Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Excel Trust, Inc. | d8k.htm |
| EX-99.1 - PRESS RELEASE - Excel Trust, Inc. | dex991.htm |
Exhibit 99.2
Table of Contents
| Page | ||||
| Company Overview |
3 | |||
| Analyst Coverage |
4 | |||
| Summary Financial and Portfolio Data |
5 | |||
| Financial Summary |
||||
| Condensed Consolidated Balance Sheets |
6 | |||
| Condensed Consolidated Statements of Operations |
7 | |||
| Reconciliation of Certain Non-GAAP Financial Measures |
8 | |||
| Debt Summary |
9 | |||
| Portfolio Summary |
||||
| Acquisitions & Developments |
10 | |||
| Portfolio Summary |
11 | |||
| Major Tenants |
12 | |||
| Lease Expiration Schedule |
13 | |||
| Definitions |
14 | |||
Company Overview
Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Excel Trust has elected to be treated as a REIT, for U.S. federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol “EXL” .
| Corporate Headquarters | Other Offices | |
| Excel Trust, Inc. | Salt Lake City, UT | |
| 17140 Bernardo Center Dr., Ste 300 | Atlanta, GA | |
| San Diego, CA 92128 | Stockton, CA | |
| Tel: 858-613-1800 | ||
| Email: info@exceltrust.com | ||
| Website: www.exceltrust.com | ||
| Executives & Senior Management | ||
| Gary B. Sabin - Chairman & CEO | Spencer G. Plumb - President & COO | |
| James Y. Nakagawa - CFO | Mark T. Burton - CIO & SVP, Acquisitions | |
| S. Eric Ottesen - SVP, General Counsel | William J. Stone - SVP, Asset Management/Development | |
| Matthew S. Romney - SVP, Capital Markets | ||
| Board of Directors | ||
| Gary B. Sabin (Chairman) | Spencer G. Plumb | |
| Mark T. Burton | Bruce G. Blakley | |
| Burland B. East III | Robert E. Parsons, Jr. | |
| Warren R. Staley | ||
| Transfer Agent and Registrar | Corporate Counsel | |
| Continental Stock Transfer & Trust Company | Latham & Watkins | |
| 17 Battery Place, 8th Floor | 12636 High Bluff Drive, Suite 400 | |
| New York, New York 10004 | San Diego, CA 92130 | |
| Tel: 212-509-4000 | Tel: 858-523-5400 | |
| Email: cstmail@continentalstock.com | ||
| Website: www.continentalstock.com | ||
Reported results and other information herein are preliminary and not final until the filing of Excel Trust’s annual report on Form 10-K for the year ended 2010 with the Securities and Exchange Commission and, therefore, remain subject to adjustment.
Forward-Looking Statements
This document contains forward-looking statements that are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks include, without limitation: adverse economic or real estate developments in the retail industry or the markets in which Excel Trust operates; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; Excel
Trust’s failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; Excel Trust’s inability to successfully complete real estate acquisitions or successfully operate acquired properties and Excel Trust’s failure to qualify or maintain its status as a REIT. For a further list and description of such risks and uncertainties that could impact Excel Trust’s future results, performance or transactions, see the reports filed by Excel Trust with the Securities and Exchange Commission, including its final prospectus relating to its initial public offering and quarterly reports on Form 10-Q. Excel Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Page 3
