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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rouse Properties, Inc. (delisted) | NYSE:RSE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.27 | 0 | 01:00:00 |
Delaware | 1-35278 | 90-0750824 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
1114 Avenue of the Americas, Suite 2800, New York, New York | 10036 | |
(Address of principal executive offices) | (Zip Code) |
Exhibit No. | Description | ||
99.1 | Press Release titled “Rouse Properties Reports Second Quarter 2015 Results,” dated August 3, 2015 (furnished herewith). | ||
99.2 | Certain Supplemental Information for the Quarter Ended June 30, 2015 (furnished herewith). |
ROUSE PROPERTIES, INC. | ||
By: | /s/ John Wain | |
John Wain | ||
Chief Financial Officer | ||
Date: August 3, 2015 |
Exhibit No. | Description | ||
99.1 | Press Release titled “Rouse Properties Reports Second Quarter 2015 Results,” dated August 3, 2015 (furnished herewith). | ||
99.2 | Certain Supplemental Information for the Quarter Ended June 30, 2015 (furnished herewith). |
• | Initial rental rates for new and renewal leases on a same suite basis rose 8.4%, and average rental rates increased by 13.1%, for leases executed during the quarter. |
• | Leased approximately 1.5 million square feet, including anchor and non-anchor leases. |
• | Signed not yet open leases increased to 1.1 million square feet representing $15.6 million of annual incremental revenue. |
• | For the Operating Portfolio, inline occupancy increased 160 basis points YoY to 89.2%, and leased percentage was unchanged at 91.6%. Including anchors, occupancy was 94.9% and leased percentage was 96.0%. |
• | For the Operating Portfolio, tenant sales were $342 per square foot on a trailing twelve month basis. On a comparable basis, trailing twelve month tenant sales increased 6.6%. |
• | Same Property Core NOI grew by 2.7% in the second quarter compared to the same period in the prior year. |
• | Same Property average total rent for tenants less than 10,000 square feet increased 4.5%, YoY, to $40.75 from $38.98 per square foot. |
For the year ending | ||||||||
December 31, 2015 | ||||||||
Low | High | |||||||
GAAP expected net income per share | $ | 0.74 | $ | 0.77 | ||||
Add: Depreciation and amortization | 1.69 | 1.72 | ||||||
Less: Gain on sale of real estate assets | (0.56) | (0.56) | ||||||
Less: Gain on extinguishment of debt | (0.46) | (0.46) | ||||||
Expected Funds From Operations per share | 1.41 | 1.47 | ||||||
Other Core Funds From Operations adjustments (1) | 0.33 | 0.31 | ||||||
Core Funds From Operations (2) | $1.74 | $1.78 |
Low | High | |||||||
Straight-line rent and above / below market lease amortization | $ | 8,600 | $ | 8,200 | ||||
Other expense | 5,500 | 4,800 | ||||||
Amortization and write off of market rate adjustments | 900 | 800 | ||||||
Amortization and write off of deferred financing costs | 3,750 | 3,525 | ||||||
Income taxes | 700 | 600 |
Three Months Ended | Six Months Ended | ||||||||||||||
(In thousands, except per share amounts) | June 30, 2015 (Unaudited) | June 30, 2014 (Unaudited) | June 30, 2015 (Unaudited) | June 30, 2014 (Unaudited) | |||||||||||
Revenues: | |||||||||||||||
Minimum rents | $ | 50,770 | $ | 46,820 | $ | 102,304 | $ | 92,790 | |||||||
Tenant recoveries | 18,892 | 18,729 | 38,842 | 37,912 | |||||||||||
Overage rents | 732 | 474 | 2,322 | 1,938 | |||||||||||
Other | 2,015 | 1,767 | 3,502 | 2,988 | |||||||||||
Total revenues | 72,409 | 67,790 | 146,970 | 135,628 | |||||||||||
Expenses: | |||||||||||||||
Property operating costs | 17,053 | 17,159 | 33,965 | 33,895 | |||||||||||
Real estate taxes | 6,881 | 6,073 | 14,355 | 12,266 | |||||||||||
Property maintenance costs | 2,347 | 2,600 | 5,694 | 5,776 | |||||||||||
Marketing | 549 | 540 | 938 | 1,081 | |||||||||||
Provision for doubtful accounts | 61 | 194 | 558 | 388 | |||||||||||
General and administrative | 6,889 | 6,541 | 13,359 | 12,481 | |||||||||||
Provision for impairment | — | — | 2,900 | — | |||||||||||
Depreciation and amortization | 23,877 | 23,419 | 49,863 | 44,463 | |||||||||||
Other | 1,792 | 587 | 3,951 | 1,261 | |||||||||||
Total operating expenses | 59,449 | 57,113 | 125,583 | 111,611 | |||||||||||
Operating income | 12,960 | 10,677 | 21,387 | 24,017 | |||||||||||
Interest income | 2 | 104 | 14 | 276 | |||||||||||
Interest expense | (17,484 | ) | (18,833 | ) | (36,635 | ) | (36,647 | ) | |||||||
Gain on extinguishment of debt | 4,054 | — | 26,894 | — | |||||||||||
Provision for income taxes | (191 | ) | (123 | ) | (427 | ) | (247 | ) | |||||||
Income (loss) from continuing operations before gain (loss) on sale of real estate assets | (659 | ) | (8,175 | ) | 11,233 | (12,601 | ) | ||||||||
Gain (loss) on sale of real estate assets | (14 | ) | — | 32,496 | — | ||||||||||
Income (loss) from continuing operations | (673 | ) | (8,175 | ) | 43,729 | (12,601 | ) | ||||||||
Discontinued operations | — | — | — | — | |||||||||||
Net income (loss) | $ | (673 | ) | $ | (8,175 | ) | $ | 43,729 | $ | (12,601 | ) | ||||
Net income attributable to non-controlling interests | (15 | ) | — | (9 | ) | — | |||||||||
Net income (loss) attributable to Rouse Properties Inc. | $ | (688 | ) | $ | (8,175 | ) | $ | 43,720 | $ | (12,601 | ) | ||||
Net income (loss) per share attributable to Rouse Properties Inc - Basic(1) | $ | (0.01 | ) | $ | (0.14 | ) | $ | 0.76 | $ | (0.22 | ) | ||||
Net income (loss) per share attributable to Rouse Properties Inc - Diluted (2) | $ | (0.01 | ) | $ | (0.14 | ) | $ | 0.75 | $ | (0.22 | ) | ||||
Dividends declared per share | $ | 0.18 | $ | 0.17 | $ | 0.36 | $ | 0.34 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ | (673 | ) | $ | (8,175 | ) | $ | 43,729 | $ | (12,601 | ) | ||||
Other comprehensive loss: | |||||||||||||||
Unrealized gain (loss) on financial instrument | 171 | (369 | ) | (235 | ) | (655 | ) | ||||||||
Comprehensive income (loss) | $ | (502 | ) | $ | (8,544 | ) | $ | 43,494 | $ | (13,256 | ) |
(In thousands) | June 30, 2015 (Unaudited) | December 31, 2014 | ||||||
Assets: | ||||||||
Investment in real estate: | ||||||||
Land | $ | 378,881 | $ | 371,363 | ||||
Buildings and equipment | 1,916,384 | 1,820,072 | ||||||
Less accumulated depreciation | (203,450 | ) | (189,838 | ) | ||||
Net investment in real estate | 2,091,815 | 2,001,597 | ||||||
Cash and cash equivalents | 2,907 | 14,308 | ||||||
Restricted cash | 44,810 | 48,055 | ||||||
Accounts receivable, net | 32,599 | 35,492 | ||||||
Deferred expenses, net | 51,215 | 52,611 | ||||||
Prepaid expenses and other assets, net | 53,746 | 62,690 | ||||||
Assets of property held for sale | — | 55,647 | ||||||
Total assets | $ | 2,277,092 | $ | 2,270,400 | ||||
Liabilities: | ||||||||
