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EX-99.1 - EX-99.1 - Seritage Growth Propertiessrg-ex991_7.htm
8-K - 8-K - Seritage Growth Propertiessrg-8k_20200806.htm

Exhibit 99.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION      ||     PERIOD ENDED JUNE 30, 2020

 

 

 

 


INTRODUCTION

 

 

 

Overview

Seritage Growth Properties (NYSE: SRG) (“Seritage” or the “Company”) is a fully-integrated, self-administered and self-managed REIT that is principally engaged in the acquisition, ownership, development, redevelopment, management, and leasing of diversified retail and mixed-use real estate throughout the United States.

As of June 30, 2020, the Company’s portfolio consisted of interests in 199 properties totaling approximately 31.6 million square feet of gross leasable area, including 171 wholly owned properties totaling approximately 27.1 million square feet of GLA across 44 states and Puerto Rico (the “Wholly Owned Properties”), and interests in 28 joint venture properties totaling approximately 4.5 million square feet of GLA across 14 states (the “JV Properties”).

The Company’s primary objective is to create value for its shareholders through the re-leasing and redevelopment of the majority of its Wholly Owned Properties and JV Properties.  In doing so, the Company expects to meaningfully grow net operating income and diversify its tenant base while transforming its portfolio from one with a single-tenant orientation to one comprised predominately of first-class, multi-tenant shopping centers and larger-scale, mixed-use properties.  In order to achieve its objective, the Company intends to execute the following strategies:

Convert single-tenant buildings into multi-tenant properties at meaningfully higher rents;

Maximize the value of vast land holdings through retail and mixed-use densification;

Leverage existing and future joint venture relationships with leading landlords and financial partners; and

Maintain a flexible capital structure to support value creation activities.

Background

On June 11, 2015, Sears Holdings Corporation (“Sears Holdings”) effected a rights offering to Sears Holdings stockholders to purchase common shares of Seritage in order to fund, in part, the $2.7 billion acquisition of (i) 234 of Sears Holdings’ owned properties and one of its ground leased properties (the “Acquired Properties”), and (ii) Sears Holdings’ 50% interests in three joint ventures that collectively owned 28 properties, ground leased one property and leased two properties (the “Acquired JV Properties”).  Concurrent with the acquisition, the Company leased back to Sears Holdings space at 224 of the Acquired Properties under a master lease agreement (the “Original Master Lease”) and space at all 31 Acquired JV Properties under multiple master lease agreements (the “Original JV Master Leases”).

The rights offering ended on July 2, 2015, and the Company’s Class A common shares were listed on the New York Stock Exchange on July 6, 2015.  On July 7, 2015, the Company completed the transactions with Sears Holdings and commenced operations.  The Company did not have any operations prior to the completion of the rights offering and the transactions with Sears Holdings.

As of June 30, 2020, the Company leased space at five Wholly Owned Properties to Transform Holdco LLC (“Holdco”), an affiliate of ESL Investments, Inc. (“ESL”) and the successor to Sears Holdings, under a master lease (the “Holdco Master Lease”), after giving effect to the pending termination of the Holdco Master Lease at 12 properties.

General Information

Unless the context indicates otherwise, references in this supplemental information package (the "Supplemental") to "Seritage Growth,” “Seritage,” the “Company,” or “SRG” refer to Seritage Growth Properties and its subsidiaries.  Additionally, where reference is made to "GAAP", this refers to accounting principles generally accepted in the United States.


i


COVID-19 Pandemic

The COVID-19 pandemic continues to have a significant impact on the retail, retail real estate and real estate development industries in the United States, including the Company’s properties.  As of August 4, 2020, approximately 93% of the Company’s in-place tenants (representing 92% of leased GLA and 86% of annual base rent) were open and/or operating in some capacity and the Company continues to work with tenants to collect rent, including evaluating select rent deferral requests.

As of August 4, 2020, the Company had collected 66% of rental income for the three months ended June 30, 2020, and agreed to defer an additional 21%, from tenants other than Sears.  As of August 4, 2020, the Company had also collected 74% of July 2020 rental income, and agreed to defer an additional 7%, from tenants other than Sears.  While the Company intends to enforce its contractual rights under its leases, there can be no assurance that additional rental modification agreements will be reached or that tenants will meet their future obligations.

The Company continues to advance its response to the COVID-19 pandemic with an emphasis on managing its cash resources and preserving the value of its assets and its platform, including by (i) negotiating rent deferral agreements with tenants, (ii) negotiating extended payment terms with vendors and contractors, (iii) amending its Term Loan Facility to provide for the potential deferral of interest expense, (iv) monetizing certain assets and (v) selectively allocating capital to restarting components of previously announced  redevelopment projects.

As a result of the rapid development, fluidity and uncertainty surrounding this situation, the Company expects that these conditions will change, potentially significantly, in future periods and results for the three and six months ended June 30, 2020 may not be indicative of the impact of the COVID-19 pandemic on the Company’s business for the third quarter of 2020 or for future periods.  As such, the Company cannot reasonably estimate the impact of COVID-19 on its financial condition, results of operations or cash flows over the foreseeable future.

 

ii


TABLE OF CONTENTS

 

 

 

SERITAGE GROWTH PROPERTIES

SUPPLEMENTAL INFORMATION

PERIOD ENDED JUNE 30, 2020

 

 

 

 

iii


CONSOLIDATED FINANCIAL STATEMENTS

 

 

 

Company Contacts

 

 

 

 

 

 

Benjamin Schall

 

President and Chief Executive Officer

 

Kenneth Lombard

 

EVP and Chief Operating Officer

Brian Dickman

 

EVP and Chief Financial Officer

 

Mary Rottler

 

EVP, Leasing and Operations

Matthew Fernand

 

EVP and General Counsel

 

James Bry

 

EVP, Development and Construction

ir@seritage.com

 

Investor Relations and Communications

 

Andrew Galvin

 

EVP, Investments

 

 

646.277.1268

 

 

 

 

Summary Information

June 30, 2020

(in thousands, except per share and PSF amounts)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Financial Results

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss attributable to Seritage common shareholders (page 3)

 

$

(1,153

)

 

$

(18,128

)

 

$

(23,042

)

 

$

(26,320

)

Total NOI (page 5)

 

 

7,285

 

 

 

14,645

 

 

 

23,132

 

 

 