Analyst Coverage
| Company | Analyst | Contact | ||
| Barclays Capital | Ross Smotrich | (212) 526-2306 | ||
| Ryan Bennett | (212) 526-5309 | |||
| KeyBanc | Jordan Sadler | (917) 368-2280 | ||
| Todd Thomas | (917) 368-2286 | |||
| Morgan Stanley | Paul Morgan | (415) 576-2627 | ||
| Samir Khanal | (415) 576-2696 | |||
| Raymond James & Assoc. | Paul D. Puryear | (727) 567-2253 | ||
| R.J. Milligan | (727) 567-2660 | |||
| Stifel, Nicolaus & Co., Inc. | Nathan Isbee | (443) 224-1346 | ||
| Jennifer Hummert | (443) 224-1288 | |||
| UBS | Ross Nussbaum | (212) 713-2484 | ||
| Christy McElroy | (203) 719-7831 | |||
| Wells Fargo | Jeff Donnelly | (617) 603-4262 | ||
| Robert LaQuaglia | (617) 603-4263 | |||
Page 4
Summary Financial and Portfolio Data
For the Quarter Ended March 31, 2011
(In thousands, except per share and leasing data)
| Portfolio Summary |
||||
| Gross Leaseable Square Feet (GLA) |
2,701,375 | |||
| Percent Leased |
94.2 | % | ||
| Annualized Base Rent (1) |
$ | 36,857 | ||
| Number of leases signed or renewed |
21 | |||
| Leases signed or renewed (in square feet) |
122,233 | |||
| Financial Results (Quarter ended March 31, 2011) |
||||
| Net loss available to the common stockholders and controlling interest of the Predecessor |
$ | (632 | ) | |
| Net loss per diluted share |
$ | (0.04 | ) | |
| Funds from operations (FFO) |
$ | 3,404 | ||
| FFO per diluted share |
$ | 0.17 | ||
| Adjusted funds from operations (AFFO) |
$ | 3,825 | ||
| AFFO per diluted share |
$ | 0.19 | ||
| Assets |
||||
| Gross undepreciated real estate |
$ | 406,395 | ||
| Gross undepreciated assets |
$ | 480,618 | ||
| Total liabilities to gross undepreciated assets |
45.6 | % | ||
| Debt to gross undepreciated assets |
39.4 | % | ||
| Capitalization |
||||
| Common shares outstanding |
16,577 | |||
| OP units outstanding |
1,405 | |||
| Total common shares and OP units |
17,982 | |||
| Closing price at quarter end |
$ | 11.79 | ||
| Equity capitalization at March 31, 2011 |
$ | 212,011 | ||
| Preferred stock (at liquidation preference of $25.00 per share) |
50,000 | |||
| Total debt(2) |
$ | 189,551 | ||
| Total capitalization |
$ | 451,562 | ||
| Debt/total capitalization |
42.0 | % | ||
| Common Stock Data |
||||
| Range of closing prices for the quarter |
$ | 11.35-13.21 | ||
| Weighted average common shares outstanding - diluted (net loss) |
15,513 | |||
| Weighted average common shares outstanding - diluted (FFO and AFFO) |
20,040 | |||
| Shares of common stock outstanding on March 31, 2011 |
16,577 | |||
| (1) | Annualized Base Rent excludes rental revenue from non-stabilized development properties |
| (2) | Excludes debt discount |
Page 5
EXCEL TRUST, INC.
CONDENSED AND CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
| March 31, 2011 | December 31, 2010 | |||||||
| (Unaudited) | ||||||||
| ASSETS: |
||||||||
| Property: |
||||||||
| Land |
$ | 164,712 | $ | 153,601 | ||||
| Buildings |
191,931 | 178,374 | ||||||
| Site improvements |
19,231 | 18,832 | ||||||
| Tenant improvements |
19,720 | 18,242 | ||||||
| Construction in progress |
10,801 | 4,423 | ||||||
| Less accumulated depreciation |
(10,529 | ) | (8,360 | ) | ||||
| Property, net |
395,866 | 365,112 | ||||||
| Cash and cash equivalents |
3,955 | 6,525 | ||||||
| Restricted cash |
4,393 | 5,870 | ||||||
| Tenant receivables, net |
