SIMON PROPERTY GROUP
EARNINGS RELEASE &
SUPPLEMENTAL INFORMATION
UNAUDITED FIRST QUARTER
SUPPLEMENTAL INFORMATION
UNAUDITED FIRST QUARTER
TABLE OF CONTENTS
| EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED MARCH 31, 2021 | | | PAGE | |
| Earnings Release(1) | | | | |
| Overview | | | | |
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| Financial Data | | | | |
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| Operational Data | | | | |
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| Development Activity | | | | |
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| Balance Sheet Information | | | | |
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| Other | | | | |
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(1)
Includes reconciliation of consolidated net income to funds from operations.
| 1Q 2021 SUPPLEMENTAL | | | | | 1 | |
EARNINGS RELEASE
Contacts:
Tom Ward
317-685-7330 Investors
Ali Slocum
317-264-3079 Media
SIMON PROPERTY GROUP REPORTS
FIRST QUARTER 2021 RESULTS AND RAISES FULL YEAR 2021 GUIDANCE
FIRST QUARTER 2021 RESULTS AND RAISES FULL YEAR 2021 GUIDANCE
INDIANAPOLIS, May 10, 2021 – Simon, a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2021.
“We are very pleased with our first quarter results,” said David Simon, Chairman, Chief Executive Officer and President. “Our business has substantially improved after addressing the impacts from the COVID-19 pandemic including significantly restrictive governmental orders as evidenced by our improved profitability and cash flow growth, increasing shopper traffic, increasing retailer sales, and leasing momentum across our portfolio. We are also seeing similar results in the Taubman Realty Group portfolio and are encouraged by our collective progress in increasing its profitability. Today we are increasing our full-year 2021 guidance.”
Results for the Quarter
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Net income attributable to common stockholders was $445.9 million, or $1.36 per diluted share for the three months ended March 31, 2021.
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Funds From Operations (“FFO”) was $934.0 million, or $2.48 per diluted share for the three months ended March 31, 2021.
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Domestic and international properties net operating income (“NOI”), combined, declined 8.4% compared to the prior year period as a direct result of the impact of the COVID-19 pandemic. Portfolio NOI, which includes NOI from domestic properties, international properties and NOI from the Company’s investment in Taubman Realty Group (“TRG”), increased 4.0% compared to the prior year period.
U.S. Malls and Premium Outlets Operating Statistics
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Occupancy was 90.8% at March 31, 2021.
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Base minimum rent per square foot was $56.07 at March 31, 2021, an increase of 0.6% year-over-year.
| 1Q 2021 SUPPLEMENTAL | | | | | 2 | |
EARNINGS RELEASE
Development Activity
West Midlands Designer Outlet opened on April 12, 2021, upon the lifting of COVID-19 restrictions which delayed the center’s initial planned opening. The center includes 197,000 square feet of high-quality, name brand stores providing shoppers in the United Kingdom with one of the finest open-air retail and leisure experiences. Simon owns a 23% interest in this center.
Construction continues on redevelopments including Northshore Mall (Boston, MA), West Town Mall (Knoxville, TN), Burlington Mall (Boston, MA) and Tacoma Mall (Tacoma, WA). These redevelopments, scheduled to be completed in 2021, will significantly benefit the communities in which they operate.
Progress continues on transformative mixed-use redevelopments of Northgate (Seattle, WA) and Phipps Plaza (Atlanta, GA). The transformation of Northgate will feature the National Hockey League’s Seattle Kraken corporate offices and practice and training facility. This first phase of the Northgate transformation is scheduled to be completed in the fall of 2021. The dynamic redevelopment at Phipps Plaza is headlined by a Nobu Hotel and Restaurant, Citizens food hall, Life Time athletic club and Life Time Work. These additions are scheduled to open in 2022.
Capital Markets and Balance Sheet Liquidity
The Company has been active in both the unsecured and secured credit markets.
During the quarter, the Company completed a two tranche senior notes offering totaling $1.5 billion. Combined, the two new issues of senior notes had a weighted average term of 8.4 years and a weighted average coupon rate of 1.96%.
The Company, through one of its subsidiaries, also completed a Euro senior notes offering totaling €750 million with a 1.125% coupon rate and term of 12 years.
Net proceeds from the offerings were used to fund the optional redemption of the Company’s $550 million aggregate principal amount of 2.50% notes due July 2021 and fully repay the $2.0 billion unsecured delayed-draw term loan facility.
The Company closed six non-recourse mortgage loans totaling approximately $1.3 billion (U.S. dollar equivalent), of which Simon’s share is $589 million. The weighted average interest rate on these loans is 3.36%.
As of March 31, 2021, Simon had more than $8.4 billion of liquidity consisting of $1.5 billion of cash on hand, including its share of joint venture cash, and $6.9 billion of available capacity under its revolving credit facilities, net of $500 million outstanding under its U.S. commercial paper program.
Dividends
The Company paid its first quarter 2021 common stock dividend of $1.30 per share, in cash, on April 23, 2021. Simon’s Board of Directors will declare a common stock cash dividend for the second quarter of 2021 on or before June 30, 2021.
Simon’s Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on June 30, 2021 to shareholders of record on June 16, 2021.
| 1Q 2021 SUPPLEMENTAL | | | | | 3 | |
EARNINGS RELEASE
2021 Guidance
The Company currently estimates net income to be within a range of $4.47 to $4.57 per diluted share and FFO will be within a range of $9.70 to $9.80 per diluted share for the year ending December 31, 2021. The FFO per diluted share range is an increase from the $9.50 to $9.75 per diluted share range provided on February 8, 2021, or an increase of $0.13 per diluted share at the mid-point.
The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated FFO per diluted share:
For the year ending December 31, 2021
| | | | Low End | | | High End | | ||||||
| Estimated net income attributable to common stockholders per diluted share | | | | $ | 4.47 | | | | | $ | 4.57 | | |
| Depreciation and amortization including Simon’s share of unconsolidated entities | | | | | 5.47 | | | | | | 5.47 | | |
| Unrealized losses in fair value of equity instruments | | | | | 0.01 | | | | | | 0.01 | | |
| Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | (0.25) | | | | | | (0.25) | | |
| Estimated FFO per diluted share | | | | $ | 9.70 | | | | | $ | 9.80 | | |
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today at 5:00 p.m. Eastern Daylight Time, Monday, May 10, 2021. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until May 17, 2021. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 5363499.
Supplemental Materials and Website
Supplemental information on our first quarter 2021 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
| 1Q 2021 SUPPLEMENTAL | | | | | 4 | |
EARNINGS RELEASE
Non-GAAP Financial Measures
This press release includes FFO, FFO per share and portfolio Net Operating Income growth which are financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon’s supplemental information for the quarter. FFO and Net Operating Income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
Forward-Looking Statements
Certain statements made in this press release may be deemed “forward–looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward–looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company’s actual results may differ materially from those indicated by these forward–looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel. The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
About Simon
Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
| 1Q 2021 SUPPLEMENTAL | | | | | 5 | |
EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
(Dollars in thousands, except per share amounts)
| | | | For the Three Months Ended March 31, | | |||||||||
| | | | 2021 | | | 2020 | | ||||||
| REVENUE: | | | | | | | | | | | | | |
| Lease income | | | | $ | 1,145,058 | | | | | $ | 1,262,232 | | |
| Management fees and other revenues | | | | | 25,296 | | | | | | 29,166 | | |
| Other income | | | | | 69,597 | | | | | | 61,962 | | |
| Total revenue | | | | | 1,239,951 | | | | | | 1,353,360 | | |
| EXPENSES: | | | | | | | | | | | | | |
| Property operating | | | | | 86,619 | | | | | | 105,624 | | |
| Depreciation and amortization | | | | | 315,738 | | | | | | 328,262 | | |
| Real estate taxes | | | | | 116,012 | | | | | | 117,543 | | |
| Repairs and maintenance | | | | | 21,355 | | | | | | 24,431 | | |
| Advertising and promotion | | | | | 29,486 | | | | | | 33,527 | | |
| Home and regional office costs | | | | | 35,999 | | | | | | 54,370 | | |
| General and administrative | | | | | 6,576 | | | | | | 6,894 | | |
| Other | | | | | 23,554 | | | | | | 27,840 | | |
| Total operating expenses | | | | | 635,339 | | | | | | 698,491 | | |
| OPERATING INCOME BEFORE OTHER ITEMS | | | | | 604,612 | | | | | | 654,869 | | |
| Interest expense | | | | | (202,016) | | | | | | (187,627) | | |
| Loss on extinguishment of debt | | | | | (2,959) | | | | | | — | | |
| Income and other tax benefit | | | | | 5,898 | | | | | | 5,783 | | |
| Income from unconsolidated entities | | | | | 15,069 | | | | | | 50,465 | | |
| Unrealized losses in fair value of equity instruments | | | | | (3,201) | | | | | | (19,048) | | |
| Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | 93,057 | | | | | | 962 | | |
| CONSOLIDATED NET INCOME | | | | | 510,460 | | | | | | 505,404 | | |
| Net income attributable to noncontrolling interests | | | | | 63,766 | | | | | | 66,965 | | |
| Preferred dividends | | | | | 834 | | | | | | 834 | | |
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | | | | $ | 445,860 | | | | | $ | 437,605 | | |
| BASIC AND DILUTED EARNINGS PER COMMON SHARE: | | | | | | | | | | | | | |
| Net income attributable to common stockholders | | | | $ | 1.36 | | | | | $ | 1.43 | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 6 | |
EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
(Dollars in thousands, except share amounts)
| | | | March 31, 2021 | | | December 31, 2020 | | ||||||
| ASSETS: | | | | | | | | | | | | | |
| Investment properties, at cost | | | | $ | 37,786,371 | | | | | $ | 38,050,196 | | |
| Less – accumulated depreciation | | | | | 14,881,480 | | | | | | 14,891,937 | | |
| | | | | | 22,904,891 | | | | | | 23,158,259 | | |
| Cash and cash equivalents | | | | | 935,837 | | | | | | 1,011,613 | | |
| Tenant receivables and accrued revenue, net | | | | | 1,016,902 | | | | | | 1,236,734 | | |
| Investment in TRG, at equity | | | | | 3,436,304 | | | | | | 3,451,897 | | |
| Investment in Klépierre, at equity | | | | | 1,646,429 | | | | | | 1,729,690 | | |
| Investment in other unconsolidated entities, at equity | | | | | 2,517,495 | | | | | | 2,603,571 | | |
| Right-of-use assets, net | | | | | 510,642 | | | | | | 512,914 | | |
| Investments held in trust – special purpose acquisition company | | | | | 345,000 | | | | | | — | | |
| Deferred costs and other assets | | | | | 1,098,004 | | | | | | 1,082,168 | | |
| Total assets | | | | $ | 34,411,504 | | | | | $ | 34,786,846 | | |
| LIABILITIES: | | | | | | | | | | | | | |
| Mortgages and unsecured indebtedness | | | | $ | 26,156,520 | | | | | $ | 26,723,361 | | |
| Accounts payable, accrued expenses, intangibles, and deferred revenues | | | | | 1,195,851 | | | | | | 1,311,925 | | |
| Cash distributions and losses in unconsolidated entities, at equity | | | | | 1,565,394 | | | | | | 1,577,393 | | |
| Dividend payable | | | | | 489,396 | | | | | | 486,922 | | |
| Lease liabilities | | | | | 513,351 | | | | | | 515,492 | | |
| Other liabilities | | | | | 463,458 | | | | | | 513,515 | | |
| Total liabilities | | | | | 30,383,970 | | | | | | 31,128,608 | | |
| Commitments and contingencies | | | | | | | | | | | | | |
| Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests | | | | | 511,698 | | | | | | 185,892 | | |
| EQUITY: | | | | | | | | | | | | | |
| Stockholders’ Equity | | | | | | | | | | | | | |
| Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | | | | | | | | | | | | | |
| Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847 | | | | | 42,009 | | | | | | 42,091 | | |
| Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,849,037 and 342,849,037 issued and outstanding, respectively | | | | | 34 | | | | | | 34 | | |
| Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding | | | | | — | | | | | | — | | |
| Capital in excess of par value | | | | | 11,177,207 | | | | | | 11,179,688 | | |
| Accumulated deficit | | | | | (6,087,013) | | | | | | (6,102,314) | | |
| Accumulated other comprehensive loss | | | | | (183,866) | | | | | | (188,675) | | |
| Common stock held in treasury, at cost, 14,317,645 and 14,355,621 shares, respectively | | | | | (1,884,138) | | | | | | (1,891,352) | | |
| Total stockholders’ equity | | | | | 3,064,233 | | | | | | 3,039,472 | | |
| Noncontrolling interests | | | | | 451,603 | | | | | | 432,874 | | |
| Total equity | | | | | 3,515,836 | | | | | | 3,472,346 | | |
| Total liabilities and equity | | | | $ | 34,411,504 | | | | | $ | 34,786,846 | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 7 | |
EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
(Dollars in thousands)
| | | | For the Three Months Ended March 31, | | |||||||||
| 2021 | | | 2020 | | |||||||||
| REVENUE: | | | | | | | | | | | | | |
| Lease income | | | | $ | 652,754 | | | | | $ | 743,849 | | |
| Other income | | | | | 72,599 | | | | | | 74,515 | | |
| Total revenue | | | | | 725,353 | | | | | | 818,364 | | |
| OPERATING EXPENSES: | | | | | | | | | | | | | |
| Property operating | | | | | 133,037 | | | | | | 147,030 | | |
| Depreciation and amortization | | | | | 171,154 | | | | | | 171,479 | | |
| Real estate taxes | | | | | 68,897 | | | | | | 68,390 | | |
| Repairs and maintenance | | | | | 19,046 | | | | | | 19,615 | | |
| Advertising and promotion | | | | | 19,444 | | | | | | 22,753 | | |
| Other | | | | | 31,988 | | | | | | 50,229 | | |
| Total operating expenses | | | | | 443,566 | | | | | | 479,496 | | |
| OPERATING INCOME BEFORE OTHER ITEMS | | | | | 281,787 | | | | | | 338,868 | | |
| Interest expense | | | | | (146,196) | | | | | | (156,640) | | |
| NET INCOME | | | | $ | 135,591 | | | | | $ | 182,228 | | |
| Third-Party Investors’ Share of Net Income | | | | $ | 68,141 | | | | | $ | 92,859 | | |
| Our Share of Net Income | | | | | 67,450 | | | | | | 89,369 | | |
| Amortization of Excess Investment (A) | | | | | (19,327) | | | | | | (20,840) | | |
| Income from Unconsolidated Entities (B) | | | | $ | 48,123 | | | | | $ | 68,529 | | |
Note:
The above financial presentation does not include any information related to our investments in Klépierre S.A.
(“Klépierre”) and The Taubman Realty Group (“TRG”). For additional information, see footnote B.
(“Klépierre”) and The Taubman Realty Group (“TRG”). For additional information, see footnote B.
| 1Q 2021 SUPPLEMENTAL | | | | | 8 | |
EARNINGS RELEASE
Simon Property Group, Inc
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
(Dollars in thousands)
| | | | March 31, 2021 | | | December 31, 2020 | | ||||||
| Assets: | | | | | | | | | | | | | |
| Investment properties, at cost | | | | $ | 19,868,597 | | | | | $ | 20,079,476 | | |
| Less – accumulated depreciation | | | | | 7,986,377 | | | | | | 8,003,863 | | |
| | | | | | 11,882,220 | | | | | | 12,075,613 | | |
| Cash and cash equivalents | | | | | 1,295,486 | | | | | | 1,169,422 | | |
| Tenant receivables and accrued revenue, net | | | | | 621,516 | | | | | | 749,231 | | |
| Right-of-use assets, net | | | | | 172,089 | | | | | | 185,598 | | |
| Deferred costs and other assets | | | | | 383,197 | | | | | | 380,087 | | |
| Total assets | | | | $ | 14,354,508 | | | | | $ | 14,559,951 | | |
| Liabilities and Partners’ Deficit: | | | | | | | | | | | | | |
| Mortgages | | | | $ | 15,462,903 | | | | | $ | 15,569,485 | | |
| Accounts payable, accrued expenses, intangibles, and deferred revenue | | | | | 892,461 | | | | | | 969,242 | | |
| Lease liabilities | | | | | 175,427 | | | | | | 188,863 | | |
| Other liabilities | | | | | 404,662 | | | | | | 426,321 | | |
| Total liabilities | | | | | 16,935,453 | | | | | | 17,153,911 | | |
| Preferred units | | | | | 67,450 | | | | | | 67,450 | | |
| Partners’ deficit | | | | | (2,648,395) | | | | | | (2,661,410) | | |
| Total liabilities and partners’ deficit | | | | $ | 14,354,508 | | | | | $ | 14,559,951 | | |
| Our Share of: | | | | | | | | | | | | | |
| Partners’ deficit | | | | $ | (1,135,196) | | | | | $ | (1,130,713) | | |
| Add: Excess Investment (A) | | | | | 1,332,392 | | | | | | 1,399,757 | | |
| Our net Investment in unconsolidated entities, at equity | | | | $ | 197,196 | | | | | $ | 269,044 | | |
Note:
The above financial presentation does not include any information related to our investments in Klépierre
and TRG. For additional information, see footnote B.
and TRG. For additional information, see footnote B.
| 1Q 2021 SUPPLEMENTAL | | | | | 9 | |
EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)
(Amounts in thousands, except per share amounts)
Reconciliation of Consolidated Net Income to FFO
| | | | For the Three Months Ended March 31, | | |||||||||
| | | | 2021 | | | 2020 | | ||||||
| Consolidated Net Income (D) | | | | $ | 510,460 | | | | | $ | 505,404 | | |
| Adjustments to Arrive at FFO: | | | | | | | | | | | | | |
| Depreciation and amortization from consolidated properties | | | | | 313,575 | | | | | | 326,039 | | |
| Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments | | | | | 204,237 | | | | | | 136,706 | | |
| Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | (93,057) | | | | | | (962) | | |
| Unrealized losses in fair value of equity instruments | | | | | 3,201 | | | | | | 19,048 | | |
| Net loss attributable to noncontrolling interest holders in properties | | | | | 938 | | | | | | 172 | | |
| Noncontrolling interests portion of depreciation and amortization and gain on consolidation of properties | | | | | (4,090) | | | | | | (4,464) | | |
| Preferred distributions and dividends | | | | | (1,313) | | | | | | (1,313) | | |
| FFO of the Operating Partnership | | | | $ | 933,951 | | | | | $ | 980,630 | | |
| Diluted net income per share to diluted FFO per share reconciliation: | | | | | | | | | | | | | |
| Diluted net income per share | | | | $ | 1.36 | | | | | $ | 1.43 | | |
| Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization | | | | | 1.36 | | | | | | 1.31 | | |
| Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | | | (0.25) | | | | | | (0.01) | | |
| Unrealized losses in fair value of equity instruments | | | | | 0.01 | | | | | | 0.05 | | |
| Diluted FFO per share | | | | $ | 2.48 | | | | | $ | 2.78 | | |
| | Details for per share calculations: | | | | | | | | | | | | | | |
| | FFO of the Operating Partnership | | | | $ | 933,951 | | | | | $ | 980,630 | | | |
| | Diluted FFO allocable to unitholders | | | | | (117,595) | | | | | | (129,628) | | | |
| | Diluted FFO allocable to common stockholders | | | | $ | 816,356 | | | | | $ | 851,002 | | | |
| | Basic and Diluted weighted average shares outstanding | | | | | 328,514 | | | | | | 306,504 | | | |
| | Weighted average limited partnership units outstanding | | | | | 47,322 | | | | | | 46,688 | | | |
| | Basic and Diluted weighted average shares and units outstanding | | | | | 375,836 | | | | | | 353,192 | | | |
| | Basic and Diluted FFO per Share | | | | $ | 2.48 | | | | | $ | 2.78 | | | |
| | Percent Change | | | | | -10.8% | | | | | | | | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 10 | |
EARNINGS RELEASE
Simon Property Group, Inc.