38,923

 

FFO (page 7)

 

 

(27,387

)

 

 

(6,167

)

 

 

(44,944

)

 

 

(11,345

)

Company FFO (page 7)

 

 

(27,150

)

 

 

(6,062

)

 

 

(45,591

)

 

 

(11,122

)

Net loss per diluted share attributable to Seritage common

   shareholders (page 3)

 

$

(0.03

)

 

$

(0.50

)

 

$

(0.61

)

 

$

(0.73

)

FFO per diluted share (page 7)

 

 

(0.49

)

 

 

(0.11

)

 

 

(0.80

)

 

 

(0.20

)

Company FFO per diluted share (page 7)

 

 

(0.49

)

 

 

(0.11

)

 

 

(0.82

)

 

 

(0.20

)

Wtd. avg. diluted shares - EPS

 

 

38,634

 

 

 

36,291

 

 

 

37,933

 

 

 

35,983

 

Wtd. avg diluted shares - FFO/share

 

 

55,889

 

 

 

55,806

 

 

 

55,849

 

 

 

55,798

 

Stock trading price range

 

$6.67 to

$21.24

 

 

$40.07 to

$46.49

 

 

$6.49 to

$40.50

 

 

$32.98 to

$46.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

As of

 

Financial Ratios (page 4)

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Total debt to total market capitalization

 

 

 

 

 

 

 

 

 

 

69.3

%

 

 

41.0

%

Net debt to total real estate investments

 

 

 

 

 

 

 

 

 

 

53.1

%

 

 

52.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

As of

 

Property Data (page 10)

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Number of properties

 

 

 

 

 

 

 

 

 

 

199

 

 

 

212

 

Gross leasable area (total / at share)

 

 

 

 

 

 

 

 

 

31,648 / 29,385

 

 

33,371 / 31,046

 

Percentage leased (total / at share)

 

 

 

 

 

 

 

 

 

36.5% / 36.1%

 

 

42.6% / 42.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

% of Total

 

 

 

 

 

Tenant

 

 

 

 

 

Annual Rent

 

 

Annual Rent

 

 

Annual Rent PSF

 

In-place diversified leases

 

 

 

 

 

$

97,393

 

 

 

55.9

%

 

$

14.94

 

Signed not yet opened ("SNO") diversified leases

 

 

 

 

 

 

71,692

 

 

 

41.2

%

 

 

21.33

 

Sears/Kmart

 

 

 

 

 

 

5,138

 

 

 

2.9

%

 

 

7.05

 

Total

 

 

 

 

 

$

174,223

 

 

 

100.0

%

 

$

16.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

% of Total

 

 

 

 

 

Tenant

 

 

 

 

 

Annual Rent

 

 

Annual Rent

 

 

Annual Rent PSF

 

In-place diversified leases

 

 

 

 

 

$

79,756

 

 

 

42.9

%

 

$

13.41

 

SNO diversified leases

 

 

 

 

 

 

85,740

 

 

 

46.2

%

 

 

19.26

 

Sears/Kmart

 

 

 

 

 

 

20,320

 

 

 

10.9

%

 

 

3.01

 

Total

 

 

 

 

 

$

185,816

 

 

 

100.0

%

 

$

10.84

 

- 1 -


CONSOLIDATED FINANCIAL STATEMENTS

 

 

 

 

 

Condensed Consolidated Balance Sheets (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Investment in real estate

 

 

 

 

 

 

 

 

Land

 

$

633,287

 

 

$

667,004

 

Buildings and improvements

 

 

1,128,051

 

 

 

1,112,653

 

Accumulated depreciation

 

 

(136,518

)

 

 

(147,696

)

 

 

 

1,624,820

 

 

 

1,631,961

 

Construction in progress

 

 

424,700

 

 

 

338,672

 

Net investment in real estate

 

 

2,049,520

 

 

 

1,970,633

 

Real estate held for sale

 

 

3,204

 

 

 

5,275

 

Investment in unconsolidated joint ventures

 

 

485,333

 

 

 

445,077

 

Cash and cash equivalents

 

 

81,675

 

 

 

139,260

 

Tenant and other receivables, net

 

 

65,278

 

 

 

54,470

 

Lease intangible assets, net

 

 

31,950

 

 

 

68,153

 

Prepaid expenses, deferred expenses and other assets, net

 

 

61,977

 

 

 

67,744

 

Total assets

 

$

2,778,937

 

 

$

2,750,612

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Term Loan Facility, net

 

$

1,598,698

 

 

$

1,598,487

 

Accounts payable, accrued expenses and other liabilities

 

 

168,277

 

 

 

108,755

 

Total liabilities

 

 

1,766,975

 

 

 

1,707,242

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

Class A common shares $0.01 par value; 100,000,000 shares authorized;

   38,644,689 and 36,897,364 shares issued and outstanding

   as of June 30, 2020 and December 31, 2019, respectively

 

 

386

 

 

 

369

 

Class B common shares $0.01 par value; 5,000,000 shares authorized;

   0 and 1,242,536 shares issued and outstanding

   as of June 30, 2020 and December 31, 2019, respectively

 

 

 

 

 

12

 

Series A preferred shares $0.01 par value; 10,000,000 shares authorized;

   2,800,000 shares issued and outstanding as of June 30, 2020 and

   December 31, 2019; liquidation preference of $70,000

 

 

28

 

 

 

28

 

Additional paid-in capital

 

 

1,178,268

 

 

 

1,149,721

 

Accumulated deficit

 

 

(441,753

)

 

 

(418,711

)

Total shareholders' equity

 

 

736,929

 

 

 

731,419

 

Non-controlling interests

 

 

275,033

 

 

 

311,951

 

Total equity

 

 

1,011,962

 

 

 

1,043,370

 

Total liabilities and equity

 

$

2,778,937

 

 

$

2,750,612

 

 

- 2 -


CONSOLIDATED FINANCIAL STATEMENTS

 

 

 

Condensed Consolidated Statements of Operations (unaudited)

June 30, 2020

(in thousands, except per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

21,648

 

 

$

38,697

 

 

$

54,758

 

 

$

82,275

 

Management and other fee income

 

 

171

 

 

 

1,814

 

 

 

378

 

 

 

2,096

 

Total revenue

 

 

21,819

 

 

 

40,511

 

 

 

55,136

 

 

 

