Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - GLIMCHER REALTY TRUST | grt_8k-042811.htm |
| EX-99.1 - PRESS RELEASE - GLIMCHER REALTY TRUST | ex99-1.htm |
Exhibit 99.2
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GLIMCHER REALTY TRUST
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Supplemental Information
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For the Three Months Ended March 31, 2011 and 2010
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TABLE OF CONTENTS
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Income Statement Data:
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Quarterly Income Statements
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Page 1 | |
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Components of Minimum Rents and Other Revenue
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Page 2 | |
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Components of Other Operating Expenses
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Page 3 | |
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Summary Financial Statement Information for Unconsolidated Entities
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Page 4 | |
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Calculation of Funds from Operations and FFO Payout Ratio
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Page 5 | |
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Unconsolidated Entities Calculation of FFO and Disclosure of Pro-Rata Share of Non-Cash Amounts in FFO
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Page 6 | |
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EBITDA, Operating Ratios and Earnings Per Share
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Page 7 | |
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Balance Sheet Data:
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Consolidated Balance Sheets
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Page 8 | |
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Market Capitalization and Debt Covenant Requirements
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Page 9 | |
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Consolidated Debt Schedule
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Page 10 | |
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Total Debt Maturities Schedule (Wholly-owned and Pro-Rata Share of Joint Venture Debt)
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Page 11 | |
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Joint Venture Debt Maturity Schedule
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Page 12 | |
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Operational Data:
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Occupancy Statistics
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Page 13 | |
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Leasing Results and Re-leasing Spreads
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Page 14 | |
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Mall Portfolio Statistics by Asset Category
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Page 15 | |
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Summary of Significant Tenants
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Page 16 | |
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Top 10 Regional Mall Tenants
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Page 17 | |
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Lease Expiration Schedule
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Page 18 | |
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Development Activity:
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Capital Expenditures
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Page 19 | |
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Scottsdale Quarter Update
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Page 20 | |
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QUARTERLY INCOME STATEMENTS
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(in thousands)
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Three Months Ended March 31,
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2011
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2010
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As
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Discontinued
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Pre
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As
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Discontinued
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Pre
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|||||||||||||||||||
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Reported
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Operations
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FAS 144
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Reported
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Operations
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FAS 144
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Revenues:
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Minimum rents (see components on page 2)
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$ | 40,225 | $ | - | $ | 40,225 | $ | 47,356 | $ | (45 | ) | $ | 47,311 | |||||||||||
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Percentage rents
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1,333 | - | 1,333 | 857 | - | 857 | ||||||||||||||||||
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Tenant reimbursements
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19,329 | - | 19,329 | 22,869 | - | 22,869 | ||||||||||||||||||
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Other (see components on page 2)
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5,134 | - | 5,134 | 4,685 | 64 | 4,749 | ||||||||||||||||||
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Total Revenues
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66,021 | - | 66,021 | 75,767 | 19 | 75,786 | ||||||||||||||||||
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Expenses:
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Property operating expenses
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(14,659 | ) | - | (14,659 | ) | (16,722 | ) | 2 | (16,720 | ) | ||||||||||||||
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Real estate taxes
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(7,578 | ) | (1 | ) | (7,579 | ) | (8,831 | ) | (1 | ) | (8,832 | ) | ||||||||||||
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Total recoverable expenses
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(22,237 | ) | (1 | ) | (22,238 | ) | (25,553 | ) | 1 | (25,552 | ) | |||||||||||||
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Provision for doubtful accounts
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(1,074 | ) | - | (1,074 | ) | (1,406 | ) | - | (1,406 | ) | ||||||||||||||
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Other operating expenses (see components on page 3)
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(2,725 | ) | (54 | ) | (2,779 | ) | (2,841 | ) | (71 | ) | (2,912 | ) | ||||||||||||
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Real estate depreciation and amortization
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(16,145 | ) | - | (16,145 | ) | (19,697 | ) | - | (19,697 | ) | ||||||||||||||
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Non-real estate depreciation and amortization
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(522 | ) | - | (522 | ) | (504 | ) | - | (504 | ) | ||||||||||||||
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General and administrative
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(4,984 | ) | (1 | ) | (4,985 | ) | (4,889 | ) | - | (4,889 | ) | |||||||||||||
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Total Expenses
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(47,687 | ) | (56 | ) | (47,743 | ) | (54,890 | ) | (70 | ) | (54,960 | ) | ||||||||||||
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Operating Income
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18,334 | (56 | ) | 18,278 | 20,877 | (51 | ) | 20,826 | ||||||||||||||||
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Interest income
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330 | 1 | 331 | 275 | - | 275 | ||||||||||||||||||
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Interest expense
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(16,737 | ) | - | (16,737 | ) | (20,077 | ) | - | (20,077 | ) | ||||||||||||||
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Loan fee amortization
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(2,159 | ) | - | (2,159 | ) | (979 | ) | - | (979 | ) | ||||||||||||||
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Equity in income (loss) of unconsolidated real estate entities, net
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265 | - | 265 | (424 | ) | - | (424 | ) | ||||||||||||||||
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Income (loss) from continuing operations
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33 | (55 | ) | (22 | ) | (328 | ) | (51 | ) | (379 | ) | |||||||||||||
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Discontinued Operations:
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Loss on disposition of property
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- | - | - | (215 | ) | - | (215 | ) | ||||||||||||||||
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Loss from operations
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(55 | ) | 55 | - | (51 | ) | 51 | - | ||||||||||||||||
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Net loss
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(22 | ) | - | (22 | ) | (594 | ) | - | (594 | ) | ||||||||||||||
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Allocation to noncontrolling interest
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182 | - | 182 | 1,306 | - | 1,306 | ||||||||||||||||||
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Net income attributable to Glimcher Realty Trust
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160 | - | 160 | 712 | - | 712 | ||||||||||||||||||
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Preferred stock dividends
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(6,137 | ) | - | (6,137 | ) | (4,359 | ) | - | (4,359 | ) | ||||||||||||||
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Net loss to common shareholders
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$ | (5,977 | ) | $ | - | $ | (5,977 | ) | $ | (3,647 | ) | $ | - | $ | (3,647 | ) | ||||||||
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Note: Pre FAS 144 column includes both continuing and discontinued operations.
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Page 1
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Components of Minimum Rents and Other Revenue
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(in thousands)
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Three Months Ended March 31,
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2011
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2010
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As
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Discontinued
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Pre
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As
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Discontinued
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Pre
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Reported
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Operations
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FAS 144
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Reported
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Operations
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FAS 144
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Components of Minimum Rents:
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Base rent
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$ | 39,483 | $ | - | $ | 39,483 | $ | 46,753 | $ | (45 | ) | $ | 46,708 | |||||||||||
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Termination income
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8 | - | 8 | 666 | - | 666 | ||||||||||||||||||
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Straight-line rents
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734 | - | 734 | (63 | ) | - | (63 | ) | ||||||||||||||||
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Total Minimum Rents
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$ | 40,225 | $ | - | $ | 40,225 | $ | 47,356 | $ | (45 | ) | $ | 47,311 | |||||||||||
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Components of Other Revenue:
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Fee and service income
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$ | 2,065 | $ | - | $ | 2,065 | $ | 604 | $ | - | $ | 604 | ||||||||||||
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Specialty leasing and sponsorship income
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2,028 | - | 2,028 | 2,248 | - | 2,248 | ||||||||||||||||||
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Other (1)
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1,041 | - | 1,041 | 1,833 | 64 | 1,897 | ||||||||||||||||||
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Total Other Revenue
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$ | 5,134 | $ | - | $ | 5,134 | $ | 4,685 | $ | 64 | $ | 4,749 | ||||||||||||
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Note: Pre FAS 144 column includes both continuing and discontinued operations.
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(1) Included in the three months ended March 31, 2010 is a $547 gain on the sale of a 60% interest in both Lloyd Center and Westshore Plaza. This gain is
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excluded in the computation of FFO.
