þ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 42-1283895 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification Number) |
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Indemnity Agreement | ||||||||
Form of Restricted Stock Award | ||||||||
Certification of CEO Pursuant to Section 302 | ||||||||
Certification of CFO Pursuant to Section 302 | ||||||||
Certification of CEO Pursuant to Section 906 | ||||||||
Certification of CFO Pursuant to Section 906 |
March 31, | December 31, | |||||||
2006 | 2005 | |||||||
(Unaudited) | ||||||||
Assets |
||||||||
Investment in real estate: |
||||||||
Land |
$ | 2,823,824 | $ | 2,826,766 | ||||
Buildings and equipment |
18,797,590 | 18,739,445 | ||||||
Less accumulated depreciation |
(2,262,698 | ) | (2,104,956 | ) | ||||
Developments in progress |
406,734 | 366,262 | ||||||
Net property and equipment |
19,765,450 | 19,827,517 | ||||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates |
1,785,286 | 1,818,097 | ||||||
Investment land and land held for development and sale |
1,644,734 | 1,651,063 | ||||||
Net investment in real estate |
23,195,470 | 23,296,677 | ||||||
Cash and cash equivalents |
65,233 | 102,791 | ||||||
Accounts and notes receivable, net |
278,569 | 293,351 | ||||||
Insurance recovery receivable |
58,822 | 63,382 | ||||||
Goodwill |
361,897 | 420,624 | ||||||
Deferred expenses, net |
241,284 | 209,825 | ||||||
Prepaid expenses and other assets |
961,429 | 920,369 | ||||||
Total assets |
$ | 25,162,704 | $ | 25,307,019 | ||||
Liabilities and Stockholders Equity |
||||||||
Mortgage notes and other debt payable |
$ | 20,448,048 | $ | 20,418,875 | ||||
Deferred tax liabilities |
1,252,814 | 1,286,576 | ||||||
Accounts payable and accrued expenses |
925,675 | 1,032,414 | ||||||
Total liabilities |
22,626,537 | 22,737,865 | ||||||
Minority interests: |
||||||||
Preferred |
202,110 | 205,944 | ||||||
Common |
420,537 | 430,292 | ||||||
Total minority interests |
622,647 | 636,236 | ||||||
Commitments and contingencies |
| | ||||||
Preferred stock: $100 par value; 5,000,000 shares authorized; none
issued and outstanding |
| | ||||||
Stockholders equity: |
||||||||
Common stock: $.01 par value; 875,000,000 shares authorized;
241,015,206 and 239,865,045 shares issued and outstanding
as of March 31, 2006 and December 31, 2005, respectively |
2,410 | 2,399 | ||||||
Additional paid-in capital |
2,492,481 | 2,469,262 | ||||||
Retained earnings (accumulated deficit) |
(593,676 | ) | (518,555 | ) | ||||
Unearned compensation-restricted stock |
(2,521 | ) | (280 | ) | ||||
Accumulated other comprehensive income |
14,826 | 10,454 | ||||||
Less common stock in treasury, no shares at March 31, 2006
and 668,396 shares at December 31, 2005, at cost |
| (30,362 | ) | |||||
Total stockholders equity |
1,913,520 | 1,932,918 | ||||||
Total liabilities and stockholders equity |
$ | 25,162,704 | $ | 25,307,019 | ||||
3
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
Revenues: |
||||||||
Minimum rents |
$ | 437,731 | $ | 405,834 | ||||
Tenant recoveries |
185,442 | 185,057 | ||||||
Overage rents |
14,227 | 13,607 | ||||||
Land sales |
137,220 | 61,250 | ||||||
Management and other fees |
28,713 | 18,356 | ||||||
Other |
25,286 | 22,353 | ||||||
Total revenues |
828,619 | 706,457 | ||||||
Expenses: |
||||||||
Real estate taxes |
54,964 | 53,190 | ||||||
Repairs and maintenance |
47,054 | 48,435 | ||||||
Marketing |
12,030 | 13,952 | ||||||
Other property operating costs |
86,833 | 92,937 | ||||||
Land sales operations |
98,598 | 53,811 | ||||||
Provision for doubtful accounts |
6,213 | 4,197 | ||||||
Property management and other costs |
46,707 | 34,964 | ||||||
General and administrative |
3,558 | 2,811 | ||||||
Depreciation and amortization |
165,346 | 161,725 | ||||||
Total expenses |
521,303 | 466,022 | ||||||
Operating income |
307,316 | 240,435 | ||||||
Interest income |
3,222 | 1,040 | ||||||
Interest expense |
(278,794 | ) | (245,274 | ) | ||||
Income (loss) before income taxes and allocations to minority
interests and from unconsolidated affiliates |
31,744 | (3,799 | ) | |||||
Benefit (provision) for income taxes |
(25,974 | ) | 1,307 | |||||
Income allocated to minority interests |
(11,224 | ) | (12,664 | ) | ||||
Equity in income of unconsolidated affiliates |
28,468 | 26,691 | ||||||
Income from continuing operations |
23,014 | 11,535 | ||||||
Income from discontinued operations, net of minority interests |
| 1,530 | ||||||
Net income available to common stockholders |
$ | 23,014 | $ | 13,065 | ||||
Basic Earnings Per Share: |
||||||||
Continuing operations |
$ | 0.10 | $ | 0.05 | ||||
Discontinued operations |
| 0.01 | ||||||
Total basic earnings per share |
$ | 0.10 | $ | 0.06 | ||||
Diluted Earnings Per Share: |
||||||||
Continuing operations |
$ | 0.10 | $ | 0.05 | ||||
Discontinued operations |
| 0.01 | ||||||
Total diluted earnings per share |
$ | 0.10 | $ | 0.06 | ||||
Dividends
declared per share |
$ | 0.41 | $ | 0.36 | ||||
Comprehensive Income, Net: |
||||||||
Net income |
$ | 23,014 | $ | 13,065 | ||||
Other comprehensive income, net of minority interest: |
||||||||
Net unrealized gains on financial instruments |
1,286 | 6,127 | ||||||
Minimum pension liability adjustment |
(59 | ) | (107 | ) | ||||
Foreign currency translation |
3,052 | (44 | ) | |||||
Unrealized gains on available-for-sale securities |
93 | 290 | ||||||
Total other comprehensive income, net of minority interest |
4,372 | 6,266 | ||||||
Comprehensive income, net |
$ | 27,386 | $ | 19,331 | ||||
4
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
Cash flows from operating activities: |
||||||||
Net Income |
$ | 23,014 | $ | 13,065 | ||||