84,371

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating

 

 

8,697

 

 

 

9,302

 

 

 

18,998

 

 

 

19,539

 

Real estate taxes

 

 

9,384

 

 

 

10,159

 

 

 

18,609

 

 

 

20,351

 

Depreciation and amortization

 

 

23,702

 

 

 

20,194

 

 

 

57,799

 

 

 

46,410

 

General and administrative

 

 

8,644

 

 

 

8,297

 

 

 

18,064

 

 

 

18,056

 

Total expenses

 

 

50,427

 

 

 

47,952

 

 

 

113,470

 

 

 

104,356

 

Gain on sale of real estate, net

 

 

52,064

 

 

 

11,612

 

 

 

72,852

 

 

 

32,873

 

Equity in loss of unconsolidated joint ventures

 

 

(1,322

)

 

 

(9,944

)

 

 

(2,216

)

 

 

(8,722

)

Interest and other income

 

 

141

 

 

 

2,175

 

 

 

474

 

 

 

4,773

 

Interest expense

 

 

(22,145

)

 

 

(22,141

)

 

 

(43,658

)

 

 

(45,595

)

Income (loss) before taxes

 

 

130

 

 

 

(25,739

)

 

 

(30,882

)

 

 

(36,656

)

Provision for taxes

 

 

(26

)

 

 

(146

)

 

 

11

 

 

 

(123

)

Net income (loss)

 

 

104

 

 

 

(25,885

)

 

 

(30,871

)

 

 

(36,779

)

Net (income) loss attributable to non-controlling interests

 

 

(32

)

 

 

8,982

 

 

 

10,279

 

 

 

12,909

 

Net income (loss) attributable to Seritage

 

$

72

 

 

$

(16,903

)

 

$

(20,592

)

 

$

(23,870

)

Preferred dividends

 

 

(1,225

)

 

 

(1,225

)

 

 

(2,450

)

 

 

(2,450

)

Net loss attributable to Seritage common shareholders

 

$

(1,153

)

 

$

(18,128

)

 

$

(23,042

)

 

$

(26,320

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to Seritage Class A

   and Class C common shareholders - Basic

 

$

(0.03

)

 

$

(0.50

)

 

$

(0.61

)

 

$

(0.73

)

Net loss per share attributable to Seritage Class A

   and Class C common shareholders - Diluted

 

$

(0.03

)

 

$

(0.50

)

 

$

(0.61

)

 

$

(0.73

)

Weighted average Class A and Class C common shares

   outstanding - Basic

 

 

38,634

 

 

 

36,291

 

 

 

37,933

 

 

 

35,983

 

Weighted average Class A and Class C common shares

   outstanding - Diluted

 

 

38,634

 

 

 

36,291

 

 

 

37,933

 

 

 

35,983

 

 

 

 

- 3 -


SUPPLEMENTAL FINANCIAL INFORMATION

 

 

 

 

Market Capitalization and Financial Ratios

June 30, 2020

(in thousands, except per share amounts)

 

 

 

As of

 

 

As of

 

Equity Market Capitalization

 

June 30, 2020

 

 

December 31, 2019

 

Class A common shares outstanding

 

 

38,645

 

 

 

36,897

 

OP units outstanding

 

 

17,255

 

 

 

18,905

 

Total shares & units outstanding

 

 

55,900

 

 

 

55,802

 

Share Price

 

$

11.40

 

 

$

40.08

 

Equity market capitalization

 

$

637,260

 

 

$

2,236,544

 

 

 

 

 

 

 

 

 

 

Total Market Capitalization

 

 

 

 

 

 

 

 

Equity market capitalization

 

$

637,260

 

 

$

2,236,544

 

Preferred equity

 

 

70,000

 

 

 

70,000

 

Total debt

 

 

1,600,000

 

 

 

1,600,000

 

Total market capitalization

 

$

2,307,260

 

 

$

3,906,544

 

 

 

 

 

 

 

 

 

 

Financial Ratios

 

 

 

 

 

 

 

 

Total debt to total market capitalization

 

 

69.3

%

 

 

41.0

%

 

 

 

 

 

 

 

 

 

Total debt

 

$

1,600,000

 

 

$

1,600,000

 

Cash and cash equivalents

 

 

(81,675

)

 

 

(139,260

)

Net Debt

 

$

1,518,325

 

 

$

1,460,740

 

 

 

 

 

 

 

 

 

 

Gross real estate investments

 

$

2,376,250

 

 

$

2,354,787

 

Investment in unconsolidated joint ventures

 

 

485,333

 

 

 

445,077

 

Total real estate investments

 

$

2,861,583

 

 

$

2,799,864

 

 

 

 

 

 

 

 

 

 

Net debt to total real estate investments

 

 

53.1

%

 

 

52.2

%

 

- 4 -


SUPPLEMENTAL FINANCIAL INFORMATION

 

 

 

Total Net Operating Income

June 30, 2020

(in thousands)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

NOI and Total NOI

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

104

 

 

$

(25,885

)

 

$

(30,871

)

 

$

(36,779

)

Termination fee income

 

 

 

 

 

 

 

 

(990

)

 

 

 

Management and other fee income

 

 

(171

)

 

 

(1,814

)

 

 

(378

)

 

 

(2,096

)

Depreciation and amortization

 

 

23,702

 

 

 

20,194

 

 

 

57,799

 

 

 

46,410

 

General and administrative expenses

 

 

8,644

 

 

 

8,297

 

 

 

18,064

 

 

 

18,056

 

Equity in loss of unconsolidated

   joint ventures

 

 

1,322

 

 

 

9,944

 

 

 

2,216

 

 

 

8,722

 

Gain on sale of real estate

 

 

(52,064

)

 

 

(11,612

)

 

 

(72,852

)

 

 

(32,873

)

Interest and other income

 

 

(141

)

 

 

(2,175

)

 

 

(474

)

 

 

(4,773

)

Interest expense

 

 

22,145

 

 

 

22,141

 

 

 

43,658

 

 

 

45,595

 

Provision for income taxes

 

 

26

 

 

 

146

 

 

 

(11

)

 

 

123

 

Straight-line rent

 

 

2,694

 

 

 

(5,609

)

 

 

5,395

 

 

 

(8,964

)

Above/below market rental income/expense

 

 

(39

)

 

 

(143

)

 

 

(136

)

 

 