Mortgages, notes and loans payable, net | $ | 1,603,118 | $ | 1,584,499 | ||||
Accounts payable and accrued expenses, net | 113,293 | 113,976 | ||||||
Liabilities of property held for sale | — | 38,590 | ||||||
Total liabilities | 1,716,411 | 1,737,065 | ||||||
Commitments and contingencies | — | — | ||||||
Equity: | ||||||||
Preferred stock (1) | — | — | ||||||
Common stock (2) | 578 | 578 | ||||||
Additional paid-in capital | 663,523 | 679,275 | ||||||
Accumulated deficit | (119,161 | ) | (162,881 | ) | ||||
Accumulated other comprehensive loss | (717 | ) | (482 | ) | ||||
Total stockholders' equity | 544,223 | 516,490 | ||||||
Non-controlling interest | 16,458 | 16,845 | ||||||
Total equity | 560,681 | 533,335 | ||||||
Total liabilities and equity | $ | 2,277,092 | $ | 2,270,400 |
June 30, 2015 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Consolidated | Non-controlling Interest (1) | Rouse Total | Core Adjustments | Core NOI / FFO | Consolidated | Non-controlling Interest (1) | Rouse Total | Core Adjustments | Core NOI / FFO | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Minimum rents (2) | $ | 50,770 | $ | (1,075 | ) | $ | 49,695 | $ | 1,361 | $ | 51,056 | $ | 46,820 | $ | — | $ | 46,820 | $ | 3,186 | $ | 50,006 | |||||||||||||||||||
Tenant recoveries | 18,892 | (335 | ) | 18,557 | — | 18,557 | 18,729 | — | 18,729 | — | 18,729 | |||||||||||||||||||||||||||||
Overage rents | 732 | 6 | 738 | — | 738 | 474 | — | 474 | — | 474 | ||||||||||||||||||||||||||||||
Other | 2,015 | (27 | ) | 1,988 | — | 1,988 | 1,767 | — | 1,767 | — | 1,767 | |||||||||||||||||||||||||||||
Total revenues | 72,409 | (1,431 | ) | 70,978 | 1,361 | 72,339 | 67,790 | — | 67,790 | 3,186 | 70,976 | |||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||
Property operating costs (3) | 17,053 | (250 | ) | 16,803 | (39 | ) | 16,764 | 17,159 | — | 17,159 | (36 | ) | 17,123 | |||||||||||||||||||||||||||
Real estate taxes | 6,881 | (176 | ) | 6,705 | — | 6,705 | 6,073 | — | 6,073 | — | 6,073 | |||||||||||||||||||||||||||||
Property maintenance costs | 2,347 | (42 | ) | 2,305 | — | 2,305 | 2,600 | — | 2,600 | — | 2,600 | |||||||||||||||||||||||||||||
Marketing | 549 | (19 | ) | 530 | — | 530 | 540 | — | 540 | — | 540 | |||||||||||||||||||||||||||||
Provision for doubtful accounts | 61 | 29 | 90 | — | 90 | 194 | — | 194 | — | 194 | ||||||||||||||||||||||||||||||
Total operating expenses | 26,891 | (458 | ) | 26,433 | (39 | ) | 26,394 | 26,566 | — | 26,566 | (36 | ) | 26,530 | |||||||||||||||||||||||||||
Net operating income | 45,518 | (973 | ) | 44,545 | 1,400 | 45,945 | 41,224 | — | 41,224 | 3,222 | 44,446 | |||||||||||||||||||||||||||||
General and administrative (4)(5) | 6,889 | — | 6,889 | (5 | ) | 6,884 | 6,541 | — | 6,541 | (16 | ) | 6,525 | ||||||||||||||||||||||||||||
Other (6) | 1,792 | — | 1,792 | (1,792 | ) | — | 587 | — | 587 | (587 | ) | — | ||||||||||||||||||||||||||||
Subtotal | 36,837 | (973 | ) | 35,864 | 3,197 | 39,061 | 34,096 | — | 34,096 | 3,825 | 37,921 | |||||||||||||||||||||||||||||
Interest income | 2 | — | 2 | — | 2 | 104 | — | 104 | — | 104 | ||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||
Amortization and write-off of market rate adjustments | 293 | — | 293 | (293 | ) | — | (1,313 | ) | — | (1,313 | ) | 1,313 | — | |||||||||||||||||||||||||||
Amortization and write-off of deferred financing costs | (751 | ) | — | (751 | ) | 751 | — | (880 | ) | — | (880 | ) | 880 | — | ||||||||||||||||||||||||||
Debt extinguishment costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest on debt | (17,026 | ) | 362 | (16,664 | ) | — | (16,664 | ) | (16,640 | ) | — | (16,640 | ) | — | (16,640 | ) | ||||||||||||||||||||||||
Provision for income taxes | (191 | ) | — | (191 | ) | 191 | — | (123 | ) | — | (123 | ) | 123 | — | ||||||||||||||||||||||||||
Funds from operations | $ | 19,164 | $ | (611 | ) | $ | 18,553 | $ | 3,846 | $ | 22,399 | $ | 15,244 | $ | — | $ | 15,244 | $ | 6,141 | $ | 21,385 | |||||||||||||||||||
Funds from operations per share - basic (7) | $ | 0.39 | $ | 0.37 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - diluted (8) | $ | 0.39 | $ | 0.37 |
June 30, 2015 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Consolidated | Non-controlling Interest (1) | Rouse Total | Core Adjustments | Core NOI / FFO | Consolidated | Non-controlling Interest (1) | Rouse Total | Core Adjustments | Core NOI / FFO | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Minimum rents (2) | $ | 102,304 | $ | (2,101 | ) | $ | 100,203 | $ | 3,861 | $ | 104,064 | $ | 92,790 | $ | — | $ | 92,790 | $ | 6,319 | $ | 99,109 | |||||||||||||||||||
Tenant recoveries | 38,842 | (663 | ) | 38,179 | — | 38,179 | 37,912 | — | 37,912 | — | 37,912 | |||||||||||||||||||||||||||||
Overage rents | 2,322 | (44 | ) | 2,278 | — | 2,278 | 1,938 | — | 1,938 | — | 1,938 | |||||||||||||||||||||||||||||
Other | 3,502 | (36 | ) | 3,466 | — | 3,466 | 2,988 | — | 2,988 | — | 2,988 | |||||||||||||||||||||||||||||
Total revenues | 146,970 | (2,844 | ) | 144,126 | 3,861 | 147,987 | 135,628 | — | 135,628 | 6,319 | 141,947 | |||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||
Property operating costs (3) | 33,965 | (532 | ) | 33,433 | (78 | ) | 33,355 | 33,895 | — | 33,895 | (67 | ) | 33,828 | |||||||||||||||||||||||||||
Real estate taxes | 14,355 | (353 | ) | 14,002 | — | 14,002 | 12,266 | — | 12,266 | — | 12,266 | |||||||||||||||||||||||||||||
Property maintenance costs | 5,694 | (79 | ) | 5,615 | — | 5,615 | 5,776 | — | 5,776 | — | 5,776 | |||||||||||||||||||||||||||||
Marketing | 938 | (19 | ) | 919 | — | 919 | 1,081 | — | 1,081 | — | 1,081 | |||||||||||||||||||||||||||||
Provision for doubtful accounts | 558 | 59 | 617 | — | 617 | 388 | — | 388 | — | 388 | ||||||||||||||||||||||||||||||
Total operating expenses | 55,510 | (924 | ) | 54,586 | (78 | ) | 54,508 | 53,406 | — | 53,406 | (67 | ) | 53,339 | |||||||||||||||||||||||||||
Net operating income | 91,460 | (1,920 | ) | 89,540 | 3,939 | 93,479 | 82,222 | — | 82,222 | 6,386 | 88,608 | |||||||||||||||||||||||||||||
General and administrative (4)(5) | 13,359 | — | 13,359 | (9 | ) | 13,350 | 12,481 | — | 12,481 | (22 | ) | 12,459 | ||||||||||||||||||||||||||||
Other (6) | 3,951 | — | 3,951 | (3,951 | ) | — | 1,261 | — | 1,261 | (1,261 | ) | — | ||||||||||||||||||||||||||||
Subtotal | 74,150 | (1,920 | ) | 72,230 | 7,899 | 80,129 | 68,480 | — | 68,480 | 7,669 | 76,149 | |||||||||||||||||||||||||||||
Interest income | 14 | — | 14 | — | 14 | 276 | — | 276 | — | 276 | ||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||
Amortization and write-off of market rate adjustments | 243 | — | 243 | (243 | ) | — | (1,887 | ) | — | (1,887 | ) | 1,887 | — | |||||||||||||||||||||||||||