1,860 | 1,945 | ||||||
| Lease intangibles, net |
53,791 | 53,024 | ||||||
| Mortgage loan receivable |
2,000 | 2,000 | ||||||
| Deferred rent receivable |
1,498 | 1,148 | ||||||
| Other assets |
6,726 | 5,464 | ||||||
| Total assets |
$ | 470,089 | $ | 441,088 | ||||
| LIABILITIES AND EQUITY: |
||||||||
| Liabilities: |
||||||||
| Mortgages payable, net |
$ | 150,957 | $ | 137,043 | ||||
| Notes payable |
37,835 | 85,384 | ||||||
| Accounts payable and other liabilities |
20,190 | 12,944 | ||||||
| Lease intangibles, net |
7,222 | 7,150 | ||||||
| Dividends/distributions payable |
3,037 | 1,957 | ||||||
| Total liabilities |
219,241 | 244,478 | ||||||
| Commitments and contingencies |
||||||||
| Equity: |
||||||||
| Stockholders’ equity |
||||||||
| Preferred stock, 50,000,000 shares authorized; 7.0% Series A cumulative perpetual preferred stock, $50,000,000 liquidation preference ($25.00 per share), 2,000,000 and 0 shares issued and outstanding |
47,628 | — | ||||||
| Common stock, $.01 par value, 200,000,000 shares authorized; 16,576,831 and 15,663,331 shares issued and outstanding |
165 | 156 | ||||||
| Additional paid-in capital |
188,972 | 191,453 | ||||||
| Cumulative distributions in excess of net income |
(3,754 | ) | (3,725 | ) | ||||
| 233,011 | 187,884 | |||||||
| Accumulated other comprehensive loss |
(162 | ) | (373 | ) | ||||
| Total stockholders’ equity |
232,849 | 187,511 | ||||||
| Non-controlling interests |
17,999 | 9,099 | ||||||
| Total equity |
250,848 | 196,610 | ||||||
| Total liabilities and equity |
$ | 470,089 | $ | 441,088 | ||||
The notes in the Form 10-Q are an integral part of these condensed and consolidated financial statements.
Page 6
EXCEL TRUST, INC. AND
EXCEL TRUST, INC. PREDECESSOR
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| The Company | The Predecessor | |||||||
| Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
|||||||
| Revenues: |
||||||||
| Rental revenue |
$ | 9,210 | $ | 1,138 | ||||
| Tenant recoveries |
1,899 | 82 | ||||||
| Other income |
104 | — | ||||||
| Property, net |
11,213 | 1,220 | ||||||
| Expenses: |
||||||||
| Maintenance and repairs |
639 | 77 | ||||||
| Real estate taxes |
1,135 | 103 | ||||||
| Management fees |
124 | 32 | ||||||
| Other operating expenses |
768 | 75 | ||||||
| General and administrative |
2,650 | 6 | ||||||
| Depreciation and amortization |
4,369 | 460 | ||||||
| Total expenses |
9,685 | 753 | ||||||
| Net operating income |
1,528 | 467 | ||||||
| Interest expense |
(2,565 | ) | (361 | ) | ||||
| Interest income |
40 | — | ||||||
| Gain on acquisition of real estate |
937 | — | ||||||
| Net (loss) income |
(60 | ) | 106 | |||||
| Non-controlling interest |
(31 | ) | 94 | |||||
| Net (loss) income attributable to Excel Trust, Inc. and Excel Trust, Inc. |
||||||||
| Predecessor |
(29 | ) | 12 | |||||
| Preferred stock dividends |
(603 | ) | — | |||||
| Net (loss) income available to the common stockholders and controlling interest of the Predecessor |
$ | (632 | ) | $ | 12 | |||
| Basic and diluted loss per share |
(0.04 | ) | ||||||
| Weighted-average common shares outstanding - basic and diluted |
15,513 | |||||||
| Dividends declared per common share |
0.14 | |||||||
The notes in the Form 10-Q are an integral part of these condensed consolidated and combined financial statements.