(247

)

NOI

 

$

6,222

 

 

$

13,484

 

 

$

21,420

 

 

$

33,174

 

Unconsolidated joint ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOI (before adjustments)

 

 

1,514

 

 

 

2,849

 

 

 

2,816

 

 

 

7,159

 

Straight-line rent

 

 

(100

)

 

 

(314

)

 

 

(271

)

 

 

61

 

Above/below market rental income/expense

 

 

(58

)

 

 

(1,374

)

 

 

(540

)

 

 

(1,471

)

Termination fee income

 

 

(293

)

 

 

 

 

 

(293

)

 

 

 

Total NOI

 

$

7,285

 

 

$

14,645

 

 

$

23,132

 

 

$

38,923

 

- 5 -


SUPPLEMENTAL FINANCIAL INFORMATION

 

 

 

Funds from Operations and Company FFO

June 30, 2020

(in thousands, except per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

FFO and Company FFO

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Net income (loss)

 

$

104

 

 

$

(25,885

)

 

$

(30,871

)

 

$

(36,779

)

 

Real estate depreciation and amortization

   (consolidated properties)

 

 

23,201

 

 

 

19,800

 

 

 

56,788

 

 

 

45,375

 

 

Real estate depreciation and amortization

   (unconsolidated joint ventures)

 

 

2,597

 

 

 

12,755

 

 

 

4,441

 

 

 

15,382

 

 

Gain on sale of real estate

 

 

(52,064

)

 

 

(11,612

)

 

 

(72,852

)

 

 

(32,873

)

 

Dividends on preferred shares

 

 

(1,225

)

 

 

(1,225

)

 

 

(2,450

)

 

 

(2,450

)

 

FFO attributable to common shareholders

   and unitholders

 

$

(27,387

)

 

$

(6,167

)

 

$

(44,944

)

 

$

(11,345

)

 

Termination fee income

 

 

 

 

 

 

 

 

(990

)

 

 

 

 

Termination fee income

   (unconsolidated joint ventures)

 

 

(293

)

 

 

 

 

 

(293

)

 

 

 

 

Amortization of deferred financing costs

 

 

105

 

 

 

105

 

 

 

211

 

 

 

223

 

 

Severance costs

 

 

425

 

 

 

 

 

 

425

 

 

 

 

 

Company FFO attributable to common

   shareholders and unitholders

 

$

(27,150

)

 

$

(6,062

)

 

$

(45,591

)

 

$

(11,122

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO per diluted common share and unit

 

$

(0.49

)

 

$

(0.11

)

 

$

(0.80

)

 

$

(0.20

)

 

Company FFO per diluted common share and unit

 

$

(0.49

)

 

$

(0.11

)

 

$

(0.82

)

 

$

(0.20

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares and Units Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

38,634

 

 

 

36,291

 

 

 

37,933

 

 

 

35,983

 

 

Weighted average OP units outstanding

 

 

17,255

 

 

 

19,515

 

 

 

17,916

 

 

 

19,815

 

 

Weighted average common shares and

   units outstanding

 

 

55,889

 

 

 

55,806

 

 

 

55,849

 

 

 

55,798

 

 

 

 

 

 

- 6 -


SUPPLEMENTAL FINANCIAL INFORMATION

 

 

 

Additional Information

June 30, 2020

(in thousands)

 

 

 

As of

 

 

As of

 

Debt Summary

 

June 30, 2020

 

 

December 31, 2019

 

Term Loan Facility (drawn / undrawn)

 

$1,600,000 / 400,000

 

 

$1,600,000 / 400,000

 

Interest rate / undrawn rate

 

7.00% / 1.00%

 

 

7.00% / 1.00%

 

Maturity

 

July 2023

 

 

July 2023

 

 

 

 

 

 

 

 

 

 

Tenant and Other Receivables, Net

 

 

 

 

 

 

 

 

Straight-line receivables, net

 

$

22,067

 

 

$

35,021

 

Other receivables, net

 

 

15,804

 

 

 

14,653

 

Tenant receivables, net

 

 

11,194

 

 

 

4,796

 

Asset sale proceeds receivable

 

 

10,590

 

 

 

 

Deferred rental income

 

 

5,623

 

 

 

 

Total rent and other receivable, net

 

$

65,278

 

 

$

54,470

 

 

 

 

 

 

 

 

 

 

Prepaid Expenses, Deferred Expenses and Other Assets

 

 

 

 

 

 

 

 

Deferred expenses

 

$

25,398

 

 

$

24,607

 

Right of use asset

 

 

19,467

 

 

 

18,521

 

Other assets

 

 

11,669

 

 

 

9,275

 

FF&E

 

 

2,715

 

 

 

4,321

 

Other prepaid expenses

 

 

2,037

 

 

 

4,133

 

Prepaid real estate taxes

 

 

351

 

 

 

2,501

 

Prepaid insurance

 

 

340

 

 

 

4,386

 

Total prepaid expenses, deferred expenses and other assets

 

$

61,977

 

 

$

67,744

 

 

 

 

 

 

 

 

 

 

Accounts Payable, Accrued Expenses and Other Liabilities

 

 

 

 

 

 

 

 

Accrued development expenditures

 

$

61,141

 

 

$

17,006

 

Accounts payable and accrued expenses

 

 

46,101

 

 

 

34,379

 

Accrued real estate taxes

 

 

21,071

 

 

 

12,979

 

Environmental reserve

 

 

9,477

 

 

 

9,477

 

Lease liability

 

 

8,716

 

 

 

7,668

 

Below-market leases

 

 

7,697

 

 

 

10,648

 

Accrued interest

 

 

4,667

 

 

 

4,978

 

Unearned tenant reimbursements

 

 

3,784

 

 

 

1,575

 

Prepaid rental income

 

 

2,347

 

 

 

6,750

 

Deferred maintenance

 

 

1,722

 

 

 

1,722

 

Preferred dividends payable

 

 

1,554

 

 

 

1,573

 

Total accounts payable, accrued expenses and other liabilities

 

$

168,277

 

 

$

108,755

 

- 7 -


SUPPLEMENTAL FINANCIAL INFORMATION

 

 

 

Additional Information (cont’d)

June 30, 2020

(in thousands, except per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Rental Revenue Detail

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Rental income

 

$

17,300

 

 

$

28,690

 

 

$

41,574

 

 