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Page 2
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Components of Other Operating Expenses
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(in thousands)
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Three Months Ended March 31,
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2011
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2010
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As
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Discontinued
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Pre
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As
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Discontinued
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Pre
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Components of Other Operating Expenses
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Reported
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Operations
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FAS 144
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Reported
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Operations
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FAS 144
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Cost of providing services to unconsolidated real estate entities
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$ | 1,035 | $ | - | $ | 1,035 | $ | 203 | $ | - | $ | 203 | ||||||||||||
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Discontinued development write-offs
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- | - | - | 226 | - | 226 | ||||||||||||||||||
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Specialty leasing costs
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481 | - | 481 | 417 | - | 417 | ||||||||||||||||||
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Other
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1,209 | 54 | 1,263 | 1,995 | 71 | 2,066 | ||||||||||||||||||
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Total Other Operating Expenses
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$ | 2,725 | $ | 54 | $ | 2,779 | $ | 2,841 | $ | 71 | $ | 2,912 | ||||||||||||
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Note: Pre FAS 144 column includes both continuing and discontinued operations.
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Page 3
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SUMMARY FINANCIAL STATEMENT INFORMATION
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FOR UNCONSOLIDATED ENTITIES
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(in thousands)
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For the Three Months Ended March 31, 2011
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For the Three Months Ended March 31, 2010
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Company's Pro-Rata
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Company's Pro-Rata
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Share of Unconsolidated
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Share of Unconsolidated
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Total
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Entities Operations
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Total
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Entities Operations
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Statements of Operations
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Total revenues
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$ | 30,900 | $ | 10,985 | $ | 7,898 | $ | 4,011 | ||||||||
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Operating expenses
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(14,975 | ) | (5,232 | ) | (4,549 | ) | (2,327 | ) | ||||||||
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Net operating income
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15,925 | 5,753 | 3,349 | 1,684 | ||||||||||||
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Depreciation and amortization
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(9,447 | ) | (3,247 | ) | (2,293 | ) | (1,166 | ) | ||||||||
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Other (expenses) income, net
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(99 | ) | (36 | ) | 8 | 4 | ||||||||||
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Interest expense, net
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(6,148 | ) | (2,201 | ) | (1,858 | ) | (942 | ) | ||||||||
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Net income (loss)
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231 | 269 | (794 | ) | (420 | ) | ||||||||||
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Preferred dividend
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(8 | ) | (4 | ) | (8 | ) | (4 | ) | ||||||||
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Net income (loss) to partnership
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$ | 223 | $ | 265 | $ | (802 | ) | $ | (424 | ) | ||||||
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GPLP's share of income (loss) from investment in unconsolidated entites
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$ | 265 | $ | (424 | ) | |||||||||||
Page 4
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CALCULATION OF FUNDS FROM OPERATIONS
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and FFO PAYOUT RATIO
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(in thousands, except per share data)
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2011
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2010
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3 mos
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3 mos
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3 mos
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3 mos
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3 mos
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YTD
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Mar. 31
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Mar. 31
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June 30
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Sept. 30
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Dec. 31
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Dec. 31
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Funds from Operations ("FFO"):
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Net loss to common shareholders
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$ | (5,977 | ) | $ | (3,647 | ) | $ | (6,910 | ) | $ | (4,603 | ) | $ | (1,223 | ) | $ | (16,383 | ) | ||||||
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Real estate depreciation and amortization
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16,145 | 19,697 | 15,841 | 15,620 | 16,390 | 67,548 | ||||||||||||||||||
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Partners share of consolidated joint venture depreciation
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- | (350 | ) | (410 | ) | (484 | ) | (93 | ) | (1,337 | ) | |||||||||||||
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Equity in (income) loss of unconsolidated entities
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(265 | ) | 424 | (56 | ) | 70 | (469 | ) | (31 | ) | ||||||||||||||
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Pro-rata share of unconsolidated entities funds from operations
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3,484 | 723 | 2,589 | 2,533 | 3,486 | 9,331 | ||||||||||||||||||
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Noncontrolling interest in operating partnership
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(182 | ) | (160 | ) | (298 | ) | (179 | ) | (54 | ) | (691 | ) | ||||||||||||
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Gain on disposition of properties, net
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- | (332 | ) | - | - | - | (332 | ) | ||||||||||||||||
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FFO
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$ | 13,205 | $ | 16,355 | $ | 10,756 | $ | 12,957 | $ | 18,037 | $ | 58,105 | ||||||||||||
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Adjusted Funds from Operations:
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FFO
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$ | 13,205 | $ | 16,355 | $ | 10,756 | $ | 12,957 | $ | 18,037 | $ | 58,105 | ||||||||||||
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Add back: swap termination fees
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819 | - | - | - | - | - | ||||||||||||||||||
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Add back: related deferred fees and defeasance charges
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729 | - | 1,070 | - | - | 1,070 | ||||||||||||||||||
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Adjusted Funds from Operations
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$ | 14,753 | $ | 16,355 | $ | 11,826 | $ | 12,957 | $ | 18,037 | $ | 59,175 | ||||||||||||
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Weighted average common shares outstanding - diluted (1)
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101,562 | 71,958 | 72,225 | 83,235 | 88,360 | 78,997 | ||||||||||||||||||
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FFO per diluted share
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$ | 0.13 | $ | 0.23 | $ | 0.15 | $ | 0.16 | $ | 0.20 | $ | 0.74 | ||||||||||||
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Adjustments: write-off of deferred loan fees, defeasance charges and swap termination fees
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0.02 | - | 0.01 | - | - | 0.01 | ||||||||||||||||||
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Adjusted FFO per diluted share
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$ | 0.15 | $ | 0.23 | $ | 0.16 | $ | 0.16 | $ | 0.20 | $ | 0.75 | ||||||||||||
| 2011 | 2010 | |||||||||||||||||||||||
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3 mos
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3 mos
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3 mos
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3 mos
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3 mos
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YTD
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Mar. 31
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Mar. 31
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June 30
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Sept. 30
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Dec. 31
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Dec. 31
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FFO Payout Ratio:
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Dividend paid per common share/unit
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$ | 0.1000 | $ | 0.1000 | $ | 0.1000 | $ | 0.1000 | $ | 0.1000 | $ | 0.4000 | ||||||||||||
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FFO payout ratio after adjustments
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68.8% | 44.0% | 61.1% | 64.2% | 49.0% | 53.4% | ||||||||||||||||||
| 2011 | 2010 | |||||||||||||||||||||||
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3 mos
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3 mos
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3 mos
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3 mos
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3 mos
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YTD
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Mar. 31
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Mar. 31
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June 30
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Sept. 30
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Dec. 31
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Dec. 31
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Supplemental disclosure of amounts included in FFO for consolidated properties
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Deferred leasing costs
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$ | 1,088 | $ | 1,034 | $ | 1,274 | $ | 898 | $ | 971 | $ | 4,177 | ||||||||||||
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Straight-line adjustment as an increase (decrease) to FFO
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$ | 734 | $ | (334 | ) | $ | (106 | ) | $ | 129 | $ | 125 | $ | (186 | ) | |||||||||
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Fair value of debt amortized as an (increase) reduction to interest expense
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$ | (65 | ) | $ | 113 | $ | (66 | ) | $ | (65 | ) | $ | (65 | ) | $ | (83 | ) | |||||||
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Intangible and inducement amortization as a net (decrease) increase to base rents
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$ | (53 | ) | $ | 135 | $ | 74 | $ | 51 | $ | (44 | ) | $ | 216 | ||||||||||
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Discontinued development write-off's
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$ | - | $ | 227 | $ | 3 | $ | - | $ | 11 | $ | 241 | ||||||||||||
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(1) Shares include all potential common share equivalents that may be excluded in the calculation of earnings per share.
