275,562
|
|
|
4.17
|
%
|
|
6,516,456
|
|
|
4.69
|
%
|
||
Total Mortgages, notes and loans payable
|
$
|
15,902,894
|
|
|
4.29
|
%
|
|
$
|
12,589,649
|
|
|
4.54
|
%
|
Junior Subordinated Notes
|
$
|
206,200
|
|
|
3.39
|
%
|
|
$
|
206,200
|
|
|
3.97
|
%
|
(1)
|
Includes net $4.7 million of market rate adjustments and $131.8 million of deferred financing costs.
|
(2)
|
Represents the weighted-average interest rates on our principal balances, excluding the effects of market rate adjustments and deferred financing costs.
|
(3)
|
Includes net $7.7 million of market rate adjustments and $123.8 million of deferred financing costs.
|
(4)
|
$1.3 billion of the variable-rate balance is cross-collateralized.
|
(5)
|
Includes deferred financing costs, which are shown as a reduction to the debt balance. See table below for the balance excluding deferred financing costs.
|
•
|
New loan at Shops at Merrick Park in amount of $390.0 million with a 5-year fixed interest rate at 3.90% which matures November 1, 2024. This loan replaced the previous debt of $161.0 million with a fixed rate at 5.73% that was scheduled to mature on April 1, 2021. The refinance incurred fees of $7.9 million for a prepayment penalty to the lender that was factored into the fair value of debt as of the consolidation date. The refinance occurred in conjunction with the JPM Transaction in Note 3.
|
•
|
New loans at Park Meadows in amount $615.0 million with an interest rate of 3.18% and a Mezzanine loan in amount of $85.0 million with an interest rate of 6.25%. Both loans mature on November 1, 2024. These loans replaced previous debt of $360.0 million and an interest rate of 4.60% that was scheduled to mature on December 1, 2023. In connection with the refinancing, the Company incurred prepayment penalties of $35.6 million. As the refinancing plan was contemplated in connection with the acquisition, such fees were factored into the fair value of debt recognized on the consolidation date. The refinance occurred in conjunction with the JPM Transaction in Note 3.
|
•
|
New loan at Park City Center in the amount of $135.0 million with an interest rate of LIBOR plus 3.00% which matures on September 9, 2021. This loan replaced the previous debt of $172.2 million that matured June 6, 2019 and included a pay down of the existing mezzanine loan in the amount of $36.8 million. For the period between the maturity date of the previous debt and the effective date of the new loan, the Company extended forbearance and paid forbearance fees in total amount of $0.5 million.
|
•
|
New loans on 730 Fifth Avenue in the amount of $807.5 million which mature on September 1, 2024. The loans consist of a senior loan in amount of $587.3 million with a 5-year term at LIBOR plus 3.00%, a senior mezzanine loan in amount of $97.9 million with a 5-year term at LIBOR plus 4.25%, and a junior loan in amount of $122.3 million with a 5-year term at LIBOR plus 5.50%. The loans replaced the previous debt of $720.0 million that was previously extended to August 27, 2019 and included a pay down of $180.0 million on June 28, 2019.
|
•
|
New loan on Westlake Center in the amount of $48.8 million with a 2-year floating rate loan at LIBOR plus 2.50% which matures on July 10, 2021. This loan replaced the previous debt of $42.5 million that matured July 10, 2019.
|
•
|
New loans on The Woodlands Mall for a total of $465.0 million, which consists of $425.0 million with an interest rate of 4.25% and $40.0 million with an interest rate of 5.50%. The loan has a weighted average interest rate of 4.36% which matures on August 1, 2029. The loan replaced the previous debt of $294.0 million on the property that had a weighted average interest rate of 4.83% and scheduled to mature on June 10, 2023. In accordance with the previous debt agreement,
|
•
|
One-year extension on the loan at 830 North Michigan Ave in the amount of $78.0 million at LIBOR plus 1.60% which matures on July 1, 2020. This loan replaced the previous debt of $85.0 million that matured on July 1, 2019 and includes principal repayment of $7.0 million made in conjunction with the extension.
|
•
|
One-year extension of a $1.3 billion loan secured by cross-collateralized mortgages on 15 properties with an interest rate of LIBOR plus 1.75% which matures on April 25, 2020. A principal repayment of $10.1 million was made in conjunction with the extension.
|
|
|
December 31, 2019 (1)
|
|
Weighted-Average
Interest Rate
|
|
December 31, 2018 (2)
|
|
Weighted-Average
Interest Rate
|
||||||
Unsecured debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Unsecured corporate debt
|
|
4,769,510
|
|
|
4.16
|
%
|
|
4,923,740
|
|
|
4.86
|
%
|
||
Senior Secured Notes - Silver Bonds
|
|
999,950
|
|
|
5.75
|
%
|
|
—
|
|
|
—
|
|
||
Total corporate debt
|
|
$
|
5,769,460
|
|
|
4.44
|
%
|
|
$
|
4,923,740
|
|
|
4.86
|
%
|
(1)
|
Excludes deferred financing costs of $99.4 million in 2019 that decrease the total amount that appears outstanding in our Consolidated Balance Sheets.
|
(2)
|
Excludes deferred financing costs of $109.4 million in 2018 that decrease the total amount that appears outstanding in our Consolidated Balance Sheets.
|
Year
|
|
Amount
|
||
2020
|
|
$
|
9,305
|
|
2021
|
|
9,520
|
|
|
2022
|
|
9,754
|
|
|
2023
|
|
10,018
|
|
|
2024
|
|
10,250
|
|
|
2025 and thereafter
|
|
165,583
|
|
|
Total undiscounted lease payments
|
|
214,430
|
|
|
Less: Present value adjustment
|
|
(135,930
|
)
|
|
Total lease liability
|
|
$
|
78,500
|
|
Year
|
Amount
|
||
2019
|
$
|
9,948
|
|
2020
|
10,164
|
|
|
2021
|
10,386
|
|
|
2022
|
10,592
|
|
|
2023
|
10,794
|
|
|
2024 and thereafter
|
118,835
|
|
|
Total
|
$
|
170,719
|
|
Weighted-average remaining lease term (years)
|
23.0
|
Weighted-average discount rate
|
7.67%
|
|
|
Supplemental disclosure for the consolidated statement of cash flows:
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
$8,636
|
Year
|
Amount
|
||
2020
|
$
|
1,105,295
|
|
2021
|
1,035,494
|
|
|
2022
|
930,124
|
|
|
2023
|
815,823
|
|
|
2024
|
691,981
|
|
|
Subsequent
|
2,369,894
|
|
|
|
$
|
6,948,611
|
|
Year
|
Amount
|
||
2019
|
$
|
764,196
|
|
2020
|
696,381
|
|
|
2021
|
621,582
|
|
|
2022
|
543,232
|
|
|
2023
|
464,453
|
|
|
Subsequent
|