Footnotes to Unaudited Financial Information
Notes:
(A)
Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets.
(B)
The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre and TRG. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre and TRG. For further information on Klépierre, reference should be made to financial information in Klépierre’s public filings and additional discussion and analysis in our Form 10-K.
(C)
This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO and FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper – 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
(D)
Includes our share of:
–
Gains on land sales of $0.7 million and $5.2 million for the three months ended March 31, 2021 and 2020, respectively.
–
Straight-line adjustments (decreased) increased income by ($9.1) million and $12.0 million for the three months ended March 31, 2021 and 2020, respectively.
–
Amortization of fair market value of leases from acquisitions (decreased) increased income by ($0.2) million and $1.3 million for the three months ended March 31, 2021 and 2020, respectively.
| 1Q 2021 SUPPLEMENTAL | | | | | 11 | |
OVERVIEW
THE COMPANY
Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets®, The Mills®, and International Properties. At March 31, 2021, we owned or had an interest in 233 properties comprising 189 million square feet in North America, Asia and Europe. We also owned an 80% interest in The Taubman Realty Group, or TRG, which owns 24 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at March 31, 2021, we had a 22.4% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 15 European countries.
This package was prepared to provide operational and balance sheet information as of March 31, 2021 for the Company and the Operating Partnership.
Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel. We discuss these and other risks and uncertainties under the heading “Risk Factors” in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).
| 1Q 2021 SUPPLEMENTAL | | | | | 12 | |
OVERVIEW
STOCK INFORMATION
The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:
| | | | Common Stock | | | SPG | | | ||
| | | | 8.375% Series J Cumulative Redeemable Preferred | | | SPGPrJ | | | ||
| CREDIT RATINGS | | | | | | | | | | |
| | | | Standard & Poor’s | | | | | | | |
| | | | Corporate | | | A | | | (Negative Outlook) | |
| | | | Senior Unsecured | | | A | | | (Negative Outlook) | |
| | | | Commercial Paper | | | A1 | | | (Negative Outlook) | |
| | | | Preferred Stock | | | BBB+ | | | (Negative Outlook) | |
| | | | Moody’s | | | | | | | |
| | | | Senior Unsecured | | | A3 | | | (Stable Outlook) | |
| | | | Commercial Paper | | | P2 | | | (Stable Outlook) | |
| | | | Preferred Stock | | | Baa1 | | | (Stable Outlook) | |
SENIOR UNSECURED DEBT COVENANTS (1)
| | | | Required | | | Actual | | | Compliance | |
| Total Debt to Total Assets (1) | | | ≤65% | | | 52% | | | Yes | |
| Total Secured Debt to Total Assets (1) | | | ≤50% | | | 24% | | | Yes | |
| Fixed Charge Coverage Ratio | | | >1.5X | | | 4.0X | | | Yes | |
| Total Unencumbered Assets to Unsecured Debt | | | ≥125% | | | 198% | | | Yes | |
(1)
Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.
| 1Q 2021 SUPPLEMENTAL | | | | | 13 | |
SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
(In thousands, except as noted)
| | | | THREE MONTHS ENDED MARCH 31, | | |||||||||||
| | | | 2021 | | | 2020 | | ||||||||
Financial Highlights | | | | | ||||||||||||
Total Revenue – Consolidated Properties | | | | | $ | 1,239,951 | | | | | | $ | 1,353,360 | | | |
Consolidated Net Income | | | | | $ | 510,460 | | | | | | $ | 505,404 | | | |
Net Income Attributable to Common Stockholders | | | | | $ | 445,860 | | | | | | $ | 437,605 | | | |
Basic and Diluted Earnings per Common Share (EPS) | | | | | $ | 1.36 | | | | | | $ | 1.43 | | | |
Funds from Operations (FFO) of the Operating Partnership | | | | | $ | 933,951 | | | | | | $ | 980,630 | | | |
Basic and Diluted FFO per Share (FFOPS) | | | | | $ | 2.48 | | | | | | $ | 2.78 | | | |
Declared Dividends/Distributions per Share/Unit | | | | | $ | 1.30 | | | | | | $ | 2.10 | | | |
| | | | | AS OF MARCH 31, 2021 | | | AS OF DECEMBER 31, 2020 | | ||||||||
| Stockholders’ Equity Information | | | | | ||||||||||||
| Limited Partners’ Units Outstanding at end of period | | | | | | 47,322 | | | | | | | 47,322 | | | |
| Common Shares Outstanding at end of period | | | | | | 328,539 | | | | | | | 328,502 | | | |
| Total Common Shares and Limited Partnership Units Outstanding at end of period | | | | | | 375,861 | | | | | | | 375,824 | | | |
| Weighted Average Limited Partnership Units Outstanding | | | | | | 47,322 | | | | | | | 46,544 | | | |
| Weighted Average Common Shares Outstanding: | | | | | | | | | | | | | | | | |
| Basic and Diluted – for purposes of EPS and FFOPS | | | | | | 328,514 | | | | | | | 308,738 | | | |
| Equity Market Capitalization | | | | | ||||||||||||
| Common Stock Price at end of period | | | | | $ | 113.77 | | | | | | $ | 85.28 | | | |
| Common Equity Capitalization, including Limited Partnership Units | | | | | $ | 42,761,739 | | | | | | $ | 32,050,239 | | | |
| Preferred Equity Capitalization, including Limited Partnership Preferred Units | | | | | | 80,797 | | | | | | | 81,762 | | | |
| Total Equity Market Capitalization | | | | | $ | 42,842,536 | | | | | | $ | 32,132,001 | | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 14 | |
NET OPERATING INCOME (NOI) COMPOSITION (1)
For the Three Months Ended March 31, 2021
For the Three Months Ended March 31, 2021
(1)
Based on our share of total NOI and does not reflect any property, entity or corporate-level debt.
(2)
Includes TRG.
(3)
Includes Klépierre, international Premium Outlets and international Designer Outlets.
(4)
Includes Lifestyle Centers.
| 1Q 2021 SUPPLEMENTAL | | | | | 15 | |
NET OPERATING INCOME OVERVIEW (1)
(In thousands)
(In thousands)
| | | | FOR THE THREE MONTHS ENDED MARCH 31, | | | | | | | | | | | | | | ||||||||||||||||||
| | | | 2021 | | | 2020 | | | | % GROWTH | | | | | | |||||||||||||||||||
| | | | | | ||||||||||||||||||||||||||||||
| Domestic Property NOI (2) | | | | $ | 1,254,235 | | | | | | $ | 1,368,739 | | | | | | | | -8.4 | % | | | | | | | |||||||
| TRG NOI | | | | | 183,000 | | | | | | | — | | | | | | | | | | | | | | | | |||||||
| International Property NOI (3) | | | | | 100,317 | | | | | | | 109,856 | | | | | | | | | | | | | | | | |||||||
| Portfolio NOI | | | | $ | 1,537,552 | | | | | | $ | 1,478,595 | | | | | | | | 4.0 | % | | | | | | | |||||||
| Our share of NOI from Investments (4) | | | | | 41,630 | | | | | | | 52,310 | | | | | | | | | | | | | | | | |||||||
| Our share of NOI from Retailer Investments (5) | | | | | 3,533 | | | | | | | (23,674) | | | | | | | | | | | | | | | | |||||||
| Corporate and Other NOI Sources (6) | | | | | 67,240 | | | | | | | 71,988 | | | | | | | | | | | | | | | | |||||||
| Combined NOI | | | | $ | 1,649,955 | | | | | | $ | 1,579,219 | | | | | | | | | ||||||||||||||
| Less: Joint Venture Partners’ Share of NOI | | | | | 328,261 | | | | | | | 271,626 | | | | | | | | | | | | | | | | |||||||
| Our Share of Total NOI | | | | $ | 1,321,694 | | | | | | $ | 1,307,593 | | | | | | | | | | | | | | | |
(1)
All amounts are presented at gross values unless otherwise indicated as our share. See reconciliation on following page.
(2)
Includes all properties in North America (4 in Canada and 2 in Mexico).
(3)
Includes 25 International Premium Outlets and Designer Outlets outside North America at constant currency.
(4)
Includes our share of NOI of Klépierre at constant currency.
(5)
Includes our share of NOI of our retailer investments.
(6)
Includes income components excluded from Portfolio NOI and Domestic Property NOI (domestic lease termination income, interest income, land sale gains, straight line lease income, above/below market lease adjustments), unrealized and realized gains/losses on non-real estate related equity instruments, Simon management company revenues, and other assets.
| 1Q 2021 SUPPLEMENTAL | | | | | 16 | |
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
(In thousands, except as noted)
RECONCILIATION OF NET INCOME TO NOI
| | | | THREE MONTHS ENDED MARCH 31, | | |||||||||||
| | | | 2021 | | | 2020 | | ||||||||
| Reconciliation of NOI of consolidated entities: | | | | | | | | | | | | | | | |
| Consolidated Net Income | | | | $ | 510,460 | | | | | | $ | 505,404 | | | |
| Income and other tax benefit | | | | | (5,898) | | | | | | | (5,783) | | | |
| Interest expense | | | | | 202,016 | | | | | | | 187,627 | | | |
| Loss on extinguishment of debt | | | | | 2,959 | | | | | | | — | | | |
| Income from unconsolidated entities | | | | | (15,069) | | | | | | | (50,465) | | | |
| Unrealized losses in fair value of equity instruments | | | | | 3,201 | | | | | | | 19,048 | | | |
| Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in | | | | | | | | | | | | | | | |
| unconsolidated entities and impairment, net | | | | | (93,057) | | | | | | | (962) | | | |
| Operating Income Before Other Items | | | | | 604,612 | | | | | | | 654,869 | | | |
| Depreciation and amortization | | | | | 315,738 | | | | | | | 328,262 | | | |
| Home and regional office costs | | | | | 35,999 | | | | | | | 54,370 | | | |
| General and administrative | | | | | 6,576 | | | | | | | 6,894 | | | |
| NOI of consolidated entities | | | | $ | 962,925 | | | | | | $ | 1,044,395 | | | |
| Reconciliation of NOI of unconsolidated entities: | | | | | | | | | | | | | | | |
| Net Income | | | | $ | 135,591 | | | | | | $ | 182,228 | | | |
| Interest expense | | | | | 146,196 | | | | | | | 156,640 | | | |
| Operating Income Before Other Items | | | | | 281,787 | | | | | | | 338,868 | | | |
| Depreciation and amortization | | | | | 171,154 | | | | | | | 171,479 | | | |
| NOI of unconsolidated entities | | | | $ | 452,941 | | | | | | $ | 510,347 | | | |
| Add: Gross NOI from TRG | | | | | 183,000 | | | | | | | — | | | |
| Add: Our share of NOI from Klépierre and other corporate investments | | | | | 51,089 | | | | | | | 24,477 | | | |
| Combined NOI | | | | $ | 1,649,955 | | | | | | $ | 1,579,219 | | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 17 | |
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
(In thousands, except as noted)
RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE)
| | | | THREE MONTHS ENDED MARCH 31, 2021 | | ||||
| FFO of the Operating Partnership | | | | $ | 933,951 | | | |
| Non-cash impacts to FFO (1) | | | | | 22,032 | | | |
| FFO of the Operating Partnership excluding non-cash impacts | | | | | 955,983 | | | |
| Tenant allowances | | | | | (24,423) | | | |
| Operational capital expenditures | | | | | (7,637) | | | |
| Funds available for distribution | | | | $ | 923,923 | | | |
(1)
Non-cash impacts to FFO of the Operating Partnership include:
| | | | THREE MONTHS ENDED MARCH 31, 2021 | | ||||
| Deductions: | | | | | | | | |
| Fair value of debt amortization | | | | | (130) | | | |
| Additions: | | | | | | | | |
| Straight-line lease loss | | | | | 9,087 | | | |
| Fair market value of lease amortization | | | | | 210 | | | |
| Stock based compensation expense | | | | | 6,053 | | | |
| Mortgage, financing fee and terminated swap amortization expense | | | | | 6,812 | | | |
| | | | | $ | 22,032 | | | |
This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, funds available for distribution, net operating income (NOI), domestic property NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on Reconciliations of Non-GAAP Financial Measures and in the Earnings Release for the latest period.
| 1Q 2021 SUPPLEMENTAL | | | | | 18 | |
OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST
(In thousands)
(In thousands)
| | | | | THREE MONTHS ENDED MARCH 31, | | |||||||||||
| Consolidated Properties | | | | 2021 | | | 2020 | | ||||||||
| Other Income | | | | | ||||||||||||
| Interest, dividend and distribution income (1) | | | | | $ | 3,491 | | | | | | $ | 4,574 | | | |
| Lease settlement income | | | | | | 37,598 | | | | | | | 2,642 | | | |
| Gains on land sales | | | | | | 698 | | | | | | | 5,210 | | | |
| Other (2) | | | | | | 27,810 | | | | | | | 49,536 | | | |
| Totals | | | | | $ | 69,597 | | | | | | $ | 61,962 | | | |
| Other Expense | | | | | ||||||||||||
| Ground leases | | | | | $ | 11,158 | | | | | | $ | 10,866 | | | |
| Professional fees and other | | | | | | 12,396 | | | | | | | 16,974 | | | |
| Totals | | | | | $ | 23,554 | | | | | | $ | 27,840 | | | |
| | | | | |
| | | | | THREE MONTHS ENDED MARCH 31, | | |||||||||||
| | | | | 2021 | | | 2020 | | ||||||||
| Capitalized Interest | | | | | ||||||||||||
| Interest Capitalized during the Period: | | | | | | | | | | | | | | | | |
| Our Share of Consolidated Properties | | | | | $ | 5,663 | | | | | | $ | 9,515 | | | |
| Our Share of Joint Venture Properties | | | | | $ | 409 | | | | | | $ | 351 | | | |
(1)
Includes distributions from other international investments and preferred unit distributions from TRG.
(2)
Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues, gains on sale of non-retail investments, non-real estate investments, insurance proceeds from business interruption and other miscellaneous income items.
| 1Q 2021 SUPPLEMENTAL | | | | | 19 | |
U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION (1)
| | | | AS OF MARCH 31, | | |||||||||
| | | | 2021 | | | 2020 | | ||||||
| Total Number of Properties | | | | | 167 | | | | | | 168 | | |
| Total Square Footage of Properties (in millions) | | | | | 141.1 | | | | | | 142.6 | | |
| Ending Occupancy (2): | | | | | | | | | | | | | |
| Consolidated Assets | | | | | 90.9% | | | | | | 94.0% | | |
| Unconsolidated Assets | | | | | 90.5% | | | | | | 94.1% | | |
| Total Portfolio | | | | | 90.8% | | | | | | 94.0% | | |
| Base Minimum Rent PSF (3): | | | | | | | | | | | | | |
| Consolidated Assets | | | | $ | 54.25 | | | | | $ | 53.86 | | |
| Unconsolidated Assets | | | | $ | 61.26 | | | | | $ | 61.17 | | |
| Total Portfolio | | | | $ | 56.07 | | | | | $ | 55.76 | | |
Open / Close Spread
| | | | | | | | | | | RENT PSF (BASE MINIMUM RENT & CAM) | | | | | | | | | | | | | | | | |||||||||||
| | | | SQUARE FOOTAGE OF OPENINGS | | | AVERAGE OPENING RATE PSF (4) | | | AVERAGE CLOSING RATE PSF (4) | | | LEASING SPREAD (4) | | | SPREAD TO CLOSE % | | ||||||||||||||||||||
| 3/31/21 | | | | �� | 4,961,794 | | | | | | $ | 60.10 | | | | | | $ | 69.56 | | | | | | $ | (9.46) | | | | | | | -13.6 | % | | |
| 12/31/20 | | | | | 5,023,608 | | | | | | $ | 60.08 | | | | | | $ | 64.49 | | | | | | $ | (4.41) | | | | | | | -6.8 | % | | |
| 3/31/20 | | | | | 7,948,232 | | | | | | $ | 64.06 | | | | | | $ | 61.26 | | | | | | $ | 2.80 | | | | | | | 4.6 | % | | |
(1)
Does not include TRG portfolio.
(2)
Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.
(3)
Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.
(4)
The Open / Close Spread is a measure that compares opening and closing rates on all spaces and is not a space-by-space comparison. The Opening Rate is the initial cash Rent PSF for spaces leased during the trailing 12-month period, and includes new leases, renewals, amendments and relocations (including expansions and downsizings) if lease term is greater than one year. The Opening Rate does not include any estimates for variable lease income based on sales. The Closing Rate is the final cash Rent PSF as of the month the tenant terminates or closes. Rent PSF includes Base Minimum Rent and Common Area Maintenance (CAM) rents.
| 1Q 2021 SUPPLEMENTAL | | | | | 20 | |
THE MILLS AND INTERNATIONAL OPERATING INFORMATION (1)
| | | | | AS OF MARCH 31, | | |||||||||
| | | | | 2021 | | | 2020 | | ||||||
| The Mills | | | | | | | | | | |||||
| Total Number of Properties | | | | | | 14 | | | | | | 14 | | |
| Total Square Footage of Properties (in millions) | | | | | | 21.3 | | | | | | 21.5 | | |
| Ending Occupancy (2) | | | | | | 95.8% | | | | | | 96.3% | | |
| Base Minimum Rent PSF (3) | | | | | | $33.60 | | | | | | $33.80 | | |
| Leasing Spread PSF (4) | | | | | | $ (5.75) | | | | | | $ 7.84 | | |
| Leasing Spread (Percentage Change) (4) | | | | | | -11.8% | | | | | | 21.5% | | |
| International Properties (5) | | | | | | | | | | |||||
| Premium Outlets | | | | | | | | | | | | | | |
| Total Number of Properties | | | | | | 21 | | | | | | 20 | | |
| Total Square Footage of Properties (in millions) | | | | | | 8.3 | | | | | | 7.7 | | |
| Designer Outlets | | | | | | | | | | | | | | |
| Total Number of Properties | | | | | | 10 | | | | | | 10 | | |
| Total Square Footage of Properties (in millions) | | | | | | 2.6 | | | | | | 2.6 | | |
| Statistics for Premium Outlets in Japan (6) | | | | | | | | | | | | | | |
| Ending Occupancy | | | | | | 99.5% | | | | | | 99.4% | | |
| Base Minimum Rent PSF | | | | | | ¥5,479 | | | | | | ¥5,307 | | |
(1)
Does not include TRG portfolio.
