Attached files
file | filename |
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8-K - FORM 8-K - CEDAR REALTY TRUST, INC. | c07263e8vk.htm |
EX-99.1 - EXHIBIT 99.1 - CEDAR REALTY TRUST, INC. | c07263exv99w1.htm |
Exhibit 99.2
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
September 30, 2010
(unaudited)
Cedar Shopping Centers, Inc.
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarshoppingcenters.com
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarshoppingcenters.com
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
September 30, 2010
(unaudited)
Supplemental Financial Information
September 30, 2010
(unaudited)
TABLE OF CONTENTS
Disclosures |
3-4 | |||
Consolidated Balance Sheets |
5 | |||
Consolidated Statements of Operations |
6 | |||
Consolidated Statements of Cash Flows |
7 | |||
Funds From Operations (FFO), Adjusted Funds From Operations
(AFFO), Funds Available For Distribution (FAD) and
Other Financial Information |
8 | |||
Summary Financial Data: |
||||
Operating Results |
9 | |||
Capitalization |
10 | |||
Same Property Analysis |
12 | |||
Leasing Activity and Occupancy Statistics |
13 | |||
Tenant and State Concentrations |
14 | |||
Lease Expirations |
15 | |||
Properties: |
||||
Description |
16-21 | |||
Carrying Value, Percent Occupied and Base Rent Per Leased Sq. Ft |
22-24 | |||
Debt Summary |
25-27 | |||
Joint Venture Properties Managed by Cedar |
28-31 |
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
September 30, 2010
(unaudited)
Supplemental Financial Information
September 30, 2010
(unaudited)
Disclosures
Forward Looking Statements
Statements made or incorporated by reference in this Supplemental Financial Information
include certain forward-looking statements. Forward-looking statements include, without
limitation, statements containing the words anticipates, believes, expects, intends,
future, and words of similar import which express the Companys beliefs, expectations or
intentions regarding future performance or future events or trends. While forward-looking
statements reflect good faith beliefs, expectations, or intentions, they are not guarantees of
future performance and involve known and unknown risks, uncertainties and other factors, which may
cause actual results, performance or achievements to differ materially from anticipated future
results, performance or achievements expressed or implied by such forward-looking statements as a
result of factors outside of the Companys control. Certain factors that might cause such
differences include, but are not limited to, the following: real estate investment considerations,
such as the effect of economic and other conditions in general and in the Companys market areas in
particular; the financial viability of the Companys tenants (including an inability to pay rent,
filing for bankruptcy protection, closing stores and/or vacating the premises); the continuing
availability of acquisition, development and redevelopment opportunities, on favorable terms; the
availability of equity and debt capital (including the availability of construction financing) in
the public and private markets; the availability of suitable joint venture partners and potential
purchasers of the Companys properties if offered for sale; the ability of the Companys joint
venture partners to fund their respective shares of property acquisitions, tenant improvements and
capital expenditures; changes in interest rates; the fact that returns from acquisition,
development and redevelopment activities may not be at expected levels or at expected times; risks
inherent in ongoing development and redevelopment projects including, but not limited to, cost
overruns resulting from weather delays, changes in the nature and scope of development and
redevelopment efforts, changes in governmental regulations relating thereto, and market factors
involved in the pricing of material and labor; the need to renew leases or re-let space upon the
expiration or termination of current leases and incur applicable required replacement costs; and
the financial flexibility of the Company and its joint venture partners to repay or refinance debt
obligations when due and to fund tenant improvements and capital expenditures.
Basis of Presentation
The information contained in this Supplemental Financial Information is unaudited and does not
purport to disclose all items required by accounting principles generally accepted in the United
States (GAAP). The information contained herein should be read in conjunction with the Companys
Form 10-K for the year ended December 31, 2009 (as amended in Form 10-K/A) and Form 10-Q for the
quarter ended September 30, 2010.
Cedar Shopping Centers Partnership, L.P. (the Operating Partnership or OP) is the entity
through which the Company conducts substantially all of its business and owns (either directly or
through subsidiaries) substantially all of its assets. At September 30, 2010, the Company owned a
97.7% economic interest in, and is the sole general partner of, the Operating Partnership. The
limited partners interest in the Operating Partnership is evidenced by Operating Partnership Units
(OP Units), which are economically equivalent to shares of the Companys common stock and
convertible into shares of the Companys common stock at the option of the holders on a one-for-one
basis.
3
The Companys 104,000 sq. ft. Long Reach Village Shopping Center, located in Columbia,
Maryland, has been treated as held for sale as of June 30, 2010. For all periods presented, the
carrying values of the propertys assets and liabilities, principally the net book value of its
real estate and mortgage loan payable, have been classified as held for sale on the balance
sheets, and the propertys results of operations have been classified as discontinued operations.
Use of Non-GAAP Financial Measures Funds From Operations (FFO), Adjusted Funds From
Operations (AFFO), Funds Available for Distribution (FAD), and Earnings Before Interest, Income
Taxes, Depreciation and Amortization (EBITDA)
FFO, AFFO and FAD are widely-recognized non-GAAP financial measures for REITs that the Company
believes, when considered with financial statements determined in accordance with GAAP, are useful
to investors in understanding financial performance and providing a relevant basis for comparison
among REITs. In addition, FFO, AFFO and FAD are useful to investors as they capture features
particular to real estate performance by recognizing that real estate generally appreciates over
time or maintains residual value to a much greater extent than do other depreciable assets.
Investors should review FFO, AFFO and FAD, along with GAAP net income, when trying to understand an
equity REITs operating performance. The Company presents FFO, AFFO and FAD because the Company
considers them important supplemental measures of its operating performance and believes that they
are frequently used by securities analysts, investors and other interested parties in the
evaluation of REITs. Among other things, the Company uses FFO or an adjusted FFO-based measure (1)
as a criterion to determine performance-based bonuses for members of senior management, (2) in
performance comparisons with other shopping center REITs, and (3) to measure compliance with
certain financial covenants under the terms of the Companys secured revolving credit facilities.
The Company computes FFO in accordance with the White Paper on FFO published by the National
Association of Real Estate Investment Trusts (NAREIT), which defines FFO as net income
attributable to the Companys common shareholders (determined in accordance with GAAP), excluding
gains or losses from debt restructurings and sales of properties, plus real estate-related
depreciation and amortization, and after adjustments for partnerships and joint ventures (which are
computed to reflect FFO on the same basis). The Company calculates (a) AFFO by further adjusting
FFO to exclude the pro rata share of straight-line rents, amortization of intangible lease
liabilities, non-real estate amortization, and stock-based compensation included in operations, and
(b) FAD by further adjusting AFFO to exclude routine capital expenditures and scheduled debt
amortization payments.
FFO, AFFO and FAD do not represent cash generated from operating activities and should not be
considered as alternatives to net income attributable to the Companys common shareholders or to
cash flow from operating activities. FFO, AFFO and FAD are not indicative of cash available to fund
ongoing cash needs, including the ability to make cash distributions. Although FFO, AFFO and FAD
are measures used for comparability in assessing the performance of REITs, as the NAREIT White
Paper only provides guidelines for computing FFO, the computations of FFO, AFFO and FAD may vary
from one company to another.
EBITDA is another widely-recognized non-GAAP financial measure that the Company believes, when
considered with financial statements determined in accordance with GAAP, is useful to investors and
lenders in understanding financial performance and providing a relevant basis for comparison among
other companies, including REITs. While EBITDA should not be considered as a substitute for net
income attributable to the Companys common shareholders, net operating income, cash flow from
operating activities, or other income or cash flow data prepared in accordance with GAAP, the
Company believes that EBITDA may provide additional information with respect to the Companys
performance or ability to meet its future debt service requirements, capital expenditures and
working capital requirements. The Company computes EBITDA by adjusting income from continuing
operations (determined in accordance with GAAP), excluding interest expense and amortization of
deferred financing costs, depreciation and amortization, terminated projects and acquisition
transaction costs, impairment charges, gains on incidental sales of real estate, and mark-to-market
adjustments relating to stock-based compensation. The ratios of EBITDA to fixed charges and pro
rata debt to EBITDA are additional related measures of financial performance. Because EBITDA
excludes some, but not all, items that affect net income attributable to the Companys common
shareholders, the computations of EBITDA may vary from one company to another.
4
CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets
Consolidated Balance Sheets
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
Assets: |
||||||||||||||||||||
Real estate: |
||||||||||||||||||||
Land |
$ | 348,715,000 | $ | 349,710,000 | $ | 353,121,000 | $ | 356,366,000 | $ | 340,931,000 | ||||||||||
Buildings and improvements |
1,341,668,000 | 1,336,366,000 | 1,325,158,000 | 1,316,315,000 | 1,327,675,000 | |||||||||||||||
1,690,383,000 | 1,686,076,000 | 1,678,279,000 | 1,672,681,000 | 1,668,606,000 | ||||||||||||||||
Less accumulated depreciation |
(195,944,000 | ) | (184,939,000 | ) | (174,267,000 | ) | (163,879,000 | ) | (154,117,000 | ) | ||||||||||
Real estate, net |
1,494,439,000 | 1,501,137,000 | 1,504,012,000 | 1,508,802,000 | 1,514,489,000 | |||||||||||||||
Real estate to be transferred to a joint venture |
| | 60,203,000 | 139,743,000 | 199,715,000 | |||||||||||||||
Real estate held for sale discontinued operations |
8,325,000 | 8,325,000 | 11,205,000 | 21,380,000 | 35,443,000 | |||||||||||||||
Investment in unconsolidated joint ventures |
44,029,000 | 27,066,000 | 23,655,000 | 14,113,000 | 5,412,000 | |||||||||||||||
Cash and cash equivalents |
12,142,000 | 13,794,000 | 15,783,000 | 17,164,000 | 9,526,000 | |||||||||||||||
Restricted cash |
11,617,000 | 12,828,000 | 13,061,000 | 14,075,000 | 14,104,000 | |||||||||||||||
Receivables: |
||||||||||||||||||||
Rents and other tenant receivables, net |
9,485,000 | 8,814,000 | 10,663,000 | 7,423,000 | 8,156,000 | |||||||||||||||
Straight-line rents |
15,999,000 | 15,807,000 | 15,316,000 | 14,545,000 | 14,050,000 | |||||||||||||||
Joint venture settlements |
9,533,000 | 6,146,000 | 7,330,000 | 2,322,000 | | |||||||||||||||
Other assets |
11,818,000 | 7,271,000 | 7,710,000 | 9,315,000 | 11,801,000 | |||||||||||||||
Deferred charges, net: |
||||||||||||||||||||
Lease origination costs |
17,176,000 | 17,660,000 | 17,759,000 | 17,696,000 | 18,999,000 | |||||||||||||||
Financing costs |
11,103,000 | 15,339,000 | 15,871,000 | 16,833,000 | 9,804,000 | |||||||||||||||
Other |
1,438,000 | 1,565,000 | 1,392,000 | 1,707,000 | 1,391,000 | |||||||||||||||
Total assets |
$ | 1,647,104,000 | $ | 1,635,752,000 | $ | 1,703,960,000 | $ | 1,785,118,000 | $ | 1,842,890,000 | ||||||||||
Liabilities and equity: |
||||||||||||||||||||
Mortgage loans payable |
$ | 686,179,000 | $ | 688,265,000 | $ | 684,212,000 | $ | 688,289,000 | $ | 681,136,000 | ||||||||||
Mortgage loans payable real estate to be
transferred to a joint venture |
| | 33,590,000 | 94,018,000 | 94,129,000 | |||||||||||||||
Mortgage loans payable real estate held for
sale discontinued operations |
4,626,000 | 4,647,000 | 4,668,000 | 12,455,000 | 20,211,000 | |||||||||||||||
Secured revolving credit facilities |
126,446,000 | 167,841,000 | 207,091,000 | 257,685,000 | 323,479,000 | |||||||||||||||
Accounts payable and accrued expenses |
20,066,000 | 20,654,000 | 18,531,000 | 21,609,000 | 23,201,000 | |||||||||||||||
Dividends payable |
| | | 4,696,000 | | |||||||||||||||
Standby equity advance not settled |
| | | 5,000,000 | | |||||||||||||||
Tenant prepayments and security deposits |
8,343,000 | 6,986,000 | 7,679,000 | 9,645,000 | 10,291,000 | |||||||||||||||
Accrued interest rate swap liabilities |
1,926,000 | 1,789,000 | 1,587,000 | 5,952,000 | 7,526,000 | |||||||||||||||
Unamortized intangible lease liabilities |
49,304,000 | 51,605,000 | 53,518,000 | 53,733,000 | 56,541,000 | |||||||||||||||
Liabilities real estate held for sale and real
estate to be transferred to a joint venture |
1,275,000 | 1,275,000 | 5,217,000 | 5,634,000 | 5,917,000 | |||||||||||||||
Total liabilities |
898,165,000 | 943,062,000 | 1,016,093,000 | 1,158,716,000 | 1,222,431,000 | |||||||||||||||
Limited partners interest in Operating Partnership |
8,473,000 | 10,888,000 | 11,610,000 | 12,638,000 | 14,441,000 | |||||||||||||||
Equity: |
||||||||||||||||||||
Preferred stock |
158,575,000 | 88,750,000 | 88,750,000 | 88,750,000 | 88,750,000 | |||||||||||||||
Common stock |
3,962,000 | 3,906,000 | 3,774,000 | 3,128,000 | 2,705,000 | |||||||||||||||
Treasury stock |
(10,419,000 | ) | (10,521,000 | ) | (10,629,000 | ) | (9,688,000 | ) | (9,768,000 | ) | ||||||||||
Additional paid-in capital |
708,310,000 | 705,314,000 | 688,870,000 | 621,299,000 | 578,509,000 | |||||||||||||||
Cumulative distributions in excess of net income |
(188,336,000 | ) | (175,628,000 | ) | (165,531,000 | ) | (162,041,000 | ) | (127,621,000 | ) | ||||||||||
Accumulated other comprenehsive loss |
(3,924,000 | ) | (4,082,000 | ) | (3,989,000 | ) | (2,992,000 | ) | (4,391,000 | ) | ||||||||||
668,168,000 | 607,739,000 | 601,245,000 | 538,456,000 | 528,184,000 | ||||||||||||||||
Minority interest in consolidated joint ventures |
65,237,000 | 66,957,000 | 67,704,000 | 67,229,000 | 68,536,000 | |||||||||||||||
Limited partners interest in Operating Partnship |
7,061,000 | 7,106,000 | 7,308,000 | 8,079,000 | 9,298,000 | |||||||||||||||
Noncontrolling interests |
72,298,000 | 74,063,000 | 75,012,000 | 75,308,000 | 77,834,000 | |||||||||||||||
Total equity |
740,466,000 | 681,802,000 | 676,257,000 | 613,764,000 | 606,018,000 | |||||||||||||||
Total liabilities and equity |
$ | 1,647,104,000 | $ | 1,635,752,000 | $ | 1,703,960,000 | $ | 1,785,118,000 | $ | 1,842,890,000 | ||||||||||
5
CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Operations
Consolidated Statements of Operations
Three months ended | ||||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
Revenues: |
||||||||||||||||||||
Rents: |
||||||||||||||||||||
Base rents |
$ | 28,850,000 | $ | 29,510,000 | $ | 31,052,000 | $ | 32,635,000 | $ | 31,689,000 | ||||||||||
Percentage rents |
344,000 | 254,000 | 275,000 | 494,000 | 435,000 | |||||||||||||||
Straight-line rents |
187,000 | 627,000 | 785,000 | 834,000 | 870,000 | |||||||||||||||
Amortization of intangible lease liabilities |
1,999,000 | 2,698,000 | 2,296,000 | 2,810,000 | 3,884,000 | |||||||||||||||
31,380,000 | 33,089,000 | 34,408,000 | 36,773,000 | 36,878,000 | ||||||||||||||||
Expense recoveries |
7,370,000 | 7,312,000 | 10,010,000 | 8,648,000 | 7,688,000 | |||||||||||||||
Other |
1,628,000 | 302,000 | 126,000 | 971,000 | 146,000 | |||||||||||||||
40,378,000 | 40,703,000 | 44,544,000 | 46,392,000 | 44,712,000 | ||||||||||||||||
Expenses: |
||||||||||||||||||||
Operating, maintenance and management |
7,788,000 | 7,671,000 | 10,574,000 | 9,080,000 | 8,231,000 | |||||||||||||||
Real estate and other property- related taxes |
5,347,000 | 5,353,000 | 5,403,000 | 5,328,000 | 5,171,000 | |||||||||||||||
13,135,000 | 13,024,000 | 15,977,000 | 14,408,000 | 13,402,000 | ||||||||||||||||
Net operating income |
27,243,000 | 27,679,000 | 28,567,000 | 31,984,000 | 31,310,000 | |||||||||||||||
Other income (expense): |
||||||||||||||||||||
General and administrative |
(2,421,000 | ) | (2,106,000 | ) | (2,211,000 | ) | (3,353,000 | ) | (2,521,000 | ) | ||||||||||
Acquisition transaction costs and terminated projects, net |
(2,043,000 | ) | (2,000 | ) | (1,320,000 | ) | (419,000 | ) | | |||||||||||
Impairment charges |
(155,000 | ) | (562,000 | ) | (1,555,000 | ) | (23,636,000 | ) | | |||||||||||
Depreciation and amortization |
(11,854,000 | ) | (12,326,000 | ) | (11,305,000 | ) | (17,126,000 | ) | (12,473,000 | ) | ||||||||||
Interest expense |
(11,338,000 | ) | (12,017,000 | ) | (13,165,000 | ) | (13,843,000 | ) | (12,842,000 | ) | ||||||||||
Amortization of deferred financing and other costs |
(1,754,000 | ) | (1,490,000 | ) | (1,498,000 | ) | (1,445,000 | ) | (1,369,000 | ) | ||||||||||
Capitalization of interest expense and
financing costs |
597,000 | 723,000 | 890,000 | 1,290,000 | 1,775,000 | |||||||||||||||
Accelerated write-off of deferred financing costs |
(2,552,000 | ) | | | | | ||||||||||||||
Interest income |
6,000 | 5,000 | 14,000 | 35,000 | 10,000 | |||||||||||||||
Equity in (loss) income of unconsolidated joint ventures |
(288,000 | ) | 479,000 | 356,000 | 296,000 | 260,000 | ||||||||||||||
Gain on sales of land parcels |
| | | 285,000 | | |||||||||||||||
(Loss) Income before discontinued operations |
(4,559,000 | ) | 383,000 | (1,227,000 | ) | (25,932,000 | ) | 4,150,000 | ||||||||||||
(Loss) income from discontinued operations |
68,000 | (2,925,000 | ) | (108,000 | ) | (2,757,000 | ) | (389,000 | ) | |||||||||||
Gain on sale of discontinued operations |
| (5,000 | ) | 175,000 | 280,000 | | ||||||||||||||
Total discontinued operations |
68,000 | (2,930,000 | ) | 67,000 | (2,477,000 | ) | (389,000 | ) | ||||||||||||
Net (loss) income |
(4,491,000 | ) | (2,547,000 | ) | (1,160,000 | ) | (28,409,000 | ) | 3,761,000 | |||||||||||
Less, net loss (income) attributable to noncontrolling
interests: |
||||||||||||||||||||
Minority interests in consolidated joint ventures |
194,000 | 87,000 | (475,000 | ) | (484,000 | ) | (332,000 | ) | ||||||||||||
Limited partners interest in consolidated OP |
196,000 | 178,000 | 114,000 | 1,138,000 | (64,000 | ) | ||||||||||||||
Total net loss (income) attributable to noncontrolling
interests |
390,000 | 265,000 | (361,000 | ) | 654,000 | (396,000 | ) | |||||||||||||
Net (loss) income attributable to Cedar Shopping Centers, Inc. |
(4,101,000 | ) | (2,282,000 | ) | (1,521,000 | ) | (27,755,000 | ) | 3,365,000 | |||||||||||
Preferred distribution requirements |
(2,679,000 | ) | (1,969,000 | ) | (1,969,000 | ) | (1,969,000 | ) | (1,969,000 | ) | ||||||||||
Net (loss) income attributable to common shareholders |
$ | (6,780,000 | ) | $ | (4,251,000 | ) | $ | (3,490,000 | ) | $ | (29,724,000 | ) | $ | 1,396,000 | ||||||
Per common share (basic and diluted): |
||||||||||||||||||||
Continuing operations |
$ | (0.10 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.54 | ) | $ | 0.04 | ||||||
Discontinued operations |
| (0.05 | ) | | (0.06 | ) | (0.01 | ) | ||||||||||||
$ | (0.10 | ) | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.60 | ) | $ | 0.03 | |||||||
Weighted average number of common shares outstanding |
65,835,000 | 64,434,000 | 58,728,000 | 49,930,000 | 45,066,000 | |||||||||||||||
Net operating income/Revenues |
67 | % | 68 | % | 64 | % | 69 | % | 70 | % | ||||||||||
Expense recovery percentage (a) |
71 | % | 70 | % | 72 | % | 71 | % | 73 | % |
(a) | The expense recovery percentage is computed by dividing expense recoveries by the sum of
direct property-specific operating, maintenance, management and real estate tax expenses. Such
expenses exclude (i) non-recoverable expenses, principally the net provision for doubtful
accounts in the amounts of $968,000, $860,000, $658,000, $1,162,000 and $1,160,000,
respectively, and (ii) unallocated property and construction management compensation and
benefits (including stock-based compensation). |
6
CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
Three months ended | ||||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
Cash flow from operating activities: |
||||||||||||||||||||
Net (loss) income |
$ | (4,491,000 | ) | $ | (2,547,000 | ) | $ | (1,160,000 | ) | $ | (28,409,000 | ) | $ | 3,761,000 | ||||||
Adjustments to reconcile net (loss) income to net cash
provided
by operating activities: |
||||||||||||||||||||
Non-cash provisions: |
||||||||||||||||||||
Equity in loss (income) of unconsolidated joint ventures |
288,000 | (479,000 | ) | (356,000 | ) | (296,000 | ) | (260,000 | ) | |||||||||||
Distributions from unconsolidated joint ventures |
211,000 | 428,000 | 120,000 | 205,000 | 200,000 | |||||||||||||||
Impairments |
155,000 | 562,000 | 1,555,000 | 23,636,000 | | |||||||||||||||
Terminated projects and acquisition transaction costs |
53,000 | | 1,271,000 | 419,000 | | |||||||||||||||
Impairment charges discontinued operations |
34,000 | 2,992,000 | 248,000 | 2,837,000 | 552,000 | |||||||||||||||
Gain on sales of real estate |
| 5,000 | (175,000 | ) | (565,000 | ) | | |||||||||||||
Straight-line rents receivable |
(198,000 | ) | (637,000 | ) | (787,000 | ) | (826,000 | ) | (872,000 | ) | ||||||||||
Provision for doubtful accounts |
966,000 | 860,000 | 658,000 | 1,162,000 | 1,160,000 | |||||||||||||||
Depreciation and amortization |
11,891,000 | 12,373,000 | 11,380,000 | 17,437,000 | 12,797,000 | |||||||||||||||
Amortization of intangible lease liabilities |
(2,051,000 | ) | (3,092,000 | ) | (2,335,000 | ) | (2,902,000 | ) | (3,950,000 | ) | ||||||||||
Amortization/market price adjustments relating to
stock-based compensation |
832,000 | 21,000 | 1,215,000 | 720,000 | 1,367,000 | |||||||||||||||
Amortization of deferred financing costs |
1,605,000 | 1,286,000 | 1,207,000 | 1,238,000 | 946,000 | |||||||||||||||
Accelerated write-off of deferred financing costs |
2,522,000 | | | | | |||||||||||||||
Increases/decreases in operating assets and liabilities: |
||||||||||||||||||||
Rents and other receivables, net |
(1,643,000 | ) | 1,023,000 | (3,898,000 | ) | (1,379,000 | ) | (2,140,000 | ) | |||||||||||
Joint venture settlements |
(1,457,000 | ) | (453,000 | ) | (1,473,000 | ) | | | ||||||||||||
Prepaid expenses and other |
(8,275,000 | ) | 2,369,000 | (1,029,000 | ) | (450,000 | ) | (6,227,000 | ) | |||||||||||
Accounts payable and accrued expenses |
2,545,000 | (1,140,000 | ) | (2,754,000 | ) | 4,664,000 | 1,848,000 | |||||||||||||
Net cash provided by operating activities |
2,987,000 | 13,571,000 | 3,687,000 | 17,491,000 | 9,182,000 | |||||||||||||||
Cash flow from investing activities: |
||||||||||||||||||||
Expenditures for real estate and improvements |
(5,362,000 | ) | (7,483,000 | ) | (8,029,000 | ) | (21,994,000 | ) | (22,713,000 | ) | ||||||||||
Net proceeds from transfers to unconsolidated joint
venture, less
cash at dates of transfer |
382,000 | 19,634,000 | 11,379,000 | 32,089,000 | | |||||||||||||||
Net proceeds from sales of real estate |
| | 2,056,000 | 3,270,000 | 2,002,000 | |||||||||||||||
Investments
in and advances to unconsolidated joint ventures |
(26,094,000 | ) | | (4,302,000 | ) | | | |||||||||||||
Distributions of capital from unconsolidated joint venture |
6,166,000 | 1,559,000 | | | | |||||||||||||||
Construction escrows and other |
3,476,000 | 116,000 | 1,040,000 | 684,000 | 83,000 | |||||||||||||||
Net cash (used in) provided by investing activities |
(21,432,000 | ) | 13,826,000 | 2,144,000 | 14,049,000 | (20,628,000 | ) | |||||||||||||
Cash flow from financing activities: |
||||||||||||||||||||
Net (repayments)/advances (to)/from revolving credit
facilities |
(41,395,000 | ) | (39,250,000 | ) | (50,594,000 | ) | (65,794,000 | ) | 2,554,000 | |||||||||||
Proceeds from mortgage financings |
30,000 | 9,543,000 | 6,699,000 | 9,362,000 | 7,357,000 | |||||||||||||||
Mortgage repayments |
(2,137,000 | ) | (5,544,000 | ) | (10,913,000 | ) | (2,449,000 | ) | (2,234,000 | ) | ||||||||||
Termination payments related to interest rate swaps |
| | (5,476,000 | ) | | | ||||||||||||||
Payments of debt financing costs |
(143,000 | ) | (755,000 | ) | (243,000 | ) | (7,150,000 | ) | (394,000 | ) | ||||||||||
Noncontrolling interests: |
||||||||||||||||||||
Distributions to consolidated joint venture minority
interests |
(1,526,000 | ) | (660,000 | ) | | (1,793,000 | ) | (52,000 | ) | |||||||||||
Distributions to limited partners |
(173,000 | ) | (173,000 | ) | (180,000 | ) | | | ||||||||||||
Redemption of OP units |
(2,349,000 | ) | (418,000 | ) | (67,000 | ) | | | ||||||||||||
Net proceeds from sales of preferred and common stock |
72,383,000 | 5,686,000 | 60,227,000 | 40,890,000 | | |||||||||||||||
Exercise of warrant |
| 10,000,000 | | | | |||||||||||||||
Proceeds from standby equity advance not settled |
| | | 5,000,000 | | |||||||||||||||
Preferred stock distributions |
(1,969,000 | ) | (1,969,000 | ) | (1,969,000 | ) | (1,969,000 | ) | (1,969,000 | ) | ||||||||||
Distributions to common shareholders |
(5,928,000 | ) | (5,846,000 | ) | (4,696,000 | ) | | | ||||||||||||
Net cash provided by (used in) financing activities |
16,793,000 | (29,386,000 | ) | (7,212,000 | ) | (23,903,000 | ) | 5,262,000 | ||||||||||||
Net (decrease) increase in cash and cash equivalents |
(1,652,000 | ) | (1,989,000 | ) | (1,381,000 | ) | 7,637,000 | (6,184,000 | ) | |||||||||||
Cash and cash equivalents at beginning of period |
13,794,000 | 15,783,000 | 17,164,000 | 9,527,000 | 15,711,000 | |||||||||||||||
Cash and cash equivalents at end of period |
$ | 12,142,000 | $ | 13,794,000 | $ | 15,783,000 | $ | 17,164,000 | $ | 9,527,000 | ||||||||||
7
CEDAR SHOPPING CENTERS, INC.
