GLIMCHER REALTY TRUST - FORM 8-K - EX-99.2 - SUPPLEMENTAL INFORMATION FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012

Attached files

file	filename
EX-99.1 - PRESS RELEASE DATED APRIL 24, 2013 - GLIMCHER REALTY TRUST	exhibit991-1q2013.htm
8-K - CURRENT REPORT - GLIMCHER REALTY TRUST	a8-kdatedapril252013.htm

Exhibit 99.2

GLIMCHER REALTY TRUST

Supplemental Information

For the Three Months Ended March 31, 2013 and 2012

TABLE OF CONTENTS



Income Statement Data:
Quarterly Income Statements	Page 1
Components of Minimum Rents and Other Revenue	Page 2
Components of Other Operating Expenses	Page 3
Summary Financial Statement Information for Unconsolidated Entities	Page 4
Calculation of Funds from Operations and FFO Payout Ratio	Page 5
Unconsolidated Entities Calculation of FFO and Disclosure of Pro-Rata Share of Non-Cash Amounts in FFO	Page 6
EBITDA, Operating Ratios and Earnings Per Share	Page 7
Net Operating Income Growth for Comparable Properties (Including Pro-Rata Share of Unconsolidated Properties)	Page 8

Balance Sheet Data:
Consolidated Balance Sheets	Page 9
Market Capitalization and Debt Covenant Requirements	Page 10
Consolidated Debt Schedule	Page 11
Total Debt Maturities Schedule (Consolidated and Pro-Rata Share of Unconsolidated Debt)	Page 12
Unconsolidated Debt Maturity Schedule	Page 13

Operational Data:
Occupancy Statistics	Page 14
Leasing Results and Re-leasing Spreads	Page 15
Mall Portfolio Statistics by Asset Category	Page 16
Summary of Significant Tenants	Page 17
Top 10 Regional Mall Tenants	Page 18
Lease Expiration Schedule	Page 19

Development Activity:
Capital Expenditures	Page 20
Development and Major Redevelopment Activity	Page 21

QUARTERLY INCOME STATEMENTS

(in thousands)



	Three Months Ended March 31,
	2013									2012
	As Reported			Discontinued Operations			Pre ASC-205			As Reported			Discontinued Operations			Pre ASC-205
Revenues:
Minimum rents (see components on page 2)	$	54,856		$	25		$	54,881		$	42,750		$	106		$	42,856
Percentage rents	1,881			—			1,881			1,382			—			1,382
Tenant reimbursements	25,878			—			25,878			20,445			1			20,446
Outparcel sale	3,320			—			3,320			215			—			215
Other (see components on page 2)	5,112			(2		)	5,110			5,036			—			5,036
Total Revenues	91,047			23			91,070			69,828			107			69,935
Expenses:
Property operating expenses	(18,933		)	—			(18,933		)	(14,461		)	7			(14,454		)
Real estate taxes	(10,230		)	(1		)	(10,231		)	(8,842		)	(11		)	(8,853		)
Total recoverable expenses	(29,163		)	(1		)	(29,164		)	(23,303		)	(4		)	(23,307		)
Provision for doubtful accounts	(965		)	100			(865		)	(4,142		)	(30		)	(4,172		)
Other operating expenses (see components on page 3)	(4,732		)	(18		)	(4,750		)	(2,596		)	(28		)	(2,624		)
Costs related to the sale of an outparcel	(2,815		)	—			(2,815		)	(69		)	—			(69		)
Real estate depreciation and amortization	(26,239		)	—			(26,239		)	(19,034		)	(20		)	(19,054		)
Non-real estate depreciation and amortization	(549		)	—			(549		)	(522		)	—			(522		)
General and administrative	(6,850		)	3			(6,847		)	(5,497		)	(13		)	(5,510		)
Total Expenses	(71,313		)	84			(71,229		)	(55,163		)	(95		)	(55,258		)
Operating Income	19,734			107			19,841			14,665			12			14,677
Interest income	4			—			4			2			1			3
Interest expense	(17,688		)	—			(17,688		)	(15,703		)	—			(15,703		)
Loan fee amortization	(1,057		)	—			(1,057		)	(985		)	—			(985		)
Equity in income (loss) of unconsolidated real estate entities, net	321			—			321			(3,474		)	—			(3,474		)
Income (loss) from continuing operations	1,314			107			1,421			(5,495		)	13			(5,482		)
Discontinued Operations:
Income from operations	107			(107		)	—			13			(13		)	—
Net income (loss)	1,421			—			1,421			(5,482		)	—			(5,482		)
Allocation to noncontrolling interest	93			—			93			263			—			263
Net income (loss) attributable to Glimcher Realty Trust	1,514			—			1,514			(5,219		)	—			(5,219		)
Preferred share dividends	(6,159		)	—			(6,159		)	(6,137		)	—			(6,137		)
Write-off related to preferred share redemption	(9,266		)	—			(9,266		)	—			—			—
Net loss to common shareholders	$	(13,911	)	$	—		$	(13,911	)	$	(11,356	)	$	—		$	(11,356	)

Note: Pre ASC-205 column includes both continuing and discontinued operations.

COMPONENTS OF MINIMUM RENTS AND OTHER REVENUE

(in thousands)



	Three Months Ended March 31,
	2013							2012
	As Reported		Discontinued Operations			Pre ASC-205		As Reported		Discontinued Operations		Pre ASC-205
Components of Minimum Rents:
Base rent	$	53,649	$	25		$	53,674	$	41,822	$	100	$	41,922
Termination income	31		—			31		329		—		329
Straight-line rents	1,176		—			1,176		599		6		605
Total Minimum Rents	$	54,856	$	25		$	54,881	$	42,750	$	106	$	42,856
Components of Other Revenue:
Fee and service income	$	1,827	$	—		$	1,827	$	2,177	$	—	$	2,177
Specialty leasing and sponsorship income	2,295		—			2,295		1,946		—		1,946
Other	990		(2		)	988		913		—		913
Total Other Revenue	$	5,112	$	(2	)	$	5,110	$	5,036	$	—	$	5,036

Note: Pre ASC-205 column includes both continuing and discontinued operations.