Adjustments to reconcile net income to net cash
provided by operating activities: |
||||||||
Minority interests, including discontinued operations |
11,224 | 12,856 | ||||||
Equity in income of unconsolidated affiliates |
(28,468 | ) | (26,460 | ) | ||||
Provision for doubtful accounts, including discontinued operations |
6,213 | 4,254 | ||||||
Distributions received from unconsolidated affiliates |
26,604 | 8,585 | ||||||
Depreciation, including discontinued operations |
159,284 | 158,544 | ||||||
Amortization, including discontinued operations |
8,769 | 6,757 | ||||||
Amortization of debt market rate adjustment |
(7,939 | ) | (8,335 | ) | ||||
Participation expense pursuant to Contingent Stock Agreement |
38,480 | 20,214 | ||||||
Land development and acquisition expenditures |
(47,099 | ) | (25,347 | ) | ||||
Cost of land sales |
53,428 | 28,507 | ||||||
Debt assumed by purchasers of land |
(4,336 | ) | (1,118 | ) | ||||
Deferred income taxes |
23,562 | 6,033 | ||||||
Proceeds from the sale of marketable securities, including defined contribution
plan assets |
3,107 | 4,574 | ||||||
Straight-line rent amortization |
(12,530 | ) | (15,023 | ) | ||||
Above and below market lease amortization |
(9,104 | ) | (7,726 | ) | ||||
Other intangible amortization |
2,563 | 2,968 | ||||||
Net changes: |
||||||||
Accounts and notes receivable |
17,006 | 2,112 | ||||||
Prepaid expenses and other assets |
10,666 | (18,137 | ) | |||||
Deferred expenses |
(15,003 | ) | (9,435 | ) | ||||
Accounts payable and accrued expenses |
(68,587 | ) | (33,486 | ) | ||||
Other, net |
5,142 | 1,165 | ||||||
Net cash provided by operating activities |
195,996 | 124,567 | ||||||
Cash flows from investing activities: |
||||||||
Acquisition/development of real estate and property additions/improvements |
(176,538 | ) | (118,908 | ) | ||||
Proceeds from sale of investment property |
6,208 | | ||||||
Increase in investments in unconsolidated affiliates |
(34,677 | ) | (8,717 | ) | ||||
Increase (decrease) in restricted cash |
(5,208 | ) | 3,798 | |||||
Insurance recoveries |
7,500 | | ||||||
Distributions received from unconsolidated affiliates in excess of income |
88,849 | 13,345 | ||||||
Loans to unconsolidated affiliates, net |
(23,574 | ) | | |||||
Other, net |
4,855 | 7,113 | ||||||
Net cash used in investing activities |
(132,585 | ) | (103,369 | ) | ||||
Cash flows from financing activities: |
||||||||
Cash distributions paid to common stockholders |
(98,133 | ) | (84,505 | ) | ||||
Cash distributions paid to holders of Common Units |
(21,760 | ) | (20,085 | ) | ||||
Cash distributions paid to holders of perpetual and convertible preferred units |
(4,408 | ) | (8,544 | ) | ||||
Proceeds from issuance of common stock, including from common stock plans |
9,158 | 27,729 | ||||||
Proceeds from issuance of mortgage notes and other property debt payable |
5,821,200 | 1,238,147 | ||||||
Principal payments on mortgage notes and other property debt payable |
(5,778,800 | ) | (1,163,255 | ) | ||||
Deferred finance costs |
(30,057 | ) | (1,524 | ) | ||||
Other, net |
1,831 | 393 | ||||||
Net cash used in financing activities |
(100,969 | ) | (11,644 | ) | ||||
Net change in cash and cash equivalents |
(37,558 | ) | 9,554 | |||||
Cash and cash equivalents at beginning of period |
102,791 | 39,581 | ||||||
Cash and cash equivalents at end of period |
$ | 65,233 | $ | 49,135 | ||||
Supplemental disclosure of cash flow information: |
||||||||
Interest paid |
$ | 290,508 | $ | 265,378 | ||||
Interest capitalized |
11,094 | 14,954 | ||||||
Taxes paid |
4,315 | 3,898 | ||||||
Non-cash investing and financing activities: |
||||||||
Common stock issued in exchange for Operating Partnership Units |
$ | 2,614 | $ | 18,661 | ||||
Common stock issued in exchange for convertible preferred units |
3,833 | 1,006 | ||||||
Common stock issued pursuant to Contingent Stock Agreement |
35,349 | 18,098 |
5
82
|
%
|
General Growth, as sole general partner | |
16
|
Limited partners that indirectly include family members of the original stockholders of the Company. Represented by common units of limited partnership interest (the Common Units) | ||
2
|
Limited partners that include subsequent contributors of properties to the Operating Partnership which are also represented by Common Units. | ||
100 |
% |
||
| GGPLP L.L.C., a Delaware limited liability company (the LLC), has ownership interests in the majority of our properties (other than those acquired in The Rouse Company merger (the TRC Merger,). | |
| The Rouse Company LP (TRCLP), successor to The Rouse Company (TRC), which includes both REIT and taxable REIT subsidiaries (TRSs), has ownership interests in Consolidated Properties and Unconsolidated Properties (each as defined below). |
6
| General Growth Management, Inc. (GGMI), a TRS, manages, leases, and performs various other services for some of our Unconsolidated Real Estate Affiliates (as defined below) and approximately 30 properties owned by unaffiliated third parties. |
Information related to our EPS calculations is summarized as follows: |
Three Months Ended March 31, | ||||||||||||||||
2006 | 2005 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
(In thousands) | ||||||||||||||||
Numerators: |
||||||||||||||||
Income from continuing operations |
$ | 23,014 | $ | 23,014 | $ | 11,535 | $ | 11,535 | ||||||||
Discontinued operations, net of minority interests |
| | 1,530 | 1,530 | ||||||||||||
Net income |
$ | 23,014 | $ | 23,014 | $ | 13,065 | $ | 13,065 | ||||||||
Denominators: |
||||||||||||||||
Weighted average number of common shares
outstanding basic |
240,621 | 240,621 | 235,812 | 235,812 | ||||||||||||
Effect of dilutive securities options |