Amortization and write-off of deferred financing costs | (1,650 | ) | — | (1,650 | ) | 1,650 | — | (2,153 | ) | — | (2,153 | ) | 2,153 | — | ||||||||||||||||||||||||||
Debt extinguishment costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest on debt | (35,228 | ) | 719 | (34,509 | ) | — | (34,509 | ) | (32,607 | ) | — | (32,607 | ) | — | (32,607 | ) | ||||||||||||||||||||||||
Provision for income taxes | (427 | ) | — | (427 | ) | 427 | — | (247 | ) | — | (247 | ) | 247 | — | ||||||||||||||||||||||||||
Funds from operations | $ | 37,102 | $ | (1,201 | ) | $ | 35,901 | $ | 9,733 | $ | 45,634 | $ | 31,862 | $ | — | $ | 31,862 | $ | 11,956 | $ | 43,818 | |||||||||||||||||||
Funds from operations per share - basic (7) | $ | 0.79 | $ | 0.77 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - diluted (8) | $ | 0.79 | $ | 0.76 |
Three Months Ended | Six Months Ended | ||||||||||||||
(In thousands) | June 30, 2015(unaudited) | June 30, 2014 (unaudited) | June 30, 2015(unaudited) | June 30, 2014 (unaudited) | |||||||||||
Reconciliation of NOI to GAAP Operating Income | |||||||||||||||
Rouse NOI: | $ | 44,545 | $ | 41,224 | $ | 89,540 | $ | 82,222 | |||||||
Non-controlling interest | 973 | — | 1,920 | — | |||||||||||
General and administrative | (6,889 | ) | (6,541 | ) | (13,359 | ) | (12,481 | ) | |||||||
Other | (1,792 | ) | (587 | ) | (3,951 | ) | (1,261 | ) | |||||||
Depreciation and amortization | (23,877 | ) | (23,419 | ) | (49,863 | ) | (44,463 | ) | |||||||
Provision for impairment | — | — | (2,900 | ) | — | ||||||||||
Operating income | $ | 12,960 | $ | 10,677 | $ | 21,387 | $ | 24,017 | |||||||
Reconciliation of FFO to GAAP Net income (loss) attributable to Rouse Properties Inc. | |||||||||||||||
FFO: | $ | 18,553 | $ | 15,244 | $ | 35,901 | $ | 31,862 | |||||||
Non-controlling interest - Depreciation and amortization | 596 | — | 1,192 | — | |||||||||||
Depreciation and amortization | (23,877 | ) | (23,419 | ) | (49,863 | ) | (44,463 | ) | |||||||
Provision for impairment | — | — | (2,900 | ) | — | ||||||||||
Gain on extinguishment of debt | 4,054 | — | 26,894 | — | |||||||||||
Gain (loss) on sale of real estate assets | (14 | ) | — | 32,496 | — | ||||||||||
Net income (loss) attributable to Rouse Properties Inc. | $ | (688 | ) | $ | (8,175 | ) | $ | 43,720 | $ | (12,601 | ) | ||||
Weighted average number of shares outstanding - basic | 57,726,603 | 57,519,079 | 57,667,380 | 56,828,173 | |||||||||||
Weighted average number of shares outstanding - diluted | 57,726,603 | 57,519,079 | 58,101,849 | 56,828,173 | |||||||||||
Net income (loss) per share attributable to Rouse Properties Inc.- Basic | $ | (0.01 | ) | $ | (0.14 | ) | $ | 0.76 | $ | (0.22 | ) | ||||
Net income (loss) per share attributable to Rouse Properties Inc.- Diluted | $ | (0.01 | ) | $ | (0.14 | ) | $ | 0.75 | $ | (0.22 | ) |
Page | ||
Company Information | ||
Financial Overview | ||
Consolidated Balance Sheets | ||
Consolidated Statements of Operations and Comprehensive Income (Loss) | ||
Financial Schedules | ||
Reconciliation of Core NOI and Core FFO - For the Three Month Period Ended | ||
Reconciliation of Core NOI and Core FFO - For the Six Month Period Ended | ||
Core NOI Summary | ||
Reconciliation of Non-GAAP to GAAP Financial Measures | ||
Mortgages, Notes and Loans Payable | ||
Prepaid Expenses and Other Assets and Accounts Payable and Accrued Expenses | ||
Portfolio Operating Metrics | ||
Capital Expenditures | ||
Key Operating Performance Indicators | ||
Summary of Properties | ||
Lease Expiration Schedule | ||
Top Ten Tenants | ||
Leasing Activity | ||
Glossary of Terms |
Andrew Silberfein | Chief Executive Officer | ||
Brian Harper | Chief Operating Officer | ||
Susan Elman | Executive Vice President, General Counsel | ||
John Wain | Chief Financial Officer | ||
Michael Grant | Chief Accounting Officer | ||
Brad Cohen/Steve Swett | ICR, Investor Relations and Communications | ir@rouseproperties.com | (212) 608-5108 |
Bank of America/Merrill Lynch | Craig Schmidt | craig.schmidt@baml.com | (646) 855-3640 |
Barclays Capital | Ross Smotrich | ross.smotrich@barcap.com | (212) 526-2306 |
Canaccord Genuity | Paul Morgan | pmorgan@canaccordgenuity.com | (415) 325-7269 |
Green Street Advisors | Daniel Busch | dbusch@greenstreetadvisors.com | (949) 640-8780 |
KeyBanc | Todd Thomas | tthomas@key.com | (917) 368-2286 |
RBC | Richard Moore | rich.moore@rbccm.com | (440) 715-2646 |
Stifel Nicolaus | Nathan Isbee | isbeen@stifel.com | (443) 224-1346 |
• | The Board of Directors declared a common stock dividend of $0.18 per share payable on October 30, 2015 to stockholders of record on October 15, 2015. |
June 30, 2015 | March 31, 2015 | |||||||
High | $ | 19.44 | $ | 21.17 | ||||
Low | $ | 16.01 | $ | 17.18 | ||||
Close | $ | 16.35 | $ | 18.96 | ||||
Volume | 11,173,200 | 15,911,500 |
Q2 2015 Supplemental Package | 3 |
Three Months Ended | Six Months Ended | |||||||
June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | |||||
Total common shares outstanding | 57,985,228 | 57,742,605 | 57,985,228 | 57,742,605 | ||||
Net number of common shares issuable assuming exercise of stock options (1) | 279,109 | 156,569 | 364,130 | 362,784 | ||||
Total common shares - diluted | 58,264,337 | 57,899,174 | 58,349,358 | 58,105,389 | ||||
Weighted average common shares outstanding - diluted (FFO)(2) | 58,088,387 | 57,897,716 | 58,101,849 | 57,436,703 | ||||
Weighted average common shares outstanding - basic (GAAP)(3) | 57,726,603 | 57,519,079 | 57,667,380 | 56,828,173 | ||||
Weighted average common shares outstanding - diluted (GAAP)(3)(4) | 57,726,603 | 57,519,079 | 58,101,849 | 56,828,173 |
Q2 2015 Supplemental Package | 4 |
(In thousands) | June 30, 2015 (Unaudited) | December 31, 2014 | ||||||
Assets: | ||||||||
Investment in real estate: | ||||||||
Land | $ | 378,881 | $ | 371,363 | ||||
Buildings and equipment | 1,916,384 | 1,820,072 | ||||||
Less accumulated depreciation | (203,450 | ) | (189,838 | ) | ||||
Net investment in real estate | 2,091,815 | 2,001,597 | ||||||
Cash and cash equivalents | 2,907 | 14,308 | ||||||
Restricted cash | 44,810 | 48,055 | ||||||
Accounts receivable, net | 32,599 | 35,492 | ||||||
Deferred expenses, net | 51,215 | 52,611 | ||||||
Prepaid expenses and other assets, net | 53,746 | 62,690 | ||||||
Assets of property held for sale | — | 55,647 | ||||||
Total assets | $ | 2,277,092 | $ | 2,270,400 | ||||
Liabilities: | ||||||||
Mortgages, notes and loans payable, net | $ | 1,603,118 | $ | 1,584,499 | ||||
Accounts payable and accrued expenses, net | 113,293 | 113,976 | ||||||
Liabilities of property held for sale | — | 38,590 | ||||||
Total liabilities | 1,716,411 | 1,737,065 | ||||||
Commitments and contingencies | — | — | ||||||
Equity: | ||||||||
Preferred Stock (1) | — | — | ||||||
Common stock (2) | 578 | 578 | ||||||