COMPONENTS OF OTHER OPERATING EXPENSES

(in thousands)



	Three Months Ended March 31,
	2013						2012
	As Reported		Discontinued Operations		Pre ASC-205		As Reported		Discontinued Operations		Pre ASC-205
Components of Other Operating Expenses:
Cost of providing services to unconsolidated real estate entities	$	1,042	$	—	$	1,042	$	1,105	$	—	$	1,105
Discontinued development write-offs	122		—		122		126		—		126
Specialty leasing costs	506		—		506		530		—		530
Ground lease expense	2,149		—		2,149		—		—		—
Other	913		18		931		835		28		863
Total Other Operating Expenses	$	4,732	$	18	$	4,750	$	2,596	$	28	$	2,624

Note: Pre ASC-205 column includes both continuing and discontinued operations.

SUMMARY FINANCIAL STATEMENT INFORMATION

FOR UNCONSOLIDATED ENTITIES

(in thousands)



	For the Three Months Ended March 31, 2013						For the Three Months Ended March 31, 2012
	Total			Company's Pro-Rata Share of Unconsolidated Entities Operations			Total			Company's Pro-Rata Share of Unconsolidated Entities Operations
Statements of Operations
Total revenues	$	19,183		$	8,548		$	30,570		$	10,795
Operating expenses	(9,138		)	(4,169		)	(15,160		)	(5,196		)
Net operating income	10,045			4,379			15,410			5,599
Depreciation and amortization	(5,276		)	(2,290		)	(9,259		)	(3,121		)
Other expenses, net	(86		)	(37		)	(159		)	(63		)
Interest expense, net	(3,987		)	(1,727		)	(5,694		)	(1,953		)
Impairment loss (1)	—			—			(7,562		)	(3,932		)
Net income (loss)	696			325			(7,264		)	(3,470		)
Preferred dividend	(8		)	(4		)	(8		)	(4		)
Net income (loss) to partnership	$	688		$	321		$	(7,272	)	$	(3,474	)
GPLP's share of income (loss) from investment in unconsolidated entities	$	321					$	(3,474	)

(1) Impairment loss for the three months ended March 31, 2012 relates to Tulsa Promenade.

CALCULATION OF FUNDS FROM OPERATIONS

AND FFO PAYOUT RATIO

(in thousands, except per share data)



	2013			2012
	3 mos Mar. 31			3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31
Funds from Operations ("FFO"):
Net (loss) income to common shareholders	$	(13,911	)	$	(11,356	)	$	15,503		$	(10,363	)	$	(24,280	)	$	(30,496	)
Real estate depreciation and amortization	26,239			19,054			21,855			28,393			26,124			95,426
Pro-rata share of unconsolidated entity impairment loss	—			3,932			1,550			363			6,352			12,197
Pro-rata share of joint venture depreciation	2,223			3,106			2,498			2,242			2,236			10,082
Noncontrolling interest in operating partnership	(222		)	(263		)	274			(171		)	(394		)	(554		)
Gain on the remeasurement of equity method investment	—			—			(25,068		)	—			—			(25,068		)
Impairment loss on depreciable real estate assets	—			—			—			—			18,477			18,477
FFO	$	14,329		$	14,473		$	16,612		$	20,464		$	28,515		$	80,064
Adjusted Funds from Operations:
FFO	$	14,329		$	14,473		$	16,612		$	20,464		$	28,515		$	80,064
Add back: write-down of Tulsa Promenade note receivable	—			3,322			—			—			—			3,322
Add back: write-off related to preferred share redemptions	9,266			—			—			3,446			—			3,446
Add back: write-off of pre-development costs associated with a project located in Panama City Beach, Florida	—			—			3,193			—			—			3,193
Adjusted Funds from Operations	$	23,595		$	17,795		$	19,805		$	23,910		$	28,515		$	90,025
Weighted average common shares outstanding - diluted (1)	146,301			120,693			142,833			143,562			145,392			138,151
FFO per diluted share	$	0.10		$	0.12		$	0.12		$	0.14		$	0.20		$	0.58
Total adjustments	0.06			0.03			0.02			0.02			—			0.07
Adjusted FFO per diluted share	$	0.16		$	0.15		$	0.14		$	0.17		$	0.20		$	0.65



	2013			2012
	3 mos Mar. 31			3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31
FFO Payout Ratio:
Dividend paid per common share/unit	$	0.1000		$	0.1000		$	0.1000		$	0.1000		$	0.1000		$	0.4000
FFO payout ratio after adjustments	62.0		%	67.8		%	72.1		%	60.0		%	51.0		%	61.4		%



	2013		2012
	3 mos Mar. 31		3 mos Mar. 31			3 mos June 30		3 mos Sept. 30		3 mos Dec. 31		YTD Dec. 31
Supplemental disclosure of amounts included in FFO for consolidated properties:
Deferred leasing costs	$	1,514	$	1,315		$	1,591	$	1,318	$	1,418	$	5,642
Straight-line adjustment as an increase to minimum rents (continuing and discontinued operations)	$	1,176	$	605		$	796	$	633	$	666	$	2,700
Straight-line and fair market value adjustment for ground lease expense recorded as an increase to other operating expense	$	860	$	—		$	562	$	969	$	829	$	2,360
Fair value of debt amortized as a decrease (increase) to interest expense	$	348	$	(65	)	$	127	$	431	$	348	$	841
Intangible and inducement amortization as a net increase to base rents (continuing and discontinued operations)	$	1,209	$	6		$	709	$	1,835	$	584	$	3,134
Discontinued development write-off's	$	122	$	126		$	3,219	$	—	$	14	$	3,359

(1) Shares include all potential common share equivalents that may be excluded in the calculation of earnings per share.