| 967 | | 776 | ||||||||||||
Weighted average number of common shares
outstanding diluted |
240,621 | 241,588 | 235,812 | 236,588 | ||||||||||||
7
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2006 | 2005 | ||||||
Termination income |
$ | 17,240 | $ | 2,527 | ||||
Accretion of above and below-market leases |
9,104 | 7,726 |
| Restricted stock grants | ||
| Threshold-vesting stock options (TSOs) | ||
| Stock options (pursuant to the 2003 Incentive Stock Plan, Executive Stock Options) |
8
TSO Grant Year | ||||||||||||
2006 | 2005 | 1999-2003 | ||||||||||
Exercise price |
$ | 50.47 | $ | 35.41 | $ | 14.00 | * | |||||
Threshold vesting stock price |
70.79 | 49.66 | 19.63 | * | ||||||||
Vesting date |
N/A | N/A | 2002-2003 | |||||||||
Fair value of options on grant date |
3.31 | 3.77 | 1.03 | * | ||||||||
Shares: |
||||||||||||
Original grant |
1,400,000 | 1,000,000 | 4,523,952 | |||||||||
Forfeited |
(38,060 | ) | (83,289 | ) | (845,826 | ) | ||||||
Vested and exchanged for cash |
| | (2,647,509 | ) | ||||||||
Vested and exercised |
| | (862,770 | ) | ||||||||
Outstanding |
1,361,940 | 916,711 | 167,847 | |||||||||
* | Weighted average amounts |
9
Gross Asset | Accumulated | Net Carrying | ||||||||||
(In thousands) | (Liability) | (Amortization)/Accretion | Amount | |||||||||
As of March 31, 2006 |
||||||||||||
Tenant leases: |
||||||||||||
In-place value |
$ | 664,444 | $ | (210,195 | ) | $ | 454,249 | |||||
Above-market |
106,117 | (35,640 | ) | 70,477 | ||||||||
Below-market |
(293,967 | ) | 127,984 | (165,983 | ) | |||||||
Ground leases: |
||||||||||||
Above-market |
(16,968 | ) | 653 | (16,315 | ) | |||||||
Below-market |
358,524 | (10,078 | ) | 348,446 | ||||||||
Real estate tax
stabilization
agreement |
91,879 | (5,534 | ) | 86,345 | ||||||||
As of December 31, 2005 |
||||||||||||
Tenant leases: |
||||||||||||
In-place value |
$ | 664,444 | $ | (176,190 | ) | $ | 488,254 | |||||
Above-market |
106,117 | (29,023 | ) | 77,094 | ||||||||
Below-market |
(293,967 | ) | 111,697 | (182,270 | ) | |||||||
Ground leases: |
||||||||||||
Above-market |
(16,968 | ) | 535 | (16,433 | ) | |||||||
Below-market |
358,524 | (8,736 | ) | 349,788 | ||||||||
Real estate tax
stabilization
agreement |
91,879 | (4,691 | ) | 87,188 |
10
December 31, | ||||||||
(In thousands) | March 31, 2006 | 2005 | ||||||
Condensed Combined Balance Sheets Unconsolidated Real Estate Affiliates |
||||||||
Assets: |
||||||||
Land |
$ | 929,647 | $ | 919,532 | ||||
Buildings and equipment |
7,760,735 | 7,658,896 | ||||||
Less accumulated depreciation |
(1,366,120 | ) | (1,304,226 | ) | ||||
Developments in progress |
499,307 | 425,057 | ||||||
Net property and equipment |
7,823,569 | 7,699,259 | ||||||
Investment in unconsolidated joint ventures |
74,621 | 89,430 | ||||||
Investment land and land held for sale and development |
258,394 | 259,386 | ||||||
Net investment in real estate |
8,156,584 | 8,048,075 | ||||||
Cash and cash equivalents |
174,607 | 194,494 | ||||||
Accounts and notes receivable, net |
139,023 | 161,218 | ||||||
Deferred expenses, net |
147,266 | 148,561 | ||||||
Prepaid expenses and other assets |
217,794 | 259,480 | ||||||
Total assets |
$ | 8,835,274 | $ | 8,811,828 | ||||
Liabilities and Owners Equity: |
||||||||
Mortgage notes and other property debt payable |
$ | 6,434,765 | $ | 6,325,118 | ||||
Accounts payable and accrued expenses |
450,047 | 455,596 | ||||||
Owners equity |
1,950,462 | 2,031,114 | ||||||
Total liabilities and owners equity |
$ | 8,835,274 | $ | 8,811,828 | ||||
Investment In and Loans To/From Unconsolidated Real Estate Affiliates |
||||||||
Owners equity |
$ | 1,950,462 | $ | 2,031,114 | ||||
Less joint venture partners equity |
(1,126,461 | ) | (1,188,150 | ) | ||||
Capital or basis differences and loans |
961,285 | 975,133 | ||||||
Investment in and loans to/from
Unconsolidated Real Estate Affiliates |
$ | 1,785,286 | $ | 1,818,097 | ||||
11
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2006 | 2005 | ||||||
Condensed
Combined Statements of Income Unconsolidated Real Estate Affiliates |
||||||||
Revenues: |
||||||||
Minimum rents |
$ | 210,979 | $ | 192,445 | ||||
Tenant recoveries |
93,776 | 86,859 | ||||||
Overage rents |
4,700 | 3,504 | ||||||
Land sales |
35,331 | 16,319 | ||||||
Other |
42,538 | 29,849 | ||||||
Total revenues |
387,324 | 328,976 | ||||||
Expenses: |
||||||||
Real estate taxes |
30,087 | 27,531 | ||||||
Repairs and maintenance |
21,240 | 21,431 | ||||||
Marketing |
7,121 | 6,826 | ||||||
Other property operating costs |
73,675 | 57,864 | ||||||
Land sales operations |
18,917 | 7,204 | ||||||
Provision for doubtful accounts |
288 | 2,208 | ||||||
Property management and other costs |
16,118 | 14,027 | ||||||
General and administrative |
1,920 | 481 | ||||||
Depreciation and amortization |
66,226 | 58,819 | ||||||
Total expenses |
235,592 | 196,391 | ||||||
Operating income |
151,732 | 132,585 | ||||||
Interest income |
6,002 | 1,532 | ||||||
Interest expense |
(80,821 | ) | (68,809 | ) | ||||
Equity in income of unconsolidated joint ventures |
1,429 | 1,119 | ||||||
Net income |
$ | 78,342 | $ | 66,427 | ||||
Equity In Income of Unconsolidated Real Estate Affiliates |
||||||||
Total income of Unconsolidated Real Estate Affiliates |
$ | 78,342 | $ | 66,427 | ||||
Joint venture partners share of income of
Unconsolidated Real Estate Affiliates |
(41,075 | ) | (33,701 | ) | ||||
Amortization of capital or basis differences |
(8,799 | ) | (6,035 | ) | ||||
Equity in income of Unconsolidated Real Estate Affiliates |
$ | 28,468 | $ | 26,691 | ||||
12
Three months ended March 31, | GGP/Homart | |||||||
(In thousands) | 2006 | 2005 | ||||||
