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 GGP Reports Full Year 2015 Results, and Declares First Quarter Dividend
   Monday, February 01, 2016 4:01:02 PM ET

General Growth Properties, Inc. (the "Company" or "GGP") (GGP ) today reported results for the three and twelve months ended December 31, 2015.

Financial Results

For the Three Months Ended December 31, 2015

Comparable net operating income ("Same Store NOI") increased 6.7% to $624 million from $585 million in the prior year period.

Company earnings before interest, taxes, depreciation and amortization ("Company EBITDA") increased 6.5% to $588 million from $553 million in the prior year period.

Company funds from operations ("Company FFO") per share increased 13.8% to $0.43 per diluted share from $0.38 per diluted share in the prior year period. Company FFO increased 14.2% to $408 million from $357 million in the prior year period.



Net income attributable to common stockholders, which is impacted primarily by depreciation expense, gain from changes in control of investment properties and other and equity in income of unconsolidated real estate affiliates- gain on investment, was $190 million, or $0.20 per diluted share, as compared to net income of $285 million, or $0.30 per diluted share, in the prior year period.

For the Twelve Months Ended December 31, 2015

Same Store NOI increased 4.8% to $2.26 billion from $2.16 billion in the prior year period.

Company EBITDA increased 5.4% to $2.12 billion from $2.01 billion in the prior year period.

Company FFO per share increased 8.7% to $1.44 per diluted share from $1.32 per diluted share in the prior year period. Company FFO increased 9.6% to $1.38 billion from $1.26 billion in the prior year period.

Net income attributable to common stockholders, which is impacted primarily by depreciation expense, gain from changes in control of investment properties and other and equity in income of unconsolidated real estate affiliates- gain on investment, was $1.36 billion, or $1.43 per diluted share, as compared to net income of $650 million, or $0.69 per diluted share, in the prior year period.

Operational Highlights

-- Same Store leased percentage was 96.9% at quarter end.

-- Initial rental rates for signed leases that have commenced in the trailing 12 months on a suite-to-suite basis increased 10.8%, or $6.32 per square foot, to $64.92 per square foot when compared to the rental rate for expiring leases.

-- Tenant sales (all less anchors) increased 2.8% to $21.0 billion on a trailing 12-month basis. Tenant sales (<10,000 square feet) increased 3.0% to $588 per square foot on a trailing 12-month basis.

Investment Activities

Dispositions

In January 2016, the Company sold its interests in four retail properties for a gross purchase price of approximately $302 million and received net proceeds of approximately $250 million.

Development

The Company has development and redevelopment activities totaling approximately $2.3 billion at share, of which projects totaling approximately $1.3 billion have opened, $0.4 billion is under construction, and $0.6 billion is in the pipeline.

Common Share Repurchases

During the quarter, the Company acquired approximately 271,000 of its common shares at a weighted average price of $25.00 per share for total consideration of approximately $6.8 million. During the twelve months ended, the Company acquired approximately 4.32 million of its common shares at a weighted average price of $25.34 per share for total consideration of approximately $109.5 million.

Financing Activities

Property-Level Debt

During the quarter, the Company obtained $250 million of new fixed rate debt with a weighted average term to maturity of 10.0 years and a weighted average interest rate of 4.3%.

Corporate Credit Facility

During the quarter, the Company amended its $1.5 billion corporate credit facility to extend its maturity to October 2020.

Dividends

On February 1, 2016, the Company’s Board of Directors declared a first quarter common stock dividend of $0.19 per share payable on April 29, 2016, to stockholders of record on April 15, 2016. This represents an increase of $0.02 per share or 12% growth over the dividend declared in first quarter 2015.

The Board of Directors also declared a quarterly dividend on the 6.375% Series A Cumulative Redeemable Preferred Stock of $0.3984 per share payable on April 1, 2016, to stockholders of record on March 15, 2016.

Guidance

Company FFO for the year ending December 31, 2016 is expected to be $1.52 to $1.56 per diluted share. Company FFO for the first quarter of 2016 is expected to be $0.34 to $0.36 per diluted share.

                                                                                                            For the three
                                                                                      For the year ending                                                            months ending
Earnings Guidance                                                   December 31, 2016                                                            March 31, 2016
---------------------------------------------- -------------------- ----------------------------------------------------                        ----------------------------------------------------
                                                                                        
---------------------------------------------- -------------------- -------------------------------------------------------                     -------------------------------------------------------
Company FFO per diluted share                                                          $ 1.52 - $1.56                                                              $ 0.34 - $0.36
Adjustments (1)                                                              (0.04 )                                                  (0.01 )
                                                                    -------------------- ------------ --------------------                      -------------------- ------------ --------------------
NAREIT FFO                                                                             $ 1.48 - $1.52                                                              $ 0.33 - $0.35
Depreciation, including share of JVs                                         (0.94 )                                                  (0.24 )
                                                                    -------------------- ------------ --------------------                      -------------------- ------------ --------------------
Net income attributable to common stockholders                                         $ 0.54 - $0.58                                                              $ 0.09 - $0.11
Preferred stock dividends                                                     0.02                                     -  
                                                                    -------------------- ------------ --------------------                      -------------------- ------------ --------------------
Net income attributable to GGP                                                         $ 0.56 - $0.60                                           $ 0.09 - $0.11  
                                                                    -------------------- ------------ --------------------                      -------------------- ------------ --------------------

1. Includes impact of straight-line rent, above/below market rent, ground rent amortization, debt market rate adjustments and other non-cash or non-comparable items

The guidance estimate reflects management’s view of current and future market conditions, including assumptions with respect to Same Store NOI growth, rental rates, occupancy levels, retail sales, variable expenses, interest rates and the earnings impact of the events referenced in this release and previously disclosed. The guidance also reflects management’s view of capital market conditions. The estimates do not include possible future gains or losses, or the impact on operating results from other possible future property acquisitions or dispositions or capital market activity. Earnings per share estimates may be subject to fluctuations as a result of several factors, including any gains or losses associated with disposition activity. By definition, FFO and Company FFO do not include real estate-related depreciation and amortization, provisions for impairment, or gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release and in the Company’s annual and quarterly periodic reports filed with the Securities and Exchange Commission.