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Page 5
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UNCONSOLIDATED ENTITIES CALCULATION OF FUNDS FROM OPERATIONS
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AND DISCLOSURE OF PRO-RATA SHARE OF NON-CASH AMOUNTS IN FFO
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(in thousands)
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2011
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2010
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3 mos
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3 mos
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3 mos
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3 mos
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3 mos
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YTD
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|||||||||||||||||||
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Mar. 31
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Mar. 31
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June 30
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Sept. 30
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Dec. 31
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Dec. 31
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Unconsolidated Entities Funds from Operations:
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Net income (loss) to partnership
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$ | 223 | $ | (802 | ) | $ | 393 | $ | 91 | $ | 359 | $ | 41 | |||||||||||
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Real estate depreciation and amortization
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9,388 | 2,256 | 5,695 | 5,891 | 8,221 | 22,063 | ||||||||||||||||||
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FFO
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$ | 9,611 | $ | 1,454 | $ | 6,088 | $ | 5,982 | $ | 8,580 | $ | 22,104 | ||||||||||||
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Pro-rata share of unconsolidated entities funds from operations
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$ | 3,484 | $ | 723 | $ | 2,589 | $ | 2,533 | $ | 3,486 | $ | 9,331 | ||||||||||||
| 2011 | 2010 | |||||||||||||||||||||||
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3 mos
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3 mos
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3 mos
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3 mos
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3 mos
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YTD
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Mar. 31
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Mar. 31
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June 30
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Sept. 30
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Dec. 31
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Dec. 31
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Non-cash amounts included in FFO (pro-rata share of unconsolidated entities)
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Straight-line adjustment as an increase (decrease) to base rent
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$ | 104 | $ | 19 | $ | (67 | ) | $ | (39 | ) | $ | 35 | $ | (52 | ) | |||||||||
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Intangible amortization as an increase to minimum rents
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$ | 340 | $ | 191 | $ | 325 | $ | 233 | $ | 310 | $ | 1,059 | ||||||||||||
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Straight line adjustment - ground lease expense
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$ | (124 | ) | $ | - | $ | - | $ | - | $ | (81 | ) | $ | (81 | ) | |||||||||
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Loan fee amortization
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$ | (77 | ) | $ | (93 | ) | $ | (91 | ) | $ | (61 | ) | $ | (72 | ) | $ | (317 | ) | ||||||
Page 6
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EBITDA, OPERATING RATIOS and EARNINGS PER SHARE
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(dollars and shares in thousands)
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2011
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2010
|
|||||||||||||||||||||||
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3 mos
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3 mos
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3 mos
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3 mos
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3 mos
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YTD
|
|||||||||||||||||||
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Mar. 31
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Mar. 31
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June 30
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Sept. 30
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Dec. 31
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Dec. 31
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Calculation of EBITDA:
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Net income (loss) attributable to Glimcher Realty Trust
|
$ | 160 | $ | 712 | $ | (1,307 | ) | $ | 1,534 | $ | 4,914 | $ | 5,853 | |||||||||||
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Interest expense (continuing and discontinued operations)
|
16,737 | 20,077 | 18,124 | 16,860 | 17,285 | 72,346 | ||||||||||||||||||
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Loan fee amortization (continuing and discontinued operations)
|
2,159 | 979 | 1,995 | 1,636 | 1,878 | 6,488 | ||||||||||||||||||
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Taxes (continuing and discontinued operations)
|
266 | 449 | 497 | 588 | 377 | 1,911 | ||||||||||||||||||
|
Depreciation and amortization (continuing and discontinued operations)
|
16,667 | 20,201 | 16,359 | 16,172 | 16,811 | 69,543 | ||||||||||||||||||
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EBITDA
|
35,989 | 42,418 | 35,668 | 36,790 | 41,265 | 156,141 | ||||||||||||||||||
|
Allocation to noncontrolling interest
|
(182 | ) | (1,306 | ) | (1,679 | ) | (2,053 | ) | (435 | ) | (5,473 | ) | ||||||||||||
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EBITDA related to pro-rata share of unconsolidated entities, net
|
5,488 | 2,107 | 4,491 | 4,455 | 5,360 | 16,413 | ||||||||||||||||||
|
Gain on disposition of properties, net
|
- | (332 | ) | - | - | - | (332 | ) | ||||||||||||||||
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Adjusted EBITDA
|
$ | 41,295 | $ | 42,887 | $ | 38,480 | $ | 39,192 | $ | 46,190 | $ | 166,749 | ||||||||||||
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Operating Ratios:
|
||||||||||||||||||||||||
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General and administrative / total revenues
|
7.6% | 6.5% | 7.5% | 7.2% | 7.4% | 7.1% | ||||||||||||||||||
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Tenant reimbursements / (real estate taxes + property operating expenses)
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86.9% | 89.5% | 90.3% | 88.4% | 88.0% | 89.0% | ||||||||||||||||||
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Earnings per Share:
|
||||||||||||||||||||||||
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Weighted average common shares outstanding - basic
|
98,234 | 68,782 | 68,926 | 79,967 | 85,050 | 75,738 | ||||||||||||||||||
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Weighted average common shares outstanding - diluted
|
101,220 | 71,768 | 71,912 | 82,953 | 88,036 | 78,724 | ||||||||||||||||||
|
Loss per share - basic
|
$ | (0.06 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.22 | ) | ||||||
|
Loss per share - diluted
|
$ | (0.06 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.22 | ) | ||||||
Page 7
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CONSOLIDATED BALANCE SHEETS
|
||
|
(dollars in thousands)
|
|
2011
|
2010
|
|||||||
|
Mar. 31
|
Dec. 31
|
|||||||
|
Assets:
|
||||||||
|
Land
|
$ | 258,133 | $ | 250,408 | ||||
|
Buildings, improvements and equipment
|
1,676,961 | 1,657,154 | ||||||
|
Developments in progress
|
199,673 | 210,797 | ||||||
| 2,134,767 | 2,118,359 | |||||||
|
Less accumulated depreciation
|
601,729 | 588,351 | ||||||
|
Property and equipment, net
|
1,533,038 | 1,530,008 | ||||||
|
Deferred leasing costs, net
|
20,009 | 19,997 | ||||||
|
Investment in and advances to unconsolidated real estate entities
|
136,763 | 138,194 | ||||||
|
Investment in real estate, net
|
1,689,810 | 1,688,199 | ||||||
|
Cash and cash equivalents
|
7,200 | 9,245 | ||||||
|
Restricted cash
|
14,886 | 17,037 | ||||||
|
Tenant accounts receivable, net
|
20,729 | 25,342 | ||||||
|
Deferred expenses, net
|
15,251 | 14,828 | ||||||
|
Prepaid and other assets
|
39,758 | 37,697 | ||||||
|
Total Assets
|
$ | 1,787,634 | $ | 1,792,348 | ||||
|
Liabilities and Equity:
|
||||||||
|
Mortgage notes payable
|
$ | 1,140,644 | $ | 1,243,759 | ||||
|
Notes payable
|
156,052 | 153,553 | ||||||
|
Accounts payable and accrued expenses
|
39,798 | 48,328 | ||||||
|
Distributions payable
|
16,425 | 14,941 | ||||||
|
Total Liabilities
|
1,352,919 | 1,460,581 | ||||||
|
Equity:
|
||||||||
|
Series F cumulative preferred shares
|
60,000 | 60,000 | ||||||
|
Series G cumulative preferred shares
|
222,074 | 222,074 | ||||||
|
Common shares of beneficial interest
|
999 | 851 | ||||||
|
Additional paid-in capital
|
877,682 | 763,951 | ||||||
|
Distributions in excess of accumulated earnings
|
(734,495 | ) | (718,529 | ) | ||||
|
Accumulated other comprehensive loss
|
(1,363 | ) | (3,707 | ) | ||||
|
Total Glimcher Realty Trust Shareholders' Equity
|
424,897 | 324,640 | ||||||
|
Noncontrolling interest
|
9,818 | 7,127 | ||||||
|
Total equity
|
434,715 | 331,767 | ||||||
|
Total Liabilities and Equity
|
$ | 1,787,634 | $ | 1,792,348 | ||||
Page 8
|
MARKET CAPITALIZATION and DEBT COVENANT REQUIREMENTS
|
|
(dollars and shares in thousands, except per share price)
|
|
2011
|
2010
|
|||||||||||||||||||
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
||||||||||||||||
|
Mar. 31
|
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
||||||||||||||||
|
Share price (end of period)
|
$ | 9.25 | $ | 5.07 | $ | 5.98 | $ | 6.15 | $ | 8.40 | ||||||||||
|
Market Capitalization Ratio:
|
||||||||||||||||||||
|
Common shares outstanding
|
99,895 | 68,914 | 68,937 | 85,044 | 85,053 | |||||||||||||||
|
Operating partnership units outstanding
|
2,986 | 2,986 | 2,986 | 2,986 | 2,986 | |||||||||||||||
|
Total common shares and units outstanding at end of period
|
102,881 | 71,900 | 71,923 | 88,030 | 88,039 | |||||||||||||||
|
Valuation - Common shares and operating partnership units outstanding
|
$ | 951,649 | $ | 364,533 | $ | 430,100 | $ | 541,385 | $ | 739,528 | ||||||||||
|
Preferred shares
|
282,074 | 210,000 | 282,174 | 282,174 | 282,074 | |||||||||||||||
|
Total wholly-owned debt (end of period)
|
1,296,696 | 1,238,091 | 1,185,211 | 1,207,974 | 1,397,312 | |||||||||||||||
|
Total market capitalization
|
$ | 2,530,419 | $ | 1,812,624 | $ | 1,897,485 | $ | 2,031,533 | $ | 2,418,914 | ||||||||||
|
Debt / Market capitalization
|
51.2 | % | 68.3 | % | 62.5 | % | 59.5 | % | 57.8 | % | ||||||||||
|
Debt / Market capitalization including pro-rata share of joint ventures
|
54.1 | % | 71.3 | % | 65.9 | % | 62.9 | % | 60.4 | % | ||||||||||
|
Facility
|
2011
|
|||||||||
|
Credit Facility Debt Covenant Requirements:(1)
|
Requirements
|
Mar. 31
|
||||||||
|
Maximum Corporate Debt to Total Asset Value
|
65.0 | % | 55.3 | % | ||||||
|
Minimum Interest Coverage Ratio
|
1.75 | x | 2.18 | x | ||||||
|
Minimum Fixed Charge Coverage Ratio
|
1.35 | x | 1.43 | x | ||||||
|
Maximum Recourse Debt
|
15.0 | % | 4.5 | % | ||||||
|
(1) Requirements per the covenants in place from our credit facility as of March 31, 2011.