UNCONSOLIDATED ENTITIES CALCULATION OF FUNDS FROM OPERATIONS

AND DISCLOSURE OF PRO-RATA SHARE OF NON-CASH AMOUNTS IN FFO

(in thousands)



	2013		2012
	3 mos Mar. 31		3 mos Mar. 31			3 mos June 30			3 mos Sept. 30		3 mos Dec. 31			YTD Dec. 31
Unconsolidated Entities Funds from Operations:
Net income (loss) to partnership	$	688	$	(7,272	)	$	(2,180	)	$	9	$	(10,288	)	$	(19,731	)
Real estate depreciation and amortization	5,254		9,225			6,295			5,206		5,184			25,910
Impairment loss	—		7,562			3,100			697		12,216			23,575
FFO	$	5,942	$	9,515		$	7,215		$	5,912	$	7,112		$	29,754
Pro-rata share of unconsolidated entities funds from operations	$	2,602	$	3,564		$	2,937		$	2,541	$	3,147		$	12,189



	2013			2012
	3 mos Mar. 31			3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31
Non-cash amounts included in FFO (pro-rata share of unconsolidated entities):
Straight-line adjustment as an increase (decrease) to base rent	$	55		$	6		$	(120	)	$	17		$	1		$	(96	)
Intangible amortization as an increase to minimum rents	$	122		$	340		$	244		$	154		$	142		$	880
Straight-line adjustment - ground lease expense	$	—		$	(127	)	$	(51	)	$	—		$	—		$	(178	)
Impairment loss	$	—		$	(3,932	)	$	(1,550	)	$	(363	)	$	(6,352	)	$	(12,197	)
Loan fee amortization	$	(126	)	$	(76	)	$	(44	)	$	(150	)	$	(172	)	$	(442	)

EBITDA, OPERATING RATIOS AND EARNINGS PER SHARE

(dollars and shares in thousands)



	2013			2012
	3 mos Mar. 31			3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31
Calculation of EBITDA:
Net income (loss) attributable to Glimcher Realty Trust	$	1,514		$	(5,219	)	$	21,640		$	(312	)	$	(18,190	)	$	(2,081	)
Interest expense (continuing and discontinued operations)	17,688			15,703			16,479			17,102			17,488			66,772
Loan fee amortization (continuing and discontinued operations)	1,057			985			898			1,057			955			3,895
Taxes (continuing and discontinued operations)	205			237			232			243			281			993
Depreciation and amortization (continuing and discontinued operations)	26,788			19,576			22,362			28,903			26,660			97,501
EBITDA	47,252			31,282			61,611			46,993			27,194			167,080
Allocation to noncontrolling interest	(222		)	(263		)	274			(171		)	(394		)	(554		)
Adjustment for consolidated joint venture	(87		)	—			—			(54		)	(62		)	(116		)
EBITDA adjustments related to pro-rata share of unconsolidated entities, net	4,058			9,073			5,802			4,486			10,431			29,792
Impairment loss	—			—			—			—			18,477			18,477
Add back: write down of Tulsa Promenade note receivable	—			3,322			—			—			—			3,322
Add back: write-off of pre-development costs associated with a project located in Panama City Beach, Florida	—			—			3,193			—			—			3,193
Gain on remeasurement of equity method investment	—			—			(25,068		)	—			—			(25,068		)
Adjusted EBITDA	$	51,001		$	43,414		$	45,812		$	51,254		$	55,646		$	196,126
Operating Ratios:
General and administrative / total revenues	7.5		%	7.9		%	7.8		%	6.9		%	6.7		%	7.3		%
Tenant reimbursements / (real estate taxes + property operating expenses)	88.7		%	87.7		%	86.7		%	86.8		%	88.6		%	87.5		%
Earnings per Share:
Weighted average common shares outstanding - basic	143,408			117,517			139,832			140,641			142,478			135,152
Weighted average common shares outstanding - diluted	145,716			120,271			142,833			142,964			144,799			137,624
(Loss) earnings per share - basic	$	(0.10	)	$	(0.10	)	$	0.11		$	(0.07	)	$	(0.17	)	$	(0.23	)
(Loss) earnings per share - diluted	$	(0.10	)	$	(0.10	)	$	0.11		$	(0.07	)	$	(0.17	)	$	(0.23	)

NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES

(INCLUDING PRO-RATA SHARE OF UNCONSOLIDATED PROPERTIES)

(in thousands)



	Three Months Ended March 31,
	2013			2012			Variance

Operating Income	$	19,734		$	14,665		$	5,069

Depreciation and Amortization	26,788			19,576			7,212
General and administrative	6,847			5,510			1,337
Proportionate share of unconsolidated joint venture Comparable NOI	3,571			8,951			(5,380		)
Non-comparable Properties (1)	(2,967		)	(475		)	(2,492		)
Termination and outparcel net income	(536		)	(475		)	(61		)
Straight-line rents	(1,176		)	(605		)	(571		)
Non-cash ground lease adjustments	933			—			933
Non-recurring, non-cash items (2)	—			3,322			(3,322		)
Above/below market lease amortization	(1,337		)	(144		)	(1,193		)
Fee income	(905		)	(1,248		)	343
Other (3)	502			427			75

Comparable NOI	$	51,454		$	49,504		$	1,950

Comparable NOI percentage change							3.9		%

(1) Amounts include Community Centers, Malibu Lumber Yard, Town Center Crossing, and University Park Village.