Investor Conference Call

On Tuesday, February 2, 2016, the Company will host a conference call at 8:00 a.m. Central (9:00 a.m. Eastern). The conference call will be accessible by telephone and through the Internet. Interested parties can access the call by dialing 877.845.1018 (international 707.287.9345). A live webcast of the conference call will be available in listen-only mode in the Investors section at www.ggp.com. Interested parties should access the conference call or website 10 minutes prior to the beginning of the call in order to register. For those unable to listen to the call live, a replay will be available after the conference call event. To access the replay, dial 855.859.2056 (international 404.537.3406) conference ID 3107667.

Supplemental Information

The Company has prepared a supplemental information report available on www.ggp.com in the Investors section. This information also has been furnished with the Securities and Exchange Commission as an exhibit on Form 8-K.

Forward-Looking Statements

Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statement are based on reasonable assumption, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, the Company’s ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Investors and others should note that we post our current Investor Presentation on the Investors page of our website at www.ggp.com. From time to time, we update that Investor Presentation and when we do, it will be posted on the Investors page of our website at ggp.com. It is possible that the updates could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the Investors page of our website at www.ggp.com from time to time.

General Growth Properties, Inc.

General Growth Properties, Inc. is an S&P 500 company focused exclusively on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.

Non-GAAP Supplemental Financial Measures and Definitions

Net Operating Income ("NOI") and Company NOI

The Company defines NOI as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses. NOI excludes reductions in ownership as a result of sales or other transactions and has been reflected on a proportionate basis (at the Company’s ownership share). Other REITs may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs. The Company considers NOI a helpful supplemental measure of its operating performance because it is a direct measure of the actual results of our properties. Because NOI excludes reductions in ownership as a result of sales or other transactions, general and administrative expenses, interest expense, retail investment property impairment or non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests, provision for income taxes, discontinued operations, preferred stock dividends, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.

The Company also considers Company NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI certain non-cash and non-comparable items such as straight-line rent and intangible asset and liability amortization, which are a result of our emergence, acquisition accounting and other capital contribution or restructuring events. However, due to the exclusions noted, Company NOI should only be used as an alternative measure of the Company’s financial performance. We present Company NOI and Company FFO (as defined below); as we believe certain investors and other users of our financial information use these measures of the Company’s historical operating performance.

Earnings Before Interest Expense, Income Tax, Depreciation, and Amortization ("EBITDA") and Company EBITDA

The Company defines EBITDA as NOI less certain property management and administrative expenses, net of management fees and other operational items. EBITDA is a commonly used measure of performance in many industries, but may not be comparable to measures calculated by other companies. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other equity REITs, retail property owners who are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO (discussed below), it is widely used by management in the annual budget process and for compensation programs.

The Company also considers Company EBITDA to be a helpful supplemental measure of its operating performance because it excludes from EBITDA certain non-cash and non-comparable items such as straight-line rent and intangible asset and liability amortization, which are a result of our emergence, acquisition accounting and other capital contribution or restructuring events. However, due to the exclusions noted, Company EBITDA should only be used as an alternative measure of the Company’s financial performance.

Funds From Operations ("FFO") and Company FFO

The Company determines FFO based upon the definition set forth by National Association of Real Estate Investment Trusts ("NAREIT"). The Company determines FFO to be its share of consolidated net income (loss) computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding cumulative effects of accounting changes, excluding gains and losses from the sales of, or any impairment charges related to, previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon the Company’s economic ownership interest, and all determined on a consistent basis in accordance with GAAP. As with the Company’s presentation of NOI, FFO has been reflected on a proportionate basis.

The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry. FFO facilitates an understanding of the operating performance of the Company’s properties between periods because it does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance.

As with the Company’s presentation of Company NOI, the Company also considers Company FFO to be a helpful supplemental measure of the operating performance for equity REITs because it excludes from FFO certain items that are non-cash and certain non-comparable items such as Company NOI adjustments, and FFO items such as mark-to-market adjustments on debt and gains on the extinguishment of debt,, and interest expense on debt repaid or settled all which are a result of the Company’s acquisition accounting and other capital contribution or restructuring events.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

The Company presents NOI and FFO as they are financial measures widely used in the REIT industry. In order to provide a better understanding of the relationship between the Company’s non-GAAP financial measures of NOI, Company NOI, FFO and Company FFO, reconciliations have been provided as follows: a reconciliation of GAAP operating income to NOI and Company NOI and a reconciliation of net income attributable to GGP to FFO and Company FFO. None of the Company’s non-GAAP financial measures represents cash flow from operating activities in accordance with GAAP, none should be considered as an alternative to GAAP net income (loss) attributable to GGP and none are necessarily indicative of cash available to fund cash needs. In addition, the Company has presented such financial measures on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.

FINANCIAL OVERVIEW
 
Consolidated Statements of Operations
(In thousands, except per share)
                                                                                                                                                                                    
                                                                                            ---------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                Three Months Ended                                                                                                                               Twelve Months Ended
                                                                                            ---------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------------
                                                                                                             December 31, 2015                                    December 31, 2014                                                        December 31, 2015                                     December 31, 2014
                                                                                            ---------------------------------------------------                     ---------------------------------------------------                     ----------------------------------------------------                     ----------------------------------------------------
                                                                                                                                                                                                                                                                                                                      