|
||||||
Page 9
|
CONSOLIDATED DEBT SCHEDULE
|
|
(dollars in thousands)
|
|
Mortgage Notes Payable:
|
|||||||||||||||||||||||
|
Mar. 31,
|
Dec. 31,
|
Interest Rates
|
Interest
|
Payment
|
Balloon Pmt.
|
Initial/Final
|
|||||||||||||||||
|
Fixed Rate
|
2011
|
2010
|
2011
|
2010
|
Terms
|
Terms
|
at Maturity
|
Maturity
|
|||||||||||||||
|
Scottsdale Quarter
|
$ | 138,179 | $ | 138,179 | 5.94 | % | 5.94 | % |
(g)
|
(b)
|
$ | 138,179 |
May 29, 2011
|
||||||||||
|
Ashland Town Center
|
22,233 | 22,413 | 7.25 | % | 7.25 | % |
(a)
|
$ | 21,817 |
November 1, 2011
|
|||||||||||||
|
Scottsdale Phase III Land (Senior Loan)
|
12,500 | 12,500 | 5.50 | % | 5.50 | % |
(b)
|
$ | 12,500 |
November 5, 2011
|
|||||||||||||
|
Dayton Mall
|
51,469 | 51,789 | 8.27 | % | 8.27 | % |
(h)
|
(a)
|
$ | 49,864 |
(d)
|
||||||||||||
|
Scottsdale Phase III Land (Junior Loan)
|
3,500 | 3,500 | 6.00 | % | 6.00 | % |
(b)
|
$ | 3,500 |
October 15, 2012
|
|||||||||||||
|
Polaris Fashion Place
|
130,819 | 131,581 | 5.24 | % | 5.24 | % |
(a)
|
$ | 124,572 |
April 11, 2013
|
|||||||||||||
|
Jersey Gardens
|
146,306 | 147,138 | 4.83 | % | 4.83 | % |
(a)
|
$ | 135,194 |
June 8, 2014
|
|||||||||||||
|
The Mall at Fairfield Commons
|
101,162 | 101,709 | 5.45 | % | 5.45 | % |
(a)
|
$ | 92,762 |
November 1, 2014
|
|||||||||||||
|
Supermall of the Great Northwest
|
55,210 | 55,518 | 7.54 | % | 7.54 | % |
(h)
|
(a)
|
$ | 49,969 |
(e)
|
||||||||||||
|
Merritt Square Mall
|
56,619 | 56,815 | 5.35 | % | 5.35 | % |
(a)
|
$ | 52,914 |
September 1, 2015
|
|||||||||||||
|
Scottsdale Quarter Fee Interest
|
69,579 | 69,838 | 4.91 | % | 4.91 | % |
(a)
|
$ | 64,577 |
October 1, 2015
|
|||||||||||||
|
River Valley Mall
|
48,606 | 48,784 | 5.65 | % | 5.65 | % |
(a)
|
$ | 44,931 |
January 11, 2016
|
|||||||||||||
|
Weberstown Mall
|
60,000 | 60,000 | 5.90 | % | 5.90 | % |
(b)
|
$ | 60,000 |
June 8, 2016
|
|||||||||||||
|
Eastland Mall
|
41,810 | 41,958 | 5.87 | % | 5.87 | % |
(a)
|
$ | 38,057 |
December 11, 2016
|
|||||||||||||
|
Polaris Towne Center
|
45,589 | 45,680 | 6.76 | % | 6.76 | % |
(a)
|
$ | 39,934 |
April 1, 2020
|
|||||||||||||
|
The Mall at Johnson City
|
54,558 | 54,706 | 6.76 | % | 6.76 | % |
(a)
|
$ | 47,768 |
May 6, 2020
|
|||||||||||||
|
Grand Central Mall
|
44,662 | 44,799 | 6.05 | % | 6.05 | % |
(a)
|
$ | 38,307 |
July 6, 2020
|
|||||||||||||
|
Tax Exempt Bonds
|
19,000 | 19,000 | 6.00 | % | 6.00 | % |
(c)
|
$ | 19,000 |
November 1, 2028
|
|||||||||||||
| 1,101,801 | 1,105,907 | ||||||||||||||||||||||
|
Variable Rate
|
|||||||||||||||||||||||
|
Colonial Park Mall
|
40,000 | 40,000 | 3.54 | % | 3.54 | % |
(f)
|
(b)
|
$ | 40,000 |
April 23, 2012
|
||||||||||||
|
Other
|
|||||||||||||||||||||||
|
Fair Value Adjustment - Merritt Square Mall
|
(1,157 | ) | (1,223 | ) | |||||||||||||||||||
|
Extinguished Debt
|
- | 99,075 |
(i)
|
||||||||||||||||||||
|
Total Mortgage Notes Payable
|
$ | 1,140,644 | $ | 1,243,759 | |||||||||||||||||||
|
(a)
|
The loan requires monthly payments of principal and interest.
|
|
(b)
|
The loan requires monthly payments of interest only.
|
|
(c)
|
The loan requires semi-annual payments of interest.
|
|
(d)
|
The loan matures in July 2027, with an optional prepayment (without penalty) date on July 11, 2012.
|
|
(e)
|
The loan matures in September 2029, with an optional prepayment (without penalty) date on February 11, 2015.
|
|
(f)
|
Interest rate of LIBOR plus 300 basis points. $30 million has been fixed through a swap agreement at a rate of 3.64% at December 31, 2010 and March 31, 2011.
|
|
(g)
|
Interest rate of LIBOR plus 200 basis points fixed through a swap agreement at a rate of 5.94% at December 31, 2010 and March 31, 2011.
|
|
(h)
|
Interest rate escalates after optional prepayment date.
|
|
(i)
|
Interest rates ranging from 3.76% to 6.02% at December 31, 2010.