(2)
See footnote 2 on U.S. Malls and Premium Outlets Operating Information for definition, except Ending Occupancy is calculated on all company owned space.
(3)
See footnote 3 on U.S. Malls and Premium Outlets Operating Information for definition.
(4)
See footnote 4 on U.S. Malls and Premium Outlets Operating Information for definition.
(5)
Includes all international properties.
(6)
Information supplied by the managing venture partner; includes 9 properties.
| 1Q 2021 SUPPLEMENTAL | | | | | 21 | |
U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)(2)
| YEAR | | | NUMBER OF LEASES EXPIRING | | | SQUARE FEET | | | AVG. BASE MINIMUM RENT PSF AT 3/31/21 | | | PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES (3) | | ||||||||||||||||
| Inline Stores and Freestanding | | | | | | ||||||||||||||||||||||||
| Month to Month Leases | | | | | 1,142 | | | | | | | 4,279,025 | | | | | | $ | 54.44 | | | | | | | 4.2 | % | | |
| 2021 (4/1/21 – 12/31/21) | | | | | 996 | | | | | | | 3,098,167 | | | | | | $ | 52.98 | | | | | | | 3.0 | % | | |
| 2022 | | | | | 2,656 | | | | | | | 10,053,052 | | | | | | $ | 51.22 | | | | | | | 9.7 | % | | |
| 2023 | | | | | 2,417 | | | | | | | 9,546,292 | | | | | | $ | 59.17 | | | | | | | 9.4 | % | | |
| 2024 | | | | | 1,825 | | | | | | | 7,253,547 | | | | | | $ | 60.02 | | | | | | | 8.1 | % | | |
| 2025 | | | | | 1,480 | | | | | | | 5,786,887 | | | | | | $ | 65.14 | | | | | | | 7.2 | % | | |
| 2026 | | | | | 1,202 | | | | | | | 4,915,288 | | | | | | $ | 61.56 | | | | | | | 5.7 | % | | |
| 2027 | | | | | 819 | | | | | | | 3,249,510 | | | | | | $ | 68.77 | | | | | | | 4.2 | % | | |
| 2028 | | | | | 686 | | | | | | | 3,080,249 | | | | | | $ | 64.90 | | | | | | | 3.8 | % | | |
| 2029 | | | | | 635 | | | | | | | 2,669,366 | | | | | | $ | 70.99 | | | | | | | 3.4 | % | | |
| 2030 | | | | | 433 | | | | | | | 2,002,884 | | | | | | $ | 66.01 | | | | | | | 2.4 | % | | |
| 2031 | | | | | 116 | | | | | | | 961,433 | | | | | | $ | 44.07 | | | | | | | 0.8 | % | | |
| 2032 and Thereafter | | | | | 318 | | | | | | | 1,642,120 | | | | | | $ | 46.64 | | | | | | | 1.5 | % | | |
| Specialty Leasing Agreements w/ terms in excess of 12 months | | | | | 2,118 | | | | | | | 5,608,003 | | | | | | $ | 16.80 | | | | | | | 1.8 | % | | |
| Anchors | | | | | | ||||||||||||||||||||||||
| Month to Month Leases | | | | | 1 | | | | | | | 138,409 | | | | | | $ | 1.18 | | | | | | | 0.0 | % | | |
| 2021 (4/1/21 – 12/31/21) | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |
| 2022 | | | | | 6 | | | | | | | 832,954 | | | | | | $ | 3.08 | | | | | | | 0.1 | % | | |
| 2023 | | | | | 16 | | | | | | | 2,149,747 | | | | | | $ | 6.23 | | | | | | | 0.3 | % | | |
| 2024 | | | | | 16 | | | | | | | 1,465,287 | | | | | | $ | 8.05 | | | | | | | 0.2 | % | | |
| 2025 | | | | | 17 | | | | | | | 1,676,634 | | | | | | $ | 6.72 | | | | | | | 0.2 | % | | |
| 2026 | | | | | 14 | | | | | | | 1,644,195 | | | | | | $ | 4.67 | | | | | | | 0.2 | % | | |
| 2027 | | | | | 8 | | | | | | | 1,187,375 | | | | | | $ | 4.92 | | | | | | | 0.1 | % | | |
| 2028 | | | | | 6 | | | | | | | 622,099 | | | | | | $ | 7.12 | | | | | | | 0.1 | % | | |
| 2029 | | | | | 5 | | | | | | | 556,306 | | | | | | $ | 4.40 | | | | | | | 0.0 | % | | |
| 2030 | | | | | 7 | | | | | | | 754,336 | | | | | | $ | 8.54 | | | | | | | 0.1 | % | | |
| 2031 | | | | | 5 | | | | | | | 427,004 | | | | | | $ | 12.18 | | | | | | | 0.0 | % | | |
| 2032 and Thereafter | | | | | 16 | | | | | | | 1,614,728 | | | | | | $ | 12.09 | | | | | | | 0.4 | % | | |
(1)
Does not include TRG portfolio lease expirations.
(2)
Does not consider the impact of renewal options that may be contained in leases.
(3)
Annual rental revenues represent 2020 consolidated and joint venture combined base rental revenue.
| 1Q 2021 SUPPLEMENTAL | | | | | 22 | |
U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS (1)
Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)
| TENANT | | | NUMBER OF STORES | | | SQUARE FEET (000’s) | | | PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES | | | PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES | | ||||||||||||||||
| The Gap, Inc. | | | | | 318 | | | | | | | 3,072 | | | | | | | 1.7 | % | | | | | | 3.2 | % | | |
| L Brands, Inc. | | | | | 276 | | | | | | | 1,709 | | | | | | | 1.0 | % | | | | | | 2.2 | % | | |
| PVH Corporation | | | | | 193 | | | | | | | 1,278 | | | | | | | 0.7 | % | | | | | | 1.7 | % | | |
| Tapestry, Inc. | | | | | 225 | | | | | | | 930 | | | | | | | 0.5 | % | | | | | | 1.6 | % | | |
| Signet Jewelers, Ltd. | | | | | 327 | | | | | | | 471 | | | | | | | 0.3 | % | | | | | | 1.5 | % | | |
| Capri Holdings Limited | | | | | 139 | | | | | | | 539 | | | | | | | 0.3 | % | | | | | | 1.3 | % | | |
| Foot Locker, Inc. | | | | | 194 | | | | | | | 914 | | | | | | | 0.5 | % | | | | | | 1.3 | % | | |
| American Eagle Outfitters, Inc | | | | | 189 | | | | | | | 1,210 | | | | | | | 0.7 | % | | | | | | 1.3 | % | | |
| Luxottica Group SPA | | | | | 349 | | | | | | | 628 | | | | | | | 0.4 | % | | | | | | 1.3 | % | | |
| VF Corporation | | | | | 181 | | | | | | | 764 | | | | | | | 0.4 | % | | | | | | 1.1 | % | | |
Top Anchors (sorted by percentage of total square footage in U.S. properties) (2)
| TENANT | | | NUMBER OF STORES | | | SQUARE FEET (000’s) | | | PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES | | | PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES | | ||||||||||||||||
| Macy’s Inc. | | | | | 98 | | | | | | | 18,893 | | | | | | | 10.6 | % | | | | | | 0.3 | % | | |
| J.C. Penney Co., Inc. | | | | | 52 | | | | | | | 8,606 | | | | | | | 4.8 | % | | | | | | 0.2 | % | | |
| Dillard’s, Inc. | | | | | 33 | | | | | | | 6,089 | | | | | | | 3.4 | % | | | | | | * | | | |
| Nordstrom, Inc. | | | | | 24 | | | | | | | 4,103 | | | | | | | 2.3 | % | | | | | | 0.1 | % | | |
| Dick’s Sporting Goods, Inc. | | | | | 33 | | | | | | | 2,254 | | | | | | | 1.3 | % | | | | | | 0.5 | % | | |
| The Neiman Marcus Group, Inc. | | | | | 11 | | | | | | | 1,365 | | | | | | | 0.8 | % | | | | | | * | | | |
| Belk, Inc. | | | | | 7 | | | | | | | 1,194 | | | | | | | 0.7 | % | | | | | | * | | | |
| Hudson’s Bay Company | | | | | 8 | | | | | | | 943 | | | | | | | 0.5 | % | | | | | | 0.1 | % | | |
| Target Corporation | | | | | 6 | | | | | | | 831 | | | | | | | 0.5 | % | | | | | | 0.1 | % | | |
| Sears | | | | | 4 | | | | | | | 781 | | | | | | | 0.4 | % | | | | | | * | | | |
| Von Maur, Inc. | | | | | 6 | | | | | | | 768 | | | | | | | 0.4 | % | | | | | | * | | | |
(1)
Does not include TRG portfolio top tenants.
(2)
Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale’s The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
*
Less than one-tenth of one percent.
| 1Q 2021 SUPPLEMENTAL | | | | | 23 | |
CAPITAL EXPENDITURES(1)
(In thousands)
(In thousands)
| | | | | | | | | | | UNCONSOLIDATED PROPERTIES | | |||||||||||
| | | | CONSOLIDATED PROPERTIES | | | TOTAL | | | OUR SHARE | | ||||||||||||
| New development projects | | | | $ | 12,795 | | | | | | $ | 57,758 | | | | | | $ | 16,776 | | | |
| Redevelopment projects with incremental square footage and/or anchor replacement | | | | | 43,389 | | | | | | | 25,477 | | | | | | | 12,245 | | | |
| Redevelopment projects with no incremental square footage (2) | | | | | 6,672 | | | | | | | 2,786 | | | | | | | 1,411 | | | |
| Subtotal new development and redevelopment projects | | | | | 62,856 | | | | | | | 86,021 | | | | | | | 30,432 | | | |
| Tenant allowances | | | | | 16,673 | | | | | | | 15,321 | | | | | | | 7,750 | | | |
| Operational capital expenditures at properties: | | | | | | | | | | | | | | | | | | | | | | |
| CAM expenditures | | | | | 3,451 | | | | | | | 6,793 | | | | | | | 3,021 | | | |
| Non-CAM expenditures | | | | | 8 | | | | | | | 2,238 | | | | | | | 1,157 | | | |
| Totals | | | | $ | 82,988 | | | | | | $ | 110,373 | | | | | | $ | 42,360 | | | |
| Conversion from accrual to cash basis | | | | | 31,820 | | | | | | | 15,898 | | | | | | | 6,102 | | | |
| Capital Expenditures for the Three Months Ended 3/31/21(3) | | | | $ | 114,808 | | | | | | $ | 126,271 | | | | | | $ | 48,462 | | | |
| Capital Expenditures for the Three Months Ended 3/31/20(3) | | | | $ | 213,214 | | | | | | $ | 161,555 | | | | | | $ | 75,549 | | | |
(1)
Does not include TRG portfolio capital expenditures.
(2)
Includes restoration projects as a result of property damage from natural disasters.
(3)
Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.
| 1Q 2021 SUPPLEMENTAL | | | | | 24 | |
DEVELOPMENT ACTIVITY SUMMARY(1)(2)
As of March 31, 2021
(in thousands, except percent)
(in thousands, except percent)
| | PLATFORM PROJECT TYPE | | | | OUR SHARE OF NET INVESTMENT | | | | EXPECTED STABILIZED RATE OF RETURN | | | | Actual Investment thru Q1 2021 | | | | Forecasted Investment Q2 - Q4 | | | | Forecasted Investment FY 2021 | | | | Forecasted Investment FY 2022 | | | | Forecasted Total Investment 2021 - 2022 | | | ||||||||||||||||||||||||||||
| | Malls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Redevelopments | | | | | $ | 336,902 | | | | | | | | 6 | % | | | | | | $ | 21,981 | | | | | | | $ | 127,078 | | | | | | | $ | 149,059 | | | | | | | $ | 63,593 | | | | | | | $ | 212,652 | | | | |
| | Premium Outlets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | New Developments – International | | | | | $ | 44,960 | | | | | | | | 7 | % | | | | | | $ | 1,264 | | | | | | | $ | 10,644 | | | | | | | $ | 11,908 | | | | | | | $ | 1,600 | | | | | | | $ | 13,508 | | | | |
| | Redevelopments – International | | | | | $ | 22,051 | | | | | | | | 9 | % | | | | | | $ | 234 | | | | | | | $ | 17,091 | | | | | | | $ | 17,325 | | | | | | | $ | 4,611 | | | | | | | $ | 21,936 | | | | |
| | The Mills | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Redevelopments | | | | | $ | 27,963 | | | | | | | | 11 | % | | | | | | $ | 2,552 | | | | | | | $ | 6,308 | | | | | | | $ | 8,860 | | | | | | | $ | 444 | | | | | | | $ | 9,304 | | | | |
| | Total Investment (2) | | | | | $ | 431,876 | | | | | | | | 7 | % | | | | | | $ | 26,031 | | | | | | | $ | 161,121 | | | | | | | $ | 187,152 | | | | | | | $ | 70,284 | | | | | | | $ | 257,400 | | | | |
| | Less funding from: Construction Loans, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | International JV Cash on hand, etc. | | | | | $ | (97,460) | | | | | | | | | | | | | | | $ | (3,847) | | | | | | | $ | (34,150) | | | | | | | $ | (37,997) | | | | | | | $ | (6,211) | | | | | | | $ | (44,208) | | | | |
| | Total Net Cash Investment | | | | | $ | 334,416 | | | | | | | | | | | | | | | $ | 22,184 | | | | | | | $ | 126,971 | | | | | | | $ | 149,155 | | | | | | | $ | 64,037 | | | | | | | $ | 213,192 | | | | |
Notes:
(1)
Does not include TRG.
(2)
Our share of Net Investment includes $172M of previous investment that was in CIP as of December 31, 2020. Projects that were previously suspended due to COVID-19 are reflected net of costs incurred prior to restart.
| 1Q 2021 SUPPLEMENTAL | | | | | 25 | |
COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2020 through March 31, 2021
For the Period December 31, 2020 through March 31, 2021
| | | | COMMON SHARES(1) | | | LIMITED PARTNERSHIP UNITS(2) | | ||||||||
| Number Outstanding at December 31, 2020 | | | | | 328,501,416 | | | | | | | 47,322,212 | | | |
| First Quarter Activity | | | | | | | | | | | | | | | |
| Redemption of Limited Partnership Units for Cash | | | | | — | | | | | | | (316) | | | |
| Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) | | | | | 37,976 | | | | | | | — | | | |
| Number Outstanding at March 31, 2021 | | | | | 328,539,392 | | | | | | | 47,321,896 | | | |
| Number of Limited Partnership Units and Common Shares at March 31, 2021 | | | | | 375,861,288 | | | | | | | | | | |
PREFERRED STOCK/UNITS OUTSTANDING AS OF MARCH 31, 2021
($ in 000’s, except per share amounts)
($ in 000’s, except per share amounts)
| ISSUER | | | DESCRIPTION | | | NUMBER OF SHARES/UNITS | | | PER SHARE LIQUIDATION PREFERENCE | | | AGGREGATE LIQUIDATION PREFERENCE | | | TICKER SYMBOL | | ||||||||||||
| Preferred Stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Simon Property Group, Inc. | | | Series J 8.375% Cumulative Redeemable(4) | | | | | 796,948 | | | | | | $ | 50.00 | | | | | | $ | 39,847 | | | | | SPGPrJ | |
| Preferred Units: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Simon Property Group, L.P. | | | 7.50% Cumulative Redeemable(5) | | | | | 255,373 | | | | | | $ | 100.00 | | | | | | $ | 25,537 | | | | | N/A | |
(1)
Excludes Limited Partnership preferred units relating to preferred stock outstanding.
(2)
Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.
(3)
Represents restricted stock/restricted stock unit awards and earned LTIP units issued pursuant to the Operating Partnership’s 1998 Stock Incentive Plan and 2019 Stock Incentive Plan, net of forfeitures.
(4)
Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on March 31, 2021 was $69.34 per share.
(5)
Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
| 1Q 2021 SUPPLEMENTAL | | | | | 26 | |
CREDIT PROFILE(1)
(1)
Does not include TRG portfolio and corporate debt.
(2)
Non-recourse mortgage net debt includes our pro-rata share of consolidated non-recourse mortgage debt and our pro-rata share of joint venture non-recourse mortgage debt.
(3)
Includes the $2.0 billion term loan drawn for the purpose of funding Taubman acquisition, which closed on December 29, 2020; no other data is adjusted to reflect acquisition.