Revenues: |
||||||||
Minimum rents |
$ | 58,571 | $ | 59,610 | ||||
Tenant recoveries |
24,566 | 22,943 | ||||||
Overage rents |
1,736 | 1,097 | ||||||
Other |
2,239 | 1,994 | ||||||
Total revenues |
87,112 | 85,644 | ||||||
Expenses: |
||||||||
Real estate taxes |
7,897 | 7,380 | ||||||
Repairs and maintenance |
6,498 | 7,135 | ||||||
Marketing |
2,272 | 2,450 | ||||||
Other property operating costs |
10,456 | 7,872 | ||||||
Provision for doubtful accounts |
(194 | ) | 330 | |||||
Property management and other costs |
5,541 | 5,065 | ||||||
General and administrative |
98 | 99 | ||||||
Depreciation and amortization |
17,917 | 17,020 | ||||||
Total expenses |
50,485 | 47,351 | ||||||
Operating income |
36,627 | 38,293 | ||||||
Interest income |
2,086 | 498 | ||||||
Interest expense |
(21,648 | ) | (20,329 | ) | ||||
Equity in income of unconsolidated
joint ventures |
1,429 | 1,119 | ||||||
Net income |
$ | 18,494 | $ | 19,581 | ||||
Three months ended March 31, | GGP/Homart II | |||||||
(In thousands) | 2006 | 2005 | ||||||
Revenues: |
||||||||
Minimum rents |
$ | 52,535 | $ | 45,957 | ||||
Tenant recoveries |
23,591 | 23,090 | ||||||
Overage rents |
1,069 | 1,035 | ||||||
Other |
2,003 | 1,341 | ||||||
Total revenues |
79,198 | 71,423 | ||||||
Expenses: |
||||||||
Real estate taxes |
7,448 | 7,301 | ||||||
Repairs and maintenance |
4,482 | 4,727 | ||||||
Marketing |
2,039 | 2,377 | ||||||
Other property operating costs |
8,610 | 8,038 | ||||||
Provision for doubtful accounts |
79 | 611 | ||||||
Property management and other costs |
4,794 | 4,088 | ||||||
General and administrative |
1,665 | 184 | ||||||
Depreciation and amortization |
15,510 | 15,024 | ||||||
Total expenses |
44,627 | 42,350 | ||||||
Operating income |
34,571 | 29,073 | ||||||
Interest income |
2,873 | 478 | ||||||
Interest expense |
(20,112 | ) | (16,313 | ) | ||||
Net income |
$ | 17,332 | $ | 13,238 | ||||
13
Three months ended March 31, | GGP/Teachers | |||||||
(In thousands) | 2006 | 2005 | ||||||
Revenues: |
||||||||
Minimum rents |
$ | 25,651 | $ | 20,860 | ||||
Tenant recoveries |
10,848 | 9,579 | ||||||
Overage rents |
594 | 65 | ||||||
Other |
518 | 470 | ||||||
Total revenues |
37,611 | 30,974 | ||||||
Expenses: |
||||||||
Real estate taxes |
2,914 | 2,749 | ||||||
Repairs and maintenance |
1,893 | 1,817 | ||||||
Marketing |
1,037 | 856 | ||||||
Other property operating costs |
4,527 | 3,699 | ||||||
Provision for doubtful accounts |
(108 | ) | 61 | |||||
Property management and other costs |
2,190 | 1,650 | ||||||
General and administrative |
150 | 184 | ||||||
Depreciation and amortization |
7,460 | 5,147 | ||||||
Total expenses |
20,063 | 16,163 | ||||||
Operating income |
17,548 | 14,811 | ||||||
Interest income |
184 | 136 | ||||||
Interest expense |
(10,386 | ) | (4,793 | ) | ||||
Net income |
$ | 7,346 | $ | 10,154 | ||||
March 31, | December 31, | |||||||
(In thousands) | 2006 | 2005 | ||||||
Fixed-rate debt: |
||||||||
Commercial mortgage-backed securities |
$ | 1,180,497 | $ | 1,181,895 | ||||
Other collateralized mortgage notes and other debt payable |
11,527,837 | 11,092,544 | ||||||
Corporate and other unsecured term loans |
1,607,350 | 1,631,257 | ||||||
Total fixed-rate debt |
14,315,684 | 13,905,696 | ||||||
Variable-rate debt: |
||||||||
Commercial mortgage-backed securities |
305,219 | 306,270 | ||||||
Other collateralized mortgage notes and other debt payable |
637,945 | 888,842 | ||||||
Credit facilities |
141,000 | 180,500 | ||||||
Corporate and other unsecured term loans |
5,048,200 | 5,137,567 | ||||||
Total variable-rate debt |
6,132,364 | 6,513,179 | ||||||
Total |
$ | 20,448,048 | $ | 20,418,875 | ||||
14
Outstanding Balance | Number of Collateralized Properties | |||||||||||||||
Consolidated | Unconsolidated | Consolidated | Unconsolidated | |||||||||||||
(Dollars in millions) | ||||||||||||||||
GGP MPTC |
$ | 616.9 | $ | 290.3 | 4 | 5 | ||||||||||
CMBS 13 |
868.8 | 138.6 | 11 | 2 |
15
16
GGP | 2006 Credit | Property | ||||||||||
MPTC | Agreement | Specific | ||||||||||
Total notional amount (in millions)
|
$ | 25.0 | $ | 350.0 | $ | 380.0 | ||||||
Average fixed effective rate (pay rate)
|
4.59 | % | 3.43 | % | 5.77 | % | ||||||
Average variable interest rate of related debt
(receive rate)
|
LIBOR + .92% | LIBOR + 1.25% | LIBOR + 1.48% |
17
18
March 31, | December 31, | |||||||
(In thousands) | 2006 | 2005 | ||||||
Below-market ground leases |
$ | 348,446 | $ | 349,788 | ||||
Deferred tax assets |
13,856 | 12,457 | ||||||
Above-market tenant leases |
70,477 | 77,094 | ||||||
Real estate tax stabilization agreement |
86,345 | 87,188 | ||||||
Receivables-finance leases and bonds |
131,432 | 136,410 | ||||||
Special Improvement District receivable |
69,172 | 66,206 | ||||||
Security and escrow deposits |
94,026 | 87,126 | ||||||
Funded defined contribution plan assets |
16,955 | 20,062 | ||||||
Prepaid expenses |
32,551 | 29,884 | ||||||
Other |
98,169 | 54,154 | ||||||
$ | 961,429 | $ | 920,369 | |||||
March 31, | December 31, | |||||||
(In thousands) | 2006 | 2005 | ||||||
Below-market tenant leases |
$ | 165,983 | $ | 182,270 | ||||
Accounts payable and accrued expenses |
517,059 | 594,876 | ||||||
Deferred gains/income |
53,635 | 38,736 | ||||||
Hughes participation payable |
64,914 | 61,783 | ||||||
Capital lease obligations |
18,626 | 19,206 | ||||||
Insurance reserves |
20,859 | 24,287 | ||||||
Other |
84,599 | 111,256 | ||||||
$ | 925,675 | $ | 1,032,414 | |||||
19
20
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2006 | 2005 | ||||||
Current |
$ | (2,412 | ) | $ | (4,726 | ) | ||
Deferred |
(23,562 | ) | 6,033 | |||||
Total |
$ | (25,974 | ) | $ | 1,307 | |||