Funds From Operations (FFO), Adjusted Funds From Operations (AFFO) and Funds Available For Distribution (FAD)
And Other Financial Information
Funds From Operations (FFO), Adjusted Funds From Operations (AFFO) and Funds Available For Distribution (FAD)
And Other Financial Information
At of for the three months ended | ||||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
Net (loss) income attributable to the Companys
common shareholders |
$ | (6,780,000 | ) | $ | (4,251,000 | ) | $ | (3,490,000 | ) | $ | (29,724,000 | ) | $ | 1,396,000 | ||||||
Add (deduct): |
||||||||||||||||||||
Real estate depreciation and amortization |
11,831,000 | 12,327,000 | 11,328,000 | 17,577,000 | 12,724,000 | |||||||||||||||
Noncontrolling interests: |
||||||||||||||||||||
Limited partners interest |
(196,000 | ) | (178,000 | ) | (114,000 | ) | (1,138,000 | ) | 64,000 | |||||||||||
Minority interests in consolidated joint ventures |
(194,000 | ) | (87,000 | ) | 475,000 | 484,000 | 332,000 | |||||||||||||
Minority interests share of FFO applicable to
consolidated joint ventures |
(1,340,000 | ) | (1,686,000 | ) | (1,691,000 | ) | (1,656,000 | ) | (1,661,000 | ) | ||||||||||
Gain on sales of discontinued operations (a) |
| 5,000 | (175,000 | ) | (280,000 | ) | | |||||||||||||
Equity in loss (income) of unconsolidated joint ventures |
288,000 | (479,000 | ) | (356,000 | ) | (296,000 | ) | (260,000 | ) | |||||||||||
FFO from unconsolidated joint ventures |
146,000 | 834,000 | 586,000 | 406,000 | 377,000 | |||||||||||||||
Funds From (Used in) Operations (FFO) |
3,755,000 | 6,485,000 | 6,563,000 | (14,627,000 | ) | 12,972,000 | ||||||||||||||
Add (deduct) the pro rata share of: |
||||||||||||||||||||
Straight-line rents |
(150,000 | ) | (531,000 | ) | (654,000 | ) | (712,000 | ) | (697,000 | ) | ||||||||||
Amortization of intangible lease liabilities |
(1,957,000 | ) | (2,484,000 | ) | (2,156,000 | ) | (2,649,000 | ) | (3,797,000 | ) | ||||||||||
Non-real estate amortization |
1,610,000 | 1,293,000 | 1,230,000 | 1,226,000 | 970,000 | |||||||||||||||
Accelerated write-off of deferred financing costs |
2,552,000 | | | | | |||||||||||||||
Stock-based compensation charged (credited) to operations |
853,000 | | 1,215,000 | 721,000 | 1,368,000 | |||||||||||||||
Impairment charges discontinued operations (a) |
34,000 | 2,994,000 | 248,000 | 2,837,000 | 552,000 | |||||||||||||||
Impairment charges RioCan, net (b) |
155,000 | 562,000 | 1,555,000 | 23,636,000 | | |||||||||||||||
Acquisition transaction costs unconsolidated joint venture |
773,000 | | 119,000 | | | |||||||||||||||
Acquisition transaction costs and terminated projects (c) |
2,043,000 | 2,000 | 1,320,000 | 419,000 | | |||||||||||||||
Adjusted Funds From Operations (AFFO) |
9,668,000 | 8,321,000 | 9,440,000 | 10,851,000 | 11,368,000 | |||||||||||||||
Capital expenditures, tenant improvements, and leasing commissions
second generation (d) |
(1,321,000 | ) | (954,000 | ) | (631,000 | ) | (1,526,000 | ) | (2,320,000 | ) | ||||||||||
Scheduled mortgage repayments carrying value amounts |
(1,983,000 | ) | (1,836,000 | ) | (1,926,000 | ) | (2,091,000 | ) | (1,934,000 | ) | ||||||||||
Funds Available for Distribution (FAD) |
$ | 6,364,000 | $ | 5,544,000 | $ | 6,804,000 | $ | 7,234,000 | $ | 7,114,000 | ||||||||||
FFO per common share, assuming OP Unit conversion (basic and
diluted): |
$ | 0.06 | $ | 0.10 | $ | 0.11 | $ | (0.28 | ) | $ | 0.28 | |||||||||
AFFO per common share, assuming OP Unit conversion (basic and
diluted): |
$ | 0.14 | $ | 0.13 | $ | 0.15 | $ | 0.21 | $ | 0.24 | ||||||||||
FAD per common share, assuming OP Unit conversion (basic and
diluted): |
$ | 0.09 | $ | 0.08 | $ | 0.11 | $ | 0.14 | $ | 0.15 | ||||||||||
Weighted average number of common shares outstanding (basic): |
||||||||||||||||||||
Common shares |
65,835,000 | 64,434,000 | 58,728,000 | 49,930,000 | 45,066,000 | |||||||||||||||
OP Units |
1,892,000 | 1,945,000 | 1,986,000 | 2,006,000 | 2,014,000 | |||||||||||||||
67,727,000 | 66,379,000 | 60,714,000 | 51,936,000 | 47,080,000 | ||||||||||||||||
Weighted average number of common shares outstanding (diluted): |
||||||||||||||||||||
Common shares |
65,835,000 | 64,486,000 | 58,752,000 | 49,930,000 | 45,066,000 | |||||||||||||||
OP Units |
1,892,000 | 1,945,000 | 1,986,000 | 2,006,000 | 2,014,000 | |||||||||||||||
67,727,000 | 66,431,000 | 60,738,000 | 51,936,000 | 47,080,000 | ||||||||||||||||
Other Financial Information (Pro Rata Share): |
||||||||||||||||||||
Capital expenditures, tenant improvements, and leasing commissions
first generation (e) |
$ | 3,659,000 | $ | 7,005,000 | $ | 3,225,000 | $ | 3,079,000 | $ | 15,647,000 | ||||||||||
Capitalized interest and financing costs |
$ | 597,000 | $ | 723,000 | $ | 890,000 | $ | 1,290,000 | $ | 1,775,000 | ||||||||||
Scheduled mortgage repayments stated contract amounts |
$ | 1,837,000 | $ | 1,739,000 | $ | 1,802,000 | $ | 1,942,000 | $ | 1,784,000 | ||||||||||
NOI attributable to RioCan properties prior to contribution |
$ | | $ | 558,000 | $ | 1,905,000 | $ | 3,552,000 | $ | 3,145,000 | ||||||||||
Projects under development, land held for future expansion
and development, and other real estate out of service (at cost)(f) |
$ | 84,831,000 | $ | 105,964,000 | $ | 106,935,000 | $ | 165,864,000 | $ | 183,434,000 | ||||||||||
(a) | Gain on sales/impairment charges related to properties (located in Ohio, Maryland and New York)
sold or treated as held for sale. |
|
(b) | Impairment charge, net, related to the seven properties transferred to the Cedar/RioCan joint
venture. |
|
(c) | The September 30, 2010 amount is principally fees paid to the Companys investment advisor
related to the Cedar/RioCan joint venture. The March 2010 amount includes the write-off of costs
incurred for a potential development opportunity that the Company determined would not go forward. |
|
(d) | Second generation refers to expenditures related to stabilized properties. |
|
(e) | First generation refers to expenditures related to development/redevelopment activities. |
|
(f) | Real estate out of service includes the applicable portions of development/redevelopment and
expansion properties. |
8
CEDAR SHOPPING CENTERS, INC.
Summary Financial Data Operating Results
Summary Financial Data Operating Results
Three months ended | Nine Months ended Sep 30, | |||||||||||||||||||||||||||
Sep 30, 2010 | Jun 30, 2010 | Mar 31, 2010 | Dec 31, 2009 | Sep 30, 2009 | 2010 | 2009 | ||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||||||
Revenues of managed properties excluding non-cash revenues (a) |
$ | 44,696,000 | $ | 42,188,000 | $ | 44,431,000 | $ | 43,035,000 | $ | 39,891,000 | $ | 131,315,000 | $ | 121,054,000 | ||||||||||||||
Less consolidated joint ventures |
(4,232,000 | ) | (4,243,000 | ) | (4,496,000 | ) | (4,409,000 | ) | (4,220,000 | ) | (12,971,000 | ) | (12,314,000 | ) | ||||||||||||||
Less unconsolidated Cedar/RioCan joint venture |
(5,204,000 | ) | (3,849,000 | ) | (2,373,000 | ) | (212,000 | ) | | (11,426,000 | ) | | ||||||||||||||||
Cedar share of revenues excluding non-cash items |
35,260,000 | 34,096,000 | 37,562,000 | 38,414,000 | 35,671,000 | 106,918,000 | 108,740,000 | |||||||||||||||||||||
Pro-rata share straight-line rents |
150,000 | 531,000 | 654,000 | 712,000 | 697,000 | 1,335,000 | 1,512,000 | |||||||||||||||||||||
Pro-rata share amortization of intangible lease liabilities |
1,957,000 | 2,484,000 | 2,156,000 | 2,649,000 | 3,797,000 | 6,597,000 | 10,180,000 | |||||||||||||||||||||
Cedar share of total revenues |
37,367,000 | 37,111,000 | 40,372,000 | 41,775,000 | 40,165,000 | 114,850,000 | 120,432,000 | |||||||||||||||||||||
Revenues attributable to consolidated joint ventures (b) |
4,373,000 | 4,624,000 | 4,789,000 | 4,673,000 | 4,547,000 | 13,786,000 | 13,290,000 | |||||||||||||||||||||
Less revenues attributable to unconsolidated Cedar/RioCan joint
venture (c) |
(1,362,000 | ) | (1,032,000 | ) | (617,000 | ) | (56,000 | ) | | (3,011,000 | ) | | ||||||||||||||||
Total As reported |
$ | 40,378,000 | $ | 40,703,000 | $ | 44,544,000 | $ | 46,392,000 | $ | 44,712,000 | $ | 125,625,000 | $ | 133,722,000 | ||||||||||||||
Net Operating Income (NOI) |
||||||||||||||||||||||||||||
NOI of managed properties excluding non-cash revenues |
$ | 29,817,000 | $ | 27,438,000 | $ | 27,815,000 | $ | 28,573,000 | $ | 26,636,000 | $ | 85,070,000 | $ | 80,414,000 | ||||||||||||||
Less consolidated joint ventures |
(2,942,000 | ) | (3,036,000 | ) | (3,068,000 | ) | (3,112,000 | ) | (3,048,000 | ) | (9,046,000 | ) | (8,823,000 | ) | ||||||||||||||
Less unconsolidated Cedar/RioCan joint venture |
(3,803,000 | ) | (2,695,000 | ) | (1,685,000 | ) | (152,000 | ) | | (8,183,000 | ) | | ||||||||||||||||
Cedar share of NOI excluding non-cash items |
23,072,000 | 21,707,000 | 23,062,000 | 25,309,000 | 23,588,000 | 67,841,000 | 71,591,000 | |||||||||||||||||||||
Pro-rata share straight-line rents |
150,000 | 531,000 | 654,000 | 712,000 | 697,000 | 1,335,000 | 1,512,000 | |||||||||||||||||||||
Pro-rata share amortization of intangible lease liabilities |
1,957,000 | 2,484,000 | 2,156,000 | 2,649,000 | 3,797,000 | 6,597,000 | 10,180,000 | |||||||||||||||||||||
Stock-based compensation mark-to-market
adjustments |
(7,000 | ) | 284,000 | (221,000 | ) | (20,000 | ) | (147,000 | ) | 56,000 | 232,000 | |||||||||||||||||
Cedar share of total NOI |
25,172,000 | 25,006,000 | 25,651,000 | 28,650,000 | 27,935,000 | 75,829,000 | 83,515,000 | |||||||||||||||||||||
NOI attributable to consolidated joint ventures (b) |
3,083,000 | 3,417,000 | 3,361,000 | 3,376,000 | 3,375,000 | 9,861,000 | 9,799,000 | |||||||||||||||||||||
Less NOI attributable to unconsolidated Cedar/RioCan
joint venture (c) |
(1,012,000 | ) | (744,000 | ) | (445,000 | ) | (42,000 | ) | | (2,201,000 | ) | | ||||||||||||||||
Total As reported |
$ | 27,243,000 | $ | 27,679,000 | $ | 28,567,000 | $ | 31,984,000 | $ | 31,310,000 | $ | 83,489,000 | $ | 93,314,000 | ||||||||||||||
Net (loss) income common shareholders |
||||||||||||||||||||||||||||
Net income excluding impairments and certain non-cash charges |
$ | (1,380,000 | ) | $ | (1,643,000 | ) | $ | 165,000 | $ | 2,036,000 | $ | 2,419,000 | $ | (2,859,000 | ) | $ | 8,182,000 | |||||||||||
Accelerated write-off of deferred financing costs |
(2,552,000 | ) | | | | | (2,552,000 | ) | | |||||||||||||||||||
Acquistion transaction costs, terminated projects and
impairments |
(3,005,000 | ) | (3,571,000 | ) | (3,270,000 | ) | (26,892,000 | ) | (552,000 | ) | (9,846,000 | ) | (3,906,000 | ) | ||||||||||||||
Depreciation from demolition for retenanting |
| | | (6,074,000 | ) | | | | ||||||||||||||||||||
Stock-based compensation mark-to-market adjustments |
2,000 | 884,000 | (509,000 | ) | (70,000 | ) | (517,000 | ) | 377,000 | 558,000 | ||||||||||||||||||
Limited partners interest in above items |
155,000 | 79,000 | 124,000 | 1,276,000 | 46,000 | 359,000 | 144,000 | |||||||||||||||||||||
(5,400,000 | ) | (2,608,000 | ) | (3,655,000 | ) | (31,760,000 | ) | (1,023,000 | ) | (11,662,000 | ) | (3,204,000 | ) | |||||||||||||||
Total As reported |
$ | (6,780,000 | ) | $ | (4,251,000 | ) | $ | (3,490,000 | ) | $ | (29,724,000 | ) | $ | 1,396,000 | $ | (14,521,000 | ) | $ | 4,978,000 | |||||||||
Per common share/OP unit (basic and diluted): |
||||||||||||||||||||||||||||
Net income excluding impairment and certain non-cash charges |
$ | (0.02 | ) | $ | (0.03 | ) | $ | | $ | 0.04 | $ | 0.05 | $ | (0.05 | ) | $ | 0.18 | |||||||||||
Acquisition transaction costs, impairments and certain
non-cash charges |
(0.08 | ) | (0.04 | ) | (0.06 | ) | (0.64 | ) | (0.02 | ) | (0.18 | ) | (0.07 | ) | ||||||||||||||
Total As reported per share |
$ | (0.10 | ) | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.60 | ) | $ | 0.03 | $ | (0.23 | ) | $ | 0.11 | |||||||||
FFO |
||||||||||||||||||||||||||||
FFO before non-cash revenues: |
||||||||||||||||||||||||||||
Consolidated properties |
$ | 7,203,000 | $ | 6,004,000 | $ | 5,962,000 | $ | 6,679,000 | $ | 7,529,000 | $ | 19,169,000 | $ | 24,270,000 | ||||||||||||||
Cedar/RioCan properties prior to transfer |
| 153,000 | 1,570,000 | 2,295,000 | 2,018,000 | 1,723,000 | 6,594,000 | |||||||||||||||||||||
7,203,000 | 6,157,000 | 7,532,000 | 8,974,000 | 9,547,000 | 20,892,000 | 30,864,000 | ||||||||||||||||||||||
Straight-line rents |
150,000 | 531,000 | 654,000 | 712,000 | 697,000 | 1,335,000 | 1,512,000 | |||||||||||||||||||||
Amortization of intangible lease liabilities |
1,957,000 | 2,484,000 | 2,156,000 | 2,649,000 | 3,797,000 | 6,597,000 | 10,180,000 | |||||||||||||||||||||
FFO excluding impairments and stock-based compensation
mark-to-market adjustments |
9,310,000 | 9,172,000 | 10,342,000 | 12,335,000 | 14,041,000 | 28,824,000 | 42,556,000 | |||||||||||||||||||||
Accelerated write-off of deferred financing costs |
(2,552,000 | ) | | | | | (2,552,000 | ) | | |||||||||||||||||||
Stock-based compensation mark-to-market adjustments |
2,000 | 884,000 | (509,000 | ) | (70,000 | ) | (517,000 | ) | 377,000 | 558,000 | ||||||||||||||||||
Acquistion transaction costs, terminated projects and
impairments |
(3,005,000 | ) | (3,571,000 | ) | (3,270,000 | ) | (26,892,000 | ) | (552,000 | ) | (9,846,000 | ) | (3,906,000 | ) | ||||||||||||||
(3,003,000 | ) | (2,687,000 | ) | (3,779,000 | ) | (26,962,000 | ) | (1,069,000 | ) | (9,469,000 | ) | (3,348,000 | ) | |||||||||||||||
Total As reported |
$ | 3,755,000 | $ | 6,485,000 | $ | 6,563,000 | $ | (14,627,000 | ) | $ | 12,972,000 | $ | 16,803,000 | $ | 39,208,000 | |||||||||||||
Per common share/OP unit (basic and diluted): |
||||||||||||||||||||||||||||
FFO excluding impairments and stock-based compensation
mark-to-market adjustments |
$ | 0.14 | $ | 0.14 | $ | 0.17 | $ | 0.24 | $ | 0.30 | $ | 0.44 | $ | 0.91 | ||||||||||||||
Acquisition transaction costs and impairments and
stock-based compensation mark-to-market adjustments |
(0.08 | ) | (0.04 | ) | (0.06 | ) | (0.52 | ) | (0.02 | ) | (0.18 | ) | (0.08 | ) | ||||||||||||||
Total As reported |
$ | 0.06 | $ | 0.10 | $ | 0.11 | $ | (0.28 | ) | $ | 0.28 | $ | 0.26 | $ | 0.83 | |||||||||||||
Dividends to common shareholders |
$ | 5,928,000 | $ | 5,846,000 | $ | | $ | 4,696,000 | $ | | $ | 11,774,000 | $ | 5,046,000 | ||||||||||||||
Per common share |
$ | 0.09 | $ | 0.09 | $ | | $ | 0.09 | $ | | $ | 0.1800 | $ | 0.1125 | ||||||||||||||
Weighted average number of common shares outstanding (basic): |
||||||||||||||||||||||||||||
Common shares |
65,835,000 | 64,434,000 | 58,728,000 | 49,930,000 | 45,066,000 | 62,999,000 | 45,003,000 | |||||||||||||||||||||
OP Units |
1,892,000 | 1,945,000 | 1,986,000 | 2,006,000 | 2,014,000 | 1,941,000 | 2,016,000 | |||||||||||||||||||||
67,727,000 | 66,379,000 | 60,714,000 | 51,936,000 | 47,080,000 | 64,940,000 | 47,019,000 | ||||||||||||||||||||||
Weighted average number of common shares outstanding (diluted): |
||||||||||||||||||||||||||||
Common shares |
65,835,000 | 64,486,000 | 58,752,000 | 49,930,000 | 45,066,000 | 63,025,000 | 45,003,000 | |||||||||||||||||||||
OP Units |
1,892,000 | 1,945,000 | 1,986,000 | 2,006,000 | 2,014,000 | 1,941,000 | 2,016,000 | |||||||||||||||||||||
67,727,000 | 66,431,000 | 60,738,000 | 51,936,000 | 47,080,000 | 64,966,000 | 47,019,000 | ||||||||||||||||||||||
End of period number of common shares outstanding: |
||||||||||||||||||||||||||||
Common shares |
66,035,000 | 65,104,000 | 62,911,000 | 52,139,000 | 45,084,000 | 66,035,000 | 45,084,000 | |||||||||||||||||||||
OP Units |
1,535,000 | 1,928,000 | 1,980,000 | 2,006,000 | 2,010,000 | 1,535,000 | 2,010,000 | |||||||||||||||||||||
67,570,000 | 67,032,000 | 64,891,000 | 54,145,000 | 47,094,000 | 67,570,000 | 47,094,000 | ||||||||||||||||||||||
9
CEDAR SHOPPING CENTERS, INC.