Revenues:
  Minimum rents                                                                                                $  387,230                                                              $  413,147                                                              $ 1,481,614                                                              $ 1,583,695
  Tenant recoveries                                                                                               171,496                                                                 186,815                                                                  689,536                                                                  739,411
  Overage rents                                                                                                    25,269                                                                  27,126                                                                   44,024                                                                   51,611
  Management fees and other corporate revenues                                                                     21,282                                                                  19,128                                                                   86,595                                                                   70,887
  Other                                                                                         39,357                            26,806                            102,137                             89,955  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total revenues                                                                                 644,634                           673,022                          2,403,906                          2,535,559  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Expenses:
  Real estate taxes                                                                                                52,458                                                                  55,306                                                                  222,883                                                                  227,992
  Property maintenance costs                                                                                       15,548                                                                  17,944                                                                   60,040                                                                   66,897
  Marketing                                                                                                         9,110                                                                   8,728                                                                   21,958                                                                   24,654
  Other property operating costs                                                                                   74,923                                                                  81,974                                                                  302,797                                                                  333,620
  Provision for doubtful accounts                                                                                   1,882                                                                   2,844                                                                    8,081                                                                    8,055
  Property management and other costs                                                                              39,709                                                                  35,702                                                                  161,556                                                                  155,093
  General and administrative                                                                                       13,010                                                                  11,441                                                                   50,405                                                                   64,051
  Provisions for impairment                                                                                         8,604                                                                   5,278                                                                    8,604                                                                    5,278
  Depreciation and amortization                                                                160,663                           179,478                            643,689                            708,406  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total expenses                                                                                 375,907                           398,695                          1,480,013                          1,594,046  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Operating income                                                                               268,727                           274,327                            923,893                            941,513  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Interest and dividend income                                                                                       14,358                                                                   8,812                                                                   49,254                                                                   28,613
Interest expense                                                                                                 (147,386 )                                                              (171,012 )                                                               (607,675 )                                                               (699,285 )
Gain (loss) on Foreign Currency                                                                                     1,555                                                                 (11,031 )                                                                (44,984 )                                                                (18,048 )
Gain from changes in control of investment properties and other                                 11,780                            91,193                            634,367                             91,193  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Income before income taxes, equity in income of Unconsolidated                                                    149,034                                                                 192,289                                                                  954,855                                                                  343,986
Real Estate Affiliates, discontinued operations and allocation to
noncontrolling interests
Benefit from (provision for) income taxes                                                                           9,253                                                                  (4,417 )                                                                 38,334                                                                   (7,253 )
Equity in income of Unconsolidated Real Estate Affiliates                                                          32,275                                                                  17,700                                                                   73,390                                                                   51,568
Equity in income of Unconsolidated Real Estate Affiliates - gain on                              6,067                             9,710                            327,017                              9,710  
investment
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Income from continuing operations                                                                                 196,629                                                                 215,282                                                                1,393,596                                                                  398,011
Discontinued operations:
  Income from discontinued operations, including gains on dispositions                                                  -                                                                   1,021                                                                        -                                                                  137,989
  Gain on extinguishment of tax indemnification liability                                                               -                                                                  77,215                                                                        -                                                                   77,215
  Gain on extinguishment of debt                                                                     -                                 -                                  -                             66,679  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Discontinued operations, net                                                                         -                            78,236                                  -                            281,883  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Net income                                                                                                        196,629                                                                 293,518                                                                1,393,596                                                                  679,894
Allocation to noncontrolling interests                                                          (2,588 )                                             (4,036 )                                             (19,035 )                                             (14,044 )
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Net income attributable to GGP                                                                                    194,041                                                                 289,482                                                                1,374,561                                                                  665,850
Preferred stock dividends                                                                       (3,984 )                                             (3,984 )                                             (15,937 )                                             (15,936 )
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Net income attributable to common stockholders                                                                 $  190,057                                           $  285,498                                           $ 1,358,624                                           $   649,914  
                                                                                            ==================== ======== ====================                      ==================== ======== ====================                      ==================== ========= ====================                      ==================== ========= ====================
Basic Earnings Per Share:
    Continuing operations                                                                                      $     0.22                                                              $     0.23                                                              $      1.54                                                              $      0.42
    Discontinued operations                                                                          -                              0.09                                  -                               0.32  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total basic earnings per share                                                                                 $     0.22                                           $     0.32                                           $      1.54                                           $      0.74  
                                                                                            ==================== ======== ====================                      ==================== ======== ====================                      ==================== ========= ====================                      ==================== ========= ====================
Diluted Earnings Per Share:
    Continuing operations                                                                                      $     0.20                                                              $     0.22                                                              $      1.43                                                              $      0.39
    Discontinued operations                                                                          -                              0.08                                  -                               0.30  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
Total diluted earnings per share                                                                               $     0.20                                           $     0.30                                           $      1.43                                           $      0.69  
                                                                                            -------------------- -------- --------------------                      -------------------- -------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------
FINANCIAL OVERVIEW
 
Consolidated Balance Sheets
(In thousands)
                                                                                                                         
                                                                                                                                             -----------------------------------------------------                     -----------------------------------------------------
                                                                                                                                                               December 31, 2015                                                         December 31, 2014
                                                                                                                                             -----------------------------------------------------                     -----------------------------------------------------
Assets:
Investment in real estate:
                     Land                                                                                                                                       $  3,596,354                                                              $  4,244,607
                     Buildings and equipment                                                                                                                      16,379,789                                                                18,028,844
                     Less accumulated depreciation                                                                                                                (2,452,127 )                                                              (2,280,845 )
                     Construction in progress                                                                                                     308,903                             703,859  
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                     Net property and equipment                                                                                   17,832,919                                                                20,696,465
                     Investment in and loans to/from Unconsolidated Real Estate Affiliates                                                      3,466,040                           2,604,762  
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                     Net investment in real estate                                                                                21,298,959                                                                23,301,227
Cash and cash equivalents                                                                                                                                            356,895                                                                   372,471
Accounts and notes receivable, net                                                                                                                                   949,556                                                                   663,768
Deferred expenses, net                                                                                                                                               214,578                                                                   130,389
Prepaid expenses and other assets (1)                                                                                                                              1,037,334                                                                   813,777
 Assets held for disposition                                                                                                                      216,233                                   -  
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                     Total assets                                                                                               $ 24,073,555                                           $ 25,281,632  
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Liabilities:
Mortgages, notes and loans payable (1)                                                                                                                          $ 14,216,160                                                              $ 15,944,187
Investment in Unconsolidated Real Estate Affiliates                                                                                                                   38,488                                                                    35,598
Accounts payable and accrued expenses                                                                                                                                784,493                                                                   934,897
Dividend payable                                                                                                                                                     172,070                                                                   154,694
Deferred tax liabilities                                                                                                                                               1,289                                                                    21,240
Junior Subordinated Notes                                                                                                                                            206,200                                                                   206,200
Liabilities held for disposition                                                                                                                   58,934                                   -  
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                     Total liabilities                                                                         15,477,634                          17,296,816  
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Redeemable noncontrolling interests:
                     Preferred                                                                                                                                       157,903                                                                   164,031
                     Common                                                                                                                       129,724                             135,265  
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                     Total redeemable noncontrolling interests                                                    287,627                             299,296  
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
 Equity:
                     Preferred stock                                                                                                                                 242,042                                                                   242,042
                     Stockholders’ Equity                                                                                                                          8,028,001                                                                 7,363,877
                     Noncontrolling interests in consolidated real estate affiliates                                                                                  24,712                                                                    79,601
                     Noncontrolling interests related to Long-Term Incentive Plan Common                                                           13,539                                   -  
                     Units
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                     Total equity                                                                               8,308,294                           7,685,520  
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                     Total liabilities, redeemable noncontrolling interests and equity                                          $ 24,073,555                                           $ 25,281,632  
                                                                                                                                             -------------------- ---------- --------------------                      -------------------- ---------- --------------------
(1)   For the year ended December 31, 2014, deferred financing costs of
                         approximately $54.1 million were reclassified from prepaid
                         expenses and other assets to mortgages, notes and loans payable
                         due to the adoption of ASU 2015-03: Simplifying the Presentation
                         of Debt Issuance Costs.
                          
