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TABLE OF CONTENTS
Part IV
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2015
SIMON PROPERTY GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation or organization) |
001-14469 (Commission File No.) |
04-6268599 (I.R.S. Employer Identification No.) |
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225 West Washington Street Indianapolis, Indiana 46204 (Address of principal executive offices) (ZIP Code) |
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(317) 636-1600 (Registrant's telephone number, including area code) |
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Securities registered pursuant to Section 12(b) of the Act: |
Title of each class | Name of each exchange on which registered | |
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Common stock, $0.0001 par value | New York Stock Exchange | |
83/8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act). Yes ý No o
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No ý
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ý No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) |
Smaller reporting company o |
Indicate by check mark whether the Registrant is a shell company (as defined in rule 12-b of the Act). Yes o No ý
The aggregate market value of shares of common stock held by non-affiliates of the Registrant was approximately $53,152 million based on the closing sale price on the New York Stock Exchange for such stock on June 30, 2015.
As of January 29, 2016, Simon Property Group, Inc. had 314,806,649 and 8,000 shares of common stock and Class B common stock outstanding, respectively.
Documents Incorporated By Reference
Portions of the Registrant's Proxy Statement in connection with its 2016 Annual Meeting of Stockholders are incorporated by reference in Part III.
Simon Property Group, Inc. and Subsidiaries
Annual Report on Form 10-K
December 31, 2015
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Simon Property Group, Inc., Simon or the Company, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. 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 discussion, the terms "we", "us" and "our" refer to Simon, the Operating Partnership, and its subsidiaries.
We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2015, we owned or held an interest in 209 income-producing properties in the United States, which consisted of 108 malls, 71 Premium Outlets, 14 Mills, four lifestyle centers, and 12 other retail properties in 37 states and Puerto Rico. We opened four outlets in 2015 and have three outlets and two other significant retail projects under development. In addition, we have redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, underway at 29 properties in the U.S. and Europe. Internationally, as of December 31, 2015, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of December 31, 2015, we had a noncontrolling ownership interest in a joint venture that holds five outlet properties in Europe and one outlet property in Canada. Of the five properties in Europe, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of December 31, 2015, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 16 countries in Europe.
For a description of our operational strategies and developments in our business during 2015, see Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K.
Other Policies
The following is a discussion of our investment policies, financing policies, conflict of interest policies and policies with respect to certain other activities. One or more of these policies may be amended or rescinded from time to time without a stockholder vote.
Investment Policies
While we emphasize equity real estate investments, we may also provide secured financing to or invest in equity or debt securities of other entities engaged in real estate activities or securities of other issuers. However, any of these investments would be subject to the percentage ownership limitations and gross income tests necessary for REIT qualification. These REIT limitations mean that we cannot make an investment that would cause our real estate assets to be less than 75% of our total assets. We must also derive at least 75% of our gross income directly or indirectly from investments relating to real property or mortgages on real property, including "rents from real property," dividends from other REITs and, in certain circumstances, interest from certain types of temporary investments. In addition, we must also derive at least 95% of our gross income from such real property investments, and from dividends, interest and gains from the sale or dispositions of stock or securities or from other combinations of the foregoing.
Subject to REIT limitations, we may invest in the securities of other issuers in connection with acquisitions of indirect interests in real estate. Such an investment would normally be in the form of general or limited partnership or membership interests in special purpose partnerships and limited liability companies that own one or more properties. We may, in the future, acquire all or substantially all of the securities or assets of other REITs, management companies or similar entities where such investments would be consistent with our investment policies.
Financing Policies
Because our REIT qualification requires us to distribute at least 90% of our REIT taxable income, we regularly access the debt markets to raise the funds necessary to finance acquisitions, develop and redevelop properties, and refinance maturing debt. We must comply with the covenants contained in our financing agreements that limit our ratio of debt to total assets or market value, as defined. For example, the Operating Partnership's line of credit and the indentures for the Operating Partnership's debt securities contain covenants that restrict the total amount of debt of the Operating Partnership to 65%, or 60% in relation to certain debt, of total assets, as defined under the related agreements, and secured debt to 50% of total assets. In addition, these agreements contain other covenants requiring compliance with financial
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ratios. Furthermore, the amount of debt that we may incur is limited as a practical matter by our desire to maintain acceptable ratings for the debt securities of the Operating Partnership. We strive to maintain investment grade ratings at all times for various business reasons, including their effect on our ability to access attractive capital, but we cannot assure you that we will be able to do so in the future.
If our Board of Directors determines to seek additional capital, we may raise such capital by offering equity or incurring debt, creating joint ventures with existing ownership interests in properties, entering into joint venture arrangements for new development projects, retaining cash flows or a combination of these methods. If our Board of Directors determines to raise equity capital, it may, without stockholder approval, issue additional shares of common stock or other capital stock. Our Board of Directors may issue a number of shares up to the amount of our authorized capital in any manner and on such terms and for such consideration as it deems appropriate. Such securities may be senior to our outstanding classes of common stock. Such securities also may include additional classes of preferred stock, which may be convertible into common stock. Existing stockholders have no preemptive right to purchase shares in any subsequent offering of our securities. Any such offering could dilute a stockholder's investment in us.
We expect most future borrowings will be made through the Operating Partnership or its subsidiaries. We might, however, incur borrowings through other entities that would be reloaned to the Operating Partnership. Borrowings may be in the form of bank borrowings, publicly and privately placed debt instruments, or purchase money obligations to the sellers of properties. Any such indebtedness may be secured or unsecured. Any such indebtedness may also have full or limited recourse to the borrower or be cross-collateralized with other debt, or may be fully or partially guaranteed by the Operating Partnership. We issue debt securities through the Operating Partnership, but we may issue our debt securities which may be convertible to common or preferred stock or be accompanied by warrants to purchase common or preferred stock. We also may sell or securitize our lease receivables. Although we may borrow to fund the payment of dividends, we currently have no expectation that we will regularly do so.
The Operating Partnership has a $4.0 billion unsecured revolving credit facility, or Credit Facility. The Credit Facility's initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term. The initial maturity date of the Credit Facility is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option, subject to our continued compliance with the terms thereof. The Operating Partnership also has a $2.75 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities. On March 2, 2015, the Operating Partnership amended and extended the Supplemental Facility. The initial borrowing capacity of $2.0 billion was increased to $2.75 billion, may be further increased to $3.5 billion during its term, will initially mature on June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on each of the Credit Facility and the Supplemental Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. The Credit Facilities provide for borrowings denominated in U.S. dollars, Euros, Yen, Sterling, Canadian dollars and Australian dollars.
On March 2, 2015, the Operating Partnership increased the maximum aggregate program size of its global unsecured commercial paper note program, or the Commercial Paper program, from $500.0 million to $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. These notes are sold under customary terms in the U.S. and Euro commercial paper note markets and rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program.
We may also finance our business through the following:
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The Operating Partnership may also issue units to contributors of properties or other partnership interests which may permit the contributor to defer tax gain recognition under the Internal Revenue Code.
We do not have a policy limiting the number or amount of mortgages that may be placed on any particular property. Mortgage financing instruments, however, typically limit additional indebtedness on such properties. Additionally, the Credit Facilities, our unsecured note indentures and other contracts may limit our ability to borrow and contain limits on mortgage indebtedness we may incur as well as certain financial covenants we must maintain.
Typically, we invest in or form special purpose entities to assist us in obtaining secured permanent financing at attractive terms. Permanent financing may be structured as a mortgage loan on a single property, or on a group of properties, and generally requires us to provide a mortgage lien on the property or properties in favor of an institutional third party, as a joint venture with a third party, or as a securitized financing. For securitized financings, we create special purpose entities to own the properties. These special purpose entities, which are common in the real estate industry, are structured so that they would not be consolidated in a bankruptcy proceeding involving a parent company. We decide upon the structure of the financing based upon the best terms then available to us and whether the proposed financing is consistent with our other business objectives. For accounting purposes, we include the outstanding securitized debt of special purpose entities owning consolidated properties as part of our consolidated indebtedness.
Conflict of Interest Policies
We maintain policies and have entered into agreements designed to reduce or eliminate potential conflicts of interest. We have adopted governance principles governing the function, conduct, selection, orientation and duties of our Board of Directors and the Company, as well as written charters for each of the standing Committees of our Board of Directors. In addition, we have a Code of Business Conduct and Ethics, which applies to all of our officers, directors, and employees and those of our subsidiaries. At least a majority of the members of our Board of Directors must qualify as independent under the listing standards of the New York Stock Exchange, or NYSE, and cannot be affiliated with the Simon family who are significant stockholders and/or unitholders in the Operating Partnership. In addition, the Audit and Compensation Committees of our Board of Directors are comprised entirely of independent members who meet the additional independence and financial sophistication requirements of the NYSE. Any transaction between us and the Simons, including property acquisitions, service and property management agreements and retail space leases, must be approved by a majority of our independent directors.
The sale by the Operating Partnership of any property that it owns may have an adverse tax impact on the Simons or other limited partners of the Operating Partnership. In order to avoid any conflict of interest between us and the Simons, our charter requires that at least three-fourths of our independent directors must authorize and require the Operating Partnership to sell any property it owns. Any such sale is subject to applicable agreements with third parties. Noncompetition agreements executed by David Simon, our Chairman and Chief Executive Officer, and Herbert Simon, our Chairman Emeritus, as well as David Simon's employment agreement contain covenants limiting their ability to participate in certain shopping center activities.
Policies With Respect To Certain Other Activities
We intend to make investments which are consistent with our qualification as a REIT, unless our Board of Directors determines that it is no longer in our best interests to so qualify as a REIT. Our Board of Directors may make such a determination because of changing circumstances or changes in the REIT requirements. We have authority to issue shares of our capital stock or other securities in exchange for property. We also have authority to repurchase or otherwise reacquire our shares or any other securities. On April 2, 2015, our Board of Directors authorized us to repurchase up to $2.0 billion of our common stock over a twenty-four month period as market conditions warrant, or the Repurchase Program. Under the Repurchase Program, we may repurchase the shares in the open market or in privately negotiated transactions. We may also issue shares of our common stock, or pay cash at our option, to holders of units in future periods upon exercise of such holders' rights under the partnership agreement of the Operating Partnership. Our policy prohibits us from making any loans to our directors or executive officers for any purpose. We may make loans to the joint ventures in which we participate. Additionally, we may make or buy interests in loans secured by real estate properties owned by others or make investments in companies that own real estate assets.
Competition
The retail industry is dynamic and competitive. We compete with numerous merchandise distribution channels including malls, outlet centers, community/lifestyle centers, and other shopping centers in the United States and abroad. We also compete with internet retailing sites and catalogs which provide retailers with distribution options beyond existing
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brick and mortar retail properties. The existence of competitive alternatives could have a material adverse effect on our ability to lease space and on the level of rents we can obtain. This results in competition for both the tenants to occupy the properties that we develop and manage as well as for the acquisition of prime sites (including land for development and operating properties). We believe that there are numerous factors that make our properties highly desirable to retailers including:
Certain Activities
During the past three years, we have:
Employees
At December 31, 2015, we and our affiliates employed approximately 5,000 persons at various properties and offices throughout the United States, of which approximately 1,850 were part-time. Approximately 1,100 of these employees were located at our corporate headquarters in Indianapolis, Indiana.
Corporate Headquarters
Our corporate headquarters are located at 225 West Washington Street, Indianapolis, Indiana 46204, and our telephone number is (317) 636-1600.
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Available Information
We are a large accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended, or Exchange Act) and are required, pursuant to Item 101 of Regulation S-K, to provide certain information regarding our website and the availability of certain documents filed with or furnished to the Securities and Exchange Commission, or SEC. Our Internet website address is www.simon.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available or may be accessed free of charge through the "About Simon/Investor Relations/Financial Information" section of our Internet website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Our Internet website and the information contained therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K.
The following corporate governance documents are also available through the "About Simon/Investor Relations/Corporate Governance" section of our Internet website or may be obtained in print form by request of our Investor Relations Department: Governance Principles, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter, and Governance and Nominating Committee Charter.
In addition, we intend to disclose on our Internet website any amendments to, or waivers from, our Code of Business Conduct and Ethics that are required to be publicly disclosed pursuant to rules of the SEC and the NYSE.
Executive Officers of the Registrant
The following table sets forth certain information with respect to our executive officers as of February 26, 2016.
Name
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Age | Position | |||
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David Simon |
54 | Chairman and Chief Executive Officer |
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Richard S. Sokolov |
66 | President and Chief Operating Officer |
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Andrew Juster |
63 | Executive Vice President and Chief Financial Officer |
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David J. Contis |
57 | Senior Executive Vice President President, Simon Malls |
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John Rulli |
59 | Senior Executive Vice President and Chief Administrative Officer |
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James M. Barkley |
64 | General Counsel and Secretary |
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Steven E. Fivel |
55 | Assistant General Counsel and Assistant Secretary |
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Steven K. Broadwater |
49 | Senior Vice President and Chief Accounting Officer |
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Brian J. McDade |
36 | Senior Vice President and Treasurer |
The executive officers of Simon serve at the pleasure of our Board of Directors except for David Simon and Richard S. Sokolov who are subject to employment agreements which may call for certain payments upon termination.
Mr. Simon has served as the Chairman of our Board of Simon since 2007 and Chief Executive Officer of Simon or its predecessor since 1995. Mr. Simon has also been a director of Simon or its predecessor since its incorporation in 1993. Mr. Simon was the President of Simon's predecessor from 1993 to 1996. From 1988 to 1990, Mr. Simon was Vice President of Wasserstein Perella & Company. From 1985 to 1988, he was an Associate at First Boston Corp. He is the son of the late Melvin Simon and the nephew of Herbert Simon.
Mr. Sokolov has served as President and Chief Operating Officer of Simon or its predecessor since 1996. Mr. Sokolov has also been a director of Simon or its predecessor since 1996. Mr. Sokolov was President and Chief Executive Officer of DeBartolo Realty Corporation from its incorporation in 1994 until it merged with our predecessors in 1996. Mr. Sokolov joined its predecessor, The Edward J. DeBartolo Corporation, in 1982 as Vice President and General Counsel and was named Senior Vice President, Development and General Counsel in 1986.
Mr. Juster serves as Simon's Executive Vice President and Chief Financial Officer. Mr. Juster joined Melvin Simon & Associates, Inc., or MSA, in 1989 and held various financial positions with MSA until 1993 and thereafter has held various positions with Simon. Mr. Juster became Treasurer in 2001 and was promoted to Executive Vice President in 2008 and Chief Financial Officer in 2014.
Mr. Contis serves as Simon's Senior Executive Vice President and President of Simon Malls. Mr. Contis joined Simon in 2011. Prior to joining Simon, Mr. Contis served as the President of Real Estate at Equity Group Investments, LLC. Mr. Contis has over 35 years of domestic and international real estate experience including 25 years overseeing both public and private mall portfolios.
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Mr. Rulli serves as Simon's Senior Executive Vice President and Chief Administrative Officer. Mr. Rulli joined MSA in 1988 and held various positions with MSA and Simon thereafter. Mr. Rulli became Chief Administrative Officer in 2007 and was promoted to Senior Executive Vice President in 2011.
Mr. Barkley serves as Simon's General Counsel and Secretary. Mr. Barkley joined MSA in 1978 as a staff attorney and was named Assistant General Counsel in 1984. He was named General Counsel in 1992 and Secretary in 1993.
Mr. Fivel serves as Simon's Assistant General Counsel and Assistant Secretary. Prior to rejoining Simon in 2011, Mr. Fivel served in a similar capacity with a large public registrant. Mr. Fivel was previously employed by MSA from 1988 until 1993 and then by Simon from 1993 to 1996.
Mr. Broadwater serves as Simon's Senior Vice President and Chief Accounting Officer and prior to that as Simon's Vice President and Corporate Controller. Mr. Broadwater joined Simon in 2004 and was promoted to Senior Vice President and Chief Accounting Officer in 2009.
Mr. McDade serves as Simon's Senior Vice President and Treasurer. Mr. McDade joined Simon in 2007 as the Director of Capital Markets and was promoted to Senior Vice President of Capital Markets in 2013. Mr. McDade was promoted to Treasurer in 2014.
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The following factors, among others, could cause our actual results to differ materially from those contained in forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by our management from time to time. These factors may have a material adverse effect on our business, financial condition, liquidity, results of operations, funds from operations, or FFO, and prospects, which we refer to herein as a material adverse effect on us or as materially and adversely affecting us, and you should carefully consider them. Additional risks and uncertainties not presently known to us or which are currently not believed to be material may also affect our actual results. We may update these factors in our future periodic reports.
Risks Relating to Retail Operations
Overall economic and market conditions may adversely affect the general retail environment.
Our concentration in the retail real estate market means that we are subject to a number of factors that could adversely affect the retail environment generally, including, without limitation:
We derive our operating results primarily from retail tenants, many of whom have been and continue to be under some degree of economic stress. A significant deterioration in the creditworthiness of our retail tenants could have a material adverse effect on us.
We may not be able to lease newly developed properties and renew leases and relet space at existing properties.
We may not be able to lease new properties to an appropriate mix of tenants. Also, when leases for our existing properties expire, the premises may not be relet or the terms of reletting, including the cost of allowances and concessions to tenants, may be less favorable than the current lease terms. To the extent that our leasing goals are not achieved, we could be materially and adversely affected.
Some of our properties depend on anchor stores or other major tenants to attract shoppers and could be adversely affected by the loss of one or more of these anchor stores or major tenants.
Our properties are typically anchored by department stores and other large nationally recognized tenants. The value of some of our properties could be materially and adversely affected if these anchors or other major tenants fail to comply with their contractual obligations or cease their operations.
For example, among department stores and other large stores often referred to as "big box" stores corporate merger activity typically results in the closure of duplicate or geographically overlapping store locations. Further, sustained adverse pressure on the results of our department stores and major tenants may have a similarly sustained adverse impact upon our own results. Certain department stores and other national retailers have experienced, and may continue to experience for the foreseeable future given current macroeconomic uncertainty and less-than-desirable levels of consumer
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confidence, considerable decreases in customer traffic in their retail stores, increased competition from alternative retail options such as those accessible via the Internet and other forms of pressure on their business models. As pressure on these department stores and national retailers increases, their ability to maintain their stores, meet their obligations both to us and to their external lenders and suppliers, withstand takeover attempts by investors or rivals or avoid bankruptcy and/or liquidation may be impaired and result in closures of their stores or their seeking of a lease modification with us. Any lease modification could be unfavorable to us as the lessor and could decrease rents or expense recovery charges. Other tenants may be entitled to modify the economic or other terms of, or terminate, their existing leases with us in the event of such closures.