Summary Financial Data Capitalization
Summary Financial Data Capitalization
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
Market Capitalization (end of period) |
||||||||||||||||||||
Equity |
||||||||||||||||||||
Preferred Stock |
||||||||||||||||||||
Shares |
6,400,000 | 3,550,000 | 3,550,000 | 3,550,000 | 3,550,000 | |||||||||||||||
Closing market price |
$ | 25.76 | $ | 24.90 | $ | 24.39 | $ | 23.96 | $ | 20.40 | ||||||||||
$ | 164,864,000 | $ | 88,395,000 | $ | 86,585,000 | $ | 85,058,000 | $ | 72,420,000 | |||||||||||
Common Stock |
||||||||||||||||||||
Common shares |
66,035,000 | 65,104,000 | 62,911,000 | 52,139,000 | 45,084,000 | |||||||||||||||
OP Units |
1,535,000 | 1,928,000 | 1,980,000 | 2,006,000 | 2,010,000 | |||||||||||||||
67,570,000 | 67,032,000 | 64,891,000 | 54,145,000 | 47,094,000 | ||||||||||||||||
Closing market price |
$ | 6.08 | $ | 6.02 | $ | 7.91 | $ | 6.80 | $ | 6.45 | ||||||||||
$ | 410,826,000 | $ | 403,533,000 | $ | 513,287,000 | $ | 368,186,000 | $ | 303,756,000 | |||||||||||
Sub-total equity |
$ | 575,690,000 | $ | 491,928,000 | $ | 599,872,000 | $ | 453,244,000 | $ | 376,176,000 | ||||||||||
Debt: |
||||||||||||||||||||
Fixed-rate mortgages |
602,608,000 | 604,718,000 | 600,942,000 | 606,108,000 | 602,624,000 | |||||||||||||||
Variable-rate mortgages |
83,571,000 | 83,547,000 | 83,270,000 | 82,181,000 | 78,512,000 | |||||||||||||||
686,179,000 | 688,265,000 | 684,212,000 | 688,289,000 | 681,136,000 | ||||||||||||||||
Secured revolving credit facilities |
126,446,000 | 167,841,000 | 207,091,000 | 257,685,000 | 323,479,000 | |||||||||||||||
Total outstanding debt consolidated |
812,625,000 | 856,106,000 | 891,303,000 | 945,974,000 | 1,004,615,000 | |||||||||||||||
Plus debt attributable to unconsolidated Cedar/RioCan
joint venture properties |
45,761,000 | 18,668,000 | 45,652,000 | 94,018,000 | 94,129,000 | |||||||||||||||
Less debt attributable to consolidated minority
interests |
(115,720,000 | ) | (115,968,000 | ) | (116,315,000 | ) | (116,581,000 | ) | (116,077,000 | ) | ||||||||||
Pro rata share of outstanding debt |
742,666,000 | 758,806,000 | 825,308,000 | 923,411,000 | 982,667,000 | |||||||||||||||
Total |
$ | 1,318,356,000 | $ | 1,250,734,000 | $ | 1,425,180,000 | $ | 1,376,655,000 | $ | 1,358,843,000 | ||||||||||
Ratio of pro rata share of outstanding debt
to total market capitalization |
56.3 | % | 60.7 | % | 57.9 | % | 67.1 | % | 72.3 | % | ||||||||||
Financial statement capitalization (end of period): |
||||||||||||||||||||
Limited partners interest in Operating Partnership |
$ | 15,534,000 | $ | 17,994,000 | $ | 18,918,000 | $ | 20,717,000 | $ | 23,739,000 | ||||||||||
Cedar Shopping Centers, Inc. shareholders equity |
668,168,000 | 607,739,000 | 601,245,000 | 538,456,000 | 528,184,000 | |||||||||||||||
683,702,000 | 625,733,000 | 620,163,000 | 559,173,000 | 551,923,000 | ||||||||||||||||
Pro rata share of total debt, per above |
742,666,000 | 758,806,000 | 825,308,000 | 923,411,000 | 982,667,000 | |||||||||||||||
Total financial statement capitalization |
$ | 1,426,368,000 | $ | 1,384,539,000 | $ | 1,445,471,000 | $ | 1,482,584,000 | $ | 1,534,590,000 | ||||||||||
Ratio of pro rata share of outstanding debt
to total financial statement capitalization |
52.1 | % | 54.8 | % | 57.1 | % | 62.3 | % | 64.0 | % | ||||||||||
Weighted average interest rates: |
||||||||||||||||||||
Fixed-rate mortgages |
5.8 | % | 5.8 | % | 5.8 | % | 5.8 | % | 5.8 | % | ||||||||||
Variable-rate mortgages |
3.4 | % | 3.4 | % | 3.3 | % | 3.4 | % | 3.4 | % | ||||||||||
Total mortgages |
5.5 | % | 5.5 | % | 5.5 | % | 5.6 | % | 5.6 | % | ||||||||||
Secured variable-rate revolving credit facilities |
3.1 | % | 4.0 | % | 4.2 | % | 4.6 | % | 1.8 | % | ||||||||||
Total debt |
5.1 | % | 5.2 | % | 5.2 | % | 5.3 | % | 4.5 | % | ||||||||||
Earnings before interest, taxes, depreciation and amortization
(EBITDA) |
||||||||||||||||||||
(Loss) income from continuing operations |
$ | (4,559,000 | ) | $ | 383,000 | $ | (1,227,000 | ) | $ | (25,932,000 | ) | $ | 4,150,000 | |||||||
Add back: |
||||||||||||||||||||
Interest expense and amortization of
financing costs, net |
12,495,000 | 12,784,000 | 13,773,000 | 13,998,000 | 12,436,000 | |||||||||||||||
Accelerated write-off of deferred financing costs |
2,552,000 | | | | | |||||||||||||||
Depreciation and amortization |
11,854,000 | 12,326,000 | 11,305,000 | 17,126,000 | 12,473,000 | |||||||||||||||
Stock-based compensation mark-to-market
adjustments |
(2,000 | ) | (884,000 | ) | 509,000 | 70,000 | 517,000 | |||||||||||||
Acqusition transaction costs and terminated projects, net |
2,043,000 | 2,000 | 1,320,000 | 419,000 | | |||||||||||||||
Acquisition transaction costs unconsolidated joint venture |
773,000 | | 119,000 | | | |||||||||||||||
Impairment charges |
155,000 | 562,000 | 1,555,000 | 23,636,000 | | |||||||||||||||
Gain on sales of land parcels |
| | | (285,000 | ) | | ||||||||||||||
EDITDA |
$ | 25,311,000 | $ | 25,173,000 | $ | 27,354,000 | $ | 29,032,000 | $ | 29,576,000 | ||||||||||
Fixed charges: |
||||||||||||||||||||
Interest expense |
$ | 11,338,000 | $ | 12,017,000 | $ | 13,165,000 | $ | 13,843,000 | $ | 12,842,000 | ||||||||||
Preferred dividend requirements |
2,679,000 | 1,969,000 | 1,969,000 | 1,969,000 | 1,969,000 | |||||||||||||||
Fixed charges |
$ | 14,017,000 | $ | 13,986,000 | $ | 15,134,000 | $ | 15,812,000 | $ | 14,811,000 | ||||||||||
Ratio of EBITDA to fixed charges |
1.8 | x | 1.8 | x | 1.8 | x | 1.8 | x | 2.0 | x | ||||||||||
Debt to EBITDA |
||||||||||||||||||||
Total debt |
$ | 812,625,000 | $ | 856,106,000 | $ | 891,303,000 | $ | 945,974,000 | $ | 1,004,615,000 | ||||||||||
EBITDA annualized |
$ | 101,244,000 | $ | 100,692,000 | $ | 109,416,000 | $ | 116,128,000 | $ | 118,304,000 | ||||||||||
Less: NOI from unconsolidated Cedar/RioCan joint
venture properties annualized |
| (2,232,000 | ) | (7,620,000 | ) | (14,208,000 | ) | (12,580,000 | ) | |||||||||||
EBITDA annualized |
$ | 101,244,000 | $ | 98,460,000 | $ | 101,796,000 | $ | 101,920,000 | $ | 105,724,000 | ||||||||||
Ratio of debt to EBITDA |
8.0 | x | 8.7 | x | 8.8 | x | 9.3 | x | 9.5 | x |
10
CEDAR SHOPPING CENTERS, INC.
Summary Financial Data Notes
Summary Financial Data Notes
Notes: |
||
(a) | Includes (1) amounts applicable to 100%-owned properties (including amounts applicable to
properties transferred to the Cedar/RioCan joint venture prior to such transfer), (2) the
Companys pro rata share of amounts applicable to consolidated joint venture properties, and
(3) the Companys pro rata share of amounts applicable to properties transferred to the
Cedar/RioCan joint venture subsquent to such transfer. |
|
(b) | Partners pro rata share of amounts applicable to consolidated joint venture properties. |
|
(c) | Removes the Companys pro rata share of amounts applicable to the Cedar/RioCan joint venture
properties included in (a) above. |
11
CEDAR SHOPPING CENTERS, INC.
Same Property Analysis (a)
Same Property Analysis (a)
Three months ended Sep 30, | Nine nonths ended Sep 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
The number of properties that were owned
throughout each of the comparative periods |
101 | 101 | 99 | 99 | ||||||||||||
Revenues: |
||||||||||||||||
Rents: |
||||||||||||||||
Base rents |
$ | 24,805,000 | $ | 25,451,000 | $ | 70,364,000 | $ | 72,251,000 | ||||||||
Percentage rents |
282,000 | 366,000 | 697,000 | 900,000 | ||||||||||||
Straight-line rents |
70,000 | 478,000 | 719,000 | 1,181,000 | ||||||||||||
Amortization of intangible lease liabilities |
1,746,000 | 3,418,000 | 5,422,000 | 8,397,000 | ||||||||||||
26,903,000 | 29,713,000 | 77,202,000 | 82,729,000 | |||||||||||||
Expense recoveries (b) |
6,139,000 | 6,189,000 | 19,165,000 | 19,834,000 | ||||||||||||
Other |
116,000 | 100,000 | 235,000 | 324,000 | ||||||||||||
Total revenues |
33,158,000 | 36,002,000 | 96,602,000 | 102,887,000 | ||||||||||||
Operating expenses (b): |
||||||||||||||||
Operating, maintenance and management |
5,391,000 | 5,341,000 | 17,089,000 | 16,833,000 | ||||||||||||
Real estate and other property-related taxes |
4,122,000 | 4,098,000 | 11,799,000 | 11,758,000 | ||||||||||||
Total expenses |
9,513,000 | 9,439,000 | 28,888,000 | 28,591,000 | ||||||||||||
Net operating income (NOI) |
$ | 23,645,000 | $ | 26,563,000 | $ | 67,714,000 | $ | 74,296,000 | ||||||||
Comprised of: |
||||||||||||||||
NOI before straight-line rents and amortization of
intangible lease liabilities |
21,829,000 | 22,667,000 | 61,573,000 | 64,718,000 | ||||||||||||
Straight-line rents and amortization of intangible
lease liabilities |
1,816,000 | 3,896,000 | 6,141,000 | 9,578,000 | ||||||||||||
NOI |
$ | 23,645,000 | $ | 26,563,000 | $ | 67,714,000 | $ | 74,296,000 | ||||||||
Increase/(decrease) period over period |
||||||||||||||||
Revenues: |
||||||||||||||||
Rents: |
||||||||||||||||
Base rents |
$ | (646,000 | ) | -2.5 | % | $ | (1,887,000 | ) | -2.6 | % | ||||||
Percentage rents |
(84,000 | ) | -23.0 | % | (203,000 | ) | -22.6 | % | ||||||||
Straight-line rents |
(408,000 | ) | -85.4 | % | (462,000 | ) | -39.1 | % | ||||||||
Amortization of intangible lease liabilities |
(1,672,000 | ) | -48.9 | % | (2,975,000 | ) | -35.4 | % | ||||||||
(2,810,000 | ) | -9.5 | % | (5,527,000 | ) | -6.7 | % | |||||||||
Expense recoveries |
(50,000 | ) | -0.8 | % | (669,000 | ) | -3.4 | % | ||||||||
Other |
16,000 | 16.0 | % | (89,000 | ) | -27.5 | % | |||||||||
Total revenues |
(2,844,000 | ) | -7.9 | % | (6,285,000 | ) | -6.1 | % | ||||||||
Expenses: |
||||||||||||||||
Operating, maintenance and management |
50,000 | 0.9 | % | 256,000 | 1.5 | % | ||||||||||
Real estate and other property-related taxes |
24,000 | 0.6 | % | 41,000 | 0.3 | % | ||||||||||
Total expenses |
74,000 | 0.8 | % | 297,000 | 1.0 | % | ||||||||||
Net operating income |
$ | (2,918,000 | ) | -11.0 | % | $ | (6,582,000 | ) | -8.9 | % | ||||||
Comprised of: |
||||||||||||||||
NOI before straight-line rents and amortization
of
intangible lease liabilities |
(838,000 | ) | -3.7 | % | (3,145,000 | ) | -4.9 | % | ||||||||
Straight-line rents and amortization of
intangible
lease liabilities |
(2,080,000 | ) | -53.4 | % | (3,437,000 | ) | -35.9 | % | ||||||||
NOI |
$ | (2,918,000 | ) | -11.0 | % | $ | (6,582,000 | ) | -8.9 | % | ||||||
Percent occupied at end of period |
89.6 | % | 92.3 | % | 89.3 | % | 92.1 | % | ||||||||
Expense recovery percentage (a) |
74.2 | % | 75.9 | % | 73.8 | % | 77.7 | % | ||||||||
(a) | Excludes results of unconsolidated Cedar/RioCan joint venture properties subsquent to
transfer to the joint venture. |
|
(b) | The expense recovery percentage is computed by dividing expense recoveries by the sum of
direct property-specific operating, maintenance, management and real estate tax expenses. Such
expenses exclude non-recoverable expenses, principally the net provision for doubtful accounts
in the amounts of $837,000 and $1,008,000, respectively, for the three months ended September
30, 2010 and 2009, and $2,010,000 and $2,358,000 respectively, for the nine months ended
September 30, 2010 and 2009. |
12
CEDAR SHOPPING CENTERS, INC.
Leasing Activity and Occupancy Statistics (a)(b)(c)
Leasing Activity and Occupancy Statistics (a)(b)(c)
At or for the three months ended | ||||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2010 | 2010 | 2010 | 2009 | 2009 | ||||||||||||||||
Renewals (d) (e) |
||||||||||||||||||||
Number of leases |
35 | 51 | 54 | 41 | 41 | |||||||||||||||
Aggregate square feet |
348,000 | 258,000 | 509,000 | 339,000 | 202,000 | |||||||||||||||
Average square feet |
9,943 | 5,059 | 9,426 | 8,268 | 4,927 | |||||||||||||||
Average expiring base rent psf |
$ | 8.60 | $ | 8.38 | $ | 8.71 | $ | 8.30 | $ | 8.14 | ||||||||||
Average new base rent psf |
$ | 8.91 | $ | 8.99 | $ | 9.20 | $ | 8.13 | $ | 8.71 | ||||||||||
% increase (decrease) in base rent |
3.6 | % | 7.3 | % | 5.6 | % | -2.1 | % | 7.0 | % | ||||||||||
New leases |
||||||||||||||||||||
Number of leases |
31 | 19 | 18 | 15 | 26 | |||||||||||||||
Aggregate square feet |
88,000 | 58,000 | 69,000 | 188,000 | 409,000 | |||||||||||||||
Average square feet |
2,839 | 3,053 | 3,833 | 12,533 | 15,731 | |||||||||||||||
Average new base rent psf |
$ | 14.74 | $ | 18.19 | $ | 13.13 | $ | 16.66 | $ | 17.24 | ||||||||||
Terminated leases (f) |
||||||||||||||||||||
Number of leases |
12 | 19 | 17 | 21 | 13 | |||||||||||||||
Aggregate square feet |
73,000 | 49,000 | 175,000 | 150,000 | 198,000 | |||||||||||||||
Average square feet |
6,083 | 2,579 | 10,294 | 7,143 | 15,231 | |||||||||||||||
Average old base rent psf |
$ | 10.76 | $ | 15.32 | $ | 11.42 | $ | 11.44 | $ | 4.02 | ||||||||||
Occupancy statistics |
||||||||||||||||||||
Operating Properties: |
||||||||||||||||||||
Wholly-owned |
91.3 | % | 91.4 | % | 91.5 | % | 92.5 | % | 92.9 | % | ||||||||||
Consolidated joint ventures |
95.7 | % | 96.2 | % | 96.7 | % | 97.2 | % | 97.3 | % | ||||||||||
Real estate to be transferred to
joint venture |
n/a | n/a | 97.9 | % | 95.6 | % | n/a | |||||||||||||
Managed unconsolidated joint venture |
97.1 | % | 95.5 | % | 92.6 | % | 89.7 | % | n/a | |||||||||||
Total operating properties |
93.1 | % | 92.5 | % | 92.6 | % | 93.3 | % | 93.4 | % | ||||||||||
Redevelopment and major retenanting
properties |
72.4 | % | 72.9 | % | 72.8 | % | 75.0 | % | 79.0 | % | ||||||||||
Total operating portfolio (g) |
90.8 | % | 90.0 | % | 90.1 | % | 91.4 | % | 91.9 | % | ||||||||||
(a) | Incudes results of unconsolidated Cedar/RioCan joint venture properties. |
|
(b) | New leases do not necessarily replace specific terminated leases within any quarterly period
and, accordingly, the amounts shown may relate to properties with substantially lower rents. |
|
(c) | With the high occupancy levels for the Companys portfolio on an overall basis, leasing
activity for the indicated square footage amounts represents a small percentage of the total
portfolio. |
|
(d) | Renewal leases for the September 30, 2010 quarter include two leases comprising 229,000 sq.
ft. that renewed with no increase pursuant to their terms. The average increase for the other
33 renewal leases was 7.5%. |
|
(e) | Renewal leases for the December 31, 2009 quarter include the 85,000 sq. ft. Burlington Coat
Factory lease renewed in connection with the redevelopment of the center. Excluding this
lease, there were 40 renewed leases, with an aggregate of 254,000 sq. ft. (an average 8,500
sq. ft.), and an average increase of approximately 4.8%. |
|
(f) | Terminated leases for the September 30, 2009 quarter include the 144,000 sq. ft. Value City
lease purchased by the Company. Excluding this lease, there were 12 terminated leases, with an
aggregate of 54,000 sq. ft. (an average 4,500 sq. ft.), and an average old base rent psf
$7.15. |
|
(g) | Excludes ground-up development properties. |
13
CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of Sep 30, 2010
Tenant And State Concentration
As of Sep 30, 2010
Number | Annualized | Percentage | ||||||||||||||||||||||
of | Annualized | base rent | annualized | |||||||||||||||||||||
Tenant Concentrations (a) | stores | GLA | % of GLA | base rent | per sq ft | base rents | ||||||||||||||||||
Top ten tenants (b): |
||||||||||||||||||||||||
Giant Foods (c) |
25 | 1,610,000 | 11.1 | % | $ | 24,686,000 | $ | 15.33 | 16.2 | % | ||||||||||||||
Stop & Shop (c) |
6 | 391,000 | 2.7 | % | 4,285,000 | 10.96 | 2.8 | % | ||||||||||||||||
Farm Fresh (c) |
6 | 364,000 | 2.5 | % | 3,909,000 | 10.74 | 2.6 | % | ||||||||||||||||
LA Fitness |
6 | 248,000 | 1.7 | % | 3,826,000 | 15.43 | 2.5 | % | ||||||||||||||||
Discount Drug Mart |
14 | 346,000 | 2.4 | % | 3,280,000 | 9.48 | 2.1 | % | ||||||||||||||||
Staples |
11 | 219,000 | 1.5 | % | 3,271,000 | 14.94 | 2.1 | % | ||||||||||||||||
Shaws (c) |
4 | 241,000 | 1.7 | % | 2,716,000 | 11.27 | 1.8 | % | ||||||||||||||||
Best Buy |
4 | 128,000 | 0.9 | % | 2,407,000 | 18.80 | 1.6 | % | ||||||||||||||||
CVS |
10 | 113,000 | 0.8 | % | 2,335,000 | 20.66 | 1.5 | % | ||||||||||||||||
Food Lion (c) |
7 | 243,000 | 1.7 | % | 1,921,000 | 7.91 | 1.3 | % | ||||||||||||||||
Sub-total top ten tenants |
93 | 3,903,000 | 27.0 | % | 52,636,000 | 13.49 | 34.5 | % | ||||||||||||||||
Remaining tenants |
1,208 | 9,057,000 | 62.6 | % | 100,081,000 | 11.05 | 65.5 | % | ||||||||||||||||
Sub-total all tenants (d) |
1,301 | 12,960,000 | 89.5 | % | $ | 152,717,000 | $ | 11.78 | 100.0 | % | ||||||||||||||
Vacant space (e) |
n/a | 1,515,000 | 10.5 | % | ||||||||||||||||||||
Total (including vacant
space) |
1,301 | 14,475,000 | 100.0 | % | ||||||||||||||||||||
(a) | Incudes unconsolidated Cedar/RioCan joint venture properties. |
|
(b) | Based on annualized base rent. |
|
(c) | Several of the tenants listed above share common ownership with other tenants including,
without limitation, (1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shaws, Shopn Save (GLA
of 53,000; annualized base rent of $498,000), Shoppers Food Warehouse (GLA of 120,000;
annualized base rent of $1,237,000) and Acme (GLA of 172,000; annualized base rent of
$756,000) and (3) Food Lion and Hannaford (GLA of 43,000; annualized base rent of $447,000). |
|
(d) | Includes tenants at ground-up development properties. |
|
(e) | Includes vacant space at properties undergoing development and/or redevelopment activities. |
Total Revenues By State (a)
Three months ended | ||||||||||||||||||||
Sep 30, | June 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
State | 2010 | 2010 | 2010 | 2009 | 2009 | |||||||||||||||
Pennsylvania |
$ | 19,588,000 | $ | 20,388,000 | $ | 22,592,000 | $ | 23,098,000 | $ | 20,689,000 | ||||||||||
Connecticut |
3,881,000 | 4,258,000 | 4,615,000 | 4,995,000 | 5,852,000 | |||||||||||||||
Massachusetts |
3,398,000 | 3,710,000 | 4,867,000 | 6,106,000 | 5,668,000 | |||||||||||||||
Virginia |
2,813,000 | 2,873,000 | 3,315,000 | 3,245,000 | 2,797,000 | |||||||||||||||
New Jersey |
2,545,000 | 2,649,000 | 2,706,000 | 2,664,000 | 2,798,000 | |||||||||||||||
Maryland |
2,473,000 | 2,630,000 | 2,469,000 | 2,174,000 | 2,697,000 | |||||||||||||||
Ohio |
2,173,000 | 2,112,000 | 2,156,000 | 2,460,000 | 2,354,000 | |||||||||||||||
New York |
1,594,000 | 1,042,000 | 1,365,000 | 1,247,000 | 1,408,000 | |||||||||||||||
Michigan |
406,000 | 439,000 | 412,000 | 403,000 | 449,000 | |||||||||||||||
38,871,000 | 40,101,000 | 44,497,000 | 46,392,000 | 44,712,000 | ||||||||||||||||
Parent Company fees (b) |
1,507,000 | 602,000 | 47,000 | | | |||||||||||||||
$ | 40,378,000 | $ | 40,703,000 | $ | 44,544,000 | $ | 46,392,000 | $ | 44,712,000 | |||||||||||
(a) | Includes revenues of unconsolidated Cedar/RioCan joint venture properties prior to their
transfer to the joint venture. |
|
(b) | Includes acquisition, financing and property management fees from the unconsolidated
Cedar/RioCan joint venture. |
14
CEDAR SHOPPING CENTERS, INC.