1,442,312
|
|
|
|
$
|
4,532,156
|
|
|
|
Year Ended December 31, 2019
|
||
Minimum rents, billed
|
|
$
|
916,624
|
|
Tenant recoveries, billed
|
|
362,840
|
|
|
Lease termination income, billed
|
|
13,235
|
|
|
Overage rent, billed
|
|
25,193
|
|
|
Total contractual operating lease billings
|
|
1,317,892
|
|
|
Adjustment to recognize contractual operating lease billings on a straight-line basis
|
|
8,488
|
|
|
Above and below-market tenant leases, net
|
|
22,037
|
|
|
Less provision for doubtful accounts
|
|
(10,733
|
)
|
|
Total rental revenues, net
|
|
$
|
1,337,684
|
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||
Current
|
$
|
17,568
|
|
|
$
|
6,499
|
|
|
$
|
8,658
|
|
Deferred
|
(7,885
|
)
|
|
(600,685
|
)
|
|
(19,554
|
)
|
|||
Total
|
$
|
9,683
|
|
|
$
|
(594,186
|
)
|
|
$
|
(10,896
|
)
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||
Tax at statutory rate on earnings from continuing operations before income taxes
|
$
|
93,239
|
|
|
$
|
734,235
|
|
|
$
|
226,254
|
|
Increase in valuation allowance, net
|
1,505
|
|
|
117
|
|
|
—
|
|
|||
State income taxes, net of federal income tax
|
5,649
|
|
|
2,879
|
|
|
1,773
|
|
|||
Investment Tax Credits
|
(1,958
|
)
|
|
(12,134
|
)
|
|
(18,467
|
)
|
|||
Tax at statutory rate on REIT losses not subject to Federal income taxes
|
(87,988
|
)
|
|
(695,546
|
)
|
|
(209,165
|
)
|
|||
Tax expense from prior period
|
13,514
|
|
|
16,369
|
|
|
244
|
|
|||
Tax benefit from change in rates
|
(15,538
|
)
|
|
—
|
|
|
(14,482
|
)
|
|||
Tax benefit from BPY Transaction
|
—
|
|
|
(638,494
|
)
|
|
—
|
|
|||
Other permanent differences
|
1,260
|
|
|
(1,612
|
)
|
|
2,947
|
|
|||
Provision for (benefit from) income taxes
|
$
|
9,683
|
|
|
$
|
(594,186
|
)
|
|
$
|
(10,896
|
)
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||
Total deferred tax assets
|
$
|
638,513
|
|
|
$
|
630,215
|
|
|
$
|
29,801
|
|
Valuation allowance
|
(10,362
|
)
|
|
(8,857
|
)
|
|
(8,740
|
)
|
|||
Net deferred tax assets
|
628,151
|
|
|
621,358
|
|
|
21,061
|
|
|||
Total deferred tax liabilities
|
(2,491
|
)
|
|
(2,083
|
)
|
|
(2,428
|
)
|
|||
Net deferred tax assets
|
$
|
625,660
|
|
|
$
|
619,275
|
|
|
$
|
18,633
|
|
|
December 31, 2019
|
|
December 31, 2018 (1)
|
|
December 31, 2017
|
||||||
Operating loss and other carryforwards (2)
|
$
|
42,187
|
|
|
$
|
58,328
|
|
|
$
|
47,577
|
|
Other TRS property, primarily differences in basis of assets and liabilities
|
582,970
|
|
|
564,528
|
|
|
(20,204
|
)
|
|||
Interest deduction carryforwards
|
10,865
|
|
|
5,276
|
|
|
—
|
|
|||
Valuation allowance
|
(10,362
|
)
|
|
(8,857
|
)
|
|
(8,740
|
)
|
|||
Net deferred tax assets
|
$
|
625,660
|
|
|
$
|
619,275
|
|
|
$
|
18,633
|
|
(1)
|
Due to the changes in the Tax Cuts and Jobs Act, the deferred tax assets and liabilities including the valuation allowances were revalued as of December 31, 2017 using the new corporate tax rate.
|
(2)
|
Includes solar and other tax credits of $29.4 million, $43.5 million and $33.6 million as of December 31, 2019, December 31, 2018 and December 31, 2017, respectively.
|
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 13, 2017
|
|
94,170,214
|
|
|
8.44
|
|
|
8.24
|
|
July 13, 2017
|
|
95,057,357
|
|
|
8.36
|
|
|
8.17
|
|
October 13, 2017
|
|
17,942,385
|
|
|
8.27
|
|
|
8.08
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Distributions to preferred BPROP units ("Preferred Units")
|
$
|
(5,752
|
)
|
|
$
|
(4,636
|
)
|
|
$
|
(1,867
|
)
|
Net income allocation to noncontrolling interests in BPROP from continuing operations ("Common Units")
|
—
|
|
|
(31,803
|
)
|
|
(4,830
|
)
|
|||
Net income allocation to noncontrolling interests in BPROP from continuing operations ("LTIP units")
|
—
|
|
|
(8,159
|
)
|
|
(1,502
|
)
|
|||
Net income allocated to noncontrolling interest in consolidated real estate affiliates
|
(577
|
)
|
|
(915
|
)
|
|
(1,340
|
)
|
|||
Net income allocated to noncontrolling interests of the Operating Partnership (1)
|
(41,702
|
)
|
|
(27,715
|
)
|
|
—
|
|
|||
Allocation to noncontrolling interests
|
(48,031
|
)
|
|
(73,228
|
)
|
|
(9,539
|
)
|
|||
Other comprehensive (income) loss allocated to noncontrolling interests
|
—
|
|
|
(39
|
)
|
|
89
|
|
|||
Comprehensive income allocated to noncontrolling interests
|
$
|
(48,031
|
)
|
|
$
|
(73,267
|
)
|
|
$
|
(9,450
|
)
|
Balance at January 1, 2017
|
$
|
262,727
|
|
Net income
|
4,830
|
|
|
Distributions
|
(6,573
|
)
|
|
Redemption of operating partnership units
|
(651
|
)
|
|
Preferred Unit Redemption to Common Stock
|
—
|
|
|
Other comprehensive income
|
(89
|
)
|
|
Fair value adjustment for redeemable noncontrolling interests in Operating Partnership
|
(12,118
|
)
|
|
Balance at December 31, 2017
|
$
|
248,126
|
|
Balance at January 1, 2018
|
248,126
|
|
|
Net income
|
31,803
|
|
|
Distributions
|
(3,685
|
)
|
|
Adjustment of Mezzanine Equity to fair value
|
(40,294
|
)
|
|
Common Unit Redemption to Common Stock
|
(85,818
|
)
|
|
Other comprehensive income
|
39
|
|
|
Reclassification of Mezzanine Equity to Permanent Equity
|
(37,841
|
)
|
|
Pre-Closing Dividend
|
(60,673
|
)
|
|
BPR Equity Recapitalization
|
21,923
|
|
|
LTIP Conversion to Series K
|
116
|
|
|
Balance at December 31, 2018
|
$
|
73,696
|
|
Balance at January 1, 2019
|
$
|
73,696
|
|
Net income
|
3,545
|
|
|
Series K Preferred Unit redemption
|
(15,006
|
)
|
|
Balance at December 31, 2019
|
$
|
62,235
|
|
Stock Class
|
Authorized
|
Issued
|
Shares Outstanding
|
Votes per Share
|
|||
Class A Stock
|
4,517,500,000
|
|
64,671,672
|
|
64,024,422
|
|
1:1
|
Class B-1 Stock
|
4,517,500,000
|
|
170,023,458
|
|
170,023,458
|
|
1:1
|
Class B-2 Stock
|
965,000,000
|
|
121,203,654
|
|
121,203,654
|
|
0:1
|
Series B Preferred Stock
|
425,000,000
|
|
202,438,184
|
|
202,438,184
|
|
1:1
|
Class C Stock
|
1,000,000,000
|
|
640,051,301
|
|
640,051,301
|
|
1:1
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend Per Share
|
||
2019
|
|
|
|
|
|
|
||
November 4
|
|
November 29
|
|
December 31
|
|
$
|
0.330
|
|
August 1
|
|
August 30
|
|
September 30
|
|
0.330
|
|
|
May 6
|
|
May 31
|
|
June 28
|
|
0.330
|
|
|
February 6
|
|
February 28
|
|
March 29
|
|
0.330
|
|
|
2018
|
|
|
|
|
|
|
||
November 1
|
|
November 30
|
|
December 31
|
|
$
|
0.315
|
|