(4)
Includes a charge for loss on extinguishment of debt of $0.36 per share in 2017 and $0.33 per share in 2019.
| 1Q 2021 SUPPLEMENTAL | | | | | 27 | |
SUPPLEMENTAL Corporate Credit Ratios
| All figures at SPG Share, except where indicated | | | AS OF MARCH 31, 2021 | | | AS OF DECEMBER 31, 2020 | | ||||||||
| Unsecured Consolidated Debt | | | | $ | 19,350,864 | | | | | | $ | 19,784,862 | | | |
| Less: Consolidated Cash | | | | | 917,806 | | | | | | | 1,011,613 | | | |
| UNSECURED CONSOLIDATED (CORPORATE) NET DEBT | | | | $ | 18,433,058 | | | | | | $ | 18,773,249 | | | |
| | | | Twelve Months Ending MARCH 31, 2021 | | | Twelve Months Ending DECEMBER 31, 2020 | | ||||||||
| Operating Income Before Other Items | | | | $ | 1,921,552 | | | | | | $ | 1,971,809 | | | |
| Depreciation and Amortization | | | | | 1,305,484 | | | | | | | 1,318,008 | | | |
| EBITDA of Consolidated Entities | | | | | 3,227,036 | | | | | | | 3,289,817 | | | |
| Joint Venture Unencumbered EBITDA (1) | | | | | 68,716 | | | | | | | 44,829 | | | |
| Less: Encumbered EBITDA of Consolidated Entities | | | | | (638,330) | | | | | | | (665,909) | | | |
| UNENCUMBERED EBITDA | | | | $ | 2,657,422 | | | | | | $ | 2,668,737 | | | |
| EBITDA Less Interest Expense of Encumbered Consolidated Assets | | | | | 381,332 | | | | | | | 393,401 | | | |
| EBITDA Less Interest Expense of Joint Venture Assets (1) | | | | | 591,078 | | | | | | | 577,515 | | | |
| FFO of Investments | | | | | 207,239 | | | | | | | 203,900 | | | |
| CORPORATE FUNDS AVAILABLE TO SERVICE UNSECURED DEBT | | | | $ | 3,837,071 | | | | | | $ | 3,843,553 | | | |
| Consolidated Interest Expense | | | | $ | 798,789 | | | | | | $ | 784,400 | | | |
| Less: Minority Interest | | | | | (7,567) | | | | | | | (7,509) | | | |
| Less: Non-Recourse Consolidated Interest Expense | | | | | (256,997) | | | | | | | (272,508) | | | |
| UNSECURED (CORPORATE) INTEREST EXPENSE | | | | $ | 534,225 | | | | | | $ | 504,383 | | | |
| RATIOS(2) | | | | | | | | | | | | | | | |
| Corporate Net Debt to Corporate Funds Available(3) | | | | | 4.8x | | | | | | | 4.9x | | | |
| Corporate Funds Available to Corporate Interest Expense Coverage Ratio(4) | | | | | 7.2x | | | | | | | 7.6x | | | |
(1)
Represents property level joint ventures and excludes retail investments and Klépierre.
(2)
Ratios calculated based on measures above; not intended to represent ratio calculations in line with indentures dated June 7, 2005 and later.
(3)
Defined as Unsecured Consolidated Net Debt to Funds Available to Service Unsecured Debt.
(4)
Defined as Funds Available to Service Unsecured Debt to Unsecured Interest Expense.
| 1Q 2021 SUPPLEMENTAL | | | | | 28 | |
SUMMARY OF INDEBTEDNESS(1)
As of March 31, 2021
(In thousands)
(In thousands)
| | | | TOTAL INDEBTEDNESS | | | OUR SHARE OF INDEBTEDNESS | | | WEIGHTED AVERAGE END OF PERIOD INTEREST RATE | | | WEIGHTED AVERAGE YEARS TO MATURITY | | ||||||||||||||||
| Consolidated Indebtedness | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mortgage Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed Rate | | | | $ | 5,637,122 | | | | | | $ | 5,484,935 | | | | | | | 3.81 | % | | | | | | 3.9 | | | |
| Variable Rate Debt | | | | | 1,127,204 | | | | | | | 1,089,415 | | | | | | | 2.17 | % | | | | | | 2.1 | | | |
| Total Mortgage Debt | | | | | 6,764,326 | | | | | | | 6,574,350 | | | | | | | 3.54 | % | | | | | | 3.6 | | | |
| Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed Rate | | | | | 18,845,549 | | | | | | | 18,845,549 | | | | | | | 2.96 | % | | | | | | 9.4 | | | |
| Revolving Credit Facility – USD Currency | | | | | 125,000 | | | | | | | 125,000 | | | | | | | 0.81 | % | | | | | | 4.2 | | | |
| Total Revolving Credit Facilities | | | | | 125,000 | | | | | | | 125,000 | | | | | | | 0.81 | % | | | | | | 4.2 | | | |
| Global Commercial Paper – USD | | | | | 500,000 | | | | | | | 500,000 | | | | | | | 0.22 | % | | | | | | 0.2 | | | |
| Total Unsecured Debt | | | | | 19,470,549 | | | | | | | 19,470,549 | | | | | | | 2.87 | % | | | | | | 9.4 | | | |
| Premium | | | | | 33,334 | | | | | | | 33,334 | | | | | | | | | | | | | | | | | |
| Discount | | | | | (56,501) | | | | | | | (56,501) | | | | | | | | | | | | | | | | | |
| Debt Issuance Costs | | | | | (119,958) | | | | | | | (119,005) | | | | | | | | | | | | | | | | | |
| Other Debt Obligations | | | | | 64,770 | | | | | | | 64,770 | | | | | | | | | | | | | | | | | |
| Consolidated Mortgages and Unsecured Indebtedness (2) | | | | $ | 26,156,520 | | | | | | $ | 25,967,497 | | | | | | | 3.04 | % | | | | | | 7.9 | | | |
| Joint Venture Indebtedness | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mortgage Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed Rate | | | | $ | 13,462,797 | | | | | | $ | 6,266,390 | | | | | | | 3.86 | % | | | | | | 3.9 | | | |
| Floating Rate Debt (Hedged) (2) | | | | | 430,039 | | | | | | | 180,021 | | | | | | | 2.20 | % | | | | | | 5.9 | | | |
| Variable Rate Debt | | | | | 1,227,052 | | | | | | | 516,653 | | | | | | | 2.00 | % | | | | | | 2.4 | | | |
| TMLP Debt (3) | | | | | 376,421 | | | | | | | 146,422 | | | | | | | — | | | | | | | — | | | |
| Total Mortgage Debt | | | | | 15,496,309 | | | | | | | 7,109,486 | | | | | | | 3.68 | % | | | | | | 3.8 | | | |
| Debt Issuance Costs | | | | | (33,406) | | | | | | | (15,549) | | | | | | | | | | | | | | | | | |
| Joint Venture Mortgages and Other Indebtedness (2) | | | | $ | 15,462,903 | | | | | | $ | 7,093,937 | | | | | | | 3.68 | % | | | | | | 3.8 | | | |
| Our Share of Total Indebtedness | | | | | | | | | | | $ | 33,061,434 | | | | | | | 3.18 | % | | | | | | 7.0 | | | |
| | | | TOTAL INDEBTEDNESS | | | OUR SHARE OF INDEBTEDNESS | | | WEIGHTED AVERAGE END OF PERIOD INTEREST RATE | | | WEIGHTED AVERAGE YEARS TO MATURITY | | ||||||||||||||||
| Summary of Our Share of Fixed and Variable Rate Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Consolidated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed | | | | | 95.4 | % | | | | | $ | 24,773,272 | | | | | | | 3.36 | % | | | | | | 8.3 | | | |
| Variable | | | | | 4.6 | % | | | | | | 1,194,225 | | | | | | | 2.03 | % | | | | | | 2.4 | | | |
| | | | | | 100.0 | % | | | | | | 25,967,497 | | | | | | | 3.04 | % | | | | | | 7.9 | | | |
| Joint Venture | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed | | | | | 90.2 | % | | | | | $ | 6,400,011 | | | | | | | 3.86 | % | | | | | | 3.9 | | | |
| Variable | | | | | 9.8 | % | | | | | | 693,926 | | | | | | | 2.05 | % | | | | | | 2.2 | | | |
| | | | | | 100.0 | % | | | | | | 7,093,937 | | | | | | | 3.68 | % | | | | | | 3.8 | | | |
| Total Debt | | | | | | | | | | | $ | 33,061,434 | | | | | | | | | | | | | | | | | |
| Total Fixed Debt | | | | | 94.3 | % | | | | | $ | 31,173,283 | | | | | | | 3.24 | % | | | | | | 7.4 | | | |
| Total Variable Debt | | | | | 5.7 | % | | | | | $ | 1,888,151 | | | | | | | 2.04 | % | | | | | | 2.4 | | | |
(1)
Does not include TRG secured and corporate debt.
(2)
Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
(3)
See footnote 10 on the Property and Debt information.
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)(1)
As of March 31, 2021
In thousands)
In thousands)
| YEAR | | | OUR SHARE OF UNSECURED CONSOLIDATED DEBT | | | WEIGHTED AVERAGE RATE OF MATURING UNSECURED CONSOLIDATED DEBT | | | OUR SHARE OF SECURED CONSOLIDATED DEBT | | | WEIGHTED AVERAGE RATE OF MATURING SECURED CONSOLIDATED DEBT | | | OUR SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT | | | WEIGHTED AVERAGE RATE OF MATURING UNCONSOLIDATED JOINT VENTURE DEBT | | | OUR SHARE OF TOTAL DEBT | | | TOTAL WEIGHTED AVERAGE RATE OF MATURING DEBT | | ||||||||||||||||||||||||||||||||
| 2021 | | | | $ | 500,000 | | | | | | | 0.22 | % | | | | | $ | 1,133,940 | | | | | | | 3.15 | % | | | | | $ | 571,354 | | | | | | | 4.40 | % | | | | | $ | 2,205,294 | | | | | | | 2.83 | % | | |
| 2022 | | | | | 2,029,581 | | | | | | | 2.01 | % | | | | | | 547,829 | | | | | | | 3.07 | % | | | | | | 1,084,291 | | | | | | | 4.03 | % | | | | | | 3,661,701 | | | | | | | 2.75 | % | | |
| 2023 | | | | | 1,100,000 | | | | | | | 2.75 | % | | | | | | 718,385 | | | | | | | 3.85 | % | | | | | | 689,023 | | | | | | | 3.12 | % | | | | | | 2,507,408 | | | | | | | 3.17 | % | | |
| 2024 | | | | | 2,500,000 | | | | | | | 2.92 | % | | | | | | 391,672 | | | | | | | 3.76 | % | | | | | | 1,255,025 | | | | | | | 3.43 | % | | | | | | 4,146,697 | | | | | | | 3.14 | % | | |
| 2025 | | | | | 1,811,387 | | | | | | | 2.59 | % | | | | | | 1,218,158 | | | | | | | 3.46 | % | | | | | | 877,770 | | | | | | | 3.29 | % | | | | | | 3,907,315 | | | | | | | 3.01 | % | | |
| 2026 | | | | | 1,550,000 | | | | | | | 3.28 | % | | | | | | 2,169,925 | | | | | | | 3.87 | % | | | | | | 1,141,338 | | | | | | | 3.76 | % | | | | | | 4,861,263 | | | | | | | 3.65 | % | | |
| 2027 | | | | | 1,500,000 | | | | | | | 3.38 | % | | | | | | 145,000 | | | | | | | 4.00 | % | | | | | | 454,882 | | | | | | | 3.22 | % | | | | | | 2,099,882 | | | | | | | 3.38 | % | | |
| 2028 | | | | | 800,000 | | | | | | | 1.75 | % | | | | | | 54,174 | | | | | | | 3.85 | % | | | | | | 738,933 | | | | | | | 4.11 | % | | | | | | 1,593,107 | | | | | | | 2.91 | % | | |
| 2029 | | | | | 1,250,000 | | | | | | | 2.45 | % | | | | | | 195,267 | | | | | | | 2.00 | % | | | | | | — | | | | | | | — | | | | | | | 1,445,267 | | | | | | | 2.39 | % | | |
| 2030 | | | | | 750,000 | | | | | | | 2.65 | % | | | | | | — | | | | | | | — | | | | | | | 225,250 | | | | | | | 3.12 | % | | | | | | 975,250 | | | | | | | 2.76 | % | | |
| 2031 | | | | | 700,000 | | | | | | | 2.20 | % | | | | | | — | | | | | | | — | | | | | | | 39,148 | | | | | | | 3.95 | % | | | | | | 739,148 | | | | | | | 2.29 | % | | |
| Thereafter | | | | | 4,979,581 | | | | | | | 3.74 | % | | | | | | — | | | | | | | — | | | | | | | 32,472 | | | | | | | 4.46 | % | | | | | | 5,012,053 | | | | | | | 3.75 | % | | |
| Face Amounts of Indebtedness | | | | $ | 19,470,549 | | | | | | | 2.87 | % | | | | | $ | 6,574,350 | | | | | | | 3.54 | % | | | | | $ | 7,109,486 | | | | | | | 3.68 | % | | | | | $ | 33,154,385 | | | | | | | 3.17 | % | | |
| Premiums (Discounts) on Indebtedness, Net | | | | | (26,401) | | | | | | | | | | | | | | 3,234 | | | | | | | | | | | | | | — | | | | | | | | | | | | | | (23,167) | | | | | | | | | | |
| Debt Issuance Costs | | | | | (93,284) | | | | | | | | | | | | | | (25,721) | | | | | | | | | | | | | | (15,549) | | | | | | | | | | | | | | (134,554) | | | | | | | | | | |
| Other Debt Obligations | | | | | — | | | | | | | | | | | | | | 64,770 | | | | | | | | | | | | | | — | | | | | | | | | | | | | | 64,770 | | | | | | | | | | |
| Our Share of Total Indebtedness | | | | $ | 19,350,864 | | | | | | | | | | | | | $ | 6,616,633 | | | | | | | | | | | | | $ | 7,093,937 | | | | | | | | | | | | | $ | 33,061,434 | | | | | | | | | | |
(1)
Does not include TRG.
| 1Q 2021 SUPPLEMENTAL | | | | | 30 | |
Unsecured Debt Information
As of March 31, 2021
As of March 31, 2021
| | | | Debt Information | | ||||||||||||||||||||||||
| | | | Maturity Date | | | | | | Interest Rate(1) | | | Type | | | Indebtedness ($ in 000’s) Total | | ||||||||||||
| Unsecured Indebtedness: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Global Commercial Paper – USD | | | | | 05/28/21 | | | | | (2) | | | | | 0.22 | % | | | | Fixed | | | | | 500,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 01/30/22 | | | | | | | | | | 2.35 | % | | | | Fixed | | | | | 550,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 06/15/22 | | | | | | | | | | 2.63 | % | | | | Fixed | | | | | 600,000 | | | |
| Simon Property Group, LP (Euro Sr. Notes) | | | | | 11/18/22 | | | | | (3) | | | | | 1.38 | % | | | | Fixed | | | | | 879,581 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 02/01/23 | | | | | | | | | | 2.75 | % | | | | Fixed | | | | | 500,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 06/01/23 | | | | | | | | | | 2.75 | % | | | | Fixed | | | | | 600,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 02/01/24 | | | | | | | | | | 3.75 | % | | | | Fixed | | | | | 600,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 09/13/24 | | | | | | | | | | 2.00 | % | | | | Fixed | | | | | 1,000,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 10/01/24 | | | | | | | | | | 3.38 | % | | | | Fixed | | | | | 900,000 | | | |
| Simon Property Group, LP (Euro Sr. Notes) | | | | | 05/13/25 | | | | | (4) | | | | | 1.25 | % | | | | Fixed | | | | | 586,387 | | | |
| Revolving Credit Facility – USD Currency | | | | | 06/30/25 | | | | | (5) | | | | | 0.81 | % | | | | Variable | | | | | 125,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 09/01/25 | | | | | | | | | | 3.50 | % | | | | Fixed | | | | | 1,100,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 01/15/26 | | | | | | | | | | 3.30 | % | | | | Fixed | | | | | 800,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 11/30/26 | | | | | | | | | | 3.25 | % | | | | Fixed | | | | | 750,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 06/15/27 | | | | | | | | | | 3.38 | % | | | | Fixed | | | | | 750,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 12/01/27 | | | | | | | | | | 3.38 | % | | | | Fixed | | | | | 750,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 02/01/28 | | | | | | | | | | 1.75 | % | | | | Fixed | | | | | 800,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 09/13/29 | | | | | | | | | | 2.45 | % | | | | Fixed | | | | | 1,250,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 07/15/30 | | | | | | | | | | 2.65 | % | | | | Fixed | | | | | 750,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 02/01/31 | | | | | | | | | | 2.20 | % | | | | Fixed | | | | | 700,000 | | | |
| Simon Property Group, LP (Euro Sr. Notes) | | | | | 03/19/33 | | | | | (3) | | | | | 1.13 | % | | | | Fixed | | | | | 879,581 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 02/01/40 | | | | | | | | | | 6.75 | % | | | | Fixed | | | | | 600,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 03/15/42 | | | | | | | | | | 4.75 | % | | | | Fixed | | | | | 550,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 10/01/44 | | | | | | | | | | 4.25 | % | | | | Fixed | | | | | 400,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 11/30/46 | | | | | | | | | | 4.25 | % | | | | Fixed | | | | | 550,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 09/13/49 | | | | | | | | | | 3.25 | % | | | | Fixed | | | | | 1,250,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 07/15/50 | | | | | | | | | | 3.80 | % | | | | Fixed | | | | | 750,000 | | | |
| Total Unsecured Indebtedness at Face Value | | | | | | | | | | | | | | | | | | | | | | | | $ | 19,470,549(6) | | | |
(1)
Variable rate debt interest rates are based on the following base rates as of March 31, 2021: 1M LIBOR at 0.11%; 1M EUR LIBOR at -.58%; 3M EURIBOR at -.54%; 6M EURIBOR at -.51%; 3M GBP LIBOR at 0.088%; 1M JPY TIBOR at 0.08%; 6M JPY TIBOR at .13%; 1M JPY LIBOR at -0.08%; 1M CDOR at .41%; and Cost of Funds Rate at 3.52%.
(2)
Reflects the weighted average maturity date and weighted average interest rate of all outstanding tranches of Commercial Paper at March 31, 2021.
(3)
Amount shown in USD equivalent; EUR equivalent is 750.0 million.
(4)
Amount shown in USD equivalent; EUR equivalent is 500.0 million.
(5)
Includes applicable extensions available at our option.