|
Page 10
|
TOTAL DEBT MATURITIES SCHEDULE (Wholly-owned and Pro-Rata Share of Joint Venture Debt)
|
|
(dollars in thousands)
|
|
Initial
|
Extension
|
Interest
|
Balance
|
Principal Payments - Assumes Exercise of Extension Options (c)
|
||||||||||||||||||||||||||||||
|
Description
|
Maturity
|
Option
|
Rate
|
3/31/2011
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017+
|
|||||||||||||||||||||||
|
Wholly Owned Properties
|
||||||||||||||||||||||||||||||||||
|
Scottsdale Quarter (a)
|
05/2011 | 05/2013 | 5.94% | $ | 138,179 | $ | - | $ | - | $ | 138,179 | |||||||||||||||||||||||
|
Ashland Town Center
|
11/2011 | 7.25% | 22,233 | 22,233 | ||||||||||||||||||||||||||||||
|
Scottsdale Phase III Land (Senior Loan)
|
11/2011 | 11/2012 | 5.50% | 12,500 | - | 12,500 | ||||||||||||||||||||||||||||
|
Colonial Park Mall (d)
|
04/2012 | 04/2013 | 3.54% | 40,000 | - | - | 40,000 | |||||||||||||||||||||||||||
|
Dayton Mall
|
07/2012 | 8.27% | 51,469 | 940 | 50,529 | |||||||||||||||||||||||||||||
|
Scottsdale Phase III Land (Junior Loan)
|
10/2012 | 6.00% | 3,500 | - | 3,500 | |||||||||||||||||||||||||||||
|
Polaris Fashion Place
|
04/2013 | 5.24% | 130,819 | 2,250 | 3,155 | 125,414 | ||||||||||||||||||||||||||||
|
Jersey Gardens
|
06/2014 | 4.83% | 146,306 | 2,460 | 3,437 | 3,629 | $ | 136,780 | ||||||||||||||||||||||||||
|
The Mall at Fairfield Commons
|
11/2014 | 5.45% | 101,162 | 1,612 | 2,265 | 2,409 | 94,876 | |||||||||||||||||||||||||||
|
Supermall of the Great Northwest
|
02/2015 | 7.54% | 55,210 | 900 | 1,292 | 1,406 | 1,517 | $ | 50,095 | |||||||||||||||||||||||||
|
Merritt Square Mall
|
09/2015 | 5.35% | 56,619 | 561 | 786 | 842 | 889 | 53,541 | ||||||||||||||||||||||||||
|
Scottsdale Quarter Fee Interest
|
10/2015 | 4.91% | 69,579 | 750 | 1,052 | 1,115 | 1,171 | 65,491 | ||||||||||||||||||||||||||
|
River Valley Mall
|
01/2016 | 5.65% | 48,606 | 509 | 719 | 768 | 815 | 863 | $ | 44,932 | ||||||||||||||||||||||||
|
Weberstown Mall
|
06/2016 | 5.90% | 60,000 | - | - | - | - | - | 60,000 | |||||||||||||||||||||||||
|
Eastland Mall
|
12/2016 | 5.87% | 41,810 | 421 | 597 | 641 | 680 | 722 | 38,749 | |||||||||||||||||||||||||
|
Polaris Towne Center
|
04/2020 | 6.76% | 45,589 | 341 | 489 | 533 | 571 | 611 | 646 | $ | 42,398 | |||||||||||||||||||||||
|
The Mall at Johnson City
|
05/2020 | 6.76% | 54,558 | 405 | 581 | 633 | 677 | 726 | 766 | 50,770 | ||||||||||||||||||||||||
|
Grand Central Mall
|
07/2020 | 6.05% | 44,662 | 385 | 547 | 589 | 626 | 665 | 700 | 41,150 | ||||||||||||||||||||||||
|
Tax Exempt Bonds
|
11/2028 | 6.00% | 19,000 | - | - | - | - | - | - | 19,000 | ||||||||||||||||||||||||
|
Fair Value Adjustment Amortization -
Merritt Square Mall
|
(1,157 | ) | (198 | ) | (264 | ) | (264 | ) | (264 | ) | (167 | ) | ||||||||||||||||||||||
|
Subtotal (b)
|
1,140,644 | 33,569 | 81,185 | 315,894 | 238,338 | 172,547 | 145,793 | 153,318 | ||||||||||||||||||||||||||
|
Credit Facility
|
12/2011 | 12/2013 | 4.31% | 156,052 | - | - | 156,052 | |||||||||||||||||||||||||||
|
Total Wholly Owned Maturities
|
$ | 1,296,696 | $ | 33,569 | $ | 81,185 | $ | 471,946 | $ | 238,338 | $ | 172,547 | $ | 145,793 | $ | 153,318 | ||||||||||||||||||
|
Total Joint Venture Maturities (pro-rata share)
|
$ | 159,963 | $ | 19,026 | $ | 58,663 | $ | 47,360 | $ | 536 | $ | 34,378 | $ | - | $ | - | ||||||||||||||||||
|
Total Wholly Owned and Joint Venture Maturities
|
$ | 1,456,659 | $ | 52,595 | $ | 139,848 | $ | 519,306 | $ | 238,874 | $ | 206,925 | $ | 145,793 | $ | 153,318 | ||||||||||||||||||
|
(a) Interest rate is fixed through an interest rate swap agreement.
|
|||||||||||
|
(b) Weighted Average interest rate for the fixed rate mortgage debt was 5.9% as of March 31, 2011 with an initial weighted average maturity
|
|||||||||||
| of 3.9 years when considering available extension options. | |||||||||||
|
(c) Loan may be extended to date indicated subject to certain loan extension fees and conditions. Extension availability is subject to the inherent
|
|||||||||||
| risk of the Company's ability to satisfy such conditions. | |||||||||||
|
(d) $30 million of the loan has been fixed through an interest rate swap agreement and the remaining $10 million incurs interest at a rate of LIBOR plus 300 basis points.
|
|||||||||||
Page 11
|
JOINT VENTURE DEBT MATURITY SCHEDULE
|
|
(dollars in thousands)
|
|
Interest
Rate
|
Loan
|
Final
|
Extension
|
Balance
|
Principal Payments - Assumes Exercise
of Extension Options (e)
|
|||||||||||||||||||||||
|
Description
|
3/31/2011
|
Terms
|
Maturity
|
Options
|
3/31/2011
|
2011
|
2012
|
2013
|
2014
|
2015
|
||||||||||||||||||
|
Fixed Rate Mortgages
|
||||||||||||||||||||||||||||
|
Puente Hills Mall
|
3.17% |
(a)
|
June 1, 2011
|
June 1, 2012
|
$ | 44,660 | $ | 358 | $ | 44,302 | ||||||||||||||||||
|
Westshore Plaza
|
5.09% |
September 9, 2012
|
87,706 | 1,496 | 86,210 | |||||||||||||||||||||||
|
Lloyd Center
|
5.42% |
June 11, 2013
|
123,074 | 2,032 | 2,856 | $ | 118,186 | |||||||||||||||||||||
|
Pearlridge Center
|
4.60% |
(b)
|
November 1, 2015
|
175,000 | - | - | 431 | $ | 2,681 | $ | 171,888 | |||||||||||||||||
|
Total Fixed Rate Mortgages
|
430,440 | 3,886 | 133,368 | 118,617 | 2,681 | 171,888 | ||||||||||||||||||||||
|
Variable Rate Mortgages
|
||||||||||||||||||||||||||||
|
Tulsa Promenade
|
5.25% |
(c)
|
April 14, 2011
|
(f)
|
29,043 | 29,043 | - | - | - | - | ||||||||||||||||||
|
Surprise Town Square
|
5.50% |
(d)
|
October 1, 2011
|
4,653 | 4,653 | - | - | - | - | |||||||||||||||||||
|
Total Variable Rate Mortgages
|
33,696 | 33,696 | - | - | - | - | ||||||||||||||||||||||
|
Total Joint Venture Mortgages
|
$ | 464,136 | $ | 37,582 | $ | 133,368 | $ | 118,617 | $ | 2,681 | $ | 171,888 | ||||||||||||||||
|
Joint Venture Debt (Pro Rata Share)
|
$ | 159,963 | $ | 19,026 | $ | 58,663 | $ | 47,360 | $ | 536 | $ | 34,378 | ||||||||||||||||
|
(a) Interest rate of LIBOR plus 235 basis points, loan requires monthly payments of principal and interest. The interest rate is fixed with a swap.