(2) Amount includes write-down of Tulsa note receivable.

(3) Other adjustments include discontinued development costs, non-property income and expenses, and other non-recurring income or expenses.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)



	2013			2012
	Mar. 31			Dec. 31
Assets:
Land	$	348,365		$	338,543
Buildings, improvements and equipment	2,458,210			2,361,077
Developments in progress	90,871			75,748
	2,897,446			2,775,368
Less accumulated depreciation	732,360			710,042
Property and equipment, net	2,165,086			2,065,326

Deferred leasing costs, net	30,966			30,944
Real estate asset held-for-sale	4,056			4,056
Investment in and advances to unconsolidated real estate entities	86,997			86,702
Investment in real estate, net	2,287,105			2,187,028

Cash and cash equivalents	75,356			17,489
Restricted cash	17,346			22,043
Tenant accounts receivable, net	29,700			31,793
Deferred expenses, net	17,768			17,642
Prepaid and other assets	57,605			53,412
Total Assets	$	2,484,880		$	2,329,407
Liabilities and Equity:
Mortgage notes payable	$	1,519,730		$	1,399,774
Notes payable	45,000			85,000
Other liabilities associated with asset held-for-sale	100			132
Accounts payable and accrued expenses	107,858			112,630
Distributions payable	20,491			20,314
Total Liabilities	1,693,179			1,617,850
Equity:
Series G cumulative preferred shares	199,725			192,412
Series H cumulative preferred shares	96,466			96,466
Series I cumulative preferred shares	86,771			—
Common shares of beneficial interest	1,442			1,431
Additional paid-in capital	1,278,615			1,264,104
Distributions in excess of accumulated earnings	(881,855		)	(853,530		)
Accumulated other comprehensive loss	(1,231		)	(1,284		)
Total Glimcher Realty Trust Shareholders' Equity	779,933			699,599
Noncontrolling interest	11,768			11,958
Total equity	791,701			711,557
Total Liabilities and Equity	$	2,484,880		$	2,329,407

MARKET CAPITALIZATION AND DEBT COVENANT REQUIREMENTS

(dollars and shares in thousands, except per share price)



	2013			2012
	3 mos Mar. 31			3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31
Share price (end of period)	$	11.60		$	10.22		$	10.22		$	10.57		$	11.09
Market Capitalization Ratio:
Common shares outstanding	144,143			139,439			140,124			142,011			143,090
Operating partnership units outstanding	2,308			2,728			2,323			2,323			2,308
Total common shares and units outstanding at end of period	146,451			142,167			142,447			144,334			145,398
Valuation - Common shares and operating partnership units outstanding	$	1,698,832		$	1,452,947		$	1,455,808		$	1,525,610		$	1,612,464
Preferred shares	382,962			282,074			282,074			288,976			288,878
Total consolidated debt (end of period)	1,564,730			1,177,949			1,468,653			1,476,639			1,484,774
Total market capitalization	$	3,646,524		$	2,912,970		$	3,206,535		$	3,291,225		$	3,386,116
Debt / Market capitalization	42.9		%	40.4		%	45.8		%	44.9		%	43.8		%
Debt / Market capitalization including pro-rata share of unconsolidated entities	45.0		%	43.5		%	47.9		%	47.1		%	46.1		%



			2013
Credit Facility Debt Covenant Requirements:	Facility Requirements		Mar. 31
Maximum Corporate Debt to Total Asset Value	60.0	%	50.8	%
Minimum Interest Coverage Ratio	1.75 x		2.63 x
Minimum Fixed Charge Coverage Ratio	1.45 x		1.70 x
Maximum Recourse Debt	10.0	%	6.7	%

CONSOLIDATED DEBT SCHEDULE

(dollars in thousands)



Mortgage Notes Payable:
	Mar. 31,			Dec. 31,			Interest Rates
Fixed Rate:	2013			2012			2013		2012		Interest Terms	Payment Terms	Balloon Pmt. at Maturity		Initial/Final Maturity
The Outlet Collection \| Jersey Gardens	$	139,495		$	140,409		4.83	%	4.83	%		(a)	$	135,194	June 8, 2014
The Mall at Fairfield Commons	96,677			97,285			5.45	%	5.45	%		(a)	$	92,762	November 1, 2014
The Outlet Collection \| Seattle	52,663			53,018			7.54	%	7.54	%	(i)	(a)	$	49,969	(e)
Merritt Square Mall	55,052			55,205			5.35	%	5.35	%		(a)	$	52,914	September 1, 2015
Scottsdale Quarter Fee Interest	67,493			67,778			4.91	%	4.91	%		(a)	$	64,577	October 1, 2015
Pearlridge Center	175,000			175,000			4.60	%	4.60	%		(l)	$	169,327	November 1, 2015
River Valley Mall	47,180			47,378			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	40,626			40,791			5.87	%	5.87	%		(a)	$	38,057	December 11, 2016
The Mall at Johnson City	53,406			53,573			6.76	%	6.76	%		(a)	$	47,768	May 6, 2020
Grand Central Mall	43,578			43,730			6.05	%	6.05	%		(a)	$	38,307	July 6, 2020
Ashland Town Center	41,058			41,223			4.90	%	4.90	%		(a)	$	34,569	July 6, 2021
Dayton Mall	82,000			82,000			4.57	%	4.57	%		(d)	$	75,241	September 1, 2022
Polaris Fashion Place	225,000			—			3.90	%	—			(f)	$	203,576	March 1, 2025
Town Center Plaza	75,767			76,057			5.00	%	5.00	%		(a)	$	52,465	(j)
Town Center Crossing	37,789			37,948			4.25	%	4.25	%		(a)	$	25,820	(j)
Tax Exempt Bonds	19,000			19,000			6.00	%	6.00	%		(c)	$	19,000	November 1, 2028
	1,311,784			1,090,395
Variable Rate:
University Park Village (q)	60,000			—			3.25	%	—		(g)	(b)	$	60,000	April 8, 2013
Town Square at Surprise	1,376			3,592			5.50	%	5.50	%	(o)	(a)	$	1,361	(p)
Scottsdale Quarter Phase III Fee Interest	12,930			12,930			3.10	%	3.11	%	(k)	(b)	$	12,930	December 1, 2013
Scottsdale Quarter	130,000			130,000			3.28	%	3.28	%	(h)	(b)	$	130,000	(m)
	204,306			146,522
Other:
Fair Value Adjustment - Merritt Square Mall	(633		)	(699		)
Fair Value Adjustment - Pearlridge Center	4,273			4,687
Extinguished Debt	—			158,869					(n)
Total Mortgage Notes Payable	$	1,519,730		$	1,399,774