PROPORTIONATE FINANCIAL STATEMENTS                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                         
Company NOI, EBITDA and FFO
For the Three Months Ended December 31, 2015 and 2014
(In thousands)
                                                                                                                                                                                                                                                                                                           
                                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                    Three Months Ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Three Months Ended December 31, 2014
                                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           Consolidated                                       Noncontrolling                                      Unconsolidated                                           Sold                                                                                                                                                                                                                            Consolidated                                       Noncontrolling                                      Unconsolidated                                           Sold                                                                             
                                                                                                                            Properties                                           Interests                                          Properties                                           Interests                                         Proportionate                                        Adjustments                                           Company                                                               Properties                                           Interests                                          Properties                                           Interests                                         Proportionate                                         Adjustments                                           Company
                                                                                                        ----------------------------------------------------------------------- --------------------------------------------------------------------- ----------------------------------------------------------------------- --------------------------------------------------------------------- ----------------------------------------------------------------------- --------------------------------------------------------------------- ---------------------------------------------------                     ----------------------------------------------------------------------- --------------------------------------------------------------------- ---------------------------------------------------------------------- ---------------------------------------------------------------------- ----------------------------------------------------------------------- ---------------------------------------------------------------------- ---------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Property revenues:
  Minimum rents                                                                                                            $  387,230                                                              $ (4,439 )                                                            $  144,034                                                              $    (42 )                                                            $  526,783                                                              $ (1,465 )                                                            $  525,318                                                              $  413,147                                                              $ (4,267 )                                                            $ 106,464                                                              $ (15,242 )                                                            $  500,102                                                              $   2,847                                                              $  502,949
  Tenant recoveries                                                                                                           171,496                                                                (1,580 )                                                                62,027                                                                   (10 )                                                               231,933                                                                     -                                                                 231,933                                                                 186,815                                                                (1,728 )                                                               43,898                                                                 (7,378 )                                                               221,607                                                                      -                                                                 221,607
  Overage rents                                                                                                                25,269                                                                  (374 )                                                                 9,601                                                                     -                                                                  34,496                                                                     -                                                                  34,496                                                                  27,126                                                                  (309 )                                                                7,484                                                                 (1,597 )                                                                32,704                                                                      -                                                                  32,704
  Other revenue                                                                                             39,545         (333 )                           7,923       (3,018 )                          44,117            -         44,117                            26,806         (322 )                          5,982        (1,358 )                          31,108             -         31,108  
-------------------------------------------------------------                                           -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- --------------------                      -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
 Total property revenues                                                                                   623,540       (6,726 )                         223,585       (3,070 )                         837,329       (1,465 )                         835,864                           653,894       (6,626 )                        163,828       (25,575 )                         785,521         2,847        788,368  
-------------------------------------------------------------                                           -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- --------------------                      -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
Property operating expenses:
  Real estate taxes                                                                                                            52,458                                                                  (523 )                                                                18,863                                                                     6                                                                  70,804                                                                (1,490 )                                                                69,314                                                                  55,306                                                                  (864 )                                                               14,019                                                                 (1,595 )                                                                66,866                                                                 (1,490 )                                                                65,376
  Property maintenance costs                                                                                                   15,548                                                                  (125 )                                                                 4,611                                                                   (17 )                                                                20,017                                                                     -                                                                  20,017                                                                  17,944                                                                  (139 )                                                                5,246                                                                   (715 )                                                                22,336                                                                      -                                                                  22,336
  Marketing                                                                                                                     9,110                                                                   (91 )                                                                 3,422                                                                     -                                                                  12,441                                                                     -                                                                  12,441                                                                   8,728                                                                   (78 )                                                                2,501                                                                   (353 )                                                                10,798                                                                      -                                                                  10,798
  Other property operating costs                                                                                               74,923                                                                  (769 )                                                                29,941                                                                   (15 )                                                               104,080                                                                (1,030 )                                                               103,050                                                                  81,974                                                                  (758 )                                                               21,479                                                                 (3,561 )                                                                99,134                                                                 (1,018 )                                                                98,116
  Provision for doubtful accounts                                                                            1,882          (13 )                             557            -          2,426            -          2,426                             2,844            2           380           (94 )                           3,132             -          3,132  
-------------------------------------------------------------                                           -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- --------------------                      -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
Total property operating expenses                                                                          153,921       (1,521 )                          57,394          (26 )                         209,768       (2,520 )                         207,248                           166,796       (1,837 )                         43,625        (6,318 )                         202,266        (2,508 )                         199,758  
-------------------------------------------------------------                                           -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- --------------------                      -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
NOI                                                                                                                        $  469,619                        $ (5,205 )                                         $  166,191                        $ (3,044 )                                         $  627,561                        $  1,055                        $  628,616                                           $  487,098                        $ (4,789 )                                         $ 120,203                        $ (19,257 )                                         $  583,255                        $   5,355                        $  588,610  
-------------------------------------------------------------                                           -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- --------------------                      -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
Management fees and other corporate revenues                                                                                   21,282                                                                     -                                                                       -                                                                     -                                                                  21,282                                                                     -                                                                  21,282                                                                  19,128                                                                     -                                                                      1                                                                      -                                                                  19,129                                                                      -                                                                  19,129