August 28
|
|
August 31
|
|
September 28
|
|
0.315
|
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Average Dividend Per Share
|
||
2019
|
|
|
|
|
|
|
||
November 4
|
|
December 25
|
|
December 25
|
|
$
|
0.110
|
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Average Dividend Per Share
|
||
2019
|
|
|
|
|
|
|
||
November 4
|
|
December 25
|
|
December 25
|
|
$
|
0.110
|
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Average Dividend Per Share
|
|
2019
|
|
|
|
|
|
|
|
May 25
|
|
June 25
|
|
June 25
|
|
0.397
|
|
March 25
|
|
March 27
|
|
March 27
|
|
1.015
|
|
Declaration Date (1)
|
|
Record Date
|
|
Payment Date
|
|
Dividend Per Share
|
||
2018
|
|
|
|
|
|
|
||
May 3
|
|
July 13, 2018
|
|
July 31, 2018
|
|
$
|
0.22
|
|
February 7
|
|
April 13, 2018
|
|
April 30, 2018
|
|
0.22
|
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Dividend Per Share
|
||
2019
|
|
|
|
|
|
|
||
November 4
|
|
December 13, 2019
|
|
January 1, 2020
|
|
$
|
0.3984
|
|
August 1
|
|
September 13, 2019
|
|
October 1, 2019
|
|
0.3984
|
|
|
May 6
|
|
June 14, 2019
|
|
July 1, 2019
|
|
0.3984
|
|
|
February 6
|
|
March 15, 2019
|
|
April 1, 2019
|
|
0.3984
|
|
|
2018
|
|
|
|
|
|
|
||
November 1
|
|
December 14, 2018
|
|
January 1, 2019
|
|
$
|
0.3984
|
|
July 31
|
|
September 17, 2018
|
|
October 1, 2018
|
|
0.3984
|
|
|
May 3
|
|
June 15, 2018
|
|
July 2, 2018
|
|
0.3984
|
|
|
February 7
|
|
March 15, 2018
|
|
April 2, 2018
|
|
0.3984
|
|
|
|
January 1, 2018 through August 27, 2018
|
||
Numerators - Basic:
|
|
|
||
Net income
|
|
$
|
3,860,424
|
|
Preferred Stock dividends
|
|
(11,952
|
)
|
|
Allocation to noncontrolling interests
|
|
(43,049
|
)
|
|
Net income attributable to common stockholders
|
|
$
|
3,805,423
|
|
Numerators - Diluted:
|
|
|
||
Distributions to Preferred Units
|
|
1,711
|
|
|
Net income attributable to common stockholders
|
|
$
|
3,807,134
|
|
Denominators:
|
|
|
||
Weighted-average number of common shares outstanding - basic
|
|
914,066
|
|
|
Effect of dilutive securities
|
|
3,831
|
|
|
Weighted-average number of common shares outstanding - diluted
|
|
917,897
|
|
|
Anti-dilutive Securities:
|
|
|
||
Effect of Common Units
|
|
7,662
|
|
|
Effect of LTIP Units
|
|
1,748
|
|
|
Weighted-average number of anti-dilutive securities
|
|
9,410
|
|
|
Year Ended December 31, 2017
|
||
|
|
||
Numerators—Basic:
|
|
|
|
Net income
|
$
|
666,873
|
|
Preferred Stock dividend
|
(15,936
|
)
|
|
Allocation to noncontrolling interests
|
(9,539
|
)
|
|
Net income attributable to common stockholders
|
$
|
641,398
|
|
Numerators—Diluted:
|
|
|
|
Net income attributable to common stockholders
|
$
|
641,398
|
|
Diluted net income attributable to common stockholders
|
$
|
641,398
|
|
Denominators:
|
|
|
|
Weighted-average number of common shares outstanding—basic
|
897,156
|
|
|
Effect of dilutive securities
|
50,403
|
|
|
Weighted-average number of common shares outstanding—diluted
|
947,559
|
|
|
Anti-dilutive Securities:
|
|
|
|
Effect of Preferred Units
|
1,514
|
|
|
Effect of Common Units
|
6,592
|
|
|
Effect of LTIP Units
|
1,836
|
|
|
|
9,942
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|||||||
Stock options Outstanding at January 1,
|
1,011,523
|
|
|
19.71
|
|
|
14,427,103
|
|
|
17.84
|
|
|
15,277,189
|
|
|
17.90
|
|
|
Granted (1)
|
—
|
|
|
—
|
|
|
1,068,818
|
|
|
19.70
|
|
|
—
|
|
|
—
|
|
|
Exercised
|
(773,642
|
)
|
|
17.91
|
|
|
(338,715
|
)
|
|
16.55
|
|
|
(690,969
|
)
|
|
18.00
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
(8,377
|
)
|
|
26.41
|
|
|
(153,822
|
)
|
|
22.47
|
|
|
Expired
|
(62,082
|
)
|
|
25.36
|
|
|
(55,917
|
)
|
|
23.27
|
|
|
(5,295
|
)
|
|
28.86
|
|
|
Conversion Effect (1)
|
—
|
|
|
—
|
|
|
(14,081,389
|
)
|
|
17.85
|
|
|
—
|
|
|
—
|
|
|
Stock options Outstanding at December 31,
|
175,799
|
|
|
$
|
25.66
|
|
|
1,011,523
|
|
|
19.71
|
|
|
14,427,103
|
|
|
17.84
|
|
(1)
|
In connection with the BPY Transaction, outstanding GGP in and out of the money options were canceled and replaced with Class A Stock of BPR and BPY options, respectively. The BPY options remain outstanding as of December 31, 2019 and 2018 as they are held by employees of BPR subsidiaries.
|
|
|
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
|
||||||||
$24.00 - $30.00
|
|
175,799
|
|
|
4.06
|
|
25.66
|
|
|
175,799
|
|
|
4.06
|
|
25.66
|
|
||||
Total
|
|
175,799
|
|
|
4.06
|
|
$
|
25.66
|
|
|
175,799
|
|
|
4.06
|
|
$
|
25.66
|
|
||
Intrinsic value ($18.28 stock price as of December 31, 2019)
|
|
$
|
(1,297
|
)
|
|
|
|
|
|
|
$
|
(1,297
|
)
|
|
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
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
|
733,576
|
|
|
$
|
22.67
|
|
|
982,529
|
|
|
$
|
25.42
|
|
|
453,596
|
|
|
$
|
27.16
|
|
Granted
|
673,567
|
|
|
19.90
|
|
|
667,831
|
|
|
21.52
|
|
|
771,960
|
|
|
24.77
|
|
|||
Vested
|
(296,780
|
)
|
|
22.95
|
|
|
(319,763
|
)
|
|
24.35
|
|
|
(174,806
|
)
|
|
26.76
|
|
|||
Forfeited
|
(69,365
|
)
|
|
20.82
|
|
|
(136,959
|
)
|
|
24.27
|
|
|
(68,221
|
)
|
|
26.24
|
|
|||
Conversion Effect (1)
|
—
|
|
|
—
|
|
|
(460,062
|
)
|
|
25.22
|
|
|
—
|
|
|
—
|
|
|||
Nonvested restricted stock grants outstanding as of end of period
|
1,040,998
|
|
|
$
|
20.92
|
|
|
733,576
|
|
|
$
|
22.67
|
|
|
982,529
|
|
|
$
|
25.42
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|||||||||
LTIP Units Outstanding at January 1,
|
3,032,863
|
|
|
$
|
26.01
|
|
|
3,779,904
|
|
|
$
|
27.29
|
|
|
3,775,802
|
|
|
$
|
27.40
|
|
Granted
|
—
|
|
|
—
|
|
|
1,387,289
|
|
|
22.51
|
|
|
122,547
|
|
|
25.40
|
|
|||
Exercised
|
(1,217,545
|
)
|
|
29.41
|
|
|
(73,660
|
)
|
|
28.95
|
|
|
(92,880
|
)
|
|
29.15
|
|
|||
Forfeited
|
(19,793
|
)
|
|
22.42
|
|
|
(856,467
|
)
|
|
25.85
|
|
|
(25,565
|
)
|
|
27.69
|
|
|||
Canceled (1)
|
—
|
|
|
—
|
|
|
(1,204,203
|
)
|
|
25.93
|
|
|
—
|
|
|
—
|
|
|||
LTIP Units Outstanding at December 31,
|
1,795,525
|
|
|
$
|
23.74
|
|
|
3,032,863
|
|
|
$
|
26.01
|
|
|
3,779,904
|
|
|
$
|
27.29
|
|
(1)
|
In connection with the BPY Transaction, certain existing LTIP awards were canceled and replaced with substitute awards of a BPY affiliate. The substitute LTIP awards remain outstanding as of December 31, 2019 and 2018 as they are held by employees of BPR subsidiaries.