(a)	The loan requires monthly payments of principal and interest.


(b)	The loan requires monthly payments of interest only.


(c)	The bonds require semi-annual payments of interest.


(d)	The loan requires monthly payments of interest only until October 2017. Thereafter, monthly payments of principal and interest are required.


(e)	The loan matures in September 2029, with an optional prepayment (without penalty) date on February 11, 2015.


(f)	The loan requires monthly payments of interest only until April 2020. Thereafter, monthly payments of principal and interest are required.


(g)	Interest rate of LIBOR plus 3.00%.


(h)	$105,000 was fixed through a swap agreement at a rate of 3.14% at March 31, 2013 and the remaining $25,000 incurs interest at an average rate of LIBOR plus 3.65%.


(i)	Interest rate escalates after optional prepayment date.


(j)	The loans for Town Center Plaza and Town Center Crossing are cross-collateralized and have a call date of February 1, 2027.


(k)	Interest rate of LIBOR plus 2.90%.


(l)	The loan requires monthly payments of interest only until November 2013. Thereafter, monthly payments of principal and interest are required.


(m)	The loan matures May 22, 2015, however, a portion of the loan ($107,000) may be extended for one year subject to certain loan extension fees and conditions.


(n)	Interest rates ranging from 3.71% to 5.24% at December 31, 2012.


(o)	Interest rate is the greater of 5.50% or LIBOR plus 4.00%.


(p)	The loan matures June 30, 2013, however, the loan may be extended for eighteen months subject to certain loan extension fees and conditions.


(q)	The loan was repaid on April 2, 2013.

TOTAL DEBT MATURITIES SCHEDULE (Consolidated and Pro-Rata Share of Unconsolidated Debt)

(dollars in thousands)



							Principal Payments - Assumes Exercise of Extension Options
Description	Initial Maturity	Extension Option (f)	Interest Rate	Balance 3/31/2013			2013			2014			2015			2016		2017		2018+
Consolidated Properties
University Park Village (a)	04/2013		3.25%	$	60,000		$	60,000
Town Square at Surprise	06/2013	12/2014	5.50%	1,376			62			$	1,314
Scottsdale Quarter Phase III Fee Interest	12/2013		3.10%	12,930			12,930			—
The Outlet Collection \| Jersey Gardens	06/2014		4.83%	139,495			2,715			136,780
The Mall at Fairfield Commons	11/2014		5.45%	96,677			1,801			94,876
The Outlet Collection \| Seattle	02/2015		7.54%	52,663			1,051			1,517			$	50,095
Scottsdale Quarter (b)	05/2015	(c)	3.28%	130,000			—			—			130,000
Merritt Square Mall	09/2015		5.35%	55,052			626			889			53,537
Scottsdale Quarter Fee Interest	10/2015		4.91%	67,493			830			1,171			65,492
Pearlridge Center	11/2015		4.60%	175,000			431			2,681			171,888
River Valley Mall	01/2016		5.65%	47,180			572			815			863			$	44,930
Weberstown Mall	06/2016		5.90%	60,000			—			—			—			60,000
Eastland Mall	12/2016		5.87%	40,626			475			680			722			38,749
The Mall at Johnson City	05/2020		6.76%	53,406			466			677			726			766		$	830	$	49,941
Grand Central Mall	07/2020		6.05%	43,578			436			626			665			700		751		40,400
Ashland Town Center	07/2021		4.90%	41,058			480			679			714			744		788		37,653
Dayton Mall	09/2022		4.57%	82,000			—			—			—			—		311		81,689
Polaris Fashion Place	03/2025		3.90%	225,000			—			—			—			—		—		225,000
Town Center Plaza	02/2027		5.00%	75,767			894			1,245			1,309			1,375		1,446		69,498
Town Center Crossing	02/2027		4.25%	37,789			485			671			700			730		760		34,443
Tax Exempt Bonds	11/2028		6.00%	19,000			—			—			—			—		—		19,000
Fair Value Adjustment Amortization - Merritt Square Mall				(633		)	(196		)	(262		)	(175		)
Fair Value Adjustment Amortization - Pearlridge Center				4,273			1,241			1,654			1,378
Subtotal (d)				1,519,730			85,299			246,013			477,914			147,994		4,886		557,624
Credit Facility (Secured) (e)	05/2014		2.70%	45,000			—			45,000
Credit Facility (Unsecured)	02/2017	02/2018	2.15%	—			—			—
Total Consolidated Maturities				$	1,564,730		$	85,299		$	291,013		$	477,914		$	147,994	$	4,886	$	557,624
Pro-Rata Share of Unconsolidated Maturities (detail page 13)				$	140,728		$	60,528		$	—		$	—		$	—	$	80,200	$	—
Total				$	1,705,458		$	145,827		$	291,013		$	477,914		$	147,994	$	85,086	$	557,624


(a)	The loan was paid off in April 2013.