Property management and other costs                                                                                           (39,709 )                                                                 189                                                                  (8,729 )                                                                   -                                                                 (48,249 )                                                                   -                                                                 (48,249 )                                                               (35,702 )                                                                 180                                                                 (7,801 )                                                                   88                                                                 (43,235 )                                                                    -                                                                 (43,235 )
General and administrative                                                                                 (13,010 )                             -           (373 )                             -        (13,383 )                             -        (13,383 )                                            (11,441 )                             -          (501 )                              -        (11,942 )                              -        (11,942 )
-------------------------------------------------------------                                           -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- --------------------                      -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
EBITDA                                                                                                                     $  438,182                        $ (5,016 )                                         $  157,089                        $ (3,044 )                                         $  587,211                        $  1,055                        $  588,266                                           $  459,083                        $ (4,609 )                                         $ 111,902                        $ (19,169 )                                         $  547,207                        $   5,355                        $  552,562  
-------------------------------------------------------------                                           -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- --------------------                      -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
Depreciation on non-income producing assets                                                                                    (2,941 )                                                                   -                                                                       -                                                                     -                                                                  (2,941 )                                                                   -                                                                  (2,941 )                                                                (2,751 )                                                                   -                                                                      -                                                                      -                                                                  (2,751 )                                                                    -                                                                  (2,751 )
Interest and dividend income                                                                                                   14,358                                                                   387                                                                     608                                                                     -                                                                  15,353                                                                  (205 )                                                                15,148                                                                   8,812                                                                   386                                                                    587                                                                      -                                                                   9,785                                                                   (205 )                                                                 9,580
Preferred unit distributions                                                                                                   (2,191 )                                                                   -                                                                       -                                                                     -                                                                  (2,191 )                                                                   -                                                                  (2,191 )                                                                (2,268 )                                                                   -                                                                      -                                                                      -                                                                  (2,268 )                                                                    -                                                                  (2,268 )
Preferred stock dividends                                                                                                      (3,984 )                                                                   -                                                                       -                                                                     -                                                                  (3,984 )                                                                   -                                                                  (3,984 )                                                                (3,984 )                                                                   -                                                                      -                                                                      -                                                                  (3,984 )                                                                    -                                                                  (3,984 )
Interest expense:                                                                                                                                                                                                                                                                                                                                                                                                               -
  Mark-to-market adjustments on debt                                                                                              134                                                                     -                                                                     267                                                                     -                                                                     401                                                                  (401 )                                                                     -                                                                    (409 )                                                                (100 )                                                                  386                                                                    (18 )                                                                  (141 )                                                                  141                                                                       -
  Interest on existing debt                                                                                                  (147,520 )                                                               1,657                                                                 (53,023 )                                                                   -                                                                (198,886 )                                                                   -                                                                (198,886 )                                                              (170,602 )                                                               1,479                                                                (41,640 )                                                                6,473                                                                (204,290 )                                                                    -                                                                (204,290 )
Gain (loss) on foreign currency                                                                                                 1,555                                                                     -                                                                       -                                                                     -                                                                   1,555                                                                (1,555 )                                                                     -                                                                 (11,031 )                                                                   -                                                                      -                                                                      -                                                                 (11,031 )                                                               11,031                                                                       -
Benefit from (provision for) income taxes                                                                                       9,253                                                                    21                                                                    (172 )                                                                   -                                                                   9,102                                                                   615                                                                   9,717                                                                  (4,417 )                                                                  20                                                                   (340 )                                                                    -                                                                  (4,737 )                                                               (2,186 )                                                                (6,923 )
FFO from sold interests                                                                                          -            -              -        3,044          3,044           (3 )                           3,041                            79,227            -           127        12,714         92,068       (76,567 )                          15,501  
-------------------------------------------------------------                                           -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- --------------------                      -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                              306,846                                                                (2,951 )                                                               104,769                                                                     -                                                                 408,664                                                                  (494 )                                                               408,170                                                                 351,660                                                                (2,824 )                                                               71,022                                                                      -                                                                 419,858                                                                (62,431 )                                                               357,427
Equity in FFO of Unconsolidated Properties and Noncontrolling                                              101,818        2,951       (104,769 )                             -              -            -              -                            68,198        2,824       (71,022 )                              -              -             -              -  
Interests
-------------------------------------------------------------                                           -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- --------------------                      -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
FFO                                                                                                                        $  408,664                        $      -                        $        -                        $      -                        $  408,664                        $   (494 )                                         $  408,170                                           $  419,858                        $      -                        $       -                        $       -                        $  419,858                        $ (62,431 )                                         $  357,427  
=============================================================                                           -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------- --------------------                      -------------------- -------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Company FFO per diluted share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        $     0.43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         $     0.38
PROPORTIONATE FINANCIAL STATEMENTS
 