Additional paid-in capital | 663,523 | 679,275 | ||||||
Accumulated deficit | (119,161 | ) | (162,881 | ) | ||||
Accumulated other comprehensive loss | (717 | ) | (482 | ) | ||||
Total stockholders' equity | 544,223 | 516,490 | ||||||
Non-controlling interest | 16,458 | 16,845 | ||||||
Total equity | 560,681 | 533,335 | ||||||
Total liabilities and equity | $ | 2,277,092 | $ | 2,270,400 |
Q2 2015 Supplemental Package | 5 |
Three Months Ended | Six Months Ended | ||||||||||||||
(In thousands, except per share amounts) | June 30, 2015 (Unaudited) | June 30, 2014 (Unaudited) | June 30, 2015 (Unaudited) | June 30, 2014 (Unaudited) | |||||||||||
Revenues: | |||||||||||||||
Minimum rents | $ | 50,770 | $ | 46,820 | $ | 102,304 | $ | 92,790 | |||||||
Tenant recoveries | 18,892 | 18,729 | 38,842 | 37,912 | |||||||||||
Overage rents | 732 | 474 | 2,322 | 1,938 | |||||||||||
Other | 2,015 | 1,767 | 3,502 | 2,988 | |||||||||||
Total revenues | 72,409 | 67,790 | 146,970 | 135,628 | |||||||||||
Expenses: | |||||||||||||||
Property operating costs | 17,053 | 17,159 | 33,965 | 33,895 | |||||||||||
Real estate taxes | 6,881 | 6,073 | 14,355 | 12,266 | |||||||||||
Property maintenance costs | 2,347 | 2,600 | 5,694 | 5,776 | |||||||||||
Marketing | 549 | 540 | 938 | 1,081 | |||||||||||
Provision for doubtful accounts | 61 | 194 | 558 | 388 | |||||||||||
General and administrative | 6,889 | 6,541 | 13,359 | 12,481 | |||||||||||
Provision for impairment | — | — | 2,900 | — | |||||||||||
Depreciation and amortization | 23,877 | 23,419 | 49,863 | 44,463 | |||||||||||
Other | 1,792 | 587 | 3,951 | 1,261 | |||||||||||
Total operating expenses | 59,449 | 57,113 | 125,583 | 111,611 | |||||||||||
Operating income | 12,960 | 10,677 | 21,387 | 24,017 | |||||||||||
Interest income | 2 | 104 | 14 | 276 | |||||||||||
Interest expense | (17,484 | ) | (18,833 | ) | (36,635 | ) | (36,647 | ) | |||||||
Gain on extinguishment of debt | 4,054 | — | 26,894 | — | |||||||||||
Provision for income taxes | (191 | ) | (123 | ) | (427 | ) | (247 | ) | |||||||
Income (loss) from continuing operations before gain (loss) on sale of real estate assets | (659 | ) | (8,175 | ) | 11,233 | (12,601 | ) | ||||||||
Gain (loss) on sale of real estate assets | (14 | ) | — | 32,496 | — | ||||||||||
Income (loss) from continuing operations | $ | (673 | ) | $ | (8,175 | ) | $ | 43,729 | $ | (12,601 | ) | ||||
Discontinued operations | — | — | — | — | |||||||||||
Net income (loss) | (673 | ) | (8,175 | ) | 43,729 | (12,601 | ) | ||||||||
Net income attributable to non-controlling interest | (15 | ) | — | (9 | ) | — | |||||||||
Net income (loss) attributable to Rouse Properties Inc. | $ | (688 | ) | $ | (8,175 | ) | $ | 43,720 | $ | (12,601 | ) | ||||
Net income (loss) per share attributable to Rouse Properties Inc. - Basic(1) | $ | (0.01 | ) | $ | (0.14 | ) | $ | 0.76 | $ | (0.22 | ) | ||||
Net income (loss) per share attributable to Rouse Properties Inc. - Diluted (2) | $ | (0.01 | ) | $ | (0.14 | ) | $ | 0.75 | $ | (0.22 | ) | ||||
Dividends declared per share | $ | 0.18 | $ | 0.17 | $ | 0.36 | $ | 0.34 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ | (673 | ) | $ | (8,175 | ) | $ | 43,729 | $ | (12,601 | ) | ||||
Other comprehensive loss: | |||||||||||||||
Unrealized gain (loss) on financial instrument | 171 | (369 | ) | (235 | ) | (655 | ) | ||||||||
Comprehensive income (loss) | $ | (502 | ) | $ | (8,544 | ) | $ | 43,494 | $ | (13,256 | ) |
Q2 2015 Supplemental Package | 6 |
June 30, 2015 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Consolidated | Non-controlling Interest (1) | Rouse Total | Core Adjustments | Core NOI / FFO | Consolidated | Non-controlling Interest (1) | Rouse Total | Core Adjustments | Core NOI / FFO | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Minimum rents (2) | $ | 50,770 | $ | (1,075 | ) | $ | 49,695 | $ | 1,361 | $ | 51,056 | $ | 46,820 | $ | — | $ | 46,820 | $ | 3,186 | $ | 50,006 | |||||||||||||||||||
Tenant recoveries | 18,892 | (335 | ) | 18,557 | — | 18,557 | 18,729 | — | 18,729 | — | 18,729 | |||||||||||||||||||||||||||||
Overage rents | 732 | 6 | 738 | — | 738 | 474 | — | 474 | — | 474 | ||||||||||||||||||||||||||||||
Other | 2,015 | (27 | ) | 1,988 | — | 1,988 | 1,767 | — | 1,767 | — | 1,767 | |||||||||||||||||||||||||||||
Total revenues | 72,409 | (1,431 | ) | 70,978 | 1,361 | 72,339 | 67,790 | — | 67,790 | 3,186 | 70,976 | |||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||
Property operating costs (3) | 17,053 | (250 | ) | 16,803 | (39 | ) | 16,764 | 17,159 | — | 17,159 | (36 | ) | 17,123 | |||||||||||||||||||||||||||
Real estate taxes | 6,881 | (176 | ) | 6,705 | — | 6,705 | 6,073 | — | 6,073 | — | 6,073 | |||||||||||||||||||||||||||||
Property maintenance costs | 2,347 | (42 | ) | 2,305 | — | 2,305 | 2,600 | — | 2,600 | — | 2,600 | |||||||||||||||||||||||||||||
Marketing | 549 | (19 | ) | 530 | — | 530 | 540 | — | 540 | — | 540 | |||||||||||||||||||||||||||||
Provision for doubtful accounts | 61 | 29 | 90 | — | 90 | 194 | — | 194 | — | 194 | ||||||||||||||||||||||||||||||
Total operating expenses | 26,891 | (458 | ) | 26,433 | (39 | ) | 26,394 | 26,566 | — | 26,566 | (36 | ) | 26,530 | |||||||||||||||||||||||||||
Net operating income | 45,518 | (973 | ) | 44,545 | 1,400 | 45,945 | 41,224 | — | 41,224 | 3,222 | 44,446 | |||||||||||||||||||||||||||||
General and administrative (4)(5) | 6,889 | — | 6,889 | (5 | ) | 6,884 | 6,541 | — | 6,541 | (16 | ) | 6,525 | ||||||||||||||||||||||||||||
Other (6) | 1,792 | — | 1,792 | (1,792 | ) | — | 587 | — | 587 | (587 | ) | — | ||||||||||||||||||||||||||||
Subtotal | 36,837 | (973 | ) | 35,864 | 3,197 | 39,061 | 34,096 | — | 34,096 | 3,825 | 37,921 | |||||||||||||||||||||||||||||
Interest income | 2 | — | 2 | — | 2 | 104 | — | 104 | — | 104 | ||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||
Amortization and write-off of market rate adjustments | 293 | — | 293 | (293 | ) | — | (1,313 | ) | — | (1,313 | ) | 1,313 | — | |||||||||||||||||||||||||||
Amortization and write-off of deferred financing costs | (751 | ) | — | (751 | ) | 751 | — | (880 | ) | — | (880 | ) | 880 | — | ||||||||||||||||||||||||||
Debt extinguishment costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest on debt | (17,026 | ) | 362 | (16,664 | ) | — | (16,664 | ) | (16,640 | ) | — | (16,640 | ) | — | (16,640 | ) | ||||||||||||||||||||||||
Provision for income taxes | (191 | ) | — | (191 | ) | 191 | — | (123 | ) | — | (123 | ) | 123 | — | ||||||||||||||||||||||||||
Funds from operations | $ | 19,164 | $ | (611 | ) | $ | 18,553 | $ | 3,846 | $ | 22,399 | $ | 15,244 | $ | — | $ | 15,244 | $ | 6,141 | $ | 21,385 | |||||||||||||||||||
Funds from operations per share - basic (7) | $ | 0.39 | $ | 0.37 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - diluted (8) | $ | 0.39 | $ | 0.37 |
