| Leases
|
|
|
|
|
|
Year | TRG units outstanding at December 31 | TRG units owned by TCO at December 31 (1) | TRG units owned by noncontrolling interests at December 31 | TCO's % interest in TRG at December 31 | TCO's average interest in TRG | |||||||||||||
2010 | 80,947,630 | 54,696,054 | 26,251,576 | 68% | 67% | |||||||||||||
2009 | 80,699,271 | 54,321,586 | 26,377,685 | 67 | 67 | |||||||||||||
2008 | 79,481,431 | 53,018,987 | 26,462,444 | 67 | 67 |
(1) | There is a one-for-one relationship between TRG units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates. |
|
2010 | 2009 | 2008 | ||||||||||
State current | $ | 907 | $ | 1,017 | $ | 775 | ||||||
State deferred | (183 | ) | 385 | 342 | ||||||||
Federal current | 45 | |||||||||||
Foreign current | (35 | ) | 255 | |||||||||
Total income tax expense | $ | 734 | $ | 1,657 | $ | 1,117 |
Tax Year | Expiration | Amount | ||||
2004 | 2024 | $ | 345 | |||
2005 | 2025 | 380 | ||||
2006 | 2026 | 176 | ||||
2007 | 2027 | 3,304 | ||||
2008 | 2028 | 5,326 | ||||
2009 | 2029 | 297 |
2010 | 2009 | |||||||
Deferred tax assets: | ||||||||
Federal | $ | 8,589 | $ | 8,697 | ||||
Foreign | 2,361 | 1,513 | ||||||
State | 6,786 | 6,467 | ||||||
Total deferred tax assets | $ | 17,736 | $ | 16,677 | ||||
Valuation allowances | (10,199 | ) | (9,090 | ) | ||||
Net deferred tax assets | $ | 7,537 | $ | 7,587 | ||||
Deferred tax liabilities: | ||||||||
Federal | $ | 607 | $ | 615 | ||||
State | 4,171 | 4,396 | ||||||
Total deferred tax liabilities | $ | 4,778 | $ | 5,011 |
Year | Dividends per common share declared | Return of capital | Ordinary income | 15% Rate long term capital gain | Unrecaptured Sec. 1250 capital gain | |||||||||||||||
2010 | $ | 1.8659 | (1) | $ | 0.0780 | $ | 1.2732 | $ | 0.5147 | $ | 0.0000 | |||||||||
2009 | 1.660 | 0.6467 | 1.0133 | 0.0000 | 0.0000 | |||||||||||||||
2008 | 1.660 | 0.0000 | 1.3324 | 0.3011 | 0.0265 | |||||||||||||||
(1) Includes a special dividend of $0.1834 per share, which was declared as a result of the taxation of capital gain incurred from the restructuring of the company’s ownership in International Plaza, including the liquidation of the Operating Partnership’s private REIT. |
Year | Dividends per Series G Preferred share declared | Ordinary income | 15% Rate long term capital gain | Unrecaptured Sec. 1250 capital gain | ||||||||||||
2010 | $ | 2.000 | $ | 1.4483 | $ | 0.5517 | $ | 0.0000 | ||||||||
2009 | 2.000 | 2.0000 | 0.0000 | 0.0000 | ||||||||||||
2008 | 2.000 | 1.6053 | 0.3628 | 0.0319 |
Year | Dividends per Series H Preferred share declared | Ordinary income | 15% Rate long term capital gain | Unrecaptured Sec. 1250 capital gain | ||||||||||||
2010 | $ | 1.90625 | $ | 1.38045 | $ | 0.5258 | $ | 0.0000 | ||||||||
2009 | 1.90625 | 1.90625 | 0.0000 | 0.0000 | ||||||||||||
2008 | 1.90625 | 1.53025 | 0.3457 | 0.0303 |
|
2010 | 2009 | |||||||
Land | $ | 271,662 | $ | 254,994 | ||||
Buildings, improvements, and equipment | 3,194,309 | 3,173,724 | ||||||
Construction in process | 15,626 | 4,040 | ||||||
Development pre-construction costs | 46,700 | 64,095 | ||||||