Company NOI, EBITDA and FFO
For the Twelve Months Ended December 31, 2015 and 2014
(In thousands)
                                                                                                                                                                                                                                                                                                            
                                                                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                        Twelve Months Ended December 31, 2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Twelve Months Ended December 31, 2014
                                                                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             Consolidated                                        Noncontrolling                                      Unconsolidated                                            Sold                                                                                                                                                                                                                                Consolidated                                        Noncontrolling                                      Unconsolidated                                            Sold                                                                                                                                    
                                                                                                                              Properties                                            Interests                                          Properties                                            Interests                                          Proportionate                                         Adjustments                                            Company                                                                Properties                                            Interests                                          Properties                                            Interests                                           Proportionate                                         Adjustments                                             Company
                                                                                                         ------------------------------------------------------------------------ ---------------------------------------------------------------------- ----------------------------------------------------------------------- ---------------------------------------------------------------------- ------------------------------------------------------------------------ ---------------------------------------------------------------------- ----------------------------------------------------                     ------------------------------------------------------------------------ ---------------------------------------------------------------------- ----------------------------------------------------------------------- ----------------------------------------------------------------------- ------------------------------------------------------------------------ ----------------------------------------------------------------------- ----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Property revenues:
  Minimum rents                                                                                                             $ 1,481,614                                                              $ (16,780 )                                                            $  515,813                                                              $ (10,493 )                                                            $ 1,970,154                                                              $  26,296                                                              $ 1,996,450                                                              $ 1,583,695                                                              $ (16,609 )                                                            $  391,255                                                              $  (63,188 )                                                            $ 1,895,153                                                              $   25,909                                                              $ 1,921,062
  Tenant recoveries                                                                                                             689,536                                                                 (6,790 )                                                               225,563                                                                 (5,284 )                                                                903,025                                                                      -                                                                  903,025                                                                  739,411                                                                 (6,743 )                                                               172,255                                                                 (29,076 )                                                                875,847                                                                       -                                                                  875,847
  Overage rents                                                                                                                  44,024                                                                   (603 )                                                                19,448                                                                   (442 )                                                                 62,427                                                                      -                                                                   62,427                                                                   51,611                                                                   (528 )                                                                14,897                                                                  (4,405 )                                                                 61,575                                                                       -                                                                   61,575
  Other revenue                                                                                              101,638        (1,105 )                          25,328        (3,383 )                          122,478             -         122,478                             89,999        (1,146 )                          16,036         (5,192 )                           99,697              -          99,697  
--------------------------------------------------------------                                           -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- --------------------
 Total property revenues                                                                                   2,316,812       (25,278 )                         786,152       (19,602 )                        3,058,084        26,296       3,084,380                          2,464,716       (25,026 )                         594,443       (101,861 )                        2,932,272         25,909       2,958,181  
--------------------------------------------------------------                                           -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- --------------------
Property operating expenses:
  Real estate taxes                                                                                                             222,883                                                                 (2,992 )                                                                67,531                                                                 (1,254 )                                                                286,168                                                                 (5,958 )                                                                280,210                                                                  227,992                                                                 (2,853 )                                                                54,130                                                                  (5,927 )                                                                273,342                                                                  (5,958 )                                                                267,384
  Property maintenance costs                                                                                                     60,040                                                                   (452 )                                                                20,650                                                                   (582 )                                                                 79,656                                                                      -                                                                   79,656                                                                   66,897                                                                   (448 )                                                                18,886                                                                  (2,949 )                                                                 82,386                                                                       -                                                                   82,386
  Marketing                                                                                                                      21,958                                                                   (249 )                                                                 9,893                                                                   (339 )                                                                 31,263                                                                      -                                                                   31,263                                                                   24,654                                                                   (248 )                                                                 7,341                                                                  (1,605 )                                                                 30,142                                                                       -                                                                   30,142
  Other property operating costs                                                                                                302,797                                                                 (3,009 )                                                               106,528                                                                 (1,837 )                                                                404,479                                                                 (4,086 )                                                                400,393                                                                  333,620                                                                 (3,007 )                                                                83,914                                                                 (13,861 )                                                                400,666                                                                  (4,096 )                                                                396,570
  Provision for doubtful accounts                                                                              8,081           (51 )                           2,709           (50 )                           10,689             -          10,689                              8,055           (58 )                           1,373           (214 )                            9,156              -           9,156  
--------------------------------------------------------------                                           -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- --------------------
Total property operating expenses                                                                            615,759        (6,753 )                         207,311        (4,062 )                          812,255       (10,044 )                          802,211                            661,218        (6,614 )                         165,644        (24,556 )                          795,692        (10,054 )                          785,638  
--------------------------------------------------------------                                           -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- --------------------
NOI                                                                                                                         $ 1,701,053                        $ (18,525 )                                         $  578,841                        $ (15,540 )                                         $ 2,245,829                        $  36,340                        $ 2,282,169                                           $ 1,803,498                        $ (18,412 )                                         $  428,799                        $  (77,305 )                                         $ 2,136,580                        $   35,963                        $ 2,172,543  
--------------------------------------------------------------                                           -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- --------------------
Management fees and other corporate revenues                                                                                     86,595                                                                      -                                                                       -                                                                      -                                                                   86,595                                                                      -                                                                   86,595                                                                   70,887                                                                      -                                                                       -                                                                       -                                                                   70,887                                                                       -                                                                   70,887