(b)	$105,000 of the loan has been fixed through an interest rate swap agreement and the remaining $25,000 incurs interest at an average rate of LIBOR plus 3.65%.


(c)	A portion of the loan ($107,000) may be extended for one year subject to certain loan extension fees and conditions.


(d)	Weighted average interest rate for the fixed rate mortgage debt was 4.90% as of March 31, 2013 with an initial weighted average maturity of 5.5 years when considering available extension options.


(e)	The maturity date is the earlier to occur of (i) May 19, 2014 or (ii) the repayment date of the existing mortgage loan secured by The Outlet Collection \| Jersey Gardens.


(f)	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.

UNCONSOLIDATED DEBT MATURITY SCHEDULE

(dollars in thousands)



						Principal Payments
Description	Interest Rate 3/31/2013	Loan Terms	Final Maturity	Balance 3/31/2013		2013		2014		2015		2016		2017
Fixed Rate Mortgages
Lloyd Center	5.42%	(a)	June 11, 2013	$	117,421	$	117,421
Puente Hills Mall	4.50%	(b)	July 1, 2017	60,000		—		—		—		—		$	60,000
Total Fixed Rate Mortgages				177,421		117,421		—		—		—		60,000
Variable Rate Mortgages
Tulsa Promenade (c)	5.25%	(d)	(e)	26,076		26,076
WestShore Plaza	3.65%	(f)	(g)	122,500		—		—		—		—		122,500
Total Variable Rate Mortgages				148,576		26,076		—		—		—		122,500
Sub-Total				$	325,997	$	143,497	$	—	$	—	$	—	$	182,500
Pro-Rata Share of Debt Shown Above				$	140,728	$	60,528	$	—	$	—	$	—	$	80,200


(a)	The loan requires monthly payments of principal and interest.


(b)	The loan requires monthly payments of interest only.


(c)	Mortgage note payable associated with a Property held-for-sale.


(d)	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 may also be used to reduce the principal balance on a quarterly basis.


(e)	The loan matured on December 31, 2012 and is currently in default, however, the lender has not initiated any adverse actions against the property. The property is currently under contract for sale and is scheduled to close during May 2013.


(f)	Interest rate is the greater of 3.65% or LIBOR plus 3.15%. The rate has been capped at 7.15%. The loan requires monthly payments of interest only.


(g)	The loan has a maturity date of October 1, 2015 with two successive one-year extension options available, subject to certain conditions.

OCCUPANCY STATISTICS

Portfolio Occupancy Statistics

Portfolio occupancy statistics by property type are summarized below:



	Occupancy (1)
	3/31/2013	12/31/2012	9/30/2012	6/30/2012 (3)	3/31/2012
Core Malls (2)
Mall Anchors	96.6%	96.6%	96.8%	96.7%	96.7%
Mall Non-Anchors	90.5%	93.2%	91.4%	88.8%	89.5%
Total Occupancy	94.2%	95.3%	94.7%	93.6%	93.8%

Mall Portfolio - excluding Joint Ventures
Mall Anchors	95.6%	95.6%	95.9%	95.7%	95.5%
Mall Non-Anchors	91.2%	93.9%	91.7%	88.9%	88.7%
Total Occupancy	93.8%	94.9%	94.2%	92.9%	92.9%

Occupancy Cost (4)	10.5%	10.8%	11.0%	10.9%	11.0%


(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)	The Company acquired all of the interest in Pearlridge Center during the second quarter of 2012. This property is no longer a joint venture mall effective May 9, 2012.


(4)	Percent of tenant's total occupancy cost (rent and reimbursement of CAM, tax and insurance) to tenant sales for stores of 10,000 sf or less.

LEASING RESULTS AND RE-LEASING SPREADS

Permanent Leasing Activity (includes joint venture properties)

The following table summarizes the new and renewal lease activity by type for the three months ended March 31, 2013:



	GLA Analysis			Average Annualized Base Rents
Property Type	New Leases	Renewal Leases	Total	New Leases		Renewal Leases		Total
Mall Anchors	30,625	30,659	61,284	$	8.42	$	7.67	$	8.05
Mall Non-Anchors	39,886	205,033	244,919	$	29.24	$	24.24	$	25.16

The following table summarizes the new and renewal lease activity and the comparative prior rents for the three months ended March 31, 2013, for only those leases where the space was occupied in the previous 24 months:



	GLA Analysis			Average Annualized Base Rents
Property Type	New Leases	Renewal Leases	Total	New Leases		Prior Tenants		Renewal Leases		Prior Rent		Total New/Renewal		Total Prior Tenants/Rent		Percent Change in Base Rent
Three months ended March 31, 2013
Mall Anchors	—	30,659	30,659	$	—	$	—	$	7.67	$	7.67	$	7.67	$	7.67	—	%
Mall Non-Anchors	19,437	97,083	116,520	$	40.05	$	29.21	$	28.22	$	26.22	$	30.20	$	26.72	13	%