|
|
2019
|
|
2018
|
||||||||
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
||||
Nonvested performance grants outstanding as of beginning of period
|
1,141,673
|
|
|
24.92
|
|
|
1,074,595
|
|
|
25.59
|
|
Granted
|
—
|
|
|
—
|
|
|
406,306
|
|
|
21.52
|
|
Vested
|
(651,364
|
)
|
|
24.95
|
|
|
(77,969
|
)
|
|
21.06
|
|
Canceled
|
—
|
|
|
—
|
|
|
(164,074
|
)
|
|
25.56
|
|
Conversion Effect (1)
|
—
|
|
|
—
|
|
|
(97,185
|
)
|
|
20.11
|
|
Nonvested performance grants outstanding as of end of period
|
490,309
|
|
|
24.86
|
|
|
1,141,673
|
|
|
24.92
|
|
(1)
|
In connection with the BPY Transaction, all performance metrics were deemed met with outstanding awards still requiring time vesting according to the original grant terms.
|
|
Year Ended December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Risk-free interest rate (*)
|
—
|
|
|
2.37
|
%
|
|
2.45
|
%
|
Dividend yield (*)
|
—
|
|
|
4.09
|
%
|
|
3.47
|
%
|
Expected volatility
|
—
|
|
|
25.50
|
%
|
|
40.00
|
%
|
Expected life (in years)
|
—
|
|
|
6.25
|
|
|
6.25
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018 (1)
|
|
2017
|
||||||
Stock options—Property management and other costs
|
$
|
50
|
|
|
$
|
236
|
|
|
$
|
3,366
|
|
Stock options—General and administrative
|
4
|
|
|
122
|
|
|
7,732
|
|
|||
Restricted stock—Property management and other costs
|
5,910
|
|
|
10,537
|
|
|
5,787
|
|
|||
Restricted stock—General and administrative
|
1,863
|
|
|
12,514
|
|
|
3,357
|
|
|||
LTIP Units - Property management and other costs
|
257
|
|
|
1,538
|
|
|
1,366
|
|
|||
LTIP Units - General and administrative
|
1,782
|
|
|
22,709
|
|
|
18,621
|
|
|||
Total
|
$
|
9,866
|
|
|
$
|
47,656
|
|
|
$
|
40,229
|
|
(1)
|
In connection with the BPY Transaction, outstanding equity awards were modified resulting in an acceleration of expense of $21.5 million.
|
Year
|
Amount
|
||
2020
|
$
|
6,344
|
|
2021
|
4,540
|
|
|
2022
|
2,812
|
|
|
2023
|
2,520
|
|
|
2024
|
469
|
|
|
|
$
|
16,685
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Trade receivables
|
|
$
|
111,582
|
|
|
$
|
97,329
|
|
Short-term tenant receivables
|
|
4,198
|
|
|
4,378
|
|
||
Straight-line rent receivable
|
|
144,249
|
|
|
137,387
|
|
||
Other accounts receivable
|
|
2,725
|
|
|
3,126
|
|
||
Total accounts receivable
|
|
262,754
|
|
|
242,220
|
|
||
Provision for doubtful accounts
|
|
(27,826
|
)
|
|
(19,658
|
)
|
||
Total accounts receivable, net
|
|
$
|
234,928
|
|
|
$
|
222,562
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Notes receivable
|
|
$
|
69,963
|
|
|
$
|
239,597
|
|
Accrued interest
|
|
6,347
|
|
|
17,340
|
|
||
Total notes receivable
|
|
$
|
76,310
|
|
|
$
|
256,937
|
|
|
12/31/2019
|
|
12/31/2018
|
||||||||||||||||||||
|
Gross Asset
|
|
Accumulated
Amortization
|
|
Balance
|
|
Gross Asset
|
|
Accumulated
Amortization
|
|
Balance
|
||||||||||||
Intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Above-market tenant leases, net
|
$
|
177,480
|
|
|
$
|
(79,467
|
)
|
|
$
|
98,013
|
|
|
$
|
160,363
|
|
|
$
|
(125,152
|
)
|
|
$
|
35,211
|
|
Below-market ground leases, net (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
61,983
|
|
|
(8,293
|
)
|
|
53,690
|
|
||||||
Real estate tax stabilization agreement, net
|
111,506
|
|
|
(57,704
|
)
|
|
53,802
|
|
|
111,506
|
|
|
(51,393
|
)
|
|
60,113
|
|
||||||
Total intangible assets
|
$
|
288,986
|
|
|
$
|
(137,171
|
)
|
|
$
|
151,815
|
|
|
$
|
333,852
|
|
|
$
|
(184,838
|
)
|
|
$
|
149,014
|
|
Remaining prepaid expenses and other assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Restricted cash
|
|
|
|
|
77,683
|
|
|
|
|
|
|
51,674
|
|
||||||||||
Security and escrow deposits
|
|
|
|
|
|
|
1,259
|
|
|
|
|
|
|
|
|
1,394
|
|
||||||
Prepaid expenses
|
|
|
|
|
|
|
27,632
|
|
|
|
|
|
|
|
|
39,816
|
|
||||||
Other non-tenant receivables
|
|
|
|
|
|
|
56,948
|
|
|
|
|
|
|
|
|
53,016
|
|
||||||
Operating lease right-of-use assets, net
|
|
|
|
|
402,573
|
|
|
|
|
|
|
—
|
|
||||||||||
Finance lease right-of-use assets, net
|
|
|
|
|
|
|
7,995
|
|
|
|
|
|
|
|
|
—
|
|
||||||
Other
|
|
|
|
|
|
|
19,155
|
|
|
|
|
|
|
|
|
18,734
|
|
||||||
Total remaining prepaid expenses and other assets
|
|
|
|
|
|
|
593,245
|
|
|
|
|
|
|
|
|
164,634
|
|
||||||
Total prepaid expenses and other assets
|
|
|
|
|
|
|
$
|
745,060
|
|
|
|
|
|
|
|
|
$
|
313,648
|
|
(1)
|
With the adoption of ASC 842, ground lease intangible assets were reclassed to right-of-use assets as of January 1, 2019 (see Note 7).