If a department store or major tenant were to close its stores at our properties, we may experience difficulty and delay and incur significant expense in replacing the tenant, as well as in leasing spaces in areas adjacent to the vacant department store or major tenant, at attractive rates, or at all. Additionally, department store or major tenant closures may result in decreased customer traffic, which could lead to decreased sales at our properties. If the sales of stores operating in our properties were to decline significantly due to the closing of anchor stores or other national retailers, adverse economic conditions, or other reasons, tenants may be unable to pay their minimum rents or expense recovery charges. In the event of any default by a tenant, we may not be able to fully recover, and/or may experience delays and costs in enforcing our rights as landlord to recover, amounts due to us under the terms of our agreements with such parties.
We face potential adverse effects from tenant bankruptcies.
Bankruptcy filings by retailers can occur regularly in the course of our operations. If a tenant files for bankruptcy, the tenant may have the right to reject and terminate one or more of its leases with us, and we cannot be sure that it will affirm one or more of its leases and continue to make rental payments to us in a timely manner. A bankruptcy filing by, or relating to, one of our tenants would bar all efforts by us to collect pre-bankruptcy debts from that tenant, or from their property, unless we receive an order permitting us to do so from the bankruptcy court. In addition, we cannot evict a tenant solely because of its bankruptcy. If a lease is assumed by the tenant in bankruptcy, all pre-bankruptcy balances due under the lease must be paid to us in full. However, if a lease is rejected by a tenant in bankruptcy, we would have only a general unsecured claim for damages in connection with such balances. If a bankrupt tenant vacates a space, it might not do so in a timely manner, and we might be unable to re-lease the vacated space during that time at attractive rates, or at all. Furthermore, we may be required to incur significant expense in replacing the bankrupt tenant. Any unsecured claim we hold against a bankrupt tenant might be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims, and there are restrictions under bankruptcy laws that limit the amount of the claim we can make if a lease is rejected. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold. We continually seek to re-lease vacant spaces resulting from tenant terminations. The bankruptcy of a tenant, particularly an anchor tenant or a national tenant with multiple locations, may make the re-leasing of their space difficult and costly, and it also may be more difficult to lease the remainder of the space at the affected properties. Future tenant bankruptcies may impact our ability to successfully execute our re-leasing strategy and could materially and adversely affect us.
We face a wide range of competition that could affect our ability to operate profitably.
Our properties compete with other retail properties and other forms of retailing such as catalogs and e-commerce websites. Competition may come from malls, outlet centers, community/lifestyle centers, and other shopping centers, both existing as well as future development and redevelopment/expansion projects, as well as catalogs and e-commerce. The presence of competitive alternatives affects our ability to lease space and the level of rents we can obtain. New construction, renovations and expansions at competing sites could also negatively affect our properties.
We also compete with other major real estate investors and developers for attractive investment opportunities and prime development sites. Competition for the acquisition of existing properties and development sites may result in increased purchase prices and may adversely affect our ability to make attractive investments on favorable terms, or at all. In addition, we compete with other retail property companies for tenants and qualified management.
Risks Relating to Real Estate Investments and Operations
We face risks associated with the acquisition, development, redevelopment and expansion of properties.
We regularly acquire and develop new properties and redevelop and expand existing properties, and these activities are subject to various risks. We may not be successful in pursuing acquisition, development or redevelopment/expansion opportunities. In addition, newly acquired, developed or redeveloped/expanded properties may not perform as well as
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expected, impacting our anticipated return on investment. We are subject to other risks in connection with any acquisition, development and redevelopment/expansion activities, including the following:
If a development or redevelopment/expansion project is unsuccessful, either because it is not meeting our expectations when operational or was not completed according to the project planning, we could lose our investment in the project. Further, if we guarantee the property's financing, our loss could exceed our investment in the project.
Real estate investments are relatively illiquid.
Our properties represent a substantial portion of our total consolidated assets. These investments are relatively illiquid. As a result, our ability to sell one or more of our properties or investments in real estate in response to any changes in economic, industry, or other conditions may be limited. The real estate market is affected by many factors, such as general economic conditions, availability and terms of financing, interest rates and other factors, including supply and demand for space, that are beyond our control. If we want to sell a property, we cannot assure you that we will be able to dispose of it in the desired time period or at all or that the sales price of a property will be attractive at the relevant time or even exceed the carrying value of our investment. Moreover, if a property is mortgaged, we may not be able to obtain a release of the lien on that property without the payment of the associated debt and/or a substantial prepayment penalty, which could restrict our ability to dispose of the property, even though the sale might otherwise be desirable.
Our international activities may subject us to different or greater risk from those associated with our domestic operations.
As of December 31, 2015, we held interests in joint venture properties that operate in Austria, Italy, Japan, Malaysia, Mexico, the Netherlands, South Korea, Canada, and the United Kingdom. We also have an equity stake in Klépierre, a publicly-traded European real estate company which operates in 16 countries in Europe. Accordingly, our operating results and the value of our international operations may be impacted by any unhedged movements in the foreign currencies in which those operations transact and in which our net investment in the international operation is held. We may pursue additional investment, development and redevelopment/expansion opportunities outside the United States. International investment, ownership, development and redevelopment/expansion activities carry risks that are different from those we face with our domestic properties and operations. These risks include, but are not limited to:
Our international activities represented approximately 7.9% of our net operating income, or NOI, for the year ended December 31, 2015. To the extent that we expand our international activities, the above risks could increase in significance, which in turn could have a material adverse effect on us.
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Risks Relating to Debt and the Financial Markets
We have a substantial debt burden that could affect our future operations.
As of December 31, 2015, our consolidated mortgages and unsecured indebtedness, excluding related premium and discount, totaled $22.5 billion. As a result of this indebtedness, we are required to use a substantial portion of our cash flows for debt service, including selected repayment at scheduled maturities, which limits our ability to use those cash flows to fund the growth of our business. We are also subject to the risks normally associated with debt financing, including the risk that our cash flows from operations will be insufficient to meet required debt service or that we will be able to refinance such indebtedness on acceptable terms, or at all. Our debt service costs generally will not be reduced if developments at the applicable property, such as the entry of new competitors or the loss of major tenants, cause a reduction in the income from the property. Our indebtedness could also have other adverse consequences on us, including reducing our access to capital or increasing our vulnerability to general adverse economic, industry and market conditions. In addition, if a property is mortgaged to secure payment of indebtedness and income from such property is insufficient to pay that indebtedness, the property could be foreclosed upon by the mortgagee resulting in a loss of income and a decline in our total asset value. If any of the foregoing occurs, we could be materially and adversely affected.
Disruption in the capital and credit markets may adversely affect our ability to access external financings for our growth and ongoing debt service requirements.
We depend on external financings, principally debt financings, to fund the growth of our business and to ensure that we can meet ongoing maturities of our outstanding debt. Our access to financing depends on the willingness of lending institutions and other debt investors to grant credit to us and conditions in the capital markets in general. An economic recession may cause extreme volatility and disruption in the capital and credit markets. We rely upon the Credit Facilities as sources of funding for numerous transactions. Our access to these funds is dependent upon the ability of each of the participants to the Credit Facilities to meet their funding commitments to us. When markets are volatile, access to capital and credit markets could be disrupted over an extended period of time and one or more financial institutions may not have the available capital to meet their previous commitments to us. The failure of one or more participants to the Credit Facilities to meet their funding commitments to us could have a material adverse effect on us, including as a result of making it difficult to obtain the financing we may need for future growth and/or meeting our debt service requirements. We cannot assure you that we will be able to obtain the financing we need for the future growth of our business or to meet our debt service requirements, or that a sufficient amount of financing will be available to us on favorable terms, or at all.
Adverse changes in our credit rating could affect our borrowing capacity and borrowing terms.
The Operating Partnership's outstanding senior unsecured notes, Credit Facilities, the Commercial Paper program, and Simon's preferred stock are periodically rated by nationally recognized credit rating agencies. The credit ratings are based on our operating performance, liquidity and leverage ratios, financial condition and prospects, and other factors viewed by the credit rating agencies as relevant to our industry and the economic outlook in general. Our credit rating can affect the amount of capital we can access, as well as the terms of any financing we obtain. Since we depend primarily on debt financing to fund the growth of our business, an adverse change in our credit rating, including actual changes and changes in outlook, or even the initiation of a review of our credit rating that could result in an adverse change, could have a material adverse effect on us.
The agreements that govern our indebtedness contain various covenants that impose restrictions on us that might affect our ability to operate freely.
We have a variety of unsecured debt, including the Credit Facilities, and secured property-level debt. Certain of the agreements that govern our indebtedness contain covenants, including, among other things, limitations on our ability to incur secured and unsecured indebtedness, sell all or substantially all of our assets and engage in mergers and certain acquisitions. In addition, certain of the agreements that govern our indebtedness contain financial covenants that require us to maintain certain financial ratios, including certain coverage ratios. These covenants may restrict our ability to pursue certain business initiatives or certain transactions that might otherwise be advantageous to us. In addition, our ability to comply with these provisions might be affected by events beyond our control. Failure to comply with any of our financing covenants could result in an event of default, which, if not cured or waived, could accelerate the related indebtedness as well as other of our indebtedness, which could have a material adverse effect on us.
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Our hedging interest rate protection arrangements may not effectively limit our interest rate risk.
We selectively manage our exposure to interest rate risk by a combination of interest rate protection agreements to effectively fix or cap all or a portion of our variable rate debt. In addition, we refinance fixed rate debt at times when we believe rates and other terms are appropriate. Our efforts to manage these exposures may not be successful.
Our use of interest rate hedging arrangements to manage risk associated with interest rate volatility may expose us to additional risks, including a risk that a counterparty to a hedging arrangement may fail to honor its obligations or that we could be required to fund our contractual payment obligations under such arrangements in relatively large amounts or on short notice. Developing an effective interest rate risk strategy is complex and no strategy can completely insulate us from risks associated with interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial impact on our results of operations, liquidity or financial condition. Termination of these hedging agreements typically involves costs, such as transaction fees or breakage costs.
Risks Relating to Income Taxes
We have elected to be taxed as a REIT in the United States and certain of our international operations currently receive favorable tax treatment.
We are subject to certain income-based taxes, both domestically and internationally, and other taxes, including state and local taxes, franchise taxes, and withholding taxes on dividends from certain of our international investments. We currently receive favorable tax treatment in various domestic and international jurisdictions through tax rules and regulations or through international treaties. Should we no longer receive such benefits, the amount of taxes we pay may increase.
In the United States, we have elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. We believe we have been organized and operated in a manner which allows us to qualify for taxation as a REIT under the Internal Revenue Code. We intend to continue to operate in this manner. However, our qualification and taxation as a REIT depend upon our ability to meet, through actual annual operating results, asset diversification, distribution levels and diversity of stock ownership, the various qualification tests imposed under the Internal Revenue Code. REIT qualification is governed by highly technical and complex provisions for which there are only limited judicial or administrative interpretations. Accordingly, there is no assurance that we have operated or will continue to operate in a manner so as to qualify or remain qualified as a REIT.
If we fail to comply with those provisions, we may be subject to monetary penalties or ultimately to possible disqualification as a REIT. If such events occurs, and if available relief provisions do not apply:
REIT distribution requirements could adversely affect our liquidity and our ability to execute our business plan.
In order for us to qualify to be taxed as a REIT, and assuming that certain other requirements are also satisfied, we generally must distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, to our stockholders each year, so that federal corporate income tax does not apply to earnings that we distribute. To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT, but distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gains, we will be subject to federal corporate income tax on our undistributed net taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we distribute to our stockholders in a calendar year is less than "the required minimum distribution amount" specified under federal income tax laws. We intend to make distributions to our stockholders to comply with the REIT requirements of the Internal Revenue Code.
From time to time, we might generate taxable income greater than our cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the creation of reserves, or required debt or amortization payments. If we do not have other funds available in these situations, we could be required to access capital on unfavorable terms (the receipt of which cannot be assured), sell assets at disadvantageous prices, distribute amounts that would otherwise be invested in future acquisitions, capital
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expenditures or repayment of debt, or make taxable distributions of our capital stock or debt securities to make distributions sufficient to enable us to pay out enough of our taxable income to satisfy the REIT distribution requirement and avoid corporate income tax and the 4% excise tax in a particular year. These alternatives could increase our costs or reduce our equity. Further, amounts distributed will not be available to fund the growth of our business. Thus, compliance with the REIT requirements may adversely affect our ability to execute our business plan.
Complying with REIT requirements might cause us to forego otherwise attractive acquisition opportunities or liquidate otherwise attractive investments.
To qualify to be taxed as a REIT for federal income tax purposes, we must ensure that, at the end of each calendar quarter, at least 75% of the value of our assets consist of cash, cash items, government securities and "real estate assets" (as defined in the Internal Revenue Code), including certain mortgage loans and securities. The remainder of our investments (other than government securities, qualified real estate assets and securities issued by a taxable REIT subsidiary, or TRS) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer.
Additionally, in general, no more than 5% of the value of our total assets (other than government securities, qualified real estate assets and securities issued by a TRS) can consist of the securities of any one issuer, and no more than 25% (20% for taxable years beginning after December 31, 2017) of the value of our total assets can be represented by securities of one or more TRSs. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we might be required to liquidate or forego otherwise attractive investments. These actions could have the effect of reducing our income and amounts available for distribution to our stockholders.
In addition to the asset tests set forth above, to qualify to be taxed as a REIT, we must continually satisfy tests concerning, among other things, the sources of our income, the amounts we distribute to our stockholders and the ownership of our shares. We might be unable to pursue investments that would be otherwise advantageous to us in order to satisfy the source-of-income or asset-diversification requirements for qualifying as a REIT. Thus, compliance with the REIT requirements may hinder our ability to make certain attractive investments.
New partnership tax audit rules could have a material adverse effect on us.
The recently enacted Bipartisan Budget Act of 2015 changes the rules applicable to federal income tax audits of partnerships. Under the new rules (which are generally effective for taxable years beginning after December 31, 2017), among other changes and subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and any partner's distributive share thereof) is determined, and taxes, interest, or penalties attributable thereto are assessed and collected, at the partnership level. Although it is uncertain how these new rules will be implemented, it is possible that they could result in partnerships in which we directly or indirect invest being required to pay additional taxes, interest and penalties as a result of an audit adjustment, and we, as a direct or indirect partner of these partnerships, could be required to bear the economic burden of those taxes, interest, and penalties even though we, as a REIT, may not otherwise have been required to pay additional corporate-level taxes had we owned the assets of the partnership directly. The new partnership tax audit rules will apply to the Operating Partnership and its subsidiaries that are classified as partnerships for federal income tax purposes. The changes created by these new rules are sweeping and in many respects dependent on the promulgation of future regulations or other guidance by the U.S. Department of the Treasury, or the Treasury, and, accordingly, there can be no assurance that these rules will not have a material adverse effect on us.
Legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the IRS, could have a material adverse effect on us or our investors.
The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process, and by the IRS and the Treasury. Changes to the tax laws or interpretations thereof by the IRS and the Treasury, with or without retroactive application, could materially and adversely affect us or our investors. New legislation, Treasury regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify to be taxed as a REIT and/or the federal income tax consequences to us and our investors of such qualification.
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Risks Relating to Joint Ventures
We have limited control with respect to some properties that are partially owned or managed by third parties, which may adversely affect our ability to sell or refinance them.
As of December 31, 2015, we owned interests in 94 income-producing properties with other parties. Of those, 13 properties are included in our consolidated financial statements. We account for the other 81 properties, or the joint venture properties, as well as our investment in Klépierre and our joint ventures with Seritage Growth Properties, or Seritage, and Hudson's Bay Company, or HBC, using the equity method of accounting. We serve as general partner or property manager for 58 of these 81 properties; however, certain major decisions, such as approving the operating budget and selling, refinancing and redeveloping the properties require the consent of the other owners. Of the properties for which we do not serve as general partner or property manager, 20 are in our international joint ventures. The international properties are managed locally by joint ventures in which we share control of the properties with our partner. The other owners have participating rights that we consider substantive for purposes of determining control over the properties' assets. The remaining joint venture properties, Klépierre (a publicly traded, Paris-based real estate company), and our joint venture with HBC are managed by third parties.
These investments, and other future similar investments could involve risks that would not be present were a third party not involved, including the possibility that partners or other owners might become bankrupt, suffer a deterioration in their creditworthiness, or fail to fund their share of required capital contributions. Partners or other owners could have economic or other business interests or goals that are inconsistent with our own business interests or goals, and could be in a position to take actions contrary to our policies or objectives.
These investments, and other future similar investments, also have the potential risk of creating impasses on decisions, such as a sale or financing, because neither we nor our partner or other owner has full control over the partnership or joint venture. Disputes between us and partners or other owners might result in litigation or arbitration that could increase our expenses and prevent our officers and/or directors from focusing their time and efforts on our business. Consequently, actions by, or disputes with, partners or other owners might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we risk the possibility of being liable for the actions of our partners or other owners.
The Operating Partnership guarantees debt or otherwise provides support for a number of joint venture properties.
Joint venture debt is the liability of the joint venture and is typically secured by a mortgage on the joint venture property, which is non-recourse to us. Nevertheless, the joint venture's failure to satisfy its debt obligations could result in the loss of our investment therein. As of December 31, 2015, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $353.7 million (of which we have a right of recovery from our venture partners of $112.8 million). A default by a joint venture under its debt obligations may expose us to liability under a guaranty. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not typically required contractually or otherwise.
Risks Relating to Environmental Matters
As owners of real estate, we can face liabilities for environmental contamination.
Federal, state and local laws and regulations relating to the protection of the environment may require us, as a current or previous owner or operator of real property, to investigate and clean up hazardous or toxic substances or petroleum product releases at a property or at impacted neighboring properties. These laws often impose liability regardless of whether the property owner or operator knew of, or was responsible for, the presence of hazardous or toxic substances. These laws and regulations may require the abatement or removal of asbestos containing materials in the event of damage, demolition or renovation, reconstruction or expansion of a property and also govern emissions of and exposure to asbestos fibers in the air. Those laws and regulations also govern the installation, maintenance and removal of underground storage tanks used to store waste oils or other petroleum products. Many of our properties contain, or at one time contained, asbestos containing materials or underground storage tanks (primarily related to auto service center establishments or emergency electrical generation equipment). We may be subject to regulatory action and may also be held liable to third parties for personal injury or property damage incurred by the parties in connection with any such laws and regulations or hazardous or toxic substances. The costs of investigation, removal or remediation of hazardous or toxic substances, and related liabilities, may be substantial and could materially and adversely affect us. The presence of hazardous or toxic substances, or the failure to remediate the related contamination, may also adversely affect our ability to sell, lease or redevelop a property or to borrow money using a property as collateral.
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Our efforts to identify environmental liabilities may not be successful.
Although we believe that our portfolio is in substantial compliance with federal, state and local environmental laws and regulations regarding hazardous or toxic substances, this belief is based on limited testing. Nearly all of our properties have been subjected to Phase I or similar environmental audits. These environmental audits have not revealed, nor are we aware of, any environmental liability that we believe is reasonably likely to have a material adverse effect on us. However, we cannot assure you that:
We face possible risks associated with climate change.