$

60,810

 

Tenant reimbursements

 

 

4,348

 

 

 

10,007

 

 

 

12,194

 

 

 

21,465

 

Termination income

 

 

 

 

 

 

 

 

990

 

 

 

 

Total

 

$

21,648

 

 

$

38,697

 

 

$

54,758

 

 

$

82,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Select Non-Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rental income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholly-owned

 

$

(2,694

)

 

$

5,609

 

 

$

(5,395

)

 

$

8,964

 

Joint ventures

 

 

100

 

 

 

314

 

 

 

271

 

 

 

(61

)

Total

 

$

(2,594

)

 

$

5,923

 

 

$

(5,124

)

 

$

8,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net amortization of above/below market

   rental income/expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholly-owned

 

$

39

 

 

$

143

 

 

$

136

 

 

$

247

 

Joint ventures

 

 

58

 

 

 

1,374

 

 

 

540

 

 

 

1,471

 

Total

 

$

97

 

 

$

1,517

 

 

$

676

 

 

$

1,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of deferred financing costs

 

$

(105

)

 

$

(105

)

 

$

(211

)

 

$

(223

)

Share-based compensation expense

 

 

(626

)

 

 

(1,353

)

 

 

(1,805

)

 

 

(2,885

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per Class A and Class C common share

 

$

 

 

$

 

 

$

 

 

$

0.25

 

Declaration date

 

 

 

 

 

 

 

 

 

 

 

 

Record date

 

 

 

 

 

 

 

 

 

 

 

 

Payment date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 8 -


PROPERTY INFORMATION

 

 

 

 

Portfolio Overview

June 30, 2020

(in thousands, except PSF amounts)

Portfolio Summary

The following table provides a summary of the Company’s portfolio as of June 30, 2020, including JV Properties presented at the Company’s proportional share:

 

 

 

Consolidated

 

 

Unconsolidated

 

 

Seritage

 

 

 

Portfolio

 

 

Joint Ventures

 

 

Total

 

Number of properties

 

 

171

 

 

 

28

 

 

 

199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total GLA (000s)

 

 

27,122

 

 

 

4,526

 

 

 

31,648

 

At share

 

 

27,122

 

 

 

2,263

 

 

 

29,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased GLA (000s)

 

 

9,666

 

 

 

1,881

 

 

 

11,547

 

At share

 

 

9,666

 

 

 

941

 

 

 

10,607

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage leased

 

 

35.7

%

 

 

41.6

%

 

 

36.5

%

At share

 

 

35.6

%

 

 

41.6

%

 

 

36.1

%

Property Type

As of June 30, 2020, the portfolio included 111 properties characterized as attached to regional malls and 88 characterized as shopping center or freestanding properties.  The following table provides a summary of the portfolio as of June 30, 2020, based on signed leases and including JV Properties presented at the Company’s proportional share:

 

 

 

Number of

 

 

Leased

 

 

Annual Base

 

 

 

 

 

 

 

 

 

Property Type (1)

 

Properties

 

 

GLA

 

 

Rent ("ABR")

 

 

ABR PSF

 

 

Leased

 

Mall

 

 

111

 

 

 

4,968

 

 

$

100,546

 

 

$

20.24

 

 

 

28.9

%

Shopping Center

 

 

88

 

 

 

5,638

 

 

 

73,677

 

 

 

13.07

 

 

 

46.3

%

Total

 

 

199

 

 

 

10,607

 

 

$

174,223

 

 

$

16.43

 

 

 

36.1

%

 

(1)

Company classification.  Mall properties are attached to regional malls; Shopping Center properties include properties attached to, within or adjacent to neighborhood shopping or power centers, as well as freestanding properties.

Tenant Overview

The following table provides a summary of annual base rent for the portfolio as of June 30, 2020, based on signed leases and including JV Properties presented at the Company’s proportional share:

 

 

 

Number of

 

 

Leased

 

 

% of Total

 

 

Annual Base

 

 

% of

 

 

 

 

 

Tenant

 

Leases

 

 

GLA

 

 

Leased GLA

 

 

Rent ("ABR")

 

 

Total ABR

 

 

ABR PSF

 

In-place diversified leases

 

 

277

 

 

 

6,517

 

 

 

61.4

%

 

$

97,393

 

 

 

55.9

%

 

$

14.94

 

SNO diversified leases

 

 

160

 

 

 

3,361

 

 

 

31.7

%

 

 

71,692

 

 

 

41.2

%

 

 

21.33

 

Total diversified leases

 

437

 

 

 

9,878

 

 

 

93.1

%

 

 

169,085

 

 

 

97.1

%

 

 

17.12

 

Sears or Kmart (1)

 

 

7

 

 

 

729

 

 

 

6.9

%

 

 

5,138

 

 

 

2.9

%

 

 

7.05

 

Total

 

444

 

 

 

10,607

 

 

 

100.0

%

 

$

174,223

 

 

 

100.0

%

 

$

16.43

 

 

(1)

Includes five properties subject to the Holdco Master Lease (after giving effect to the pending termination of the Holdco Master Lease at 12 properties), and two leases between the Company’s unconsolidated joint ventures and Holdco.

- 9 -


PROPERTY INFORMATION

 

 

 

Portfolio Overview (cont’d)

June 30, 2020

(in thousands)

Top Tenants

The following table lists the top tenants in the portfolio as of June 30, 2020, based on signed leases and including JV Properties presented at the Company’s proportional share:

 

 

 

Number of

 

 

Annual Base

 

 

% of

 

 

 

 

 

 

 

Tenant

 

Leases

 

 

Rent ("ABR")

 

 

Total ABR

 

 

Concepts/Brands

 

 

 

 

Dick's Sporting Goods

 

 

13

 

 

$

12,319

 

 

 

7.1

%

 

 

Dave & Buster's

 

 

12

 

 

 

9,975

 

 

 

5.7

%

 

 

Round One Entertainment

 

 

9

 

 

 

7,925

 

 

 

4.5

%

 

 

At Home

 

 

12

 

 

 

7,408

 

 

 

4.3

%

 

 

Burlington Stores

 

 

12

 

 

 

7,088

 

 

 

4.1

%

 

 

Ross Dress For Less

 

 

17

 

 

 

6,112

 

 

 

3.5

%

 

Ross Dress for Less, dd's Discounts

Cinemark

 

 

4

 

 

 

4,899

 

 

 

2.8

%

 

 

Nordstrom Rack

 

 

6

 

 

 

4,385

 

 

 

2.5

%

 

 

AMC

 

 

3

 

 

 

4,202

 

 

 

2.4

%

 

 

Equinox Fitness

 

 

14

 

 

 

3,816

 

 

 

2.2

%

 

Equinox, Blink Fitness

Sears/Kmart (1)

 

 

7

 

 

 

5,138

 

 

 

2.9

%

 

Sears, Sears Auto Center, Kmart

Primark

 

 

3

 

 

 

3,002

 

 

 

1.7

%

 

 

Bed Bath & Beyond

 

 

6

 

 

 

2,489

 

 

 

1.4

%

 

Bed Bath & Beyond, buybuyBaby, Cost Plus World Market, andThat!