|
|
12/31/2019
|
|
12/31/2018
|
||||||||||||||||||||
|
Gross Liability
|
|
Accumulated
Accretion
|
|
Balance
|
|
Gross Liability
|
|
Accumulated
Accretion
|
|
Balance
|
||||||||||||
Intangible liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Below-market tenant leases, net
|
$
|
218,608
|
|
|
$
|
(56,893
|
)
|
|
$
|
161,715
|
|
|
$
|
194,858
|
|
|
$
|
(76,825
|
)
|
|
$
|
118,033
|
|
Above-market ground leases, net (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
754
|
|
|
(73
|
)
|
|
681
|
|
||||||
Total intangible liabilities
|
$
|
218,608
|
|
|
$
|
(56,893
|
)
|
|
$
|
161,715
|
|
|
$
|
195,612
|
|
|
$
|
(76,898
|
)
|
|
$
|
118,714
|
|
Remaining accounts payable and accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accrued interest
|
|
|
|
|
|
|
42,371
|
|
|
|
|
|
|
|
|
29,576
|
|
||||||
Accounts payable and accrued expenses
|
|
|
|
|
|
|
71,720
|
|
|
|
|
|
|
|
|
68,425
|
|
||||||
Accrued real estate taxes
|
|
|
|
|
|
|
53,210
|
|
|
|
|
|
|
|
|
59,877
|
|
||||||
Deferred gains/income
|
|
|
|
|
|
|
85,598
|
|
|
|
|
|
|
|
|
75,841
|
|
||||||
Accrued payroll and other employee liabilities
|
|
|
|
|
|
|
61,002
|
|
|
|
|
|
|
|
|
64,515
|
|
||||||
Construction payable
|
|
|
|
|
|
|
301,096
|
|
|
|
|
|
|
|
|
267,102
|
|
||||||
Tenant and other deposits
|
|
|
|
|
|
|
15,078
|
|
|
|
|
|
|
|
|
12,248
|
|
||||||
Insurance reserve liability
|
|
|
|
|
|
|
12,787
|
|
|
|
|
|
|
|
|
12,281
|
|
||||||
Finance lease obligations
|
|
|
|
|
|
|
9,094
|
|
|
|
|
|
|
|
|
5,385
|
|
||||||
Conditional asset retirement obligation liability
|
|
|
|
|
|
|
3,275
|
|
|
|
|
|
|
|
|
2,484
|
|
||||||
Lease liability right-of-use
|
|
|
|
|
78,500
|
|
|
|
|
|
|
—
|
|
||||||||||
Other
|
|
|
|
|
|
|
131,684
|
|
|
|
|
|
|
|
|
236,921
|
|
||||||
Total remaining accounts payable and accrued expenses
|
|
|
|
|
|
|
865,415
|
|
|
|
|
|
|
|
|
834,655
|
|
||||||
Total accounts payable and accrued expenses
|
|
|
|
|
|
|
$
|
1,027,130
|
|
|
|
|
|
|
|
|
$
|
953,369
|
|
(1)
|
With the adoption of ASC 842, ground lease intangibles liabilities were reclassed to right-of-use assets as of January 1, 2019 (see Note 7).
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Net unrealized (losses) gains on financial instruments
|
$
|
(9
|
)
|
|
$
|
133
|
|
Foreign currency translation
|
(85,393
|
)
|
|
(82,786
|
)
|
||
Accumulated other comprehensive loss
|
$
|
(85,402
|
)
|
|
$
|
(82,653
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Contractual rent expense, including participation rent
|
|
$
|
12,979
|
|
|
$
|
7,105
|
|
|
$
|
8,561
|
|
Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent
|
|
12,979
|
|
|
5,083
|
|
|
6,304
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Subsequent/
Other
|
|
Total
|
||||||||||||||
Mortgages, notes and loans payable
|
$
|
909,872
|
|
|
$
|
2,611,155
|
|
|
$
|
1,889,995
|
|
|
$
|
2,800,439
|
|
|
$
|
2,134,240
|
|
|
$
|
5,557,193
|
|
|
$
|
15,902,894
|
|
Retained debt-principal
|
1,837
|
|
|
79,695
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81,532
|
|
|||||||
Purchase obligations
|
314,743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
314,743
|
|
|||||||
Junior Subordinated Notes (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
206,200
|
|
|
206,200
|
|
|||||||
Total
|
$
|
1,226,452
|
|
|
$
|
2,690,850
|
|
|
$
|
1,889,995
|
|
|
$
|
2,800,439
|
|
|
$
|
2,134,240
|
|
|
$
|
5,763,393
|
|
|
$
|
16,505,369
|
|
(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 2024.
|
|
2019
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Total revenues
|
$
|
376,383
|
|
|
$
|
361,032
|
|
|
$
|
375,125
|
|
|
$
|
451,428
|
|
Income (loss) from continuing operations
|
38,283
|
|
|
(265,105
|
)
|
|
(36,789
|
)
|
|
744,522
|
|
||||
Net income (loss) attributable to Brookfield Property REIT Inc.
|
31,650
|
|
|
(227,220
|
)
|
|
(33,423
|
)
|
|
661,873
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Class A Stock Earnings Per Share:
|
|
|
|
|
|
|
|
||||||||
Basic & Diluted Earnings Per Share
|
0.33
|
|
|
0.33
|
|
|
0.33
|
|
|
0.33
|
|
|
2018
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Total revenues
|
$
|
574,166
|
|
|
$
|
583,144
|
|
|
$
|
493,149
|
|
|
$
|
413,575
|
|
Income from continuing operations
|
65,896
|
|
|
95,564
|
|
|
3,712,255
|
|
|
290,054
|
|
||||
Net income attributable to Brookfield Property REIT Inc.
|
64,036
|
|
|
93,615
|
|
|
3,683,274
|
|
|
249,616
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Class A Stock Earnings Per Share:
|
|
|
|
|
|
|
|
||||||||
Basic & Diluted Earnings Per Share
|
—
|
|
|
—
|
|
|
0.315
|
|
|
0.315
|
|
||||
Dividends declared per share
|
—
|
|
|
—
|
|
|
0.315
|
|
|
0.315
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Common Stock Earnings Per Share:
|
|
|
|
|
|
|
|
||||||||
Basic Earnings Per Share
|
0.06
|
|
|
0.09
|
|
|
4.70
|
|
|
—
|
|
||||
Diluted Earnings Per Share
|
0.06
|
|
|
0.09
|
|
|
4.68
|
|
|
—
|
|
||||
Dividends declared per share
|
0.22
|
|
|
0.22
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
957,450
|
|
|
958,387
|
|
|
777,208
|
|
|
—
|
|
||||
Diluted
|
960,293
|
|
|
960,195
|
|
|
781,030
|
|
|
—
|
|
|
|
|
|
|
|
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
|
||||||||||||||||||
200 LaFayette
|
|
New York, NY
|
|
26,762
|
|
|
29,750
|
|
|
90,674
|
|
|
(9,678
|
)
|
|
(60,464
|
)
|
|
20,072
|
|
|
30,210
|
|
|
50,282
|
|
|
5,689
|
|
|
April, 2015
|
|
(d)
|
|||||||||
218 W 57th Street
|
|
New York, NY
|
|
53,000
|
|
|
66,978
|
|
|
37,022
|
|
|
—
|
|
|
1,277
|
|
|
66,978
|
|
|
38,299
|
|
|
105,277
|
|
|
2,390
|
|
|
September, 2017
|
|
(d)
|
|||||||||
530 5th Avenue
|
|
New York, NY
|
|
151,444
|
|
|
289,494
|
|
|
99,481
|
|
|
(146,316
|
)
|
|
(34,014
|
)
|
|
143,178
|
|
|
65,467
|
|
|
208,645
|
|
|
1,446
|
|
|
September, 2017
|
|
(d)
|
|||||||||
605 North Michigan Avenue
|
|
Chicago, IL
|
|
79,890
|
|
|
50,980
|
|
|
90,634
|
|
|
—
|
|
|
6,914
|
|
|
50,980
|
|
|
97,548
|
|
|
148,528
|
|
|
9,980
|
|
|
December, 2016
|
|
(d)
|
|||||||||
685 Fifth Avenue
|
|
New York, NY
|
|
273,132
|
|
|
549,756
|
|
|
117,780
|
|
|
(98,073
|
)
|
|
(18,999
|
)
|
|
451,683
|
|
|
98,781
|
|
|
550,464
|
|
|
18,990
|
|
|
September, 2017
|
|
(d)
|
|||||||||
730 Fifth Ave
|
|
New York, NY
|
|
802,012
|
|
|
—
|
|
|
—
|
|
|
713,419
|
|
|
817,142
|
|
|
713,419
|
|
|
817,142