$ | 3,528,297 | $ | 3,496,853 | |||||
Accumulated depreciation and amortization | (1,199,247 | ) | (1,100,610 | ) | ||||
$ | 2,329,050 | $ | 2,396,243 |
|
Shopping Center | Ownership as of December 31, 2010 and 2009 |
Arizona Mills | 50% |
Fair Oaks | 50 |
The Mall at Millenia | 50 |
Stamford Town Center | 50 |
Sunvalley | 50 |
Waterside Shops | 25 |
Westfarms | 79 |
December 31 | ||||||||
2010 | 2009 | |||||||
Assets: | ||||||||
Properties | $ | 1,092,916 | $ | 1,094,963 | ||||
Accumulated depreciation and amortization | (417,712 | ) | (396,518 | ) | ||||
$ | 675,204 | $ | 698,445 | |||||
Cash and cash equivalents | 21,339 | 18,544 | ||||||
Accounts and notes receivable, less allowance for doubtful accounts of $1,471 and $1,703 in 2010 and 2009 | 26,288 | 26,982 | ||||||
Deferred charges and other assets | 18,891 | 22,310 | ||||||
$ | 741,722 | $ | 766,281 | |||||
Liabilities and accumulated deficiency in assets: | ||||||||
Notes payable | $ | 1,125,618 | $ | 1,092,806 | ||||
Accounts payable and other liabilities | 37,292 | 50,615 | ||||||
TRG's accumulated deficiency in assets | (224,636 | ) | (205,566 | ) | ||||
Unconsolidated Joint Venture Partners' accumulated deficiency in assets | (196,552 | ) | (171,574 | ) | ||||
$ | 741,722 | $ | 766,281 | |||||
TRG's accumulated deficiency in assets (above) | $ | (224,636 | ) | $ | (205,566 | ) | ||
TRG basis adjustments, including elimination of intercompany profit | 68,682 | 70,371 | ||||||
TCO's additional basis | 62,747 | 64,694 | ||||||
Net Investment in Unconsolidated Joint Ventures | $ | (93,207 | ) | $ | (70,501 | ) | ||
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures | 170,329 | 160,305 | ||||||
Investment in Unconsolidated Joint Ventures | $ | 77,122 | $ | 89,804 |
Year Ended December 31 | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Revenues | $ | 270,391 | $ | 272,535 | $ | 271,813 | ||||||
Maintenance, taxes, utilities, and other operating expenses | $ | 90,680 | $ | 95,775 | $ | 93,218 | ||||||
Litigation charges (Note 14) | 38,500 | |||||||||||
Interest expense | 63,835 | 64,405 | 65,002 | |||||||||
Depreciation and amortization | 37,234 | 38,396 | 39,756 | |||||||||
Total operating costs | $ | 191,749 | $ | 237,076 | $ | 197,976 | ||||||
Nonoperating income | 2 | 87 | 683 | |||||||||
Net income | $ | 78,644 | $ | 35,546 | $ | 74,520 | ||||||
Net income attributable to TRG | $ | 45,092 | $ | 10,748 | $ | 41,857 | ||||||
Realized intercompany profit, net of depreciation on TRG’s basis adjustments | 2,266 | 2,686 | 3,770 | |||||||||
Depreciation of TCO's additional basis | (1,946 | ) | (1,946 | ) | (1,948 | ) | ||||||
Impairment charge | (8,323 | ) | ||||||||||
Equity in income of Unconsolidated Joint Ventures | $ | 45,412 | $ | 11,488 | $ | 35,356 | ||||||
Beneficial interest in Unconsolidated Joint Ventures’ operations: | ||||||||||||
Revenues less maintenance, taxes, utilities, and other operating expenses | $ | 100,682 | $ | 67,815 | $ | 101,089 | ||||||
Interest expense | (33,076 | ) | (33,427 | ) | (33,777 | ) | ||||||
Depreciation and amortization | (22,194 | ) | (22,900 | ) | (23,633 | ) | ||||||