Lease Expirations (a)
As of Sep 30, 2010
Lease Expirations (a)
As of Sep 30, 2010
Percentage | ||||||||||||||||||||||||
Number | Percentage | Annualized | Annualized | of annualized | ||||||||||||||||||||
Year of lease | of leases | GLA | of GLA | expiring | expiring base | expiring | ||||||||||||||||||
expiration | expiring | expiring | expiring | base rents | rents per sq ft | base rents | ||||||||||||||||||
Month-To-Month |
67 | 163,000 | 1.3 | % | $ | 1,997,000 | $ | 12.25 | 1.3 | % | ||||||||||||||
2010 |
47 | 172,000 | 1.3 | % | 1,908,000 | 11.09 | 1.2 | % | ||||||||||||||||
2011 |
190 | 800,000 | 6.2 | % | 10,393,000 | 12.99 | 6.8 | % | ||||||||||||||||
2012 |
177 | 904,000 | 7.0 | % | 10,535,000 | 11.65 | 6.9 | % | ||||||||||||||||
2013 |
151 | 787,000 | 6.1 | % | 9,489,000 | 12.06 | 6.2 | % | ||||||||||||||||
2014 |
155 | 1,398,000 | 10.8 | % | 13,529,000 | 9.68 | 8.9 | % | ||||||||||||||||
2015 |
164 | 1,361,000 | 10.5 | % | 14,498,000 | 10.65 | 9.5 | % | ||||||||||||||||
2016 |
58 | 859,000 | 6.6 | % | 7,737,000 | 9.01 | 5.1 | % | ||||||||||||||||
2017 |
49 | 589,000 | 4.5 | % | 7,982,000 | 13.55 | 5.2 | % | ||||||||||||||||
2018 |
45 | 829,000 | 6.4 | % | 10,144,000 | 12.24 | 6.6 | % | ||||||||||||||||
2019 |
54 | 849,000 | 6.6 | % | 10,690,000 | 12.59 | 7.0 | % | ||||||||||||||||
2020 |
49 | 1,086,000 | 8.4 | % | 10,950,000 | 10.08 | 7.2 | % | ||||||||||||||||
Thereafter |
97 | 3,163,000 | 24.4 | % | 42,865,000 | 13.55 | 28.1 | % | ||||||||||||||||
All tenants (b) |
1,301 | 12,960,000 | 100.0 | % | $ | 152,717,000 | $ | 11.78 | 100.0 | % | ||||||||||||||
Vacant space (c) |
n/a | 1,515,000 | n/a | |||||||||||||||||||||
Total portfolio (d) |
1,301 | 14,475,000 | n/a | |||||||||||||||||||||
(a) | Includes unconsolidated Cedar/RioCan joint venture properties. |
|
(b) | Includes tenants at ground-up development properties. |
|
(c) | Includes vacant space at properties undergoing development and/or redevelopment activities. |
|
(d) | At September 30, 2010, the Company had a portfolio of 125 operating properties totaling
approximately 14.5 million sq. ft. of GLA, including 93 wholly-owned properties comprising
approximately 9.4 million square feet, 13 properties owned in joint venture (consolidated)
comprising approximately 1.7 million sq. ft., 15 properties partially-owned in the
Cedar/RioCan unconsolidated joint venture comprising approximately 2.7 million sq. ft., and
four ground-up developments comprising approximately 0.7 million sq. ft; the portfolio
excluding the ground-up developments was approximately 90.8% leased as of September 30, 2010. |
15
CEDAR SHOPPING CENTERS, INC.
Property Description
As of Sep 30, 2010
Property Description
As of Sep 30, 2010
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||
Property Description | State | acquired | owned | (GLA) | renovated | Name | Sq. ft. | expiration | ||||||||||||||
Wholly-Owned Properties: |
||||||||||||||||||||||
Academy Plaza |
PA | 2001 | 100 | % | 152,727 | 1965/1998 | Acme Markets | 50,918 | 9/30/2018 | |||||||||||||
Annie Land Plaza |
VA | 2006 | 100 | % | 42,500 | 1999 | Food Lion | 29,000 | 5/4/2019 | |||||||||||||
Camp Hill |
PA | 2002 | 100 | % | 472,432 | 1958/2005 | Boscovs | 167,597 | 9/30/2020 | |||||||||||||
Giant Foods | 92,939 | 10/31/2025 | ||||||||||||||||||||
LA Fitness | 45,000 | 12/31/2021 | ||||||||||||||||||||
Orthopedic Inst of PA | 40,904 | 5/31/2016 | ||||||||||||||||||||
Barnes & Noble | 24,908 | 1/31/2016 | ||||||||||||||||||||
Staples | 20,000 | 6/30/2015 | ||||||||||||||||||||
Carbondale Plaza |
PA | 2004 | 100 | % | 129,915 | 1972/2005 | Weis Markets | 52,720 | 2/29/2016 | |||||||||||||
Carmans Plaza |
NY | 2007 | 100 | % | 194,481 | 1954/2007 | Pathmark | 52,211 | 3/31/2017 | |||||||||||||
Best Fitness | 27,598 | 5/31/2018 | ||||||||||||||||||||
AJ Wright | 25,806 | 4/30/2013 | ||||||||||||||||||||
Carlls Corner |
NJ | 2007 | 100 | % | 129,582 | 1960s-1999/ | Acme Markets | 55,000 | 9/30/2016 | |||||||||||||
2004 | ||||||||||||||||||||||
Centerville Discount Drug Mart Plaza |
OH | 2005 | 100 | % | 49,494 | 2000 | Discount Drug Mart | 24,012 | 3/31/2016 | |||||||||||||
Circle Plaza |
PA | 2007 | 100 | % | 92,171 | 1979/1991 | K-Mart | 92,171 | 11/30/2014 | |||||||||||||
Clyde Discount Drug Mart Plaza |
OH | 2005 | 100 | % | 34,592 | 2002 | Discount Drug Mart | 24,592 | 3/31/2019 | |||||||||||||
Coliseum Marketplace |
VA | 2005 | 100 | % | 98,359 | 1987/2005 | Farm Fresh | 57,662 | 1/31/2021 | |||||||||||||
CVS at Bradford |
PA | 2005 | 100 | % | 10,722 | 1996 | CVS | 10,722 | 3/31/2017 | |||||||||||||
CVS at Celina |
OH | 2005 | 100 | % | 10,195 | 1998 | CVS | 10,195 | 1/31/2020 | |||||||||||||
CVS at Erie |
PA | 2005 | 100 | % | 10,125 | 1997 | CVS | 10,125 | 1/31/2019 | |||||||||||||
CVS at Kinderhook |
NY | 2007 | 100 | % | 13,225 | 2007 | CVS | 13,225 | 1/31/2033 | |||||||||||||
CVS at Portage Trail |
OH | 2005 | 100 | % | 10,722 | 1996 | CVS | 10,722 | 9/30/2017 | |||||||||||||
Dunmore Shopping Center |
PA | 2005 | 100 | % | 101,000 | 1962/1997 | Eynon Furniture Outlet | 40,000 | 2/28/2014 | |||||||||||||
Big Lots | 26,902 | 1/31/2012 | ||||||||||||||||||||
East Chestnut |
PA | 2005 | 100 | % | 21,180 | 1996 | ||||||||||||||||
Elmhurst Square |
VA | 2006 | 100 | % | 66,250 | 1961-1983 | Food Lion | 38,272 | 9/30/2011 | |||||||||||||
Enon Discount Drug Mart Plaza |
OH | 2007 | 100 | % | 42,876 | 2005-2006 | Discount Drug Mart | 24,596 | 3/31/2022 | |||||||||||||
Fairfield Plaza |
CT | 2005 | 100 | % | 72,279 | 2001/2005 | TJ Maxx | 25,257 | 8/31/2013 | |||||||||||||
Staples | 20,388 | 10/31/2019 | ||||||||||||||||||||
Fairview Plaza |
PA | 2003 | 100 | % | 69,579 | 1992 | Giant Foods | 59,237 | 2/28/2017 | |||||||||||||
Fairview Commons |
PA | 2007 | 100 | % | 59,578 | 1976/2003 | ||||||||||||||||
FirstMerit Bank at Akron |
OH | 2005 | 100 | % | 3,200 | 1996 | FirstMerit Bank | 3,200 | 12/31/2011 | |||||||||||||
FirstMerit Bank at Cuyahoga Falls |
OH | 2006 | 100 | % | 18,300 | 1973/2003 | FirstMerit Bank | 18,300 | 12/31/2015 | |||||||||||||
Gahanna Discount Drug Mart Plaza |
OH | 2006 | 100 | % | 48,992 | 2003 | Discount Drug Mart | 24,592 | 3/31/2020 |
16
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Sep 30, 2010
Property Description (Continued)
As of Sep 30, 2010
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||
Property Description | State | acquired | owned | (GLA) | renovated | Name | Sq. ft. | expiration | ||||||||||||||
General Booth Plaza |
VA | 2005 | 100 | % | 73,320 | 1985 | Farm Fresh | 53,758 | 1/31/2014 | |||||||||||||
Gold Star Plaza |
PA | 2006 | 100 | % | 71,720 | 1988 | Redners | 47,329 | 3/16/2019 | |||||||||||||
Golden Triangle |
PA | 2003 | 100 | % | 202,943 | 1960/2005 | LA Fitness | 44,796 | 4/30/2020 | |||||||||||||
Marshalls | 30,000 | 1/31/2016 | ||||||||||||||||||||
Staples | 24,060 | 5/31/2012 | ||||||||||||||||||||
Groton Shopping Center |
CT | 2007 | 100 | % | 117,986 | 1969 | TJ Maxx | 30,000 | 1/31/2017 | |||||||||||||
Grove City Discount Drug Mart Plaza |
OH | 2007 | 100 | % | 40,848 | 2005 | Discount Drug Mart | 24,596 | 3/31/2020 | |||||||||||||
Halifax Plaza |
PA | 2003 | 100 | % | 51,510 | 1994 | Giant Foods | 32,000 | 10/31/2019 | |||||||||||||
Hamburg Commons |
PA | 2004 | 100 | % | 99,580 | 1988-1993 | Redners | 56,780 | 6/30/2025 | |||||||||||||
Hannaford Plaza |
MA | 2006 | 100 | % | 102,459 | 1965/2006 | Hannaford | 42,598 | 4/30/2015 | |||||||||||||
Hilliard Discount Drug Mart Plaza |
OH | 2007 | 100 | % | 40,988 | 2003 | Discount Drug Mart | 24,592 | 3/31/2020 | |||||||||||||
Hills & Dales Discount Drug Mart Plaza |
OH | 2007 | 100 | % | 33,553 | 1992-2007 | Discount Drug Mart | 23,608 | 3/31/2023 | |||||||||||||
Huntingdon Plaza |
PA | 2004 | 100 | % | 147,355 | 1972 - 2003 | Peebles | 22,060 | 1/31/2018 | |||||||||||||
Jordan Lane |
CT | 2005 | 100 | % | 181,730 | 1969/1991 | Stop & Shop | 60,632 | 9/30/2015 | |||||||||||||
AJ Wright | 39,280 | 3/31/2015 | ||||||||||||||||||||
Kempsville Crossing |
VA | 2005 | 100 | % | 94,477 | 1985 | Farm Fresh | 73,878 | 1/31/2014 | |||||||||||||
Kenley Village |
MD | 2005 | 100 | % | 51,894 | 1988 | Food Lion | 29,000 | 2/11/2014 | |||||||||||||
Kings Plaza |
MA | 2007 | 100 | % | 168,243 | 1970/1994 | Work Out World | 42,997 | 12/31/2014 | |||||||||||||
AJ Wright | 28,504 | 9/30/2013 | ||||||||||||||||||||
Ocean State Job Lot | 20,300 | 5/31/2014 | ||||||||||||||||||||
Kingston Plaza |
NY | 2006 | 100 | % | 18,337 | 2006 | ||||||||||||||||
LA Fitness Facility |
PA | 2002 | 100 | % | 41,000 | 2003 | LA Fitness | 41,000 | 12/31/2018 | |||||||||||||
Lake Raystown Plaza |
PA | 2004 | 100 | % | 145,727 | 1995/2010 | Giant Foods | 61,435 | 10/31/2026 | |||||||||||||
Liberty Marketplace |
PA | 2005 | 100 | % | 68,200 | 2003 | Giant Foods | 55,000 | 9/30/2023 | |||||||||||||
Lodi Discount Drug Mart Plaza |
OH | 2005 | 100 | % | 38,576 | 2003 | Discount Drug Mart | 24,596 | 3/31/2019 | |||||||||||||
Martins at Glen Allen |
VA | 2005 | 100 | % | 43,000 | 2000 | Giant Foods | 43,000 | 2/15/2015 | |||||||||||||
Mason Discount Drug Mart Plaza |
OH | 2008 | 100 | % | 52,896 | 2005/2007 | Discount Drug Mart | 24,596 | 3/31/2021 | |||||||||||||
McCormick Place |
OH | 2005 | 100 | % | 46,000 | 1995 | Sam Levin Furniture | 46,000 | 11/30/2011 | |||||||||||||
Mechanicsburg Giant |
PA | 2005 | 100 | % | 51,500 | 2003 | Giant Foods | 51,500 | 8/31/2024 | |||||||||||||
Metro Square |
MD | 2008 | 100 | % | 71,896 | 1999 | Shoppers Food Warehouse | 58,200 | 1/31/2030 |
17
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Sep 30, 2010
Property Description (Continued)
As of Sep 30, 2010
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||
Property Description | State | acquired | owned | (GLA) | renovated | Name | Sq. ft. | expiration | ||||||||||||||
Newport Plaza |
PA | 2003 | 100 | % | 64,489 | 1996 | Giant Foods | 43,400 | 5/31/2021 | |||||||||||||
Oak Ridge |
VA | 2006 | 100 | % | 38,700 | 2000 | Food Lion | 33,000 | 5/31/2019 | |||||||||||||
Oakland Commons |
CT | 2007 | 100 | % | 89,850 | 1962/1995 | Shaws | 54,661 | 2/29/2016 | |||||||||||||
Bristol Ten Pin | 35,189 | 4/30/2043 | ||||||||||||||||||||
Oakland Mills |
MD | 2005 | 100 | % | 58,224 | 1960s/2004 | Food Lion | 43,470 | 11/30/2018 | |||||||||||||
Ontario Discount Drug Mart Plaza |
OH | 2005 | 100 | % | 38,623 | 2002 | Discount Drug Mart | 25,475 | 3/31/2018 | |||||||||||||
Palmyra Shopping Center |
PA | 2005 | 100 | % | 112,108 | 1960/1995 | Weis Markets | 46,181 | 3/31/2015 | |||||||||||||
Pickerington Discount Drug Mart Plaza |
OH | 2005 | 100 | % | 47,810 | 2002 | Discount Drug Mart | 25,852 | 3/31/2018 | |||||||||||||
Pine Grove Plaza |
NJ | 2003 | 100 | % | 86,089 | 2001/2002 | Peebles | 24,963 | 1/31/2022 | |||||||||||||
Polaris Discount Drug Mart Plaza |
OH | 2005 | 100 | % | 50,283 | 2001 | Discount Drug Mart | 25,855 | 3/31/2017 | |||||||||||||
Port Richmond Village |
PA | 2001 | 100 | % | 154,908 | 1988 | Thriftway | 40,000 | 10/31/2013 | |||||||||||||
Pep Boys | 20,615 | 2/28/2014 | ||||||||||||||||||||
Price Chopper Plaza |
MA | 2007 | 100 | % | 101,824 | 1960s-2004 | Price Chopper | 58,545 | 11/30/2015 | |||||||||||||
Rite Aid at Massillon |
OH | 2005 | 100 | % | 10,125 | 1999 | Rite Aid | 10,125 | 1/31/2020 | |||||||||||||
River View Plaza I, II and III |
PA | 2003 | 100 | % | 244,225 | 1991/1998 | United Artists Theatre | 77,700 | 12/31/2018 | |||||||||||||
Avalon Carpet | 25,000 | 1/31/2012 | ||||||||||||||||||||
Pep Boys | 22,000 | 9/30/2014 | ||||||||||||||||||||
Shelby Discount Drug Mart Plaza |
OH | 2005 | 100 | % | 36,596 | 2002 | Discount Drug Mart | 24,596 | 3/31/2019 | |||||||||||||
Shoppes at Salem Run |
VA | 2005 | 100 | % | 15,100 | 2005 | ||||||||||||||||
Smithfield Plaza |
VA | 2005-2008 | 100 | % | 134,664 | 1987/1996 | Farm Fresh | 45,544 | 1/31/2014 | |||||||||||||
Maxway | 21,600 | 9/30/2013 | ||||||||||||||||||||
Peebles | 21,600 | 1/31/2015 | ||||||||||||||||||||
South Philadelphia |
PA | 2003 | 100 | % | 283,415 | 1950/2003 | Shop Rite | 54,388 | 9/30/2018 | |||||||||||||
Ross Dress For Less | 31,349 | 1/31/2013 | ||||||||||||||||||||
Ballys Total Fitness | 31,000 | 5/31/2017 | ||||||||||||||||||||
Modells | 20,000 | 1/31/2018 | ||||||||||||||||||||
St. James Square |
MD | 2005 | 100 | % | 39,903 | 2000 | Food Lion | 33,000 | 11/14/2020 | |||||||||||||
Stadium Plaza |
MI | 2005 | 100 | % | 77,688 | 1960s/2003 | A&P | 54,650 | 8/31/2022 | |||||||||||||
Suffolk Plaza |
VA | 2005 | 100 | % | 67,216 | 1984 | Farm Fresh | 67,216 | 1/31/2014 | |||||||||||||
Swede Square |
PA | 2003 | 100 | % | 98,792 | 1980/2004 | LA Fitness | 37,200 | 6/30/2016 | |||||||||||||
The Commons |
PA | 2004 | 100 | % | 175,121 | 2003 | Elder Beerman | 54,500 | 1/31/2017 | |||||||||||||
Shop n Save | 52,654 | 10/7/2015 |
18
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Sep 30, 2010
Property Description (Continued)
As of Sep 30, 2010
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||
Property Description | State | acquired | owned | (GLA) | renovated | Name | Sq. ft. | expiration | ||||||||||||||
The Point |
PA | 2000 | 100 | % | 250,697 | 1972/2001 | Burlington Coat Factory | 76,665 | 1/31/2016 | |||||||||||||
Giant Foods | 58,585 | 7/31/2021 | ||||||||||||||||||||
Staples | 24,000 | 8/31/2013 | ||||||||||||||||||||
AC Moore | 20,000 | 7/31/2013 | ||||||||||||||||||||
The Point at Carlisle Plaza |
PA | 2005 | 100 | % | 182,859 | 1965/2005 | Bon-Ton | 59,925 | 1/25/2015 | |||||||||||||
Office Max | 22,645 | 10/22/2012 | ||||||||||||||||||||
Dunham Sports | 21,300 | 1/31/2016 | ||||||||||||||||||||
The Shops at Suffolk Downs |
MA | 2005 | 100 | % | 121,829 | 2005 | Stop & Shop | 74,977 | 9/30/2025 | |||||||||||||
Timpany Plaza |
MA | 2007 | 100 | % | 183,775 | 1970s-1989 | Stop & Shop | 59,947 | 12/31/2014 | |||||||||||||
Big Lots | 28,027 | 1/31/2014 | ||||||||||||||||||||
Gardner Theater | 27,576 | 5/31/2014 | ||||||||||||||||||||
Trexler Mall |
PA | 2005 | 100 | % | 339,363 | 1973/2004 | Kohls | 88,248 | 1/31/2024 | |||||||||||||
Bon-Ton | 62,000 | 1/28/2012 | ||||||||||||||||||||
Giant Foods | 56,753 | 1/31/2016 | ||||||||||||||||||||
Lehigh Wellness Partners | 30,594 | 11/30/2013 | ||||||||||||||||||||
Trexlertown Fitness Club | 28,870 | 2/28/2015 | ||||||||||||||||||||
Ukrops at Fredericksburg |
VA | 2005 | 100 | % | 63,000 | 1997 | Ukrops Supermarket | 63,000 | 8/4/2017 | |||||||||||||
Valley Plaza |
MD | 2003 | 100 | % | 190,939 | 1975/1994 | K-Mart | 95,810 | 9/30/2014 | |||||||||||||
Ollies Bargain Outlet | 41,888 | 3/31/2016 | ||||||||||||||||||||
Tractor Supply | 32,095 | 5/31/2015 | ||||||||||||||||||||
Virginia Center Commons |
VA | 2005 | 100 | % | 9,763 | 2002 | ||||||||||||||||
Virginia Little Creek |
VA | 2005 | 100 | % | 69,620 | 1996/2001 | Farm Fresh | 66,120 | 1/31/2014 | |||||||||||||
Wal-Mart Center |
CT | 2003 | 100 | % | 155,842 | 1972/2000 | Wal-Mart | 95,482 | 1/31/2020 | |||||||||||||
NAMCO | 20,000 | 1/31/2016 | ||||||||||||||||||||
Washington Center Shoppes |
NJ | 2001 | 100 | % | 157,290 | 1979/1995 | Acme Markets | 66,046 | 12/2/2020 | |||||||||||||
Planet Fitness | 20,742 | 3/31/2024 | ||||||||||||||||||||
West Bridgewater Plaza |
MA | 2007 | 100 | % | 133,039 | 1970/2007 | Shaws | 57,315 | 2/28/2027 | |||||||||||||
Big Lots | 25,000 | 1/31/2014 | ||||||||||||||||||||
Westlake Discount Drug Mart Plaza |
OH | 2005 | 100 | % | 55,775 | 2005 | BG Storage | 31,295 | 1/31/2016 | |||||||||||||
Discount Drug Mart | 24,480 | 3/31/2021 | ||||||||||||||||||||
Yorktowne Plaza |
MD | 2007 | 100 | % | 158,982 | 1970/2000 | Food Lion | 37,692 | 12/31/2020 | |||||||||||||
Total Wholly-Owned Properties |
8,108,740 | |||||||||||||||||||||
Properties Owned in Joint Venture: |
||||||||||||||||||||||
Homburg Joint Venture: |
||||||||||||||||||||||
Aston Center |
PA | 2007 | 20 | % | 55,000 | 2005 | Giant Foods | 55,000 | 11/30/2025 | |||||||||||||
Ayr Town Center |
PA | 2007 | 20 | % | 55,600 | 2005 | Giant Foods | 50,000 | 5/31/2025 | |||||||||||||
Fieldstone Marketplace |
MA | 2005 | 20 | % | 193,970 | 1988/2003 | Shaws | 68,000 | 2/29/2024 | |||||||||||||
Flagship Cinema | 41,975 | 10/31/2023 |
19
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Sep 30, 2010
Property Description (Continued)
As of Sep 30, 2010
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||
Property Description | State | acquired | owned | (GLA) | renovated | Name | Sq. ft. | expiration | ||||||||||||||
Meadows Marketplace |
PA | 2004 | 20 | % | 91,538 | 2005 | Giant Foods | 65,507 | 11/30/2025 | |||||||||||||
Parkway Plaza |
PA | 2007 | 20 | % | 106,628 | 1998-2002 | Giant Foods | 66,935 | 12/31/2018 | |||||||||||||
Pennsboro Commons |
PA | 2005 | 20 | % | 107,384 | 1999 | Giant Foods | 68,624 | 8/10/2019 | |||||||||||||
Scott Town Center |
PA | 2007 | 20 | % | 67,933 | 2004 | Giant Foods | 54,333 | 7/31/2023 | |||||||||||||
Spring Meadow Shopping Center |
PA | 2007 | 20 | % | 67,950 | 2004 | Giant Foods | 65,000 | 10/31/2024 | |||||||||||||
Stonehedge Square |
PA | 2006 | 20 | % | 88,677 | 1990/2006 | Nells Market | 51,687 | 5/31/2026 | |||||||||||||
834,680 | ||||||||||||||||||||||
PCP Joint Venture: |
||||||||||||||||||||||
New London Mall |
CT | 2009 | 40 | % | 257,814 | 1967/1997 - | Shoprite | 64,017 | 2/29/2020 | |||||||||||||
2000 | Marshalls | 30,354 | 1/31/2014 | |||||||||||||||||||
Homegoods | 25,432 | 1/31/2016 | ||||||||||||||||||||
Petsmart | 23,500 | 1/31/2015 | ||||||||||||||||||||
AC Moore | 20,932 | 3/31/2015 | ||||||||||||||||||||
San Souci Plaza |
MD | 2009 | 40 | % | 264,134 | 1985 - 1997/ | Shoppers Food Warehouse | 61,466 | 5/31/2020 | |||||||||||||
2007 | Marshalls | 27,000 | 9/30/2017 | |||||||||||||||||||
521,948 | ||||||||||||||||||||||
Joint Ventures (other): |