| Retail and Other includes the operation and management of regional shopping centers, office and industrial properties, downtown specialty marketplaces, the retail and non-retail rental components of mixed-use projects and community retail centers |
21
| Master Planned Communities includes the development and sale of land, primarily in large-scale, long-term community development projects in and around Columbia, Maryland; Summerlin, Nevada; and Houston, Texas |
(In thousands) | ||||||||||||
Consolidated | Unconsolidated | Segment | ||||||||||
Properties | Properties | Basis | ||||||||||
Three Months Ended March 31, 2006 |
||||||||||||
Retail and Other |
||||||||||||
Property revenues: |
||||||||||||
Minimum rents |
$ | 437,731 | $ | 105,367 | $ | 543,098 | ||||||
Tenant recoveries |
185,442 | 46,566 | 232,008 | |||||||||
Overage rents |
14,227 | 2,350 | 16,577 | |||||||||
Other, including minority interest |
22,067 | 22,106 | 44,173 | |||||||||
Total property revenues |
659,467 | 176,389 | 835,856 | |||||||||
Property operating expenses: |
||||||||||||
Real estate taxes |
54,964 | 14,868 | 69,832 | |||||||||
Repairs and maintenance |
47,054 | 10,556 | 57,610 | |||||||||
Marketing |
12,030 | 3,507 | 15,537 | |||||||||
Other property operating costs |
86,833 | 38,074 | 124,907 | |||||||||
Provision for doubtful accounts |
6,213 | 137 | 6,350 | |||||||||
Total property operating expenses |
207,094 | 67,142 | 274,236 | |||||||||
Retail and other net operating income |
452,373 | 109,247 | 561,620 | |||||||||
Master Planned Communities |
||||||||||||
Land sales |
137,220 | 18,549 | 155,769 | |||||||||
Land sales operations |
(98,598 | ) | (12,394 | ) | (110,992 | ) | ||||||
Master Planned Communities net operating income |
38,622 | 6,155 | 44,777 | |||||||||
Real estate property net operating income |
$ | 490,995 | $ | 115,402 | $ | 606,397 | ||||||
Three Months Ended March 31, 2005 |
||||||||||||
Retail and Other |
||||||||||||
Property revenues: |
||||||||||||
Minimum rents |
$ | 405,834 | $ | 96,250 | $ | 502,084 | ||||||
Tenant recoveries |
185,057 | 43,237 | 228,294 | |||||||||
Overage rents |
13,607 | 1,722 | 15,329 | |||||||||
Other, including minority interest |
24,092 | 15,612 | 39,704 | |||||||||
Total property revenues |
628,590 | 156,821 | 785,411 | |||||||||
Property operating expenses: |
||||||||||||
Real estate taxes |
53,190 | 13,570 | 66,760 | |||||||||
Repairs and maintenance |
48,435 | 10,632 | 59,067 | |||||||||
Marketing |
13,952 | 3,447 | 17,399 | |||||||||
Other property operating costs |
92,937 | 29,856 | 122,793 | |||||||||
Provision for doubtful accounts |
4,197 | 1,047 | 5,244 | |||||||||
Total property operating expenses |
212,711 | 58,552 | 271,263 | |||||||||
Retail and other net operating income |
415,879 | 98,269 | 514,148 | |||||||||
Master Planned Communities |
||||||||||||
Land sales |
61,250 | 8,567 | 69,817 | |||||||||
Land sales operations |
(53,811 | ) | (5,659 | ) | (59,470 | ) | ||||||
Master Planned Communities net operating income |
7,439 | 2,908 | 10,347 | |||||||||
Real estate property net operating income |
$ | 423,318 | $ | 101,177 | $ | 524,495 | ||||||
22
(In thousands) | 2006 | 2005 | ||||||
Real estate property net operating income |
$ | 606,397 | $ | 524,495 | ||||
Unconsolidated Properties NOI |
(115,402 | ) | (101,177 | ) | ||||
Consolidated Properties NOI |
490,995 | 423,318 | ||||||
Management and other fees |
28,713 | 18,356 | ||||||
Property management and other costs |
(46,707 | ) | (34,964 | ) | ||||
General and administrative |
(3,558 | ) | (2,811 | ) | ||||
Depreciation and amortization |
(165,346 | ) | (161,725 | ) | ||||
Discontinued operations and minority
interest in consolidated NOI |
3,219 | (1,739 | ) | |||||
Operating income |
307,316 | 240,435 | ||||||
Interest income |
3,222 | 1,040 | ||||||
Interest expense |
(278,794 | ) | (245,274 | ) | ||||
Benefit
(provision) for income taxes |
(25,974 | ) | 1,307 | |||||
Income allocated to minority interests |
(11,224 | ) | (12,664 | ) | ||||
Equity in income of unconsolidated affiliates |
28,468 | 26,691 | ||||||
Income from continuing operations |
$ | 23,014 | $ | 11,535 | ||||
(In thousands) | 2006 | 2005 | ||||||
Segment basis total property revenues |
$ | 835,856 | $ | 785,411 | ||||
Unconsolidated segment revenues |
(176,389 | ) | (156,821 | ) | ||||
Land sales |
137,220 | 61,250 | ||||||
Management and other fees, net of discontinued operations |
28,713 | 18,356 | ||||||
Income from discontinued operations, net of minority
interest |
3,219 | (1,739 | ) | |||||
GAAP-basis consolidated total revenues |
$ | 828,619 | $ | 706,457 | ||||
(In thousands) | March 31, 2006 | December 31,2005 | ||||||
Retail and Other |
$ | 25,457,011 | $ | 25,523,426 | ||||
Master Planned Communities |
2,138,167 | 2,116,588 | ||||||
27,595,178 | 27,640,014 | |||||||
Unconsolidated Properties |
(4,378,829 | ) | (4,308,854 | ) | ||||
Corporate and other |
1,946,355 | 1,975,859 | ||||||
Total assets |
$ | 25,162,704 | $ | 25,307,019 | ||||
23
| Projections of our revenues, income, earnings per share, Funds From Operations, capital expenditures, dividends, leverage, capital structure or other financial items | |
| Descriptions of plans or objectives of our management for future operations, including pending acquisitions, debt repayment or restructuring, and development/redevelopment activities | |
| Forecasts of our future economic performance | |
| Descriptions of assumptions underlying or relating to any of the foregoing |
| Future repayment of debt, including the ratio of variable to fixed-rate debt in our portfolio | |
| Future interest rates | |
| Repayment of some of our debt |
24