MALL PORTFOLIO STATISTICS BY ASSET CATEGORY

as of March 31, 2013



TIER 1	Property	Location	MSA Ranking	Total GLA (3)	Avg. Mall Store Sales PSF (1) Mar. 2013		Avg. Mall Store Sales PSF (1) Mar. 2012		Total Mall Occupancy 3/31/13		Total Mall Occupancy 3/31/12		% of Mall Portfolio NOI (2)
(Malls with highly productive tenant sales)	Ashland Town Center	Ashland, KY	>100	415,114
	Dayton Mall	Dayton, OH	62	1,436,322
	Eastland Mall	Columbus, OH	32	999,039
	Grand Central Mall	Parkersburg, WV	>100	847,507
	Lloyd Center (JV)	Portland, OR	23	1,473,246
	Malibu Lumber Yard	Malibu, CA	2	31,441
	Mall at Fairfield Commons	Dayton, OH	62	1,136,992
	Mall at Johnson City	Johnson City, TN	>100	570,067
	Merritt Square Mall	Merritt Island, FL	96	782,700
	Morgantown Mall	Morgantown, WV	>100	555,590
	Northtown Mall	Minneapolis, MN	16	590,049
	Outlet Collection \| Jersey Gardens	Elizabeth, NJ	1	1,295,506
	Pearlridge Center	Honolulu, HI	53	1,148,559
	Polaris Fashion Place	Columbus, OH	32	1,437,842
	River Valley Mall	Lancaster, OH	>100	584,301
	Scottsdale Quarter	Scottsdale, AZ	14	539,556
	Town Center Plaza (4)	Leawood, KS	29	607,810
	University Park Village	Fort Worth, TX	4	173,358
	Weberstown Mall	Stockton, CA	76	855,829
	WestShore Plaza (JV)	Tampa, FL	18	1,073,697
				16,554,525	$	497	$	455	94.6	%	93.9	%	90	%



TIER 2	Property	Location	MSA Ranking	Total GLA (3)	Avg. Mall Store Sales PSF (1) Mar. 2013		Avg. Mall Store Sales PSF (1) Mar. 2012		Total Mall Occupancy 3/31/13		Total Mall Occupancy 3/31/12		% of Mall Portfolio NOI (2)
(Malls with moderately productive tenant sales)	Colonial Park Mall	Harrisburg, PA	94	739,202
	Indian Mound Mall	Heath, OH	>100	555,962
	New Towne Mall	New Philadelphia, OH	>100	512,762
	Outlet Collection \| Seattle	Seattle, WA	15	863,858
	Puente Hills Mall (JV)	City of Industry, CA	2	1,107,740
	Tulsa Promenade (JV)	Tulsa, OK	54	926,059
				4,705,583	$	262	$	254	92.7	%	93.6	%	10	%
TOTAL MALL ASSETS				21,260,108	$	453	$	414	94.2	%	93.8	%
TOTAL MALL ASSETS EXCLUDING JOINT VENTURE (JV) MALLS				16,679,366	$	474	$	425	93.8	%	92.9	%


(1)	Sales for in-line stores with less than 10,000 square feet.


(2)	Based on net operating income for the twelve months ended March 31, 2013 (pro-rata share for JV Malls).


(3)	Included in the total GLA is 5,146,115 sf which is owned by the tenants.


(4)	Included in the square footage amount is the square footage for both Town Center Plaza and Town Center Crossing.

SUMMARY OF SIGNIFICANT TENANTS

As of March 31, 2013

Tenants Representing > 1.0% of Total Portfolio Annualized Minimum Rent



Tenant Name	Tenant DBA's in Portfolio	Number of Stores	GLA of Stores	Annualized Minimum Rent		% of Total Annualized Minimum Rent
Limited Brands, Inc.	Bath & Body Works/White Barn Candle, Victoria's Secret, Victoria's Secret Sport	54	249,020	$	6,672,487	2.7	%
Gap, Inc.	Banana Republic, Gap, Gap Kids, Old Navy	27	326,235	5,403,405		2.2	%
Foot Locker, Inc.	Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker	40	174,103	4,750,336		1.9	%
Bain Capital, LLC	Burlington Coat Factory, Cohoes Fashion, Crazy 8, Guitar Center, Gymboree, Janie & Jack	24	440,960	4,728,833		1.9	%
Signet Jewelers, Ltd.	J.B. Robinson, Jared's, Kay Jewelers, Leroy's Jewelers, Ostermans' Jewelry	33	59,356	4,514,209		1.8	%
AMC Entertainment, Inc.		2	148,344	4,269,000		1.7	%
Forever 21, Inc.		9	190,634	3,914,725		1.6	%
Sears Holding Corp.	K-Mart, Sears	21	2,549,474	3,683,642		1.5	%
The Bon-Ton Stores, Inc.	Bon-Ton, Elder Beerman, Herbergers	11	1,126,171	3,433,419		1.4	%
JCPenney Company, Inc.		18	1,882,705	3,392,640		1.4	%
American Eagle Outfitters, Inc.	aerie, American Eagle	18	109,351	3,099,789		1.2	%
Genesco, Inc.	Hat World, Johnston & Murphy, Journeys, Lids, Shi, Underground Station	49	76,342	3,069,804		1.2	%
William-Sonoma, Inc.	Pottery Barn, Pottery Barn Kids, West Elm, William-Sonoma	11	95,831	2,879,663		1.2	%
Luxottica Group	Apex, DOC Eyeworld, Lenscrafters, Pearle Vision, Sunglass Hut, Watch Station	36	83,890	2,802,471		1.1	%
Dick's Sporting Goods		5	279,000	2,646,500		1.1	%
Barnes & Noble, Inc.		5	145,580	2,619,108		1.0	%
Finish Line, Inc.		19	106,925	2,556,665		1.0	%
Ascena Retail Group, Inc.	Dress Barn, Justice, Lane Bryant, Maurice's	36	186,398	2,517,621		1.0	%
Total tenants representing > 1.0%		418	8,230,319	$	66,954,317	26.9	%

Note: Information includes wholly-owned and joint venture properties.