Impairment charge | (8,323 | ) | ||||||||||
Equity in income of Unconsolidated Joint Ventures | $ | 45,412 | $ | 11,488 | $ | 35,356 |
|
2010 | 2009 | |||||||
Trade | $ | 24,515 | $ | 21,767 | ||||
Notes | 10,517 | 9,175 | ||||||
Straight-line rent and recoveries | 22,840 | 20,455 | ||||||
$ | 57,872 | $ | 51,397 | |||||
Less: Allowance for doubtful accounts and notes | (7,966 | ) | (6,894 | ) | ||||
$ | 49,906 | $ | 44,503 |
|
2010 | 2009 | |||||||
Leasing costs | $ | 37,780 | $ | 33,991 | ||||
Accumulated amortization | (17,282 | ) | (15,286 | ) | ||||
$ | 20,498 | $ | 18,705 | |||||
Deferred financing costs, net | 5,399 | 5,679 | ||||||
Restricted cash | 7,599 | 3,464 | ||||||
Intangibles, net | 252 | 1,247 | ||||||
Insurance deposit (Note 16) | 10,135 | 9,689 | ||||||
Investments (Note 16) | 2,061 | 1,665 | ||||||
Interest rate contract (Note 9) | 4,856 | |||||||
Deferred tax asset, net | 7,537 | 7,587 | ||||||
Prepaid expenses | 3,487 | 3,302 | ||||||
Other, net | 8,266 | 7,231 | ||||||
$ | 70,090 | $ | 58,569 |
|
2010 | 2009 | Stated Interest Rate | Maturity Date | Balance Due on Maturity | Facility Amount | |||||||||||
Beverly Center | $ | 322,700 | $ | 328,365 | 5.28% | 02/11/14 | $ | 303,277 | ||||||||
Cherry Creek Shopping Center | 280,000 | 280,000 | 5.24% | 06/08/16 | 280,000 | |||||||||||
Dolphin Mall | 10,000 | 64,000 | LIBOR + 0.70% | 02/14/11(1) | 10,000 | (1 | ) | |||||||||
Fairlane Town Center | 80,000 | 80,000 | LIBOR + 0.70% | 02/14/11(1) | 80,000 | (1 | ) | |||||||||
Great Lakes Crossing Outlets | 132,262 | 135,144 | 5.25% | 03/11/13 | 125,507 | |||||||||||
International Plaza | 325,000 | 325,000 | LIBOR +1.15% (2) | 01/08/11(2) | 325,000 | |||||||||||
MacArthur Center | 131,000 | LIBOR + 2.35% (3) | 09/01/20 | 117,234 | ||||||||||||
MacArthur Center | 129,358 | 7.59% | ||||||||||||||
Northlake Mall | 215,500 | 215,500 | 5.41% | 02/06/16 | 215,500 | |||||||||||
The Mall at Partridge Creek | 82,140 | 6.15% | 07/06/20 | 70,433 | ||||||||||||
The Mall at Partridge Creek | 73,770 | LIBOR + 1.15% | 81,000 | |||||||||||||
The Pier Shops at Caesars (Note 3) | 135,000 | 135,000 | (4) | (4) | ||||||||||||
Regency Square (Note 3) | 72,690 | 74,085 | 6.75% (5) | 11/01/11(5) | 71,569 | (5) | ||||||||||
The Mall at Short Hills | 540,000 | 540,000 | 5.47% | 12/14/15 | 540,000 | |||||||||||
Stony Point Fashion Park | 105,484 | 107,237 | 6.24% | 06/01/14 | 98,585 | |||||||||||
Twelve Oaks Mall | LIBOR + 0.70% | 02/14/11(1) | (1 | ) | ||||||||||||
The Mall at Wellington Green | 200,000 | 200,000 | 5.44% | 05/06/15 | 200,000 | |||||||||||
Line of Credit | 24,784 | 3,560 | Variable Bank Rate | 02/14/12 | 24,784 | 40,000 | (6) | |||||||||
$ | 2,656,560 | $ | 2,691,019 |
(1) | Dolphin, Fairlane, and Twelve Oaks are the borrowers and collateral for the $550 million revolving credit facility. The unused borrowing capacity at December 31, 2010 was $394 million. Sublimits may be reallocated quarterly but not more often than twice a year. In February 2011, the maturity date was extended for one year. |