(6)
Also represents our share of Total Unsecured Indebtedness.
| 1Q 2021 SUPPLEMENTAL | | | | | 31 | |
Property and Debt Information
As of March 31, 2021
As of March 31, 2021
| | | | | | | | | | | | | | | | | | | | | | Debt Information | | |||||||||||||||
| | | | Property Name | | | State | | | City (CBSA) | | | Legal Ownership | | | | | | Total Square Feet | | | Maturity Date | | | | | | Interest Rate (1) | | | Type | | | Indebtedness ($ in 000's) | | |||
| | | | | | | Total | | | Our Share | | |||||||||||||||||||||||||||
| | | | Malls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1. | | | Apple Blossom Mall | | | VA | | | Winchester | | | 49.1% | | | | | | 473,933 | | | (2) | | | | | | | | | | | | | | | ||
| 2. | | | Auburn Mall | | | MA | | | Auburn | | | 56.4% | | | | | | 499,467 | | | (2) | | | | | | | | | | | | | | | ||
| 3. | | | Aventura Mall(3) | | | FL | | | Miami Beach (Miami) | | | 33.3% | | | | | | 2,125,983 | | | 07/01/28 | | | | | | 4.12% | | | Fixed | | | 1,750,000 | | | 583,333 | |
| 4. | | | Barton Creek Square | | | TX | | | Austin | | | 100.0% | | | | | | 1,452,291 | | | (2) | | | | | | | | | | | | | | | | |
| 5. | | | Battlefield Mall | | | MO | | | Springfield | | | 100.0% | | | | | | 1,203,129 | | | 09/01/22 | | | | | | 3.95% | | | Fixed | | | 112,039 | | | 112,039 | |
| 6. | | | Bay Park Square | | | WI | | | Green Bay | | | 100.0% | | | | | | 682,182 | | | (2) | | | | | | | | | | | | | | | | |
| 7. | | | Brea Mall | | | CA | | | Brea (Los Angeles) | | | 100.0% | | | | | | 1,282,015 | | | (2) | | | | | | | | | | | | | | | ||
| 8. | | | Briarwood Mall | | | MI | | | Ann Arbor | | | 50.0% | | | | | | 977,825 | | | 09/01/26 | | | | | | 3.29% | | | Fixed | | | 165,000 | | | 82,500 | |
| 9. | | | Brickell City Centre | | | FL | | | Miami | | | 25.0% | | | | | | 475,761 | | | (2) | | | | | | | | | | | | | | | ||
| 10. | | | Broadway Square | | | TX | | | Tyler | | | 100.0% | | | | | | 604,726 | | | (2) | | | | | | | | | | | | | | | ||
| 11. | | | Burlington Mall | | | MA | | | Burlington (Boston) | | | 100.0% | | | | | | 1,185,421 | | | (2) | | | | | | | | | | | | | | | | |
| 12. | | | Cape Cod Mall | | | MA | | | Hyannis | | | 56.4% | | | | | | 709,052 | | | 05/06/21 | | | | | | 5.75% | | | Fixed | | | 84,204 | | | 47,466 | |
| 13. | | | Castleton Square | | | IN | | | Indianapolis | | | 100.0% | | | | | | 1,384,538 | | | (2) | | | | | | | | | | | | | | | | |
| 14. | | | Cielo Vista Mall | | | TX | | | El Paso | | | 100.0% | | | | | | 1,244,623 | | | (2) | | | | | | | | | | | | | | | | |
| 15. | | | Coconut Point | | | FL | | | Estero | | | 50.0% | | | | | | 1,205,043 | | | 10/01/26 | | | | | | 3.95% | | | Fixed | | | 181,872 | | | 90,936 | |
| 16. | | | College Mall | | | IN | | | Bloomington | | | 100.0% | | | | | | 609,768 | | | (2) | | | | | | | | | | | | | | | | |
| 17. | | | Columbia Center | | | WA | | | Kennewick | | | 100.0% | | | | | | 815,027 | | | (2) | | | | | | | | | | | | | | | | |
| 18. | | | Copley Place | | | MA | | | Boston | | | 94.4% | | | (4) | | | 1,263,379 | | | (2) | | | | | | | | | | | | | | | ||
| 19. | | | Coral Square | | | FL | | | Coral Springs (Miami) | | | 97.2% | | | | | | 943,878 | | | (2) | | | | | | | | | | | | | | | | |
| 20. | | | Cordova Mall | | | FL | | | Pensacola | | | 100.0% | | | | | | 926,339 | | | (2) | | | | | | | | | | | | | | | | |
| 21. | | | Dadeland Mall | | | FL | | | Miami | | | 50.0% | | | | | | 1,498,971 | | | 12/05/21 | | | | | | 4.50% | | | Fixed | | | 389,174 | | | 194,587 | |
| 22. | | | Del Amo Fashion Center | | | CA | | | Torrance (Los Angeles) | | | 50.0% | | | | | | 2,519,441 | | | 06/01/27 | | | | | | 3.66% | | | Fixed | | | 585,000 | | | 292,500 | |
| 23. | | | Domain, The | | | TX | | | Austin | | | 100.0% | | | | | | 1,232,954 | | | 08/01/21 | | | | | | 5.44% | | | Fixed | | | 175,406 | | | 175,406 | |
| 24. | | | Empire Mall | | | SD | | | Sioux Falls | | | 100.0% | | | | | | 1,128,431 | | | 12/01/25 | | | | | | 4.31% | | | Fixed | | | 182,936 | | | 182,936 | |
| 25. | | | Falls, The | | | FL | | | Miami | | | 50.0% | | | | | | 706,849 | | | 09/01/26 | | | | | | 3.45% | | | Fixed | | | 150,000 | | | 75,000 | |
| 26. | | | Fashion Centre at Pentagon City, The | | | VA | | | Arlington (Washington, DC) | | | 42.5% | | | | | | 1,037,131 | | | 07/01/21 | | | (25) | | | 5.11% | | | Fixed | | | 40,000 | | | 17,000 | |
| | | | | | | | | | | | | | | | | | | | | | 07/01/21 | | | (25) | | | 4.87% | | | Fixed | | | 410,000 | | | 174,250 | |
| 27. | | | Fashion Mall at Keystone, The | | | IN | | | Indianapolis | | | 100.0% | | | | | | 716,478 | | | (2) | | | | | | | | | | | | | | | ||
| 28. | | | Fashion Valley | | | CA | | | San Diego | | | 50.0% | | | | | | 1,729,103 | | | 02/01/26 | | | (5) | | | 3.75% | | | Fixed | | | 415,000 | | | 207,500 | |
| 29. | | | Firewheel Town Center | | | TX | | | Garland (Dallas) | | | 100.0% | | | | | | 996,253 | | | (2) | | | | | | | | | | | | | | | | |
| 30. | | | Florida Mall, The | | | FL | | | Orlando | | | 50.0% | | | | | | 1,724,944 | | | 03/05/22 | | | | | | 5.25% | | | Fixed | | | 302,900 | | | 151,450 | |
| 31. | | | Forum Shops at Caesars Palace, The | | | NV | | | Las Vegas | | | 100.0% | | | | | | 659,851 | | | (2) | | | | | | | | | | | | | | | | |
| 32. | | | Galleria, The | | | TX | | | Houston | | | 50.4% | | | | | | 2,016,343 | | | 03/01/25 | | | | | | 3.55% | | | Fixed | | | 1,200,000 | | | 604,440 | |
| 33. | | | Greenwood Park Mall | | | IN | | | Greenwood (Indianapolis) | | | 100.0% | | | | | | 1,288,799 | | | (2) | | | | | | | | | | | | | | | | |
| 34. | | | Haywood Mall | | | SC | | | Greenville | | | 100.0% | | | | | | 1,237,555 | | | (2) | | | | | | | | | | | | | | | | |
| 35. | | | Ingram Park Mall | | | TX | | | San Antonio | | | 100.0% | | | | | | 1,125,187 | | | 06/01/21 | | | | | | 5.38% | | | Fixed | | | 121,455 | | | 121,455 | |
| 36. | | | King of Prussia | | | PA | | | King of Prussia (Philadelphia) | | | 100.0% | | | | | | 2,670,672 | | | (2) | | | | | | | | | | | | | | | | |
| 37. | | | La Plaza Mall | | | TX | | | McAllen | | | 100.0% | | | | | | 1,310,815 | | | (2) | | | | | | | | | | | | | | | | |
| 38. | | | Lakeline Mall | | | TX | | | Cedar Park (Austin) | | | 100.0% | | | | | | 1,099,056 | | | (2) | | | | | | | | | | | | | | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 32 | |
Property and Debt Information
As of March 31, 2021
| | | | | | | | | | | | | | | | | | | | | | Debt Information | | |||||||||||||||
| | | | Property Name | | | State | | | City (CBSA) | | | Legal Ownership | | | | | | Total Square Feet | | | Maturity Date | | | | | | Interest Rate (1) | | | Type | | | Indebtedness ($ in 000's) | | |||
| | | | | | | Total | | | Our Share | | |||||||||||||||||||||||||||
| 39. | | | Lehigh Valley Mall | | | PA | | | Whitehall | | | 50.0% | | | | | | 1,196,769 | | | 11/01/27 | | | | | | 4.06% | | | Fixed | | | 188,178 | | | 94,089 | |
| 40. | | | Lenox Square | | | GA | | | Atlanta | | | 100.0% | | | | | | 1,556,515 | | | (2) | | | | | | | | | | | | | | | | |
| 41. | | | Livingston Mall | | | NJ | | | Livingston (New York) | | | 100.0% | | | | | | 968,748 | | | (2) | | | | | | | | | | | | | | | | |
| 42. | | | Mall at Rockingham Park, The | | | NH | | | Salem (Boston) | | | 28.2% | | | | | | 1,064,794 | | | 06/01/26 | | | | | | 4.04% | | | Fixed | | | 262,000 | | | 73,845 | |
| 43. | | | Mall of Georgia | | | GA | | | Buford (Atlanta) | | | 100.0% | | | | | | 1,840,175 | | | (2) | | | | | | | | | | | | | | | | |
| 44. | | | Mall of New Hampshire, The | | | NH | | | Manchester | | | 56.4% | | | | | | 803,783 | | | 07/01/25 | | | | | | 4.11% | | | Fixed | | | 150,000 | | | 84,555 | |
| 45. | | | McCain Mall | | | AR | | | N. Little Rock | | | 100.0% | | | | | | 793,612 | | | (2) | | | | | | | | | | | | | | | | |
| 46. | | | Meadowood Mall | | | NV | | | Reno | | | 50.0% | | | | | | 928,920 | | | 11/06/21 | | | | | | 5.82% | | | Fixed | | | 107,111 | | | 53,555 | |
| 47. | | | Menlo Park Mall | | | NJ | | | Edison (New York) | | | 100.0% | | | | | | 1,331,615 | | | (2) | | | | | | | | | | | | | | | | |
| 48. | | | Miami International Mall | | | FL | | | Miami | | | 47.8% | | | | | | 1,082,777 | | | 02/06/24 | | | | | | 4.42% | | | Fixed | | | 160,000 | | | 76,442 | |
| 49. | | | Midland Park Mall | | | TX | | | Midland | | | 100.0% | | | | | | 643,847 | | | 09/06/22 | | | | | | 4.35% | | | Fixed | | | 71,332 | | | 71,332 | |
| 50. | | | Miller Hill Mall | | | MN | | | Duluth | | | 100.0% | | | | | | 829,535 | | | (2) | | | | | | | | | | | | | | | | |
| 51. | | | North East Mall | | | TX | | | Hurst (Dallas) | | | 100.0% | | | | | | 1,667,776 | | | (2) | | | | | | | | | | | | | | | | |
| 52. | | | Northgate | | | WA | | | Seattle | | | 100.0% | | | | | | 416,140 | | | (2) | | | | | | | | | | | | | | | | |
| 53. | | | Northshore Mall | | | MA | | | Peabody (Boston) | | | 56.4% | | | | | | 1,504,685 | | | 07/05/23 | | | | | | 3.30% | | | Fixed | | | 228,161 | | | 128,615 | |
| 54. | | | Ocean County Mall | | | NJ | | | Toms River (New York) | | | 100.0% | | | | | | 881,729 | | | (2) | | | | | | | | | | | | | | | | |
| 55. | | | Orland Square | | | IL | | | Orland Park (Chicago) | | | 100.0% | | | | | | 1,229,884 | | | (2) | | | | | | | | | | | | | | | | |
| 56. | | | Oxford Valley Mall | | | PA | | | Langhorne (Philadelphia) | | | 85.5% | | | | | | 1,340,491 | | | 03/06/21 | | | (26) | | | 4.77% | | | Fixed | | | 32,779 | | | 28,039 | |
| 57. | | | Penn Square Mall | | | OK | | | Oklahoma City | | | 94.5% | | | | | | 1,083,835 | | | 01/01/26 | | | | | | 3.84% | | | Fixed | | | 310,000 | | | 292,938 | |
| 58. | | | Pheasant Lane Mall | | | NH | | | Nashua | | | (6) | | | | | 979,563 | | | (2) | | | | | | | | | | | | | | | | | |
| 59. | | | Phipps Plaza | | | GA | | | Atlanta | | | 100.0% | | | | | | 781,845 | | | (2) | | | | | | | | | | | | | | | | |
| 60. | | | Plaza Carolina | | | PR | | | Carolina (San Juan) | | | 100.0% | | | | | | 1,157,716 | | | 07/27/21 | | | | | | 1.21% | | | Variable | | | 225,000 | | | 225,000 | |
| 61. | | | Prien Lake Mall | | | LA | | | Lake Charles | | | 100.0% | | | | | | 719,054 | | | (2) | | | | | | | | | | | | | | | | |
| 62. | | | Quaker Bridge Mall | | | NJ | | | Lawrenceville | | | 50.0% | | | | | | 1,081,265 | | | 05/01/26 | | | | | | 4.50% | | | Fixed | | | 180,000 | | | 90,000 | |
| 63. | | | Rockaway Townsquare | | | NJ | | | Rockaway (New York) | | | 100.0% | | | | | | 1,246,023 | | | (2) | | | | | | | | | | | | | | | | |
| 64. | | | Roosevelt Field | | | NY | | | Garden City (New York) | | | 100.0% | | | | | | 2,346,586 | | | (2) | | | | | | | | | | | | | | | | |
| 65. | | | Ross Park Mall | | | PA | | | Pittsburgh | | | 100.0% | | | | | | 1,234,152 | | | (2) | | | | | | | | | | | | | | | | |
| 66. | | | Santa Rosa Plaza | | | CA | | | Santa Rosa | | | 100.0% | | | | | | 693,325 | | | (2) | | | | | | | | | | | | | | | | |
| 67. | | | Shops at Chestnut Hill, The | | | MA | | | Chestnut Hill (Boston) | | | 94.4% | | | | | | 470,071 | | | 11/01/23 | | | | | | 4.69% | | | Fixed | | | 120,000 | | | 113,328 | |
| 68. | | | Shops at Clearfork, The | | | TX | | | Fort Worth | | | 45.0% | | | | | | 549,182 | | | 03/11/30 | | | (5)(27) | | | 2.81% | | | Fixed | | | 145,000 | | | 65,250 | |
| 69. | | | Shops at Crystals, The | | | NV | | | Las Vegas | | | 50.0% | | | | | | 270,559 | | | 07/01/26 | | | | | | 3.74% | | | Fixed | | | 550,000 | | | 275,000 | |
| 70. | | | Shops at Mission Viejo, The | | | CA | | | Mission Viejo (Los Angeles) | | | 51.0% | | | | | | 1,236,029 | | | 02/01/23 | | | | | | 3.61% | | | Fixed | | | 295,000 | | | 150,450 | |
| 71. | | | Shops at Nanuet, The | | | NY | | | Nanuet | | | 100.0% | | | | | | 757,952 | | | (2) | | | | | | | | | | | | | | | | |
| 72. | | | Shops at Riverside, The | | | NJ | | | Hackensack (New York) | | | 100.0% | | | | | | 707,550 | | | 02/01/23 | | | | | | 3.37% | | | Fixed | | | 130,000 | | | 130,000 | |
| 73. | | | Smith Haven Mall | | | NY | | | Lake Grove (New York) | | | 25.0% | | | (7) | | | 1,296,562 | | | 03/31/24 | | | (5) | | | 3.25% | | | Variable | | | 171,750 | | | 42,938 | |
| 74. | | | Solomon Pond Mall | | | MA | | | Marlborough (Boston) | | | 56.4% | | | | | | 887,390 | | | 11/01/22 | | | | | | 4.01% | | | Fixed | | | 92,022 | | | 51,873 | |
| 75. | | | South Hills Village | | | PA | | | Pittsburgh | | | 100.0% | | | | | | 1,128,979 | | | (2) | | | | | | | | | | | | | | | | |
| 76. | | | South Shore Plaza | | | MA | | | Braintree (Boston) | | | 100.0% | | | | | | 1,590,717 | | | (2) | | | | | | | | | | | | | | | | |
| 77. | | | Southdale Center | | | MN | | | Edina (Minneapolis) | | | 100.0% | | | | | | 1,246,157 | | | 04/01/23 | | | | | | 3.84% | | | Fixed | | | 137,278 | | | 137,278 | |
| 1Q 2021 SUPPLEMENTAL | | | | | 33 | |
Property and Debt Information
As of March 31, 2021
| | | | | | | | | | | | | | | | | | | | | | Debt Information | | |||||||||||||||
| | | | Property Name | | | State | | | City (CBSA) | | | Legal Ownership | | | | | | Total Square Feet | | | Maturity Date | | | | | | Interest Rate (1) | | | Type | | | Indebtedness ($ in 000's) | | |||
| | | | | | | Total | | | Our Share | | |||||||||||||||||||||||||||
| 78. | | | SouthPark | | | NC | | | Charlotte | | | 100.0% | | | | | | 1,684,663 | | | (2) | | | | | | | | | | | | | | | | |
| 79. | | | Springfield Mall (3) | | | PA | | | Springfield (Philadelphia) | | | 50.0% | | | | | | 610,113 | | | 10/06/25 | | | | | | 4.45% | | | Fixed | | | 59,038 | | | 29,519 | |
| 80. | | | St. Charles Towne Center | | | MD | | | Waldorf (Washington, DC) | | | 100.0% | | | | | | 980,342 | | | (2) | | | | | | | | | | | | | | | | |
| 81. | | | St. Johns Town Center | | | FL | | | Jacksonville | | | 50.0% | | | | | | 1,453,557 | | | 09/11/24 | | | | | | 3.82% | | | Fixed | | | 350,000 | | | 175,000 | |
| 82. | | | Stanford Shopping Center | | | CA | | | Palo Alto (San Jose) | | | 94.4% | | | (4) | | | 1,287,951 | | | (2) | | | | | | | | | | | | | | | | |
| 83. | | | Stoneridge Shopping Center | | | CA | | | Pleasanton (San Francisco) | | | 49.9% | | | | | | 1,299,711 | | | 09/05/26 | | | | | | 3.50% | | | Fixed | | | 330,000 | | | 164,670 | |
| 84. | | | Summit Mall | | | OH | | | Akron | | | 100.0% | | | | | | 776,693 | | | 10/01/26 | | | | | | 3.31% | | | Fixed | | | 85,000 | | | 85,000 | |
| 85. | | | Tacoma Mall | | | WA | | | Tacoma (Seattle) | | | 100.0% | | | | | | 1,240,372 | | | (2) | | | | | | | | | | | | | | | | |
| 86. | | | Tippecanoe Mall | | | IN | | | Lafayette | | | 100.0% | | | | | | 864,844 | | | (2) | | | | | | | | | | | | | | | | |
| 87. | | | Town Center at Boca Raton | | | FL | | | Boca Raton (Miami) | | | 100.0% | | | | | | 1,778,689 | | | (2) | | | | | | | | | | | | | | | | |
| 88. | | | Towne East Square | | | KS | | | Wichita | | | 100.0% | | | | | | 1,144,884 | | | (2) | | | | | | | | | | | | | | | | |
| 89. | | | Treasure Coast Square | | | FL | | | Jensen Beach | | | 100.0% | | | | | | 876,178 | | | (2) | | | | | | | | | | | | | | | | |
| 90. | | | Tyrone Square | | | FL | | | St. Petersburg (Tampa) | | | 100.0% | | | | | | 960,570 | | | (2) | | | | | | | | | | | | | | | ||
| 91. | | | University Park Mall | | | IN | | | Mishawaka | | | 100.0% | | | | | | 918,320 | | | (2) | | | | | | | | | | | | | | | ||
