1.0.0.3
false
MORTGAGES, NOTES AND LOANS PAYABLE
false
1
$
false
false
USD
Standard
http://www.xbrl.org/2003/iso4217
USD
iso4217
0
USDPerShare
Divide
http://www.xbrl.org/2003/iso4217
USD
iso4217
http://www.xbrl.org/2003/instance
shares
xbrli
0
2
0
ggp_NotesToConsolidatedFinancialStatementsAbstract
ggp
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No definition available.
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1
us-gaap_DebtDisclosureTextBlock
us-gaap
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD>
<STYLE type=text/css> .Mrll { FONT: 8pt Times New Roman, Times, Serif } </STYLE>
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<META content="MSHTML 6.00.6000.16788" name=GENERATOR></HEAD>
<BODY>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: left"
align=left><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 10pt"
face="Times New Roman" size=2>NOTE
4
MORTGAGES, NOTES AND LOANS PAYABLE</FONT></B><A
name=Note4MortgagesNotesAndLoansPayabl_145036></A></P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: left"
align=left><FONT class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman"
size=2></FONT> </P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Mortgages, notes and loans
payable are summarized as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT> </P>
<TABLE style="MARGIN-LEFT: 0.25in; WIDTH: 93.34%; BORDER-COLLAPSE: collapse"
cellSpacing=0 cellPadding=0 width="93%" border=0>
<TBODY>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%">
<P
style="MARGIN: 0in 0in 0pt 10pt; COLOR: windowtext; TEXT-INDENT: -10pt"><B><FONT
class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.86%; PADDING-TOP: 0in"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 8pt"
face="Times New Roman" size=1>June 30,</FONT></B></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.86%; PADDING-TOP: 0in"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 8pt"
face="Times New Roman" size=1>December 31,</FONT></B></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%">
<P
style="MARGIN: 0in 0in 0pt 10pt; COLOR: windowtext; TEXT-INDENT: -10pt"><B><FONT
class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 8pt"
face="Times New Roman" size=1>2009</FONT></B></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 8pt"
face="Times New Roman" size=1>2008</FONT></B></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%">
<P
style="MARGIN: 0in 0in 0pt 10pt; COLOR: windowtext; TEXT-INDENT: -10pt"><B><FONT
class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 28.4%; PADDING-TOP: 0in"
vAlign=bottom width="28%" colSpan=5>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 8pt"
face="Times New Roman" size=1>(In thousands)</FONT></B></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=1></FONT></B> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%" bgColor=#cceeff>
<P
style="MARGIN: 0in 0in 0pt 10pt; COLOR: windowtext; TEXT-INDENT: -10pt"><B><FONT
class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 10pt"
face="Times New Roman" size=2>Fixed-rate debt:</FONT></B></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><B><FONT class=Mrll
style="FONT-WEIGHT: bold; FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT></B> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 12.86%; PADDING-TOP: 0in"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=2></FONT></B> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><B><FONT class=Mrll
style="FONT-WEIGHT: bold; FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT></B> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 12.86%; PADDING-TOP: 0in"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><B><FONT class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 1pt"
face="Times New Roman" size=2></FONT></B> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><B><FONT class=Mrll
style="FONT-WEIGHT: bold; FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT></B> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%">
<P
style="MARGIN: 0in 0in 0pt 24.5pt; COLOR: windowtext; TEXT-INDENT: -10.1pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman"
size=2>Collateralized mortgages, notes and loans payable</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.38%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>$</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 11.48%; PADDING-TOP: 0in"
vAlign=bottom width="11%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>15,678,288</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.38%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>$</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 11.48%; PADDING-TOP: 0in"
vAlign=bottom width="11%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>15,538,825</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%" bgColor=#cceeff>
<P
style="MARGIN: 0in 0in 0pt 24.5pt; COLOR: windowtext; TEXT-INDENT: -10.1pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Corporate
and other unsecured term loans</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>3,716,968</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>3,701,615</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%">
<P
style="MARGIN: 0in 0in 0pt 24.5pt; COLOR: windowtext; TEXT-INDENT: -10.1pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman"
size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%" bgColor=#cceeff>
<P
style="MARGIN: 0in 0in 0pt 24.5pt; COLOR: windowtext; TEXT-INDENT: -10.1pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Total