Q2 2015 Supplemental Package | 7 |
June 30, 2015 | June 30, 2014 | |||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Consolidated | Non-controlling Interest (1) | Rouse Total | Core Adjustments | Core NOI / FFO | Consolidated | Non-controlling Interest (1) | Rouse Total | Core Adjustments | Core NOI / FFO | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Minimum rents (2) | $ | 102,304 | $ | (2,101 | ) | $ | 100,203 | $ | 3,861 | $ | 104,064 | $ | 92,790 | $ | — | $ | 92,790 | $ | 6,319 | $ | 99,109 | |||||||||||||||||||
Tenant recoveries | 38,842 | (663 | ) | 38,179 | — | 38,179 | 37,912 | — | 37,912 | — | 37,912 | |||||||||||||||||||||||||||||
Overage rents | 2,322 | (44 | ) | 2,278 | — | 2,278 | 1,938 | — | 1,938 | — | 1,938 | |||||||||||||||||||||||||||||
Other | 3,502 | (36 | ) | 3,466 | — | 3,466 | 2,988 | — | 2,988 | — | 2,988 | |||||||||||||||||||||||||||||
Total revenues | 146,970 | (2,844 | ) | 144,126 | 3,861 | 147,987 | 135,628 | — | 135,628 | 6,319 | 141,947 | |||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||
Property operating costs (3) | 33,965 | (532 | ) | 33,433 | (78 | ) | 33,355 | 33,895 | — | 33,895 | (67 | ) | 33,828 | |||||||||||||||||||||||||||
Real estate taxes | 14,355 | (353 | ) | 14,002 | — | 14,002 | 12,266 | — | 12,266 | — | 12,266 | |||||||||||||||||||||||||||||
Property maintenance costs | 5,694 | (79 | ) | 5,615 | — | 5,615 | 5,776 | — | 5,776 | — | 5,776 | |||||||||||||||||||||||||||||
Marketing | 938 | (19 | ) | 919 | — | 919 | 1,081 | — | 1,081 | — | 1,081 | |||||||||||||||||||||||||||||
Provision for doubtful accounts | 558 | 59 | 617 | — | 617 | 388 | — | 388 | — | 388 | ||||||||||||||||||||||||||||||
Total operating expenses | 55,510 | (924 | ) | 54,586 | (78 | ) | 54,508 | 53,406 | — | 53,406 | (67 | ) | 53,339 | |||||||||||||||||||||||||||
Net operating income | 91,460 | (1,920 | ) | 89,540 | 3,939 | 93,479 | 82,222 | — | 82,222 | 6,386 | 88,608 | |||||||||||||||||||||||||||||
General and administrative (4)(5) | 13,359 | — | 13,359 | (9 | ) | 13,350 | 12,481 | — | 12,481 | (22 | ) | 12,459 | ||||||||||||||||||||||||||||
Other (6) | 3,951 | — | 3,951 | (3,951 | ) | — | 1,261 | — | 1,261 | (1,261 | ) | — | ||||||||||||||||||||||||||||
Subtotal | 74,150 | (1,920 | ) | 72,230 | 7,899 | 80,129 | 68,480 | — | 68,480 | 7,669 | 76,149 | |||||||||||||||||||||||||||||
Interest income | 14 | — | 14 | — | 14 | 276 | — | 276 | — | 276 | ||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||
Amortization and write-off of market rate adjustments | 243 | — | 243 | (243 | ) | — | (1,887 | ) | — | (1,887 | ) | 1,887 | — | |||||||||||||||||||||||||||
Amortization and write-off of deferred financing costs | (1,650 | ) | — | (1,650 | ) | 1,650 | — | (2,153 | ) | — | (2,153 | ) | 2,153 | — | ||||||||||||||||||||||||||
Debt extinguishment costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Interest on debt | (35,228 | ) | 719 | (34,509 | ) | — | (34,509 | ) | (32,607 | ) | — | (32,607 | ) | — | (32,607 | ) | ||||||||||||||||||||||||
Provision for income taxes | (427 | ) | — | (427 | ) | 427 | — | (247 | ) | — | (247 | ) | 247 | — | ||||||||||||||||||||||||||
Funds from operations | $ | 37,102 | $ | (1,201 | ) | $ | 35,901 | $ | 9,733 | $ | 45,634 | $ | 31,862 | $ | — | $ | 31,862 | $ | 11,956 | $ | 43,818 | |||||||||||||||||||
Funds from operations per share - basic (7) | $ | 0.79 | $ | 0.77 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - diluted (8) | $ | 0.79 | $ | 0.76 |
Q2 2015 Supplemental Package | 8 |
Three Months Ended | Six Months Ended | |||||||||||||||
(In thousands) | June 30, 2015 (Unaudited) | June 30, 2014 (Unaudited) | June 30, 2015 (Unaudited) | June 30, 2014 (Unaudited) | ||||||||||||
Consolidated net operating income | $ | 45,518 | $ | 41,224 | $ | 91,460 | $ | 82,222 | ||||||||
Add / (less) : | ||||||||||||||||
Non-controlling interests | (973 | ) | — | (1,920 | ) | — | ||||||||||
Core NOI adjustments | 1,400 | 3,222 | 3,939 | 6,386 | ||||||||||||
Rouse core net operating income | 45,945 | 44,446 | 93,479 | 88,608 | ||||||||||||
Add / (less): | ||||||||||||||||
Non same property assets (1) | (9,659 | ) | (8,791 | ) | (20,143 | ) | (17,185 | ) | ||||||||
Lease termination income and other | (155 | ) | (456 | ) | (588 | ) | (455 | ) | ||||||||
Same property core net operating income(2) | $ | 36,131 | $ | 35,199 | $ | 72,748 | $ | 70,968 | ||||||||
Same property change % | 2.7 | % | 2.5 | % |
Q2 2015 Supplemental Package | 9 |
Three Months Ended | Six Months Ended | ||||||||||||||
(In thousands, except per share) | June 30, 2015 (Unaudited) | June 30, 2014 (Unaudited) | June 30, 2015 (Unaudited) | June 30, 2014 (Unaudited) | |||||||||||
Reconciliation of NOI to GAAP Operating Income | |||||||||||||||
Rouse NOI: | $ | 44,545 | $ | 41,224 | $ | 89,540 | $ | 82,222 | |||||||
Non-controlling interest | 973 | — | 1,920 | — | |||||||||||
General and administrative | (6,889 | ) | (6,541 | ) | (13,359 | ) | (12,481 | ) | |||||||
Other | (1,792 | ) | (587 | ) | (3,951 | ) | (1,261 | ) | |||||||
Depreciation and amortization | (23,877 | ) | (23,419 | ) | (49,863 | ) | (44,463 | ) | |||||||
Provision for impairment | — | — | (2,900 | ) | — | ||||||||||
Operating income | $ | 12,960 | $ | 10,677 | $ | 21,387 | $ | 24,017 | |||||||
Reconciliation of FFO to GAAP Net income (loss) attributable to Rouse Properties Inc. | |||||||||||||||
FFO: | $ | 18,553 | $ | 15,244 | $ | 35,901 | $ | 31,862 | |||||||
Non-controlling interest - Depreciation and amortization | 596 | — | 1,192 | — | |||||||||||
Depreciation and amortization | (23,877 | ) | (23,419 | ) | (49,863 | ) | (44,463 | ) | |||||||
Provision for impairment | — | — | (2,900 | ) | — | ||||||||||
Gain on extinguishment of debt | 4,054 | — | 26,894 | — | |||||||||||
Gain (loss) on sale of real estate assets | (14 | ) | — | 32,496 | — | ||||||||||
Net income (loss) attributable to Rouse Properties Inc. | $ | (688 | ) | $ | (8,175 | ) | $ | 43,720 | $ | (12,601 | ) | ||||
Weighted average number of shares outstanding - Basic | 57,726,603 | 57,519,079 | 57,667,380 | 56,828,173 | |||||||||||
Weighted average number of shares outstanding - Diluted | 57,726,603 | 57,519,079 | 58,101,849 | 56,828,173 | |||||||||||
Net income (loss) per share attributable to Rouse Properties Inc. - Basic | $ | (0.01 | ) | $ | (0.14 | ) | $ | 0.76 | $ | (0.22 | ) | ||||
Net income (loss) per share attributable to Rouse Properties Inc. - Diluted | $ | (0.01 | ) | $ | (0.14 | ) | $ | 0.75 | $ | (0.22 | ) |
Q2 2015 Supplemental Package | 10 |
(In thousands) | Ownership % | Maturity | Outstanding Balance | Balloon Payment at Maturity | Amortization | |||||||||||||||||||||||||||||