(2) | Stated interest rate was swapped to an effective rate of 5.01%, until January 2011. In January 2011, the loan was extended for one year, at a new principal amount of $272.4 million, and has a one-year extension option remaining. The loan floats at LIBOR + 1.15% during the extension period. |
(3) | Stated interest rate is swapped to an effective rate of 4.99%. |
(4) | The Pier Shops’ loan is in default. Interest accrues at the default rate of 10.01% rather than the original stated rate of 6.01% (Note 3). |
(5) | The Company has announced that it will discontinue financial support of Regency Square. As a result the Company is in discussions with the lender about the center's future ownership. As of December 31, 2010 the loan was not in default. |
(6) | The unused borrowing capacity at December 31, 2010 was $12 million. |
2011 | $ | 499,510 | (1) | |
2012 | 37,613 | |||
2013 | 137,223 | |||
2014 | 405,935 | |||
2015 | 742,766 | |||
Thereafter | 698,513 | |||
Debt in Default | 135,000 | |||
$ | 2,656,560 |
(1) | Includes $90 million with a one-year extension option and $325 million with two one-year extension options. Both loans were extended for one year to February 2012. |
Center | Loan Balance as of 12/31/10 | TRG's Beneficial Interest in Loan Balance as of 12/31/10 | Amount of Loan Balance Guaranteed by TRG as of 12/31/10 | % of Loan Balance Guaranteed by TRG | % of Interest Guaranteed by TRG | |||||||||||||||
(in millions) | ||||||||||||||||||||
Dolphin Mall | $ | 10.0 | $ | 10.0 | $ | 10.0 | 100 | % | 100 | % | ||||||||||
Fairlane Town Center | 80.0 | 80.0 | 80.0 | 100 | 100 | |||||||||||||||
Twelve Oaks Mall | – | – | – | 100 | 100 |
At 100% | At Beneficial Interest | |||||||||||||||
Consolidated Subsidiaries | Unconsolidated Joint Ventures | Consolidated Subsidiaries | Unconsolidated Joint Ventures | |||||||||||||
Debt as of: | ||||||||||||||||
December 31, 2010 | $ | 2,656,560 | $ | 1,125,618 | $ | 2,297,460 | $ | 575,103 | ||||||||
December 31, 2009 | 2,691,019 | 1,092,806 | 2,332,030 | 559,817 | ||||||||||||
Capitalized interest: | ||||||||||||||||
Year ended December 31, 2010 | $ | 319 | $ | 319 | ||||||||||||
Year ended December 31, 2009 | 1,257 | $ | 23 | 1,246 | $ | 11 | ||||||||||
Interest expense: | ||||||||||||||||
Year ended December 31, 2010 | $ | 152,708 | $ | 63,835 | $ | 131,484 | $ | 33,076 | ||||||||
Year ended December 31, 2009 | 145,670 | 64,405 | 125,823 | 33,427 |
|
Reconciliation of redeemable noncontrolling interests: | 2010 | |||
Balance January 1, 2010 | $ | - | ||
Contributions | 79 | |||
Allocation of net loss | (79 | ) | ||
Balance December 31, 2010 | $ | - |
2010 | 2009 | |||||||
Non-redeemable noncontrolling interests: | ||||||||
Noncontrolling interests in consolidated joint ventures | $ | (100,355 | ) | $ | (100,014 | ) | ||
Noncontrolling interests in partnership equity of TRG | (93,012 | ) | (75,393 | ) | ||||
Preferred equity of TRG | 29,217 | 29,217 | ||||||
$ | (164,150 | ) | $ | (146,190 | ) |
2010 | 2009 | 2008 | ||||||||||
Net income (loss) attributable to noncontrolling interests: | ||||||||||||
Non-redeemable noncontrolling interests: | ||||||||||||