||||||||||||||||||||||
CVS at Naugatuck |
CT | 2008 | 50 | % | 13,225 | 2008 | CVS | 13,225 | 1/31/2034 | |||||||||||||
Total Consolidated Joint Ventures |
1,369,853 | |||||||||||||||||||||
Cedar/RioCan Joint Venture: |
||||||||||||||||||||||
Blue Mountain Commons |
PA | 2008 | 20 | % | 121,146 | 2009 | Giant Foods | 97,707 | 10/31/2026 | |||||||||||||
Columbus Crossing |
PA | 2003 | 20 | % | 142,166 | 2001 | Super Fresh | 61,506 | 9/30/2020 | |||||||||||||
Old Navy | 25,000 | 1/31/2014 | ||||||||||||||||||||
AC Moore | 22,000 | 9/30/2011 | ||||||||||||||||||||
Creekview Plaza |
PA | 2010 | 20 | % | 136,423 | 1999 | Genuardis | 48,966 | 12/31/2021 | |||||||||||||
Bed Bath & Beyond | 25,000 | 1/13/2012 | ||||||||||||||||||||
Exeter Commons |
PA | 2010 | 20 | % | 361,321 | 2009/2010 | Lowes | 171,069 | 10/31/2029 | |||||||||||||
Giant Foods | 81,715 | 8/31/2029 | ||||||||||||||||||||
Franklin Village Plaza |
MA | 2004 | 20 | % | 304,277 | 1987/2005 | Stop & Shop | 75,000 | 4/30/2026 | |||||||||||||
Marshalls | 26,890 | 1/31/2014 | ||||||||||||||||||||
Loyal Plaza |
PA | 2002 | 20 | % | 293,825 | 1969/2000 | K-Mart | 102,558 | 8/31/2016 | |||||||||||||
Giant Foods | 66,935 | 10/31/2019 | ||||||||||||||||||||
Staples | 20,555 | 11/30/2014 | ||||||||||||||||||||
Monroe Marketplace |
PA | 2010 | 20 | % | 328,013 | 2007/2008 | Giant Food Store | 76,000 | 10/31/2028 | |||||||||||||
Kohls Department Store | 68,430 | 1/31/2029 | ||||||||||||||||||||
Dicks Sporting Goods | 51,119 | 1/31/2019 | ||||||||||||||||||||
Montville Commons |
CT | 2010 | 20 | % | 117,916 | 2006 | Stop & Shop | 63,000 | 3/1/2027 | |||||||||||||
New River Valley |
VA | 2010 | 20 | % | 164,663 | 2007 | Best Buy | 30,041 | 1/31/2018 | |||||||||||||
Ross Stores | 30,037 | 1/31/2019 | ||||||||||||||||||||
Pitney Road Plaza |
PA | 2010 | 20 | % | 45,915 | 2009 | Best Buy | 45,915 | 1/31/2020 | |||||||||||||
Shaws Plaza |
MA | 2006 | 20 | % | 176,609 | 1968/1998 | Shaws | 60,748 | 2/28/2023 | |||||||||||||
Marshalls | 25,752 | 1/31/2013 | ||||||||||||||||||||
Stop & Shop Plaza |
CT | 2008 | 20 | % | 54,510 | 2006 | Stop & Shop | 54,510 | 11/30/2026 | |||||||||||||
Sunset Crossing |
PA | 2003 | 20 | % | 74,142 | 2002 | Giant Foods | 54,332 | 6/30/2022 | |||||||||||||
Sunrise Plaza |
NJ | 2010 | 20 | % | 248,160 | 2007 | Home Depot | 130,601 | 1/31/2038 | |||||||||||||
Kohls Department Store | 96,171 | 10/31/2028 | ||||||||||||||||||||
Town Square Plaza |
PA | 2010 | 20 | % | 127,636 | 2009 | Giant Foods | 73,327 | 9/30/2028 | |||||||||||||
A.C. Moore | 21,600 | 11/15/2018 | ||||||||||||||||||||
Total Cedar/RioCan Joint Venture |
2,696,722 | |||||||||||||||||||||
Total Operating Portfiolio |
12,175,315 | |||||||||||||||||||||
20
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Sep 30, 2010
Property Description (Continued)
As of Sep 30, 2010
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||
Property Description | State | acquired | owned | (GLA) | renovated | Name | Sq. ft. | expiration | ||||||||||||||
Redevelopment and Major Retenanting Properties: |
||||||||||||||||||||||
Columbia Mall |
PA | 2005 | 75 | % | 348,574 | 1988 | Sears | 64,264 | 10/24/2013 | |||||||||||||
Bon-Ton | 45,000 | 10/31/2013 | ||||||||||||||||||||
Oakhurst Plaza |
VA | 2006 | 100 | % | 107,869 | 1980/2001 | ||||||||||||||||
Shore Mall |
NJ | 2006 | 100 | % | 459,098 | 1960/1980 | Boscovs | 172,200 | 9/19/2018 | |||||||||||||
Burlington Coat Factory | 85,000 | 11/30/2014 | ||||||||||||||||||||
K&G | 25,000 | 2/28/2017 | ||||||||||||||||||||
The Brickyard |
CT | 2004 | 100 | % | 274,553 | 1990 | Home Depot | 103,003 | 1/31/2015 | |||||||||||||
Syms | 38,000 | 3/31/2012 | ||||||||||||||||||||
Townfair Center |
PA | 2004 | 100 | % | 138,041 | 2002 | Lowes Home Centers | 95,173 | 12/31/2015 | |||||||||||||
Trexlertown Plaza |
PA | 2006 | 100 | % | 241,381 | 1990/2005 | Redners | 47,900 | 10/31/2015 | |||||||||||||
Big Lots | 33,824 | 1/31/2012 | ||||||||||||||||||||
Tractor Supply | 22,670 | 10/31/2020 | ||||||||||||||||||||
Sears | 22,500 | 10/31/2012 | ||||||||||||||||||||
Total Redevelopment and Major Retenanting Properties |
1,569,516 | |||||||||||||||||||||
Total Operating Portfolio |
13,744,831 | |||||||||||||||||||||
Ground-Up Developments: |
||||||||||||||||||||||
Crossroads II |
PA | 2008 | 60 | % | 133,618 | 2009 | Giant Foods | 76,415 | 11/30/2029 | |||||||||||||
Heritage Crossing |
PA | 2008 | 60 | % | 59,396 | 2009 | ||||||||||||||||
Northside Commons |
PA | 2008 | 100 | % | 85,300 | 2009 | Redners Market | 48,519 | 8/31/2029 | |||||||||||||
Upland Square |
PA | 2007 | 60 | % | 452,304 | 2009 | Giant Foods | 78,900 | 7/31/2029 | |||||||||||||
LA Fitness | 42,000 | 2/28/2025 | ||||||||||||||||||||
Best Buy | 30,000 | 12/31/2019 | ||||||||||||||||||||
Bed, Bath & Beyond | 25,000 | 1/31/2020 | ||||||||||||||||||||
TJ Maxx | 25,000 | 8/31/2019 | ||||||||||||||||||||
Total Ground-Up Developments |
730,618 | |||||||||||||||||||||
Total Portfolio |
14,475,449 | |||||||||||||||||||||
21
CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of Sep 30, 2010
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of Sep 30, 2010
Financial statement carrying values | Gross | |||||||||||||||||||||||||||||||||||||||||
Managed | leasable | Average | ||||||||||||||||||||||||||||||||||||||||
Percent | Buildings and | Total | Accumulated | Net book | unconsolidated | area | Percent | base rent per | ||||||||||||||||||||||||||||||||||
Property Description | State | owned | Land | improvements | cost | depreciation | value | joint venture | (GLA) | occupied | leased sq. ft. | |||||||||||||||||||||||||||||||
Operating Portfolio: |
||||||||||||||||||||||||||||||||||||||||||
Academy Plaza |
PA | 100 | % | $ | 2,406,000 | $ | 11,299,000 | $ | 13,705,000 | $ | 2,571,000 | $ | 11,134,000 | 152,727 | 79.8 | % | $ | 13.06 | ||||||||||||||||||||||||
Annie Land Plaza |
VA | 100 | % | 809,000 | 4,035,000 | 4,844,000 | 615,000 | 4,229,000 | 42,500 | 97.2 | % | 9.18 | ||||||||||||||||||||||||||||||
Camp Hill |
PA | 100 | % | 4,424,000 | 60,930,000 | 65,354,000 | 9,232,000 | 56,122,000 | 472,432 | 98.0 | % | 12.96 | ||||||||||||||||||||||||||||||
Carbondale Plaza |
PA | 100 | % | 1,586,000 | 12,169,000 | 13,755,000 | 2,205,000 | 11,550,000 | 129,915 | 85.6 | % | 6.91 | ||||||||||||||||||||||||||||||
Carlls Corner |
NJ | 100 | % | 2,945,000 | 15,325,000 | 18,270,000 | 1,660,000 | 16,610,000 | 129,582 | 94.5 | % | 8.67 | ||||||||||||||||||||||||||||||
Carmans Plaza |
NY | 100 | % | 8,421,000 | 35,304,000 | 43,725,000 | 3,783,000 | 39,942,000 | 194,481 | 90.7 | % | 16.40 | ||||||||||||||||||||||||||||||
Centerville Discount Drug Mart Plaza |
OH | 100 | % | 1,219,000 | 5,472,000 | 6,691,000 | 945,000 | 5,746,000 | 49,494 | 66.7 | % | 10.35 | ||||||||||||||||||||||||||||||
Circle Plaza |
PA | 100 | % | 546,000 | 2,930,000 | 3,476,000 | 252,000 | 3,224,000 | 92,171 | 100.0 | % | 2.74 | ||||||||||||||||||||||||||||||
Clyde Discount Drug Mart Plaza |
OH | 100 | % | 673,000 | 3,232,000 | 3,905,000 | 587,000 | 3,318,000 | 34,592 | 88.4 | % | 9.48 | ||||||||||||||||||||||||||||||
Coliseum Marketplace |
VA | 100 | % | 3,586,000 | 17,165,000 | 20,751,000 | 3,257,000 | 17,494,000 | 98,359 | 78.0 | % | 16.77 | ||||||||||||||||||||||||||||||
CVS at Bradford |
PA | 100 | % | 291,000 | 1,482,000 | 1,773,000 | 299,000 | 1,474,000 | 10,722 | 100.0 | % | 12.80 | ||||||||||||||||||||||||||||||
CVS at Celina |
OH | 100 | % | 418,000 | 1,967,000 | 2,385,000 | 335,000 | 2,050,000 | 10,195 | 100.0 | % | 18.54 | ||||||||||||||||||||||||||||||
CVS at Erie |
PA | 100 | % | 399,000 | 1,783,000 | 2,182,000 | 289,000 | 1,893,000 | 10,125 | 100.0 | % | 16.50 | ||||||||||||||||||||||||||||||
CVS at Kinderhook |
NY | 100 | % | 2,502,000 | 1,106,000 | 3,608,000 | 90,000 | 3,518,000 | 13,225 | 100.0 | % | 20.70 | ||||||||||||||||||||||||||||||
CVS at Portage Trail |
OH | 100 | % | 341,000 | 1,611,000 | 1,952,000 | 286,000 | 1,666,000 | 10,722 | 100.0 | % | 13.00 | ||||||||||||||||||||||||||||||
Dunmore Shopping Center |
PA | 100 | % | 565,000 | 2,245,000 | 2,810,000 | 491,000 | 2,319,000 | 101,000 | 66.2 | % | 3.65 | ||||||||||||||||||||||||||||||
East Chestnut |
PA | 100 | % | 800,000 | 3,702,000 | 4,502,000 | 790,000 | 3,712,000 | 21,180 | 100.0 | % | 13.39 | ||||||||||||||||||||||||||||||
Elmhurst Square |
VA | 100 | % | 1,371,000 | 6,239,000 | 7,610,000 | 992,000 | 6,618,000 | 66,250 | 88.5 | % | 9.09 | ||||||||||||||||||||||||||||||
Enon Discount Drug Mart Plaza |
OH | 100 | % | 1,135,000 | 4,357,000 | 5,492,000 | 659,000 | 4,833,000 | 42,876 | 73.2 | % | 10.10 | ||||||||||||||||||||||||||||||
Fairfield Plaza |
CT | 100 | % | 2,202,000 | 9,394,000 | 11,596,000 | 1,567,000 | 10,029,000 | 72,279 | 95.4 | % | 13.81 | ||||||||||||||||||||||||||||||
Fairview Plaza |
PA | 100 | % | 2,129,000 | 8,716,000 | 10,845,000 | 1,735,000 | 9,110,000 | 69,579 | 100.0 | % | 12.26 | ||||||||||||||||||||||||||||||
Fairview Commons |
PA | 100 | % | 858,000 | 3,568,000 | 4,426,000 | 577,000 | 3,849,000 | 59,578 | 66.9 | % | 6.63 | ||||||||||||||||||||||||||||||
FirstMerit Bank at Akron |
OH | 100 | % | 168,000 | 736,000 | 904,000 | 140,000 | 764,000 | 3,200 | 100.0 | % | 23.51 | ||||||||||||||||||||||||||||||
FirstMerit Bank at Cuyahoga Falls |
OH | 100 | % | 264,000 | 1,312,000 | 1,576,000 | 209,000 | 1,367,000 | 18,300 | 100.0 | % | 6.03 | ||||||||||||||||||||||||||||||
Gahanna Discount Drug Mart Plaza |
OH | 100 | % | 1,738,000 | 6,765,000 | 8,503,000 | 1,034,000 | 7,469,000 | 48,992 | 76.5 | % | 13.78 | ||||||||||||||||||||||||||||||
General Booth Plaza |
VA | 100 | % | 1,935,000 | 9,580,000 | 11,515,000 | 2,024,000 | 9,491,000 | 73,320 | 95.3 | % | 12.69 | ||||||||||||||||||||||||||||||
Gold Star Plaza |
PA | 100 | % | 1,644,000 | 6,693,000 | 8,337,000 | 1,108,000 | 7,229,000 | 71,720 | 84.4 | % | 9.08 | ||||||||||||||||||||||||||||||
Golden Triangle |
PA | 100 | % | 2,320,000 | 19,463,000 | 21,783,000 | 4,089,000 | 17,694,000 | 202,943 | 97.4 | % | 12.06 | ||||||||||||||||||||||||||||||
Groton Shopping Center |
CT | 100 | % | 3,073,000 | 12,410,000 | 15,483,000 | 1,701,000 | 13,782,000 | 117,986 | 97.1 | % | 10.67 | ||||||||||||||||||||||||||||||
Grove City Discount Drug Mart Plaza |
OH | 100 | % | 1,241,000 | 5,041,000 | 6,282,000 | 739,000 | 5,543,000 | 40,848 | 68.2 | % | 11.20 | ||||||||||||||||||||||||||||||
Halifax Plaza |
PA | 100 | % | 1,347,000 | 6,034,000 | 7,381,000 | 1,101,000 | 6,280,000 | 51,510 | 100.0 | % | 11.94 | ||||||||||||||||||||||||||||||
Hamburg Commons |
PA | 100 | % | 1,153,000 | 9,892,000 | 11,045,000 | 1,461,000 | 9,584,000 | 99,580 | 93.5 | % | 6.13 | ||||||||||||||||||||||||||||||
Hannaford Plaza |
MA | 100 | % | 1,874,000 | 8,843,000 | 10,717,000 | 1,332,000 | 9,385,000 | 102,459 | 98.2 | % | 8.10 | ||||||||||||||||||||||||||||||
Hilliard Discount Drug Mart Plaza |
OH | 100 | % | 1,307,000 | 4,980,000 | 6,287,000 | 659,000 | 5,628,000 | 40,988 | 80.3 | % | 10.52 | ||||||||||||||||||||||||||||||
Hills & Dales Discount Drug Mart Plaza |
OH | 100 | % | 786,000 | 3,095,000 | 3,881,000 | 391,000 | 3,490,000 | 33,553 | 89.8 | % | 9.74 | ||||||||||||||||||||||||||||||
Huntingdon Plaza |
PA | 100 | % | 933,000 | 6,054,000 | 6,987,000 | 844,000 | 6,143,000 | 147,355 | 52.8 | % | 7.12 | ||||||||||||||||||||||||||||||
Jordan Lane |
CT | 100 | % | 4,291,000 | 22,023,000 | 26,314,000 | 3,861,000 | 22,453,000 | 181,730 | 97.7 | % | 10.31 | ||||||||||||||||||||||||||||||
Kempsville Crossing |
VA | 100 | % | 2,207,000 | 11,139,000 | 13,346,000 | 2,442,000 | 10,904,000 | 94,477 | 98.7 | % | 11.00 | ||||||||||||||||||||||||||||||
Kenley Village |
MD | 100 | % | 726,000 | 3,557,000 | 4,283,000 | 1,012,000 | 3,271,000 | 51,894 | 95.0 | % | 8.01 | ||||||||||||||||||||||||||||||
Kings Plaza |
MA | 100 | % | 2,408,000 | 12,838,000 | 15,246,000 | 1,583,000 | 13,663,000 | 168,243 | 95.2 | % | 6.02 | ||||||||||||||||||||||||||||||
Kingston Plaza |
NY | 100 | % | 2,891,000 | 2,344,000 | 5,235,000 | 229,000 | 5,006,000 | 18,337 | 100.0 | % | 26.76 | ||||||||||||||||||||||||||||||
LA Fitness Facility |
PA | 100 | % | 2,462,000 | 5,176,000 | 7,638,000 | 979,000 | 6,659,000 | 41,000 | 100.0 | % | 19.90 | ||||||||||||||||||||||||||||||
Lake Raystown Plaza |
PA | 100 | % | 2,231,000 | 13,117,000 | 15,348,000 | 2,348,000 | 13,000,000 | 145,727 | 89.3 | % | 12.26 | ||||||||||||||||||||||||||||||
Liberty Marketplace |
PA | 100 | % | 2,695,000 | 12,863,000 | 15,558,000 | 2,013,000 | 13,545,000 | 68,200 | 89.4 | % | 17.50 | ||||||||||||||||||||||||||||||
Lodi Discount Drug Mart Plaza |
OH | 100 | % | 704,000 | 3,461,000 | 4,165,000 | 713,000 | 3,452,000 | 38,576 | 87.7 | % | 8.68 | ||||||||||||||||||||||||||||||
Martins at Glen Allen |
VA | 100 | % | 6,769,000 | 686,000 | 7,455,000 | 275,000 | 7,180,000 | 43,000 | 100.0 | % | 9.73 | ||||||||||||||||||||||||||||||
Mason Discount Drug Mart Plaza |
OH | 100 | % | 1,849,000 | 7,449,000 | 9,298,000 | 979,000 | 8,319,000 | 52,896 | 75.7 | % | 13.74 | ||||||||||||||||||||||||||||||
McCormick Place |
OH | 100 | % | 849,000 | 4,064,000 | 4,913,000 | 992,000 | 3,921,000 | 46,000 | 100.0 | % | 8.50 | ||||||||||||||||||||||||||||||
Mechanicsburg Giant |
PA | 100 | % | 2,709,000 | 12,159,000 | 14,868,000 | 1,720,000 | 13,148,000 | 51,500 | 100.0 | % | 21.78 | ||||||||||||||||||||||||||||||
Metro Square |
MD | 100 | % | 3,121,000 | 12,351,000 | 15,472,000 | 810,000 | 14,662,000 | 71,896 | 100.0 | % | 18.50 | ||||||||||||||||||||||||||||||
Newport Plaza |
PA | 100 | % | 1,672,000 | 8,165,000 | 9,837,000 | 1,359,000 | 8,478,000 | 64,489 | 100.0 | % | 10.97 | ||||||||||||||||||||||||||||||
Oak Ridge |
VA | 100 | % | 960,000 | 4,281,000 | 5,241,000 | 533,000 | 4,708,000 | 38,700 | 100.0 | % | 10.52 | ||||||||||||||||||||||||||||||
Oakland Commons |
CT | 100 | % | 2,504,000 | 15,677,000 | 18,181,000 | 1,729,000 | 16,452,000 | 89,850 | 100.0 | % | 10.71 | ||||||||||||||||||||||||||||||
Oakland Mills |
MD | 100 | % | 1,611,000 | 6,324,000 | 7,935,000 | 1,293,000 | 6,642,000 | 58,224 | 100.0 | % | 13.17 | ||||||||||||||||||||||||||||||
Ontario Discount Drug Mart Plaza |
OH | 100 | % | 809,000 | 3,670,000 | 4,479,000 | 675,000 | 3,804,000 | 38,623 | 78.9 | % | 8.32 | ||||||||||||||||||||||||||||||
Palmyra Shopping Center |
PA | 100 | % | 1,488,000 | 7,086,000 | 8,574,000 | 1,418,000 | 7,156,000 | 112,108 | 83.1 | % | 5.26 | ||||||||||||||||||||||||||||||
Pickerington Discount Drug Mart Plaza |
OH | 100 | % | 1,305,000 | 5,966,000 | 7,271,000 | 1,105,000 | 6,166,000 | 47,810 | 81.6 | % | 12.02 | ||||||||||||||||||||||||||||||
Pine Grove Plaza |
NJ | 100 | % | 2,010,000 | 6,591,000 | 8,601,000 | 1,234,000 | 7,367,000 | 86,089 | 100.0 | % | 10.63 | ||||||||||||||||||||||||||||||
Polaris Discount Drug Mart Plaza |
OH | 100 | % | 1,242,000 | 5,846,000 | 7,088,000 | 1,261,000 | 5,827,000 | 50,283 | 94.4 | % | 11.49 | ||||||||||||||||||||||||||||||
Port Richmond Village |
PA | 100 | % | 2,843,000 | 12,537,000 | 15,380,000 | 2,865,000 | 12,515,000 | 154,908 | 99.4 | % | 12.82 | ||||||||||||||||||||||||||||||
Price Chopper Plaza |
MA | 100 | % | 4,086,000 | 18,402,000 | 22,488,000 | 1,765,000 | 20,723,000 | 101,824 | 88.4 | % | 11.29 | ||||||||||||||||||||||||||||||
Rite Aid at Massillon |
OH | 100 | % | 442,000 | 2,020,000 | 2,462,000 | 326,000 | 2,136,000 | 10,125 | 100.0 | % | 18.99 | ||||||||||||||||||||||||||||||
River View Plaza I, II and III |
PA | 100 | % | 9,718,000 | 44,241,000 | 53,959,000 | 8,467,000 | 45,492,000 | 244,225 | 89.3 | % | 18.17 | ||||||||||||||||||||||||||||||
Shelby Discount Drug Mart Plaza |
OH | 100 | % | 671,000 | 3,399,000 | 4,070,000 | 686,000 | 3,384,000 | 36,596 | 72.7 | % | 9.08 | ||||||||||||||||||||||||||||||
Shoppes at Salem Run |
VA | 100 | % | 1,076,000 | 4,265,000 | 5,341,000 | 589,000 | 4,752,000 | 15,100 | 39.7 | % | 25.65 | ||||||||||||||||||||||||||||||
Smithfield Plaza |
VA | 100 | % | 2,919,000 | 13,013,000 | 15,932,000 | 1,746,000 | 14,186,000 | 134,664 | 96.4 | % | 9.34 |
22
CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of Sep 30, 2010
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of Sep 30, 2010
Financial statement carrying values | Gross | |||||||||||||||||||||||||||||||||||||||||
Managed | leasable | Average | ||||||||||||||||||||||||||||||||||||||||
Percent | Buildings and | Total | Accumulated | Net book | unconsolidated | area | Percent | base rent per | ||||||||||||||||||||||||||||||||||
Property Description | State | owned | Land | improvements | cost | depreciation | value | joint venture | (GLA) | occupied | leased sq. ft. | |||||||||||||||||||||||||||||||
South Philadelphia |
PA | 100 | % | 8,222,000 | 38,907,000 | 47,129,000 | 8,765,000 | 38,364,000 | 283,415 | 82.3 | % | 13.70 | ||||||||||||||||||||||||||||||
St. James Square |
MD | 100 | % | 688,000 | 4,446,000 | 5,134,000 | 940,000 | 4,194,000 | 39,903 | 96.2 | % | 11.37 | ||||||||||||||||||||||||||||||
Stadium Plaza |
MI | 100 | % | 2,443,000 | 9,813,000 | 12,256,000 | 1,530,000 | 10,726,000 | 77,688 | 100.0 | % | 15.28 | ||||||||||||||||||||||||||||||
Suffolk Plaza |
VA | 100 | % | 1,402,000 | 7,236,000 | 8,638,000 | 1,568,000 | 7,070,000 | 67,216 | 100.0 | % | 9.40 | ||||||||||||||||||||||||||||||
Swede Square |
PA | 100 | % | 2,272,000 | 10,713,000 | 12,985,000 | 2,600,000 | 10,385,000 | 98,792 | 98.0 | % | 14.30 | ||||||||||||||||||||||||||||||
The Commons |
PA | 100 | % | 3,098,000 | 15,178,000 | 18,276,000 | 3,319,000 | 14,957,000 | 175,121 | 90.3 | % | 10.09 | ||||||||||||||||||||||||||||||
The Point |
PA | 100 | % | 2,996,000 | 23,485,000 | 26,481,000 | 5,070,000 | 21,411,000 | 250,697 | 92.6 | % | 11.42 | ||||||||||||||||||||||||||||||
The Point at Carlisle Plaza |