| Renewing expiring leases and re-leasing existing space at rates higher than expiring or existing rates. The average annual new/renewal lease rate for our Consolidated Retail Properties for the first quarter of 2006 was $35.17 per square foot which was $1.78 per square foot higher than the average annualized in place rent per square foot, as detailed in the table immediately below. | |
| Increasing occupancy at the properties so that more space is generating rent. The occupancy percentage at properties which are not under redevelopment in our Retail Company Portfolio was 91.1 percent at March 31, 2006, compared to 90.0 percent at March 31, 2005. | |
| Increased tenant sales in which we participate through overage rents. In the first quarter of 2006, tenant sales per square foot in our Retail Company Portfolio increased 5.8 percent over 2005 to $444 per square foot. |
25
Consolidated | Unconsolidated | Retail | ||||||||||
Retail | Retail | Company | ||||||||||
Properties | Properties | Portfolio | ||||||||||
Operating Statistics (a) |
||||||||||||
Occupancy |
90.6 | % | 92.2 | % | 91.1 | % | ||||||
Trailing 12 month total tenant sales per sq. ft. (b) |
$ | 434 | $ | 463 | $ | 444 | ||||||
% change in total sales (b) |
5.7 | % | 5.9 | % | 5.8 | % | ||||||
% change in comparable sales (b) |
2.6 | 2.5 | 2.6 | |||||||||
Mall and freestanding GLA
excluding space under redevelopment (in sq. ft.) |
40,696,778 | 18,850,713 | 59,547,491 | |||||||||
Certain Financial Information |
||||||||||||
Average annualized in place rent per sq. ft. |
$ | 33.39 | $ | 36.14 | ||||||||
Average rent per sq. ft. for new/renewal leases |
35.17 | 36.19 | ||||||||||
Average rent per sq. ft. for leases expiring in 2005 |
30.16 | 33.59 |
(a) | Excludes properties currently being redeveloped and/or remerchandised and miscellaneous (non-mall) properties. | |
(b) | Due to tenant sales reporting timelines, data presented is as of February 2006. |
| Lincolnshire Commons in Lincolnshire (Chicago), Illinois | |
| Otay Ranch Town Center in Chula Vista (San Diego), California | |
| Gateway Overlook in Benson, Maryland | |
| Natick West in Natick, Massachusetts | |
| The Shops at Fallen Timbers, Maumee (Toledo), Ohio | |
| Pinnacle Hills Promenade in Rogers, Arkansas | |
| Vista Commons in Las Vegas, Nevada |
26
27
2006 | 2005 | $ Change | % Change | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Property revenues: |
||||||||||||||||
Minimum rents |
$ | 543,098 | $ | 502,084 | $ | 41,014 | 8.2 | % | ||||||||
Tenant recoveries |
232,008 | 228,294 | 3,714 | 1.6 | ||||||||||||
Overage rents |
16,577 | 15,329 | 1,248 | 8.1 | ||||||||||||
Other |
44,173 | 39,704 | 4,469 | 11.3 | ||||||||||||
Total property revenues |
835,856 | 785,411 | 50,445 | 6.4 | ||||||||||||
Property operating expenses: |
||||||||||||||||
Real estate taxes |
69,832 | 66,760 | 3,072 | 4.6 | ||||||||||||
Repairs and maintenance |
57,610 | 59,067 | (1,457 | ) | (2.5 | ) | ||||||||||
Marketing |
15,537 | 17,399 | (1,862 | ) | (10.7 | ) | ||||||||||
Other property operating costs |
124,907 | 122,793 | 2,114 | 1.7 | ||||||||||||
Provision for doubtful accounts |
6,350 | 5,244 | 1,106 | 21.1 | ||||||||||||
Total property operating expenses |
274,236 | 271,263 | 2,973 | 1.1 | ||||||||||||
Real estate property net operating income |
$ | 561,620 | $ | 514,148 | $ | 47,472 | 9.2 | % | ||||||||
| Higher specialty leasing rents, especially at properties acquired in the 2004 TRC Merger | ||
| Higher minimum rents, especially at The Shops at La Cantera which opened in September 2005, Ala Moana Center which was recently redeveloped, The Grand Canal Shoppes and St. Louis Galleria | ||
| Higher lease termination income. Termination income, which was $19.1 million higher than the prior year quarter, is generally negotiated based on amounts to be collected on the terminated leases. As a result, lease termination income represents an acceleration, rather than an increase, in revenues collected on such leases | ||
| The acquisition of Whalers Village by one of our joint ventures |
28
2006 | 2005 | $ Change | % Change | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Land sales |
$ | 155,769 | $ | 69,817 | $ | 85,952 | 123.1 | % | ||||||||
Land sales operations |
(110,992 | ) | (59,470 | ) | (51,522 | ) | 86.6 | |||||||||
Real estate property net operating income |
$ | 44,777 | $ | 10,347 | $ | 34,430 | 332.8 | % | ||||||||
2006 | 2005 | $ Change | % Change | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Tenant rents |
$ | 637,400 | $ | 604,498 | $ | 32,902 | 5.4 | % | ||||||||
Land sales |
137,220 | 61,250 | 75,970 | 124.0 | ||||||||||||
Property operating expenses |
207,094 | 212,711 | (5,617 | ) | (2.6 | ) | ||||||||||
Land sales operations |
98,598 | 53,811 | 44,787 | 83.2 | ||||||||||||
Management and other fees |
28,713 | 18,356 | 10,357 | 56.4 | ||||||||||||
Property management and other costs |
46,707 | 34,964 | 11,743 | 33.6 | ||||||||||||
Depreciation and amortization |
165,346 | 161,725 | 3,621 | 2.2 | ||||||||||||
Interest expense |
278,794 | 245,274 | 33,520 | 13.7 | ||||||||||||
Provision (benefit) for income taxes |
25,974 | (1,307 | ) | 27,281 | * |
* | Not meaningful |
29
30
March 31, | December 31, | |||||||
(In millions) | 2006 | 2005 | ||||||
Consolidated: |
||||||||
Fixed-rate debt |
$ | 15,071 | $ | 14,789 | ||||
Variable-rate debt: |
||||||||
Corporate and other unsecured |
4,839 | 4,875 | ||||||
Other variable-rate debt |
538 | 755 | ||||||
Total variable-rate debt |
5,377 | 5,630 | ||||||
Total consolidated |
$ | 20,448 | $ | 20,419 | ||||
Weighted-average interest rate |
5.61 | % | 5.64 | % | ||||
Unconsolidated: |
||||||||
Fixed-rate debt |