We cannot determine with certainty whether global warming or cooling is occurring and, if so, at what rate. To the extent climate change causes changes in weather patterns, our properties in certain markets could experience increases in storm intensity and rising sea-levels. Over time, these conditions could result in volatile or decreased demand for retail space at certain of our properties or, in extreme cases, our inability to operate the properties at all. Climate change may also have indirect effects on our business by increasing the cost of (or making unavailable) insurance on favorable terms, or at all, and increasing the cost of energy and snow removal at our properties. Moreover, compliance with new laws or regulations related to climate change, including compliance with "green" building codes, may require us to make improvements to our existing properties or increase taxes and fees assessed on us or our properties. At this time, there can be no assurance that climate change will not have a material adverse effect on us.
Other Factors Affecting Our Business
Some of our potential losses may not be covered by insurance.
We maintain insurance coverage with third-party carriers who provide a portion of the coverage for specific layers of potential losses, including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third-party carriers is either insured through our wholly-owned captive insurance companies or other financial arrangements controlled by us. A third-party carrier has, in turn, agreed, if required, to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier's policy. A similar policy written through our captive insurance companies also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations.
There are some types of losses, including lease and other contract claims, that generally are not insured or are subject to large insurance deductibles. If an uninsured loss or a loss in excess of insured limits occurs, or a loss for which a large deductible occurs, we could lose all or a portion of the capital we have invested in a property, as well as the anticipated future revenue it could generate, but may remain obligated for any mortgage debt or other financial obligation related to the property.
We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an "all risk" basis in the amount of up to $1 billion. The current federal laws which provide this coverage are expected to operate through 2020. However, the U.S. government could in the future terminate its reinsurance of terrorism, which would increase the risk of uninsured losses for terrorist acts. Despite the existence of this insurance coverage, or actual or threatened terrorist attacks or other activity where we operate could materially and adversely affect us.
We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.
We face risks associated with security breaches, whether through cyber-attacks or cyber intrusions over the Internet, malware, computer viruses, attachments to e-mails, persons inside our organization or persons with access to systems inside our organization, and other significant disruptions of our IT networks and related systems. The risk of a security breach or disruption, particularly through cyber-attack or cyber intrusion, including by computer hackers, foreign
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governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Our IT networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations (including managing our building systems). Although we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging. Even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk.
A breach or significant and extended disruption in the functioning of our systems, including our primary website, could damage our reputation and cause us to lose customers, tenants and revenues, generate third party claims, result in the unintended and/or unauthorized public disclosure or the misappropriation of proprietary, personal identifying and confidential information, and require us to incur significant expenses to address and remediate or otherwise resolve these kinds of issues, and we may not be able to recover these expenses in whole or in any part from our service providers or responsible parties, or their or our insurers.
Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business.
The success of our business depends, in part, on the leadership and performance of our executive management team and key employees, and our ability to attract, retain and motivate talented employees could significantly impact our future performance. Competition for these individuals is intense, and we cannot assure you that we will retain our key executive management team and employees or that we will be able to attract and retain other highly qualified individuals for these positions in the future. Losing any one or more of these persons could have a material adverse effect on us.
Provisions in our charter and by-laws and in the Operating Partnership's partnership agreement could prevent a change of control.
Our charter contains a general restriction on the accumulation of shares in excess of 8% of our capital stock. The charter permits the members of the Simon family and related persons to own up to 18% of our capital stock. Ownership is determined by the lower of the number of outstanding shares, voting power or value controlled. Our Board of Directors may, by majority vote, permit exceptions to those levels in circumstances where our Board of Directors determines our ability to qualify as a REIT will not be jeopardized. These restrictions on ownership may have the effect of delaying, deferring or preventing a transaction or a change in control that might otherwise be in the best interest of our stockholders. Other provisions of our charter and by-laws could have the effect of delaying or preventing a change of control even if some stockholders deem such a change to be in their best interests. These include provisions preventing holders of our common stock from acting by written consent and requiring that up to four directors in the aggregate may be elected by holders of Class B common stock. In addition, certain provisions of the Operating Partnership's partnership agreement could have the effect of delaying or preventing a change of control. These include a provision requiring the consent of a majority in interest of units in order for us, as general partner of the Operating Partnership, to, among other matters, engage in a merger transaction or sell all or substantially all of our assets.
Item 1B. Unresolved Staff Comments
None.
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United States Properties
Our U.S. properties primarily consist of malls, Premium Outlets, The Mills, lifestyle centers and other retail properties. These properties contain an aggregate of approximately 184.2 million square feet of gross leasable area, or GLA.
Malls typically contain at least one traditional department store anchor or a combination of anchors and big box retailers with a wide variety of smaller stores connecting the anchors. Additional stores are usually located along the perimeter of the parking area. Our 108 malls are generally enclosed centers and range in size from approximately 465,000 to 2.6 million square feet of GLA. Our malls contain in the aggregate more than 13,700 occupied stores, including approximately 517 anchors, which are predominately national retailers.
Premium Outlets generally contain a wide variety of designer and manufacturer stores located in open-air centers. Our 71 Premium Outlets range in size from approximately 150,000 to 870,000 square feet of GLA. The Premium Outlets are generally located within a close proximity to major metropolitan areas and/or tourist destinations.
The 14 properties in The Mills generally range in size from 1.2 million to 2.3 million square feet of GLA and are located in major metropolitan areas. They have a combination of traditional mall, outlet center, and big box retailers and entertainment uses.
We also have interests in four lifestyle centers and 12 other retail properties. The lifestyle centers range in size from 160,000 to 900,000 square feet of GLA. The other retail properties range in size from approximately 150,000 to 730,000 square feet of GLA and are considered non-core to our business model. In total, the lifestyle centers and other retail properties represent approximately 1.0% of our total operating income before depreciation and amortization.
As of December 31, 2015, approximately 96.1% of the owned GLA in malls and Premium Outlets was leased and approximately 98.5% of the owned GLA for The Mills was leased.
We wholly own 137 of our properties, effectively control 13 properties in which we have a joint venture interest, and hold the remaining 59 properties through unconsolidated joint venture interests. We are the managing or co-managing general partner or member of 206 properties in the United States. Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate partnership agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions) which may result in either the sale of our interest or the use of available cash or borrowings, or the use of Operating Partnership units, to acquire the joint venture interest from our partner.
On April 13, 2015, we announced a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the joint venture in exchange for a 50% noncontrolling interest in the joint venture. Seritage Growth Properties, or Seritage, a public REIT recently formed by Sears, now holds Sears' interest in the joint venture.
The following property table summarizes certain data for our malls, Premium Outlets, The Mills, lifestyle centers and other retail properties located in the United States, including Puerto Rico, as of December 31, 2015.
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Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership | Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Malls | |||||||||||||||||||||
1. | Apple Blossom Mall | VA | Winchester | Fee | 49.1 | % (4) | Acquired 1999 | 92.4% | 473,103 | Belk, JCPenney, Sears, Carmike Cinemas | |||||||||||
2. | Auburn Mall | MA | Auburn | Fee | 56.4 | % (4) | Acquired 1999 | 99.4% | 586,242 | Macy's (9), Sears | |||||||||||
3. | Aventura Mall (1) | FL | Miami Beach (Miami) | Fee | 33.3 | % (4) | Built 1983 | 96.8% | 2,105,023 | Bloomingdale's, Macy's (9), JCPenney, Sears, Nordstrom, Equinox Fitness Clubs, AMC Theatres | |||||||||||
4. | Avenues, The | FL | Jacksonville | Fee | 25.0 | % (4)(2) | Built 1990 | 94.1% | 1,113,547 | Belk, Dillard's, JCPenney, Sears, Forever 21 | |||||||||||
5. | Bangor Mall | ME | Bangor | Fee | 87.6 | % | Acquired 2003 | 92.0% | 652,622 | Macy's, JCPenney, Sears, Dick's Sporting Goods | |||||||||||
6. | Barton Creek Square | TX | Austin | Fee | 100.0 | % | Built 1981 | 99.9% | 1,429,521 | Nordstrom, Macy's, Dillard's (9), JCPenney, Sears, AMC Theatre | |||||||||||
7. | Battlefield Mall | MO | Springfield | Fee and Ground Lease (2056) | 100.0 | % | Built 1970 | 94.1% | 1,201,628 | Macy's, Dillard's (9), JCPenney, Sears, MC Sporting Goods | |||||||||||
8. | Bay Park Square | WI | Green Bay | Fee | 100.0 | % | Built 1980 | 91.4% | 711,732 | Younkers (9), Kohl's, ShopKo, Marcus Cinema 16 | |||||||||||
9. | Brea Mall | CA | Brea (Los Angeles) | Fee | 100.0 | % | Acquired 1998 | 97.2% | 1,319,477 | Nordstrom, Macy's (9), JCPenney, Sears | |||||||||||
10. | Briarwood Mall | MI | Ann Arbor | Fee | 50.0 | % (4) | Acquired 2007 | 99.4% | 979,005 | Macy's, JCPenney, Sears, Von Maur, MC Sporting Goods | |||||||||||
11. | Broadway Square | TX | Tyler | Fee | 100.0 | % | Acquired 1994 | 97.6% | 627,562 | Dillard's, JCPenney, Sears | |||||||||||
12. | Burlington Mall | MA | Burlington (Boston) | Fee and Ground Lease (2048) (7) | 100.0 | % | Acquired 1998 | 95.6% | 1,317,293 | Macy's, Lord & Taylor, Sears, Nordstrom, Crate & Barrel, Primark (6) | |||||||||||
13. | Cape Cod Mall | MA | Hyannis | Fee and Ground Leases (2029-2073) (7) | 56.4 | % (4) | Acquired 1999 | 93.5% | 722,482 | Macy's (9), Sears, Best Buy, Marshalls, Barnes & Noble, Regal Cinema | |||||||||||
14. | Castleton Square | IN | Indianapolis | Fee | 100.0 | % | Built 1972 | 96.8% | 1,381,813 | Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, AMC Theatres | |||||||||||
15. | Cielo Vista Mall | TX | El Paso | Fee and Ground Lease (2022) (7) | 100.0 | % | Built 1974 | 99.4% | 1,245,876 | Macy's, Dillard's (9), JCPenney, Sears, Cinemark Theatres | |||||||||||
16. | Coconut Point | FL | Estero | Fee | 50.0 | % (4) | Built 2006 | 96.8% | 1,205,033 | Dillard's, Barnes & Noble, Bed Bath & Beyond, Best Buy, DSW, Office Max, PetsMart, Ross, Cost Plus World Market, T.J. Maxx, Hollywood Theatres, Super Target, Michael's, Sports Authority | |||||||||||
17. | Coddingtown Mall | CA | Santa Rosa | Fee | 50.0 | % (4) | Acquired 2005 | 74.2% | 823,563 | Macy's, JCPenney, Whole Foods, Target, Nordstrom Rack (6) | |||||||||||
18. | College Mall | IN | Bloomington | Fee and Ground Lease (2048) (7) | 100.0 | % | Built 1965 | 96.0% | 636,593 | Macy's, Sears (15), Target, Dick's Sporting Goods, Bed Bath & Beyond, 365 by Whole Foods (6) | |||||||||||
19. | Columbia Center | WA | Kennewick | Fee | 100.0 | % | Acquired 1987 | 98.2% | 772,469 | Macy's (9), JCPenney, Sears, Barnes & Noble, Regal Cinema, DSW, Home Goods (6) | |||||||||||
20. | Copley Place | MA | Boston | Fee | 94.4 | % (12) | Acquired 2002 | 86.3% | 1,253,074 | Neiman Marcus, Barneys New York | |||||||||||
21. | Coral Square | FL | Coral Springs (Miami) | Fee | 97.2 | % | Built 1984 | 100.0 | % | 943,791 | Macy's (9), JCPenney, Sears, Kohl's | ||||||||||
22. | Cordova Mall | FL | Pensacola | Fee | 100.0 | % | Acquired 1998 | 98.7% | 922,209 | Dillard's, Belk, Best Buy, Bed Bath & Beyond, Cost Plus World Market, Ross, Dick's Sporting Goods | |||||||||||
23. | Crystal Mall | CT | Waterford | Fee | 78.2 | % (4) | Acquired 1998 | 90.1% | 783,502 | Macy's, JCPenney, Sears, Bed Bath & Beyond, Christmas Tree Shops | |||||||||||
24. | Dadeland Mall | FL | Miami | Fee | 50.0 | % (4) | Acquired 1997 | 99.4% | 1,498,534 | Saks Fifth Avenue, Nordstrom, Macy's (9), JCPenney | |||||||||||
25. | Del Amo Fashion Center | CA | Torrance (Los Angeles) | Fee | 50.0 | % (4) | Acquired 2007 | 88.5% | 2,576,164 | Nordstrom, Macy's (9), JCPenney, Sears, Marshalls, T.J. Maxx, Barnes & Noble, JoAnn Fabrics, Crate & Barrel, L.A. Fitness, AMC Theatres, (8) | |||||||||||
26. | Domain, The | TX | Austin | Fee | 100.0 | % | Built 2006 | 97.5% | 1,233,550 | Neiman Marcus, Macy's, Dillard's, Dick's Sporting Goods, iPic Theaters, Arhaus Furniture, Punch Bowl Social | |||||||||||
27. | Dover Mall | DE | Dover | Fee and Ground Lease (2041) (7) | 68.1 | % (4) | Acquired 2007 | 93.3% | 928,241 | Macy's, JCPenney, Boscov's, Sears, Carmike Cinemas, Dick's Sporting Goods |
19
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership | Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
28. | Emerald Square | MA | North Attleboro (Providence, RI) | Fee | 56.4 | % (4) | Acquired 1999 | 88.9% | 1,022,439 | Macy's (9), JCPenney, Sears | |||||||||||
29. | Empire Mall | SD | Sioux Falls | Fee and Ground Lease (2033) (7) | 100.0 | % | Acquired 1998 | 92.7% | 1,125,435 | Macy's, Younkers, JCPenney, Sears, Gordmans, Hy-Vee, Dick's Sporting Goods | |||||||||||
30. | Falls, The | FL | Miami | Fee | 50.0 | % (4) | Acquired 2007 | 96.8% | 837,621 | Bloomingdale's, Macy's, Regal Cinema, The Fresh Market | |||||||||||
31. | Fashion Centre at Pentagon City, The | VA | Arlington (Washington, DC) | Fee | 42.5 | % (4) | Built 1989 | 99.5% | 985,407 | Nordstrom, Macy's | |||||||||||
32. | Fashion Mall at Keystone, The | IN | Indianapolis | Fee and Ground Lease (2067) (7) | 100.0 | % | Acquired 1997 | 94.5% | 711,985 | Saks Fifth Avenue, Crate & Barrel, Nordstrom, Keystone Art Cinema | |||||||||||
33. | Fashion Valley | CA | San Diego | Fee | 50.0 | % (4) | Acquired 2001 | 97.5% | 1,720,549 | Forever 21, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, JCPenney, AMC Theatres, The Container Store | |||||||||||
34. | Firewheel Town Center | TX | Garland (Dallas) | Fee | 100.0 | % | Built 2005 | 94.2% | 999,496 | Dillard's, Macy's, Barnes & Noble, DSW, Cost Plus World Market, AMC Theatres, Dick's Sporting Goods, Ethan Allen, Toys 'R Us/Babies 'R Us | |||||||||||