Page 7
Reconciliation of Certain Non-GAAP Financial Measures
For the Quarter Ended March 31, 2011
(In thousands, except per share data)
Excel Trust, Inc.’s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income for the three months ended March 31, 2011 and 2010 is as follows:
| The Company | The Predecessor | |||||||
| Three Months Ended March 31, 2011 |
Three Months Ended March 31, 2010 |
|||||||
| Net (loss) income available to the common stockholders and controlling interest of the Predecessor |
$ | (632 | ) | $ | 12 | |||
| Add: |
||||||||
| Non-controlling interests in operating partnership |
1 | — | ||||||
| Preferred stock dividends(2) |
603 | — | ||||||
| Depreciation and amortization |
4,369 | 460 | ||||||
| Deduct: |
||||||||
| Gain on acquisition of real estate |
(937 | ) | — | |||||
| Funds from operations |
$ | 3,404 | $ | 472 | ||||
| Adjustments: |
||||||||
| Transaction costs |
106 | — | ||||||
| Deferred financing costs |
234 | 17 | ||||||
| Stock-based and other non-cash compensation expense |
451 | — | ||||||
| Straight-line effects of lease revenue |
(371 | ) | (63 | ) | ||||
| Amortization of above and below market leases |
43 | (22 | ) | |||||
| Non-incremental capital expenditures |
(42 | ) | — | |||||
| Adjusted funds from operations |
$ | 3,825 | $ | 404 | ||||
| Weighted average common shares outstanding - diluted (net loss) |
15,513 | |||||||
|
Add(3): |
||||||||
| OP units |
819 | |||||||
| Restricted common stock |
232 | |||||||
| Contingent consideration related to business combinations |
143 | |||||||
| Common stock issuable upon conversion of preferred stock |
3,333 | |||||||
| Weighted average common shares outstanding - diluted (FFO and AFFO) |
20,040 | |||||||
| Funds from operations per share (diluted) |
$ | 0.17 | ||||||
| Adjusted funds from operations per share (diluted) |
$ | 0.19 | ||||||
| (1) | FFO and AFFO are described on the Definitions page. |
| (2) | Includes the add back of dividends paid on the Series A Preferred Stock due to an assumed conversion based on the “if converted” method. |
| (3) | The three months ended March 31, 2011 includes 819,000 OP units, 232,000 shares of restricted common stock and 143,000 shares of common stock contingently issuable pursuant to business combinations, which are considered antidilutive for purposes of calculating diluted earnings per share. In addition, includes 3,333,000 shares of common stock potentially issuable pursuant to the conversion feature of the preferred stock based on the “if converted” method. |
Page 8
Debt Summary
For the Quarter Ended March 31, 2011
(Dollars in thousands)
| % Total Debt | ||||||||||||||||||||||||
| Fixed Rate Debt(1)(2) |
$ | 141,251 | 75 | % | ||||||||||||||||||||
| Variable Rate Debt |
48,300 | 25 | % | |||||||||||||||||||||
| Total Debt(1) |
$ | 189,551 | 100 | % | ||||||||||||||||||||
| Debt(1)/Gross Undepreciated Assets |
39.4 | % | ||||||||||||||||||||||
| % Total Debt | ||||||||||||||||||||||||
| Secured Debt(1) |
$ | 151,716 | 80 | % | ||||||||||||||||||||
| Unsecured Debt |
37,835 | 20 | % | |||||||||||||||||||||
| Total Debt |
$ | 189,551 | 100 | % | ||||||||||||||||||||
| Maturities by Year-Secured |
Amount | % Total Debt | Maturities by Year-Unsecured | Amount | % Total Debt | |||||||||||||||||||
| 2011 |
$ | 4,812 | 2.5 | % | 2011 | $ | — | |||||||||||||||||
| 2012 |
1,898 | 1.0 | % | 2012 | 1,536 | 0.8 | % | |||||||||||||||||
| 2013 |
77,444 | 40.9 | % | 2013 | 36,300 | 19.2 | % | |||||||||||||||||