BJ's Wholesale Club

 

 

2

 

 

 

2,422

 

 

 

1.4

%

 

 

TJX

 

 

9

 

 

 

2,356

 

 

 

1.4

%

 

TJ Maxx, Marshalls, HomeGoods, HomeSense, Sierra Trading Post

Pinstripes

 

 

2

 

 

 

2,035

 

 

 

1.2

%

 

 

PetSmart

 

 

4

 

 

 

2,012

 

 

 

1.2

%

 

 

Planet Fitness

 

 

8

 

 

 

2,011

 

 

 

1.2

%

 

 

Vasa Fitness

 

 

3

 

 

 

1,862

 

 

 

1.1

%

 

 

24 Hour Fitness

 

 

2

 

 

 

1,791

 

 

 

1.0

%

 

 

Hobby Lobby

 

 

4

 

 

 

1,745

 

 

 

1.0

%

 

 

 

*

The Company has signed 10 leases with Industrious to occupy 340,000 SF under revenue-sharing agreements that are expected to place Industrious among the Company’s top tenants.

(1)

Number of leases reflects number of properties subject to the Holdco Master Lease and leases between the Company’s unconsolidated joint ventures and Holdco.

 

- 10 -


PROPERTY INFORMATION

 

 

 

Portfolio Overview (cont’d)

June 30, 2020

(in thousands, except PSF amounts)

Geographic Summary

The following table sets forth information regarding the geographic diversification of the portfolio as of June 30, 2020, based on signed leases and including JV Properties presented at the Company’s proportional share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State

 

Number of

Properties

 

 

Annual

Rent

 

 

% of Total

Annual Rent

 

 

Rent

PSF

 

Florida

 

 

22

 

 

$

31,752

 

 

 

18.2

%

 

$

24.54

 

California

 

 

38

 

 

 

30,514

 

 

 

17.5

%

 

 

20.45

 

New York

 

 

10

 

 

 

10,525

 

 

 

6.0

%

 

 

21.93

 

New Jersey

 

 

4

 

 

 

8,228

 

 

 

4.7

%

 

 

22.79

 

Virginia

 

 

5

 

 

 

8,040

 

 

 

4.6

%

 

 

18.53

 

Texas

 

 

13

 

 

 

7,436

 

 

 

4.3

%

 

 

13.69

 

Illinois

 

 

9

 

 

 

7,332

 

 

 

4.2

%

 

 

15.21

 

Puerto Rico

 

 

6

 

 

 

6,395

 

 

 

3.7

%

 

 

8.88

 

Pennsylvania

 

 

5

 

 

 

5,061

 

 

 

2.9

%

 

 

21.72

 

Massachusetts

 

 

3

 

 

 

4,764

 

 

 

2.7

%

 

 

20.80

 

Total Top 10

 

 

115

 

 

$

120,047

 

 

 

68.8

%

 

$

19.15

 

Other (1)

 

 

84

 

 

 

54,176

 

 

 

31.2

%

 

 

12.49

 

Total

 

 

199

 

 

$

174,223

 

 

 

100.0

%

 

$

16.43

 

 

(1)

Includes 35 states.

 

- 11 -


PROPERTY INFORMATION

 

 

 

Leasing Activity

June 30, 2020

(in thousands, except PSF amounts)

Signed Leases

The table below provides a summary of the Company’s leasing activity since inception through June 30, 2020, including JV Properties presented at the Company’s proportional share:

 

 

 

Total

 

 

Release of Sears Holdings Space

 

 

 

 

 

 

 

Leased

 

 

Annual

 

 

Annual

 

 

 

 

 

 

Leased

 

 

Annual

 

 

Annual

 

 

Releasing

 

Period

 

Leases

 

 

GLA

 

 

Rent

 

 

Rent PSF

 

 

Leases

 

 

GLA

 

 

Rent

 

 

Rent PSF

 

 

Multiple

 

2015

 

 

9

 

 

 

154

 

 

$

4,650

 

 

$

30.28

 

 

 

6

 

 

 

130

 

 

$

3,820

 

 

$

29.41

 

 

 

4.4

x

2016

 

 

65

 

 

 

2,070

 

 

 

36,600

 

 

 

17.68

 

 

 

59

 

 

 

1,882

 

 

 

33,610

 

 

 

17.86

 

 

 

4.5

x

2017

 

 

94

 

 

 

2,606

 

 

 

44,717

 

 

 

17.16

 

 

 

86

 

 

 

2,476

 

 

 

43,299

 

 

 

17.49

 

 

 

4.0

x

2018

 

 

114

 

 

 

2,315

 

 

 

40,041

 

 

 

17.30

 

 

 

108

 

 

 

2,291

 

 

 

39,361

 

 

 

17.18

 

 

 

3.9

x

2019

 

 

106

 

 

 

2,287

 

 

 

46,541

 

 

 

20.35

 

 

 

96

 

 

 

2,150

 

 

 

44,640

 

 

 

20.76

 

 

 

3.9

x

2020

 

 

18

 

 

 

221

 

 

 

4,558

 

 

 

20.60

 

 

 

16

 

 

 

218

 

 

 

4,496

 

 

 

20.64

 

 

 

3.5

x

Total Retail

 

 

406

 

 

 

9,653

 

 

$

177,107

 

 

$

18.35

 

 

 

371

 

 

 

9,147

 

 

$

169,226

 

 

$

18.50

 

 

 

4.0

x

Other (1)

 

 

14

 

 

 

995

 

 

 

7,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

420

 

 

 

10,648

 

 

$

184,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Excludes certain self storage, medical office, auto-related and ground leases.