Noncontrolling share of income of consolidated joint ventures | $ | 9,859 | $ | 3,115 | $ | 7,441 | ||||||
Distributions in excess of noncontrolling share of income of consolidated joint ventures | 8,594 | |||||||||||
TRG Series F preferred distributions | 2,460 | 2,460 | 2,460 | |||||||||
Noncontrolling share of income (loss) of TRG | 26,219 | (31,224 | ) | (11,338 | ) | |||||||
Distributions in excess of noncontrolling share of income of TRG | 55,370 | |||||||||||
38,538 | (25,649 | ) | 62,527 | |||||||||
Redeemable noncontrolling interests | (79 | ) | ||||||||||
$ | 38,459 | $ | (25,649 | ) | $ | 62,527 |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Net income (loss) attributable to Taubman Centers, Inc. common shareowners | $ | 47,599 | $ | (69,706 | ) | $ | (86,659 | ) | ||||
Transfers (to) from the noncontrolling interest – | ||||||||||||
Increase (Decrease) in Taubman Centers, Inc.’s paid-in capital for the acquisition of additional units of TRG under the Continuing Offer | (989 | ) | (484 | ) | ||||||||
Net transfers (to) from noncontrolling interests | (989 | ) | (484 | ) | ||||||||
Change from net income (loss) attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests | $ | 46,610 | $ | (70,190 | ) | $ | (86,659 | ) |
|
Instrument Type | Ownership | Notional Amount | Swap Rate | Credit Spread on Loan | Total Swapped Rate on Loan | Maturity Date |
Consolidated Subsidiaries: | ||||||
Receive variable (LIBOR) /pay-fixed swap | 50.1% | $325,000 | 3.86% | 1.15% | 5.01% | January 2011 |
Receive variable (LIBOR) /pay-fixed swap (1) | 95.0 | 131,000 | 2.64 | 2.35 | 4.99 | September 2020 |
Unconsolidated Joint Ventures: | ||||||
Receive variable (LIBOR) /pay-fixed swap | 50.0 | 250,000 | 2.82 | 1.40 | 4.22 | April 2011 |
Receive variable (LIBOR) /pay-fixed swap | 50.0 | 30,000 | 5.05 | 0.90 | 5.95 | November 2012 |
(1) | The notional amount of the swap is equal to the outstanding principal balance on the loan, which begins amortizing in September 2012. |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) | ||||||||||||||||||
2010 | 2009 | 2008 | 2010 | 2009 | 2008 | |||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | $ | 15,351 | $ | 6,402 | $ | (16,138 | ) | Interest Expense | $ | (12,876 | ) | $ | (11,474 | ) | $ | (3,267 | ) | |||
Interest rate contracts – UJVs | 2,494 | 1,516 | (5,309 | ) | Equity in Income of UJVs | (3,945 | ) | (3,761 | ) | (383 | ) | |||||||||
Total derivatives in cash flow hedging relationships | $ | 17,845 | $ | 7,918 | $ | (21,447 | ) | $ | (16,821 | ) | $ | (15,235 | ) | $ | (3,650 | ) | ||||
Realized losses on settled cash flow hedges: | ||||||||||||||||||||
Interest rate contracts – consolidated subsidiaries | Interest Expense | $ | (886 | ) | $ | (886 | ) | $ | (885 | ) | ||||||||||
Interest rate contract – UJVs | Equity in Income of UJVs | (376 | ) | (376 | ) | (375 | ) | |||||||||||||
Total realized losses on settled cash flow hedges | $ | (1,262 | ) | $ | (1,262 | ) | $ | (1,260 | ) |
Fair Value | |||||||||
Consolidated Balance Sheet Location | December 31 2010 | December 31 2009 | |||||||