35. | Florida Mall, The | FL | Orlando | Fee | 50.0 | % (4) | Built 1986 | 96.3% | 1,702,549 | Macy's, Dillard's, JCPenney, Sears, H&M, Forever 21, Zara, American Girl, Dick's Sporting Goods, Crayola Experience | |||||||||||
36. | Forum Shops at Caesars, The | NV | Las Vegas | Ground Lease (2050) | 100.0 | % | Built 1992 | 97.2% | 679,665 | ||||||||||||
37. | Galleria, The | TX | Houston | Fee | 50.4 | % (4) | Acquired 2002 | 98.3% | 1,896,781 | Saks Fifth Avenue (11), Neiman Marcus, Nordstrom, Macy's | |||||||||||
38. | Greenwood Park Mall | IN | Greenwood (Indianapolis) | Fee | 100.0 | % | Acquired 1979 | 94.9% | 1,288,128 | Macy's, Von Maur, JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble, Regal Cinema | |||||||||||
39. | Haywood Mall | SC | Greenville | Fee and Ground Lease (2067) (7) | 100.0 | % | Acquired 1998 | 98.5% | 1,237,008 | Macy's, Dillard's, JCPenney, Sears, Belk | |||||||||||
40. | Independence Center | MO | Independence (Kansas City) | Fee | 100.0 | % | Acquired 1994 | 94.3% | 831,338 | Dillard's, Macy's, Sears, Dick's Sporting Goods (6) | |||||||||||
41. | Ingram Park Mall | TX | San Antonio | Fee | 100.0 | % | Built 1979 | 96.8% | 1,120,324 | Dillard's, Macy's, JCPenney, Sears, Bealls, (8) | |||||||||||
42. | King of Prussia | PA | King of Prussia (Philadelphia) | Fee | 100.0 | % | Acquired 2003 | 95.6% | 2,467,133 | Neiman Marcus, Bloomingdale's, Nordstrom, Lord & Taylor, Macy's, JCPenney, Crate & Barrel, Arhaus Furniture, The Container Store, Dick's Sporting Goods, Primark | |||||||||||
43. | La Plaza Mall | TX | McAllen | Fee and Ground Lease (2040) (7) | 100.0 | % | Built 1976 | 99.1% | 1,224,444 | Macy's (9), Dillard's, JCPenney, Joe Brand | |||||||||||
44. | Lakeline Mall | TX | Cedar Park (Austin) | Fee | 100.0 | % | Built 1995 | 96.5% | 1,097,549 | Dillard's (9), Macy's, JCPenney, Sears, Regal Cinema | |||||||||||
45. | Lehigh Valley Mall | PA | Whitehall | Fee | 50.0 | % (4) | Acquired 2003 | 98.4% | 1,180,561 | Macy's, JCPenney, Boscov's, Barnes & Noble, hhgregg, Babies 'R Us | |||||||||||
46. | Lenox Square | GA | Atlanta | Fee | 100.0 | % | Acquired 1998 | 99.0% | 1,559,575 | Neiman Marcus, Bloomingdale's, Macy's | |||||||||||
47. | Liberty Tree Mall | MA | Danvers (Boston) | Fee | 49.1 | % (4) | Acquired 1999 | 80.5% | 856,043 | Marshalls, Sports Authority, Target, Kohl's, Best Buy, Staples, AC Moore, AMC Theatres, Nordstrom Rack, Off Broadway Shoes, Sky Zone | |||||||||||
48. | Livingston Mall | NJ | Livingston (New York) | Fee | 100.0 | % | Acquired 1998 | 94.2% | 969,192 | Macy's, Lord & Taylor, Sears, Barnes & Noble | |||||||||||
49. | Mall at Rockingham Park, The | NH | Salem (Boston) | Fee | 28.2 | % (4) | Acquired 1999 | 97.8% | 1,025,432 | JCPenney, Sears, Macy's, Lord & Taylor, Dick's Sporting Goods | |||||||||||
50. | Mall at Tuttle Crossing, The | OH | Dublin (Columbus) | Fee | 50.0 | % (4) | Acquired 2007 | 96.3% | 1,125,111 | Macy's (9), JCPenney, Sears | |||||||||||
51. | Mall of Georgia | GA | Buford (Atlanta) | Fee | 100.0 | % | Built 1999 | 97.8% | 1,818,410 | Dillard's, Macy's, JCPenney, Belk, Dick's Sporting Goods, Barnes & Noble, Haverty's Furniture, Regal Cinema, Von Maur (6) | |||||||||||
52. | Mall of New Hampshire, The | NH | Manchester | Fee | 56.4 | % (4) | Acquired 1999 | 94.8% | 812,279 | Macy's, JCPenney, Sears, Best Buy, AC Moore (15) | |||||||||||
53. | McCain Mall | AR | N. Little Rock | Fee | 100.0 | % | Built 1973 | 94.6% | 795,778 | Dillard's, JCPenney, Sears, Regal Cinema | |||||||||||
54. | Meadowood Mall | NV | Reno | Fee | 50.0 | % (4) | Acquired 2007 | 94.6% | 844,614 | Macy's (9), Sears, JCPenney, Dick's Sporting Goods (6) |
20
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership | Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
55. | Menlo Park Mall | NJ | Edison (New York) | Fee | 100.0 | % | Acquired 1997 | 97.1% | 1,334,285 | Nordstrom, Macy's, Barnes & Noble, AMC Dine-In Theatre | |||||||||||
56. | Miami International Mall | FL | Miami | Fee | 47.8 | % (4) | Built 1982 | 95.9% | 1,083,419 | Macy's (9), JCPenney, Sears, Kohl's | |||||||||||
57. | Midland Park Mall | TX | Midland | Fee | 100.0 | % | Built 1980 | 98.7% | 622,024 | Dillard's (9), JCPenney, Sears, Bealls, Ross | |||||||||||
58. | Miller Hill Mall | MN | Duluth | Fee | 100.0 | % | Built 1973 | 97.9% | 832,509 | JCPenney, Sears, Younkers, Barnes & Noble, DSW, Dick's Sporting Goods | |||||||||||
59. | Montgomery Mall | PA | North Wales (Philadelphia) | Fee | 79.4 | % | Acquired 2003 | 87.8% | 1,102,982 | Macy's, JCPenney, Sears, Dick's Sporting Goods, Wegmans | |||||||||||
60. | North East Mall | TX | Hurst (Dallas) | Fee | 100.0 | % | Built 1971 | 97.4% | 1,669,001 | Nordstrom, Dillard's, Macy's, JCPenney, Sears, Dick's Sporting Goods, Rave Theatre | |||||||||||
61. | Northgate Mall | WA | Seattle | Fee | 100.0 | % | Acquired 1987 | 97.5% | 1,046,088 | Nordstrom, Macy's, JCPenney, Barnes & Noble, Bed Bath & Beyond, DSW, Nordstrom Rack | |||||||||||
62. | Northshore Mall | MA | Peabody (Boston) | Fee | 56.4 | % (4) | Acquired 1999 | 92.0% | 1,591,263 | JCPenney, Sears, Nordstrom, Macy's (9), Barnes & Noble, Toys 'R Us, Shaw's Grocery, The Container Store, DSW | |||||||||||
63. | Ocean County Mall | NJ | Toms River (New York) | Fee | 100.0 | % | Acquired 1998 | 94.6% | 898,150 | Macy's, Boscov's, JCPenney, Sears | |||||||||||
64. | Orland Square | IL | Orland Park (Chicago) | Fee | 100.0 | % | Acquired 1997 | 97.8% | 1,231,807 | Macy's, Carson's, JCPenney, Sears, Dave & Buster's | |||||||||||
65. | Oxford Valley Mall | PA | Langhorne (Philadelphia) | Fee | 85.5 | % | Acquired 2003 | 94.5% | 1,331,501 | Macy's, JCPenney, Sears, United Artists Theatre, (8) | |||||||||||
66. | Penn Square Mall | OK | Oklahoma City | Ground Lease (2060) | 94.5 | % | Acquired 2002 | 99.0% | 1,063,417 | Macy's, Dillard's (9), JCPenney, AMC Theatres | |||||||||||
67. | Pheasant Lane Mall | NH | Nashua | | 0.0 | % (14) | Acquired 2002 | 95.5% | 979,338 | JCPenney, Sears, Target, Macy's, Dick's Sporting Goods | |||||||||||
68. | Phipps Plaza | GA | Atlanta | Fee | 100.0 | % | Acquired 1998 | 92.0% | 829,430 | Saks Fifth Avenue, Nordstrom, Belk, AMC Theatres, Arhaus Furniture, Legoland Discovery Center | |||||||||||
69. | Plaza Carolina | PR | Carolina (San Juan) | Fee | 100.0 | % | Acquired 2004 | 93.0% | 1,157,878 | JCPenney, Sears, Tiendas Capri, Econo, Best Buy, T.J. Maxx, DSW, Sports Authority | |||||||||||
70. | Prien Lake Mall | LA | Lake Charles | Fee and Ground Lease (2040) (7) | 100.0 | % | Built 1972 | 98.9% | 848,573 | Dillard's, JCPenney, Sears, Cinemark Theatres, Kohl's, Dick's Sporting Goods | |||||||||||
71. | Quaker Bridge Mall | NJ | Lawrenceville | Fee | 50.0 | % (4) | Acquired 2003 | 90.8% | 1,083,990 | Macy's, Lord & Taylor, JCPenney, Sears | |||||||||||
72. | Rockaway Townsquare | NJ | Rockaway (New York) | Fee | 100.0 | % | Acquired 1998 | 94.6% | 1,245,671 | Macy's, Lord & Taylor, JCPenney, Sears, Raymour & Flanigan (6) | |||||||||||
73. | Roosevelt Field | NY | Garden City (New York) | Fee and Ground Lease (2090) (7) | 100.0 | % | Acquired 1998 | 94.3% | 2,266,455 | Bloomingdale's (9), Nordstrom, Macy's, JCPenney, Dick's Sporting Goods, AMC Entertainment, XSport Fitness, Neiman Marcus (6) | |||||||||||
74. | Ross Park Mall | PA | Pittsburgh | Fee | 100.0 | % | Built 1986 | 99.0% | 1,245,828 | JCPenney, Sears, Nordstrom, L.L. Bean, Macy's, Crate & Barrel | |||||||||||
75. | Santa Rosa Plaza | CA | Santa Rosa | Fee | 100.0 | % | Acquired 1998 | 93.2% | 692,405 | Macy's, Sears, Forever 21 | |||||||||||
76. | Shops at Chestnut Hill, The | MA | Chestnut Hill (Boston) | Fee | 94.4 | % | Acquired 2002 | 98.0% | 468,492 | Bloomingdale's (9) | |||||||||||
77. | Shops at Nanuet, The | NY | Nanuet | Fee | 100.0 | % | Redeveloped 2013 | 99.6% | 757,928 | Macy's, Sears, Fairway Market, Regal Cinema, 24 Hour Fitness | |||||||||||
78. | Shops at Mission Viejo, The | CA | Mission Viejo (Los Angeles) | Fee | 51.0 | % (4) | Built 1979 | 96.7% | 1,151,720 | Nordstrom, Macy's (9), Forever 21 | |||||||||||
79. | Shops at Riverside, The | NJ | Hackensack (New York) | Fee | 100.0 | % | Acquired 2007 | 95.9% | 659,665 | Bloomingdale's, Barnes & Noble, Arhaus Furniture, AMC Theatre (6) | |||||||||||
80. | Smith Haven Mall | NY | Lake Grove (New York) | Fee | 25.0 | % (4)(2) | Acquired 1995 | 94.2% | 1,300,230 | Macy's (9), JCPenney, Sears, Dick's Sporting Goods, Barnes & Noble | |||||||||||
81. | Solomon Pond Mall | MA | Marlborough (Boston) | Fee | 56.4 | % (4) | Acquired 1999 | 95.5% | 886,479 | Macy's, JCPenney, Sears, Regal Cinema | |||||||||||
82. | South Hills Village | PA | Pittsburgh | Fee | 100.0 | % | Acquired 1997 | 97.1% | 1,120,615 | Macy's (9), Sears, Barnes & Noble, Carmike Cinemas, Dick's Sporting Goods, Target, DSW, Ulta | |||||||||||
83. | South Shore Plaza | MA | Braintree (Boston) | Fee | 100.0 | % | Acquired 1998 | 95.3% | 1,588,916 | Macy's, Lord & Taylor, Sears, Nordstrom, Target, DSW, Primark (6) |
21
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership | Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
84. | Southdale Center | MN | Edina (Minneapolis) | Fee | 100.0 | % | Acquired 2007 | 91.2% | 1,297,421 | Macy's, JCPenney, AMC Theatres, Herberger's, Gordmans, Dave & Buster's | |||||||||||
85. | SouthPark | NC | Charlotte | Fee and Ground Lease (2040) (10) | 100.0 | % | Acquired 2002 | 99.2% | 1,676,152 | Neiman Marcus, Nordstrom, Macy's, Dillard's, Belk, Dick's Sporting Goods, Crate & Barrel, The Container Store | |||||||||||
86. | Southridge Mall | WI | Greendale (Milwaukee) | Fee | 100.0 | % | Acquired 2007 | 97.8% | 1,177,109 | JCPenney, Sears, Kohl's, Boston Store, Macy's | |||||||||||
87. | Springfield Mall (1) | PA | Springfield (Philadelphia) | Fee | 50.0 | % (4) | Acquired 2005 | 88.1% | 610,576 | Macy's, Target | |||||||||||
88. | Square One Mall | MA | Saugus (Boston) | Fee | 56.4 | % (4) | Acquired 1999 | 95.0% | 929,848 | Macy's, Sears, Best Buy, T.J. Maxx N More, Dick's Sporting Goods, WOW! Work Out World | |||||||||||
89. | St. Charles Towne Center | MD | Waldorf (Washington, DC) | Fee | 100.0 | % | Built 1990 | 98.5% | 980,618 | Macy's (9), JCPenney, Sears, Kohl's, Dick Sporting Goods, AMC Theatres | |||||||||||
90. | St. Johns Town Center | FL | Jacksonville | Fee | 50.0 | % (4) | Built 2005 | 100.0 | % | 1,390,791 | Nordstrom, Dillard's, Arhaus Furniture, Dick's Sporting Goods, Barnes & Noble, Target, Ashley Furniture Home Store, Ross, Staples, DSW, JoAnn Fabrics, PetsMart |
||||||||||
91. | Stanford Shopping Center (13) | CA | Palo Alto (San Jose) | Ground Lease (2054) | 94.4 | % (12) | Acquired 2003 | 99.4% | 1,230,537 | Neiman Marcus, Bloomingdale's, Nordstrom, Macy's (9), Crate and Barrel, The Container Store | |||||||||||
92. | Stoneridge Shopping Center | CA | Pleasanton (San Francisco) | Fee | 49.9 | % (4) | Acquired 2007 | 99.7% | 1,299,419 | Macy's (9), Nordstrom, Sears, JCPenney | |||||||||||
93. | Summit Mall | OH | Akron | Fee | 100.0 | % | Built 1965 | 89.2% | 777,669 | Dillard's (9), Macy's | |||||||||||
94. | Tacoma Mall | WA | Tacoma (Seattle) | Fee | 100.0 | % | Acquired 1987 | 93.3% | 1,334,694 | Nordstrom, Macy's, JCPenney, Sears, Dick's Sporting Goods (6) | |||||||||||
95. | Tippecanoe Mall | IN | Lafayette | Fee | 100.0 | % | Built 1973 | 93.5% | 862,740 | Macy's, JCPenney, Sears, Kohl's, Dick's Sporting Goods, hhgregg | |||||||||||
96. | Town Center at Boca Raton | FL | Boca Raton (Miami) | Fee | 100.0 | % | Acquired 1998 | 99.8% | 1,779,736 | Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Nordstrom, Macy's, Sears, Crate & Barrel, The Container Store | |||||||||||
97. | Town Center at Cobb | GA | Kennesaw (Atlanta) | Fee | 100.0 | % | Acquired 1998 | 95.8% | 1,280,866 | Belk, Macy's (9), JCPenney, Sears | |||||||||||
98. | Towne East Square | KS | Wichita | Fee | 100.0 | % | Built 1975 | 93.1% | 1,134,758 | Dillard's, Von Maur, JCPenney, Sears | |||||||||||
99. | Treasure Coast Square | FL | Jensen Beach | Fee | 100.0 | % | Built 1987 | 93.3% | 876,257 | Macy's, Dillard's, JCPenney, Sears, hhgregg, Regal Cinema | |||||||||||
100. | Tyrone Square | FL | St. Petersburg (Tampa) | Fee | 100.0 | % | Built 1972 | 98.9% | 1,100,081 | Macy's, Dillard's, JCPenney, Sears, DSW, Cobb 10 Luxury Theatres (6) | |||||||||||
101. | University Park Mall | IN | Mishawaka | Fee | 100.0 | % | Built 1979 | 97.2% | 918,929 | Macy's, JCPenney, Sears, Barnes & Noble | |||||||||||
102. | Walt Whitman Shops | NY | Huntington Station (New York) | Fee and Ground Lease (2032) (7) | 100.0 | % | Acquired 1998 | 98.5% | 1,089,488 | Saks Fifth Avenue, Bloomingdale's, Lord & Taylor, Macy's, Zara | |||||||||||
103. | West Town Mall | TN | Knoxville | Ground Lease (2042) | 50.0 | % (4) | Acquired 1991 | 99.1% | 1,341,351 | Belk (9), Dillard's, JCPenney, Sears, Regal Cinema | |||||||||||
104. | Westchester, The | NY | White Plains (New York) | Fee | 40.0 | % (4) | Acquired 1997 | 99.5% | 820,643 | Neiman Marcus, Nordstrom, Crate and Barrel | |||||||||||
105. | White Oaks Mall | IL | Springfield | Fee | 80.7 | % | Built 1977 | 88.7% | 930,118 | Macy's, Bergner's, Sears, Dick's Sporting Goods, hhgregg, LA Fitness | |||||||||||
106. | Wolfchase Galleria | TN | Memphis | Fee | 94.5 | % | Acquired 2002 | 97.5% | 1,151,673 | Macy's, Dillard's, JCPenney, Sears, Malco Theatres | |||||||||||
107. | Woodfield Mall | IL | Schaumburg (Chicago) | Fee | 50.0 | % (4) | Acquired 2012 | 95.8% | 2,172,176 | Nordstrom, Macy's, Lord & Taylor, JCPenney, Sears, Arhaus Furniture, Level 257 | |||||||||||
108. | Woodland Hills Mall | OK | Tulsa | Fee | 94.5 | % | Acquired 2002 | 97.0% | 1,091,346 | Macy's, Dillard's, JCPenney, Sears | |||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Mall GLA | 122,723,550 | (16) | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
22
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership |
Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Premium Outlets | |||||||||||||||||||||
1. | Albertville Premium Outlets | MN | Albertville (Minneapolis) | Fee | 100.0 | % | Acquired 2004 | 94.9% | 429,061 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Kenneth Cole, Loft Outlet, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, The North Face, Under Armour | |||||||||||
2. | Allen Premium Outlets | TX | Allen (Dallas) | Fee | 100.0 | % | Acquired 2004 | 97.0% | 441,781 | Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Lacoste, Last Call by Neiman Marcus, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger | |||||||||||
3. | Aurora Farms Premium Outlets | OH | Aurora (Cleveland) | Fee | 100.0 | % | Acquired 2004 | 94.7% | 285,309 | Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Under Armour | |||||||||||
4. | Birch Run Premium Outlets | MI | Birch Run (Detroit) | Fee | 100.0 | % | Acquired 2010 | 90.6% | 680,612 | Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Guess, J.Crew, Lacoste, Nike, Polo Ralph Lauren, Puma, Tommy Hilfiger, The North Face | |||||||||||
5. | Calhoun Premium Outlets | GA | Calhoun | Fee | 100.0 | % | Acquired 2010 | 94.1% | 254,062 | Ann Taylor, Carter's, Coach, Gap Outlet, Gymboree, Nike, Polo Ralph Lauren, Tommy Hilfiger | |||||||||||
6. | Camarillo Premium Outlets | CA | Camarillo (Los Angeles) | Fee | 100.0 | % | Acquired 2004 | 100.0% | 675,334 | Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Diesel, Hugo Boss, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Tory Burch | |||||||||||
7. | Carlsbad Premium Outlets | CA | Carlsbad (San Diego) | Fee | 100.0 | % | Acquired 2004 | 100.0% | 289,412 | Adidas, Banana Republic, BCBG Max Azria, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Gap Outlet, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Theory, Under Armour, Vince | |||||||||||
8. | Carolina Premium Outlets | NC | Smithfield (Raleigh) | Fee | 100.0 | % | Acquired 2004 | 97.7% | 438,815 | Adidas, Banana Republic, Brooks Brothers, Coach, Gap Outlet, J.Crew, Levi's, Nike, Polo Ralph Lauren, Talbots, Tommy Hilfiger, Under Armour | |||||||||||
9. | Charlotte Premium Outlets | NC | Charlotte | Fee | 50.0 | % (4) | Built 2014 | 98.7% | 398,692 | Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Cole Haan, Gap Outlet, Kate Spade, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Under Armour | |||||||||||