SNO Lease Summary

The table below provides a summary of the Company’s SNO leases from March 31, 2020 to June 30, 2020, including JV Properties presented at the Company’s proportional share:

 

 

 

Number of

 

 

 

 

 

 

Annual

 

 

Annual

 

 

 

SNO Leases

 

 

GLA

 

 

Rent

 

 

Rent PSF

 

As of March 31, 2020

 

 

173

 

 

 

3,892

 

 

$

80,277

 

 

$

20.63

 

Opened

 

 

(10

)

 

 

(225

)

 

 

(3,413

)

 

 

15.17

 

Sold / contributed to JVs / terminated

 

 

(9

)

 

 

(403

)

 

 

(6,995

)

 

 

17.36

 

Signed

 

 

6

 

 

 

97

 

 

 

1,823

 

 

 

18.84

 

As of June 30, 2020

 

 

160

 

 

 

3,361

 

 

$

71,692

 

 

$

21.33

 

 

- 12 -


PROPERTY INFORMATION

 

 

 

Redevelopment Program

June 30, 2020

During the three months ended June 30, 2020, the Company restarted components of select suburban retail redevelopment projects, including certain spaces previously delivered to tenants, representing a potential investment of approximately $42.7 million and potential annual rental income of approximately $12.7 million over the next 6-12 months, subject to tenant opening schedules.

Including these restarted projects, and excluding any assets that have been sold, the Company estimates it will have invested approximately $796.2 million in suburban retail redevelopment projects that are expected to generate approximately $79.2 million of annual rental income, of which $66.5 million is derived from currently in-place leases and $12.7 million is derived from SNO leases related to the restarted project activity.

The remainder of the Company’s previously announced suburban retail redevelopment projects, totaling $400-450 million of potential capital investment, remain on hold due to the COVID-19 pandemic and the direct impacts on the Company’s business.  The Company deems this approach to capital deployment prudent given the uncertainty regarding tenants’ ability to construct and open new stores and the feasibility of sustaining labor levels with safe working conditions, as well as the risk to future rent collections and asset sales, the latter of which has been a meaningful source of capital for the Company’s development program.

The Company is performing limited non-tenant construction activity at select properties, including its previously underway premier projects, and working with tenants to preserve signed leases and modify schedules for project completion and store openings.  

Additionally, the Company is working with its development partners to obtain project financing and reassess construction schedules for its three previously announced multifamily projects, each of which represents the first phase of larger, mixed-use developments.

 

- 13 -


PROPERTY INFORMATION

 

 

 

Recapture and Termination Properties

June 30, 2020

(in thousands)

 

Recapture Properties

The Company exercised recapture rights with respect to 70 properties under the Original Master Lease prior to its rejection on March 12, 2019 and with respect to four properties under the Holdco Master Lease during the year ended December 31, 2019, including three properties where the Company had previously exercised certain recapture rights under the Original Master Lease.

The following table provides a summary of the Company’s recapture activity as of June 30, 2020:

 

(in thousands except property count)

 

 

 

 

 

 

 

 

 

Year

 

Square Feet

 

 

Total Number of Properties

 

 

100% Recaptures (1)

 

 

Partial Recaptures (2)

 

2019

 

 

629

 

 

4

 

 

3

 

 

1

 

2018

 

 

3,428

 

 

20

 

 

17

 

 

3

 

2017

 

 

3,302

 

 

27

 

 

16

 

 

11

 

2016

 

 

1,501

 

 

17

 

 

4

 

 

13

 

2015

 

 

372

 

 

3

 

 

3

 

 

 

 

Total

 

 

9,232

 

 

 

71

 

 

 

43

 

 

 

28

 

 

(1)

Includes properties for which the Company had converted partial recapture rights to 100% recapture rights.

(2)

Partial recaptures include the recapture of (i) up to approximately 50% of the space occupied by the tenant at all properties, (ii) automotive care centers which are free-standing or attached as “appendages” to the properties, and/or (iii) outparcels or outlots and certain portions of parking areas and common areas

Termination Properties

Sears Holdings exercised termination rights with respect to 87 properties under the Original Master Lease prior to its rejection on March 12, 2019 and Holdco exercised termination rights with respect to 29 properties under the Holdco Master Lease during the year ended December 31, 2019. On June 3, 2020, the Company entered into an amendment to the Holdco Master Lease pursuant to which the Company terminated the Holdco Master Lease at 12 additional properties.

The following table provides a summary of Sears Holdings’ and Holdco’s termination activity as of June 30, 2020 (note that leases at an additional 31 properties totaling 4.3 million square feet were rejected in March 2019 as part of Sears Holdings’ bankruptcy filing):

 

(in thousands except property count)

 

 

 

 

 

 

 

 

 

 

 

 

 

Notice Date

 

Termination Date

 

Square Feet

 

 

Number of Properties

 

 

Redevelopments

Announced

 

 

Properties

Sold

 

June 2020

 

September 2020 (1)

 

 

1,800

 

 

 

12

 

 

 

2

 

 

 

 

November 2019

 

March 2020

 

 

4,332

 

 

 

29

 

 

 

7

 

 

 

1

 

August 2018

 

December 2018

 

 

1,605

 

 

 

13

 

 

 

6

 

 

 

3

 

June 2018

 

November 2018 (2)

 

 

1,218

 

 

 

9

 

 

 

6

 

 

 

1

 

April 2018

 

August 2018

 

 

1,494

 

 

 

9

 

 

 

4

 

 

 

1

 

June 2017

 

October 2017 (3)

 

 

3,812

 

 

 

20

 

 

 

8

 

 

 

4

 

January 2017

 

April 2017

 

 

1,872

 

 

 

19

 

 

 

7

 

 

 

8

 

September 2016

 

January 2017

 

 

1,727

 

 

 

17

 

 

 

8

 

 

 

6

 

Total

 

 

 

 

17,860

 

 

 

128

 

 

 

48

 

 

 

24

 

 

(1)

Properties terminated pursuant to the Amendment signed in June 2020.

(2)

Two properties were terminated in October 2018.

(3)

One property was terminated in November 2017 and one was terminated in January 2018.