|
|
|
1,530,561
|
|
|
7,007
|
|
|
August, 2019
|
|
(d)
|
|||||||||
830 North Michigan Avenue
|
|
Chicago, IL
|
|
77,891
|
|
|
33,200
|
|
|
123,553
|
|
|
15,298
|
|
|
4,682
|
|
|
48,498
|
|
|
128,235
|
|
|
176,733
|
|
|
21,461
|
|
|
October, 2013
|
|
(d)
|
|||||||||
Beachwood Place
|
|
Beachwood, OH
|
|
208,537
|
|
|
59,156
|
|
|
196,205
|
|
|
7,354
|
|
|
55,055
|
|
|
66,510
|
|
|
251,260
|
|
|
317,770
|
|
|
55,029
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Bellis Fair
|
|
Bellingham, WA
|
|
81,298
|
|
|
14,122
|
|
|
102,033
|
|
|
—
|
|
|
33,506
|
|
|
14,122
|
|
|
135,539
|
|
|
149,661
|
|
|
36,144
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Brass Mill Center
|
|
Waterbury, CT
|
|
63,919
|
|
|
31,496
|
|
|
99,107
|
|
|
—
|
|
|
20,235
|
|
|
31,496
|
|
|
119,342
|
|
|
150,838
|
|
|
34,585
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Coastland Center
|
|
Naples, FL
|
|
111,213
|
|
|
24,470
|
|
|
166,038
|
|
|
—
|
|
|
4,503
|
|
|
24,470
|
|
|
170,541
|
|
|
195,011
|
|
|
40,340
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Columbia Mall
|
|
Columbia, MO
|
|
46,319
|
|
|
7,943
|
|
|
107,969
|
|
|
(841
|
)
|
|
(1,601
|
)
|
|
7,102
|
|
|
106,368
|
|
|
113,470
|
|
|
23,627
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Coral Ridge Mall
|
|
Coralville, IA
|
|
98,363
|
|
|
20,178
|
|
|
134,515
|
|
|
(554
|
)
|
|
27,859
|
|
|
19,624
|
|
|
162,374
|
|
|
181,998
|
|
|
37,610
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Crossroads Center
|
|
St. Cloud, MN
|
|
91,802
|
|
|
15,499
|
|
|
103,077
|
|
|
—
|
|
|
16,654
|
|
|
15,499
|
|
|
119,731
|
|
|
135,230
|
|
|
27,717
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Deerbrook Mall
|
|
Humble, TX
|
|
131,950
|
|
|
36,761
|
|
|
133,448
|
|
|
—
|
|
|
25,731
|
|
|
36,761
|
|
|
159,179
|
|
|
195,940
|
|
|
35,532
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Eastridge Mall
|
|
Casper, WY
|
|
41,571
|
|
|
5,484
|
|
|
36,756
|
|
|
—
|
|
|
9,047
|
|
|
5,484
|
|
|
45,803
|
|
|
51,287
|
|
|
20,865
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Four Seasons Town Centre
|
|
Greensboro, NC
|
|
29,973
|
|
|
17,259
|
|
|
126,570
|
|
|
—
|
|
|
23,059
|
|
|
17,259
|
|
|
149,629
|
|
|
166,888
|
|
|
56,686
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Fox River Mall
|
|
Appleton, WI
|
|
161,785
|
|
|
42,259
|
|
|
217,932
|
|
|
(103
|
)
|
|
10,821
|
|
|
42,156
|
|
|
228,753
|
|
|
270,909
|
|
|
50,616
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Grand Teton Mall
|
|
Idaho Falls, ID
|
|
43,655
|
|
|
13,066
|
|
|
59,658
|
|
|
(1,073
|
)
|
|
(4,804
|
)
|
|
11,993
|
|
|
54,854
|
|
|
66,847
|
|
|
14,634
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Greenwood Mall
|
|
Bowling Green, KY
|
|
60,365
|
|
|
12,459
|
|
|
85,370
|
|
|
1,417
|
|
|
6,345
|
|
|
13,876
|
|
|
91,715
|
|
|
105,591
|
|
|
28,664
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Hulen Mall
|
|
Fort Worth, TX
|
|
88,147
|
|
|
8,665
|
|
|
112,252
|
|
|
—
|
|
|
30,514
|
|
|
8,665
|
|
|
142,766
|
|
|
151,431
|
|
|
33,451
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Jordan Creek Town Center
|
|
West Des Moines, IA
|
|
196,714
|
|
|
54,663
|
|
|
262,608
|
|
|
6,042
|
|
|
16,063
|
|
|
60,705
|
|
|
278,671
|
|
|
339,376
|
|
|
61,682
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Mall of Louisiana
|
|
Baton Rouge, LA
|
|
324,090
|
|
|
88,742
|
|
|
319,097
|
|
|
(141
|
)
|
|
21,424
|
|
|
88,601
|
|
|
340,521
|
|
|
429,122
|
|
|
75,510
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Mall St. Matthews
|
|
Louisville, KY
|
|
172,008
|
|
|
42,014
|
|
|
155,809
|
|
|
(6,522
|
)
|
|
27,779
|
|
|
35,492
|
|
|
183,588
|
|
|
219,080
|
|
|
43,300
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Mayfair Mall
|
|
Wauwatosa, WI
|
|
334,174
|
|
|
84,473
|
|
|
352,140
|
|
|
(1,950
|
)
|
|
45,001
|
|
|
82,523
|
|
|
397,141
|
|
|
479,664
|
|
|
90,329
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Meadows Mall
|
|
Las Vegas, NV
|
|
136,895
|
|
|
30,275
|
|
|
136,846
|
|
|
(1,574
|
)
|
|
1,937
|
|
|
28,701
|
|
|
138,783
|
|
|
167,484
|
|
|
31,552
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Merrick Park
|
|
Coral Gables, FL
|
|
388,016
|
|
|
—
|
|
|
—
|
|
|
11,888
|
|
|
343,058
|
|
|
11,888
|
|
|
343,058
|
|
|
354,946
|
|
|
3,146
|
|
|
November, 2019
|
|
(d)
|
|||||||||
Mondawmin Mall
|
|
Baltimore, MD
|
|
81,859
|
|
|
19,707
|
|
|
63,348
|
|
|
—
|
|
|
23,732
|
|
|
19,707
|
|
|
87,080
|
|
|
106,787
|
|
|
24,407
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Neshaminy Mall
|
|
Bensalem, PA
|
|
462
|
|
|
11,615
|
|
|
48,224
|
|
|
4,401
|
|
|
13,108
|
|
|
16,016
|
|
|
61,332
|
|
|
77,348
|
|
|
10,215
|
|
|
June, 2017
|
|
(d)
|
|||||||||
North Point Mall
|
|
Atlanta, GA
|
|
248,760
|
|
|
57,900
|
|
|
228,517
|
|
|
—
|
|
|
14,639
|
|
|
57,900
|
|
|
243,156
|
|
|
301,056
|
|
|
61,626
|
|
|
November, 2010
|
|
(d)
|
|||||||||
North Star Mall
|
|
San Antonio, TX
|
|
290,823
|
|
|
91,135
|
|
|
392,422
|
|
|
—
|
|
|
22,276
|
|
|
91,135
|
|
|
414,698
|
|
|
505,833
|
|
|
94,627
|
|
|
November, 2010
|
|
(d)
|
|||||||||
NorthTown Mall
|
|
Spokane, WA
|
|
83,150
|
|
|
12,310
|
|
|
108,857
|
|
|
—
|
|
|
32,924
|
|
|
12,310
|
|
|
141,781
|
|
|
154,091
|
|
|
37,157
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Oakwood Center
|
|
Gretna, LA
|
|
83,410
|
|
|
21,105
|
|
|
74,228
|
|
|
4,309
|
|
|
28,721
|
|
|
25,414
|
|
|
102,949
|
|
|
128,363
|
|
|
29,303
|
|
|
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
|
||||||||||||||||||
Oakwood Mall
|
|
Eau Claire, WI
|
|
68,182
|
|
|
13,786
|
|
|
92,114
|
|
|
204
|
|
|
4,672
|
|
|
13,990
|
|
|
96,786
|
|
|
110,776
|
|
|
24,513
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Oxmoor Center
|
|
Louisville, KY
|
|
81,987
|
|
|
—
|
|
|
117,814
|
|
|
—
|
|
|
20,582
|
|
|
—
|
|
|
138,396
|
|
|
138,396
|
|
|
32,348
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Paramus Park
|
|
Paramus, NJ
|
|
119,681
|
|
|
31,320
|
|
|
102,054
|
|
|
5,563
|
|
|
78,191
|
|
|
36,883
|
|
|
180,245
|
|
|
217,128
|
|
|
33,053
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Park City Center
|
|
Lancaster, PA
|
|
132,800
|
|
|
42,451
|
|
|
195,409
|
|
|
—
|
|
|
9,001
|
|
|
42,451
|
|
|
204,410
|
|
|
246,861
|
|
|
43,857