TOP 10 REGIONAL MALL TENANTS

As of March 31, 2013

Mall Stores (ranked by percent of total minimum mall rents)



Tenant Name	Number of Stores	GLA of Stores	Annualized Minimum Rents		% of Total Annualized Minimum Mall Rents
Limited Brands, Inc.	54	249,020	$	6,672,487	2.7	%
Foot Locker, Inc.	40	174,103	$	4,750,336	1.9	%
Signet Jewelers, Ltd.	33	59,356	$	4,514,209	1.8	%
Gap, Inc.	24	263,926	$	4,177,999	1.7	%
American Eagle Outfitters, Inc.	18	109,351	$	3,099,789	1.3	%
Genesco, Inc.	49	76,342	$	3,069,804	1.2	%
William-Sonoma, Inc.	11	95,831	$	2,879,663	1.2	%
Luxottica Group	36	83,890	$	2,802,471	1.1	%
Finish Line, Inc.	19	106,925	$	2,556,665	1.0	%
Ascena Retail Group, Inc.	36	186,398	$	2,517,621	1.0	%

Mall Anchors (ranked by total GLA)



Tenant Name	Number of Stores	GLA of Stores	Annualized Minimum Rents		% of Total Mall GLA
Sears Holding Corp.	17	2,362,332	$	2,538,973	11.1	%
Macy's, Inc.	11	1,965,177	$	658,739	9.2	%
JCPenney Company, Inc.	15	1,841,903	$	3,392,640	8.7	%
The Bon-Ton Stores, Inc.	11	1,126,171	$	3,433,419	5.3	%
Dillard's	3	522,967	$	—	2.5	%
Belk, Inc.	6	416,131	$	1,856,852	2.0	%
Bain Capital, LLC	5	390,950	$	3,446,462	1.8	%
Dick's Sporting Goods, Inc.	5	279,000	$	2,646,500	1.3	%
Saks, Inc.	3	230,694	$	2,390,556	1.1	%
Boscov's Department Store, LLC	1	182,609	$	—	0.9	%

Note: Information includes wholly-owned and joint venture properties.

LEASE EXPIRATION SCHEDULE

As of March 31, 2013

Total Portfolio



Lease Expiration Year	Number of Leases	Anchor Square Feet of GLA Expiring	Non-Anchor Square Feet of GLA Expiring	Total Square Feet of GLA Expiring	Percent of Occupied GLA Represented by Expiring Leases		Anchor Annualized Base Rents Expiring		Non-Anchor Annualized Base Rents Expiring		Total Annualized Base Rents Expiring		Anchor Annualized Base Rents/ Square Foot Expiring (1)		Non-Anchor Annualized Base Rents/ Square Foot Expiring (1)		Percent of Annualized Base Rents Represented by Expiring Leases
2013	463	198,977	1,073,216	1,272,193	6.3	%	$	1,446,692	$	19,861,401	$	21,308,093	$	8.28	$	21.25	8.5	%
2014	488	933,417	1,146,166	2,079,583	10.2	%	6,264,112		26,979,845		33,243,957		$	6.71	$	27.99	13.3	%
2015	397	1,222,046	1,094,999	2,317,045	11.4	%	8,516,102		24,252,975		32,769,077		$	7.94	$	25.79	13.1	%
2016	245	1,280,492	734,411	2,014,903	9.9	%	5,525,745		20,046,313		25,572,058		$	4.71	$	30.25	10.3	%
2017	222	997,851	677,931	1,675,782	8.2	%	5,660,204		17,351,928		23,012,132		$	5.67	$	28.79	9.2	%
Thereafter	753	7,977,230	2,991,548	10,968,778	54.0	%	31,762,008		81,811,341		113,573,349		$	8.91	$	29.52	45.6	%
	2,568	12,610,013	7,718,271	20,328,284	100.0	%	$	59,174,863	$	190,303,803	$	249,478,666	$	7.48	$	27.68	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.

CAPITAL EXPENDITURES

(dollars in thousands)



	Three months ended March 31, 2013						Three months ended March 31, 2012
	Consolidated Properties 2013		Unconsolidated Joint Venture Proportionate Share		Total		Consolidated Properties 2012		Unconsolidated Joint Venture Proportionate Share		Total
Development projects	$	1,120	$	—	$	1,120	$	4,429	$	—	$	4,429
Redevelopment and renovation projects	$	12,579	$	197	$	12,776	$	1,453	$	17	$	1,470
Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	2,486	$	1,148	$	3,634	$	1,323	$	1,313	$	2,636
Non-Anchor stores	3,102		466		3,568		2,716		453		3,169
Operational capital expenditures	1,117		27		1,144		1,304		294		1,598
Total Property Capital Expenditures	$	6,705	$	1,641	$	8,346	$	5,343	$	2,060	$	7,403

DEVELOPMENT AND MAJOR REDEVELOPMENT ACTIVITY

(dollars in thousands)

Project

Description

Estimated

Total

Project Costs (1)

Project Costs

Incurred thru

3/31/2013 (1)

Opening Date

Estimated

Project

Yield

PROPERTY DEVELOPMENT:

Scottsdale Quarter- Phase III

Scottsdale, Arizona

Multi-use addition to existing center.

To Be Determined

25,470

2014 - 2015

To Be Determined

PROPERTY REDEVELOPMENTS:

Outlet Redevelopments

The Outlet Collection | Jersey Gardens

The Outlet Collection | Seattle

Addition of new outlet brands along with interior/exterior renovations to existing centers.

$55,000 - $65,000

28,730

Jersey - Fall 2013

Seattle - Holiday 2013

7% - 9%

(1) Project costs exclude the allocation of internal costs such as labor, interest, and taxes.

Note: Anticipated opening date, estimated project costs and project yield are 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.

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