Derivatives designated as hedging instruments: | |||||||||
Asset derivatives- | |||||||||
Interest rate contract – consolidated subsidiaries | Deferred Charges and Other Assets | $ | 4,856 | ||||||
Liability derivatives: | |||||||||
Interest rate contract – consolidated subsidiaries | Accounts Payable and Accrued Liabilities | $ | (291 | ) | $ | (10,786 | ) | ||
Interest rate contracts – UJVs | Investment in UJVs | (1,964 | ) | (4,458 | ) | ||||
Total liabilities designated as hedging instruments | $ | (2,255 | ) | $ | (15,244 | ) |
|
2011 | $ | 310,819 | ||
2012 | 283,564 | |||
2013 | 259,245 | |||
2014 | 232,750 | |||
2015 | 202,294 | |||
Thereafter | 653,240 |
2011 | $ | 8,685 | ||
2012 | 9,639 | |||
2013 | 9,564 | |||
2014 | 8,734 | |||
2015 | 6,335 | |||
Thereafter | 358,468 |
|
|
|
|
Fair Value Measurements as of December 31, 2010 Using | Fair Value Measurements as of December 31, 2009 Using | ||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | |||||||||||
Available-for-sale securities | $ | 2,061 | $ | 1,665 | |||||||||||
Derivative interest rate contract | $ | 4,856 | |||||||||||||
Insurance deposit | 10,135 | 9,689 | |||||||||||||
Total assets | $ | 12,196 | $ | 4,856 | $ | 11,354 | |||||||||
Derivative interest rate contract (Note 9) | $ | (291 | ) | $ | (10,786 | ) | |||||||||
Total liabilities | $ | (291 | ) | $ | (10,786 | ) |
2009 | 2008 | |||||||||||||||
Description | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Total Impairment Losses | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Total Impairment Losses | ||||||||||||
The Pier Shops investment | $ | 52,300 | $ | (107,652 | ) | |||||||||||
Regency Square investment | 28,800 | (59,028 | ) | |||||||||||||
Oyster Bay investment | $ | 39,778 | $ | (117,943 | ) | |||||||||||
Total assets | $ | 81,100 | $ | (166,680 | ) | $ | 39,778 | $ | (117,943 | ) |
2010 | 2009 | ||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||
Notes payable | $2,656,560 | $2,616,986 | $2,691,019 | $2,523,759 |
|
2010 | 2009 | 2008 | |
Non-cash additions to properties | $28,678 | $14,138 | $14,820 |
|
2010 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues | $ | 151,489 | $ | 154,082 | $ | 155,263 | $ | 193,724 | ||||||||
Equity in income of Unconsolidated Joint Ventures | 9,735 | 9,505 | 9,973 | 16,199 | ||||||||||||
Net income | 16,813 | 18,484 | 8,458 | 58,572 | ||||||||||||
N Net income attributable to TCO common shareowners | 6,283 | 7,453 | 722 | 33,141 | ||||||||||||
Earnings per common share – basic | $ | 0.12 | $ | 0.14 | $ | 0.01 | $ | 0.61 | ||||||||
Earnings per common share – diluted | $ | 0.11 | $ | 0.14 | $ | 0.01 | $ | 0.60 |
2009 (1) | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues | $ | 157,690 | $ | 158,939 | $ | 163,200 | $ | 186,275 | ||||||||
Equity in income (loss) of Unconsolidated Joint Ventures | 10,158 | 8,368 | 10,454 | (17,492 | ) | |||||||||||
Net income (loss) | 24,526 | 20,866 | (138,788 | ) | 14,235 | |||||||||||
N Net income (loss) attributable to TCO common shareowners | 11,499 | 8,908 | (94,073 | ) | 3,960 | |||||||||||