| 2014 |
28,726 | 15.2 | % | 2014 | — | |||||||||||||||||||
| 2015 |
852 | 0.4 | % | 2015 | — | |||||||||||||||||||
| Thereafter |
37,984 | 20.0 | % | Thereafter | — | |||||||||||||||||||
| Total |
$ | 151,716 | 80.0 | % | Total | $ | 37,836 | 20.0 | % | |||||||||||||||
| Property-Secured |
Amount | Interest Rate | Maturity | |||||||||||||||||||||
| Mariner’s Point |
$ | 3,465 | 7.10 | % | 2011 | |||||||||||||||||||
| Park West Place |
55,800 | 3.91 | % | 2013 | ||||||||||||||||||||
| Five Forks Place |
5,198 | 5.50 | % | 2013 | ||||||||||||||||||||
| Grant Creek Town Center |
15,944 | 5.75 | % | 2013 | ||||||||||||||||||||
| Edwards Theatres |
12,418 | 6.74 | % | 2014 | ||||||||||||||||||||
| Merchant Central |
4,625 | 5.94 | % | 2014 | ||||||||||||||||||||
| Excel Centre |
12,708 | 6.08 | % | 2014 | ||||||||||||||||||||
| 5000 South Hulen |
14,034 | 5.60 | % | 2017 | ||||||||||||||||||||
| Rite Aid-Vestavia Hills |
1,452 | 7.25 | % | 2018 | ||||||||||||||||||||
| Lowe’s |
14,072 | 7.20 | % | 2031 | ||||||||||||||||||||
| Northside Plaza(3) |
12,000 | 0.36 | % | 2035 | ||||||||||||||||||||
| Total |
151,716 | 4.9 | % | |||||||||||||||||||||
| Less: debt discount |
(759 | ) | ||||||||||||||||||||||
| Mortgage payable, net |
$ | 150,957 | ||||||||||||||||||||||
| (1) | Excludes debt discount of $759 on mortgages payable. |
| (2) | As of March 31, 2011, the Company had a note payable from a consolidated joint venture to the Company’s partner in the amount of $1,536. The note bears interest at 6% and is due the earlier of May 1, 2012 or when Publix and Hobby Lobby, two new tenants in the property owned by the joint venture, commence their lease and are opened for business. |
| (3) | On July 8, 2010, Excel Trust entered into an unsecured revolving credit facility (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility of up to $125,000. Excel Trust has the ability to increase the size of the revolving credit facility by up to an additional $275,000 to a total of $400M, subject to receipt of lender commitments and other conditions precedent. The maturity date is July 7, 2013 and can be extended for one year at the Excel Trust’s option. The revolving credit facility bears interest at the rate of LIBOR plus a margin of 275 basis points to 375 basis points, depending on the Excel Trust’s leverage ratio, provided that in no event shall LIBOR be deemed to be less than 1.50%. Excel Trust will also pay a 0.45% fee for any unused portion of the revolving credit facility. Borrowings from the credit facility were $36,300 on March 31, 2011. The interest rate on March 31, 2011 was 4.25%. |
| (3) | The Northside Plaza debt represents redevelopment revenue bonds to be used for the redevelopment of this property. The bonds are priced off the SIFMA index and reset weekly. The rate as of March 31, 2011 was 0.36%. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s credit facility. |
Page 9
Acquisitions & Developments
For the Quarter Ended March 31, 2011
(Dollars in thousands)
| Acquisition Property Name |
City |
State |
Date | Initial Cost Basis ($ in 000’s) |
Total GLA (1) | Leased | Major Tenants | |||||||||||||||
| Edwards Theatres | San Diego (San Marcos) | CA | 1999 | $ | 25,781 | 100,551 | 100 | % | Edwards Theatres, subsidiary Regal Cinemas (NYSE:RGC) | |||||||||||||
|
Rite Aid- Vestavia Hills (1) |
Birmingham (Vestavia Hills) | AL | 2002 | $ | 1,467 | 11,180 | 100 | % | Rite Aid | |||||||||||||