|
|
(b) The loan requires monthly payments of interest only until November 2013.
|
|
(c) Interest rate is the greater of 5.25% or LIBOR plus 4.25%. The loan requires monthly payments of principal and interest, however net cashflows from the property will
|
|
be used to reduce the principal balance on a quarterly basis.
|
|
(d) Interest rate is the greater of 5.50% or LIBOR plus 4.00%. The loan requires monthly payments of interest only.
|
|
(e) Loan may be extended to date indicated subject to certain loan extension fees and conditions. Extension availability is subject to the inherent risk of the Company's ability to
|
| satisfy such conditions. |
|
(f) During April 2011 the Company negotiated a term sheet that will extend the maturity date through September 14, 2011, with the option to extend the maturity date
|
|
an additional six months to March 14, 2012 subject to the satisfaction of certain conditions.
|
Page 12
|
OCCUPANCY STATISTICS
|
|
Portfolio Occupancy Statistics
|
|||||
|
Portfolio occupancy statistics by property type are summarized below:
|
|||||
|
Occupancy (1)
|
|||||
|
3/31/2011
|
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
|
|
Core Malls (2)
|
|||||
|
Mall Anchors
|
95.7%
|
95.7%
|
94.4%
|
93.9%
|
93.8%
|
|
Mall Non-Anchor
|
91.5%
|
92.8%
|
90.9%
|
90.5%
|
90.5%
|
|
Total Occupancy
|
94.1%
|
94.6%
|
93.2%
|
92.7%
|
92.6%
|
|
Mall Portfolio - excluding Joint Ventures (3)
|
|||||
|
Mall Anchors
|
94.6%
|
94.6%
|
92.7%
|
92.6%
|
92.5%
|
|
Mall Non-Anchor
|
90.8%
|
92.0%
|
90.9%
|
90.3%
|
90.2%
|
|
Total Occupancy
|
93.2%
|
93.6%
|
92.0%
|
91.8%
|
91.7%
|
|
(1) Occupied space is defined as any space where a tenant is occupying the space or paying rent at the date
|
|||||
|
indicated, excluding all tenants with leases having an initial term of less than one year.
|
|||||
|
(2) Includes the Company's joint venture malls.
|
|||||
|
(3) Excludes mall properties that are held in joint ventures as of March 31, 2011.
|
|||||
Page 13
|
LEASING RESULTS AND RE-LEASING SPREADS
|
|
Permanent Leasing Activity (includes joint venture properties)
|
||||||||
|
The following table summarizes the new and rollover lease activity by type for the three months ended March 31, 2011:
|
||||||||
| GLA Analysis |
Average Annualized Base Rents
|
|||||||||||||||||||||||
|
New
|
Rollover
|
New
|
Rollover
|
|||||||||||||||||||||
|
Property Type
|
Leases
|
Leases
|
Total
|
Leases
|
Leases
|
Total
|
||||||||||||||||||
|
Mall Anchors
|
82,823 | 20,050 | 102,873 | $ | 6.02 | $ | 24.28 | $ | 13.87 | |||||||||||||||
|
Mall Non-Anchor
|
99,654 | 192,393 | 292,047 | $ | 19.90 | $ | 25.25 | $ | 23.28 | |||||||||||||||
|
The following table summarizes the new and rollover lease activity and the comparative prior rents for the three months ended March 31, 2011, for only
|
||||||||||
|
those leases where the space was occupied in the previous 24 months:
|
||||||||||
|
GLA Analysis
|
Average Annualized Base Rents
|
Percent
|
|||||||||||||||||||||||||||||
|
New
|
Rollover
|
New
|
Prior
|
Rollover
|
Prior
|
Total
|
Total Prior
|
Change in
|
|||||||||||||||||||||||
|
Property Type
|
Leases
|
Leases
|
Total
|
Leases
|
Tenants
|
Leases
|
Rent
|
New/Rollover
|
Tenants/Rent
|
Base Rent
|
|||||||||||||||||||||
|
Three months ended March 31, 2011
|
|||||||||||||||||||||||||||||||
|
Mall Anchors
|
- | 20,050 | 20,050 | $ | - | $ | - | $ | 24.28 | $ | 23.00 | $ | 24.28 | $ | 23.00 | 6% | |||||||||||||||
|
Mall Non-Anchor
|
30,038 | 146,927 | 176,965 | $ | 23.69 | $ | 17.87 | $ | 25.20 | $ | 24.86 | $ | 24.95 | $ | 23.67 | 5% | |||||||||||||||
Page 14
|
MALL PORTFOLIO STATISTICS BY ASSET CATEGORY
|
|
as of March 31, 2011
|
|
Property
|
Location
|
MSA Ranking
|
Total GLA
|
Avg. Mall Store Sales PSF (1)
March 2011
|
Avg. Mall Store Sales PSF (1)
March 2010
|
Total Mall Occupancy 3/31/2011
|
Total Mall Occupancy 3/31/2010
|
% of Mall Portfolio
NOI (2)
|
||||||||||||||||
|
MARKET DOMINANT
|
||||||||||||||||||||||||
|
Jersey Gardens
|
Elizabeth, NJ
|
1 | 1,295,914 | |||||||||||||||||||||
|
Lloyd Center (JV)
|
Portland, OR
|
23 | 1,475,728 | |||||||||||||||||||||
|
Mall at Fairfield Commons
|
Dayton, OH
|
61 | 1,138,752 | |||||||||||||||||||||
|
Mall at Johnson City
|
Johnson City, TN
|
>100
|
569,016 | |||||||||||||||||||||
|
Pearlridge Center (JV)
|
Honolulu, HI
|
55 | 1,146,349 | |||||||||||||||||||||
|
Polaris Fashion Place
|
Columbus, OH
|
32 | 1,569,497 | |||||||||||||||||||||
|
Scottsdale Quarter (3)
|
Scottsdale, AZ
|
12 | 292,828 | |||||||||||||||||||||
|
Weberstown Mall
|
Stockton, CA
|
78 | 857,755 | |||||||||||||||||||||
|
Westshore Plaza (JV)
|
Tampa, FL
|
19 | 1,072,101 | |||||||||||||||||||||
| 9,417,940 | $ |
463
|
$ |
417
|
98.1%
|
97.2%
|
60%
|
|||||||||||||||||
|
Property
|
Location
|
MSA Ranking
|
Total GLA
|
Avg. Mall Store Sales PSF (1)
March 2011
|
Avg. Mall Store Sales PSF (1)
March 2010
|
Total Mall Occupancy 3/31/2011
|
Total Mall Occupancy 3/31/2010
|
% of Mall Portfolio NOI (2)
|
||||||||||||||||
|
TRADE AREA DOMINANT
|
||||||||||||||||||||||||
|
Ashland Town Center
|
Ashland, KY
|
>100
|
422,941 | |||||||||||||||||||||
|
Colonial Park Mall
|
Harrisburg, PA
|
96 | 740,914 | |||||||||||||||||||||
|
Dayton Mall
|
Dayton, OH
|
61 | 1,417,119 | |||||||||||||||||||||
|
Eastland Mall
|
Columbus, OH
|
32 | 999,149 | |||||||||||||||||||||
|
Grand Central Mall
|
Parkersburg, WV
|
>100
|
846,021 | |||||||||||||||||||||
|
Indian Mound Mall
|
Columbus, OH
|
32 | 557,247 | |||||||||||||||||||||
|
Merritt Square Mall
|
Merritt Island, FL
|
27 | 807,937 | |||||||||||||||||||||
|
Morgantown Mall
|
Morgantown, WV
|
>100
|
557,740 | |||||||||||||||||||||
|
New Towne Mall
|
New Philadelphia, OH
|
>100
|
512,326 | |||||||||||||||||||||
|
Northtown Mall
|
Minneapolis, MN
|
16 | 701,419 | |||||||||||||||||||||
|
Puente Hills Mall (JV)
|
City of Industry, CA
|
2 | 1,099,449 | |||||||||||||||||||||
|
River Valley Mall
|
Columbus, OH
|
32 | 586,865 | |||||||||||||||||||||
|
Supermall of the Great NW
|
Seattle, WA
|
15 | 933,145 | |||||||||||||||||||||
|
Tulsa Promenade (JV)
|
Tulsa, OK
|
53 | 926,606 | |||||||||||||||||||||
| 11,108,878 | $ | 288 | $ | 277 | 90.7% | 89.3% | 40% | |||||||||||||||||
|
TOTAL MALL ASSETS
|
20,526,818 | $ | 376 | $ | 342 | 94.1% | 92.6% | |||||||||||||||||
|
TOTAL MALL ASSETS EXCLUDING JOINT VENTURE (JV) MALLS
|
14,806,585 | $ | 380 | $ | 351 | 93.2% | 91.7% | |||||||||||||||||
|
(1) Sales for in-line stores with less than 10,000 square feet.