10. | Chicago Premium Outlets | IL | Aurora (Chicago) | Fee | 100.0 | % | Built 2004 | 87.1% | 688,447 | Abercrombie & Fitch, Adidas, Ann Taylor, Armani Outlet, A/X Armani Exchange, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Diesel, Gap Outlet, J.Crew, Kate Spade New York, Lacoste, Max Mara, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Tag Heuer, Theory, Under Armour, Vera Bradley | |||||||||||
11. | Cincinnati Premium Outlets | OH | Monroe (Cincinnati) | Fee | 100.0 | % | Built 2009 | 98.5% | 398,729 | Adidas, Banana Republic, Brooks Brothers, Coach, Cole Haan, Gap Outlet, J.Crew, Lacoste, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, The North Face | |||||||||||
12. | Clinton Crossing Premium Outlets | CT | Clinton | Fee | 100.0 | % | Acquired 2004 | 98.4% | 276,227 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, DKNY, Gap Outlet, J.Crew, Lucky Brand, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Talbots, Tommy Hilfiger, Tumi, Under Armour, Vera Bradley | |||||||||||
13. | Columbia Gorge Premium Outlets | OR | Troutdale (Portland) | Fee | 100.0 | % | Acquired 2004 | 88.8% | 163,741 | Adidas, Carter's, Coach, Eddie Bauer, Gap Outlet, Gymboree, Levi's, Tommy Hilfiger | |||||||||||
14. | Desert Hills Premium Outlets (13) | CA | Cabazon (Palm Springs) | Fee | 100.0 | % | Acquired 2004 | 99.7% | 651,065 | Alexander McQueen, Armani Outlet, Burberry, Coach, Gucci, Lacoste, Last Call by Neiman Marcus, Marc Jocobs, Nike, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, Tory Burch, True Religion, Yves Saint Laurent, Zegna | |||||||||||
15. | Edinburgh Premium Outlets | IN | Edinburgh (Indianapolis) | Fee | 100.0 | % | Acquired 2004 | 98.0% | 377,734 | Abercrombie & Fitch, Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Calvin Klein, Coach, Express, Gap Outlet, J.Crew, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour, White House Black Market |
23
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership |
Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
16. | Ellenton Premium Outlets | FL | Ellenton (Tampa) | Fee | 100.0 | % | Acquired 2010 | 98.8% | 476,481 | Ann Taylor, Adidas, Banana Republic, Calvin Klein, Coach, DKNY, J.Crew, Kate Spade New York, Kenneth Cole, Lacoste, Lucky Brand, Michael Kors, Movado, Nike, Puma, Saks Fifth Avenue Off 5th | |||||||||||
17. | Folsom Premium Outlets | CA | Folsom (Sacramento) | Fee | 100.0 | % | Acquired 2004 | 97.3% | 297,778 | Adidas, BCBG Max Azria, Banana Republic, Calvin Klein, Coach, Eddie Bauer, Gap Outlet, Guess, Kenneth Cole, Loft Outlet, Nike, Tommy Hilfiger | |||||||||||
18. | Gaffney Premium Outlets | SC | Gaffney (Greenville/Charlotte) | Fee | 100.0 | % | Acquired 2010 | 95.0% | 359,839 | Adidas, Ann Taylor, Banana Republic, Azria, Brooks Brothers, Coach, Gap Outlet, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Under Armour | |||||||||||
19. | Gilroy Premium Outlets | CA | Gilroy (San Jose) | Fee | 100.0 | % | Acquired 2004 | 97.0% | 578,172 | Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Elie Tahari, Hugo Boss, J.Crew, Lululemon, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, True Religion | |||||||||||
20. | Gloucester Premium Outlets | NJ | Blackwood (Philadelphia) | Fee | 50.0 | % (4) | Built 2015 | 90.2% | 369,652 | Adidas, American Eagle Outfitters, Armani Outlet, A/X Armani Exchange, Banana Republic, Calvin Klein, Columbia Sportswear, Express, Gap Outlet, Guess, Levi's, J. Crew, Loft Outlet, Nautica, Nike, Puma, Reebok, Tommy Hilfiger, Under Armour | |||||||||||
21. | Grand Prairie Premium Outlets | TX | Grand Prairie (Dallas) | Fee | 100.0 | % | Built 2012 | 97.5% | 417,177 | Bloomingdale's The Outlet Store, Coach, Cole Haan, Hugo Boss, Kate Spade New York, J.Crew, Lucky Brand, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Talbots, Tommy Hilfiger, Under Armour | |||||||||||
22. | Grove City Premium Outlets | PA | Grove City (Pittsburgh) | Fee | 100.0 | % | Acquired 2010 | 100.0 | % | 531,289 | American Eagle Outfitters, Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Nike, Polo Ralph Lauren, The North Face, Under Armour, Vera Bradley | ||||||||||
23. | Gulfport Premium Outlets | MS | Gulfport | Ground Lease (2059) | 100.0 | % | Acquired 2010 | 96.3% | 300,238 | Ann Taylor, Banana Republic, BCBG Max Azria, Coach, Gap Outlet, J.Crew, Nike, Polo Ralph Lauren, Talbots, Tommy Hilfiger, Under Armour | |||||||||||
24. | Hagerstown Premium Outlets | MD | Hagerstown (Baltimore/Washington, DC) | Fee | 100.0 | % | Acquired 2010 | 91.4% | 485,004 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, J.Crew, Kate Spade New York, Loft Outlet, Nike, The North Face, Tommy Hilfiger, Under Armour | |||||||||||
25. | Houston Premium Outlets | TX | Cypress (Houston) | Fee | 100.0 | % | Built 2008 | 98.9% | 541,832 | Ann Taylor, A/X Armani Exchange, Banana Republic, Burberry, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Gap Outlet, J.Crew, Lucky Brand, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Tommy Hilfiger, Tory Burch, Vera Bradley | |||||||||||
26. | Jackson Premium Outlets | NJ | Jackson (New York) | Fee | 100.0 | % | Acquired 2004 | 98.1% | 285,498 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Loft Outlet, Lucky Brand, Nike, Polo Ralph Lauren, Reebok, Talbots, Timberland, Tommy Hilfiger, Under Armour | |||||||||||
27. | Jersey Shore Premium Outlets | NJ | Tinton Falls (New York) | Fee | 100.0 | % | Built 2008 | 100.0 | % | 434,389 | Adidas, American Eagle Outfitters, Ann Taylor, A/X Armani Exchange, Banana Republic, Burberry, Brooks Brothers, Coach, Cole Haan, Columbia Sportswear, Diesel, DKNY, Eddie Bauer, Elie Tahari, Guess, J.Crew, Kate Spade New York, Lacoste, Lucky Brand, Michael Kors, Nike, Talbots, Theory, Tommy Hilfiger, True Religion, Under Armour, Ugg | ||||||||||
28. | Johnson Creek Premium Outlets | WI | Johnson Creek | Fee | 100.0 | % | Acquired 2004 | 95.1% | 276,373 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Calvin Klein, Columbia Sportswear, Eddie Bauer, Gap Outlet, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour | |||||||||||
29. | Kittery Premium Outlets | ME | Kittery | Fee and Ground Lease (2049) (7) | 100.0 | % | Acquired 2004 | 92.3% | 259,174 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Calvin Klein, Chico's, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Movado, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger | |||||||||||
30. | Las Americas Premium Outlets | CA | San Diego | Fee | 100.0 | % | Acquired 2007 | 97.5% | 555,800 | Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, Guess, Hugo Boss, J.Crew, Nike, Polo Ralph Lauren, Reebok, Tommy Bahama, Tommy Hilfiger, True Religion, Under Armour |
24
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership |
Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
31. | Las Vegas North Premium Outlets | NV | Las Vegas | Fee | 100.0 | % | Built 2003 | 99.3% | 675,616 | Armani Outlet, A/X Armani Exchange, Ann Taylor, Banana Republic, Burberry, Coach, David Yurman, Diesel, Dolce & Gabbana, Elie Tahari, Etro, Hugo Boss, Lacoste, Last Call by Neiman Marcus, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, St. John, TAG Heuer, Ted Baker, True Religion | |||||||||||
32. | Las Vegas South Premium Outlets | NV | Las Vegas | Fee | 100.0 | % | Acquired 2004 | 100.0 | % | 535,407 | Adidas, Ann Taylor, Banana Republic, Bose, Brooks Brothers, Calvin Klein, Coach, DKNY, Gap Outlet, Kenneth Cole, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger, Under Armour, Vera Bradley | ||||||||||
33. | Lebanon Premium Outlets | TN | Lebanon (Nashville) | Fee | 100.0 | % | Acquired 2010 | 93.3% | 227,283 | Ann Taylor, Brooks Brothers, Coach, Eddie Bauer, Gap Outlet, Loft Outlet, Nike, Polo Ralph Lauren, Reebok, Samsonite | |||||||||||
34. | Lee Premium Outlets | MA | Lee | Fee | 100.0 | % | Acquired 2010 | 96.4% | 224,825 | Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Chico's, Coach, Cole Haan, J.Crew, Lacoste, Levi's, Michael Kors, Nike, Polo Ralph Lauren, Talbots, Tommy Hilfiger, Under Armour | |||||||||||
35. | Leesburg Corner Premium Outlets | VA | Leesburg (Washington, DC) | Fee | 100.0 | % | Acquired 2004 | 97.6% | 478,217 | Ann Taylor, Armani Outlet, Brooks Brothers, Burberry, Coach, Columbia Sportswear, Diesel, DKNY, Elie Tahari, Hugo Boss, Lacoste, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Under Armour, Vera Bradley, Williams-Sonoma | |||||||||||
36. | Liberty Village Premium Outlets | NJ | Flemington (New York) | Fee | 100.0 | % | Acquired 2004 | 77.8% | 162,239 | American Eagle Outfitters, Ann Taylor, Brooks Brothers, Calvin Klein, Coach, G.H. Bass & Co., J.Crew, Michael Kors, Polo Ralph Lauren, Timberland | |||||||||||
37. | Lighthouse Place Premium Outlets | IN | Michigan City (Chicago, IL) | Fee | 100.0 | % | Acquired 2004 | 99.0% | 454,730 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Calvin Klein, Coach, Columbia Sportswear, Gap Outlet, Guess, Hollister, J.Crew, Movado, Nike, Polo Ralph Lauren, The North Face, Tommy Hilfiger, Under Armour | |||||||||||
38. | Merrimack Premium Outlets | NH | Merrimack | Fee | 100.0 | % | Built 2012 | 98.6% | 408,996 | Ann Taylor, Banana Republic, Bloomingdale's The Outlet Store, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Gap Outlet, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Talbots, Tommy Hilfiger, Under Armour, White House Black Market | |||||||||||
39. | Napa Premium Outlets | CA | Napa | Fee | 100.0 | % | Acquired 2004 | 96.5% | 179,176 | Ann Taylor, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Gap Outlet, J.Crew, Lucky Brand, Michael Kors, Polo Ralph Lauren, Tommy Hilfiger | |||||||||||
40. | North Bend Premium Outlets | WA | North Bend (Seattle) | Fee | 100.0 | % | Acquired 2004 | 96.4% | 223,561 | Banana Republic, Carter's, Coach, Eddie Bauer, Gap Outlet, Nike, PacSun, Under Armour, Van Heusen, VF Outlet | |||||||||||
41. | North Georgia Premium Outlets | GA | Dawsonville (Atlanta) | Fee | 100.0 | % | Acquired 2004 | 97.9% | 540,310 | Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Elie Tahari, Hugo Boss, J.Crew, Kate Spade, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Saks Fifth Avenue Off 5th, Talbots, The North Face, Tommy Hilfiger, Williams-Sonoma | |||||||||||
42. | Orlando International Premium Outlets | FL | Orlando | Fee | 100.0 | % | Acquired 2010 | 99.7% | 773,455 | 7 For All Mankind, Adidas, Banana Republic, Calvin Klein, Coach, DKNY, J.Crew, Kate Spade, Kenneth Cole, Lacoste, Last Call by Neiman Marcus, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, True Religion, Victoria's Secret | |||||||||||
43. | Orlando Vineland Premium Outlets | FL | Orlando | Fee | 100.0 | % | Acquired 2004 | 97.0% | 656,610 | Adidas, Armani Outlet, A/X Armani Exchange, Brunello Cucinelli, Burberry, Calvin Klein, Carolina Herrera, Coach, Cole Haan, Diesel, Fendi, Hugo Boss, J.Crew, Lacoste, Michael Kors, Nike, Prada, Polo Ralph Lauren, Roberto Cavalli, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, TAG Heuer, The North Face, Tod's, Tory Burch, Vera Bradley, Zegna |
25
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership |
Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
44. | Osage Beach Premium Outlets | MO | Osage Beach | Fee | 100.0 | % | Acquired 2004 | 86.6% | 390,311 | Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Eddie Bauer, Gap Outlet, Levi's, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour | |||||||||||
45. | Petaluma Village Premium Outlets | CA | Petaluma (San Francisco) | Fee | 100.0 | % | Acquired 2004 | 100.0 | % | 201,666 | Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Coach, Gap Outlet, Nike, Puma, Saks Fifth Avenue Off 5th, Tommy Hilfiger | ||||||||||
46. | Philadelphia Premium Outlets | PA | Limerick (Philadelphia) | Fee | 100.0 | % | Built 2007 | 99.1% | 549,137 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Diesel, Elie Tahari, Gap Outlet, Guess, J.Crew, Last Call by Neiman Marcus, Loft Outlet, Michael Kors, Movado, Nike, Polo Ralph Lauren, Puma, Restoration Hardware, Theory, Under Armour, Vera Bradley, Ugg | |||||||||||
47. | Phoenix Premium Outlets | AZ | Chandler (Phoenix) | Ground Lease (2077) | 100.0 | % | Built 2013 | 97.7% | 356,497 | Banana Republic, Brooks Brothers, Calvin Klein, Coach, Elie Tahari, Gap Factory Store, Hugo Boss, Lucky Brand, Michael Kors, Nike, Saks Fifth Avenue Off 5th, Tommy Bahama, Tommy Hilfiger, Under Armour | |||||||||||
48. | Pismo Beach Premium Outlets | CA | Pismo Beach | Fee | 100.0 | % | Acquired 2010 | 100.0 | % | 147,416 | Calvin Klein, Carter's, Coach, Guess, Levi's, Nike, Nine West, Quiksilver, Skechers, Tommy Hilfiger, Van Heusen | ||||||||||
49. | Pleasant Prairie Premium Outlets | WI | Pleasant Prairie (Chicago, IL/Milwaukee) | Fee | 100.0 | % | Acquired 2010 | 96.3% | 402,537 | Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Gap Outlet, Hugo Boss, Kate Spade, J.Crew, Lacoste, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, St. John, The North Face, Under Armour, Ugg | |||||||||||
50. | Puerto Rico Premium Outlets | PR | Barceloneta | Fee | 100.0 | % | Acquired 2010 | 97.3% | 350,005 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, BCBG Max Azria, Calvin Klein, Coach, Disney Store Outlet, Gap Outlet, Guess, Kenneth Cole, Lacoste, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, Puma, Tommy Hilfiger | |||||||||||
51. | Queenstown Premium Outlets | MD | Queenstown (Baltimore) | Fee | 100.0 | % | Acquired 2010 | 95.4% | 289,547 | Adidas, Banana Republic, BCBG Max Azria, Brooks Brothers, Calvin Klein, Coach, Columbia Sportswear, J.Crew, Kate Spade New York, Loft Outlet, Michael Kors, Nike, Polo Ralph Lauren, St. John, Talbots, Tommy Bahama, Under Armour | |||||||||||
52. | Rio Grande Valley Premium Outlets | TX | Mercedes (McAllen) | Fee | 100.0 | % | Built 2006 | 98.9% | 604,105 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, BCBG Max Azria, Burberry, Calvin Klein, Coach, DKNY, Express, Gap Outlet, Guess, Hugo Boss, Loft Outlet, Nike, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Hilfiger, True Religion, Under Armour, VF Outlet | |||||||||||
53. | Round Rock Premium Outlets | TX | Round Rock (Austin) | Fee | 100.0 | % | Built 2006 | 98.0% | 488,678 | Adidas, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Gap Outlet, Guess, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Tommy Hilfiger, Under Armour | |||||||||||
54. | San Francisco Premium Outlets | CA | Livermore (San Francisco) | Fee and Ground Lease (2021) (10) | 100.0 | % | Built 2012 | 96.3% | 696,980 | All Saints, A/X Armani Exchange, Bloomingdale's The Outlet Store, CH Carolina Herrera, Coach, Gucci, Kate Spade New York, J.Crew, Lacoste, Last Call by Neiman Marcus, MaxMara, Michael Kors, Prada, Saks Fifth Avenue Off 5th, Ted Baker, The North Face, Tommy Hilfiger, Tory Burch, Versace, Vince | |||||||||||
55. | San Marcos Premium Outlets | TX | San Marcos (Austin/San Antonio) | Fee | 100.0 | % | Acquired 2010 | 99.4% | 732,273 | Banana Republic, Cole Haan, Diane Von Furstenberg, Gucci, Hugo Boss, J. Crew, Kate Spade, Lacoste, Last Call by Neiman Marcus, Michael Kors, Pottery Barn, Prada, Restoration Hardware, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, The North Face, Tommy Bahama, Ugg, Victoria's Secret |
26
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership |
Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
56. | Seattle Premium Outlets | WA | Tulalip (Seattle) | Ground Lease (2079) | 100.0 | % | Built 2005 | 98.7% | 554,809 | Abercrombie, Adidas, Ann Taylor, Banana Republic, Burberry, Calvin Klein, Coach, Elie Tahari, Hugo Boss, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, The North Face, Tommy Bahama, Tommy Hilfiger, Under Armour | |||||||||||
57. | Silver Sands Premium Outlets | FL | Destin | Fee | 50.0 | % (4) | Acquired 2012 | 93.7% | 451,219 | Adidas, American Eagle Outfitters, Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Coach, Cole Haan, Columbia Sportswear, Dooney & Bourke, J.Crew, Michael Kors, Movado, Nike, Saks Fifth Avenue Off 5th, The North Face, Tommy Hilfiger, Under Armour | |||||||||||
58. | St. Augustine Premium Outlets | FL | St. Augustine (Jacksonville) | Fee | 100.0 | % | Acquired 2004 | 96.3% | 329,059 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J.Crew, Movado, Nike, Polo Ralph Lauren, Puma, Reebok, Tommy Bahama, Tommy Hilfiger, Under Armour | |||||||||||