Month | Year | Rate | 2015 | 2016 | 2017 | 2018 | 2019 | After | Mortgage Details | |||||||||||||||||||||||||
Bel Air Mall | 100% | Dec | 2015 | 5.30 | $ | 110,167 | $ | 109,045 | $ | 1,125 | $ | — | $ | — | $ | — | $ | — | $ | — | Non-recourse/fixed | |||||||||||||
Greenville Mall | 100% | Dec | 2015 | 5.29 | 40,196 | 39,857 | 339 | — | — | — | — | — | Non-recourse/fixed | |||||||||||||||||||||
Vista Ridge Mall (1) | 100% | Apr | 2016 | 6.87 | 67,112 | 64,660 | 1,488 | 964 | — | — | — | — | Non-recourse/fixed | |||||||||||||||||||||
The Centre at Salisbury (2) | 100% | May | 2016 | 5.79 | 115,000 | 115,000 | — | — | — | — | — | — | Partial recourse/fixed | |||||||||||||||||||||
The Mall at Turtle Creek | 100% | Jun | 2016 | 6.54 | 77,133 | 76,079 | 518 | 536 | — | — | — | — | Non-recourse/fixed | |||||||||||||||||||||
Grand Traverse (1) | 100% | Feb | 2017 | 5.02 | 58,982 | 57,266 | 502 | 1,043 | 171 | — | — | — | Non-recourse/fixed | |||||||||||||||||||||
NewPark Mall(1)(3) | 100% | May | 2017 | 3.44 | 64,882 | 63,050 | 437 | 915 | 479 | — | — | — | Non-recourse/floating | |||||||||||||||||||||
West Valley Mall | 100% | Sep | 2018 | 3.24 | 59,000 | 56,790 | — | 188 | 1,147 | 874 | — | — | Non-recourse/fixed | |||||||||||||||||||||
Pierre Bossier | 100% | May | 2022 | 4.94 | 46,257 | 39,891 | 394 | 812 | 866 | 911 | 957 | 2,426 | Non-recourse/fixed | |||||||||||||||||||||
Pierre Bossier Anchor | 100% | May | 2022 | 4.85 | 3,594 | 2,894 | 43 | 90 | 95 | 100 | 105 | 266 | Non-recourse/fixed | |||||||||||||||||||||
Southland Center (MI) | 100% | Jul | 2022 | 5.09 | 75,424 | 65,085 | 618 | 1,284 | 1,363 | 1,435 | 1,511 | 4,129 | Non-recourse/fixed | |||||||||||||||||||||
Chesterfield Towne Center | 100% | Oct | 2022 | 4.75 | 107,242 | 92,380 | 863 | 1,789 | 1,892 | 1,985 | 2,082 | 6,252 | Non-recourse/fixed | |||||||||||||||||||||
Animas Valley | 100% | Nov | 2022 | 4.41 | 49,607 | 41,844 | 450 | 931 | 980 | 1,025 | 1,072 | 3,304 | Non-recourse/fixed | |||||||||||||||||||||
Lakeland Mall | 100% | Mar | 2023 | 4.17 | 67,436 | 55,951 | 622 | 1,285 | 1,348 | 1,406 | 1,467 | 5,358 | Non-recourse/fixed | |||||||||||||||||||||
Valley Hills Mall | 100% | July | 2023 | 4.47 | 65,929 | 54,921 | 567 | 1,174 | 1,237 | 1,294 | 1,354 | 5,382 | Non-recourse/fixed | |||||||||||||||||||||
Chula Vista Center | 100% | July | 2024 | 4.18 | 70,000 | 60,814 | — | — | 467 | 1,175 | 1,225 | 6,319 | Non-recourse/fixed | |||||||||||||||||||||
The Mall at Barnes Crossing | 51% | Sep | 2024 | 4.29 | 67,000 | 58,361 | — | — | 268 | 1,093 | 1,142 | 6,136 | Non-recourse/fixed | |||||||||||||||||||||
Bayshore Mall | 100% | Oct | 2024 | 3.96 | 46,500 | 40,185 | — | — | 130 | 804 | 837 | 4,544 | Non-recourse/fixed | |||||||||||||||||||||
Mt. Shasta Mall | 100% | Mar | 2025 | 4.19 | 31,850 | 27,747 | — | — | — | 386 | 540 | 3,177 | Non-recourse/fixed | |||||||||||||||||||||
Fig Garden Village | 100% | Jun | 2025 | 4.14 | 74,200 | 67,494 | — | — | — | — | — | 6,706 | Non-recourse/fixed | |||||||||||||||||||||
Total property level debt | 4.84 | $ | 1,297,511 | $ | 1,189,314 | $ | 7,966 | $ | 11,011 | $ | 10,443 | $ | 12,488 | $ | 12,292 | $ | 53,999 | |||||||||||||||||
2013 Term Loan (1)(4)(5) | Nov | 2018 | 2.54 | 285,000 | 285,000 | — | — | — | — | — | — | Recourse/floating | ||||||||||||||||||||||
2013 Revolver (1)(4)(5)(6) | Nov | 2017 | 2.53 | 20,225 | 20,225 | — | — | — | — | — | Recourse/floating | |||||||||||||||||||||||
Total corporate level debt | 305,225 | 305,225 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total Debt Outstanding (7)(8) | 4.40 | % | $ | 1,602,736 | $ | 1,494,539 | $ | 7,966 | $ | 11,011 | $ | 10,443 | $ | 12,488 | $ | 12,292 | $ | 53,999 | ||||||||||||||||
Market rate adjustment | 382 | |||||||||||||||||||||||||||||||||
Total Debt Outstanding | $ | 1,603,118 | ||||||||||||||||||||||||||||||||
Less: Non controlling interest share of debt | 49% | |||||||||||||||||||||||||||||||||
The Mall at Barnes Crossing | Sep | 2024 | 4.29 | (32,830 | ) | |||||||||||||||||||||||||||||
Company's Share of Consolidated Debt | 4.64 | % | $ | 1,570,288 |
Q2 2015 Supplemental Package | 11 |
Birchwood Mall | Gateway Mall | Mall St. Vincent | Silver Lake Mall | Three Rivers Mall |
Cache Valley Mall | Lansing Mall | North Plains Mall | Spring Hill Mall | Westwood Mall |
Colony Square Mall | The Mall at Sierra Vista | Sikes Senter | Southland Mall | White Mountain Mall |
(In thousands) | 2015 | 2016 | 2017 | 2018 | 2019 | After | Total | ||||||||||||||
Balloon payment | $ | 148,902 | $ | 255,739 | $ | 140,541 | $ | 341,790 | $ | — | $ | 607,567 | $ | 1,494,539 | |||||||
Amortization | 7,966 | 11,011 | 10,443 | 12,488 | 12,292 | 53,997 | 108,197 | ||||||||||||||
Debt maturity and amortization | $ | 156,868 | $ | 266,750 | $ | 150,984 | $ | 354,278 | $ | 12,292 | $ | 661,564 | $ | 1,602,736 | |||||||
Weighted average interest rate of expiring debt | 5.30 | % | 6.29 | % | 3.95 | % | 2.66 | % | — | % | 4.45 | % | 4.40 | % |
(In thousands) | Rouse Property-Level Debt (1) | Term Loan | Revolver | Total | ||||||||||||
Beginning balance as of January 1, 2015 | $ | 1,313,730 | $ | 260,000 | $ | 10,000 | $ | 1,583,730 | ||||||||
Washington Park Payoff | (10,474 | ) | — | — | (10,474 | ) | ||||||||||
Mt. Shasta Mall Loan | 31,850 | — | — | 31,850 | ||||||||||||
Fig Garden Village Loan | 74,200 | — | — | 74,200 | ||||||||||||
Steeplegate Disposition | (45,862 | ) | — | — | (45,862 | ) | ||||||||||
Collin Creek Disposition | (57,572 | ) | (57,572 | ) | ||||||||||||
2015 Mortgage loan amortization | (8,361 | ) | — | — | (8,361 | ) | ||||||||||
Accordion Exercise | — | 25,000 | — | 25,000 | ||||||||||||
Drawdowns on 2013 Revolver | — | — | 95,000 | 95,000 | ||||||||||||
Paydowns on 2013 Revolver | — | — | (84,775 | ) | (84,775 | ) | ||||||||||
Ending balance as of June 30, 2015 | $ | 1,297,511 | $ | 285,000 | $ | 20,225 | $ | 1,602,736 | ||||||||
Weighted Average Balance | $ | 1,292,033 | $ | 260,138 | $ | 18,736 | $ | 1,570,907 |
Q2 2015 Supplemental Package | 12 |
(In thousands) | June 30, 2015 (Unaudited) | December 31, 2014 | |||||
Above-market tenant leases, net | $ | 46,343 | $ | 50,996 | |||
Deposits | 408 | 1,447 | |||||
Below-market ground leases, net | 3,066 | 3,145 | |||||
Prepaid expenses | 3,387 | 4,755 | |||||
Other | 542 | 2,347 | |||||
Total prepaid expenses and other assets, net | $ | 53,746 | $ | 62,690 |
(In thousands) | June 30, 2015 (Unaudited) | December 31, 2014 | |||||
Below market tenant leases, net | $ | 41,704 | $ | 43,292 | |||
Construction payable | 17,267 | 16,272 | |||||
Accrued dividend | 10,505 | 9,885 | |||||
Accounts payable and accrued expenses | 9,727 | 9,901 | |||||
Accrued real estate taxes | 9,272 | 9,028 | |||||
Accrued interest | 6,238 | 4,380 | |||||
Deferred income | 5,367 | 5,471 | |||||