Earnings (loss) per common share – basic and diluted | $ | 0.22 | $ | 0.17 | $ | (1.77 | ) | $ | 0.07 |
(1) | Amounts include the impairment charges recognized in the third quarter of 2009 of $166.7 million related to the Company’s investments in The Pier Shops and Regency Square (Note 3) and litigation charges in the fourth quarter of 2009 related to Westfarms (Note 14). |
|
|
Additions | |||||||||||
Balance at beginning of year | Charged to costs and expenses | Charged to other accounts | Write-offs | Transfers, net | Balance at end of year | ||||||
Year ended December 31, 2010 | |||||||||||
Allowance for doubtful receivables | $6,894 | $3,363 | $(2,291) | $7,966 | |||||||
Year ended December 31, 2009 | |||||||||||
Allowance for doubtful receivables | $9,895 | $2,081 | $(5,082) | $6,894 | |||||||
Year ended December 31, 2008 | |||||||||||
Allowance for doubtful receivables | $6,694 | $6,088 | $(2,887) | $9,895 |
|
Initial Cost to Company | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||
Land | Buildings, Improvements, and Equipment | Cost Capitalized Subsequent to Acquisition | Land | BI&E | Total | Accumulated Depreciation (A/D) | Total Cost Net of A/D | Encumbrances | Date of Completion of Construction or Acquisition | Depreciable Life | ||||||||||||||||||||||
Shopping Centers: | ||||||||||||||||||||||||||||||||
Beverly Center, Los Angeles, CA | $ | 209,093 | $ | 64,239 | $ | 273,332 | $ | 273,332 | $ | 134,250 | $ | 139,082 | $ | 322,700 | 1982 | 40 Years | ||||||||||||||||
Cherry Creek Shopping Center, Denver, CO | 99,260 | 116,578 | 215,838 | 215,838 | 115,500 | 100,338 | 280,000 | 1990 | 40 Years | |||||||||||||||||||||||
Dolphin Mall, Miami, FL | $ | 34,881 | 237,324 | 54,776 | $ | 34,881 | 292,100 | 326,981 | 82,261 | 244,720 | 10,000 | (1) | 2001 | 50 Years | ||||||||||||||||||
Fairlane Town Center, Dearborn, MI | 17,330 | 104,668 | 47,112 | 17,330 | 151,780 | 169,110 | 65,058 | 104,052 | 80,000 | (1) | 1996 | 40 Years | ||||||||||||||||||||
Great Lakes Crossing Outlets, Auburn Hills, MI | 15,506 | 188,959 | 38,038 | 15,506 | 226,997 | 242,503 | 94,317 | 148,186 | 132,262 | 1998 | 50 Years | |||||||||||||||||||||
International Plaza, Tampa, FL | 307,006 | 35,850 | 342,856 | 342,856 | 101,356 | 241,500 | 325,000 | 2001 | 50 Years | |||||||||||||||||||||||
MacArthur Center, Norfolk, VA | 143,471 | 15,990 | 159,461 | 159,461 | 52,005 | 107,456 | 131,000 | 1999 | 50 Years | |||||||||||||||||||||||
Northlake Mall, Charlotte, NC | 22,540 | 146,072 | 2,728 | 22,540 | 148,800 | 171,340 | 47,723 | 123,617 | 215,500 | 2005 | 50 Years | |||||||||||||||||||||
The Mall at Partridge Creek, Clinton Township, MI | 14,097 | 120,342 | 11,683 | 14,097 | 132,025 | 146,122 | 29,109 | 117,013 | 82,140 | 2007 | 50 Years | |||||||||||||||||||||
The Pier Shops at Caesars, Atlantic City, NJ | 44,863 | 2,722 | 47,585 | 47,585 | 4,277 | 43,308 | 135,000 | 2006 | 50 Years | |||||||||||||||||||||||
Regency Square, Richmond, VA | 9,006 | 6,657 | 14,552 | 9,006 | 21,209 | 30,215 | 2,110 | 28,105 | 72,690 | 1997 | 40 Years | |||||||||||||||||||||