| Total | $ | 27,248 | 111,731 | 100 | % | |||||||||||||||||
| Development Property Name |
City |
State |
Land Value | Improvements | Total Carrying Amount (2) | Major Tenants | ||||||||||||||||
| Red Rock Commons | St. George | UT | $ | 10,823 | $ | 2,650 | $ | 13,473 | Dick’s, PetSmart | |||||||||||||
| Plaza at Rockwall - Phase II |
Rockwall | TX | $ | 5,300 | $ | 4,188 | $ | 9,488 | HomeGoods, Jo-Ann | |||||||||||||
| Northside Plaza | Dothan | AL | $ | 6,477 | $ | 4,377 | $ | 10,854 | Publix, Hoby Lobby, Books-A-Million | |||||||||||||
| Total | $ | 22,600 | $ | 11,215 | $ | 33,815 | ||||||||||||||||
| (1) | Rite Aid is an outparcel to Vestavia Hills City Center. The purchase of Rite Aid was completed this quarter. |
| (2) | Total Carrying Amount includes land value, whereas Construction In Progress (CIP) values for development properties as listed in the Company’s quarterly report do not. |
Page 10
Portfolio Summary
For the Quarter Ended March 31, 2011
(Dollars in thousands)
| Property Name |
City |
State | Year Built(1) |
Total GLA(2) |
Acquisition Date | Initial Cost Basis ($ in 000’s) |
Price Sq. Ft. |
% Leased |
Major Tenants | |||||||||
| Excel Centre |
San Diego | CA | 1999 | 82,157 | ** | $23,700 | $288 | 96% | Kaiser Permanente, Swinerton, Excel Trust, UBS | |||||||||
| Newport Towne Center |
Newport | TN | 2006 | 60,100 | ** | $6,500 | $108 | 95% | Stage Stores (DBA Goody’s), Dollar Tree, Super Wal-Mart (non-owned) | |||||||||
| Five Forks Place |
Simpsonville | SC | 2002 | 61,191 | ** | $7,800 | $127 | 97% | Publix | |||||||||
| 5000 South Hulen |
Fort Worth | TX | 2005 | 86,838 | 5/12/2010 | $21,900 | $252 | 92% | Barnes and Noble, Old Navy | |||||||||
| Jewel-Osco |
Morris | IL | 1999 | 51,762 | 5/14/2010 | $8,200 | $158 | 100% | Jewel-Osco (subsidiary of SuperValu) | |||||||||
| Walgreens |
Corbin (North) | KY | 2009 | 13,650 | 5/24/2010 | $3,500 | $256 | 100% | Walgreens | |||||||||
| Walgreens |
Corbin (South) | KY | 2009 | 13,650 | 5/24/2010 | $4,200 | $308 | 100% | Walgreens | |||||||||
| Walgreens |
Barbourville | KY | 2008 | 13,650 | 5/24/2010 | $4,200 | $308 | 100% | Walgreens | |||||||||
| Shop ‘n Save (SuperValu) |
Ballwin | MO | 2007 | 53,411 | 5/28/2010 | $8,500 | $159 | 100% | Shop ‘n Save (subsidiary of SuperValu) | |||||||||
| Walgreens |
Beckley | WV | 2008 | 14,820 | 6/17/2010 | $7,200 | $486 | 100% | Walgreens | |||||||||
| Lowe’s |
Shippensburg | PA | 2008 | 171,069 | 6/22/2010 | $17,600 | $103 | 100% | Lowe’s | |||||||||
| Plaza at Rockwall - Phase I(3) |
Rockwall | TX | 2007 | 328,725 | 6/29/2010 | $35,500 | $108 | 100% | Best Buy, Dick’s, Staples, Ulta, JC Penney, Belk | |||||||||
| Merchant Central |
Milledgeville | GA | 2004 | 45,013 | 6/30/2010 | $6,100 | $136 | 96% | Dollar Tree, Super Wal-Mart (non-owned) | |||||||||
| Mariner’s Point |
St. Marys | GA | 2001 | 45,215 | 7/20/2010 | $6,600 | $146 | 96% | Shoe Show, Super Wal-Mart (non-owned) | |||||||||
| Grant Creek Town Center |
Missoula | MT | 1998 | 164,166 | 8/27/2010 | $21,300 | $130 | 93% | Ross, TJ Maxx and REI | |||||||||
| Vestavia Hills City Center(4) |
Birmingham (Vestavia Hills) | AL | 2002 | 389,985 | 8/30/2010 | $34,867 | $89 | 76% | Publix, Dollar Tree, Stein Mart, Rave Motion Pictures | |||||||||
| Brandywine Crossing |
Brandywine (Washington Metro) | MD | 2009 | 198,330 | 10/1/2010 | $44,500 | $224 | 97% | Safeway, Marshalls, Jo-Ann, Target (non-owned) Costco (non-owned) | |||||||||
| Rosewick Crossing |