| 92. | | | Walt Whitman Shops | | | NY | | | Huntington Station (New York) | | | 100.0% | | | | | | 1,084,567 | | | (2) | | | | | | | | | | | | | | | ||
| 93. | | | West Town Mall | | | TN | | | Knoxville | | | 50.0% | | | | | | 1,281,753 | | | 07/01/22 | | | | | | 4.37% | | | Fixed | | | 206,071 | | | 103,036 | |
| 94. | | | Westchester, The | | | NY | | | White Plains (New York) | | | 40.0% | | | | | | 806,052 | | | 02/01/30 | | | | | | 3.25% | | | Fixed | | | 400,000 | | | 160,000 | |
| 95. | | | White Oaks Mall | | | IL | | | Springfield | | | 80.7% | | | | | | 942,836 | | | 06/01/24 | | | (5) | | | 2.86% | | | Variable | | | 46,298 | | | 37,352 | |
| 96. | | | Wolfchase Galleria | | | TN | | | Memphis | | | 94.5% | | | | | | 1,151,301 | | | 11/01/26 | | | | | | 4.15% | | | Fixed | | | 155,152 | | | 146,612 | |
| 97. | | | Woodfield Mall | | | IL | | | Schaumburg (Chicago) | | | 50.0% | | | | | | 2,155,097 | | | 03/05/24 | | | | | | 4.50% | | | Fixed | | | 395,627 | | | 197,814 | |
| 98. | | | Woodland Hills Mall | | | OK | | | Tulsa | | | 94.5% | | | | | | 1,096,442 | | | (2) | | | | | | | | | | | | | | | | |
| | | | Total Mall Square Footage | | | | | | | | | | | | | | | 110,704,455 | | | | | | | | | | | | | | | | | | | |
| | | ||||||||||||||||||||||||||||||||||||
| | | | Lifestyle Centers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1. | | | ABQ Uptown | | | NM | | | Albuquerque | | | 100.0% | | | | | | 228,563 | | | (2) | | | | | | | | | | | | | | | ||
| 2. | | | Hamilton Town Center | | | IN | | | Noblesville (Indianapolis) | | | 50.0% | | | | | | 675,178 | | | 04/01/22 | | | | | | 4.81% | | | Fixed | | | 75,818 | | | 37,909 | |
| 3. | | | Pier Park | | | FL | | | Panama City Beach | | | 65.6% | | | | | | 948,329 | | | (2) | | | | | | | | | | | | | ||||
| 4. | | | University Park Village | | | TX | | | Fort Worth | | | 100.0% | | | | | | 169,992 | | | 05/01/28 | | | | | | 3.85% | | | Fixed | | | 54,174 | | | 54,174 | |
| | | | Total Lifestyle Centers Square Footage | | | | | | | | | | | | | | | 2,022,062 | | | | | | | | | | | | | | | | | | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 34 | |
Property and Debt Information
As of March 31, 2021
| | | | | | | | | | | | | | | | | | | | | | Debt Information | | ||||||||||||
| | | | Property Name | | | State | | | City (CBSA) | | | Legal Ownership | | | | | | Total Square Feet | | | Maturity Date | | | Interest Rate (1) | | | Type | | | Indebtedness ($ in 000's) | | |||
| | | | Total | | | Our Share | | |||||||||||||||||||||||||||
| | | | Premium Outlets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1. | | | Albertville Premium Outlets | | | MN | | | Albertville (Minneapolis) | | | 100.0% | | | | | | 337,689 | | | (2) | | | | | | | | | | | | | |
| 2. | | | Allen Premium Outlets | | | TX | | | Allen (Dallas) | | | 100.0% | | | | | | 544,246 | | | (2) | | | | | | | | | | | | | |
| 3. | | | Aurora Farms Premium Outlets | | | OH | | | Aurora (Cleveland) | | | 100.0% | | | | | | 271,298 | | | (2) | | | | | | | | | | | | | |
| 4. | | | Birch Run Premium Outlets | | | MI | | | Birch Run (Detroit) | | | 100.0% | | | | | | 593,931 | | | 02/06/26 | | | 4.21% | | | Fixed | | | 123,000 | | | 123,000 | |
| 5. | | | Camarillo Premium Outlets | | | CA | | | Camarillo (Los Angeles) | | | 100.0% | | | | | | 686,115 | | | (2) | | | | | | | | | | | | | |
| 6. | | | Carlsbad Premium Outlets | | | CA | | | Carlsbad (San Diego) | | | 100.0% | | | | | | 289,087 | | | (2) | | | | | | | | | | | | | |
| 7. | | | Carolina Premium Outlets | | | NC | | | Smithfield (Raleigh) | | | 100.0% | | | | | | 438,752 | | | 12/01/22 | | | 3.36% | | | Fixed | | | 41,439 | | | 41,439 | |
| 8. | | | Charlotte Premium Outlets | | | NC | | | Charlotte | | | 50.0% | | | | | | 398,345 | | | 07/01/28 | | | 4.27% | | | Fixed | | | 100,000 | | | 50,000 | |
| 9. | | | Chicago Premium Outlets | | | IL | | | Aurora (Chicago) | | | 100.0% | | | | | | 687,334 | | | (2) | | | | | | | | | | | | | |
| 10. | | | Cincinnati Premium Outlets | | | OH | | | Monroe (Cincinnati) | | | 100.0% | | | | | | 398,958 | | | (2) | | | | | | | | | | | | | |
| 11. | | | Clarksburg Premium Outlets | | | MD | | | Clarksburg (Washington, DC) | | | 66.0% | | | | | | 390,147 | | | 01/01/28 | | | 3.95% | | | Fixed | | | 160,000 | | | 105,600 | |
| 12. | | | Clinton Crossing Premium Outlets | | | CT | | | Clinton | | | 100.0% | | | | | | 276,224 | | | (2) | | | | | | | | | | | | | |
| 13. | | | Denver Premium Outlets | | | CO | | | Thornton (Denver) | | | 100.0% | | | | | | 328,100 | | | (2) | | | | | | | | | | | | | |
| 14. | | | Desert Hills Premium Outlets | | | CA | | | Cabazon (Palm Springs) | | | 100.0% | | | | | | 655,235 | | | (2) | | | | | | | | | | | | | |
| 15. | | | Ellenton Premium Outlets | | | FL | | | Ellenton (Tampa) | | | 100.0% | | | | | | 477,162 | | | 12/01/25 | | | 4.30% | | | Fixed | | | 178,000 | | | 178,000 | |
| 16. | | | Folsom Premium Outlets | | | CA | | | Folsom (Sacramento) | | | 100.0% | | | | | | 298,038 | | | (2) | | | | | | | | | | | | | |
| 17. | | | Gilroy Premium Outlets | | | CA | | | Gilroy (San Jose) | | | 100.0% | | | | | | 578,505 | | | (2) | | | | | | | | | | | | | |
| 18. | | | Gloucester Premium Outlets | | | NJ | | | Blackwood (Philadelphia) | | | 50.0% | | | | | | 378,530 | | | 03/01/23 | | | 1.61% | | | Variable | | | 86,000 | | | 43,000 | |
| 19. | | | Grand Prairie Premium Outlets | | | TX | | | Grand Prairie (Dallas) | | | 100.0% | | | | | | 423,703 | | | 04/01/23 | | | 3.66% | | | Fixed | | | 108,470 | | | 108,470 | |
| 20. | | | Grove City Premium Outlets | | | PA | | | Grove City (Pittsburgh) | | | 100.0% | | | | | | 531,108 | | | 12/01/25 | | | 4.31% | | | Fixed | | | 140,000 | | | 140,000 | |
| 21. | | | Gulfport Premium Outlets | | | MS | | | Gulfport | | | 100.0% | | | | | | 300,155 | | | 12/01/25 | | | 4.35% | | | Fixed | | | 50,000 | | | 50,000 | |
| 22. | | | Hagerstown Premium Outlets | | | MD | | | Hagerstown (Baltimore/ Washington, DC) | | | 100.0% | | | | | | 485,587 | | | 02/06/26 | | | 4.26% | | | Fixed | | | 72,955 | | | 72,955 | |
| 23. | | | Houston Premium Outlets | | | TX | | | Cypress (Houston) | | | 100.0% | | | | | | 542,481 | | | (2) | | | | | | | | | | | | | |
| 24. | | | Indiana Premium Outlets | | | IN | | | Edinburgh (Indianapolis) | | | 100.0% | | | | | | 378,024 | | | (2) | | | | | | | | | | | | | |
| 25. | | | Jackson Premium Outlets | | | NJ | | | Jackson (New York) | | | 100.0% | | | | | | 285,603 | | | (2) | | | | | | | | | | | | | |
| 26. | | | Jersey Shore Premium Outlets | | | NJ | | | Tinton Falls (New York) | | | 100.0% | | | | | | 434,500 | | | (2) | | | | | | | | | | | | | |
| 27. | | | Johnson Creek Premium Outlets | | | WI | | | Johnson Creek | | | 100.0% | | | | | | 277,672 | | | (2) | | | | | | | | | | | | | |
| 28. | | | Kittery Premium Outlets | | | ME | | | Kittery | | | 100.0% | | | | | | 259,493 | | | (2) | | | | | | | | | | | | | |
| 29. | | | Las Americas Premium Outlets | | | CA | | | San Diego | | | 100.0% | | | | | | 554,053 | | | (2) | | | | | | | | | | | | | |
| 30. | | | Las Vegas North Premium Outlets | | | NV | | | Las Vegas | | | 100.0% | | | | | | 676,270 | | | (2) | | | | | | | | | | | | | |
| 31. | | | Las Vegas South Premium Outlets | | | NV | | | Las Vegas | | | 100.0% | | | | | | 535,721 | | | (2) | | | | | | | | | | | | | |
| 32. | | | Lee Premium Outlets | | | MA | | | Lee | | | 100.0% | | | | | 224,731 | | | 06/01/26 (8) | | | 4.17% | | | Fixed | | | 49,410 | | | 49,410 | |
| 1Q 2021 SUPPLEMENTAL | | | | | 35 | |
Property and Debt Information
As of March 31, 2021
| | | | | | | | | | | | | | | | | | | | | | Debt Information | | |||||||||||||||
| | | | Property Name | | | State | | | City (CBSA) | | | Legal Ownership | | | | | | Total Square Feet | | | Maturity Date | | | | | | Interest Rate (1) | | | Type | | | Indebtedness ($ in 000's) | | |||
| | | | | | | Total | | | Our Share | | |||||||||||||||||||||||||||
| 33. | | | Leesburg Premium Outlets | | | VA | | | Leesburg (Washington, DC) | | | 100.0% | | | | | | 478,218 | | | (2) | | | | | | | | | | | | | ||||
| 34. | | | Lighthouse Place Premium Outlets | | | IN | | | Michigan City (Chicago, IL) | | | 100.0% | | | | | | 454,787 | | | (2) | | | | | | | | | | | | | | | ||
| 35. | | | Merrimack Premium Outlets | | | NH | | | Merrimack | | | 100.0% | | | | | | 408,892 | | | 07/01/23 | | | | | | 3.78% | | | Fixed | | | 115,682 | | | 115,682 | |
| 36. | | | Napa Premium Outlets | | | CA | | | Napa | | | 100.0% | | | | | | 179,427 | | | (2) | | | | | | | | | | | | | | | ||
| 37. | | | Norfolk Premium Outlets | | | VA | | | Norfolk | | | 65.0% | | | | | | 332,281 | | | (2) | | | | | | | | | | | | | | | ||
| 38. | | | North Bend Premium Outlets | | | WA | | | North Bend (Seattle) | | | 100.0% | | | | | | 223,622 | | | (2) | | | | | | | | | | | | | | | ||
| 39. | | | North Georgia Premium Outlets | | | GA | | | Dawsonville (Atlanta) | | | 100.0% | | | | | | 540,752 | | | (2) | | | | | | | | | | | | | | | ||
| 40. | | | Orlando International Premium Outlets | | | FL | | | Orlando | | | 100.0% | | | | | | 773,529 | | | (2) | | | | | | | | | | | | | | | ||
| 41. | | | Orlando Vineland Premium Outlets | | | FL | | | Orlando | | | 100.0% | | | | | | 656,784 | | | (2) | | | | | | | | | | | | | | | ||
| 42. | | | Petaluma Village Premium Outlets | | | CA | | | Petaluma (San Francisco) | | | 100.0% | | | | | | 201,855 | | | (2) | | | | | | | | | | | | | | | ||
| 43. | | | Philadelphia Premium Outlets | | | PA | | | Limerick (Philadelphia) | | | 100.0% | | | | | | 549,155 | | | (2) | | | | | | | | | | | | | | | ||
| 44. | | | Phoenix Premium Outlets | | | AZ | | | Chandler (Phoenix) | | | 100.0% | | | | | | 356,508 | | | (2) | | | | | | | | | | | | | | | ||
| 45. | | | Pismo Beach Premium Outlets | | | CA | | | Pismo Beach | | | 100.0% | | | | | | 147,603 | | | 09/06/26 | | | (9) | | | 3.33% | | | Fixed | | | 34,329 | | | 34,329 | |
| 46. | | | Pleasant Prairie Premium Outlets | | | WI | | | Pleasant Prairie (Chicago, IL/ Milwaukee) | | | 100.0% | | | | | | 402,423 | | | 09/01/27 | | | | | | 4.00% | | | Fixed | | | 145,000 | | | 145,000 | |
| 47. | | | Puerto Rico Premium Outlets | | | PR | | | Barceloneta | | | 100.0% | | | | | | 349,884 | | | 07/26/21 | | | | | | 1.21% | | | Variable | | | 160,000 | | | 160,000 | |
| 48. | | | Queenstown Premium Outlets | | | MD | | | Queenstown (Baltimore) | | | 100.0% | | | | | | 289,695 | | | 09/06/26 | | | (9) | | | 3.33% | | | Fixed | | | 60,308 | | | 60,308 | |
| 49. | | | Rio Grande Valley Premium Outlets | | | TX | | | Mercedes (McAllen) | | | 100.0% | | | | | | 603,929 | | | (2) | | | | | | | | | | | | | | | ||
| 50. | | | Round Rock Premium Outlets | | | TX | | | Round Rock (Austin) | | | 100.0% | | | | | | 498,394 | | | (2) | | | | | | | | | | | | | | | ||
| 51. | | | San Francisco Premium Outlets | | | CA | | | Livermore (San Francisco) | | | 100.0% | | | | | | 696,896 | | | (2) | | | | | | | | | | | | | | | ||
| 52. | | | San Marcos Premium Outlets | | | TX | | | San Marcos (Austin/ San Antonio) | | | 100.0% | | | | | | 735,198 | | | (2) | | | | | | | | | | | | | | | ||
| 53. | | | Seattle Premium Outlets | | | WA | | | Tulalip (Seattle) | | | 100.0% | | | | | | 554,515 | | | (2) | | | | | | | | | | | | | | | ||
| 54. | | | Silver Sands Premium Outlets | | | FL | | | Destin | | | 50.0% | | | | | | 450,981 | | | 06/01/22 | | | | | | 3.93% | | | Fixed | | | 100,000 | | | 50,000 | |
| 55. | | | St. Augustine Premium Outlets | | | FL | | | St. Augustine (Jacksonville) | | | 100.0% | | | | | | 327,720 | | | (2) | | | | | | | | | | | | | | | ||
| 56. | | | St. Louis Premium Outlets | | | MO | | | St. Louis (Chesterfield) | | | 60.0% | | | | | | 351,424 | | | 10/06/24 | | | | | | 4.06% | | | Fixed | | | 92,712 | | | 55,627 | |
| 57. | | | Tampa Premium Outlets | | | FL | | | Lutz (Tampa) | | | 100.0% | | | | | | 459,686 | | | (2) | | | | | | | | | | | | | | | ||
| 58. | | | Tanger Outlets — Columbus (3) | | | OH | | | Sunbury (Columbus) | | | 50.0% | | | | | | 355,244 | | | 11/28/22 | | | | | | 1.96% | | | Variable | | | 71,000 | | | 35,500 | |
| 59. | | | Tanger Outlets — Galveston/Houston (3) | | | TX | | | Texas City | | | 50.0% | | | | | | 352,705 | | | 07/01/23 | | | | | | 1.96% | | | Variable | | | 64,500 | | | 32,250 | |
| 60. | | | The Crossings Premium Outlets | | | PA | | | Tannersville | | | 100.0% | | | | | | 411,925 | | | 12/01/22 | | | | | | 3.41% | | | Fixed | | | 102,651 | | | 102,651 | |
| 61. | | | Tucson Premium Outlets | | | AZ | | | Marana (Tucson) | | | 100.0% | | | | | | 363,480 | | | (2) | | | | | | | | | | | | | | | ||
| 62. | | | Twin Cities Premium Outlets | | | MN | | | Eagan | | | 35.0% | | | | | | 408,976 | | | 11/06/24 | | | | | | 4.32% | | | Fixed | | | 115,000 | | | 40,250 | |
| 63. | | | Vacaville Premium Outlets | | | CA | | | Vacaville | | | 100.0% | | | | | | 447,305 | | | (2) | | | | | | | | | | | | | | | ||
| 64. | | | Waikele Premium Outlets | | | HI | | | Waipahu (Honolulu) | | | 100.0% | | | | | | 219,485 | | | (2) | | | | | | | | | | | | | | | ||
| 65. | | | Waterloo Premium Outlets | | | NY | | | Waterloo | | | 100.0% | | | | | | 421,856 | | | (2) | | | | | | | | | | | | | | | ||
| 66. | | | Williamsburg Premium Outlets | | | VA | | | Williamsburg | | | 100.0% | | | | | | 522,562 | | | 02/06/26 | | | | | | 4.23% | | | Fixed | | | 185,000 | | | 185,000 | |
| 67. | | | Woodburn Premium Outlets | | | OR | | | Woodburn (Portland) | | | 100.0% | | | | | | 389,511 | | | (2) | | | | | | | | | | | | | | | ||
| 68. | | | Woodbury Common Premium Outlets | | | NY | | | Central Valley (New York) | | | 100.0% | | | | | | 909,463 | | | (2) | | | | | | | | | | | | | | | ||
| 69. | | | Wrentham Village Premium Outlets | | | MA | | | Wrentham (Boston) | | | 100.0% | | | | | | 672,872 | | | (2) | | | | | | | | | | | | | | | ||
| | | | Total U.S. Premium Outlet Square Footage | | | | | | | | | | | | 30,436,339 | | | | | | | | | | | | | | | | | | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 36 | |
Property and Debt Information
As of March 31, 2021
| | | | | | | | | | | | | | | | | | | | | | Debt Information | | |||||||||||||||
| | | | Property Name | | | State | | | City (CBSA) | | | Legal Ownership | | | | | | Total Square Feet | | | Maturity Date | | | | | | Interest Rate (1) | | | Type | | | Indebtedness ($ in 000's) | | |||
| | | | | | | Total | | | Our Share | | |||||||||||||||||||||||||||
| | | | The Mills | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1. | | | Arizona Mills | | | AZ | | | Tempe (Phoenix) | | | 100.0% | | | | | | 1,224,702 | | | 07/01/21 | | | | | | 5.76% | | | Fixed | | | 144,903 | | | 144,903 | |
| 2. | | | Arundel Mills | | | MD | | | Hanover (Baltimore) | | | 59.3% | | | | | | 1,929,956 | | | 02/06/24 | | | | | | 4.29% | | | Fixed | | | 383,500 | | | 227,224 | |
| 3. | | | Colorado Mills | | | CO | | | Lakewood (Denver) | | | 37.5% | | | | | | 1,416,761 | | | 11/01/24 | | | | | | 4.28% | | | Fixed | | | 128,276 | | | 48,103 | |
| | | | | | | | | | | | | | | | | | | | | | 07/01/21 | | | | | | 5.04% | | | Fixed | | | 24,988 | | | 9,370 | |
| 4. | | | Concord Mills | | | NC | | | Concord (Charlotte) | | | 59.3% | | | | | | 1,369,981 | | | 11/01/22 | | | | | | 3.84% | | | Fixed | | | 235,000 | | | 139,261 | |