59. | St. Louis Premium Outlets | MO | St. Louis (Chesterfield) | Fee | 60.0 | % (4) | Built 2013 | 99.0% | 351,513 | Ann Taylor, BCBG Max Azria, Coach, Columbia Sportswear, Crabtree & Evelyn, Elie Tahari, J. Crew, Kate Spade New York, Michael Kors, Nike, Saks Fifth Avenue Off 5th, St. John, Tommy Hilfiger, Ugg, Under Armour, Vera Bradley | |||||||||||
60. | Tampa Premium Outlets | FL | Lutz (Tampa) | Fee | 100.0 | % | Built 2015 | 90.7% | 441,248 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Rebublic, Brooks Brothers, Calvin Klein, Coach, Cole Hahn, Columbia Sportswear, Gap Outlet, Guess, J. Crew, Lucky Brand, Michael Kors, Nike, Polo Ralph Lauren, Puma, Reebok, Saks 5th Avenue Off 5th, Tommy Hilfiger, Under Armour, Vera Bradley | |||||||||||
61. | Tanger Outlets Galveston/Houston (1) | TX | Texas City | Fee | 50.0 | % (4) | Built 2012 | 96.3% | 352,705 | Banana Republic, Brooks Brothers, Coach, Gap Outlet, J. Crew, Kenneth Cole, Michael Kors, Nike, Reebok, Tommy Hilfiger, White House Black Market | |||||||||||
62. | The Crossings Premium Outlets | PA | Tannersville | Fee and Ground Lease (2019) (7) | 100.0 | % | Acquired 2004 | 98.3% | 411,717 | Abercrombie & Fitch, Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Cole Haan, Guess, J.Crew, Kate Spade, Nike, Polo Ralph Lauren, The North Face, Timberland, Tommy Hilfiger, Under Armour | |||||||||||
63. | Tucson Premium Outlets | AZ | Marana (Tucson) | Fee | 100.0 | % | Built 2015 | 84.6% | 367,192 | Adidas, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Express, Forever 21, Gap Outlet, Guess, J. Crew, Levi's, Michael Kors, Nike, Saks 5th Avenue Off 5th, Skechers, Tommy Hilfiger, Under Armour | |||||||||||
64. | Twin Cities Premium Outlets | MN | Eagan | Fee | 35.0 | % (4) | Built 2014 | 99.2% | 408,944 | Adidas, Ann Taylor, Armani Outlet, Banana Republic, Brooks Brothers, Calvin Klein, Coach, Gap Outlet, J. Crew, Michael Kors, Movado, Nike, Robert Graham, Saks Fifth Avenue Off 5th, Talbots, True Religion, Under Armour, Vera Bradley | |||||||||||
65. | Vacaville Premium Outlets | CA | Vacaville | Fee | 100.0 | % | Acquired 2004 | 99.0% | 440,113 | Adidas, Ann Taylor, Banana Republic, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, DKNY, Gucci, J.Crew, Michael Kors, Nike, Polo Ralph Lauren, Restoration Hardware, Tommy Bahama, Tommy Hilfiger | |||||||||||
66. | Waikele Premium Outlets (13) | HI | Waipahu (Honolulu) | Fee | 100.0 | % | Acquired 2004 | 95.5% | 219,144 | A/X Armani Exchange, Banana Republic, Calvin Klein, Coach, Guess, Michael Kors, Polo Ralph Lauren, Saks Fifth Avenue Off 5th, Tommy Bahama, Tommy Hilfiger, True Religion |
27
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership |
Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
67. | Waterloo Premium Outlets | NY | Waterloo | Fee | 100.0 | % | Acquired 2004 | 96.8% | 417,823 | Ann Taylor, Banana Republic, Brooks Brothers, Calvin Klein, Chico's, Coach, Columbia Sportswear, Gap Outlet, J.Crew, Levi's, Loft Outlet, Nike, Polo Ralph Lauren, Puma, Talbots, Timberland, Tommy Hilfiger, Under Armour, VF Outlet | |||||||||||
68. | Williamsburg Premium Outlets | VA | Williamsburg | Fee | 100.0 | % | Acquired 2010 | 96.6% | 522,201 | Adidas, American Eagle Outfitters, Ann Taylor, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, Columbia Sportswear, Dooney & Bourke, Hugo Boss, J.Crew, Kate Spade New York, Loft Outlet, Lucky Brand, Michael Kors, Nike, Polo Ralph Lauren, Talbots, The North Face, Tommy Bahama, Tommy Hilfiger, True Religion, Under Armour | |||||||||||
69. | Woodburn Premium Outlets | OR | Woodburn (Portland) | Fee | 100.0 | % | Acquired 2013 | 98.7% | 389,732 | Adidas, Ann Taylor, Banana Republic, Cole Haan, Eddie Bauer, Fossil, Gap Outlet, J. Crew, Max Studio, Nike, The North Face, Polo Ralph Lauren, Puma, Tommy Hilfiger | |||||||||||
70. | Woodbury Common Premium Outlets (13) | NY | Central Valley (New York) | Fee | 100.0 | % | Acquired 2004 | 97.5% | 869,143 | Armani Outlet, Balenciega, Brioni, Brunello Cucinelli, Burberry, Canali, Chloe, Coach, Dior, Dolce & Gabbana, Dunhill, Fendi, Gucci, Hugo Boss, Lacoste, Last Call by Neiman Marcus, Moncler, Nike, Oscar de la Renta, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Theory, Tod's, Tom Ford, Tory Burch, Valentino, Versace, Yves St. Laurent | |||||||||||
71. | Wrentham Village Premium Outlets | MA | Wrentham (Boston) | Fee | 100.0 | % | Acquired 2004 | 99.6% | 660,091 | All Saints, Ann Taylor, Armani Outlet, Banana Republic, Barneys New York, Bloomingdale's The Outlet Store, Brooks Brothers, Burberry, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, Hugo Boss, J.Crew, Kate Spade, Lacoste, Michael Kors, Movado, Nike, Polo Ralph Lauren, Restoration Hardware, Robert Graham, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Ted Baker, Theory, Tommy Hilfiger, Tory Burch, True Religion, Under Armour, Vineyard Vines | |||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total U.S. Premium Outlets GLA | 30,553,947 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
28
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership | Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
The Mills | |||||||||||||||||||||
1. | Arizona Mills | AZ | Tempe (Phoenix) | Fee | 100.0 | % | Acquired 2007 | 98.5% | 1,239,488 | Marshalls, Last Call by Neiman Marcus, Burlington Coat Factory, Sears Appliance Outlet, Gameworks (15), Sports Authority, Ross, At Home, Group USA, Harkins Cinemas & IMAX, Sea Life Center, Conn's, Legoland (6) | |||||||||||
2. | Arundel Mills | MD | Hanover (Baltimore) | Fee | 59.3 | % (4) | Acquired 2007 | 100.0% | 1,662,860 | Bass Pro Shops Outdoor World, Bed Bath & Beyond, Best Buy, Books-A-Million, Burlington Coat Factory, The Children's Place, Dave & Buster's, F.Y.E., H&M, Medieval Times, Modell's, Last Call by Neiman Marcus, Saks Fifth Avenue Off 5th, Off Broadway Shoe Warehouse, T.J. Maxx, Cinemark Egyptian 24 Theatres, Maryland Live! Casino, Forever 21 | |||||||||||
3. | Colorado Mills | CO | Lakewood (Denver) | Fee | 37.5 | % (4) | Acquired 2007 | 96.5% | 1,410,712 | Forever 21, Jumpstreet, Last Call by Neiman Marcus, Off Broadway Shoe Warehouse, Saks Fifth Avenue Off 5th, Sports Authority, Super Target, United Artists Theatre, Burlington Coat Factory, H&M | |||||||||||
4. | Concord Mills | NC | Concord (Charlotte) | Fee | 59.3 | % (4) | Acquired 2007 | 99.7% | 1,344,807 | Bass Pro Shops Outdoor World, Books-A-Million, Burlington Coat Factory, Saks Fifth Avenue Off 5th (15), The Children's Place Outlet, Dave & Buster's, Nike Factory Store, T.J. Maxx, Group USA, Sun & Ski, VF Outlet, Off Broadway Shoes, Bed Bath & Beyond, AMC Theatres, Best Buy, Forever 21, Sea Life Center, H&M (6) | |||||||||||
5. | Grapevine Mills | TX | Grapevine (Dallas) | Fee | 59.3 | % (4) | Acquired 2007 | 98.9% | 1,780,928 | Bed Bath & Beyond, Burlington Coat Factory, The Children's Place, Group USA, Marshalls, Nike Factory Store, Saks Fifth Avenue Off 5th, AMC Theatres, Sun & Ski Sports, Last Call by Neiman Marcus, Sears Appliance Outlet, Bass Pro Shops Outdoor World, Off Broadway Shoes, VF Outlet, Legoland Discovery Center, Sea Life Center, Ross, H&M, Round 1 Entertainment (6) | |||||||||||
6. | Great Mall | CA | Milpitas (San Jose) | Fee | 100.0 | % | Acquired 2007 | 99.8% | 1,365,129 | Last Call by Neiman Marcus, Sports Authority, Group USA, Kohl's, Dave & Busters, Sears Appliance Outlet, Burlington Coat Factory, Marshalls, Saks Fifth Avenue Off 5th, Nike Factory Store, Century Theatres, Bed Bath & Beyond, Off Broadway Shoes, Uniqlo | |||||||||||
7. | Gurnee Mills | IL | Gurnee (Chicago) | Fee | 100.0 | % | Acquired 2007 | 97.6% | 1,935,843 | Bass Pro Shops Outdoor World, Bed Bath & Beyond/Buy Buy Baby, Burlington Coat Factory, Kohl's, Marshalls Home Goods, Saks Fifth Avenue Off 5th, Rinkside, Sears Grand, Sports Authority, T.J. Maxx, VF Outlet, Marcus Cinemas, Last Call by Neiman Marcus, Value City Furniture, Shoppers World, Off Broadway Shoe Warehouse, Macy's | |||||||||||
8. | Katy Mills | TX | Katy (Houston) | Fee | 62.5 | % (4) (2) | Acquired 2007 | 98.9% | 1,789,953 | Bass Pro Shops Outdoor World, Bed Bath and Beyond, Books-A-Million, Burlington Coat Factory, Jumpstreet, Marshalls, Last Call by Neiman Marcus, Nike Factory Store, Saks Fifth Avenue Off 5th, Sun & Ski Sports, AMC Theatres, Off Broadway Shoes, Tilt, Ross, H&M | |||||||||||
9. | Mills at Jersey Gardens, The | NJ | Elizabeth | Fee | 100.0 | % | Acquired 2015 | 98.8% | 1,304,142 | Bed Bath & Beyond, Burlington Coat Factory, Century 21 Department Store, Cohoes, Forever 21, Group USA, Last Call Neiman Marcus, Loews Theatres, Marshalls, Modell's, Nike Factory Store, Saks 5th Avenue Off 5th, Tommy Hilfiger, VF Outlet | |||||||||||
10. | Ontario Mills | CA | Ontario (Riverside) | Fee | 50.0 | % (4) | Acquired 2007 | 99.5% | 1,366,633 | Burlington Coat Factory, Nike Factory Store, Gameworks, The Children's Place Outlet, Marshalls, Saks Fifth Avenue Off 5th, Nordstrom Rack, Dave & Busters, Group USA, Sam Ash Music, Off Broadway Shoes, AMC Theatres, Sports Authority, Forever 21, Last Call by Neiman Marcus (15), Uniqlo (6), (8) |
29
Simon Property Group, Inc. and Subsidiaries
Property Table
U.S. Properties
|
Property Name
|
State | City (CBSA) | Ownership Interest (Expiration if Lease) (3) |
Legal Ownership | Year Built or Acquired |
Occupancy (5) | Total GLA | Retail Anchors and Selected Major Tenants | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
11. | Opry Mills | TN | Nashville | Fee | 100.0 | % | Acquired 2007 | 96.9% | 1,153,697 | Regal Cinema & IMAX, Dave & Busters, VF Outlet, Sun & Ski, Bass Pro Shops Outdoor World, Forever 21, Bed Bath & Beyond, Saks Fifth Avenue Off 5th, Off Broadway Shoes, H&M | |||||||||||
12. | Outlets at Orange, The | CA | Orange (Los Angeles) | Fee | 50.0 | % (4) | Acquired 2007 | 99.4% | 806,295 | Dave & Buster's, Vans Skatepark, Lucky Strike Lanes, Saks Fifth Avenue Off 5th, AMC Theatres, Nike Factory Store, Last Call by Neiman Marcus, Off Broadway Shoes, Nordstrom Rack, Sports Authority, H&M, Forever 21 | |||||||||||
13. | Potomac Mills | VA | Woodbridge (Washington, DC) | Fee | 100.0 | % | Acquired 2007 | 98.8% | 1,530,314 | Group USA, Marshalls, T.J. Maxx, Sears Appliance Outlet, JCPenney, Burlington Coat Factory, Off Broadway Shoe Warehouse, Nordstrom Rack, Saks Fifth Avenue Off 5th Outlet, Costco Warehouse, The Children's Place, AMC Theatres, Modell's Sporting Goods, Books-A-Million, H&M, Last Call by Neiman Marcus, XXI Forever, Bloomingdale's Outlet, Buy Buy Baby/and That! | |||||||||||
14. | Sawgrass Mills | FL | Sunrise (Miami) | Fee | 100.0 | % | Acquired 2007 | 96.5% | 2,252,947 | American Signature Home (15), Bed Bath & Beyond, Brandsmart USA, Burlington Coat Factory, Gameworks, Marshalls, Last Call by Neiman Marcus, Nike Factory Store, Nordstrom Rack, Saks Fifth Avenue Off 5th, Ron Jon Surf Shop, Sports Authority, Super Target, T.J. Maxx (11), Urban Planet, VF Factory Outlet (15), F.Y.E., Off Broadway Shoes, Regal Cinema, Bloomingdale's Outlet, Forever 21, Century 21 Department Store (6), H&M (6) | |||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Mills Properties GLA | 20,943,748 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Lifestyle Centers | |||||||||||||||||||||
1. | ABQ Uptown | NM | Albuquerque | Fee | 100.0 | % | Acquired 2011 | 98.9% | 230,026 | ||||||||||||
2. | Hamilton Town Center | IN | Noblesville (Indianapolis) | Fee | 50.0 | % (4) | Built 2008 | 91.1% | 672,896 | JCPenney, Dick's Sporting Goods, Stein Mart, Bed Bath & Beyond, DSW, Hamilton 16 IMAX, Earth Fare | |||||||||||
3. | Pier Park | FL | Panama City Beach | Fee | 65.6 | % (4) | Built 2008 | 96.4% | 895,790 | Dillard's, JCPenney, Target, Grand Theatres, Ron Jon Surf Shop, Margaritaville, Marshalls, Dave & Buster's | |||||||||||
4. | University Park Village | TX | Fort Worth | Fee | 100.0 | % | Acquired 2015 | 100.0 | % | 160,077 | Anthropologie, Pottery Barn | ||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Lifestyle Centers GLA | 1,958,789 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Other Properties | |||||||||||||||||||||
1. | Circle Centre | IN | Indianapolis | Property Lease (2097) | 14.7 | % (4) (2) | Built 1995 | 89.7% | 729,398 | Carson's, United Artists Theatre, Indianapolis Star, Nada (6), Punch Bowl Social (6) | |||||||||||
2. | Florida Keys Outlet Center | FL | Florida City | Fee | 100.0 | % | Acquired 2010 | 92.8% | 206,325 | American Eagle, Carter's, Coach, Gap Outlet, Guess, Nike, Nine West, OshKosh B'gosh, Skechers, Tommy Hilfiger | |||||||||||
3. | Greendale Mall | MA | Worcester | Fee and Ground Lease (2019) (7) | 56.4 | % (4) | Acquired 1999 | 80.1% | 428,864 | T.J. Maxx 'N More, Best Buy, DSW, Big Lots | |||||||||||
4. | Huntley Outlet Center | IL | Huntley | Fee | 100.0 | % | Acquired 2010 | 56.2% | 278,909 | Ann Taylor, Banana Republic, Bose, Calvin Klein, Carter's, Eddie Bauer, Gap Outlet, Guess, Reebok, Tommy Hilfiger | |||||||||||
5. | Lincoln Plaza | PA | King of Prussia (Philadelphia) | Fee | 85.5% | Acquired 2003 | 100.0 | % | 264,835 | AC Moore, Michaels, T.J. Maxx, Home Goods, hhgregg, American Signature Furniture, DSW, Nordstrom Rack (6) | |||||||||||
6. | Naples Outlet Center | FL | Naples | Fee | 100.0 | % | Acquired 2010 | 66.5% | 146,047 | Ann Taylor, Bass, Coach, L'eggs/Hanes/Bali/Playtex, Loft Outlet, Samsonite, Van Heusen | |||||||||||
7. | Outlet Marketplace | FL | Orlando | Fee | 100.0 | % | Acquired 2010 | 90.4% | 199,316 | American Eagle, Calvin Klein, Nike, Nine West, Reebok, Skechers | |||||||||||
8 - 12. | The Mills Limited Partnership (TMLP) | Acquired 2007 | 5,748,472 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Other GLA | 8,002,166 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Total U.S. Properties GLA | 184,182,200 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
30
FOOTNOTES:
interest under an option, right of first refusal or other provision. Unless otherwise indicated, each ground lease listed in this column covers at least 50% of its respective property.
Circle Centre 129,944 sq. ft. Copley Place 884,142 sq. ft. Domain, The 156,240 sq. ft. Fashion Centre at Pentagon City, The 169,089 sq. ft. Firewheel Town Center 75,303 sq. ft. |
Menlo Park Mall 49,481 sq. ft. Oxford Valley Mall 133,876 sq. ft. Plaza Carolina 27,398 sq. ft. Southdale Center 20,393 sq. ft. |
31
United States Lease Expirations
The following table summarizes lease expiration data for our malls and Premium Outlets located in the United States, including Puerto Rico, as of December 31, 2015. The data presented does not consider the impact of renewal options that may be contained in leases.
U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)
Year
|
Number of Leases Expiring |
Square Feet | Avg. Base Minimum Rent PSF at 12/31/15 |
Percentage of Gross Annual Rental Revenues (2) |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Inline Stores and Freestanding |
|||||||||||||
Month to Month Leases |
445 |
1,222,938 |
$ |
52.63 |
1.3 |
% |
|||||||
2016 |
2,170 | 7,096,525 | $ | 43.78 | 6.1 | % | |||||||
2017 |
2,588 | 8,667,329 | $ | 45.95 | 7.8 | % | |||||||
2018 |
2,404 | 8,629,006 | $ | 48.53 | 8.2 | % | |||||||
2019 |
1,894 | 7,256,147 | $ | 46.96 | 6.7 | % | |||||||
2020 |
1,696 | 6,306,093 | $ | 48.16 | 5.9 | % | |||||||
2021 |
1,356 | 5,615,580 | $ | 47.66 | 5.3 | % | |||||||
2022 |
1,490 | 5,667,409 | $ | 50.94 | 5.7 | % | |||||||
2023 |
1,699 | 6,478,381 | $ | 52.93 | 6.8 | % | |||||||
2024 |
1,529 | 5,885,487 | $ | 55.17 | 6.3 | % | |||||||
2025 |
1,492 | 5,463,717 | $ | 59.63 | 6.3 | % | |||||||
2026 and Thereafter |
622 | 3,314,870 | $ | 43.42 | 2.9 | % | |||||||
Specialty Leasing Agreements w/ terms in excess of 12 months |
921 | 2,385,008 | $ | 19.73 | 0.9 | % | |||||||
Anchors |
|||||||||||||
2016 |
2 |
191,285 |
$ |
1.80 |
0.0 |
% |
|||||||
2017 |
19 | 2,590,032 | $ | 3.04 | 0.1 | % | |||||||
2018 |
17 | 2,177,984 | $ | 4.60 | 0.2 | % | |||||||
2019 |
20 | 2,203,190 | $ | 5.14 | 0.2 | % | |||||||
2020 |
24 | 2,835,524 | $ | 4.77 | 0.3 | % | |||||||
2021 |
14 | 1,611,894 | $ | 5.19 | 0.2 | % | |||||||
2022 |
8 | 957,917 | $ | 9.67 | 0.2 | % | |||||||
2023 |
9 | 1,119,371 | $ | 10.29 | 0.2 | % | |||||||
2024 |
12 | 703,770 | $ | 11.67 | 0.2 | % | |||||||
2025 |
18 | 2,095,999 | $ | 9.56 | 0.4 | % | |||||||
2026 and Thereafter |
21 | 2,652,151 | $ | 5.52 | 0.3 | % |
32
International Properties
Our ownership interests in properties outside the United States are primarily owned through joint venture arrangements.