Property management and other costs                                                                                            (161,556 )                                                                  720                                                                 (32,083 )                                                                  170                                                                 (192,749 )                                                                    -                                                                 (192,749 )                                                               (155,093 )                                                                  670                                                                 (28,477 )                                                                   318                                                                 (182,582 )                                                                     -                                                                 (182,582 )
General and administrative                                                                                   (50,405 )                              -         (7,468 )                              -         (57,873 )                              -         (57,873 )                                             (64,051 )                              2         (4,389 )                               -         (68,438 )                          17,854         (50,584 )
--------------------------------------------------------------                                           -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- --------------------
EBITDA                                                                                                                      $ 1,575,687                        $ (17,805 )                                         $  539,290                        $ (15,370 )                                         $ 2,081,802                        $  36,340                        $ 2,118,142                                           $ 1,655,241                        $ (17,740 )                                         $  395,933                        $  (76,987 )                                         $ 1,956,447                        $   53,817                        $ 2,010,264  
--------------------------------------------------------------                                           -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- --------------------
Depreciation on non-income producing assets                                                                                     (11,360 )                                                                    -                                                                       -                                                                      -                                                                  (11,360 )                                                                    -                                                                  (11,360 )                                                                (11,806 )                                                                    -                                                                       -                                                                       -                                                                  (11,806 )                                                                     -                                                                  (11,806 )
Interest and dividend income                                                                                                     49,254                                                                  1,546                                                                   2,569                                                                      -                                                                   53,369                                                                   (818 )                                                                 52,551                                                                   28,613                                                                  1,546                                                                   2,155                                                                      (6 )                                                                 32,308                                                                    (484 )                                                                 31,824
Preferred unit distributions                                                                                                     (8,883 )                                                                    -                                                                       -                                                                      -                                                                   (8,883 )                                                                    -                                                                   (8,883 )                                                                 (8,965 )                                                                    -                                                                       -                                                                       -                                                                   (8,965 )                                                                     -                                                                   (8,965 )
Preferred stock dividends                                                                                                       (15,937 )                                                                    -                                                                       -                                                                      -                                                                  (15,937 )                                                                    -                                                                  (15,937 )                                                                (15,936 )                                                                    -                                                                       -                                                                       -                                                                  (15,936 )                                                                     -                                                                  (15,936 )
Interest expense:
  Mark-to-market adjustments on debt                                                                                                283                                                                   (101 )                                                                 1,425                                                                   (252 )                                                                  1,355                                                                 (1,355 )                                                                      -                                                                   (3,013 )                                                                 (391 )                                                                 1,512                                                                     (79 )                                                                 (1,971 )                                                                 1,971                                                                        -
  Write-off of mark-to-market adjustments on extinguished debt                                                                  (13,454 )                                                                 (136 )                                                                     -                                                                      -                                                                  (13,590 )                                                               13,590                                                                        -                                                                   (9,831 )                                                                    -                                                                       -                                                                       -                                                                   (9,831 )                                                                 9,831                                                                        -
  Interest on existing debt                                                                                                    (594,504 )                                                                6,428                                                                (207,811 )                                                                5,317                                                                 (790,570 )                                                                    -                                                                 (790,570 )                                                               (686,440 )                                                                5,982                                                                (152,794 )                                                                22,585                                                                 (810,667 )                                                                     -                                                                 (810,667 )
Loss on foreign currency                                                                                                        (44,984 )                                                                    -                                                                       -                                                                      -                                                                  (44,984 )                                                               44,984                                                                        -                                                                  (18,048 )                                                                    -                                                                       -                                                                       -                                                                  (18,048 )                                                                18,048                                                                        -
Benefit from (provision for) income taxes                                                                                        38,334                                                                     57                                                                    (444 )                                                                    -                                                                   37,947                                                                (16,551 )                                                                 21,396                                                                   (7,253 )                                                                   74                                                                    (633 )                                                                     -                                                                   (7,812 )                                                                (4,961 )                                                                (12,773 )
FFO from sold interests                                                                                            -             -              -        10,305          10,305         1,162          11,467                            161,126             -            865         54,485         216,476       (142,768 )                           73,708  
--------------------------------------------------------------                                           -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- --------------------
                                                                                                                                974,436                                                                (10,011 )                                                               335,029                                                                      -                                                                1,299,454                                                                 77,352                                                                1,376,806                                                                1,083,688                                                                (10,529 )                                                               247,038                                                                      (2 )                                                              1,320,195                                                                 (64,546 )                                                              1,255,649
Equity in FFO of Unconsolidated Properties and Noncontrolling                                                325,018        10,011       (335,029 )                              -               -             -               -                            236,509        10,529       (247,038 )                               2               2              -               2  
Interests
--------------------------------------------------------------                                           -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- --------------------
FFO                                                                                                                         $ 1,299,454                        $       -                        $        -                        $       -                        $ 1,299,454                        $  77,352                        $ 1,376,806                                           $ 1,320,197                        $       -                        $        -                        $        -                        $ 1,320,197                        $  (64,546 )                                         $ 1,255,651  
==============================================================                                           -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- --------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- -------- -------------------- -------------------- -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Company FFO per diluted share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              $      1.44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               $      1.32
PROPORTIONATE FINANCIAL STATEMENTS
 