Asset retirement obligation liability | 4,480 | 4,545 | |||||
Accrued payroll and other employee liabilities | 4,431 | 9,352 | |||||
Tenants and other deposits | 1,639 | 1,336 | |||||
Other | 2,663 | 514 | |||||
Total accounts payable and accrued expenses, net | $ | 113,293 | $ | 113,976 |
Q2 2015 Supplemental Package | 13 |
Property | Description | Total Project Square Feet | Total Estimated Project Cost | Cost to Date | Estimated Stabilized Yield | Construction Start Date | Substantial Completion Date | |||||||
Newpark Mall Newark, CA | 140,000 SF of new entertainment space, including AMC Theater and a two level restaurant pavilion with patio seating. | 175,000 | $55,900(1) | $26,462 | 9.5 - 10.5% | Q3 2014 | Q4 2015 - Q1 2016 | |||||||
Gateway Mall Springfield, OR | De-mall and construct new exterior facing junior boxes including Marshall's, Hobby Lobby, Petco and new outparcels. | 288,000 | $45,200 | $14,225 | 8 - 9% | Q3 2014 | Q4 2015 | |||||||
Southland Center Taylor, MI | Demolish vacant anchor and construct new 50,000 SF Cinemark Theater and new restaurants. | 62,000 | $15,300 | $1,048 | 9-10% | Q2 2015 | Q1 2016 |
Three Months Ended | ||||
(In thousands) | June 30, 2015 | |||
Ordinary capital expenditures (1) | $ | 333 | ||
Cosmetic capital expenditures | 2,553 | |||
Tenant improvements and allowances (2) | 4,866 | |||
Total | $ | 7,752 |
Q2 2015 Supplemental Package | 14 |
GLA Summary (1) | ||||||||||
Number of Properties | Mall and Freestanding GLA | Anchor GLA (Rouse Owned) | Anchor GLA (Tenant Owned) | Total Area | ||||||
(GLA in thousands) | ||||||||||
Total Rouse Properties Portfolio | 35 | 11,330 | 5,989 | 6,773 | 24,125 | |||||
Operating Metrics (1) | ||||
Tenant Sales (2) | Occupancy Cost (3) | |||
Total Operating Portfolio | $342 | 11.6% |
Operating Property Portfolio | |||
In-Place Rent < 10k SF (4) | |||
June 30, 2015 | June 30, 2014 | ||
Freestanding | $20.97 | $19.26 | |
Mall | 40.32 | 38.78 | |
Total Operating Property portfolio | $37.96 | $36.50 |
Q2 2015 Supplemental Package | 15 |
Property Name | Location | Anchors / Major Tenants | Mall and Freestanding GLA | Office GLA | Anchor GLA (Rouse Owned) | Anchor GLA (Tenant Owned) | Total GLA | % Leased | % Occupied | |||||||
Animas Valley Mall | Farmington, NM | Dillard's, jcpenney, Sears | 277,747 | — | 188,817 | — | 466,564 | 89.1 | % | 89.1 | % | |||||
Barnes Crossing, The Mall at | Tupelo, MS | Belk Home, jcpenney, Sears, Belk, Dick's Sporting Goods | 383,860 | — | 250,965 | 100,954 | 735,779 | 91.8 | 91.8 | |||||||
Bayshore Mall | Eureka, CA | Sears, Wal Mart, Kohl's | 346,472 | — | 161,209 | 59,235 | 566,916 | 90.2 | 81.9 | |||||||
Bel Air Mall | Mobile, AL | Belk, jcpenney, Sears, Dillard's, Target | 419,512 | — | 558,023 | 333,990 | 1,311,525 | 94.3 | 91.9 | |||||||
Birchwood Mall | Port Huron, MI | Sears, Carson's, Macy's, Target, jcpenney | 302,880 | — | 161,216 | 264,918 | 729,014 | 90.5 | 90.5 | |||||||
Cache Valley Mall | Logan, UT | Herberger's, jcpenney | 277,817 | — | 109,476 | — | 387,293 | 94.5 | 87.1 | |||||||
Chesterfield Towne Center | Richmond, VA | Garden Ridge, jcpenney, Macy's, Sears | 485,407 | — | 543,572 | — | 1,028,979 | 93.4 | 85.7 | |||||||
Chula Vista Center | Chula Vista, CA | Burlington Coat, jcpenney, Macy's, Sears, AMC | 320,138 | — | 163,232 | 377,600 | 860,970 | 95.5 | 94.2 | |||||||
Colony Square Mall | Zanesville, OH | Elder-Beerman, jcpenney, Dunham's Sports, Cinemark | 352,291 | — | 78,440 | 58,997 | 489,728 | 75.6 | 75.6 | |||||||
Fig Garden Village | Fresno, CA | Whole Foods, CVS | 266,696 | 33,181 | — | — | 299,877 | 93.3 | 90.6 | |||||||
Grand Traverse Mall | Traverse City, MI | jcpenney, Macy's, Target | 307,875 | — | — | 283,349 | 591,224 | 86.2 | 86.2 | |||||||
Greenville Mall | Greenville, NC | jcpenney, Belk Ladies, Dunham's Sports, Belk | 231,783 | — | 178,510 | 46,051 | 456,344 | 92.4 | 91.5 | |||||||
Lakeland Square | Lakeland, FL | jcpenney, Dillard's, Sears, Macy's, Burlington Coat, Cinemark | 351,268 | — | 276,358 | 257,353 | 884,979 | 91.2 | 90.6 | |||||||
Lansing Mall | Lansing, MI | jcpenney, Younkers, Macy's, Regal Cinema | 477,986 | — | 210,900 | 103,000 | 791,886 | 92.8 | 91.4 | |||||||
Mall St. Vincent | Shreveport-Bossier City, LA | Dillard's, Sears | 193,967 | — | — | 348,000 | 541,967 | 82.6 | 81.7 | |||||||
Mt. Shasta | Redding, CA | jcpenney, Macy's, Sears | 188,558 | — | 130,444 | 202,594 | 521,596 | 87.0 | 86.9 | |||||||
North Plains Mall | Clovis, NM | Dillard's, jcpenney, Sears, Beall's | 132,527 | — | 170,496 | — | 303,023 | 93.5 | 92.6 | |||||||
Pierre Bossier Mall | Bossier City, LA | Virginia College, jcpenney, Sears, Dillard's | 264,437 | — | 59,156 | 288,328 | 611,921 | 92.0 | 90.3 | |||||||
Salisbury, The Centre at | Salisbury, MD | Boscov's, jcpenney, Sears, Macy's, Dick's, Regal Cinema | 366,779 | — | 357,416 | 140,000 | 864,195 | 97.8 | 95.1 | |||||||
Sierra Vista, The Mall at | Sierra Vista, AZ | Dillard's, Sears, Cinemark | 170,185 | — | — | 196,492 | 366,677 | 99.5 | 99.5 | |||||||
Sikes Senter | Wichita Falls, TX | Dillard's, jcpenney, Sears, Dillard's Men's and Home | 293,031 | — | 374,690 | — | 667,721 | 87.1 | 86.8 | |||||||
Silver Lake Mall | Coeur D' Alene, ID | jcpenney, Macy's, Sears, Sports Authority | 155,191 | — | 172,253 | — | 327,444 | 88.0 | 86.2 | |||||||
Southland Center | Taylor, MI | jcpenney, Macy's, Cinemark | 371,767 | — | 215,787 | 292,377 | 879,931 | 97.9 | 89.4 | |||||||
Southland Mall | Hayward, CA | jcpenney, Kohl's, Macy's, Sears | 571,035 | — | 445,896 | 292,000 | 1,308,931 | 96.1 | 95.3 | |||||||
Three Rivers Mall | Kelso, WA | jcpenney, Macy's, Sportsman's Warehouse | 307,538 | — | 98,566 | — | 406,104 | 81.6 | 80.9 | |||||||
Turtle Creek, The Mall at | Jonesboro, AR | Dillard's, jcpenney, Target | 363,178 | — | — | 364,199 | 727,377 | 92.2 | 86.6 | |||||||
Valley Hills Mall | Hickory, NC | Belk, Dillard's, jcpenney, Sears | 315,578 | — | — | 611,516 | 927,094 | 91.5 | 82.7 | |||||||
Washington Park Mall | Bartlesville, OK | jcpenney, Sears, Dillard's | 161,855 | — | 122,894 | 71,402 | 356,151 | 94.3 | 94.3 | |||||||
West Valley Mall | Tracy, CA | jcpenney, Macy's, Sears, Target, Cinemark | 535,068 | — | 236,454 | 111,836 | 883,358 | 95.4 | 95.4 | |||||||
Westwood Mall | Jackson, MI | Younkers, Wal-Mart, jcpenney | 143,943 | — | 70,500 | 301,188 | 515,631 | 89.5 | 89.5 | |||||||
White Mountain Mall | Rock Springs, WY | Herberger's, jcpenney | 242,942 | — | 94,482 | — | 337,424 | 92.0 | 92.0 | |||||||
Total Operating Portfolio | 9,579,311 | 33,181 | 5,429,752 | 5,105,379 | 20,147,623 | 91.6 | % | 89.2 | % | |||||||
Gateway Mall | Springfield, OR | Kohl's, Sears, Target, Cabella's, Walmart, Cinema 6 | 423,421 | — | 218,055 | 113,613 | 755,089 | 98.7 | 99.6 | |||||||