PA | 100 | % | 2,233,000 | 11,429,000 | 13,662,000 | 2,492,000 | 11,170,000 | 182,859 | 88.8 | % | 6.81 | ||||||||||||||||||||||||||||||
The Shops at Suffolk Downs |
MA | 100 | % | 7,580,000 | 19,622,000 | 27,202,000 | 1,859,000 | 25,343,000 | 121,829 | 92.4 | % | 14.10 | ||||||||||||||||||||||||||||||
Timpany Plaza |
MA | 100 | % | 3,370,000 | 19,573,000 | 22,943,000 | 2,282,000 | 20,661,000 | 183,775 | 92.9 | % | 6.39 | ||||||||||||||||||||||||||||||
Trexler Mall |
PA | 100 | % | 6,932,000 | 33,151,000 | 40,083,000 | 5,023,000 | 35,060,000 | 339,363 | 97.8 | % | 8.62 | ||||||||||||||||||||||||||||||
Ukrops at Fredericksburg |
VA | 100 | % | 3,213,000 | 12,758,000 | 15,971,000 | 1,802,000 | 14,169,000 | 63,000 | 100.0 | % | 17.42 | ||||||||||||||||||||||||||||||
Valley Plaza |
MD | 100 | % | 1,950,000 | 8,527,000 | 10,477,000 | 1,533,000 | 8,944,000 | 190,939 | 100.0 | % | 4.89 | ||||||||||||||||||||||||||||||
Virginia Center Commons |
VA | 100 | % | 992,000 | 3,863,000 | 4,855,000 | 647,000 | 4,208,000 | 9,763 | 100.0 | % | 34.56 | ||||||||||||||||||||||||||||||
Virginia Little Creek |
VA | 100 | % | 1,639,000 | 8,350,000 | 9,989,000 | 1,666,000 | 8,323,000 | 69,620 | 100.0 | % | 11.00 | ||||||||||||||||||||||||||||||
Wal-Mart Center |
CT | 100 | % | | 11,862,000 | 11,862,000 | 2,108,000 | 9,754,000 | 155,842 | 98.7 | % | 6.57 | ||||||||||||||||||||||||||||||
Washington Center Shoppes |
NJ | 100 | % | 2,000,000 | 11,115,000 | 13,115,000 | 2,559,000 | 10,556,000 | 157,290 | 94.3 | % | 8.81 | ||||||||||||||||||||||||||||||
West Bridgewater Plaza |
MA | 100 | % | 2,676,000 | 14,263,000 | 16,939,000 | 1,434,000 | 15,505,000 | 133,039 | 90.8 | % | 9.28 | ||||||||||||||||||||||||||||||
Westlake Discount Drug Mart Plaza |
OH | 100 | % | 1,004,000 | 4,011,000 | 5,015,000 | 538,000 | 4,477,000 | 55,775 | 43.9 | % | 9.85 | ||||||||||||||||||||||||||||||
Yorktowne Plaza |
MD | 100 | % | 5,879,000 | 25,432,000 | 31,311,000 | 3,130,000 | 28,181,000 | 158,982 | 94.5 | % | 13.59 | ||||||||||||||||||||||||||||||
Total Wholly-Owned Properties |
191,266,000 | 893,373,000 | 1,084,639,000 | 147,921,000 | 936,718,000 | 8,108,740 | 91.3 | % | 11.02 | |||||||||||||||||||||||||||||||||
Homburg Joint Venture: |
||||||||||||||||||||||||||||||||||||||||||
Aston Center |
PA | 20 | % | 4,319,000 | 17,070,000 | 21,389,000 | 1,658,000 | 19,731,000 | 55,000 | 100.0 | % | 24.70 | ||||||||||||||||||||||||||||||
Ayr Town Center |
PA | 20 | % | 2,442,000 | 9,750,000 | 12,192,000 | 1,065,000 | 11,127,000 | 55,600 | 94.2 | % | 16.06 | ||||||||||||||||||||||||||||||
Fieldstone Marketplace |
MA | 20 | % | 5,167,000 | 22,085,000 | 27,252,000 | 3,674,000 | 23,578,000 | 193,970 | 100.0 | % | 11.58 | ||||||||||||||||||||||||||||||
Meadows Marketplace |
PA | 20 | % | 1,914,000 | 11,390,000 | 13,304,000 | 1,315,000 | 11,989,000 | 91,538 | 95.8 | % | 15.08 | ||||||||||||||||||||||||||||||
Parkway Plaza |
PA | 20 | % | 4,647,000 | 19,435,000 | 24,082,000 | 2,248,000 | 21,834,000 | 106,628 | 98.0 | % | 15.22 | ||||||||||||||||||||||||||||||
Pennsboro Commons |
PA | 20 | % | 3,608,000 | 14,297,000 | 17,905,000 | 2,463,000 | 15,442,000 | 107,384 | 93.2 | % | 14.59 | ||||||||||||||||||||||||||||||
Scott Town Center |
PA | 20 | % | 2,959,000 | 11,801,000 | 14,760,000 | 1,330,000 | 13,430,000 | 67,933 | 94.1 | % | 18.12 | ||||||||||||||||||||||||||||||
Spring Meadow Shopping Center |
PA | 20 | % | 4,112,000 | 16,429,000 | 20,541,000 | 1,679,000 | 18,862,000 | 67,950 | 100.0 | % | 20.95 | ||||||||||||||||||||||||||||||
Stonehedge Square |
PA | 20 | % | 2,698,000 | 11,758,000 | 14,456,000 | 1,767,000 | 12,689,000 | 88,677 | 95.4 | % | 11.54 | ||||||||||||||||||||||||||||||
31,866,000 | 134,015,000 | 165,881,000 | 17,199,000 | 148,682,000 | 834,680 | 97.1 | % | 15.28 | ||||||||||||||||||||||||||||||||||
PCP Joint Venture: |
||||||||||||||||||||||||||||||||||||||||||
New London Mall |
CT | 40 | % | 8,827,000 | 31,919,000 | 40,746,000 | 2,363,000 | 38,383,000 | 257,814 | 96.6 | % | 13.46 | ||||||||||||||||||||||||||||||
San Souci Plaza |
MD | 40 | % | 13,379,000 | 21,263,000 | 34,642,000 | 2,559,000 | 32,083,000 | 264,134 | 90.3 | % | 10.20 | ||||||||||||||||||||||||||||||
22,206,000 | 53,182,000 | 75,388,000 | 4,922,000 | 70,466,000 | 521,948 | 93.4 | % | 11.86 | ||||||||||||||||||||||||||||||||||
Other: |
||||||||||||||||||||||||||||||||||||||||||
CVS at Naugatuck |
CT | 50 | % | | 2,825,000 | 2,825,000 | 135,000 | 2,690,000 | 13,225 | 100.0 | % | 35.01 | ||||||||||||||||||||||||||||||
Total Consolidated Joint Ventures |
54,072,000 | 190,022,000 | 244,094,000 | 22,256,000 | 221,838,000 | 1,369,853 | 95.7 | % | 14.21 | |||||||||||||||||||||||||||||||||
Cedar/RioCan Joint Venture: |
||||||||||||||||||||||||||||||||||||||||||
Blue Mountain Commons |
PA | 20 | % | | | | | | $ | 31,050,000 | 121,146 | 90.3 | % | 26.15 | ||||||||||||||||||||||||||||
Columbus Crossing |
PA | 20 | % | | | | | | 25,364,000 | 142,166 | 100.0 | % | 16.18 | |||||||||||||||||||||||||||||
Creekview Plaza |
PA | 20 | % | | | | | | 26,164,000 | 136,423 | 100.0 | % | 15.20 | |||||||||||||||||||||||||||||
Exeter Commons |
PA | 20 | % | | | | | | 53,057,000 | 361,321 | 95.7 | % | 12.69 | |||||||||||||||||||||||||||||
Franklin Village Plaza |
MA | 20 | % | | | | | | 53,809,000 | 304,277 | 92.3 | % | 19.95 | |||||||||||||||||||||||||||||
Loyal Plaza |
PA | 20 | % | | | | | | 26,783,000 | 293,825 | 99.5 | % | 8.06 | |||||||||||||||||||||||||||||
Monroe Marketplace |
PA | 20 | % | | | | | | 42,866,000 | 328,013 | 97.9 | % | 10.34 | |||||||||||||||||||||||||||||
Montville Commons |
CT | 20 | % | | | | | | 18,900,000 | 117,916 | 95.3 | % | 15.41 | |||||||||||||||||||||||||||||
New River Valley |
VA | 20 | % | | | | | | 27,570,000 | 164,663 | 100.0 | % | 14.37 | |||||||||||||||||||||||||||||
Pitney Road Plaza |
PA | 20 | % | | | | | | 11,056,000 | 45,915 | 100.0 | % | 19.75 | |||||||||||||||||||||||||||||
Shaws Plaza |
MA | 20 | % | | | | | | 20,419,000 | 176,609 | 96.4 | % | 11.27 | |||||||||||||||||||||||||||||
Stop & Shop Plaza |
CT | 20 | % | | | | | | 8,779,000 | 54,510 | 100.0 | % | 15.59 | |||||||||||||||||||||||||||||
Sunset Crossing |
PA | 20 | % | | | | | | 9,529,000 | 74,142 | 91.9 | % | 14.40 | |||||||||||||||||||||||||||||
Sunrise Plaza |
NJ | 20 | % | | | | | | 26,543,000 | 248,160 | 100.0 | % | 7.74 | |||||||||||||||||||||||||||||
Town Square Plaza |
PA | 20 | % | | | | | | 17,436,000 | 127,636 | 100.0 | % | 26.15 | |||||||||||||||||||||||||||||
Total Cedar/RioCan Joint Venture |
| | | | | 399,325,000 | 2,696,722 | 97.1 | % | 14.09 | ||||||||||||||||||||||||||||||||
Total Operating Properties |
245,338,000 | 1,083,395,000 | 1,328,733,000 | 170,177,000 | 1,158,556,000 | 399,325,000 | 12,175,315 | 93.1 | % | 12.10 | ||||||||||||||||||||||||||||||||
23
CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of Sep 30, 2010
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of Sep 30, 2010
Financial statement carrying values | Gross | |||||||||||||||||||||||||||||||||||||||||
Managed | leasable | Average | ||||||||||||||||||||||||||||||||||||||||
Percent | Buildings and | Total | Accumulated | Net book | unconsolidated | area | Percent | base rent per | ||||||||||||||||||||||||||||||||||
Property Description | State | owned | Land | improvements | cost | depreciation | value | joint venture | (GLA) | occupied | leased sq. ft. | |||||||||||||||||||||||||||||||
Redevelopment and Major
Retenanting Properties: |
||||||||||||||||||||||||||||||||||||||||||
Columbia Mall |
PA | 75 | % | 2,855,000 | 16,988,000 | 19,843,000 | 2,681,000 | 17,162,000 | 348,574 | 65.3 | % | 4.67 | ||||||||||||||||||||||||||||||
Oakhurst Plaza |
PA | 100 | % | 4,539,000 | 18,194,000 | 22,733,000 | 2,455,000 | 20,278,000 | 107,869 | 34.8 | % | 22.36 | ||||||||||||||||||||||||||||||
Shore Mall |
NJ | 100 | % | 7,179,000 | 42,544,000 | 49,723,000 | 6,279,000 | 43,444,000 | | 459,098 | 90.0 | % | 8.25 | |||||||||||||||||||||||||||||
The Brickyard |
CT | 100 | % | 6,465,000 | 29,853,000 | 36,318,000 | 6,494,000 | 29,824,000 | 274,553 | 60.0 | % | 8.65 | ||||||||||||||||||||||||||||||
Townfair Center |
PA | 100 | % | 3,022,000 | 19,014,000 | 22,036,000 | 2,445,000 | 19,591,000 | | 138,041 | 88.9 | % | 6.58 | |||||||||||||||||||||||||||||
Trexlertown Plaza |
PA | 100 | % | 5,262,000 | 27,618,000 | 32,880,000 | 3,049,000 | 29,831,000 | | 241,381 | 70.9 | % | 10.66 | |||||||||||||||||||||||||||||
Total Redevelopment and
Major Retenanting
Properties |
29,322,000 | 154,211,000 | 183,533,000 | 23,403,000 | 160,130,000 | | 1,569,516 | 72.4 | % | 8.24 | ||||||||||||||||||||||||||||||||
Total Operating Portfolio |
274,660,000 | 1,237,606,000 | 1,512,266,000 | 193,580,000 | 1,318,686,000 | 399,325,000 | 13,744,831 | 90.8 | % | $ | 11.75 | |||||||||||||||||||||||||||||||
Ground-Up Developments: |
||||||||||||||||||||||||||||||||||||||||||
Crossroads II |
PA | 60 | % | 17,671,000 | 24,816,000 | 42,487,000 | 567,000 | 41,920,000 | | 133,618 | 81.2 | % | $ | 19.90 | ||||||||||||||||||||||||||||
Heritage Crossing |
PA | 60 | % | 5,066,000 | 6,076,000 | 11,142,000 | 197,000 | 10,945,000 | | 59,396 | 51.9 | % | 22.94 | |||||||||||||||||||||||||||||
Northside Commons |
PA | 100 | % | 3,379,000 | 9,942,000 | 13,321,000 | 233,000 | 13,088,000 | | 85,300 | 72.9 | % | 9.87 | |||||||||||||||||||||||||||||
Upland Square |
PA | 60 | % | 27,454,000 | 56,966,000 | 84,420,000 | 1,367,000 | 83,053,000 | | 452,304 | 62.9 | % | 16.16 | |||||||||||||||||||||||||||||
Total Ground-Up Developments |
53,570,000 | 97,800,000 | 151,370,000 | 2,364,000 | 149,006,000 | | 730,618 | |||||||||||||||||||||||||||||||||||
Total Portfolio |
328,230,000 | 1,335,406,000 | 1,663,636,000 | 195,944,000 | 1,467,692,000 | 399,325,000 | 14,475,449 | |||||||||||||||||||||||||||||||||||
Land for Held For
Future Expansion and/or
Development: |
||||||||||||||||||||||||||||||||||||||||||
Columbia Mall |
PA | 75 | % | 1,465,000 | 422,000 | 1,887,000 | | 1,887,000 | | 46.21 | acres | |||||||||||||||||||||||||||||||
Halifax Commons |
PA | 100 | % | 872,000 | 352,000 | 1,224,000 | | 1,224,000 | | 4.37 | acres | |||||||||||||||||||||||||||||||
Halifax Plaza |
PA | 100 | % | 1,503,000 | 1,221,000 | 2,724,000 | | 2,724,000 | | 12.83 | acres | |||||||||||||||||||||||||||||||
Liberty Marketplace |
PA | 100 | % | 1,564,000 | 33,000 | 1,597,000 | | 1,597,000 | | 15.51 | acres | |||||||||||||||||||||||||||||||
Oregon Pike |
PA | 100 | % | 2,283,000 | 72,000 | 2,355,000 | | 2,355,000 | | 11.20 | acres | |||||||||||||||||||||||||||||||
Shore Mall |
NJ | 100 | % | 2,018,000 | 250,000 | 2,268,000 | | 2,268,000 | | 50.00 | acres | |||||||||||||||||||||||||||||||
The Brickyard |
CT | 100 | % | 1,183,000 | 176,000 | 1,359,000 | | 1,359,000 | | 1.95 | acres | |||||||||||||||||||||||||||||||
Trexlertown Plaza |
PA | 100 | % | 8,089,000 | 2,277,000 | 10,366,000 | | 10,366,000 | | 37.28 | acres | |||||||||||||||||||||||||||||||
Trindle Spring |
NY | 100 | % | 1,148,000 | 269,000 | 1,417,000 | | 1,417,000 | | 2.10 | acres | |||||||||||||||||||||||||||||||
Wyoming |
MI | 100 | % | 360,000 | | 360,000 | | 360,000 | | 12.32 | acres | |||||||||||||||||||||||||||||||
Various projects in progress |
N/A | 100 | % | | 1,190,000 | 1,190,000 | | 1,190,000 | | | acres | |||||||||||||||||||||||||||||||
Total Land for Held
For Future Expansion
and/or Development: |
20,485,000 | 6,262,000 | 26,747,000 | | 26,747,000 | | 193.76 | acres | ||||||||||||||||||||||||||||||||||
Total Carrying Value |
$ | 348,715,000 | $ | 1,341,668,000 | $ | 1,690,383,000 | $ | 195,944,000 | $ | 1,494,439,000 | $ | 399,325,000 | ||||||||||||||||||||||||||||||
24
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of Sep 30, 2010
Debt Summary
As of Sep 30, 2010
Debt Balances | ||||||||||||||||||||||||||||||||
Financial statement carrying values | Stated contract amounts | |||||||||||||||||||||||||||||||
Percent | Maturity | Int. | Sep 30, | Dec 31, | Int. | Sep 30, | Dec 31, | |||||||||||||||||||||||||
Property | Owned | Date | rate | 2010 | 2009 | rate | 2010 | 2009 | ||||||||||||||||||||||||
Fixed-rate mortgages: |
||||||||||||||||||||||||||||||||
Academy Plaza |
100 | % | Mar 2013 | 7.3 | % | $ | 9,197,000 | $ | 9,365,000 | 7.3 | % | $ | 9,197,000 | $ | 9,365,000 | |||||||||||||||||
Camp Hill Shopping Center |
100 | % | Jan 2017 | 5.5 | % | 65,000,000 | 65,000,000 | 5.5 | % | 65,000,000 | 65,000,000 | |||||||||||||||||||||
Carbondale Plaza |
100 | % | May 2015 | 6.4 | % | 4,972,000 | | 6.4 | % | 4,972,000 | | |||||||||||||||||||||
Carlls Corner |
100 | % | Nov 2012 | 5.6 | % | 5,817,000 | 5,908,000 | 5.6 | % | 5,817,000 | 5,908,000 | |||||||||||||||||||||
Carmans Plaza |
100 | % | Oct 2016 | 6.3 | % | 33,362,000 | 33,345,000 | 6.2 | % | 33,500,000 | 33,500,000 | |||||||||||||||||||||
Centerville Discount Drug Mart |
100 | % | May 2015 | 5.2 | % | 2,756,000 | 2,795,000 | 5.2 | % | 2,756,000 | 2,795,000 | |||||||||||||||||||||
Clyde Discount Drug Mart |
100 | % | May 2015 | 5.2 | % | 1,912,000 | 1,939,000 | 5.2 | % | 1,912,000 | 1,939,000 | |||||||||||||||||||||
Coliseum Marketplace |
100 | % | Jul 2014 | 5.2 | % | 12,036,000 | 12,228,000 | 6.1 | % | 11,684,000 | 11,803,000 | |||||||||||||||||||||
Crossroads II |
60 | % | Jan 2010 | 7.1 | % | | 900,000 | 7.1 | % | | 900,000 | |||||||||||||||||||||
Crossroads II |
60 | % | Jan 2010 | 8.5 | % | | 425,000 | 8.5 | % | | 425,000 | |||||||||||||||||||||
CVS at Bradford |
100 | % | Mar 2017 | 5.2 | % | 707,000 | 775,000 | 7.1 | % | 670,000 | 729,000 | |||||||||||||||||||||
CVS at Celina |
100 | % | Jan 2020 | 5.2 | % | 1,349,000 | 1,429,000 | 7.5 | % | 1,232,000 | 1,295,000 | |||||||||||||||||||||
CVS at Erie |
100 | % | Nov 2018 | 5.2 | % | 1,039,000 | 1,114,000 | 7.1 | % | 972,000 | 1,036,000 | |||||||||||||||||||||
CVS at Kinderhook |
100 | % | Jul 2019 | 5.3 | % | 2,442,000 | 2,480,000 | 5.3 | % | 2,442,000 | 2,480,000 | |||||||||||||||||||||
CVS at Portage Trail |
100 | % | Aug 2017 | 5.0 | % | 774,000 | 843,000 | 7.8 | % | 714,000 | 771,000 | |||||||||||||||||||||
East Chestnut |
100 | % | Apr 2018 | 7.4 | % | 1,909,000 | 1,988,000 | 5.2 | % | 1,723,000 | 1,778,000 | |||||||||||||||||||||
Elmhurst Square Shopping Center |
100 | % | Dec 2014 | 5.4 | % | 3,990,000 | 4,045,000 | 5.4 | % | 3,990,000 | 4,045,000 | |||||||||||||||||||||
Fairfield Plaza |
100 | % | July 2015 | 5.0 | % | 5,034,000 | 5,106,000 | 5.0 | % | 5,034,000 | 5,106,000 | |||||||||||||||||||||
Fairview Plaza |
100 | % | Feb 2013 | 5.7 | % | 5,398,000 | 5,479,000 | 5.7 | % | 5,398,000 | 5,479,000 | |||||||||||||||||||||
Gahanna Discount Drug Mart |
100 | % | Nov 2016 | 5.8 | % | 4,943,000 | 4,998,000 | 5.8 | % | 4,943,000 | 4,998,000 | |||||||||||||||||||||
General Booth Plaza |
100 | % | Aug 2013 | 5.2 | % | 5,310,000 | 5,409,000 | 6.1 | % | 5,189,000 | 5,257,000 | |||||||||||||||||||||
Gold Star Plaza |
100 | % | May 2019 | 6.0 | % | 2,270,000 | 2,417,000 | 7.3 | % | 2,169,000 | 2,300,000 | |||||||||||||||||||||
Golden Triangle |
100 | % | Feb 2018 | 6.0 | % | 20,778,000 | 20,999,000 | 6.0 | % | 20,778,000 | 20,999,000 | |||||||||||||||||||||
Groton Shopping Center |
100 | % | Oct 2015 | 6.2 | % | 11,548,000 | 11,622,000 | 5.3 | % | 11,887,000 | 12,013,000 | |||||||||||||||||||||
Halifax Plaza |
100 | % | Feb 2010 | 6.8 | % | | 3,324,000 | 6.8 | % | | 3,324,000 | |||||||||||||||||||||
Halifax Plaza |
100 | % | Apr 2020 | 6.3 | % | 4,270,000 | | 6.3 | % | 4,270,000 | | |||||||||||||||||||||
Hamburg Commons |
100 | % | Oct 2016 | 6.1 | % | 5,121,000 | 5,180,000 | 6.1 | % | 5,121,000 | 5,180,000 | |||||||||||||||||||||
Jordan Lane |
100 | % | Dec 2015 | 5.5 | % | 12,917,000 | 13,080,000 | 5.5 | % | 12,917,000 | 13,080,000 | |||||||||||||||||||||
Kempsville Crossing |
100 | % | Aug 2013 | 5.2 | % | 6,004,000 | 6,122,000 | 6.1 | % | 5,869,000 | 5,950,000 | |||||||||||||||||||||
Kings Plaza |
100 | % | Jul 2014 | 6.0 | % | 7,712,000 | 7,811,000 | 6.0 | % | 7,712,000 | 7,811,000 | |||||||||||||||||||||
Kingston Plaza |
100 | % | Jul 2019 | 5.3 | % | 3,145,000 | 3,194,000 | 5.3 | % | 3,145,000 | 3,194,000 | |||||||||||||||||||||
Kingston Plaza |
100 | % | Jul 2019 | 5.3 | % | 525,000 | 533,000 | 5.3 | % | 525,000 | 533,000 | |||||||||||||||||||||
LA Fitness Facility |
100 | % | Jan 2013 | 5.4 | % | 5,698,000 | 5,790,000 | 5.4 | % | 5,698,000 | 5,790,000 | |||||||||||||||||||||
Liberty Marketplace |
100 | % | Jul 2014 | 5.2 | % | 9,178,000 | 9,373,000 | 6.1 | % | 8,913,000 | 9,052,000 | |||||||||||||||||||||
Lodi Discount Drug Mart |
100 | % | May 2015 | 5.2 | % | 2,330,000 | 2,363,000 | 5.2 | % | 2,330,000 | 2,363,000 | |||||||||||||||||||||
McCormick Place |
100 | % | Aug 2017 | 6.1 | % | 2,595,000 | 2,621,000 | 6.1 | % | 2,595,000 | 2,621,000 | |||||||||||||||||||||
Mechanicsburg Giant |
100 | % | Nov 2014 | 5.2 | % | 9,452,000 | 9,667,000 | 5.5 | % | 9,340,000 | 9,533,000 | |||||||||||||||||||||
Metro Square |
100 | % | Nov 2029 | 7.5 | % | 9,015,000 | 9,162,000 | 7.5 | % | 9,015,000 | 9,162,000 | |||||||||||||||||||||
Newport Plaza |
100 | % | Feb 2010 | 6.8 | % | | 4,338,000 | 6.8 | % | | 4,338,000 | |||||||||||||||||||||
Newport Plaza |
100 | % | Jan 2015 | 6.0 | % | 5,611,000 | | 6.0 | % | 5,611,000 | | |||||||||||||||||||||
Oak Ridge Shopping Center |
100 | % | May 2015 | 5.5 | % | 3,420,000 | 3,459,000 | 5.5 | % | 3,420,000 | 3,459,000 | |||||||||||||||||||||
Oakland Mills |
100 | % | Jan 2016 | 5.5 | % | 4,857,000 | 4,918,000 | 5.5 | % | 4,857,000 | 4,918,000 | |||||||||||||||||||||
Ontario Discount Drug Mart |
100 | % | May 2015 | 5.2 | % | 2,152,000 | 2,181,000 | 5.2 | % | 2,152,000 | 2,181,000 | |||||||||||||||||||||
Pickerington Discount Drug Mart |
100 | % | Jul 2015 | 5.0 | % | 4,092,000 | 4,150,000 | 5.0 | % | 4,092,000 | 4,150,000 | |||||||||||||||||||||
Pine Grove Plaza |