fixed-rate debt</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>19,395,256</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>19,240,440</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%">
<P
style="MARGIN: 0in 0in 0pt 10pt; COLOR: windowtext; TEXT-INDENT: -10pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman"
size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%" bgColor=#cceeff>
<P
style="MARGIN: 0in 0in 0pt 10pt; COLOR: windowtext; TEXT-INDENT: -10pt"><B><FONT
class=Mrll style="FONT-WEIGHT: bold; FONT-SIZE: 10pt"
face="Times New Roman" size=2>Variable-rate debt:</FONT></B></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 12.86%; PADDING-TOP: 0in"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 12.86%; PADDING-TOP: 0in"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%">
<P
style="MARGIN: 0in 0in 0pt 24.5pt; COLOR: windowtext; TEXT-INDENT: -10.1pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman"
size=2>Collateralized mortgages, notes and loans payable</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.86%; PADDING-TOP: 0in"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>2,695,876</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 12.86%; PADDING-TOP: 0in"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>2,732,437</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%" bgColor=#cceeff>
<P
style="MARGIN: 0in 0in 0pt 24.5pt; COLOR: windowtext; TEXT-INDENT: -10.1pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Corporate
and other unsecured term loans</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>2,783,700</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>2,783,700</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%">
<P
style="MARGIN: 0in 0in 0pt 24.5pt; COLOR: windowtext; TEXT-INDENT: -10.1pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman"
size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%" bgColor=#cceeff>
<P
style="MARGIN: 0in 0in 0pt 24.5pt; COLOR: windowtext; TEXT-INDENT: -10.1pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Total
variable-rate debt</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>5,479,576</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid"
vAlign=bottom width="12%" bgColor=#cceeff colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>5,516,137</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%">
<P
style="MARGIN: 0in 0in 0pt 30pt; COLOR: windowtext; TEXT-INDENT: -10pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman"
size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 12.86%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none"
vAlign=bottom width="12%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman"
size=2></FONT> </P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 67.9%; PADDING-TOP: 0in"
vAlign=bottom width="67%" bgColor=#cceeff>
<P
style="MARGIN: 0in 0in 0pt 38.9pt; COLOR: windowtext; TEXT-INDENT: -10.1pt"><FONT
class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Total
mortgages, notes and loans payable</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.38%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double"
vAlign=bottom width="1%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>$</FONT></P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 11.48%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double"
vAlign=bottom width="11%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>24,874,832</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.68%; PADDING-TOP: 0in"
vAlign=bottom width="2%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman" size=2></FONT> </P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.38%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double"
vAlign=bottom width="1%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>$</FONT></P></TD>
<TD
style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 11.48%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double"
vAlign=bottom width="11%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: right"
align=right><FONT class=Mrll style="FONT-SIZE: 10pt"
face="Times New Roman" size=2>24,756,577</FONT></P></TD>
<TD
style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.02%; PADDING-TOP: 0in"
vAlign=bottom width="1%" bgColor=#cceeff>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 1pt" face="Times New Roman"
size=2></FONT> </P></TD></TR></TBODY></TABLE>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
face="Times New Roman" size=2></FONT> </P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>As previously discussed,
on April 16 and 22, 2009, the Debtors filed voluntary petitions for relief
under Chapter 11, which triggered defaults on substantially all debt obligations
of the Debtors. However, under section 362 of Chapter 11, the filing of a
bankruptcy petition automatically stays most actions against the debtor’s
estate. Absent an order of the Bankruptcy Court, these pre-petition liabilities
are subject to settlement under a plan of reorganization, and therefore are
presented as Liabilities subject to compromise on the Consolidated Balance
Sheet. Of the total amount of debt presented above, $3.04 billion is not
subject to compromise, consisting primarily of the collateralized mortgages of
Non-Debtors and the DIP Facility as defined and described below.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
face="Times New Roman" size=2></FONT> </P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>The weighted-average