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Park Meadows
|
|
Denver, Colorado
|
|
699,023
|
|
|
—
|
|
|
—
|
|
|
187,010
|
|
|
983,511
|
|
|
187,010
|
|
|
983,511
|
|
|
1,170,521
|
|
|
6,389
|
|
|
November, 2019
|
|
(d)
|
|||||||||
Peachtree Mall
|
|
Columbus, GA
|
|
73,119
|
|
|
13,855
|
|
|
92,143
|
|
|
734
|
|
|
9,220
|
|
|
14,589
|
|
|
101,363
|
|
|
115,952
|
|
|
24,907
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Pecanland Mall
|
|
Monroe, LA
|
|
81,863
|
|
|
12,943
|
|
|
73,231
|
|
|
—
|
|
|
14,866
|
|
|
12,943
|
|
|
88,097
|
|
|
101,040
|
|
|
23,186
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Perimeter Mall
|
|
Atlanta, GA
|
|
274,983
|
|
|
—
|
|
|
—
|
|
|
125,584
|
|
|
454,719
|
|
|
125,584
|
|
|
454,719
|
|
|
580,303
|
|
|
3,548
|
|
|
November, 2019
|
|
(d)
|
|||||||||
Pioneer Place
|
|
Portland, OR
|
|
122,130
|
|
|
21,462
|
|
|
97,096
|
|
|
(3,890
|
)
|
|
117,129
|
|
|
17,572
|
|
|
214,225
|
|
|
231,797
|
|
|
50,969
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Prince Kuhio Plaza
|
|
Hilo, HI
|
|
39,482
|
|
|
—
|
|
|
52,373
|
|
|
—
|
|
|
27,518
|
|
|
—
|
|
|
79,891
|
|
|
79,891
|
|
|
29,941
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Providence Place
|
|
Providence, RI
|
|
359,417
|
|
|
—
|
|
|
400,893
|
|
|
—
|
|
|
81,161
|
|
|
—
|
|
|
482,054
|
|
|
482,054
|
|
|
102,601
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Quail Springs Mall
|
|
Oklahoma City, OK
|
|
67,557
|
|
|
40,523
|
|
|
149,571
|
|
|
(24
|
)
|
|
21,875
|
|
|
40,499
|
|
|
171,446
|
|
|
211,945
|
|
|
35,492
|
|
|
June, 2013
|
|
(d)
|
|||||||||
River Hills Mall
|
|
Mankato, MN
|
|
68,222
|
|
|
16,207
|
|
|
85,608
|
|
|
—
|
|
|
13,532
|
|
|
16,207
|
|
|
99,140
|
|
|
115,347
|
|
|
24,367
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Rivertown Crossings
|
|
Grandville, MI
|
|
134,963
|
|
|
47,790
|
|
|
181,770
|
|
|
711
|
|
|
14,050
|
|
|
48,501
|
|
|
195,820
|
|
|
244,321
|
|
|
46,157
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Sooner Mall
|
|
Norman, OK
|
|
69,062
|
|
|
9,902
|
|
|
69,570
|
|
|
—
|
|
|
3,898
|
|
|
9,902
|
|
|
73,468
|
|
|
83,370
|
|
|
17,683
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Spokane Valley Mall
|
|
Spokane, WA
|
|
54,311
|
|
|
16,817
|
|
|
100,209
|
|
|
—
|
|
|
(7,060
|
)
|
|
16,817
|
|
|
93,149
|
|
|
109,966
|
|
|
27,490
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Staten Island Mall
|
|
Staten Island, NY
|
|
233,208
|
|
|
102,227
|
|
|
375,612
|
|
|
11,118
|
|
|
349,879
|
|
|
113,345
|
|
|
725,491
|
|
|
838,836
|
|
|
115,000
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Stonestown Galleria
|
|
San Francisco, CA
|
|
176,551
|
|
|
65,962
|
|
|
203,043
|
|
|
(1,686
|
)
|
|
62,258
|
|
|
64,276
|
|
|
265,301
|
|
|
329,577
|
|
|
51,229
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Southwest Plaza
|
|
Littleton, CO
|
|
111,007
|
|
|
19,024
|
|
|
203,044
|
|
|
(16
|
)
|
|
(12,374
|
)
|
|
19,008
|
|
|
190,670
|
|
|
209,678
|
|
|
70,967
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Shoppes at Buckland
|
|
Manchester, CT
|
|
113,331
|
|
|
35,180
|
|
|
146,474
|
|
|
(280
|
)
|
|
6,517
|
|
|
34,900
|
|
|
152,991
|
|
|
187,891
|
|
|
34,802
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Streets at SouthPoint
|
|
Durham, NC
|
|
233,261
|
|
|
66,045
|
|
|
242,189
|
|
|
(74
|
)
|
|
20,604
|
|
|
65,971
|
|
|
262,793
|
|
|
328,764
|
|
|
60,765
|
|
|
November, 2010
|
|
(d)
|
|||||||||
The Woodlands Mall
|
|
The Woodlands, TX
|
|
461,759
|
|
|
84,889
|
|
|
349,315
|
|
|
2,315
|
|
|
56,056
|
|
|
87,204
|
|
|
405,371
|
|
|
492,575
|
|
|
95,586
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Town East Mall
|
|
Mesquite, TX
|
|
160,222
|
|
|
9,928
|
|
|
168,555
|
|
|
—
|
|
|
42,520
|
|
|
9,928
|
|
|
211,075
|
|
|
221,003
|
|
|
43,321
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Towson Town Center
|
|
Coral Gables, FL
|
|
314,709
|
|
|
—
|
|
|
—
|
|
|
74,232
|
|
|
457,803
|
|
|
74,232
|
|
|
457,803
|
|
|
532,035
|
|
|
2,649
|
|
|
November, 2019
|
|
(d)
|
|||||||||
Tysons Galleria
|
|
McLean, VA
|
|
286,674
|
|
|
90,317
|
|
|
351,005
|
|
|
(105
|
)
|
|
98,733
|
|
|
90,212
|
|
|
449,738
|
|
|
539,950
|
|
|
89,037
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Valley Plaza Mall
|
|
Bakersfield, CA
|
|
232,292
|
|
|
38,964
|
|
|
211,930
|
|
|
6,763
|
|
|
53,658
|
|
|
45,727
|
|
|
265,588
|
|
|
311,315
|
|
|
53,437
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Visalia Mall
|
|
Visalia, CA
|
|
73,992
|
|
|
11,912
|
|
|
80,185
|
|
|
—
|
|
|
5,715
|
|
|
11,912
|
|
|
85,900
|
|
|
97,812
|
|
|
19,203
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Westlake Center
|
|
Seattle, WA
|
|
51,688
|
|
|
19,055
|
|
|
129,295
|
|
|
(14,819
|
)
|
|
(53,428
|
)
|
|
4,236
|
|
|
75,867
|
|
|
80,103
|
|
|
21,945
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Willowbrook
|
|
Wayne, NJ
|
|
359,627
|
|
|
110,660
|
|
|
419,822
|
|
|
—
|
|
|
38,256
|
|
|
110,660
|
|
|
458,078
|
|
|
568,738
|
|
|
106,181
|
|
|
November, 2010
|
|
(d)
|
|||||||||
Office, other and construction in progress (e)
|
|
|
|
5,790,602
|
|
|
21,447
|
|
|
61,894
|
|
|
(16,628
|
)
|
|
509,458
|
|
|
4,819
|
|
|
571,352
|
|
|
576,171
|
|
|
153,971
|
|
|
Various
|
|
(d)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Total
|
|
$
|
16,109,094
|
|
|
$
|
2,785,580
|
|
|
$
|
9,134,388
|
|
|
$
|
874,015
|
|
|
$
|
5,046,644
|
|
|
$
|
3,659,595
|
|
|
$
|
14,181,032
|
|
|
$
|
17,840,627
|
|
|
$
|
2,569,911
|
|
|
|
|
|
|
|
Years
|
Buildings and improvements
|
|
10 - 45
|
Equipment and fixtures
|
|
3 - 20
|
Tenant improvements
|
|
Shorter of useful life or applicable lease term
|
|
2019
|
|
2018
|
|
2017
|
||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period
|
$
|
14,057,475
|
|
|
$
|
21,444,712
|
|
|
$
|
19,409,217
|
|
Additions
|
4,740,235
|
|
|
818,570
|
|
|
2,428,887
|
|
|||
Impairments
|
(253,121
|
)
|
|
(64,699
|
)
|
|
—
|
|
|||
Dispositions, transfers and write-offs
|
(703,962
|
)
|
|
(8,141,108
|
)
|
|
(393,392
|
)
|
|||
Balance at end of period
|
$
|
17,840,627
|
|
|
$
|
14,057,475
|
|
|
$
|
21,444,712
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|||
Balance at beginning of period
|
$
|
2,214,603
|
|
|
$
|
3,188,481
|
|
|
$
|
2,737,286
|
|
Depreciation expense
|
473,424
|
|
|
583,024
|
|
|
644,148
|
|
|||