European Investments
At December 31, 2015 we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $44.82 per share. Klépierre is a publicly traded, Paris-based real estate company, which owns, or has an interest in shopping centers located in 16 countries in Europe. On March 14, 2012, we completed our initial acquisition of a 28.7% interest in Klépierre for approximately $2.0 billion. On July 29, 2014 Klépierre announced that it had entered into a conditional agreement to acquire Corio N.V., or Corio, pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015 the transaction closed, which resulted in a dilution of our ownership to approximately 18.3%. On May 11, 2015, we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%.
As of December 31, 2015, our joint venture in Europe had noncontrolling ownership interests in six outlet properties, as well as a property management and development company. Five of the outlet properties are located in Europe and one outlet property is located in Canada. Of the five properties in Europe, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. As of December 31, 2015, our legal percentage ownership interests in these entities ranged from 45% to 90%.
We own a 13.3% interest in Value Retail PLC and affiliated entities, which own and operate nine luxury outlets throughout Europe. We also have a minority direct ownership in three of those outlets.
Other International Investments
We also hold a 40% interest in nine operating joint venture properties in Japan, a 50% interest in three operating joint venture properties in South Korea, a 50% interest in one operating joint venture property in Mexico, a 50% interest in one operating joint venture property in Malaysia, and a 50% interest in two operating joint venture properties in Canada. The nine Japanese Premium Outlets operate in various cities throughout Japan and comprise over 3.2 million square feet of GLA and were 99.8% leased as of December 31, 2015.
The following property tables summarize certain data for our international properties as of December 31, 2015 and does not include our equity investment in Klépierre or our cost method investment in Value Retail PLC and affiliated entities.
33
Simon Property Group, Inc. and Subsidiaries
Property Table
International Properties
|
COUNTRY/Property Name
|
City (Metropolitan area) |
Ownership Interest |
SPG Effective Ownership |
Year Built | Total Gross Leasable Area |
Retail Anchors and Major Tenants | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
JAPAN | ||||||||||||||||
1. | Ami Premium Outlets | Ami (Tokyo) | Fee | 40.0 | % | 2009 | 315,000 | Adidas, Banana Republic, BCBG Max Azria, Beams, Brooks Brothers, Coach, Cole Haan, Gap Outlet, McGregor, MK Michel Klein, Nike, Tommy Hilfiger, Ralph Lauren | ||||||||
2. | Gotemba Premium Outlets | Gotemba City (Tokyo) | Fee | 40.0 | % | 2000 | 481,500 | Armani, Balenciaga, Bally, Banana Republic, Bottega Veneta, Burberry, Coach, Diesel, Dolce & Gabbana, Dunhill, Gap Outlet, Gucci, Jill Stuart, Loro Piana, Miu Miu, Nike, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tod's | ||||||||
3. | Kobe-Sanda Premium Outlets | Hyougo-ken (Osaka) | Ground Lease (2026) | 40.0 | % | 2007 | 441,000 | Adidas, Armani, Bally, Banana Republic, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Etro, Gap Outlet, Gucci, Harrod's, Hugo Boss, Loro Piana, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tommy Hilfiger, Valentino | ||||||||
4. | Rinku Premium Outlets | Izumisano (Osaka) | Ground Lease (2031) | 40.0 | % | 2000 | 416,500 | Adidas, Armani, Bally, BCBG Max Azria, Beams, Brooks Brothers, Coach, Cole Haan, Diesel, Dolce & Gabbana, Dunhill, Eddie Bauer, Etro, Furla, Gap Outlet, Hugo Boss, Kate Spade, Lacoste, Lanvin Collection, Nike, Ralph Lauren | ||||||||
5. | Sano Premium Outlets | Sano (Tokyo) | Ground Lease (2022) | 40.0 | % | 2003 | 390,800 | Adidas, Armani, Beams, Brooks Brothers, Coach, Diesel, Dunhill, Eddie Bauer, Etro, Furla, Gap Outlet, Gucci, Harrod's, Kate Spade, Miu Miu, Nike, Ralph Lauren, Prada | ||||||||
6. | Sendai-Izumi Premium Outlets | Izumi Park Town (Sendai) | Ground Lease (2027) | 40.0 | % | 2008 | 164,200 | Adidas. Beams, Brooks Brothers, Coach, Forever21, Jill Stuart, Levi's, Pleats Please Issey Miyake, Tasaki, TaylorMade, United Arrows | ||||||||
7. | Shisui Premium Outlets | Shisui (Chiba), Japan | Ground Lease (2032) | 40.0 | % | 2013 | 365,900 | Banana Republic, Brooks Brothers, Citizen, Coach, Gap, Marmot, Michael Kors, Samsonite, Tommy Hilfiger, United Arrows | ||||||||
8. | Toki Premium Outlets | Toki (Nagoya) | Ground Lease (2024) | 40.0 | % | 2005 | 367,700 | Adidas, BCBG Max Azria, Beams, Brooks Brothers, Coach, Diesel, Eddie Bauer, Furla, Gap Outlet, Nike, Olive des Olive, Ralph Lauren, Puma, Timberland, Tommy Hilfiger, United Arrows | ||||||||
9. | Tosu Premium Outlets | Fukuoka (Kyushu) | Ground Lease (2023) | 40.0 | % | 2004 | 290,400 | Adidas, Armani, Banana Republic, BCBG Max Azria, Beams, Bose, Brooks Brothers, Burberry, Coach, Cole Haan, Courreges, Dolce & Gabbana, Furla, Gap Outlet, Miki House, Nike, Puma, Theory, Tommy Hilfiger | ||||||||
| | | | | | | | | | | | | | | | |
Subtotal Japan |
3,233,000 |
34
Simon Property Group, Inc. and Subsidiaries
Property Table
International Properties
|
COUNTRY/Property Name
|
City (Metropolitan area) |
Ownership Interest |
SPG Effective Ownership |
Year Built | Total Gross Leasable Area |
Retail Anchors and Major Tenants | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEXICO | ||||||||||||||||
10. | Punta Norte Premium Outlets | Mexico City | Fee | 50.0 | % | 2004 | 333,000 | Adidas, Calvin Klein, CH Carolina Herrera, Coach, Kenneth Cole, Diesel, Lacoste, Levi's, MaxMara, Nautica, Nike, Palacio Outlet, Reebok, Rockport, Salvatore Ferragamo, Swarovski, Zegna | ||||||||
Subtotal Mexico |
333,000 | |||||||||||||||
SOUTH KOREA |
||||||||||||||||
11. | Yeoju Premium Outlets | Yeoju (Seoul) | Fee | 50.0 | % | 2007 | 551,600 | Adidas, Giorgio Armani, Burberry, Chloe, Coach, Diesel, Dolce & Gabbana, Escada, Fendi, Gucci, Lacoste, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Theory, Tod's, Valentino, Vivienne Westwood | ||||||||
12. | Paju Premium Outlets | Paju (Seoul) | Fee | 50.0 | % | 2011 | 442,900 | Armani, Banana Republic, Calvin Klein, Coach, DKNY, Escada, Jill Stuart, Lacoste, Lanvin Collection, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Theory, Tory Burch, Vivienne Westwood | ||||||||
13. | Busan Premium Outlets | Busan | Fee | 50.0 | % | 2013 | 360,200 | Adidas, Armani, Banana Republic, Bean Pole, Calvin Klein, Coach, DKNY, Gap, Marc Jacobs, Michael Kors, Nike, Polo Ralph Lauren, Theory, The North Face, Tommy Hilfiger | ||||||||
| | | | | | | | | | | | | | | | |
Subtotal South Korea |
1,354,700 | |||||||||||||||
MALAYSIA |
||||||||||||||||
14. | Johor Premium Outlets | Johor (Singapore) | Fee | 50.0 | % | 2011 | 264,400 | Adidas, Armani, Brooks Brothers, Burberry, Calvin Klein, Canali, Coach, DKNY, Gap, Guess, Lacoste, Levi's, Michael Kors, Nike, Salvatore Ferragamo, Timberland, Tommy Hilfiger, Zegna | ||||||||
Subtotal Malaysia |
264,400 | |||||||||||||||
CANADA |
||||||||||||||||
15. | Toronto Premium Outlets | Toronto (Ontario) | Fee | 50.0 | % | 2013 | 358,400 | Adidas, Banana Republic, Burberry, Calvin Klein, Coach, Eddie Bauer, Gap, Michael Kors, Nike, Polo Ralph Lauren, Reebok, Tommy Hilfiger | ||||||||
16. | Premium Outlets Montreal | Montreal (Quebec) | Fee | 50.0 | % | 2014 | 365,700 | Adidas, American Eagle Outfitters, Banana Republic, Calvin Klein, Gap, Lacoste, Michael Kors, Nike, Old Navy, Polo Ralph Lauren, Reebok, Tommy Hilfiger | ||||||||
Subtotal Canada |
724,100 | |||||||||||||||
| | | | | | | | | | | | | | | | |
TOTAL INTERNATIONAL PREMIUM OUTLETS | 5,909,200 | |||||||||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
35
Simon Property Group, Inc. and Subsidiaries
Property Table
International Properties
|
COUNTRY/Property Name
|
City (Metropolitan area) |
Ownership Interest |
SPG Effective Ownership |
Year Built | Total Gross Leasable Area |
Retail Anchors and Major Tenants | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
INTERNATIONAL DESIGNER OUTLETS | ||||||||||||||||
AUSTRIA | ||||||||||||||||
1. | Parndorf Designer Outlet | Vienna | Fee | 90.0 | % | Phase 3 2005 | 118,000 | Armani, Bally, Burberry, Calvin Klein, Diesel, Furla, Geox, | ||||||||
Phases 3 & 4 | Phase 4 2011 | Gucci, Hugo Boss, Joop! Windsor Strellson, Michael Kors, Porsche Design, Prada, Swarovski, Zegna | ||||||||||||||
| | | | | | | | | | | | | | | | |
Subtotal Austria |
118,000 | |||||||||||||||
ITALY |
||||||||||||||||
2. | La Reggia Designer Outlet | Marcianise (Naples) | Fee | 60.0 | % | Phase 1 2010 | 288,000 | Adidas, Armani, Calvin Klein, Hugo Boss, Lacoste, Lui Jo, | ||||||||
Phases 1 & 2 | Phase 2a 2010 | Michael Kors, Nike, Pinko, Polo Ralph Lauren, Prada, | ||||||||||||||
Phase 2b 2011 | Roberto Cavalli, Timberland, Tommy Hilfiger, Valentino, Versace | |||||||||||||||
3. | Noventa Di Piave Designer | Venice | Fee | 60.0 | % | Phase 1 2008 | 280,000 | Armani, Bally, Bottega Veneta, Brioni, | ||||||||
Outlet Phases 1, 2, & 3 | Phase 2 2010 | Burberry, Calvin Klein, Fendi, Gucci, Hugo Boss, Loro Piana, | ||||||||||||||
Phase 3 2012 | Michael Kors, Nike, Pinko, Paul Smith, Prada, Salvatore | |||||||||||||||
Ferragamo, Sergio Rossi,Tommy Hilfiger, Valentino, Versace | ||||||||||||||||
| | | | | | | | | | | | | | | | |
Subtotal Italy |
568,000 | |||||||||||||||
NETHERLANDS |
||||||||||||||||
4. | Roermond Designer Outlet | Roermond | Fee | 90.0 | % | Phase 2 2005 | 173,000 | Armani, Bally, Burberry, Calvin Klein Jeans, Escada, Furla, | ||||||||
Phases 2 & 3 | Phase 3 2011 | Gucci, Hugo Boss, Joop! Windsor Strellson, Loro Piana, | ||||||||||||||
Michael Kors, Moncler, Mulberry, Prada, | ||||||||||||||||
Ralph Lauren Luxury, Swarovski, | ||||||||||||||||
Tod's, Tommy Hilfiger, UGG | ||||||||||||||||
| | | | | | | | | | | | | | | | |
Subtotal Netherlands |
173,000 | |||||||||||||||
UNITED KINGDOM |
||||||||||||||||
5. | Ashford Designer Outlet | Kent | Fee | 45.0 | % | 2000 | 183,000 | Abercrombie and Fitch, Adidas, CK Underwear, Clarks, Fossil, French Connection, Gap, Guess, Lacoste, Levis, Marks & Spencer, Next, Nike, Polo Ralph Lauren, Reiss, Superdry, Swarovski, Tommy Hilfiger | ||||||||
| | | | | | | | | | | | | | | | |
Subtotal England |
183,000 | |||||||||||||||
CANADA |
||||||||||||||||
6. | Vancouver Designer Outlets | Vancover | Ground Lease (2072) | 45.0 | % | 2015 | 242,000 | Armani, Banana Republic, Brooks Brother Factory, Calvin Klein, Cole Hann, Coach, Gap, Hugo Boss, J. Crew Factory, Levi's, Nike, Polo Ralph Lauren Factory, Tommy Hilfiger | ||||||||
| | | | | | | | | | | | | | | | |
Subtotal Canada |
242,000 | |||||||||||||||
| | | | | | | | | | | | | | | | |
Total International Designer Outlets | 1,284,000 | |||||||||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
FOOTNOTES:
36
Land
We have direct or indirect ownership interests in approximately 300 acres of land held in the United States and Canada for future development.
Sustainability and Energy Efficiency
We incorporate sustainable thinking into many of the areas of our business; from how we plan, develop and operate our properties, to how we do business with our customers, engage with our communities, and create a productive and positive work environment for our employees. Our sustainability framework has four key areas: Properties, Customers, Communities and Employees.
Through our continued use of energy conservation practices, energy efficiency projects, and continuous monitoring and reporting, we have reduced our energy consumption at comparable properties every year since 2003. As a result, excluding new developments and expansions, we have reduced the electricity usage over which we have direct control by 337 million kWhs since 2003. This represents a 32% reduction in electricity usage across a portfolio of comparable properties. Our documented reduction in greenhouse gas emissions resulting from our energy management efforts is 213,741 metric tons of CO2e.
We have been globally recognized for our energy efficiency programs and transparency in disclosure practices: in 2015, we were listed on the CDP, previously known as the Carbon Disclosure Project, A-List for the second consecutive year identifying us as a leader in the retail real estate sector for driving significant reduction in emissions due to implementation of energy efficient initiatives. Additionally, in 2015 we received the highest designation of a Green Star rating from the Global Real Estate Sustainability Benchmark, or GRESB, for the second year.
Mortgage Financing on Properties
The following table sets forth certain information regarding the mortgages encumbering our properties, and the properties held by our domestic and international joint venture arrangements, and also our unsecured corporate debt. Substantially all of the mortgage and property related debt is nonrecourse to us.