|
|
|
(2) Based on net operating income for the three months ended March 31, 2011.
|
|
|
(3) GLA disclosed and used in portfolio occupancy calculations includes only the tenants that are open as of March 31, 2011.
|
|
Page 15
|
SUMMARY OF SIGNIFICANT TENANTS
|
|
As of March 31, 2011
|
Tenants Representing > 1.0% of Total Portfolio Annualized Minimum Rent
|
% of Total
|
|||||||||||||||||||
|
Annualized
|
Annualized
|
||||||||||||||||||
|
Number of
|
GLA of
|
Minimum
|
Minimum
|
||||||||||||||||
|
Tenant Name
|
Tenant DBA's in Portfolio
|
Stores
|
Stores
|
Rent
|
Rent
|
||||||||||||||
|
Gap, Inc.
|
Banana Republic, Gap, Gap Kids, Old Navy
|
28 | 388,320 | $ | 5,799,698 | 2.6 | % | ||||||||||||
|
Limited Brands, Inc.
|
Bath & Body Works/White Barn Candle, Victoria's Secret
|
43 | 201,688 | 4,941,125 | 2.2 | % | |||||||||||||
|
Foot Locker, Inc.
|
Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker
|
43 | 177,547 | 4,481,290 | 2.0 | % | |||||||||||||
|
Signet Jewelers, Ltd.
|
J.B. Robinson, Jared's, Kay Jewelers, Leroy's Jewelers, Ostermans' Jewelry
|
35 | 65,040 | 4,360,362 | 1.9 | % | |||||||||||||
|
AMC Entertainment, Inc.
|
2 | 148,344 | 4,189,000 | 1.9 | % | ||||||||||||||
|
Bain Capital, LLC
|
Burlington Coat Factory, Cohoes Fashion, Guitar Center, Gymboree, Janie & Jack, Crazy 8
|
18 | 427,873 | 4,132,561 | 1.8 | % | |||||||||||||
|
Forever 21, Inc.
|
9 | 190,634 | 3,900,617 | 1.7 | % | ||||||||||||||
|
Sears Holding Corp.
|
Great Indoors, K-Mart, Sears
|
23 | 2,685,330 | 3,683,642 | 1.6 | % | |||||||||||||
|
Bon-Ton Department Stores, Inc.
|
Bon-Ton, Elder Beerman, Herbergers
|
11 | 1,126,171 | 3,502,419 | 1.6 | % | |||||||||||||
|
JCPenney Company, Inc.
|
18 | 1,882,705 | 3,392,640 | 1.5 | % | ||||||||||||||
|
Genesco, Inc.
|
Hat World, Johnston & Murphy, Journeys, Lids, Shi, Underground Station
|
48 | 74,136 | 3,126,812 | 1.4 | % | |||||||||||||
|
American Eagle Outfitters, Inc.
|
aerie, American Eagle
|
17 | 103,346 | 2,767,330 | 1.2 | % | |||||||||||||
|
Luxottica Group
|
DOC Eyeworld, Lenscrafters, Pearle Vision, Sunglass Hut, Watch Station
|
35 | 85,534 | 2,631,499 | 1.2 | % | |||||||||||||
|
Zale Corp.
|
Gordon's Jewelers, Piercing Pagoda, Silver & Gold Connection, Zales Jewelers
|
30 | 30,513 | 2,430,625 | 1.1 | % | |||||||||||||
|
Saks, Inc.
|
Saks Fifth Avenue, Saks Off Fifth
|
3 | 228,156 | 2,360,100 | 1.0 | % | |||||||||||||
|
Finish Line, Inc.
|
Finish Line, Man Alive
|
19 | 104,217 | 2,314,176 | 1.0 | % | |||||||||||||
|
Total tenants representing > 1.0%
|
382 | 7,919,554 | $ | 58,013,896 | 25.7 | % | |||||||||||||
|
Note: Information includes wholly-owned and joint venture properties.
|
|||||
Page 16
|
TOP 10 REGIONAL MALL TENANTS
|
|
As of March 31, 2011
|
|
Mall Stores (ranked by percent of total minimum mall rents)
|
|||||||||||||||||||
|
% of Total
|
|||||||||||||||||||
|
Annualized
|
Annualized
|
||||||||||||||||||
|
Number of
|
GLA of
|
Minimum
|
Minimum
|
||||||||||||||||
|
Tenant Name
|
Stores
|
Stores
|
Rents
|
Mall Rents
|
|||||||||||||||
|
Limited Brands, Inc.
|
43 | 201,688 | $ | 4,941,125 | 2.3 | % | |||||||||||||
|
Foot Locker, Inc.
|
43 | 177,547 | $ | 4,481,290 | 2.1 | % | |||||||||||||
|
Signet Jewelers, Ltd.
|
34 | 59,260 | $ | 4,263,773 | 2.0 | % | |||||||||||||
|
Gap, Inc.
|
23 | 271,568 | $ | 3,921,944 | 1.8 | % | |||||||||||||
|
Genesco, Inc.
|
48 | 74,136 | $ | 3,126,812 | 1.4 | % | |||||||||||||
|
American Eagle Outfitters, Inc.
|
17 | 103,346 | $ | 2,767,330 | 1.3 | % | |||||||||||||
|
Luxottica Group
|
35 | 85,534 | $ | 2,631,499 | 1.2 | % | |||||||||||||
|
Zale Corp.
|
30 | 30,513 | $ | 2,430,625 | 1.1 | % | |||||||||||||
|
Finish Line, Inc.
|
19 | 104,217 | $ | 2,314,176 | 1.1 | % | |||||||||||||
|
Claire's Stores, Inc.
|
31 | 45,486 | $ | 2,101,547 | 1.0 | % | |||||||||||||
|
Mall Anchors (ranked by total GLA)
|
|||||||||||||||||||
|
Annualized
|
|||||||||||||||||||
|
Number of
|
GLA of
|
Minimum
|
% of Total
|
||||||||||||||||
|
Tenant Name
|
Stores
|
Stores
|
Rents
|
Mall GLA
|
|||||||||||||||
|
Sears Holding Corp.
|
18 | 2,498,188 | $ | 2,538,973 | 12.2 | % | |||||||||||||
|
Macy's, Inc.
|
10 | 1,843,944 | $ | 655,000 | 9.0 | % | |||||||||||||
|
JCPenney Company, Inc.
|
15 | 1,841,903 | $ | 3,392,640 | 9.0 | % | |||||||||||||
|
Bon-Ton Department Stores, Inc.
|
11 | 1,126,171 | $ | 3,502,419 | 5.5 | % | |||||||||||||
|
Dillard's
|
3 | 522,967 | $ | - | 2.5 | % | |||||||||||||
|
Belk, Inc.