Dispositions, transfers and write-offs
|
(118,116
|
)
|
|
(1,556,902
|
)
|
|
(192,953
|
)
|
|||
Balance at end of period
|
$
|
2,569,911
|
|
|
$
|
2,214,603
|
|
|
$
|
3,188,481
|
|
•
|
authorize, create or increase the authorized or issued amount of any class or series of capital stock ranking senior to the Series A Preferred Stock with respect to the payment of dividends or the distribution of assets upon the liquidation, dissolution or winding up of BPR, or reclassify any authorized capital stock into, or create, authorize or issue any obligation or security convertible into, exchangeable for or evidencing the right to purchase, any such senior shares; or
|
•
|
amend, alter or repeal the provisions of the Charter (including the Series A Preferred Stock designations) or Bylaws, whether by merger, consolidation or otherwise, so as to materially and adversely affect any right, preference, privilege or voting power of the Series A Preferred Stock or the holders thereof.
|
•
|
senior to the Class C Stock, Series B Preferred Stock, Class B-1 Stock, Class B-2 Stock, Class A Stock and any other class or series of capital stock established by BPR in the future, the terms of which specifically provide that such series ranks junior to the Series A Preferred Stock as to the payment of dividends and distribution of assets upon liquidation, dissolution or winding up;
|
•
|
on parity with any other series of preferred stock that BPR may establish in the future, the terms of which specifically provide that such series ranks on parity with the Series A Preferred Stock with respect to the payment of dividends and distributions of assets upon the liquidation, dissolution or winding up of BPR; and
|
•
|
junior to any other series of preferred stock established by BPR in the future, the terms of which specifically provide that such series ranks senior to the Series A Preferred Stock as to the payment of dividends and distribution of assets upon liquidation, dissolution or winding up (which establishment shall be subject to the voting rights described above).
|
•
|
the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act, of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases,
|
•
|
following the closing of any transaction referred to in the bullet point above, neither BPR nor the acquiring or surviving entity has a class of common securities (or American Depositary Receipts representing such securities) listed on the New York Stock Exchange (the “NYSE”), the NYSE American (“NYSE MKT”) or the Nasdaq or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE MKT or the Nasdaq.
|
•
|
the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of all accumulated and unpaid dividends (whether or not declared) to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a Series A Preferred Stock dividend payment and prior to the corresponding Series A Preferred Stock dividend payment date, in which case no additional amount for such accumulated and unpaid dividend will be included in this sum) by (ii) the Class A Stock price or the Class C Stock price, as applicable; and
|
•
|
the class A share cap or the class C share cap, as applicable, subject to certain adjustments,
|
◦
|
The class A share cap is equal to 2.7386636030467.
|
◦
|
The class C share cap is equal to 2.4679.
|
Subsidiary Name
|
|
State or Other Jurisdiction of Incorporation or Organization
|
BPR Nimbus LLC
|
|
Delaware
|
BPR Cumulus LLC
|
|
Delaware
|
BPR OP, LP
|
|
Delaware
|
Brookfield Properties Retail Inc. (TRS)
|
|
Delaware
|
GGPLP L.L.C.
|
|
Delaware
|
GGPLP Real Estate LLC
|
|
Delaware
|
GGP Real Estate Holding I, Inc.
|
|
Delaware
|
GGP Real Estate Holding II, Inc.
|
|
Delaware
|
BPY Retail Holdings LLC
|
|
Delaware
|
BPY Retail Holdings REIT LLC
|
|
Delaware
|
WRO Cirrus LLC
|
|
Delaware
|
1.
|
I have reviewed this annual report on Form 10-K of Brookfield Property REIT Inc.;
|
2.
|
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;
|
3.
|
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;
|
4.
|
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:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
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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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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/s/ Brian W. Kingston
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Brian W. Kingston
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Chief Executive Officer
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Brookfield Property Group LLC
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1.
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I have reviewed this annual report on Form 10-K of Brookfield Property REIT 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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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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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):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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/s/ Bryan K. Davis
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Bryan K. Davis
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|
Chief Financial Officer
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Brookfield Property Group LLC
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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/ Brian W. Kingston
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|
Brian W. Kingston
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|
Chief Executive Officer, Brookfield Property Group LLC
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|
February 28, 2020
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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)
|
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/ Bryan K. Davis
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Bryan K. Davis
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Chief Financial Officer, Brookfield Property Group LLC
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|
February 28, 2020
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