| 5. | | | Grapevine Mills | | | TX | | | Grapevine (Dallas) | | | 59.3% | | | | | | 1,781,244 | | | 10/01/24 | | | | | | 3.83% | | | Fixed | | | 268,000 | | | 158,817 | |
| 6. | | | Great Mall | | | CA | | | Milpitas (San Jose) | | | 100.0% | | | | | | 1,368,381 | | | (2) | | | | | | | | | | | | | | | | |
| 7. | | | Gurnee Mills | | | IL | | | Gurnee (Chicago) | | | 100.0% | | | | | | 1,802,880 | | | 10/01/26 | | | | | | 3.99% | | | Fixed | | | 257,710 | | | 257,710 | |
| 8. | | | Katy Mills | | | TX | | | Katy (Houston) | | | 62.5% | | | (7) | | | 1,787,323 | | | 12/06/22 | | | | | | 3.49% | | | Fixed | | | 140,000 | | | 35,000 | |
| 9. | | | Mills at Jersey Gardens, The | | | NJ | | | Elizabeth | | | 100.0% | | | | | | 1,304,834 | | | 11/09/25 | | | (5) | | | 3.35% | | | Variable | | | 355,000 | | | 355,000 | |
| 10. | | | Ontario Mills | | | CA | | | Ontario (Riverside) | | | 50.0% | | | | | | 1,421,863 | | | 03/05/22 | | | | | | 4.25% | | | Fixed | | | 286,695 | | | 143,348 | |
| 11. | | | Opry Mills | | | TN | | | Nashville | | | 100.0% | | | | | | 1,176,999 | | | 07/01/26 | | | | | | 4.09% | | | Fixed | | | 375,000 | | | 375,000 | |
| 12. | | | Outlets at Orange, The | | | CA | | | Orange (Los Angeles) | | | 100.0% | | | | | | 866,975 | | | 04/01/24 | | | | | | 4.22% | | | Fixed | | | 215,000 | | | 215,000 | |
| 13. | | | Potomac Mills | | | VA | | | Woodbridge (Washington, DC) | | | 100.0% | | | | | | 1,553,605 | | | 11/01/26 | | | | | | 3.46% | | | Fixed | | | 416,000 | | | 416,000 | |
| 14. | | | Sawgrass Mills | | | FL | | | Sunrise (Miami) | | | 100.0% | | | | | | 2,329,425 | | | (2) | | | | | | | | | | | | | | | ||
| | | | Total The Mills Square Footage | | | | | | | | | | | | | | | 21,334,929 | | | | | | | | ||||||||||||
| | | | |||||||||||||||||||||||||||||||||||
| | | | Other Properties | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Calhoun Outlet Marketplace, Circle Centre Mall, Crystal Mall, Dover Mall, Emerald Square, Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Liberty Tree Mall, Montgomery Mall, Orlando Outlet Marketplace, Osage Beach Outlet Marketplace, Philadelphia Mills, Southridge Mall, Square One Mall, Sugarloaf Mills, The Avenues, The Mall at Tuttle Crossing | | | | | | | | | | | | (7)(8)(10) | | | | | | | | | 1,319,264 | | | 612,069 | | |||||||||
| | | | Total Other Properties Square Footage | | | | | | | | | | | | 14,119,424 | | | | | | | | |||||||||||||||
| | | | | | | | | | | | | | | ||||||||||||||||||||||||
| | | | TOTAL U.S. SQUARE FOOTAGE (11)(12) | | | | | | | | | | | | 178,617,209 | | | | | | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 37 | |
Property and Debt Information
As of March 31, 2021
| | | | | | | | | | | | | | | | | | | | | | DEBT INFORMATION | | |||||||||||||||
| | | | PROPERTY NAME | | | STATE CITY (CBSA) | | | LEGAL OWNERSHIP | | | TOTAL SQUARE FEET | | | | | | MATURITY DATE | | | | | | INTEREST RATE (1) | | | TYPE | | | INDEBTEDNESS ($ in 000’s) | | ||||||
| | | | TOTAL | | | OUR SHARE | | ||||||||||||||||||||||||||||||
| | | | International Properties | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | AUSTRIA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| 1. | | | Parndorf Designer Outlet Phases 3 & 4 | | | Vienna | | | 90.0% | | | 118,000 | | | | | | 07/04/29 | | | (13) | | | 2.00% | | | Fixed | | | 216,963 | | | 195,267 | | |||
| | | | Subtotal Austria Square Footage | | | | | | | | | 118,000 | | | | | | | | | | | | | | | | | | | |||||||
| | | | CANADA | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| 2. | | | Premium Outlet Collection Edmonton IA | | | Edmonton (Alberta) | | | 50.0% | | | 422,600 | | | | | | 11/30/21 | | | (14) | | | 1.71% | | | Variable | | | 108,394 | | | 54,197 | | |||
| 3. | | | Premium Outlets Montréal | | | Montréal (Quebec) | | | 50.0% | | | 367,400 | | | | | | 06/01/24 | | | (14) | | | 3.08% | | | Fixed | | | 95,299 | | | 47,650 | | |||
| 4. | | | Toronto Premium Outlets | | | Toronto (Ontario) | | | 50.0% | | | 504,900 | | | | | | 05/24/22 | | | (14) | | | 1.61% | | | Variable | | | 92,298 | | | 46,148 | | |||
| | | | | | | | | | | | | | | | | | | 06/01/22 | | | (14) | | | 3.11% | | | Fixed | | | 135,011 | | | 67,506 | | |||
| 5. | | | Vancouver Designer Outlet | | | Vancouver (British Columbia) | | | 45.0% | | | 326,000 | | | | | | 02/28/23 | | | (5)(14) | | | 2.41% | | | Variable | | | 128,183 | | | 57,682 | | |||
| | | | Subtotal Canada Square Footage | | | | | | | | | 1,620,900 | | | | | | | | | | | | | | | | | | | |||||||
| | | | FRANCE | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| 6. | | | Provence Designer Outlet | | | Miramas | | | 90.0% | | | 269,000 | | | | | | 07/27/22 | | | (5)(13) | | | 1.60% | | | Variable | | | 96,050 | | | 86,445 | | |||
| | | | Subtotal France Square Footage | | | | | | | | | 269,000 | | | | | | | | | | | | | | | | | | | |||||||
| | | | GERMANY | | | | | | | | | | | | | ||||||||||||||||||||||
| 7. | | | Ochtrup Designer Outlet | | | Ochtrup | | | 70.5% | | | 191,500 | | | | | | 06/30/21 | | | (13) | | | 2.49% | | | Fixed | | | 44,237 | | | 31,187 | | |||
| | | | Subtotal Germany Square Footage | | | | | | | | | 191,500 | | | | | | | | | | | | | | | | | | | |||||||
| | | | ITALY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| 8. | | | La Reggia Designer Outlet | | | Marcianise (Naples) | | | 90.0% | | | 288,000 | | | | | | 02/15/22 | | | (13) | | | 2.25% | | | Variable | | | 151,147 | | | 136,032 | | |||
| 9. | | | Noventa Di Piave Designer Outlet | | | Venice | | | 90.0% | | | 353,000 | | | | | | 07/25/25 | | | (13) | | | 1.95% | | | Fixed | | | 328,025 | | | 295,223 | | |||
| | | | Subtotal Italy Square Footage | | | | | | | | | 641,000 | | | | | | | | | | | | | | | | | | | |||||||
| | | | JAPAN | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| 10. | | | Ami Premium Outlets | | | Ami (Tokyo) | | | 40.0% | | | 315,000 | | | | | | 09/25/23 | | | (15) | | | 1.56% | | | Fixed | | | 28,837 | | | 11,535 | | |||
| 11. | | | Gotemba Premium Outlets | | | Gotemba City (Tokyo) | | | 40.0% | | | 659,500 | | | | | | 04/08/27 | | | (15) | | | 0.16% | | | Variable | | | 117,435 | | | 46,974 | | |||
| 12. | | | Kobe-Sanda Premium Outlets | | | Kobe (Osaka) | | | 40.0% | | | 441,000 | | | | | | 01/31/23 | | | (15) | | | 0.33% | | | Variable | | | 8,131 | | | 3,252 | | |||
| 13. | | | Rinku Premium Outlets | | | Izumisano (Osaka) | | | 40.0% | | | 512,500 | | | | | | 07/31/22 | | | (15) | | | 0.33% | | | Variable | | | 9,034 | | | 3,614 | | |||
| | | | | | | | | | | | | | | | | | | 07/31/27 | | | (15) | | | 0.30% | | | Fixed | | | 53,297 | | | 21,319 | | |||
| 14. | | | Sano Premium Outlets | | | Sano (Tokyo) | | | 40.0% | | | 390,800 | | | | | | 02/28/25 | | | (15) | | | 0.28% | | | Fixed | | | 41,102 | | | 16,441 | | |||
| 15. | | | Sendai-Izumi Premium Outlets | | | Izumi Park Town (Sendai) | | | 40.0% | | | 164,200 | | | | | (2) | | | | | | | | | | | | | | | ||||||
| 16. | | | Shisui Premium Outlets | | | Shisui (Chiba) | | | 40.0% | | | 434,600 | | | | | | 05/31/23 | | | (15) | | | 0.31% | | | Variable | | | 25,294 | | | 10,118 | | |||
| | | | | | | | | | | | | | | | | | | 11/30/23 | | | (15) | | | 0.31% | | | Variable | | | 23,487 | | | 9,395 | | |||
| | | | | | | | | | | | | | | | | | | 04/08/25 | | | (15) | | | 0.35% | | | Fixed | | | 45,167 | | | 18,067 | | |||
| 17. | | | Toki Premium Outlets | | | Toki (Nagoya) | | | 40.0% | | | 367,700 | | | | | | 11/30/24 | | | (15) | | | 0.28% | | | Variable | | | 3,162 | | | 1,265 | | |||
| | | | | | | | | | | | | | | | | | | 11/30/24 | | | (15) | | | 0.21% | | | Fixed | | | 23,939 | | | 9,576 | | |||
| 18. | | | Tosu Premium Outlets | | | Fukuoka (Kyushu) | | | 40.0% | | | 328,400 | | | | | | 10/31/26 | | | (15) | | | 0.17% | | | Variable | | | 66,396 | | | 26,556 | | |||
| | | | Subtotal Japan Square Footage | | | | | | | | | 3,613,700 | | | | | | | | | | | | | | | | | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 38 | |
Property and Debt Information
As of March 31, 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | DEBT INFORMATION | | |||||||||||||||||||||||||||||||
| | | | PROPERTY NAME | | | STATE CITY (CBSA) | | | LEGAL OWNERSHIP | | | TOTAL SQUARE FEET | | | MATURITY DATE | | | | | | INTEREST RATE (1) | | | TYPE | | | INDEBTEDNESS ($ in 000’s) | | ||||||||||||||||||||||||||||||
| | | | TOTAL | | | OUR SHARE | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | KOREA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 19. | | | Busan Premium Outlets | | | Busan | | | | | 50.0 | % | | | | | | 360,200 | | | | | 06/20/23 | | | (16) | | | | | 3.04 | % | | | | Fixed | | | | | 96,501 | | | | | | | 48,251 | | | | |||||||
| 20. | | | Paju Premium Outlets | | | Paju (Seoul) | | | | | 50.0 | % | | | | | | 558,900 | | | | | 07/13/23 | | | (16) | | | | | 3.36 | % | | | | Fixed | | | | | 67,284 | | | | | | | 33,642 | | | | |||||||
| 21. | | | Siheung Premium Outlets | | | Siheung (Seoul) | | | | | 50.0 | % | | | | | | 444,400 | | | | | 03/15/23 | | | (16) | | | | | 3.28 | % | | | | Fixed | | | | | 132,798 | | | | | | | 66,399 | | | | |||||||
| 22. | | | Yeoju Premium Outlets | | | Yeoju (Seoul) | | | | | 50.0 | % | | | | | | 551,600 | | | | | 03/06/23 | | | (16) | | | | | 3.41 | % | | | | Fixed | | | | | 64,626 | | | | | | | 32,313 | | | | |||||||
| | | | Subtotal South Korea Square Footage | | | | | | | | | | | | | | | 1,915,100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| | | | MALAYSIA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
| 23. | | | Genting Highlands Premium Outlets | | | Pahang (Kuala Lumpur) | | | | | 50.0 | % | | | | | | 277,500 | | | | | | | 02/14/24 | | | | | (17) | | | | | 3.96 | % | | | | Variable | | | | | 22,948 | | | | | | | 11,474 | | | | |||
| 24. | | | Johor Premium Outlets | | | Johor (Singapore) | | | | | 50.0 | % | | | | | | 309,400 | | | | | (2) | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
| | | | Subtotal Malaysia Square Footage | | | | | | | | | | | | | | | 586,900 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| | | | MEXICO | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| 25. | | | Premium Outlets Punta Norte | | | Mexico City | | | | | 50.0 | % | | | | | | 333,000 | | | | | (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| 26. | | | Premium Outlets Querétaro | | | Querétaro | | | | | 50.0 | % | | | | | | 274,800 | | | | | | | 12/20/33 | | | | | (18) | | | | | 9.98 | % | | | | Fixed | | | | | 21,731 | | | | | | | 10,865 | | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | 12/20/21 | | | | | (18) | | | | | 8.49 | % | | | | Variable | | | | | 5,412 | | | | | | | 2,706 | | | | ||||
| | | | Subtotal Mexico Square Footage | | | | | | | | | | | | | | | 607,800 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||
| | | | NETHERLANDS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| 27. | | | Roermond Designer Outlet Phases 2, 3 & 4 | | | Roermond | | | (19) | | | | | 298,000 | | | | | | | 12/18/21 | | | | | (13) | | | | | 1.78 | % | | | | Fixed | | | | | 269,736 | | | | | | | 242,762 | | | | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | 08/17/25 | | | | | (13) | | | | | 1.30 | % | | | | Variable | | | | | 197,026 | | | | | | | 93,120 | | | | |||
| 28. | | | Roosendaal Designer Outlet | | | Roosendaal | | | | | 94.0 | % | | | | | | 247,500 | | | | | | | 02/25/24 | | | | | (5)(13) | | | | | 1.75 | % | | | | Variable | | | | | 68,710 | | | | | | | 64,588 | | | | |||
| | | | Subtotal Netherlands Square Footage | | | | | | | | | | | | | | | 545,500 | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
| | | | SPAIN | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| 29. | | | Malaga Designer Outlet | | | Malaga | | | | | 46.1 | % | | | | | | 191,000 | | | | | | | 02/09/23 | | | | | (13) | | | | | 2.75 | % | | | | Variable | | | | | 59,208 | | | | | | | 27,299 | | | | |||
| | | | Subtotal Spain Square Footage | | | | | | | | | | | | | | | 191,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| | | | THAILAND | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| 30. | | | Siam Premium Outlets Bangkok | | | Bangkok | | | | | 50.0 | % | | | | | | 264,000 | | | | | | | 06/05/31 | | | | | (20) | | | | | 3.95 | % | | | | Fixed | | | | | 78,295 | | | | | | | 39,148 | | | | |||
| | | | Subtotal Thailand Square Footage | | | | | | | | | | | | | | | 264,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| | | | UNITED KINGDOM | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| 31. | | | Ashford Designer Outlet | | | Kent | | | | | 45.0 | % | | | | | | 281,000 | | | | | | | 02/22/22 | | | | | (21) | | | | | 3.08 | % | | | | Fixed | | | | | 137,669 | | | | | | | 61,951 | | | | |||
| | | | Subtotal United Kingdom Square Footage | | | | | | | | | | | | | | | 281,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | | TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22) | | | ��� | | | | | | | | | | | | 10,845,400 | | | | | | | | | | |||||||||||||||||||||||||||||||
| | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | TOTAL SQUARE FOOTAGE | | | | | | | | | | | | | | | 189,462,609 | | | | | | | | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 39 | |
Property and Debt Information
As of March 31, 2021
| | | | | | | | | | | | | | | | | | | DEBT INFORMATION | | |||||||||||||||
| | | | PROPERTY NAME | | | STATE CITY (CBSA) | | | TRG OWNERSHIP | | | TOTAL SQUARE FEET | | | MATURITY DATE | | | | | | INTEREST RATE (1) | | | TYPE | | | INDEBTEDNESS ($ in 000’s) | | ||||||
| | | | TOTAL | | | TRG SHARE | | |||||||||||||||||||||||||||
| | | |||||||||||||||||||||||||||||||||
| | | | Taubman Realty Group | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1. | | | Beverly Center | | | CA | | | Los Angeles | | | 100.0% | | | 846,000 | | | (2) | | | | | | | | | | | | | | | | |
| 2. | | | Cherry Creek Shopping Center | | | CO | | | Denver | | | 50.0% | | | 1,037,000 | | | 06/01/28 | | | | | | 3.85% | | | Fixed | | | 550,000 | | | 275,000 | |
| 3. | | | City Creek Center | | | UT | | | Salt Lake City | | | 100.0% | | | 623,000 | | | 08/01/23 | | | | | | 4.37% | | | Fixed | | | 73,286 | | | 73,286 | |
| 4. | | | Country Club Plaza | | | MO | | | Kansas City | | | 50.0% | | | 947,000 | | | 04/01/26 | | | | | | 3.85% | | | Fixed | | | 309,224 | | | 154,612 | |
| 5. | | | Dolphin Mall | | | FL | | | Miami | | | 100.0% | | | 1,434,000 | | | (2) | | | | | | | | | | | | | | | | |
| 6. | | | Fair Oaks Mall | | | VA | | | Fairfax | | | 50.0% | | | 1,558,000 | | | 05/10/23 | | | | | | 5.32% | | | Fixed | | | 250,247 | | | 125,124 | |
| 7. | | | Gardens Mall, The | | | FL | | | Palm Beach Gardens | | | 48.5% | | | 1,385,000 | | | 07/15/25 | | | | | | 4.09% | | | Fixed | | | 195,000 | | | 94,575 | |
| 8. | | | Gardens on El Paseo, The | | | CA | | | Palm Desert | | | 100.0% | | | 238,000 | | | (2) | | | | | | | | | | | | | | | | |
| 9. | | | Great Lakes Crossing Outlets | | | MI | | | Auburn Hills | | | 100.0% | | | 1,355,000 | | | 01/06/23 | | | | | | 3.60% | | | Fixed | | | 187,355 | | | 187,355 | |
| 10. | | | International Market Place | | | HI | | | Waikiki, Honolulu | | | 93.5% | | | 340,000 | | | 08/09/23 | | | (5) | | | 2.27% | | | Variable | | | 250,000 | | | 233,750 | |