|
6 | 416,131 | $ | 1,821,852 | 2.0 | % | |||||||||||||
|
Bain Capital, LLC
|
5 | 390,950 | $ | 3,274,262 | 1.9 | % | |||||||||||||
|
Saks, Inc.
|
3 | 228,156 | $ | 2,360,100 | 1.1 | % | |||||||||||||
|
Boscov's Department Store, LLC
|
1 | 182,609 | $ | - | 0.9 | % | |||||||||||||
|
Dick's Sporting Goods, Inc.
|
3 | 179,000 | $ | 1,539,000 | 0.9 | % | |||||||||||||
|
Note: Information includes wholly-owned and joint venture properties.
|
||||
Page 17
|
LEASE EXPIRATION SCHEDULE
|
|
As of March 31, 2011
|
|
Total Portfolio
|
||||||||||||||||||||||||||||||||||
|
Percent of
|
Percent of
|
|||||||||||||||||||||||||||||||||
| Occupied |
Anchor
|
Non-Anchor
|
Annualized
|
|||||||||||||||||||||||||||||||
|
Anchor
|
Non-Anchor
|
Total
|
GLA
|
Anchor
|
Non-Anchor
|
Total
|
Annualized
|
Annualized
|
Base Rents
|
|||||||||||||||||||||||||
|
Lease
|
Number
|
Square Feet
|
Square Feet
|
Square Feet
|
Represented
|
Annualized
|
Annualized
|
Annualized
|
Base Rents/
|
Base Rents/
|
Represented
|
|||||||||||||||||||||||
|
Expiration
|
of
|
of GLA
|
of GLA
|
of GLA
|
by Expiring
|
Base Rents
|
Base Rents
|
Base Rents
|
Square Foot
|
Square Foot
|
by Expiring
|
|||||||||||||||||||||||
|
Year
|
Leases
|
Expiring
|
Expiring
|
Expiring
|
Leases
|
Expiring
|
Expiring
|
Expiring
|
Expiring (1)
|
Expiring (1)
|
Leases
|
|||||||||||||||||||||||
|
2011
|
525 | 81,455 | 1,147,178 | 1,228,633 | 6.1% | $ | 859,075 | $ | 25,149,860 | $ | 26,008,935 | $ | 10.55 | $ | 25.21 | 11.6% | ||||||||||||||||||
|
2012
|
479 | 721,263 | 1,240,917 | 1,962,180 | 9.8% | 3,741,145 | 25,835,860 | 29,577,005 | $ | 5.19 | $ | 24.69 | 13.1% | |||||||||||||||||||||
|
2013
|
323 | 850,197 | 853,175 | 1,703,372 | 8.5% | 2,466,077 | 19,612,212 | 22,078,289 | $ | 2.90 | $ | 28.22 | 9.8% | |||||||||||||||||||||
|
2014
|
242 | 1,110,900 | 617,736 | 1,728,636 | 8.6% | 7,528,225 | 16,491,468 | 24,019,693 | $ | 6.78 | $ | 31.33 | 10.7% | |||||||||||||||||||||
|
2015
|
211 | 1,476,254 | 676,054 | 2,152,308 | 10.7% | 9,764,698 | 16,973,155 | 26,737,853 | $ | 7.36 | $ | 27.48 | 11.9% | |||||||||||||||||||||
|
Thereafter
|
755 | 8,392,495 | 2,895,638 | 11,288,133 | 56.3% | 30,896,881 | 65,700,736 | 96,597,617 | $ | 7.97 | $ | 25.95 | 42.9% | |||||||||||||||||||||
| 2,535 | 12,632,564 | 7,430,698 | 20,063,262 | 100.0% | $ | 55,256,101 | $ | 169,763,291 | $ | 225,019,392 | $ | 6.94 | $ | 26.46 | 100.0% | |||||||||||||||||||
|
(1) The base rents per square foot calculation excludes outlot and ground leases that do not pay rents or pay nominal amounts for rents.
|
|||||||||||
|
Note: Information includes wholly-owned and joint venture properties.
|
|||||||||||
Page 18
|
CAPITAL EXPENDITURES
|
|
(dollars in thousands)
|
|
Three months ended March 31, 2011
|
Three months ended March 31, 2010
|
|||||||||||||||||||||||
|
Unconsolidated
|
Unconsolidated
|
|||||||||||||||||||||||
|
Consolidated
|
Joint Venture
|
Consolidated
|
Joint Venture
|
|||||||||||||||||||||
|
Properties
|
Proportionate
|
Properties
|
Proportionate
|
|||||||||||||||||||||
|
2011
|
Share
|
Total
|
2010
|
Share
|
Total
|
|||||||||||||||||||
|
Development projects
|
$ | 7,433 | $ | - | $ | 7,433 | $ | 4,691 | $ | - | $ | 4,691 | ||||||||||||
|
Redevelopment projects
|
$ | 25 | $ | 22 | $ | 47 | $ | 822 | $ | - | $ | 822 | ||||||||||||
|
Renovation with no incremental GLA
|
$ | 82 | $ | 1 | $ | 83 | $ | 179 | $ | - | $ | 179 | ||||||||||||
|
Property Capital Expenditures:
|
||||||||||||||||||||||||
|
Tenant improvements and tenant allowances:
|
||||||||||||||||||||||||
|
Anchor stores
|
$ | 1,144 | $ | 64 | $ | 1,208 | $ | 295 | $ | 250 | $ | 545 | ||||||||||||
|
Non-anchor stores
|
2,426 | 233 | 2,659 | 1,543 | 16 | 1,559 | ||||||||||||||||||
|
Operational capital expenditures
|
1,040 | 325 | 1,365 | 777 | 41 | 818 | ||||||||||||||||||
|
Total Property Capital Expenditures
|
$ | 4,610 | $ | 622 | $ | 5,232 | $ | 2,615 | $ | 307 | $ | 2,922 | ||||||||||||
Page 19
|
Scottsdale Quarter Update
|
|
(dollars in thousands)
|
|
Project
|
Total Project Costs (1)
|
Project Costs
Incurred thru
3/31/2011 (1)
|
Stabilized Yield
|
|||||||||||||
|
Scottsdale Quarter:
|
||||||||||||||||
|
Scottsdale, Arizona
|
||||||||||||||||
|
Development of new retail/office
|
||||||||||||||||
|
600,000 square feet lifestyle center
|
||||||||||||||||
|
Range
|
||||||||||||||||
|
Phase I / II
|
Low
|
High
|
||||||||||||||
|
Hard Costs
|
$ | 229,000 | $ | 234,000 | $ | 221,200 | ||||||||||
|
Land Purchase
|
96,000 | 96,000 | 96,000 | |||||||||||||
|
Noncontrolling Partner Interest
|
(10,000 | ) | (10,000 | ) | (10,000 | ) | ||||||||||
| $ | 315,000 | $ | 320,000 | $ | 307,200 | 6.5% - 7.0% | ||||||||||
|
Phase III
|
||||||||||||||||
|
Retail and Land
|
$ | 50,000 | $ | 60,000 | $ | 25,450 | ||||||||||
|
Sale of Land Parcels
|
(25,000 | ) | (20,000 | ) | - | |||||||||||
| $ | 25,000 | $ | 40,000 | $ | 25,450 | 14.0% - 15.05 | ||||||||||
|
Total Net Costs
|
$ | 340,000 | $ | 360,000 | $ | 332,650 | 7.5% - 8.0% | |||||||||
|
(1) Project costs include items such as construction and design costs, tenant improvements, third party leasing
|
|||||
|
commissions, ground lease payments prior to land purchase in September 2010 and the cost of the land.
|
|||||
|
Costs that are excluded are the allocation of internal costs such as labor, development fees, interest and taxes.
|
|||||
|
Note: Estimated yield of project is subject to adjustment as a result of changes (some of which are not under the
|
|||||
|
direct control of the company) that are inherent in the development process.
|
|||||
|
Project Leasing Update:
|
|||||
|
Phase I/II square footage is approximately 88% addressed for both retail and office. The leases
|
|||||
|
that are addressed include signed leases, letters of intent and leases out for signature.
|
|||||
Page 20