100 | % | Sep 2015 | 5.0 | % | 5,716,000 | 5,797,000 | 5.0 | % | 5,716,000 | 5,797,000 | |||||||||||||||||||||
Polaris Discount Drug Mart |
100 | % | May 2015 | 5.2 | % | 4,390,000 | 4,451,000 | 5.2 | % | 4,390,000 | 4,451,000 | |||||||||||||||||||||
Port Richmond Village |
100 | % | Aug 2013 | 6.5 | % | 14,495,000 | 14,683,000 | 6.5 | % | 14,495,000 | 14,683,000 | |||||||||||||||||||||
Rite Aid at Massillon |
100 | % | Jan 2020 | 5.0 | % | 1,356,000 | 1,437,000 | 7.7 | % | 1,222,000 | 1,283,000 | |||||||||||||||||||||
Shelby Discount Drug Mart Plaza |
100 | % | May 2015 | 5.2 | % | 2,151,000 | 2,181,000 | 5.2 | % | 2,151,000 | 2,181,000 | |||||||||||||||||||||
Shore Mall |
100 | % | Dec 2024 | 8.0 | % | 229,000 | 243,000 | 8.0 | % | 151,000 | 157,000 | |||||||||||||||||||||
Smithfield Plaza |
100 | % | Aug 2013 | 5.2 | % | 3,408,000 | 3,467,000 | 6.1 | % | 3,330,000 | 3,368,000 | |||||||||||||||||||||
Smithfield Plaza |
100 | % | May 2016 | 6.6 | % | 6,893,000 | 6,938,000 | 6.2 | % | 6,997,000 | 7,057,000 | |||||||||||||||||||||
Suffolk Plaza |
100 | % | Aug 2013 | 5.2 | % | 4,521,000 | 4,617,000 | 6.1 | % | 4,419,000 | 4,488,000 | |||||||||||||||||||||
The Point |
100 | % | Sep 2012 | 7.6 | % | 16,933,000 | 17,298,000 | 7.6 | % | 16,933,000 | 17,298,000 | |||||||||||||||||||||
Timpany Plaza |
100 | % | Jan 2014 | 5.6 | % | 8,238,000 | 8,377,000 | 6.1 | % | 8,104,000 | 8,211,000 | |||||||||||||||||||||
Trexler Mall |
100 | % | May 2014 | 5.4 | % | 21,204,000 | 21,526,000 | 5.5 | % | 21,096,000 | 21,395,000 | |||||||||||||||||||||
Virginia Little Creek |
100 | % | Aug 2013 | 5.2 | % | 4,811,000 | 4,904,000 | 6.1 | % | 4,702,000 | 4,766,000 | |||||||||||||||||||||
Virginia Little Creek |
100 | % | Sep 2021 | 5.2 | % | 423,000 | 444,000 | 8.0 | % | 372,000 | 387,000 | |||||||||||||||||||||
Wal-Mart Center |
100 | % | Nov 2014 | 5.1 | % | 5,717,000 | 5,795,000 | 5.1 | % | 5,717,000 | 5,795,000 | |||||||||||||||||||||
Washington Center Shoppes |
100 | % | Dec 2012 | 5.9 | % | 8,483,000 | 8,575,000 | 5.9 | % | 8,483,000 | 8,575,000 | |||||||||||||||||||||
West Bridgewater |
100 | % | Sep 2016 | 6.5 | % | 10,804,000 | 10,885,000 | 6.2 | % | 10,880,000 | 10,970,000 |
25
CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of Sep 30, 2010
Debt Summary (Continued)
As of Sep 30, 2010
Debt Balances | ||||||||||||||||||||||||||||||||
Financial statement carrying values | Stated contract amounts | |||||||||||||||||||||||||||||||
Percent | Maturity | Int. | Sep 30, | Dec 31, | Int. | Sep 30, | Dec 31, | |||||||||||||||||||||||||
Property | Owned | Date | rate | 2010 | 2009 | rate | 2010 | 2009 | ||||||||||||||||||||||||
Westlake Discount Drug Mart Plaza |
100 | % | Dec 2016 | 5.6 | % | 3,178,000 | 3,215,000 | 5.6 | % | 3,178,000 | 3,215,000 | |||||||||||||||||||||
Yorktowne Plaza |
100 | % | Jul 2014 | 6.1 | % | 20,162,000 | 20,418,000 | 6.0 | % | 20,182,000 | 20,441,000 | |||||||||||||||||||||
Various land parcels |
100 | % | Jul 2010 | 5.5 | % | | 3,000,000 | 5.5 | % | | 3,000,000 | |||||||||||||||||||||
443,749,000 | 446,126,000 | 442,079,000 | 444,078,000 | |||||||||||||||||||||||||||||
Homburg Joint Venture: |
||||||||||||||||||||||||||||||||
Aston Center |
20 | % | Nov 2015 | 5.5 | % | 12,623,000 | 12,802,000 | 5.9 | % | 12,409,000 | 12,556,000 | |||||||||||||||||||||
Ayr Town Center |
20 | % | Jun 2015 | 5.5 | % | 7,127,000 | 7,225,000 | 5.6 | % | 7,087,000 | 7,178,000 | |||||||||||||||||||||
Fieldstone Marketplace |
20 | % | Jul 2014 | 5.4 | % | 18,375,000 | 18,647,000 | 6.0 | % | 18,013,000 | 18,210,000 | |||||||||||||||||||||
Meadows Marketplace |
20 | % | Nov 2016 | 5.6 | % | 10,214,000 | 10,333,000 | 5.6 | % | 10,214,000 | 10,333,000 | |||||||||||||||||||||
Parkway Plaza |
20 | % | May 2017 | 5.5 | % | 14,300,000 | 14,300,000 | 5.5 | % | 14,300,000 | 14,300,000 | |||||||||||||||||||||
Pennsboro Commons |
20 | % | Mar 2016 | 5.5 | % | 10,815,000 | 10,949,000 | 5.5 | % | 10,815,000 | 10,949,000 | |||||||||||||||||||||
Scott Town Center |
20 | % | Aug 2015 | 5.5 | % | 8,572,000 | 8,669,000 | 4.9 | % | 8,740,000 | 8,865,000 | |||||||||||||||||||||
Spring Meadow Shoppping Center |
20 | % | Nov 2014 | 5.5 | % | 12,507,000 | 12,698,000 | 5.9 | % | 12,334,000 | 12,493,000 | |||||||||||||||||||||
Stonehedge Square |
20 | % | Jul 2017 | 6.2 | % | 8,700,000 | 8,700,000 | 6.2 | % | 8,700,000 | 8,700,000 | |||||||||||||||||||||
103,233,000 | 104,323,000 | 102,612,000 | 103,584,000 | |||||||||||||||||||||||||||||
PCP Joint Venture: |
||||||||||||||||||||||||||||||||
New London Mall |
40 | % | Apr 2015 | 6.1 | % | 26,011,000 | 26,009,000 | 4.9 | % | 27,365,000 | 27,365,000 | |||||||||||||||||||||
San Souci Plaza |
40 | % | Dec 2016 | 6.2 | % | 27,200,000 | 27,200,000 | 6.2 | % | 27,200,000 | 27,200,000 | |||||||||||||||||||||
53,211,000 | 53,209,000 | 54,565,000 | 54,565,000 | |||||||||||||||||||||||||||||
Other: |
||||||||||||||||||||||||||||||||
CVS at Naugatuck |
50 | % | Nov 2019 | 5.3 | % | 2,415,000 | 2,450,000 | 5.3 | % | 2,415,000 | 2,450,000 | |||||||||||||||||||||
Total Consolidated Joint Ventures |
158,859,000 | 159,982,000 | 159,592,000 | 160,599,000 | ||||||||||||||||||||||||||||
Total fixed-rate mortgages |
5.4 years | 5.8 | % | 602,608,000 | 606,108,000 | 601,671,000 | 604,677,000 | |||||||||||||||||||||||||
[weighted average] | ||||||||||||||||||||||||||||||||
Variable-rate mortgages: |
||||||||||||||||||||||||||||||||
Shore Mall |
100 | % | Sep 2011 | 5.9 | % | 20,994,000 | 21,000,000 | |||||||||||||||||||||||||
Upland Square |
60 | % | Sep 2011 | 2.5 | % | 62,577,000 | 61,181,000 | |||||||||||||||||||||||||
Total variable-rate mortgages |
1.2 years | 3.4 | % | 83,571,000 | 82,181,000 | |||||||||||||||||||||||||||
[weighted average] | ||||||||||||||||||||||||||||||||
Total mortgages |
4.9 years | 5.5 | % | 686,179,000 | 688,289,000 | |||||||||||||||||||||||||||
[weighted average] | ||||||||||||||||||||||||||||||||
Secured revolving credit facilties: |
||||||||||||||||||||||||||||||||
Stabilized property facility |
100 | % | Jan 2012 | 5.5 | % | 23,535,000 | 187,985,000 | |||||||||||||||||||||||||
Development property facility (a) |
100 | % | Jun 2011 | 2.5 | % | 102,911,000 | 69,700,000 | |||||||||||||||||||||||||
1.3 years | 3.1 | % | 126,446,000 | 257,685,000 | ||||||||||||||||||||||||||||
[weighted average] | ||||||||||||||||||||||||||||||||
Total debt |
4.2 years | 5.1 | % | $ | 812,625,000 | $ | 945,974,000 | |||||||||||||||||||||||||
[weighted average] | ||||||||||||||||||||||||||||||||
Pro rata share of consolidated debt |
$ | 696,905,000 | $ | 829,393,000 | ||||||||||||||||||||||||||||
Mortgage loans payable Cedar/RioCan
joint venture: |
||||||||||||||||||||||||||||||||
Blue Mountain Commons |
20 | % | Jul 2015 | 5.0 | % | $ | 17,711,000 | $ | | |||||||||||||||||||||||
Columbus Crossing |
20 | % | Jun 2014 | 6.8 | % | 16,907,000 | 16,880,000 | |||||||||||||||||||||||||
Creekview Plaza |
20 | % | Oct 2015 | 4.8 | % | 14,432,000 | | |||||||||||||||||||||||||
Exeter Commons |
20 | % | Aug 2020 | 5.3 | % | 29,966,000 | | |||||||||||||||||||||||||
Franklin Village |
20 | % | Nov 2011 | 4.8 | % | 42,845,000 | 43,500,000 | |||||||||||||||||||||||||
Loyal Plaza |
20 | % | Jun 2011 | 7.2 | % | 12,447,000 | 12,615,000 | |||||||||||||||||||||||||
Monroe Marketplace |
20 | % | Oct 2015 | 4.8 | % | 23,095,000 | | |||||||||||||||||||||||||
New River Valley |
20 | % | Oct 2015 | 4.8 | % | 15,163,000 | | |||||||||||||||||||||||||
Pitney Road Valley |
20 | % | Oct 2015 | 4.8 | % | 6,080,000 | | |||||||||||||||||||||||||
Shaws Plaza |
20 | % | Mar 2014 | 6.0 | % | 14,200,000 | 14,023,000 | |||||||||||||||||||||||||
Stop & Shop Plaza |
20 | % | Apr 2017 | 6.2 | % | 7,020,000 | 7,000,000 | |||||||||||||||||||||||||
Sunset Crossing |
20 | % | Jul 2015 | 5.0 | % | 4,247,000 | | |||||||||||||||||||||||||
Sunrise Plaza |
20 | % | Oct 2015 | 4.8 | % | 13,728,000 | | |||||||||||||||||||||||||
Town Square Plaza |
20 | % | Jul 2015 | 5.0 | % | 10,963,000 | | |||||||||||||||||||||||||
Total mortgages loans payable
Cedar/RioCan joint venture |
$ | 228,804,000 | $ | 94,018,000 | ||||||||||||||||||||||||||||
Pro rata share of total debt (managed properties) |
$ | 742,666,000 | $ | 848,197,000 | ||||||||||||||||||||||||||||
Mortgage loans payable discontinued operations: |
||||||||||||||||||||||||||||||||
Carrollton Discount Drug Mart Plaza |
100 | % | Dec 2016 | 5.6 | % | $ | | $ | 2,343,000 | |||||||||||||||||||||||
Long Reach Village |
100 | % | Mar 2014 | 5.7 | % | 4,626,000 | 4,690,000 | |||||||||||||||||||||||||
Pondside Plaza |
100 | % | May 2015 | 5.6 | % | | 1,157,000 | |||||||||||||||||||||||||
Powell Discount Drug Mart |
100 | % | May 2015 | 5.2 | % | | 4,265,000 | |||||||||||||||||||||||||
Mortgage loans payable discontinued operations |
$ | 4,626,000 | $ | 12,455,000 | ||||||||||||||||||||||||||||
26
CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of Sep 30, 2010
Debt Summary (Continued)
As of Sep 30, 2010
Consolidated Properties | ||||||||||||||||||||||||
Maturity | Pro rata share of | Pro rata share of | Secured | |||||||||||||||||||||
schedule | Scheduled Amortization | Ballon Payments | revolving | |||||||||||||||||||||
by year | Company | JV Partners | Company | JV Partners | credit facilities (a) | Total | ||||||||||||||||||
2010 |
$ | 1,865,000 | $ | 180,000 | $ | | $ | | $ | | $ | 2,045,000 | ||||||||||||
2011 |
7,958,000 | 1,102,000 | 83,577,000 | (b) | | 102,911,000 | 195,548,000 | |||||||||||||||||
2012 |
8,922,000 | 1,268,000 | 29,638,000 | | 23,535,000 | 63,363,000 | ||||||||||||||||||
2013 |
8,000,000 | 1,462,000 | 54,945,000 | | | 64,407,000 | ||||||||||||||||||
2014 |
6,467,000 | 1,334,000 | 89,422,000 | 22,571,000 | | 119,794,000 | ||||||||||||||||||
2015 |
4,812,000 | 957,000 | 83,807,000 | 36,783,000 | | 126,359,000 | ||||||||||||||||||
2016 |
3,748,000 | 486,000 | 80,657,000 | 31,275,000 | | 116,166,000 | ||||||||||||||||||
2017 |
2,261,000 | 151,000 | 67,072,000 | 17,184,000 | | 86,668,000 | ||||||||||||||||||
2018 |
1,643,000 | 41,000 | 18,972,000 | | | 20,656,000 | ||||||||||||||||||
2019 |
1,210,000 | 34,000 | 5,630,000 | 892,000 | | 7,766,000 | ||||||||||||||||||
Thereafter |
6,042,000 | | 3,811,000 | | | 9,853,000 | ||||||||||||||||||
$ | 52,928,000 | $ | 7,015,000 | $ | 517,531,000 | $ | 108,705,000 | $ | 126,446,000 | $ | 812,625,000 | |||||||||||||
Cedar/RioCan Joint Venture | ||||||||||||||||||||||||
Maturity | Pro rata share of | Pro rata share of | Secured | |||||||||||||||||||||
schedule | Scheduled Amortization | Ballon Payments | revolving | |||||||||||||||||||||
by year | Company | JV Partner | Company | JV Partner | credit facilities (a) | Total | ||||||||||||||||||
2010 |
$ | 93,000 | $ | 377,000 | $ | | $ | | $ | | $ | 470,000 | ||||||||||||
2011 |
399,000 | 1,598,000 | 11,157,000 | 44,629,000 | | 57,783,000 | ||||||||||||||||||
2012 |
512,000 | 2,049,000 | | | | 2,561,000 | ||||||||||||||||||
2013 |
542,000 | 2,166,000 | | | | 2,708,000 | ||||||||||||||||||
2014 |
522,000 | 2,086,000 | 5,941,000 | 23,763,000 | | 32,312,000 | ||||||||||||||||||
2015 |
386,000 | 1,545,000 | 19,411,000 | 77,642,000 | | 98,984,000 | ||||||||||||||||||
2016 |
134,000 | 537,000 | | | | 671,000 | ||||||||||||||||||
2017 |
124,000 | 494,000 | 1,271,000 | 5,085,000 | | 6,974,000 | ||||||||||||||||||
2018 |
124,000 | 494,000 | | | | 618,000 | ||||||||||||||||||
2019 |
130,000 | 521,000 | | | | 651,000 | ||||||||||||||||||
Thereafter |
79,000 | 317,000 | 4,936,000 | 19,740,000 | | 25,072,000 | ||||||||||||||||||
$ | 3,045,000 | $ | 12,184,000 | $ | 42,716,000 | $ | 170,859,000 | $ | | $ | 228,804,000 | |||||||||||||
Total Consolidated and Unconsolidated (Managed Properties) | ||||||||||||||||||||||||
Maturity | Pro rata share of | Pro rata share of | Secured | |||||||||||||||||||||
schedule | Scheduled Amortization | Ballon Payments | revolving | |||||||||||||||||||||
by year | Company | JV Partners | Company | JV Partners | credit facilities (a) | Total | ||||||||||||||||||
2010 |
$ | 1,958,000 | $ | 557,000 | $ | | $ | | $ | | $ | 2,515,000 | ||||||||||||
2011 |
8,357,000 | 2,700,000 | 94,734,000 | (b) | 44,629,000 | 102,911,000 | 253,331,000 | |||||||||||||||||
2012 |
9,434,000 | 3,317,000 | 29,638,000 | | 23,535,000 | 65,924,000 | ||||||||||||||||||
2013 |
8,542,000 | 3,628,000 | 54,945,000 | | | 67,115,000 | ||||||||||||||||||
2014 |
6,989,000 | 3,420,000 | 95,363,000 | 46,334,000 | | 152,106,000 | ||||||||||||||||||
2015 |
5,198,000 | 2,502,000 | 103,218,000 | 114,425,000 | | 225,343,000 | ||||||||||||||||||
2016 |
3,882,000 | 1,023,000 | 80,657,000 | 31,275,000 | | 116,837,000 | ||||||||||||||||||
2017 |
2,385,000 | 645,000 | 68,343,000 | 22,269,000 | | 93,642,000 | ||||||||||||||||||
2018 |
1,767,000 | 535,000 | 18,972,000 | | | 21,274,000 | ||||||||||||||||||
2019 |
1,340,000 | 555,000 | 5,630,000 | 892,000 | | 8,417,000 | ||||||||||||||||||
Thereafter |
6,121,000 | 317,000 | 8,747,000 | 19,740,000 | | 34,925,000 | ||||||||||||||||||
$ | 55,973,000 | $ | 19,199,000 | $ | 560,247,000 | $ | 279,564,000 | $ | 126,446,000 | $ | 1,041,429,000 | |||||||||||||
(a) | The Company has the option to extend the stabilized property and development property credit
facilities, which are due in January 2012 and June 2011, respectively, for one year beyond those
respective dates. |
|
(b) | Incudes $62,577,000 of property-specific construction financing due in September 2011 as to
which the Company has a one-year extension option. |
27
CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar
Joint Venture Properties Managed by Cedar
Balance Sheet Information
Mortgage | ||||||||||||||||||||||||||||
Partners | Real estate, | loans | Other assets/ | Equity (a) | ||||||||||||||||||||||||
percent | net | payable | liabilities, | Partners | Cedar (b) | Total | ||||||||||||||||||||||
Consolidated | As of Sep 30, 2010 | |||||||||||||||||||||||||||
Homburg |
80 | % | $ | 148,684,767 | $ | (103,231,740 | ) | $ | 7,111,145 | $ | 51,499,952 | $ | 1,064,220 | $ | 52,564,172 | |||||||||||||
PCP (c) |
60 | % | 70,465,928 | (53,210,898 | ) | (2,573,649 | ) | 8,764,044 | 5,917,336 | 14,681,381 | ||||||||||||||||||
WP Realty (d ) |
25 | % | 19,049,571 | | (648,275 | ) | 3,938,288 | 14,463,008 | 18,401,296 | |||||||||||||||||||
Fameco I (e) |
40 | % | 83,052,603 | (62,576,677 | ) | 5,304,809 | 1,048,000 | 24,732,734 | 25,780,734 | |||||||||||||||||||
Fameco II (f) |
40 | % | 41,920,446 | | (6,473,275 | ) | | 35,447,172 | 35,447,172 | |||||||||||||||||||
Hirshland (g) |
40 | % | 10,944,986 | | 2,335,041 | (81,472 | ) | 13,361,499 | 13,280,028 | |||||||||||||||||||
Other |
50 | % | 2,690,626 | (2,415,273 | ) | 241,353 | 68,578 | 448,128 | 516,706 | |||||||||||||||||||
$ | 376,808,927 | $ | (221,434,588 | ) | $ | 5,297,150 | $ | 65,237,391 | $ | 95,434,097 | $ | 160,671,489 | ||||||||||||||||
Unconsolidated |
||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 399,325,143 | $ | (228,805,858 | ) | 9,909,439 | $ | 142,244,640 | $ | 38,184,084 | $ | 180,428,724 | ||||||||||||||
Consolidated | As of Jun 30, 2010 | |||||||||||||||||||||||||||
Homburg |
80 | % | $ | 149,680,832 | $ | (103,591,953 | ) | $ | 7,503,955 | $ | 52,393,045 | $ | 1,199,789 | $ | 53,592,834 | |||||||||||||
PCP (c) |
60 | % | 71,631,534 | (53,134,532 | ) | (2,511,195 | ) | 9,548,936 | 6,436,871 | 15,985,807 | ||||||||||||||||||
WP Realty (d ) |
25 | % | 19,136,079 | | (891,063 | ) | 3,975,103 | 14,269,914 | 18,245,017 | |||||||||||||||||||
Fameco I (e) |
40 | % | 83,214,297 | (62,546,782 | ) | 4,751,025 | 1,048,000 | 24,370,539 | 25,418,539 | |||||||||||||||||||
Fameco II (f) |
40 | % | 41,849,185 | | (7,153,243 | ) | | 34,695,942 | 34,695,942 | |||||||||||||||||||
Hirshland (g) |
40 | % | 10,836,209 | | 2,241,243 | (81,472 | ) | 13,158,924 | 13,077,453 | |||||||||||||||||||
Other |
50 | % | 2,708,282 | (2,427,993 | ) | 250,767 | 73,561 | 457,495 | 531,056 | |||||||||||||||||||
$ | 379,056,419 | $ | (221,701,261 | ) | $ | 4,191,489 | $ | 66,957,172 | $ | 94,589,475 | $ | 161,546,647 | ||||||||||||||||
Unconsolidated |
||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 195,179,001 | $ | (93,339,964 | ) | 6,740,006 | $ | 87,109,960 | $ | 21,469,083 | $ | 108,579,043 | ||||||||||||||
Consolidated | As of March 31, 2010 | |||||||||||||||||||||||||||
Homburg |
80 | % | $ | 150,542,032 | $ | (103,947,265 | ) | $ | 6,394,163 | $ | 52,047,391 | $ | 941,539 | $ | 52,988,929 | |||||||||||||
PCP (c) |
60 | % | 70,766,816 | (53,228,308 | ) | 183,347 | 10,382,428 | 7,339,427 | 17,721,855 | |||||||||||||||||||
WP Realty (d ) |
25 | % | 19,224,941 | | (913,381 | ) | 3,997,473 | 14,314,087 | 18,311,559 | |||||||||||||||||||
Fameco I (e) |
40 | % | 83,337,257 | (62,269,919 | ) | 4,064,329 | 1,048,000 | 24,083,667 | 25,131,667 | |||||||||||||||||||
Fameco II (f) |
40 | % | 41,372,049 | | (6,961,172 | ) | | 34,410,878 | 34,410,878 | |||||||||||||||||||
Hirshland (g) |
40 | % | 10,712,274 | | 2,176,940 | (81,472 | ) | 12,970,685 | 12,889,213 | |||||||||||||||||||
Other |
50 | % | 2,725,938 | (2,440,539 | ) | 1,071,143 | 310,007 | 1,046,535 | 1,356,542 | |||||||||||||||||||
$ | 378,681,307 | $ | (221,886,031 | ) | $ | 6,015,368 | $ | 67,703,827 | $ | 95,106,816 | $ | 162,810,644 | ||||||||||||||||
Unconsolidated |
||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 139,246,683 | $ | (60,308,603 | ) | 10,465,285 | $ | 71,380,829 | $ | 18,022,536 | $ | 89,403,365 | ||||||||||||||
Consolidated | As of December 31, 2009 | |||||||||||||||||||||||||||
Homburg |
80 | % | $ | 151,553,929 | $ | (104,322,664 | ) | $ | 5,319,807 | $ | 51,628,864 | $ | 922,208 | $ | 52,551,072 | |||||||||||||
PCP (c) |
60 | % | 71,227,029 | (53,162,425 | ) | (445,482 | ) | 10,285,730 | 7,333,393 | 17,619,123 | ||||||||||||||||||
WP Realty (d ) |