$ | 2,805 | $ | 2,788 | ||||
Variable-rate debt |
519 | 455 | ||||||
Total Unconsolidated Real Estate Affiliates |
$ | 3,324 | $ | 3,243 | ||||
Weighted-average interest rate |
5.54 | % | 5.56 | % |
31
(In thousands) | 2006 | 2007 | 2008 | 2009 | 2010 | Subsequent | Total | |||||||||||||||||||||
Long-term debt-principal |
$ | 2,624,903 | $ | 1,413,710 | $ | 2,166,559 | $ | 3,026,157 | $ | 6,662,221 | $ | 4,417,468 | $ | 20,311,018 |
32
| Scheduled increases in base rents of existing leases | ||
| Changes in minimum base rents and/or overage rents attributable to replacement of existing leases with new or renewal leases | ||
| Changes in occupancy rates at existing properties and procurement of leases for newly developed properties | ||
| Necessary capital improvement expenditures or debt repayments at existing properties | ||
| Our share of distributions of operating cash flow generated by the Unconsolidated Real Estate Affiliates, less oversight costs and debt service on additional loans that have been or will be incurred | ||
| Anticipated proceeds from sales in our Master Planned Communities segment. |
33
March 31, 2006 | December 31, 2005 | |||||||
(In thousands) | ||||||||
Assets |
||||||||
Investment in real estate: |
||||||||
Land |
$ | 1,257,080 | $ | 1,263,288 | ||||
Buildings and equipment |
8,390,498 | 8,370,635 | ||||||
Less accumulated depreciation |
(433,291 | ) | (357,859 | ) | ||||
Developments in progress |
203,236 | 203,027 | ||||||
Net property and equipment |
9,417,523 | 9,479,091 | ||||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates |
1,195,682 | 1,192,976 | ||||||
Investment land and land held for development and sale |
1,644,734 | 1,651,063 | ||||||
Net investment in real estate |
12,257,939 | 12,323,130 | ||||||
Cash and cash equivalents |
38,121 | 73,374 | ||||||
Accounts and notes receivable, net |
74,018 | 88,142 | ||||||
Insurance recovery receivable |
58,822 | 63,382 | ||||||
Goodwill |
361,897 | 420,624 | ||||||
Deferred tax assets |
9,044 | 6,480 | ||||||
Deferred expenses, net |
59,414 | 51,607 | ||||||
Prepaid expenses and other assets |
780,142 | 808,392 | ||||||
Total assets |
$ | 13,639,397 | $ | 13,835,131 | ||||
Liabilities and Partners Capital |
||||||||
Mortgage notes and other property debt payable |
$ | 7,182,021 | $ | 6,503,073 | ||||
Deferred tax liabilities |
1,252,814 | 1,286,576 | ||||||
Accounts payable, accrued expenses and other liabilities |
546,792 | 591,679 | ||||||
Total liabilities |
8,981,627 | 8,381,328 | ||||||
Commitments and contingencies |
||||||||
Partners capital: |
||||||||
Partners capital |
7,213,282 | 7,191,001 | ||||||
Accumulated other comprehensive income |
1,079 | 877 | ||||||
Total partners capital, before receivable from General Growth Properties, Inc. |
7,214,361 | 7,191,878 | ||||||
Receivable from General Growth Properties, Inc. |
(2,556,591 | ) | (1,738,075 | ) | ||||
Total partners capital |
4,657,770 | 5,453,803 | ||||||
Total liabilities and partners capital |
$ | 13,639,397 | $ | 13,835,131 | ||||
34
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Revenues: |
||||||||
Minimum rents |
$ | 164,750 | $ | 146,365 | ||||
Tenant recoveries |
68,619 | 68,212 | ||||||
Overage rents |
4,079 | 3,111 | ||||||
Land sales |
137,220 | 61,250 | ||||||
Management and other fees |
6,467 | 2,551 | ||||||
Other |
11,285 | 10,550 | ||||||
Total revenues |
392,420 | 292,039 | ||||||
Expenses: |
||||||||
Real estate taxes |
20,512 | 19,583 | ||||||
Repairs and maintenance |
18,768 | 19,372 | ||||||
Marketing |
2,687 | 3,150 | ||||||
Other property operating costs |
35,898 | 44,574 | ||||||
Land sales operations |
98,598 | 53,811 | ||||||
Provision for doubtful accounts |
3,894 | 1,617 | ||||||
Property management and other costs |
19,634 | 6,229 | ||||||
Depreciation and amortization |
76,240 | 75,905 | ||||||
Total expenses |
276,231 | 224,241 | ||||||
Operating income |
116,189 | 67,798 | ||||||
Interest income |
1,595 | 283 | ||||||
Interest expense |
(77,437 | ) | (59,205 | ) | ||||
Income before income taxes and allocations to minority interests
and from unconsolidated real estate affiliates |
40,347 | 8,876 | ||||||
Provision for income taxes |
(24,613 | ) | (4,714 | ) | ||||
Income allocated to minority interests |
(1,486 | ) | (1,304 | ) | ||||
Equity in income of unconsolidated real estate affiliates |
8,033 | 1,888 | ||||||
Income from continuing operations |
22,281 | 4,746 | ||||||
Income from discontinued operations, net of minority interests |
| 1,886 | ||||||
Net income |
$ | 22,281 | $ | 6,632 | ||||
Comprehensive income, net: |
||||||||
Net income |
$ | 22,281 | $ | 6,632 | ||||
Other comprehensive income: |
||||||||
Net unrealized losses on financial instruments |
(523 | ) | | |||||
Unrealized gains on available-for-sale securities |
724 | 153 | ||||||
Comprehensive income, net |
$ | 22,482 | $ | 6,785 | ||||
35
Three Months Ended | ||||||||
March 31, | ||||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: |
||||||||
Net Income |
$ | 22,281 | $ | 6,632 | ||||
Adjustments to reconcile net income to net cash
provided by operating activities: |
||||||||
Depreciation
and amortization, including discontinued operations |
77,001 | 77,489 | ||||||
Equity in income of unconsolidated real estate affiliates |
(8,033 | ) | (1,888 | ) | ||||
Operating
distributions received from unconsolidated real estate affiliates |
8,033 | 1,888 | ||||||
Losses (gains) on extinguishment of debt |
(3,143 | ) | 238 | |||||
Participation expense pursuant to Contingent Stock Agreement |
38,480 | 20,214 | ||||||
Land development and acquisition expenditures |
(47,099 | ) | (25,347 | ) | ||||
Cost of land sales |
53,428 | 28,507 | ||||||