Reconciliation of Non-GAAP to GAAP Financial Measures
(In thousands)
                                                                                                                                                                  
                                                                                                                ---------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                    Three Months Ended                                                                                                                               Twelve Months Ended
                                                                                                                ---------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   December 31,                                         December 31,                                                             December 31,                                          December 31,
                                                                                                                                       2015                                                 2014                                                                     2015                                                  2014
                                                                                                                ----------------------------------------------------------------------- ---------------------------------------------------                     ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                          
Reconciliation of Company NOI to GAAP Operating Income
Company NOI                                                                                                                        $  628,616                                                              $  588,610                                                              $ 2,282,169                                                              $ 2,172,543
    Adjustments for minimum rents, real estate taxes and other property                          (1,055 )                          (5,355 )                                             (36,340 )                          (35,963 )
                       operating costs
---------------------- ------------------------------------------------------------------                       -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                       Proportionate NOI                                                                                              627,561                                                                 583,255                                                                2,245,829                                                                2,136,580
                       Unconsolidated Properties                                                                                     (166,191 )                                                              (120,203 )                                                               (578,841 )                                                               (428,799 )
                       NOI of sold interests                                                                                            3,044                                                                  19,257                                                                   15,540                                                                   77,305
    Noncontrolling interest in NOI of Consolidated Properties                                     5,205          4,789                             18,525          18,412  
---------------------- --------------------------------------------------------------------                     -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                       Consolidated Properties                                                                                        469,619                                                                 487,098                                                                1,701,053                                                                1,803,498
Management fees and other corporate revenues                                                                                           21,282                                                                  19,128                                                                   86,595                                                                   70,887
Property management and other costs                                                                                                   (39,709 )                                                               (35,702 )                                                               (161,556 )                                                               (155,093 )
General and administrative                                                                                                            (13,010 )                                                               (11,441 )                                                                (50,405 )                                                                (64,051 )
Provisions for impairment                                                                                                              (8,604 )                                                                (5,278 )                                                                 (8,604 )                                                                 (5,278 )
Depreciation and amortization                                                                                                        (160,663 )                                                              (179,478 )                                                               (643,689 )                                                               (708,406 )
(Loss) gain on sales of investment properties                                                                         (188 )                               -                                499             (44 )
----------------------------------------------------------------------------------------                        -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Operating income                                                                                                                   $  268,727                        $  274,327                                           $   923,893                        $   941,513  
========================================================================================                        ==================== ======== ==================== ==================== ==================== ======== ====================                      ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                          
Reconciliation of Company EBITDA to GAAP Net Income Attributable
to GGP
Company EBITDA                                                                                                                     $  588,266                                                              $  552,562                                                              $ 2,118,142                                                              $ 2,010,264
    Adjustments for minimum rents, real estate taxes, other property                             (1,055 )                          (5,355 )                                             (36,340 )                          (53,817 )
                       operating costs, and general and administrative
---------------------- ------------------------------------------------------------------                       -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                       Proportionate EBITDA                                                                                           587,211                                                                 547,207                                                                2,081,802                                                                1,956,447
                       Unconsolidated Properties                                                                                     (157,089 )                                                              (111,902 )                                                               (539,290 )                                                               (395,933 )
                       EBITDA of sold interests                                                                                         3,044                                                                  19,169                                                                   15,370                                                                   76,987
    Noncontrolling interest in EBITDA of Consolidated Properties                                  5,016          4,609                             17,805          17,740  
---------------------- --------------------------------------------------------------------                     -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                       Consolidated Properties                                                                                        438,182                                                                 459,083                                                                1,575,687                                                                1,655,241
Depreciation and amortization                                                                                                        (160,663 )                                                              (179,478 )                                                               (643,689 )                                                               (708,406 )
Interest income                                                                                                                        14,358                                                                   8,812                                                                   49,254                                                                   28,613
Interest expense                                                                                                                     (147,386 )                                                              (171,012 )                                                               (607,675 )                                                               (699,285 )
Gain (loss) on foreign currency                                                                                                         1,555                                                                 (11,031 )                                                                (44,984 )                                                                (18,048 )
Benefit from (provision for) income taxes                                                                                               9,253                                                                  (4,417 )                                                                 38,334                                                                   (7,253 )
Provision for impairment excluded from FFO                                                                                             (8,604 )                                                                (5,278 )                                                                 (8,604 )                                                                 (5,278 )
Equity in income of Unconsolidated Real Estate Affiliates                                                                              32,275                                                                  17,700                                                                   73,390                                                                   51,568
Equity in income of Unconsolidated Real Estate Affiliates - gain on                                                                     6,067                                                                   9,710                                                                  327,017                                                                    9,710
investment
Discontinued operations                                                                                                                     -                                                                  78,236                                                                        -                                                                  281,883
Gains from changes in control of investment properties and other                                                                       11,780                                                                  91,193                                                                  634,367                                                                   91,193
(Loss) gain on sales of investment properties                                                                                            (188 )                                                                     -                                                                      499                                                                      (44 )
Allocation to noncontrolling interests                                                                              (2,588 )                          (4,036 )                                             (19,035 )                          (14,044 )
-------------------------------------------------------------------------------------------                     -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Net income attributable to GGP                                                                                                     $  194,041                        $  289,482                                           $ 1,374,561                        $   665,850  
===========================================================================================                     ==================== ======== ==================== ==================== ==================== ======== ====================                      ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                          
Reconciliation of Company FFO to GAAP Net Income Attributable to
GGP
Company FFO                                                                                                                        $  408,170                                                              $  357,427                                                              $ 1,376,806                                                              $ 1,255,651
    Adjustments for minimum rents, property operating expenses, general                             494         62,431                            (77,352 )                           64,546  
                       and administrative, market rate adjustments, debt extinguishment,
                       income taxes, and FFO from discontinued operations
---------------------- ------------------------------------------------------------------                       -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                       Proportionate FFO                                                                                              408,664                                                                 419,858                                                                1,299,454                                                                1,320,197
Depreciation and amortization of capitalized real estate costs                                                                       (230,231 )                                                              (229,984 )                                                               (890,838 )                                                               (893,419 )
Gain from change in control of investment properties and other                                                                         11,708                                                                  91,193                                                                  634,119                                                                   91,193
Preferred stock dividends                                                                                                               3,984                                                                   3,984                                                                   15,937                                                                   15,936
(Loss) Gain on sales of investment properties                                                                                            (162 )                                                                   659                                                                   (2,687 )                                                                131,977
Equity in income of Unconsolidated Real Estate Affiliates - gain on                                                                     6,067                                                                   9,710                                                                  327,017                                                                    9,710
investment
Noncontrolling interests in depreciation of Consolidated Properties                                                                     1,850                                                                   2,246                                                                    7,754                                                                    8,731
Provision for impairment excluded from FFO                                                                                             (8,604 )                                                                (5,278 )                                                                 (8,604 )                                                                 (5,278 )
Redeemable noncontrolling interests                                                                                                       693                                                                  (1,179 )                                                                 (7,839 )                                                                 (3,228 )
Depreciation and amortization of discontinued operations                                                                 -         (1,727 )                                                   -          (9,969 )
-------------------------------------------------------------------------------------------                     -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Net income attributable to GGP                                                                                                     $  194,041                        $  289,482                                           $ 1,374,561                        $   665,850  
===========================================================================================                     ==================== ======== ==================== ==================== ==================== ======== ====================                      ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                          
Reconciliation of Equity in NOI of Unconsolidated Properties to
GAAP Equity in Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
                       NOI                                                                                                         $  166,191                                                              $  120,203                                                              $   578,841                                                              $   428,799
                       Net property management fees and costs                                                                          (8,729 )                                                                (7,800 )                                                                (32,083 )                                                                (28,477 )
    General and administrative and provisions for impairment                                       (373 )                            (501 )                                              (7,468 )                           (4,389 )
---------------------- --------------------------------------------------------------------                     -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                       EBITDA                                                                                                         157,089                                                                 111,902                                                                  539,290                                                                  395,933
                       Net interest expense                                                                                           (52,148 )                                                               (40,667 )                                                               (203,817 )                                                               (149,127 )
                       Provision for income taxes                                                                                        (172 )                                                                  (340 )                                                                   (444 )                                                                   (633 )
    FFO of discontinued Unconsolidated Properties                                                     -            127                                  -             865  
---------------------- --------------------------------------------------------------------                     -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
FFO of Unconsolidated Properties                                                                                                      104,769                                                                  71,022                                                                  335,029                                                                  247,038
Depreciation and amortization of capitalized real estate costs                                                                        (72,509 )                                                               (53,335 )                                                               (258,507 )                                                               (197,129 )
Other, including gain (loss) on sales of investment properties                                                          15             13                             (3,132 )                            1,659  
----------------------------------------------------------------------------------------                        -------------------- -------- -------------------- -------------------- -------------------- -------- --------------------                      -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Equity in income of Unconsolidated Real Estate Affiliates                                                                          $   32,275                        $   17,700                                           $    73,390                        $    51,568  
========================================================================================                        ==================== ======== ==================== ==================== ==================== ======== ====================                      ==================== ========= ==================== ==================== ==================== ========= ====================

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160201006269r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160201006269/en/

SOURCE: General Growth Properties, Inc.

General Growth Properties, Inc. 
Kevin Berry, (312) 960-5529 
VP Investor Relations 
kevin.berry@ggp.com


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