La Plata (Washington Metro) | MD | 2008 | 116,095 | 10/1/2010 | $24,900 | $214 | 85% | Giant Food, Lowe’s (non-owned) | |||||||||
| Shops at Foxwood |
Ocala | FL | 2010 | 78,660 | 10/19/2010 | $12,600 | $160 | 94% | Publix, McDonalds (non-owned) | |||||||||
| Walgreens |
Princeton | WV | 2008 | 14,550 | 10/28/2010 | $4,100 | $282 | 100% | Walgreens | |||||||||
| Park West Place |
Stockton | CA | 2005 | 597,787 | 12/14/2010 | $92,500 | $155 | 99% | Lowe’s, Kohl’s, Sports Authority, Jo-Ann, Ross, PetSmart, Office Depot, Target (non-owned) | |||||||||
| Edwards Theatres |
San Diego (San Marcos) | CA | 1999 | 100,551 | 3/11/2011 | $25,781 | $256 | 100% | Edwards Theatres, subsidiary Regal Cinemas (NYSE:RGC) | |||||||||
| Total |
2,701,375 | $422,048 | $156 | 94% | ||||||||||||||
| Properties for Development |
City |
State | Acquisition Date | Total Carrying Amount (5) |
Signed Leases - Major Tenants | |||||||||||||
| Red Rock Commons |
St. George | UT | ** | $13,473 | Dick’s, PetSmart | |||||||||||||
| Plaza at Rockwall - Phase II |
Rockwall | TX | 6/29/2010 | $9,488 | HomeGoods, Jo-Ann | |||||||||||||
| Northside Plaza |
Dothan | AL | 11/15/2010 | $10,854 | Publix, Hobby Lobby, Books-A-Million | |||||||||||||
| Total |
$33,815 | |||||||||||||||||
| Total Portfolio |
$455,863 |
| ** | Acquired from Predecessor as part of the Company’s formation transactions. |
| (1) | Year built represents the year in which construction was completed. |
| (2) | Total GLA represents total gross leasable area owned by us at the property. |
| (3) | New leasable square footage is 328,725 (previously 332,989) resulting from a tenant improvement. |
| (4) | New leasable square footage is 389,985 (previously 378,805) due to the addition of Rite Aid this quarter. |
| (5) | Total Carrying Amount includes land value, whereas Construction In Progress (CIP) values for development properties as listed in the Company’s quarterly report do not. |
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Major Tenants By GLA
For the Quarter Ended March 31, 2011
| Total GLA |
2,701,375 | |||||||
| Tenants |
# Stores | Square Feet | % of Total GLA | |||||
| 1 |
Lowe’s | 2 | 325,863 | 12.1% | ||||
| 2 |
Publix | 3 | 154,151 | 5.7% | ||||
| 3 |
SuperValu | 2 | 105,173 | 3.9% | ||||
| 4 |
JC Penney | 1 | 103,256 | 3.8% | ||||
| 5 |
Edwards Theatres | 1 | 100,551 | 3.7% | ||||
| 6 |
Kohl’s | 1 | 88,248 | 3.3% | ||||
| 7 |
Belk | 1 | 75,524 | 2.8% | ||||
| 8 |
Walgreens | 5 | 70,320 | 2.6% | ||||
| 9 |
Giant Food | 1 | 61,932 | 2.3% | ||||
| 10 |
Jo-Ann | 2 | 60,619 | 2.2% | ||||
| Total Top 10 GLA | 19 | 1,145,637 | 42.4% |
Major Tenants By Rent
| Annualized Base Rent (1) |
$ 36,856,686 | |||||||||||
| Tenants |
# Stores | Square Feet | Rent Per Sq Ft | ABR | % ABR | |||||||
| 1 |
Lowe’s | 2 | 325,863 | $6.74 | $2,195,000 | 6.0% | ||||||
| 2 |
Edwards Theatres | 1 | 100,551 | $21.72 | $2,184,131 | 5.9% | ||||||
| 3 |
Walgreens | 5 | 70,320 | $26.34 | $1,852,100 | 5.0% | ||||||
| 4 |
Publix | 3 | 154,151 | $10.98 | $1,692,036 | 4.6% | ||||||
| 5 |
SuperValu | 2 | 105,173 | $13.13 | $1,381,170 | 3.7% | ||||||
| 6 |
Kaiser Permanente | 1 | 30,052 | $41.92 | $1,259,634 | 3.4% | ||||||
| 7 |
Jo-Ann | 2 | 60,619 | $13.52 | $819,685 | 2.2% | ||||||
| 8 |
Dick’s Sporting Goods | 1 | 50,000 | $16.30 | $815,186 | 2.2% | ||||||
| 9 |
Rave Motion Pictures | 1 | 42,287 | $18.11 | $765,835 | 2.1% | ||||||
| 10 |
Giant Food | 1 | 61,932 | $12.28 | $760,752 | 2.1% | ||||||