25 | % | 19,334,674 | | (881,012 | ) | 4,037,521 | 14,416,141 | 18,453,662 | |||||||||||||||||||
Fameco I (e) |
40 | % | 83,858,133 | (61,181,294 | ) | 2,782,406 | 1,048,000 | 24,411,245 | 25,459,245 | |||||||||||||||||||
Fameco II (f) |
40 | % | 40,387,784 | (1,325,000 | ) | (7,872,678 | ) | | 31,190,106 | 31,190,106 | ||||||||||||||||||
Hirshland (g) |
40 | % | 10,611,487 | | 2,063,052 | (81,472 | ) | 12,756,011 | 12,674,540 | |||||||||||||||||||
Other |
50 | % | 2,743,593 | (2,450,000 | ) | 1,112,585 | 309,358 | 1,096,820 | 1,406,178 | |||||||||||||||||||
$ | 379,716,630 | $ | (222,441,384 | ) | $ | 2,078,678 | $ | 67,228,002 | $ | 92,125,923 | $ | 159,353,925 | ||||||||||||||||
Unconsolidated |
||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 41,130,809 | $ | | 2,045,016 | $ | 34,537,683 | $ | 8,638,142 | $ | 43,175,825 | |||||||||||||||
Consolidated | As of September 30, 2009 | |||||||||||||||||||||||||||
Homburg |
80 | % | $ | 152,411,609 | $ | (104,681,906 | ) | $ | 5,453,523 | $ | 52,118,924 | $ | 1,064,303 | $ | 53,183,226 | |||||||||||||
PCP (c) |
60 | % | 71,544,934 | (53,095,078 | ) | (161,658 | ) | 11,076,079 | 7,212,119 | 18,288,198 | ||||||||||||||||||
WP Realty (d ) |
25 | % | 19,447,601 | | (888,743 | ) | 4,038,318 | 14,520,539 | 18,558,857 | |||||||||||||||||||
Fameco I (e) |
40 | % | 82,154,353 | (57,511,607 | ) | 447,978 | 1,048,000 | 24,042,724 | 25,090,724 | |||||||||||||||||||
Fameco II (f) |
40 | % | 35,780,234 | (1,186,095 | ) | (11,321,381 | ) | | 23,272,758 | 23,272,758 | ||||||||||||||||||
Hirshland (g) |
40 | % | 10,537,846 | | 1,924,335 | (81,472 | ) | 12,543,653 | 12,462,182 | |||||||||||||||||||
Other |
50 | % | 2,760,016 | | (1,395,288 | ) | 335,785 | 1,028,943 | 1,364,728 | |||||||||||||||||||
$ | 374,636,593 | $ | (216,474,686 | ) | $ | (5,941,234 | ) | $ | 68,535,634 | $ | 83,685,038 | $ | 152,220,673 | |||||||||||||||
28
CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar
Joint Venture Properties Managed by Cedar
Income Statement Information
Property-level operations | ||||||||||||||||||||||||||||||||||||||||
Partners | Operating | Cedar | Net Operat- | Depreciation/ | Non-op | Net income | Share of property net income (loss) (a) | |||||||||||||||||||||||||||||||||
percent | Revenues | expenses | mgt. Fees | ing income | amortization | inc/exp (i) | (loss) | Partners | Cedar (b) | |||||||||||||||||||||||||||||||
Consolidated | Three months ended Sep 30, 2010 | |||||||||||||||||||||||||||||||||||||||
Homburg |
80 | % | $ | 3,857,958 | $ | 805,741 | $ | 139,931 | $ | 2,912,286 | $ | 1,137,983 | $ | 1,490,483 | $ | 283,820 | $ | 226,795 | $ | 57,025 | ||||||||||||||||||||
PCP (c) |
60 | % | 1,866,162 | 613,239 | 52,429 | 1,200,493 | 958,427 | 890,310 | (648,244 | ) | (388,947 | ) | (259,297 | ) | ||||||||||||||||||||||||||
WP Realty (d ) |
25 | % | 430,269 | 424,272 | | 5,997 | 136,894 | | (130,896 | ) | (36,815 | ) | (94,082 | ) | ||||||||||||||||||||||||||
Fameco I (e) |
40 | % | 1,482,813 | 373,207 | 34,520 | 1,075,086 | 387,270 | 335,013 | 352,803 | | 352,803 | |||||||||||||||||||||||||||||
Fameco II (f) |
40 | % | 621,225 | 127,034 | | 494,191 | 167,278 | | 326,913 | | 326,913 | |||||||||||||||||||||||||||||
Hirshland (g) |
40 | % | 205,432 | 46,757 | | 158,675 | 39,208 | | 119,467 | | 119,467 | |||||||||||||||||||||||||||||
Other |
50 | % | 118,860 | 51,679 | 3,606 | 63,574 | 17,656 | 33,215 | 12,703 | 5,355 | 7,348 | |||||||||||||||||||||||||||||
$ | 8,582,719 | $ | 2,441,929 | $ | 230,487 | $ | 5,910,303 | $ | 2,844,715 | $ | 2,749,021 | $ | 316,566 | $ | (193,611 | ) | $ | 510,177 | ||||||||||||||||||||||
Managed Unconsolidated |
||||||||||||||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 6,811,918 | $ | 1,522,620 | 227,747 | $ | 5,061,551 | $ | 1,665,214 | 6,205,352 | $ | (2,809,016 | ) | $ | (2,243,228 | ) | $ | (565,788 | ) | |||||||||||||||||||
Consolidated | Three months ended June 30, 2010 | |||||||||||||||||||||||||||||||||||||||
Homburg |
80 | % | $ | 3,906,284 | $ | 783,822 | $ | 155,689 | $ | 2,966,773 | $ | 1,055,807 | $ | 1,479,027 | $ | 431,940 | $ | 345,654 | $ | 86,286 | ||||||||||||||||||||
PCP (c) |
60 | % | 2,200,994 | 478,211 | 52,588 | 1,670,196 | 1,786,012 | 894,028 | (1,009,843 | ) | (421,540 | ) | (588,303 | ) | ||||||||||||||||||||||||||
WP Realty (d ) |
25 | % | 461,055 | 419,863 | | 41,192 | 130,672 | | (89,480 | ) | (22,370 | ) | (67,110 | ) | ||||||||||||||||||||||||||
Fameco I (e) |
40 | % | 1,455,515 | 344,525 | 27,150 | 1,083,840 | 479,337 | 293,429 | 311,074 | | 311,074 | |||||||||||||||||||||||||||||
Fameco II (f) |
40 | % | 488,704 | 165,318 | | 323,386 | 151,535 | | 171,851 | | 171,851 | |||||||||||||||||||||||||||||
Hirshland (g) |
40 | % | 192,843 | 50,516 | | 142,328 | 38,199 | | 104,129 | | 104,129 | |||||||||||||||||||||||||||||
Other |
50 | % | 125,444 | 59,857 | 3,266 | 62,321 | 17,656 | 22,288 | 22,377 | 11,219 | 11,159 | |||||||||||||||||||||||||||||
$ | 8,830,839 | $ | 2,302,110 | $ | 238,692 | $ | 6,290,036 | $ | 3,659,217 | $ | 2,688,772 | $ | (57,952 | ) | $ | (87,038 | ) | $ | 29,086 | |||||||||||||||||||||
Managed Unconsolidated |
||||||||||||||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 5,160,630 | $ | 1,265,762 | 176,176 | $ | 3,718,691 | $ | 1,283,375 | 1,414,724 | $ | 1,020,592 | $ | 827,137 | $ | 193,455 | ||||||||||||||||||||||
Consolidated | Three months ended March 31, 2010 | |||||||||||||||||||||||||||||||||||||||
Homburg |
80 | % | $ | 4,192,250 | $ | 992,748 | $ | 141,739 | $ | 3,057,763 | $ | 1,066,819 | $ | 1,467,787 | $ | 523,157 | $ | 418,526 | $ | 104,631 | ||||||||||||||||||||
PCP (c) |
60 | % | 2,096,127 | 557,142 | 52,829 | 1,486,156 | 535,340 | 790,902 | 159,914 | 95,948 | 63,966 | |||||||||||||||||||||||||||||
WP Realty (d ) |
25 | % | 479,878 | 510,162 | | (30,284 | ) | 129,911 | | (160,195 | ) | (40,049 | ) | (120,147 | ) | |||||||||||||||||||||||||
Fameco I (e) |
40 | % | 1,570,772 | 368,758 | 21,030 | 1,180,984 | 407,511 | 276,002 | 497,471 | | 497,471 | |||||||||||||||||||||||||||||
Fameco II (f) |
40 | % | 613,119 | 176,009 | | 437,110 | 142,119 | | 294,992 | | 294,992 | |||||||||||||||||||||||||||||
Hirshland (g) |
40 | % | 196,685 | 41,370 | | 155,316 | 38,199 | | 117,117 | | 117,117 | |||||||||||||||||||||||||||||
Other |
50 | % | 115,760 | 51,909 | 3,266 | 60,586 | 17,656 | 41,633 | 1,297 | 648 | 649 | |||||||||||||||||||||||||||||
$ | 9,264,592 | $ | 2,698,098 | $ | 218,864 | $ | 6,347,630 | $ | 2,337,554 | $ | 2,576,323 | $ | 1,433,752 | $ | 475,073 | $ | 958,679 | |||||||||||||||||||||||
Managed Unconsolidated |
||||||||||||||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 3,085,417 | $ | 760,246 | 98,823 | $ | 2,226,348 | $ | 511,677 | $ | 1,123,366 | $ | 591,306 | $ | 495,189 | $ | 96,116 | |||||||||||||||||||||
Consolidated | Three months ended December 31, 2009 | |||||||||||||||||||||||||||||||||||||||
Homburg |
80 | % | $ | 4,022,542 | $ | 830,868 | $ | 161,243 | $ | 3,030,430 | $ | 1,027,536 | $ | 1,504,178 | $ | 498,716 | $ | 413,941 | $ | 84,775 | ||||||||||||||||||||
PCP (c) |
60 | % | 2,091,859 | 564,937 | 44,724 | 1,482,198 | 230,340 | 856,044 | 395,815 | 53,141 | 342,674 | |||||||||||||||||||||||||||||
WP Realty (d ) |
25 | % | 553,366 | 422,152 | | 131,215 | 134,306 | | (3,091 | ) | (797 | ) | (2,295 | ) | ||||||||||||||||||||||||||
Fameco I (e) |
40 | % | 1,098,404 | 431,687 | 16,521 | 650,197 | 245,639 | 207,604 | 196,953 | | 196,953 | |||||||||||||||||||||||||||||
Fameco II (f) |
40 | % | 449,311 | 62,595 | | 386,717 | 117,921 | | 268,795 | | 268,795 | |||||||||||||||||||||||||||||
Hirshland (g) |
40 | % | 189,930 | 42,963 | | 146,968 | 39,192 | | 107,776 | | 107,776 | |||||||||||||||||||||||||||||
Other |
50 | % | 123,735 | 62,097 | 3,266 | 58,372 | 17,653 | 3,573 | 37,146 | 18,573 | 18,573 | |||||||||||||||||||||||||||||
$ | 8,529,148 | $ | 2,417,298 | $ | 225,755 | $ | 5,886,095 | $ | 1,812,587 | $ | 2,571,399 | $ | 1,502,110 | $ | 484,859 | $ | 1,017,251 | |||||||||||||||||||||||
Managed Unconsolidated |
||||||||||||||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 282,394 | $ | 66,974 | 7,697 | $ | 207,723 | $ | 70,773 | $ | 27,544 | $ | 109,406 | $ | 87,525 | $ | 21,881 | |||||||||||||||||||||
Consolidated | Three months ended September 30, 2009 | |||||||||||||||||||||||||||||||||||||||
Homburg |
80 | % | $ | 3,921,964 | $ | 735,386 | $ | 146,825 | $ | 3,039,753 | $ | 1,082,349 | $ | 1,508,455 | $ | 448,948 | $ | 343,466 | $ | 105,482 | ||||||||||||||||||||
PCP (c) |
60 | % | 2,042,373 | 512,483 | 51,567 | 1,478,324 | 661,792 | 856,048 | (39,516 | ) | (23,709 | ) | (15,807 | ) | ||||||||||||||||||||||||||
WP Realty (d ) |
25 | % | 506,200 | 400,247 | | 105,953 | 141,400 | | (35,447 | ) | (8,847 | ) | (26,600 | ) | ||||||||||||||||||||||||||
Fameco I (e) |
40 | % | 1,570,772 | 368,758 | 21,030 | 1,180,984 | 407,511 | | 773,473 | | 773,473 | |||||||||||||||||||||||||||||
Fameco II (f) |
40 | % | 613,119 | 176,009 | | 437,110 | 142,119 | | 294,991 | | 294,991 | |||||||||||||||||||||||||||||
Hirshland (g) |
40 | % | 81,392 | 31,395 | | 49,997 | 11,826 | | 38,171 | | 38,171 | |||||||||||||||||||||||||||||
Other |
50 | % | 115,760 | 52,245 | 3,266 | 60,249 | 17,651 | | 42,598 | 21,299 | 21,299 | |||||||||||||||||||||||||||||
$ | 8,851,580 | $ | 2,276,522 | $ | 222,688 | $ | 6,352,370 | $ | 2,464,648 | $ | 2,364,503 | $ | 1,523,219 | $ | 332,210 | $ | 1,191,009 | |||||||||||||||||||||||
29
CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar
Joint Venture Properties Managed by Cedar
FFO and NOI Allocations
Partners | Share of FFO (a) | Share of NOI (a) | ||||||||||||||||||||||||||
percent | Partners | Cedar (b) | Total | Partners | Cedar (b) | Total | ||||||||||||||||||||||
Consolidated | Three months ended Sep 30, 2010 | Three months ended Sep 30, 2010 | ||||||||||||||||||||||||||
Homburg |
80 | % | $ | 1,137,442 | $ | 284,361 | $ | 1,421,803 | $ | 2,329,829 | $ | 582,457 | $ | 2,912,286 | ||||||||||||||
PCP (c) |
60 | % | 186,110 | 124,073 | 310,183 | 720,296 | 480,197 | 1,200,493 | ||||||||||||||||||||
WP Realty (d ) |
25 | % | 1,499 | 4,498 | 5,997 | 1,499 | 4,498 | 5,997 | ||||||||||||||||||||
Fameco I (e) |
40 | % | | 537,180 | 537,180 | | 1,075,086 | 1,075,086 | ||||||||||||||||||||
Fameco II (f) |
40 | % | | 494,191 | 494,191 | | 494,191 | 494,191 | ||||||||||||||||||||
Hirshland (g) |
40 | % | | 161,435 | 161,435 | | 158,675 | 158,675 | ||||||||||||||||||||
Other |
50 | % | 15,180 | 15,180 | 30,359 | 31,787 | 31,787 | 63,574 | ||||||||||||||||||||
$ | 1,340,231 | $ | 1,620,918 | $ | 2,961,149 | $ | 3,083,411 | $ | 2,826,892 | $ | 5,910,303 | |||||||||||||||||
Managed Unconsolidated |
||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | (686,281 | ) | $ | (228,760 | ) | $ | (915,041 | ) | $ | 4,049,241 | $ | 1,012,310 | $ | 5,061,551 | |||||||||||
Consolidated | Three months ended June 30, 2010 | Three months ended June 30, 2010 | ||||||||||||||||||||||||||
Homburg |
80 | % | $ | 1,190,197 | $ | 297,549 | $ | 1,487,747 | $ | 2,373,419 | $ | 593,355 | $ | 2,966,773 | ||||||||||||||
PCP (c) |
60 | % | 465,701 | 310,467 | 776,168 | 1,002,118 | 668,078 | 1,670,196 | ||||||||||||||||||||
WP Realty (d ) |
25 | % | 10,298 | 30,894 | 41,192 | 10,298 | 30,894 | 41,192 | ||||||||||||||||||||
Fameco I (e) |
40 | % | | 552,994 | 552,994 | | 1,083,840 | 1,083,840 | ||||||||||||||||||||
Fameco II (f) |
40 | % | | 323,386 | 323,386 | | 323,386 | 323,386 | ||||||||||||||||||||
Hirshland (g) |
40 | % | | 145,023 | 145,023 | | 142,328 | 142,328 | ||||||||||||||||||||
Other |
50 | % | 20,017 | 20,017 | 40,033 | 31,161 | 31,161 | 62,321 | ||||||||||||||||||||
$ | 1,686,213 | $ | 1,680,330 | $ | 3,366,543 | $ | 3,416,995 | $ | 2,873,041 | $ | 6,290,036 | |||||||||||||||||
Managed
Unconsolidated |
||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 882,496 | $ | 220,624 | $ | 1,103,119 | $ | 2,974,953 | $ | 743,738 | $ | 3,718,691 | ||||||||||||||
Consolidated | Three months ended March 31, 2010 | Three months ended March 31, 2010 | ||||||||||||||||||||||||||
Homburg |
80 | % | $ | 1,271,981 | $ | 317,995 | $ | 1,589,976 | $ | 2,446,210 | $ | 611,553 | $ | 3,057,763 | ||||||||||||||
PCP (c) |
60 | % | 417,153 | 278,102 | 695,254 | 891,694 | 594,463 | 1,486,156 | ||||||||||||||||||||
WP Realty (d ) |
25 | % | (7,571 | ) | (22,713 | ) | (30,284 | ) | (7,571 | ) | (22,713 | ) | (30,284 | ) | ||||||||||||||
Fameco I (e) |
40 | % | | 670,000 | 670,000 | | 1,180,984 | 1,180,984 | ||||||||||||||||||||
Fameco II (f) |
40 | % | | 437,110 | 437,110 | | 437,110 | 437,110 | ||||||||||||||||||||
Hirshland (g) |
40 | % | | 160,833 | 160,833 | | 155,316 | 155,316 | ||||||||||||||||||||
Other |
50 | % | 9,476 | 9,476 | 18,953 | 30,293 | 30,293 | 60,586 | ||||||||||||||||||||
$ | 1,691,039 | $ | 1,850,803 | $ | 3,541,842 | $ | 3,360,626 | $ | 2,987,004 | $ | 6,347,630 | |||||||||||||||||
Managed Unconsolidated |
||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 882,496 | $ | 220,624 | $ | 1,103,119 | $ | 1,781,079 | $ | 445,270 | $ | 2,226,348 | ||||||||||||||
Consolidated | Three months ended December 31, 2009 | Three months ended December 31, 2009 | ||||||||||||||||||||||||||
Homburg |
80 | % | $ | 1,221,003 | $ | 305,249 | $ | 1,526,252 | $ | 2,424,344 | $ | 606,086 | $ | 3,030,430 | ||||||||||||||
PCP (c) |
60 | % | 375,693 | 250,460 | 626,153 | 889,319 | 592,879 | 1,482,198 | ||||||||||||||||||||
WP Realty (d ) |
25 | % | 32,804 | 98,410 | 131,214 | 32,804 | 98,411 | 131,215 | ||||||||||||||||||||
Fameco I (e) |
40 | % | | 143,750 | 143,750 | | 650,197 | 650,197 | ||||||||||||||||||||
Fameco II (f) |
40 | % | | 142,822 | 142,822 | | 386,717 | 386,717 | ||||||||||||||||||||
Hirshland (g) |
40 | % | | 146,968 | 146,968 | | 146,968 | 146,968 | ||||||||||||||||||||
Other |
50 | % | 27,399 | 27,399 | 54,799 | 29,186 | 29,186 | 58,372 | ||||||||||||||||||||
$ | 1,656,900 | $ | 1,115,058 | $ | 2,771,958 | $ | 3,375,652 | $ | 2,510,443 | $ | 5,886,095 | |||||||||||||||||
Managed Unconsolidated |
||||||||||||||||||||||||||||
Cedar/RioCan (h) |
80 | % | $ | 193,722 | $ | 41,545 | $ | 235,267 | $ | 193,722 | $ | 41,545 | $ | 235,267 | ||||||||||||||
Consolidated | Three months ended September 30, 2009 | Three months ended September 30, 2009 | ||||||||||||||||||||||||||
Homburg |
80 | % | $ | 1,225,038 | $ | 306,260 | $ | 1,531,298 | $ | 2,431,802 | $ | 607,951 | $ | 3,039,753 | ||||||||||||||
PCP (c) |
60 | % | 373,365 | 248,910 | 622,276 | 886,994 | 591,330 | 1,478,324 | ||||||||||||||||||||
WP Realty (d ) |
25 | % | 26,488 | 79,465 | 105,953 | 26,488 | 79,465 | 105,953 | ||||||||||||||||||||
Fameco I (e) |
40 | % | | 645,967 | 645,967 | | 645,967 | 645,967 | ||||||||||||||||||||
Fameco II (f) |
40 | % | | 13,875 | 13,875 | | 13,875 | 13,875 | ||||||||||||||||||||
Hirshland (g) |
40 | % | | 114,936 | 114,936 | | 114,936 | 114,936 | ||||||||||||||||||||
Other |
50 | % | 36,125 | 24,125 | 60,249 | 30,125 | 30,125 | 60,249 | ||||||||||||||||||||
$ | 1,661,016 | $ | 1,433,537 | $ | 3,094,554 | $ | 3,375,410 | $ | 2,083,648 | $ | 5,459,057 | |||||||||||||||||
30
CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar
Joint Venture Properties Managed by Cedar
Notes:
(a) | The Partners and Cedars respective shares of equity, net income and FFO, as presented, differ from amounts calculated using the stated ownership percentages because of non-proportionate initial
investments (per the respective joint venture agreements). Equity also includes net receivable/payable balances on open account between joint ventures and wholly-owned entities. |
|
(b) | Includes limited partners share. Cedars equity in the Homburg joint venture includes the excess of the jont venture partners contribution over the underlying net book value of the properties owned
prior to their contribution to the joint venture in December 2007. |
|
(c) | Cedar has a 40% interest in two joint ventures formed for the acquisitions of New London Mall and San Souci Plaza in January and Febnruary 2009, respectively. |
|
(d) | Cedar has a 75% interest in a consolidated joint venture formed for the redevelopment/retenanting of a shopping center (Columbia Mall) in Bloombsburg, PA. |
|
(e) | Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of a shopping center (Upland Square) in Pottsgrove, PA, and is to receive
a preferred rate of return on its investment, if earned. |
|
(f) | Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of a shopping center (Crossroads II) in Stroudsburg, PA, and is to receive
a preferred rate of return on its investment, if earned. |
|
(g) | Cedar has a 60% interest in a consolidated joint venture formed for the acquisition, construction and development of a shopping center (Heritage Crossing) in Limerick, PA and
is to receive a preferred rate of return on its investment, if earned. |
|
(h) | Cedar has a 20% interest in an unconsolidated joint venture formed initially for the acquisition of seven properties previously owned by the Company, which the Company continues to manage.
The balances at March 31, 2010 and December 31, 2009, respectively, represent the assets and liabilities of the properties transferred prior to those dates; the revenues, expenses and FFO
for these properties represent their results of operations subsequent to the dates of their transfers to the joint venture. |
|
(i) | Non-operating income and expense consists principally of interest expense, amortization of financing costs and acquisition transaction costs. With respect to the Cedar/RioCan joint venture,
acquisition transaction costs were $3.9 million and $0.6 million for the quarters ended September 30, 2010 and March 31, 2010, respectively. The amount for the September 30, 2010 quarter
includes $1.1 million payable to the Company. |
31