37
Mortgage and Unsecured Debt
As of December 31, 2015
(Dollars in thousands)
Property Name
|
Interest Rate |
Face Amount |
Annual Debt Service (1) |
Maturity Date |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Consolidated Indebtedness: |
|||||||||||||
Secured Indebtedness: |
|||||||||||||
Arizona Mills |
5.76 | % | 161,834 | 12,268 | 07/01/20 | ||||||||
Bangor Mall |
6.15 | % | 80,000 | 4,918 | (2) | 10/01/17 | |||||||
Battlefield Mall |
3.95 | % | 124,467 | 7,118 | 09/01/22 | ||||||||
Birch Run Premium Outlets |
5.95 | % | 100,460 | (10) (28) | 8,078 | 04/11/16 | |||||||
Calhoun Premium Outlets |
5.79 | % | 19,309 | (35) | 1,519 | 09/01/16 | |||||||
Carolina Premium Outlets |
3.36 | % | 47,409 | 2,675 | 12/01/22 | ||||||||
Domain, The |
5.44 | % | 195,224 | 14,085 | 08/01/21 | ||||||||
Ellenton Premium Outlets |
4.30 | % | 178,000 | 7,651 | (2) | 12/01/25 | |||||||
Empire Mall |
4.31 | % | 190,000 | 8,197 | (2) | 12/01/25 | |||||||
Florida Keys Outlet Center |
4.17 | % | 17,000 | 709 | (2) | 12/01/25 | |||||||
Gaffney Premium Outlets |
5.79 | % | 35,042 | (35) | 2,757 | 09/01/16 | |||||||
Grand Prairie Premium Outlets |
3.66 | % | 120,000 | 4,392 | (2) | 04/01/23 | |||||||
Greenwood Park Mall |
8.00 | % | 74,710 | (19) | 7,044 | 08/01/16 | |||||||
Grove City Premium Outlets |
4.31 | % | 140,000 | 6,032 | (2) | 12/01/25 | |||||||
Gulfport Premium Outlets |
4.35 | % | 50,000 | 2,174 | (2) | 12/01/25 | |||||||
Gurnee Mills |
5.77 | % | 321,000 | 18,512 | (2) | 07/01/17 | |||||||
Hagerstown Premium Outlets |
5.95 | % | 84,410 | (10) (28) | 6,787 | 04/11/16 | |||||||
Independence Center |
5.94 | % | 200,000 | 11,886 | (2) | 07/10/17 | |||||||
Ingram Park Mall |
5.38 | % | 135,491 | 9,746 | 06/01/21 | ||||||||
King of Prussia The Court & The Plaza 1 |
7.49 | % | 23,906 | 23,183 | 01/01/17 | ||||||||
King of Prussia The Court & The Plaza 2 |
8.53 | % | 1,735 | 1,685 | 01/01/17 | ||||||||
King of Prussia The Court & The Plaza 3 |
4.50 | % | 50,000 | 2,250 | (2) | 01/01/17 | |||||||
Las Americas Premium Outlets |
5.84 | % | 174,269 | 12,728 | 06/11/16 | ||||||||
Lee Premium Outlets |
5.79 | % | 48,201 | (35) | 3,792 | 09/01/16 | |||||||
Merrimack Premium Outlets |
3.78 | % | 128,876 | 7,247 | 07/01/23 | ||||||||
Midland Park Mall |
4.35 | % | 80,362 | 5,078 | 09/06/22 | ||||||||
Mills at Jersey Gardens, The |
3.83 | % | 350,000 | 13,405 | (2) | 11/01/20 | |||||||
Montgomery Mall |
4.57 | % | 100,000 | 4,570 | (2) | 05/01/24 | |||||||
Opry Mills 1 |
2.93 | % (1) | 280,000 | 8,203 | (2) | 10/10/16 | |||||||
Opry Mills 2 |
5.00 | % | 70,800 | 3,540 | (2) | 10/10/16 | |||||||
Oxford Valley Mall |
4.77 | % | 65,249 | 4,456 | 12/07/20 | ||||||||
Penn Square Mall |
3.84 | % | 310,000 | 11,910 | (2) | 01/01/26 | |||||||
Pismo Beach Premium Outlets |
5.84 | % | 33,850 | (20) | 1,978 | (2) | 11/06/16 | ||||||
Plaza Carolina |
1.78 | % (1) | 225,000 | 4,004 | (2) | 09/30/17 | (3) | ||||||
Pleasant Prairie Premium Outlets |
6.01 | % | 34,560 | 2,758 | 12/01/16 | ||||||||
Potomac Mills |
5.83 | % | 410,000 | 23,901 | (2) | 07/11/17 | |||||||
Puerto Rico Premium Outlets |
1.78 | % (1) | 125,000 | 2,224 | (2) | 09/30/17 | (3) | ||||||
Queenstown Premium Outlets |
5.84 | % | 66,150 | (20) | 3,864 | (2) | 11/06/16 | ||||||
Shops at Chestnut Hill, The |
4.69 | % | 120,000 | 5,624 | (2) | 11/01/23 | |||||||
Shops at Riverside, The |
3.37 | % | 130,000 | 4,382 | (2) | 02/01/23 | |||||||
Southdale Center |
3.84 | % | 152,990 | 8,713 | 04/01/23 | ||||||||
SouthPark |
8.00 | % | 184,908 | (19) | 17,434 | 08/01/16 | |||||||
Southridge Mall |
3.85 | % | 123,922 | 7,036 | 06/06/23 | ||||||||
Summit Mall |
5.42 | % | 65,000 | 3,526 | (2) | 06/10/17 | |||||||
The Crossings Premium Outlets |
3.41 | % | 114,827 | 6,131 | 12/01/22 | ||||||||
Town Center at Cobb |
4.76 | % | 195,052 | 12,530 | 05/01/22 | ||||||||
University Park Village |
3.85 | % | 55,000 | 2,118 | (2) | 05/01/28 | |||||||
Walt Whitman Shops |
8.00 | % | 113,933 | (19) | 10,742 | 08/01/16 |
38
Mortgage and Unsecured Debt
As of December 31, 2015
(Dollars in thousands)
Property Name
|
Interest Rate |
Face Amount |
Annual Debt Service (1) |
Maturity Date |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
White Oaks Mall |
5.54 | % | 50,000 | 2,768 | (2) | 11/01/16 | |||||||
Williamsburg Premium Outlets |
5.95 | % | 97,517 | (10) (28) | 7,841 | 04/11/16 | |||||||
Wolfchase Galleria |
5.64 | % | 225,000 | 12,700 | (2) | 04/01/17 | |||||||
Woodland Hills Mall |
7.79 | % | 90,370 | 8,414 | 04/05/19 | ||||||||
| | | | | | | | | | | | | |
Total Consolidated Secured Indebtedness |
$ | 6,570,833 | |||||||||||
Unsecured Indebtedness: |
|||||||||||||
Simon Property Group, LP: |
|||||||||||||
Global Commercial Paper USD |
0.43 | % (34) | $ | 690,593 | $ | 2,970 | (2) | 03/24/16 | |||||
Global Commercial Paper Euro |
0.03 | % (34) | $ | 188,064 | (18) | 56 | (2) | 04/18/16 | |||||
Revolving Credit Facility Euro Currency |
0.80 | % (15) | $ | 237,814 | (16) | 1,903 | (2) | 06/30/19 | (3) | ||||
Revolving Credit Facility Yen Currency |
0.85 | % (15) | $ | 184,848 | (23) | 1,570 | (2) | 06/30/19 | (3) | ||||
Revolving Credit Facility USD Currency |
1.23 | % (15) | $ | 815,000 | (32) | 10,020 | (2) | 06/30/19 | (3) | ||||
Unsecured Notes 14B |
6.10 | % | $ | 163,298 | (33) | 9,961 | (14) | 05/01/16 | |||||
Unsecured Notes 15B |
5.88 | % | $ | 207,453 | 12,188 | (14) | 03/01/17 | ||||||
Unsecured Notes 16B |
5.25 | % | $ | 364,276 | 19,124 | (14) | 12/01/16 | ||||||
Unsecured Notes 20A |
10.35 | % | $ | 650,000 | 67,275 | (14) | 04/01/19 | ||||||
Unsecured Notes 22B |
5.65 | % | $ | 1,250,000 | 70,625 | (14) | 02/01/20 | ||||||
Unsecured Notes 22C |
6.75 | % | $ | 600,000 | 40,500 | (14) | 02/01/40 | ||||||
Unsecured Notes 23A |
4.38 | % | $ | 900,000 | 39,375 | (14) | 03/01/21 | ||||||
Unsecured Notes 24A |
2.80 | % | $ | 500,000 | 14,000 | (14) | 01/30/17 | ||||||
Unsecured Notes 24B |
4.13 | % | $ | 700,000 | 28,875 | (14) | 12/01/21 | ||||||
Unsecured Notes 25A |
2.15 | % | $ | 600,000 | 12,900 | (14) | 09/15/17 | ||||||
Unsecured Notes 25B |
3.38 | % | $ | 600,000 | 20,250 | (14) | 03/15/22 | ||||||
Unsecured Notes 25C |
4.75 | % | $ | 550,000 | 26,125 | (14) | 03/15/42 | ||||||
Unsecured Notes 26A |
1.50 | % | $ | 750,000 | 11,250 | (14) | 02/01/18 | ||||||
Unsecured Notes 26B |
2.75 | % | $ | 500,000 | 13,750 | (14) | 02/01/23 | ||||||
Unsecured Notes Euro 1 |
2.38 | % | $ | 820,049 | (8) | 19,476 | (6) | 10/02/20 | |||||
Unsecured Notes 27A |
2.20 | % | $ | 600,000 | 13,200 | (14) | 02/01/19 | ||||||
Unsecured Notes 27B |
3.75 | % | $ | 600,000 | 22,500 | (14) | 02/01/24 | ||||||
Unsecured Notes 28A |
3.38 | % | $ | 900,000 | 30,375 | (14) | 10/01/24 | ||||||
Unsecured Notes 28B |
4.25 | % | $ | 400,000 | 17,000 | (14) | 10/01/44 | ||||||
Unsecured Notes 29A |
2.50 | % | $ | 500,000 | 12,500 | (14) | 09/01/20 | ||||||
Unsecured Notes 29B |
3.50 | % | $ | 600,000 | 21,000 | (14) | 09/01/25 | ||||||
Unsecured Notes Euro 2 |
1.38 | % | $ | 820,049 | (13) | 11,276 | (6) | 11/18/22 | |||||
Unsecured Term Loan |
1.53 | % (1) | $ | 240,000 | 3,671 | (2) | 02/28/18 | (3) | |||||
| | | | | | | | | | | | | |
Total Consolidated Unsecured Indebtedness |
$ | 15,931,444 | |||||||||||
| | | | | | | | | | | | | |
Total Consolidated Indebtedness at Face Amounts |
$ | 22,502,277 | |||||||||||
Net Premium on Indebtedness |
44,735 | ||||||||||||
Net Discount on Indebtedness |
(44,839 | ) | |||||||||||
| | | | | | | | | | | | | |
Total Consolidated Indebtedness |
$ | 22,502,173 | |||||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Our Share of Consolidated Indebtedness |
$ | 22,411,398 | |||||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Joint Venture Indebtedness: |
|||||||||||||
Secured Indebtedness: |
|||||||||||||
Ami Premium Outlets |
1.83 | % (12) | 67,385 | (26) | 8,348 | 09/25/23 | |||||||
Ashford Designer Outlet |
2.68 | % | 59,276 | (21) | 1,588 | (2) | 07/31/16 | ||||||
Arundel Mills |
4.29 | % | 385,000 | 16,509 | (2) | 02/06/24 |
39
Mortgage and Unsecured Debt
As of December 31, 2015
(Dollars in thousands)
Property Name
|
Interest Rate |
Face Amount |
Annual Debt Service (1) |
Maturity Date |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Auburn Mall |
6.02 | % | 39,136 | 3,027 | 09/01/20 | ||||||||
Aventura Mall |
3.75 | % | 1,200,000 | 45,002 | (2) | 12/01/20 | |||||||
Aventura Mall Expansion |
2.38 | % (1) | 4,313 | 103 | (2) | 12/30/20 | |||||||
Avenues, The |
3.60 | % | 110,000 | 3,960 | (2) | 02/06/23 | |||||||
Briarwood Mall |
7.50 | % | 107,180 | (22) | 10,641 | 11/30/16 | |||||||
Busan Premium Outlets Fixed |
5.44 | % | 68,655 | (17) | 3,736 | (2) | 06/20/22 | ||||||
Busan Premium Outlets Variable |
3.96 | % (27) | 48,067 | (17) | 1,902 | (2) | 02/13/17 | ||||||
California Department Stores |
6.53 | % | 31,300 | 2,044 | (2) | 11/01/17 | |||||||
Cape Cod Mall |
5.75 | % | 93,642 | 7,003 | 03/06/21 | ||||||||
Charlotte Premium Outlets |
1.88 | % (1) | 90,000 | 1,692 | (2) | 11/24/19 | (3) | ||||||
Circle Centre |
3.33 | % (24) | 66,000 | 3,076 | 01/28/20 | (3) | |||||||
Coconut Point |
5.83 | % | 230,000 | 13,409 | (2) | 12/10/16 | |||||||
Coddingtown Mall |
2.18 | % (1) | 11,250 | 839 | 03/01/17 | (3) | |||||||
Colorado Mills 1 |
4.28 | % | 136,000 | 5,824 | (2) | 11/01/24 | |||||||
Colorado Mills 2 |
5.04 | % | 27,445 | 1,811 | 07/01/21 | ||||||||
Concord Mills |
3.84 | % | 235,000 | 9,015 | (2) | 11/01/22 | |||||||
Crystal Mall |
4.46 | % | 92,755 | 5,749 | 06/06/22 | ||||||||
Dadeland Mall |
4.50 | % | 435,147 | 27,361 | 12/05/21 | ||||||||
Del Amo Fashion Center |
1.93 | % (1) | 510,000 | 9,840 | (2) | 01/20/20 | (3) | ||||||
Domain Westin |
4.12 | % | 69,710 | 4,069 | 09/01/25 | ||||||||
Dover Mall |
5.57 | % | 88,413 | 6,455 | 08/06/21 | ||||||||
Emerald Square Mall |
4.71 | % | 108,970 | 7,165 | 08/11/22 | ||||||||
Falls, The |
7.50 | % | 103,607 | (22) | 10,287 | 11/30/16 | |||||||
Fashion Centre Pentagon City Office |
5.11 | % | 40,000 | 2,043 | (2) | 07/01/21 | |||||||
Fashion Centre Pentagon City Retail |
4.87 | % | 410,000 | 19,957 | (2) | 07/01/21 | |||||||
Fashion Valley |
4.30 | % | 458,069 | 28,208 | 01/04/21 | ||||||||
Firewheel Residential |
2.74 | % (1) | 21,388 | 1,123 | 12/01/16 | ||||||||
Firewheel Residential II |
2.43 | % (1) | 24,000 | 583 | (2) | 11/14/18 | (3) | ||||||
Florida Mall, The |
5.25 | % | 343,876 | 24,849 | 09/05/20 | ||||||||
Galleria, The |
3.55 | % | 1,200,000 | 42,598 | (2) | 03/01/25 | |||||||
Gloucester Premium Outlets |
1.93 | % (1) | 72,926 | 1,407 | (2) | 06/19/19 | (3) | ||||||
Grapevine Mills |
3.83 | % | 268,000 | 10,272 | (2) | 10/01/24 | |||||||
Greendale Mall |
6.00 | % | 45,000 | 2,699 | (2) | 10/01/16 | |||||||
Gotemba Premium Outlets |
0.37 | % (12) | 10,896 | (26) | 4,399 | 02/28/18 | |||||||
Hamilton Town Center |
4.81 | % | 83,100 | 5,293 | 04/01/22 | ||||||||
Johor Premium Outlets |
5.32 | % (7) | 17,575 | (9) | 5,212 | 10/14/20 | |||||||
Katy Mills |
3.49 | % | 140,000 | 4,886 | (2) | 12/06/22 | |||||||
Kobe-Sanda Premium Outlets |
0.44 | % (12) | 31,333 | (26) | 1,633 | 01/31/20 | |||||||
Lehigh Valley Mall |
5.88 | % | 129,116 | 9,943 | 07/05/20 | ||||||||
La Reggia Designer Outlets Phases 1 & 2 |
1.31 | % (25) | 63,335 | (30) | 5,441 | 03/31/27 | |||||||
Liberty Tree Mall |
3.41 | % | 33,238 | 1,866 | 05/06/23 | ||||||||
Mall at Rockingham Park, The |
5.61 | % | 260,000 | 14,586 | (2) | 03/10/17 | |||||||
Mall at Tuttle Crossing, The |
3.56 | % | 125,000 | 4,455 | (2) | 05/01/23 | |||||||
Mall of New Hampshire, The |
4.11 | % | 150,000 | 6,162 | (2) | 07/01/25 | |||||||
Meadowood Mall |
5.82 | % | 118,360 | 8,818 | 11/06/21 | ||||||||
Miami International Mall |
4.42 | % | 160,000 | 7,072 | (2) | 02/06/24 | |||||||
Northshore Mall |
3.30 | % | 261,491 | 14,453 | 07/05/23 | ||||||||
Noventa Di Piave Designer Outlets |
2.00 | % (11) | 87,471 | (30) | 1,749 | (2) | 06/30/20 | ||||||
Ontario Mills |
4.25 | % | 326,521 | 20,661 | 03/05/22 | ||||||||
Outlets at Orange, The |
4.22 | % | 215,000 | 9,067 | (2) | 04/01/24 | |||||||
Paju Premium Outlets |
4.08 | % | 92,221 | (17) | 3,764 | (2) | 11/28/19 |
40
Mortgage and Unsecured Debt
As of December 31, 2015
(Dollars in thousands)
Property Name
|
Interest Rate |
Face Amount |
Annual Debt Service (1) |
Maturity Date |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Parndorf Designer Outlet Phases 3 & 4 |
1.95 | % | 100,593 | (30) | 1,962 | (2) | 05/20/22 | ||||||
Phipps Plaza Residential |
2.18 | % (1) | 5,610 | 122 | (2) | 10/16/19 | (3) | ||||||
Phipps Plaza Hotel |
2.43 | % (1) | 4,832 | 117 | (2) | 12/17/19 | (3) | ||||||
Premium Outlets Montréal |
2.18 | % (4) | 78,359 | (5) | 1,708 | (2) | 09/10/17 | (3) | |||||
Quaker Bridge Mall 1 |
7.03 | % | 10,679 | 2,407 | 04/01/16 | ||||||||
Quaker Bridge Mall 2 |
2.95 | % | 62,000 | 1,829 | (2) | 04/01/16 | |||||||
Rinku Premium Outlets |
0.39 | % (12) | 11,623 | (26) | 1,706 | 07/31/17 | |||||||
Roermond Designer Outlet Phases 2 & 3 |
1.86 | % | 196,812 | (30) | 3,659 | (2) | 12/01/21 | ||||||
Sano Premium Outlets |
0.45 | % (12) | 4,193 | (26) | 2,759 | 05/31/18 | |||||||
Sendai-Izumi Premium Outlets |
0.41 | % (12) | 9,465 | (26) | 3,194 | 10/31/18 | |||||||
Shisui Premium Outlets Variable |
0.37 | % (12) | 34,870 | (26) | 4,778 | 05/31/18 | |||||||
Shisui Premium Outlets Fixed |
0.38 | % | 41,511 | (26) | 158 | (2) | 05/29/22 | ||||||
Shops at Mission Viejo, The |
3.61 | % | 295,000 | 10,650 | (2) | 02/01/23 | |||||||
Silver Sands Premium Outlets |
3.93 | % | 100,000 | 3,930 | (2) | 06/01/22 | |||||||
Smith Haven Mall |
1.63 | % (1) | 180,000 | 2,933 | (2) | 05/29/20 | (3) | ||||||
Solomon Pond Mall |
4.01 | % | 103,803 | 6,309 | 11/01/22 | ||||||||
Southdale Residential |
4.46 | % | 41,689 | 2,530 | 10/15/35 | ||||||||
Springfield Mall |
4.45 | % | 64,835 | 3,928 | 10/06/25 | ||||||||
Square One Mall |
5.47 | % | 94,578 | 6,793 | 01/06/22 | ||||||||
Stoneridge Shopping Center |
7.50 | % | 213,072 | (22) | 19,214 | 11/30/16 | |||||||
St. Johns Town Center |
3.82 | % | 350,000 | 13,367 | (2) | 09/11/24 | |||||||
St. Louis Premium Outlets |
4.06 | % | 95,000 | 3,858 | (2) | 10/06/24 | |||||||
Tanger Outlets Galveston/Houston |
1.93 | % (1) | 65,000 | 1,254 | (2) | 07/01/18 | (3) | ||||||
Toki Premium Outlets Fixed |
0.38 | % | 24,907 | (26) | 93 | (2) | 11/30/19 | ||||||
Toki Premium Outlets Variable |
0.91 | % (12) | 5,166 | (26) | 47 | (2) | 05/31/20 | ||||||
Toronto Premium Outlets |
3.13 | % | 122,549 | (5) | 3,831 | (2) | 06/01/22 | ||||||
Tosu Premium Outlets |
0.42 | % (12) | 15,442 | (26) | 1,974 | 12/31/18 | |||||||
Twin Cities Premium Outlets |
4.32 | % | 115,000 | 4,968 | (2) | 11/06/24 | |||||||
Vancouver Designer Outlet |
2.73 | % (4) | 59,556 | (5) | 1,626 | (2) | 04/01/18 | ||||||
West Town Mall |
6.34 | % | 210,000 | 13,309 | (2) | 12/01/17 | |||||||
Westchester, The |
6.00 | % | 345,376 | 26,980 | 05/05/20 | ||||||||
Woodfield Mall |
4.50 | % | 425,000 | 19,125 | (2) | 03/05/24 | |||||||
Yeoju Premium Outlets |
4.69 | % | 73,423 | (17) | 3,441 | (2) | 09/06/20 | ||||||
| | | | | | | | | | | | | |
Total Joint Venture Secured Indebtedness at Face Value |
$ | 13,166,111 | |||||||||||
TMLP Indebtedness at Face Value |
$ |
720,969 |
(29) |
||||||||||
| | | | | | | | | | | | | |
Total Joint Venture and TMLP Indebtedness at Face Value |
$ | 13,887,080 | |||||||||||
Net Premium on Indebtedness |
3,961 |
||||||||||||
| | | | | | | | | | | | | |
Total Joint Venture Indebtedness |
$ | 13,891,041 | |||||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Our Share of Joint Venture Indebtedness |
$ | 6,692,809 | (31) | ||||||||||
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41
Mortgage and Unsecured Debt
As of December 31, 2015
(Dollars in thousands)