The Mall at Short Hills, Short Hills, NJ | 25,114 | 167,595 | 125,134 | 25,114 | 292,729 | 317,843 | 137,887 | 179,956 | 540,000 | 1980 | 40 Years | |||||||||||||||||||||
Stony Point Fashion Park, Richmond, VA | 10,677 | 92,516 | 9,677 | 10,677 | 102,193 | 112,870 | 37,874 | 74,996 | 105,484 | 2003 | 50 Years | |||||||||||||||||||||
Twelve Oaks Mall, Novi, MI | 25,410 | 190,658 | 78,132 | 25,410 | 268,790 | 294,200 | 106,357 | 187,843 | (1) | 1977 | 50 Years | |||||||||||||||||||||
The Mall at Wellington Green, Wellington, FL | 18,967 | 191,440 | 10,233 | 21,439 | 199,201 | 220,640 | 76,430 | 144,210 | 200,000 | 2001 | 50 Years | |||||||||||||||||||||
The Shops at Willow Bend, Plano, TX | 26,192 | 213,302 | 15,374 | 26,192 | 228,676 | 254,868 | 71,762 | 183,106 | 2001 | 50 Years | ||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||
Office Facilities | 26,552 | 26,552 | 26,552 | 18,077 | 8,475 | |||||||||||||||||||||||||||
Peripheral Land | 45,306 | 45,306 | 45,306 | 45,306 | ||||||||||||||||||||||||||||
Construction in Process and Development Pre-Construction Costs | 46,700 | 15,626 | 46,700 | 15,626 | 62,326 | 62,326 | ||||||||||||||||||||||||||
Assets under CDD obligations | 4,164 | 61,411 | 4,164 | 61,411 | 65,575 | 21,834 | 43,741 | |||||||||||||||||||||||||
Other | 2,774 | 2,774 | 2,774 | 1,060 | 1,714 | |||||||||||||||||||||||||||
Total | $ | 315,890 | $ | 2,527,411 | $ | 684,996 | $ | 318,362 | $ | 3,209,935 | $ | 3,528,297 | (5) | $ | 1,199,247 | $ | 2,329,050 |
Total Real Estate Assets | Accumulated Depreciation | ||||||||||||||||||
2010 | 2009 | 2008 | 2010 | 2009 | 2008 | ||||||||||||||
Balance, beginning of year | $ | 3,496,853 | $ | 3,699,480 | $ | 3,781,136 | Balance, beginning of year | $ | (1,100,610 | ) | $ | (1,049,626 | ) | $ | (933,275 | ) | |||
New development and improvements | 79,023 | 52,772 | 58,259 | Depreciation for year | (144,932 | ) | (139,658 | ) | (138,741 | ) | |||||||||
Disposals/Write-offs | (46,737 | ) | (256,404 | ) (2)(3) | (136,579 | ) (4) | Disposals/Write-offs | 46,295 | 88,690 | (3) | 22,425 | ||||||||
Transfers In/(Out) | (842 | ) | 1,005 | (3,336 | ) | Transfers In/(Out) | (16 | ) | (35 | ) | |||||||||
Balance, end of year | $ | 3,528,297 | $ | 3,496,853 | $ | 3,699,480 | Balance, end of year | $ | (1,199,247 | ) | $ | (1,100,610 | ) | $ | (1,049,626 | ) |
(1) | These centers are collateral for the Company’s $550 million line of credit. Borrowings under the line of credit are primary obligations of the entities owning these centers. |
(2) | In 2009, the Company wrote down The Pier Shops at Caesars and Regency Square to their fair values. The impairment charges were $107.7 million and $59.0 million, respectively. |
(3) | As a result of the impairments of The Pier Shops and Regency Square in 2009, the related accumulated depreciation was set to zero. |
(4) | In 2008, the Company recognized a $117.9 million impairment charge on the Oyster Bay project. The remaining balance of $39.8 million as of December 31, 2010 is included in development pre-construction costs. |
(5) | The unaudited aggregate costs for federal income tax purposes as of December 31, 2010 was $3.737 billion. |
|
|