Provision for doubtful accounts, including discontinued operations |
3,894 | 1,675 | ||||||
Debt assumed by purchasers of land |
(4,336 | ) | (1,118 | ) | ||||
Deferred income taxes |
22,396 | 3,929 | ||||||
Proceed from the sale of marketable securities |
3,107 | 4,574 | ||||||
Straight-line rent amortization |
(6,434 | ) | (4,720 | ) | ||||
Above and below market lease amortization |
(1,414 | ) | (510 | ) | ||||
Other intangible amortization |
2,563 | 2,968 | ||||||
Amortization
of debt market rate adjustment |
(7,703 | ) | (8,129 | ) | ||||
Net changes: |
||||||||
Decrease (increase) in accounts and notes receivable |
12,591 | (6,952 | ) | |||||
Decrease (increase) in other assets |
6,650 | 31,565 | ||||||
Increase (decrease) in accounts payable, accrued expenses and
other liabilities |
(24,591 | ) | (46,569 | ) | ||||
Other, net |
2,191 | 1,165 | ||||||
Net cash provided by operating activities |
149,862 | 85,611 | ||||||
Cash flows from investing activities: |
||||||||
Acquisition/development of real estate and improvements and additions to properties |
(38,497 | ) | (41,621 | ) | ||||
Proceeds from sale of investment property |
6,208 | | ||||||
Increase in investments in unconsolidated real estate affiliates |
(5,390 | ) | (498 | ) | ||||
Distributions received from unconsolidated real estate affiliates in excess of income |
2,828 | 11,938 | ||||||
Change in restricted cash |
703 | 771 | ||||||
Collection of long-term notes receivable |
4,855 | | ||||||
Insurance recoveries |
7,500 | | ||||||
Other, net |
| 3,172 | ||||||
Net cash used in investing activities |
(21,793 | ) | (26,238 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of property debt |
943,000 | 959,147 | ||||||
Principal payments on mortgages, notes and other property debt payable |
(251,061 | ) | (597,338 | ) | ||||
Deferred financing and other related costs |
(3,227 | ) | (1,478 | ) | ||||
Advances to General Growth Properties, Inc. |
(853,865 | ) | (414,640 | ) | ||||
Other, net |
1,831 | 393 | ||||||
Net cash used in financing activities |
(163,322 | ) | (53,916 | ) | ||||
Net change in cash and cash equivalents |
(35,253 | ) | 5,457 | |||||
Cash and cash equivalents at beginning of period |
73,374 | 30,196 | ||||||
Cash and cash equivalents at end of period |
$ | 38,121 | $ | 35,653 | ||||
Supplemental disclosure of cash flow information: |
||||||||
Interest paid |
$ | 87,844 | $ | 59,586 | ||||
Interest capitalized |
9,155 | 12,884 | ||||||
Income taxes paid |
2,019 | 3,898 |
36
(In millions) | Consolidated | Unconsolidated | ||||||
Variable rate: |
||||||||
Subject to interest rate swaps |
$ | 755 | $ | 178 | ||||
Not subject to interest rate swaps |
5,377 | 519 | ||||||
Total |
6,132 | 697 | ||||||
Fixed rate |
14,316 | 2,627 | ||||||
Total |
$ | 20,448 | $ | 3,324 | ||||
37
38
3.1 | Restated Certificate of Incorporation of General Growth Properties, Inc. (the Company) filed with the Delaware Secretary of State on February 10, 2006 (previously filed as Exhibit 3.1 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4.1 | Second Amended and Restated Credit Agreement dated as of February 24, 2006 among the Company, GGP Limited Partnership and GGPLP L.L.C., as Borrowers; the several lenders from time to time parties thereto; Banc of America Securities LLC, Eurohypo AG, New York Branch (Eurohypo) and Wachovia Capital Markets, LLC, as Arrangers; Eurohypo, as Administrative Agent; Bank of America, N.A., and Wachovia Bank, National Association, as Syndication Agents; and Lehman Commercial Paper, Inc., as Documentation Agent (previously filed as Exhibit 4.1 to the Current Report on Form 8-K dated February 24, 2006 which was filed with the SEC on March 2, 2006, incorporated herein by reference). | ||
10.1 | Indemnity Agreement dated as of February 2006 by the Company and The Rouse Company, LP. | ||
10.2 | Form of Restricted Stock Award. |
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31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
32.2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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GENERAL GROWTH PROPERTIES, INC. (Registrant) |
Date:
May 10, 2006
|
by: | /s/: Bernard Freibaum | ||
Bernard Freibaum | ||||
Executive Vice President and Chief Financial Officer | ||||
(Principal Accounting Officer) |
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3.1 | Restated Certificate of Incorporation of General Growth Properties, Inc. (the Company) filed with the Delaware Secretary of State on February 10, 2006 (previously filed as Exhibit 3.1 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4.1 | Second Amended and Restated Credit Agreement dated as of February 24, 2006 among the Company, GGP Limited Partnership and GGPLP L.L.C., as Borrowers; the several lenders from time to time parties thereto; Banc of America Securities LLC, Eurohypo AG, New York Branch (Eurohypo) and Wachovia Capital Markets, LLC, as Arrangers; Eurohypo, as Administrative Agent; Bank of America, N.A., and Wachovia Bank, National Association, as Syndication Agents; and Lehman Commercial Paper, Inc., as Documentation Agent (previously filed as Exhibit 4.1 to the Current Report on Form 8-K dated February 24, 2006 which was filed with the SEC on March 2, 2006, incorporated herein by reference). | ||
10.1 | Indemnity Agreement dated as of February 2006 by the Company and The Rouse Company, LP. | ||
10.2 | Form of Restricted Stock Award | ||
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley act of 2002. | ||
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
32.2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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