Newpark Mall | Newark, CA | Macy's, jcpenney, Sears, Burlington Coat, AMC | 465,989 | — | 207,372 | 335,870 | 1,009,231 | 83.8 | 64.2 | |||||||
Spring Hill Mall | West Dundee, IL | Kohl's, Carson Pirie Scott, Sears, Macy's, Regal Cinema | 472,644 | — | 134,148 | 547,432 | 1,154,224 | 75.0 | 72.4 | |||||||
Vista Ridge Mall | Lewisville, TX | Dillard's, jcpenney, Macy's, Sears, Cinemark | 389,056 | — | — | 670,210 | 1,059,266 | 84.7 | 84.7 | |||||||
Redevelopment and special consideration assets | 1,751,110 | — | 559,575 | 1,667,125 | 3,977,810 | 85.2 | % | 78.8 | % | |||||||
Total Rouse Portfolio | 11,330,421 | 33,181 | 5,989,327 | 6,772,504 | 24,125,433 | 90.6 | % | 87.8 | % |
Q2 2015 Supplemental Package | 16 |
Year | Number of Expiring Leases | Expiring GLA | Expiring Rates ($ psf) (2) | Percent of Total Gross Rent | ||||||||
Specialty Leasing (3) | 463 | 1,082,192 | $ | 12.71 | ||||||||
Permanent Leasing | ||||||||||||
2014 and Prior | 13 | 43,077 | 32.08 | 0.5 | % | |||||||
2015 | 110 | 235,064 | 36.43 | 3.2 | % | |||||||
2016 | 415 | 1,274,624 | 30.46 | 14.3 | % | |||||||
2017 | 369 | 1,231,868 | 32.61 | 14.8 | % | |||||||
2018 | 233 | 981,790 | 34.77 | 12.6 | % | |||||||
2019 | 139 | 695,404 | 32.81 | 8.4 | % | |||||||
2020 | 123 | 561,136 | 27.39 | 5.7 | % | |||||||
2021 | 96 | 710,589 | 23.33 | 6.1 | % | |||||||
2022 | 93 | 447,451 | 32.26 | 5.3 | % | |||||||
2023 | 84 | 404,945 | 33.45 | 5.0 | % | |||||||
2024 | 94 | 679,212 | 22.73 | 5.7 | % | |||||||
2025 | 110 | 940,840 | 26.12 | 9.1 | % | |||||||
2026 and thereafter | 56 | 972,607 | 26.27 | 9.3 | % | |||||||
Total Permanent Leasing | 1,935 | 9,178,607 | $ | 29.62 | 100 | % | ||||||
Total Leasing | 2,398 | 10,260,799 |
Q2 2015 Supplemental Package | 17 |
Locations | ||||||||||
Retail Portfolio | Primary DBA | Percent of Minimum Rent, Tenant Recoveries and Other (1) | Square Footage (000's) | Total | Rouse Owned | |||||
L Brands, Inc. | Bath & Body Works, Victoria's Secret, White Barn Candle Co. | 4.3% | 263 | 65 | 65 | |||||
Signet Jewelers, Ltd. | Belden Jewelers, JB Robinson Jewelers, Kay Jewelers, Osterman Jewelers, Weisfields Jewelers | 3.5 | 86 | 67 | 67 | |||||
Foot Locker, Inc. | Champs Sports, Footaction USA, Footlocker, Kids Foot Locker, Lady Footlocker | 3.5 | 225 | 55 | 55 | |||||
jcpenney Company, Inc. | jcpenney | 2.6 | 2,729 | 29 | 19(2) | |||||
Cinemark USA, Inc. | Cinemark Movies | 2.4 | 356 | 8 | 8 | |||||
Sears Holdings Corporation | Sears | 2.1 | 3,157 | 24 | 13 | |||||
American Eagle Outfitters, Inc. | Aerie, American Eagle Outfitters | 1.9 | 104 | 18 | 18 | |||||
Genesco Inc. | Hat Shack, Hat World, Journey's, Lids, Lids Locker Room, Underground Station | 1.7 | 76 | 54 | 54 | |||||
Macy's Inc. | Macy's | 1.7 | 2,093 | 16 | 5 | |||||
Ascena Retail Group, Inc. | Dressbarn, Justice, Limited Too, Maurices, Lane Bryant | 1.6 | 199 | 40 | 40 | |||||
Totals | 25.3% | 9,288 | 376 | 344 |
Q2 2015 Supplemental Package | 18 |
TOTAL LEASING ACTIVITY (1) | |||||||||||
New Leases | Number of Leases | Square Feet | Term | Initial Inline Rent PSF (2) | Initial Freestanding Rent PSF | Average Inline Rent PSF (3) | Average Freestanding Rent PSF | ||||
Under 10,000 sq. ft. | 36 | 118,536 | 8.6 | $37.21 | $22.79 | $40.65 | $23.96 | ||||
Over 10,000 sq. ft. | 6 | 150,814 | 12.0 | 19.39 | 18.50 | 20.35 | 19.75 | ||||
Total New Leases | 42 | 269,350 | 10.5 | 27.07 | 20.70 | 29.10 | 21.91 | ||||
Renewal Leases | |||||||||||
Under 10,000 sq. ft. | 39 | 102,254 | 2.8 | $31.44 | $— | $31.97 | $— | ||||
Over 10,000 sq. ft. | 4 | 169,973 | 3.7 | 16.04 | 7.75 | 16.47 | 7.75 | ||||
Total Renewal Leases | 43 | 272,227 | 3.4 | 22.74 | 7.75 | 23.21 | 7.75 | ||||
Sub-Total | 85 | 541,577 | 6.9 | 24.92 | 13.58 | 26.18 | 14.13 | ||||
Percent in Lieu | 15 | 64,240 | n.a. | n.a. | n.a | n.a. | n.a | ||||
Total Q2 2015 | 100 | 605,817 | 6.9 | $24.92 | $13.58 | $26.18 | $14.13 | ||||
Total Q1 2015 | 115 | 456,779 | |||||||||
Total 2015 | 215 | 1,062,596 |
SUITE TO SUITE - NEW & RENEWAL LEASE SPREAD (4) | |||||||||||||
Initial Rent Spread | Average Rent Spread | ||||||||||||
Number of Leases | Square Feet | Term | Initial Rent PSF (2) | Average Rent PSF (3) | Expiring Rent PSF (5) | $ | % | $ | % | ||||
Three Months Ended June 30, 2015 | 47 | 282,842 | 4.2 | $22.42 | $23.39 | $20.69 | $1.73 | 8.4% | $2.70 | 13.1% |
Q2 2015 Supplemental Package | 19 |
Anchor/Traditional Anchor | Department stores and discount department stores in traditional anchor spaces whose merchandise appeals to a broad range of shoppers or spaces which are greater than 70,000 square feet. |
Average Rent | Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes. |
Average Rent Spread | Dollar spread between Average Rent and Expiring Rent. |
Expiring Rent | Represents rent at the end of the lease consisting of base minimum rent, common area costs, and real estate taxes. |
Freestanding | Outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores. |
Gross Leasable Area (GLA) | Total gross leasable space at 100%. |
In-Place Rent | Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes. |
Initial Rent | Represents initial rent at the beginning of the term consisting of base minimum rent, common area costs, and real estate taxes. |
Initial Rent Spread | Dollar spread between Initial Rent and Expiring Rent. |
Leased Area | Leased area represents the sum of: (1) tenant occupied space lease and (2) all leases signed for currently vacant space and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and freestanding retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the mall and Freestanding Area. |
Mall | All mall shop locations excluding anchor and freestanding stores. |
Occupancy Cost | Ratio of total tenant charges (rent and reimbursement of common area charges, real estate tax and insurance) to comparative sales for tenants less than 10,000 square feet. |
Occupied Area | Occupied area represents the sum of: (1) tenant occupied space under lease and (2) tenants no longer occupying space, but still paying rent for all inline mall shop and freestanding retail locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area. |
Operating Portfolio | Portfolio excluding properties undergoing substantial redevelopment and special consideration properties. |
Specialty Leasing | Temporary tenants typically on license agreements with terms in excess of twelve months and are generally cancellable by the Company with notice ranging from 30-90 days. |
Tenant Sales | Rolling twelve month sales for mall and freestanding stores less than 10,000 square feet for those tenants reporting. |
Q2 2015 Supplemental Package | 20 |
1 Year Rouse Properties, Inc. (delisted) Chart |
1 Month Rouse Properties, Inc. (delisted) Chart |
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