| 11. | | | International Plaza | | | FL | | | Tampa | | | 50.1% | | | 1,252,000 | | | 12/01/21 | | | | | | 4.41% | | | Fixed | | | 444,652 | | | 222,771 | |
| 12. | | | Mall at Green Hills, The | | | TN | | | Nashville | | | 100.0% | | | 998,000 | | | 12/01/21 | | | | | | 3.25% | | | Variable | | | 150,000 | | | 150,000 | |
| 13. | | | Mall at Millenia, The | | | FL | | | Orlando | | | 50.0% | | | 1,114,000 | | | 10/15/24 | | | | | | 3.94% | | | Fixed | | | 450,000 | | | 225,000 | |
| 14. | | | Mall at Short Hills, The | | | NJ | | | Short Hills | | | 100.0% | | | 1,344,000 | | | 10/01/27 | | | | | | 3.48% | | | Fixed | | | 1,000,000 | | | 1,000,000 | |
| 15. | | | Mall at University Town Center, The | | | FL | | | Sarasota | | | 50.0% | | | 863,000 | | | 11/01/26 | | | | | | 3.40% | | | Fixed | | | 280,000 | | | 140,000 | |
| 16. | | | Mall of San Juan, The | | | PR | | | San Juan | | | 95.0% | | | 627,000 | | | (2) | | | | | | | | | | | | | | | | |
| 17. | | | Sunvalley | | | CA | | | Concord | | | 50.0% | | | 1,324,000 | | | 09/01/22 | | | | | | 4.44% | | | Fixed | | | 160,266 | | | 80,133 | |
| 18. | | | Twelve Oaks Mall | | | MI | | | Novi | | | 100.0% | | | 1,520,000 | | | 03/06/28 | | | | | | 4.85% | | | Fixed | | | 286,857 | | | 286,857 | |
| 19. | | | Waterside Shops | | | FL | | | Naples | | | 50.0% | | | 342,000 | | | 04/15/26 | | | | | | 3.86% | | | Fixed | | | 165,000 | | | 82,500 | |
| 20. | | | Westfarms | | | CT | | | West Hartford | | | 78.9% | | | 1,266,000 | | | 07/01/22 | | | | | | 4.50% | | | Fixed | | | 267,142 | | | 210,882 | |
| 21. | | | CityOn.Xian | | | Xi’an, China | | | 25.0% | | | 995,000 | | | 03/14/29 | | | (23) | | | 6.00% | | | Fixed | | | 163,523 | | | 40,881 | | |||
| 22. | | | CityOn.Zhengzhou | | | Zhengzhou, China | | | 24.5% | | | 919,000 | | | 03/22/32 | | | (23) | | | 5.60% | | | Fixed | | | 176,120 | | | 43,149 | | |||
| 23. | | | Starfield Anseong | | | Anseong, South Korea | | | 49.0% | | | 1,068,000 | | | 02/27/25 | | | (24) | | | 2.16% | | | Fixed | | | 272,990 | | | 133,764 | | |||
| 24. | | | Starfield Hanam | | | Hanam, South Korea | | | 17.2% | | | 1,709,000 | | | 10/26/25 | | | (24) | | | 2.38% | | | Fixed | | | 545,981 | | | 93,635 | | |||
| | | | Total Taubman Realty Group Square Footage | | | | | | | | | 25,104,000 | | | | | | | | |||||||||||||||
| | | |||||||||||||||||||||||||||||||||
| | | | TOTAL TRG SECURED INDEBTEDNESS | | | | | | | | | | | | | | | | | | | | | | | | $3,853,274 | | ||||||
| | | |||||||||||||||||||||||||||||||||
| | | | TRG – Corporate & Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | TRG – $1.1B Revolving Credit Facility | | | | | | | | | 100.0% | | | | | | 02/01/25 | | | (5) | | | 2.15% | | | Variable | | | 965,000 | | | 965,000 | |
| | | | TRG Term Loan | | | | | | | | | 100.0% | | | | | | 03/31/23 | | | | | | 4.92% | | | Fixed | | | 247,720 | | | 247,720 | |
| | | | TRG Term Loan | | | | | | | | | 100.0% | | | | | | 03/01/25 | | | | | | 3.94% | | | Fixed | | | 272,495 | | | 272,495 | |
| | | | TRG U.S. Headquarters | | | | | | | | | 100.0% | | | | | | 03/01/24 | | | | | | 3.49% | | | Fixed | | | 12,000 | | | 12,000 | |
| | | | Other | | | | | | | | | 50.0% | | | | | | 11/01/22 | | | | | | 3.84% | | | Fixed | | | 19,985 | | | 9,992 | |
| | | |||||||||||||||||||||||||||||||||
| | | | TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS | | | | | | | | | | | | | | | | | | | | | | | | $1,507,207 | | ||||||
| | | |||||||||||||||||||||||||||||||||
| | | | Less: TRG Total Cash | | | | | | | | | | | | | | | | | | | | | | | | 496,706 | | ||||||
| | | |||||||||||||||||||||||||||||||||
| | | | TOTAL TRG NET CORPORATE DEBT | | | | | | | | | | | | | | | | | | | | | | | | $1,010,501 | |
| 1Q 2021 SUPPLEMENTAL | | | | | 40 | |
Property and Debt Information
As of March 31, 2021
FOOTNOTES:
(1)
Variable rate debt interest rates are based on the following base rates as of March 31, 2021: 1M LIBOR at 0.11%; 1M EUR LIBOR at -.58%; 3M EURIBOR at -.54%; 6M EURIBOR at -.51%; 3M GBP LIBOR at 0.088%; 1M JPY TIBOR at 0.08%; 6M JPY TIBOR at .13%; 1M JPY LIBOR at -0.08%; 1M CDOR at .41%; and Cost of Funds Rate at 3.52%.
(2)
Unencumbered asset.
(3)
This property is managed by a third party.
(4)
The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
(5)
Includes applicable extensions available at our option.
(6)
The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
(7)
The Operating Partnership’s direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.
(8)
Three properties (Lee Premium Outlets, Calhoun Outlet Marketplace and Gaffney Outlet Marketplace) are secured by cross-collateralized and cross-defaulted mortgages.
(9)
These two properties are secured by cross-collateralized and cross-defaulted mortgages.
(10)
Consists of 16 encumbered properties with interest rates ranging from 2.86% to 9.35% and maturities between 2021 and 2026, of which two properties are held within TMLP.
(11)
Does not include any other spaces in joint ventures which are not listed above.
(12)
Includes office space of 2,114,884 square feet primarily from the following centers:
| Copley Place – 893,439 sq. ft. Domain, The – 156,240 sq. ft. Fashion Center at Pentagon City – 169,089 sq. ft. | | | Oxford Valley Mall – 139,690 sq. ft. The Shops at Clearfork – 146,571 sq. ft. Southdale Center – 102,400 sq. ft. | |
(13)
Amount shown in USD equivalent; EUR equivalent is 1.2 billion.
(14)
Amount shown in USD equivalent; CAD equivalent is 704.1 million.
(15)
Amounts shown in USD equivalent; JPY equivalent is 49.3 billion.
(16)
Amounts shown in USD equivalent; KRW equivalent is 408.0 billion.
(17)
Amounts shown in USD equivalent; MYR equivalent is 95.2 million.
(18)
Amounts shown in USD equivalent; MXN equivalent is 556.8 million.
(19)
The Company owns a 90.0% interest in Phases 2 & 3 and a 47.3% interest in Phase 4.
(20)
Amounts shown in USD equivalent; THB equivalent is 2.4 billion.
(21)
Amount shown in USD equivalent; GBP equivalent is 149.2 million.
(22)
Does not include Klépierre.
(23)
Amounts shown in USD equivalent; CNY equivalent is 2.2 billion.
(24)
Amounts shown in USD equivalent; KRW equivalent is 925.1 billion.
(25)
Subsequent to March 31, 2021, the mortgages were refinanced into a single $455 million mortgage, with a maturity date of May 9, 2026 (including two 1-year extensions), and an interest rate of L+294bps.
(26)
Mortgage is outstanding at March 31, 2021; the single purpose entity borrower and lender are currently working together to extend the maturity date on this non-recourse loan.
(27)
Through an interest rate swap agreement, interest is essentially fixed at the all-in rate presented.
| 1Q 2021 SUPPLEMENTAL | | | | | 41 | |
NON-GAAP PRO-RATA FINANCIAL INFORMATION
The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled “Our Share of Joint Ventures” were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.
We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.
We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:
•
The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
•
Other companies in our industry may calculate their pro-rata interest differently than we do, limiting the usefulness as a comparative measure.
Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.
| 1Q 2021 SUPPLEMENTAL | | | | | 42 | |
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
(In thousands)
| | | | | FOR THE THREE MONTHS ENDED March 31, 2021 | | | | FOR THE THREE MONTHS ENDED March 31, 2020 | | ||||||||||||||||||||||
| | | | | NONCONTROLLING INTERESTS (1) | | | OUR SHARE OF JOINT VENTURES | | | | NONCONTROLLING INTERESTS (1) | | | OUR SHARE OF JOINT VENTURES | | ||||||||||||||||
| REVENUE: | | | | | | | |||||||||||||||||||||||||
| Lease income | | | | | $ | (8,138) | | | | | | | 303,249 | | | | | | | $ | (10,279) | | | | | | | 348,588 | | | |
| Management fees and other revenues | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Other income | | | | | | (310) | | | | | | | 33,846 | | | | | | | | (378) | | | | | | | 34,941 | | | |
| Total revenue | | | | | | (8,448) | | | | | | | 337,095 | | | | | | | | (10,657) | | | | | | | 383,529 | | | |
| EXPENSES: | | | | | | | |||||||||||||||||||||||||
| Property operating | | | | | | (1,643) | | | | | | | 58,728 | | | | | | | | (1,961) | | | | | | | 65,432 | | | |
| Depreciation and amortization | | | | | | (4,155) | | | | | | | 98,441 | | | | | | | | (3,913) | | | | | | | 101,759 | | | |
| Real estate taxes | | | | | | (524) | | | | | | | 31,565 | | | | | | | | (558) | | | | | | | 31,891 | | | |
| Repairs and maintenance | | | | | | (394) | | | | | | | 8,782 | | | | | | | | (434) | | | | | | | 9,199 | | | |
| Advertising and promotion | | | | | | (614) | | | | | | | 9,094 | | | | | | | | (976) | | | | | | | 10,496 | | | |
| Home and regional office costs | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| General and administrative | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Other | | | | | | (659) | | | | | | | 14,792 | | | | | | | | (1,182) | | | | | | | 22,244 | | | |
| Total operating expenses | | | | | | (7,989) | | | | | | | 221,402 | | | | | | | | (9,024) | | | | | | | 241,021 | | | |
| OPERATING INCOME BEFORE OTHER ITEMS | | | | | | (459) | | | | | | | 115,693 | | | | | | | | (1,633) | | | | | | | 142,508 | | | |
| Interest expense | | | | | | 1,832 | | | | | | | (67,433) | | | | | | | | 1,774 | | | | | | | (73,948) | | | |
| Loss on extinguishment of debt | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Income and other tax benefit (expense) | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Income from unconsolidated entities | | | | | | 136 | | | | | | | (48,260)(2) | | | | | | | | 31 | | | | | | | (68,560)(2) | | | |
| Unrealized losses in fair value of equity instruments | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Gain on acquisition of controlling interest, sale or disposal of, or recovery on, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| assets and interests in unconsolidated entities and impairment, net | | | | | | (571) | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Consolidated income from continuing operations | | | | | | 938 | | | | | | | — | | | | | | | | 172 | | | | | | | — | | | |
| CONSOLIDATED NET INCOME | | | | | | 938 | | | | | | | — | | | | | | | | 172 | | | | | | | — | | | |
| Net income attributable to noncontrolling interests | | | | | | 938 | | | | | | | —(3) | | | | | | | | 172 | | | | | | | —(3) | | | |
| Preferred dividends | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | | | | | $ | — | | | | | | $ | — | | | | | | | $ | — | | | | | | $ | — | | | |
(1)
Represents our venture partners’ share of operations from consolidated properties.
(2)
Our Total Share of income from unconsolidated entities represents our share of net results related to our investment in Klépierre, TRG, RGG, SPARC, ABG, JCP and Forever 21.
(3)
Represents limited partners’ interest in the Operating Partnership.
| 1Q 2021 SUPPLEMENTAL | | | | | 43 | |
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
| | | | | AS OF March 31, 2021 | | | | AS OF March 31, 2020 | | ||||||||||||||||||||||
| | | | | NONCONTROLLING INTERESTS | | | OUR SHARE OF JOINT VENTURES | | | | NONCONTROLLING INTERESTS | | | OUR SHARE OF JOINT VENTURES | | ||||||||||||||||
| ASSETS: | | | | | | | |||||||||||||||||||||||||
| Investment properties, at cost | | | | | $ | (452,921) | | | | | | $ | 10,499,962 | | | | | | | $ | (457,206) | | | | | | $ | 10,791,808 | | | |
| Less – accumulated depreciation | | | | | | (110,975) | | | | | | | 3,668,458 | | | | | | | | (102,479) | | | | | | | 3,540,340 | | | |
| | | | | | | (341,946) | | | | | | | 6,831,504 | | | | | | | | (354,727) | | | | | | | 7,251,468 | | | |
| Cash and cash equivalents | | | | | | (18,031) | | | | | | | 646,056 | | | | | | | | (17,619) | | | | | | | 386,968 | | | |
| Tenant receivables and accrued revenue, net | | | | | | (7,368) | | | | | | | 289,870 | | | | | | | | (7,733) | | | | | | | 209,840 | | | |
| Investment in TRG, at equity | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Investment in Klépierre, at equity | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Investment in unconsolidated entities, at equity | | | | | | (12,786) | | | | | | | (2,504,709) | | | | | | | | (21,486) | | | | | | | (2,393,156) | | | |
| Right-of-use assets, net | | | | | | (885) | | | | | | | 75,339 | | | | | | | | (892) | | | | | | | 78,376 | | | |
| Investments held in trust – special purpose acquisition company | | | | | | (345,000) | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Deferred costs and other assets | | | | | | (39,582) | | | | | | | 892,403 | | | | | | | | (26,621) | | | | | | | 644,137 | | | |
| Total assets | | | | | $ | (765,598) | | | | | | $ | 6,230,463 | | | | | | | $ | (429,078) | | | | | | $ | 6,177,633 | | | |
| LIABILITIES: | | | | | | | |||||||||||||||||||||||||
| Mortgages and unsecured indebtedness | | | | | $ | (189,023) | | | | | | $ | 7,093,937 | | | | | | | $ | (172,669) | | | | | | $ | 7,178,727 | | | |
| Accounts payable, accrued expenses, intangibles, and deferred revenues | | | | | | (30,213) | | | | | | | 423,375 | | | | | | | | (19,879) | | | | | | | 374,428 | | | |
| Cash distributions and losses in unconsolidated entities, at equity | | | | | | — | | | | | | | (1,565,394) | | | | | | | | — | | | | | | | (1,611,795) | | | |
| Dividend payable | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Lease liabilities | | | | | | (885) | | | | | | | 77,008 | | | | | | | | (892) | | | | | | | 79,289 | | | |
| Other liabilities | | | | | | (43,026) | | | | | | | 201,537 | | | | | | | | (45,175) | | | | | | | 156,984 | | | |
| Total liabilities | | | | | | (263,147) | | | | | | | 6,230,463 | | | | | | | | (238,615) | | | | | | | 6,177,633 | | | |
| Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Limited partners’ preferred interest in the Operating Partnership | | | | | | (486,161) | | | | | | | — | | | | | | | | (186,655) | | | | | | | — | | | |
| EQUITY: | | | | | | | |||||||||||||||||||||||||
| Stockholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Capital stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series J 8 3∕83/8% cumulative redeemable preferred stock | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Common stock, $.0001 par value | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Class B common stock, $.0001 par value | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Capital in excess of par value | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Accumulated deficit | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Accumulated other comprehensive loss | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Common stock held in treasury at cost | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Total stockholders’ equity | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Noncontrolling interests | | | | | | (16,290) | | | | | | | — | | | | | | | | (3,808) | | | | | | | — | | | |
| Total equity | | | | | | (16,290) | | | | | | | — | | | | | | | | (3,808) | | | | | | | — | | | |
| Total liabilities and equity | | | | | $ | (765,598) | | | | | | $ | 6,230,463 | | | | | | | $ | (429,078) | | | | | | $ | 6,177,633 | | | |
| 1Q 2021 SUPPLEMENTAL | | | | | 44 | |