interest rate, including the effects of interest rate swaps, excluding the
effects of deferred finance costs and using the contract rate prior to any
defaults on such loans, on our mortgages, notes and loans payable was 5.33% at
June 30, 2009 and 5.36% at December 31, 2008. Our mortgages, notes and
loans payable have various maturities through 2095. The weighted-average
remaining term of our mortgages, notes and loans payable, excluding the affect
of any acceleration triggered by our Chapter 11 Cases but precluded by the
protection afforded the Debtors, was 2.56 years as of June 30, 2009. The
weighted average interest rate, using the contract rate prior to any defaults on
such loans, on the remaining corporate unsecured fixed and variable rate debt
and the revolving credit facility was 4.32% at June 30, 2009 and 4.29% at
December 31, 2008.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: left"
align=left><FONT class=Mrll style="FONT-SIZE: 10pt" face="Times New Roman"
size=2></FONT> </P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>As of June 30, 2009,
$24.53 billion of land, buildings and equipment and developments in progress
(before accumulated depreciation) have been pledged as collateral for our
mortgages, notes and loans payable. Although substantially all of the $24.87
billion of fixed and variable rate mortgage notes and loans payable are
non-recourse to us, $2.64 billion of such mortgages, notes and loans payable are
recourse to us due to guarantees or other security provisions for the benefit of
the note holder. In addition, although certain mortgage loans contain other
credit enhancement provisions (primarily master leases for all or a portion of
the property), as of June 30, 2009 we did not expect to be required to
perform with respect to such provisions. Certain mortgage notes payable may be
prepaid but are generally subject to a prepayment penalty equal to a
yield-maintenance premium, defeasance or a percentage of the loan
balance.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
face="Times New Roman" size=2></FONT> </P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><B><FONT class=Mrll
style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" face="Times New Roman"
size=2>Debtor-in-Possession Facility</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>On May 14, 2009, the
Bankruptcy Court issued an order authorizing certain Debtors to enter into a
Senior Secured Debtor in Possession Credit, Security and Guaranty Agreement
among the Company, as co-borrower, GGP Limited Partnership, as co-borrower,
certain of their subsidiaries, as guarantors, UBS AG, Stamford Branch, as agent
(the “DIP Agent”), and the lenders party thereto (the “DIP
Facility”).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-ALIGN: center"
align=center><FONT class=Mrll face="Times New Roman" size=2></FONT> </P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>The DIP Facility, which
closed on May 15, 2009, provides for an aggregate commitment of
$400 million (the “DIP Term Loan”), which was used to refinance the $215
million remaining balance on the Short-term Secured Loan and the remainder of
which will provide additional liquidity to the Debtors during the pendency of
the Chapter 11 Cases, including to fund our portion of venture mortgage
loans (Note 3). The DIP Facility provides that principal outstanding on
the DIP Term Loan bears interest at an annual rate equal to LIBOR (subject to a
minimum LIBOR floor of 1.5%) plus 12%, and matures at the earlier of
May 16, 2011 or the effective date of a plan of reorganization with respect
of the Debtors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
face="Times New Roman" size=2></FONT> </P>
<P style="MARGIN: 0in 0in 0pt; COLOR: windowtext"><FONT class=Mrll
style="FONT-SIZE: 10pt" face="Times New Roman" size=2>Subject to certain
conditions being present, the Company will have the right to elect to repay all
or a portion of the outstanding principal amount of the DIP Term Loan, plus
accrued and unpaid interest thereon and all exit fees at maturity, by issuing
(i) common stock of the Company to the lenders (the “Equity Conversion”) or
(ii) debt to the lenders, which would be issued for a three-year term,
prepayable at any time without penalty or premium, and otherwise on terms
substantially similar to those of the DIP Term Loan. Any Equity Conversion will
be limited to the lenders’ receipt of Company common stock equaling no more than
(i) 8.0% of the Company common stock distributed in connection with the
Debtors’ plan of reorganization, as confirmed by the Bankruptcy Court (the “Plan
of Reorganization”) on a fully-diluted basis, or (ii) 9.9% of the Company
common stock actually distributed in connection with the Plan of Reorganization
on its effective date, without giving effect to common stock held back for the
payment of contingencies. The DIP Credit Agreement contains customary
non-financial covenants, representations and warranties, and events of default.
Although the DIP Agreement contains no financial covenants, it does include
obligations to periodically provide certain operating information concerning the
Debtors directly to the DIP Agent.</FONT></P></BODY></HTML>
NOTE
4
MORTGAGES, NOTES AND LOANS PAYABLE
Mortgages,
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false
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No definition available.
No authoritative reference available.
false
false
1
2
false
UnKnown
UnKnown
UnKnown
false
true