| Total Top 10 Annualized Rent | 19 | 1,000,948 | $13.01 | $13,020,970 | 37.2% | |||||||
| (1) | Annualized Base Rent is described on the Definitions page. |
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Lease Expiration Schedule
For the Quarter Ended March 31, 2011
| Total GLA |
2,701,375 | |
| Total GLA Leased |
2,543,937 | |
| % Leased |
94.2% | |
| Retail GLA(1) |
2,619,218 | |
| Retail GLA Leased |
2,464,767 | |
| % Leased |
94.1% | |
| % of Leased Retail GLA | ||||
| Retail Anchor GLA(2) |
1,798,283 | 73% | ||
| Retail Inline GLA(2) |
666,484 | 27% | ||
| Retail GLA Leased |
2,464,767 | 100% |
| Year |
Anchor GLA Expiring |
% of Leased GLA |
Anchor Rent Per SF |
Inline GLA Expiring |
% of Leased GLA |
Inline Rent Per Sq Ft |
Total Retail GLA Expiring |
% of Leased GLA |
Average Rent Per SF | |||||||||
| 2011 |
46,500 | 1.9% | $7.33 | 90,699 | 3.7% | $14.23 | 137,199 | 5.6% | $11.90 | |||||||||
| 2012 |
38,000 | 1.5% | $12.37 | 54,062 | 2.2% | $18.54 | 92,062 | 3.7% | $15.99 | |||||||||
| 2013 |
40,072 | 1.6% | $12.63 | 87,428 | 3.5% | $19.75 | 127,500 | 5.2% | $17.51 | |||||||||
| 2014 |
10,011 | 0.4% | $11.00 | 106,824 | 4.3% | $19.12 | 116,835 | 4.7% | $18.42 | |||||||||
| 2015 |
154,678 | 6.3% | $12.91 | 122,460 | 5.0% | $21.46 | 277,138 | 11.2% | $16.69 | |||||||||
| Beyond 2015 |
1,509,022 | 61.2% | $10.91 | 205,011 | 8.3% | $26.91 | 1,714,033 | 69.5% | $12.82 | |||||||||
| Total |
1,798,283 | 73.0% | $11.06 | 666,484 | 27.0% | $21.32 | 2,464,767 | 100.0% | $13.83 | |||||||||
| (1) | Retail figures exclude the Excel Centre because it is an office building and currently serves as headquarters for Excel Trust. |
| (2) | Anchor Tenants and Inline Tenants are described on the Definitions page. |
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Definitions
Adjusted Funds From Operations (AFFO): Adjusted Funds From Operations (AFFO) is a non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO the non-cash compensation expense, amortization of prepaid financing costs and non-recurring transaction costs, and other one-time items, then subtracting or adding straight-line rents, amortization of above and below market leases and non-incremental capital expenditures. Our computation may differ from the methodology for calculating AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of Excel Trust’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor is it indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.
Anchor Tenant: A tenant who occupies 10,000 square feet or more and belongs to a national or regional chain of stores.
Annualized Base Rent: Annualized Base Rent is obtained by annualizing the contractual rental rate (excluding reimbursements and
percentage rent) during the final month of a reporting period.
Funds From Operations (FFO): Excel Trust considers FFO an important supplemental measure of its operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year-over-year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.
Excel Trust computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs) and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust’s computation may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of Excel Trust’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor is it indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.
Inline Tenant: Any tenant who does not qualify as an anchor tenant.
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