- 14 -


PROPERTY INFORMATION

 

 

 

Joint Venture Properties

June 30, 2020

Brookfield Retail Partners (formerly GGP, Inc.) Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Mall Name

 

City

 

State

 

Joint Venture

 

GLA (1)

 

 

Leased (1)

 

1

 

Northridge Fashion Center

 

Northridge

 

CA

 

GGP II JV

 

 

125,200

 

 

 

94.8

%

2

 

Altamonte Mall

 

Altamonte Springs

 

FL

 

GGP II JV

 

 

62,850

 

 

 

61.6

%

3

 

Coastland Center

 

Naples

 

FL

 

GGP II JV

 

 

29,700

 

 

 

100.0

%

4

 

Cumberland Mall

 

Atlanta

 

GA

 

GGP II JV

 

 

96,950

 

 

 

87.6

%

5

 

Natick Collection (2)

 

Natick

 

MA

 

GGP I JV

 

 

95,350

 

 

 

46.4

%

6

 

Willowbrook Mall

 

Wayne

 

NJ

 

GGP II JV

 

 

140,500

 

 

 

73.1

%

7

 

Sooner Mall (2)

 

Norman

 

OK

 

GGP I JV

 

 

33,450

 

 

 

0.0

%

8

 

Stonebriar Centre

 

Frisco

 

TX

 

GGP I JV

 

 

81,450

 

 

 

0.0

%

9

 

Alderwood

 

Lynnwood

 

WA

 

GGP I JV

 

 

50,000

 

 

 

49.3

%

 

(1)

Based on signed leases as of June 30, 2020; GLA presented at the Company's proportional share.

(2)

Property is subject to a lease or ground lease agreement.

Simon Joint Venture

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Mall Name

 

City

 

State

 

Joint Venture

 

GLA (1)

 

 

Leased (1)

 

1

 

Santa Rosa Plaza

 

Santa Rosa

 

CA

 

Simon JV

 

 

82,700

 

 

 

0.0

%

2

 

Briarwood

 

Ann Arbor

 

MI

 

Simon JV

 

 

85,300

 

 

 

0.0

%

3

 

The Shops at Nanuet

 

Nanuet

 

NY

 

Simon JV

 

 

110,700

 

 

 

0.0

%

4

 

Woodland Hills Mall

 

Tulsa

 

OK

 

Simon JV

 

 

75,100

 

 

 

0.0

%

5

 

Barton Creek Square

 

Austin

 

TX

 

Simon JV

 

 

82,300

 

 

 

0.0

%

 

(1)

Based on signed leases as of June 30, 2020; GLA presented at the Company's proportional share.

Macerich Joint Venture

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Mall Name

 

City

 

State

 

Joint Venture

 

GLA (1)

 

 

Leased (1)

 

1

 

Chandler Fashion Center

 

Chandler

 

AZ

 

Macerich JV

 

 

69,750

 

 

 

53.0

%

2

 

Arrowhead Towne Center

 

Glendale

 

AZ

 

Macerich JV

 

 

62,500

 

 

 

0.0

%

3

 

Los Cerritos Center

 

Cerritos

 

CA

 

Macerich JV

 

 

138,800

 

 

 

0.0

%

4

 

Vintage Faire Mall

 

Modesto

 

CA

 

Macerich JV

 

 

74,250

 

 

 

54.2

%

5

 

Danbury Fair

 

Danbury

 

CT

 

Macerich JV

 

 

89,250

 

 

 

100.0

%

6

 

Deptford Mall

 

Deptford

 

NJ

 

Macerich JV

 

 

95,850

 

 

 

76.1

%

7

 

Freehold Raceway Mall

 

Freehold

 

NJ

 

Macerich JV

 

 

69,400

 

 

 

100.0

%

8

 

Washington Square Mall

 

Portland

 

OR

 

Macerich JV

 

 

110,000

 

 

 

0.0

%

9

 

South Plains Mall

 

Lubbock

 

TX

 

Macerich JV

 

 

75,300

 

 

 

0.0

%

 

(1)

Based on signed leases as of June 30, 2020; GLA presented at the Company's proportional share.

 

- 15 -


PROPERTY INFORMATION

 

 

 

Joint Venture Properties (cont’d)

June 30, 2020

Invesco Real Estate Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Property Address

 

City

 

State

 

Joint Venture

 

GLA (1)

 

 

Leased (1)

 

1

 

302 Colorado Avenue

 

Santa Monica

 

CA

 

Mark 302 JV

 

 

51,500

 

 

 

0.0

%

2

 

4575 La Jolla Village Drive

 

San Diego

 

CA

 

UTC JV

 

 

113,150

 

 

 

57.7

%

 

(1)

Based on signed leases as of June 30, 2020; GLA presented at the Company's proportional share.

Other Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

Property Address

 

City

 

State

 

Joint Venture

 

GLA (1)

 

 

Leased (1)

 

1

 

1445 New Britain Avenue

 

West Hartford

 

CT

 

West Hartford JV

 

 

81,850

 

 

 

89.6

%

2

 

126 Shawan Road

 

Cockeysville

 

MD

 

Cockeysville JV

 

 

80,100

 

 

 

61.4

%

3

 

12625 North Interstate Highway 35

 

Austin

 

TX

 

Tech Ridge JV

 

 

 

 

 

 

 

(1)

Based on signed leases as of June 30, 2020; GLA presented at the Company's proportional share.

 

 

 

- 16 -


PROPERTY INFORMATION

 

 

 

Wholly Owned Properties

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

Holdco

 

Total

 

 

 

 

 

 

Land

 

 

 

Property Address

 

City

 

State

 

Property Type (1)

 

Master Lease (2)

 

GLA (3)

 

 

Leased (3)

 

 

Acres

 

1

 

700 East Northern Lights Boulevard

 

Anchorage

 

AK

 

Shopping Center

 

 

 

 

158,500

 

 

 

84.6

%

 

 

26

 

2

 

1731 2nd Avenue Southwest

 

Cullman

 

AL

 

Freestanding

 

 

 

 

88,500

 

 

 

100.0

%

 

 

6

 

3

 

3930 McCain Boulevard

 

North Little Rock

 

AR

 

Mall

 

 

 

 

177,100

 

 

 

7.4

%

 

 

15

 

4

 

6515 East Southern Avenue

 

Mesa

 

AZ

 

Mall

 

 

 

 

121,900

 

 

 

13.8

%

 

 

11

 

5

 

10140 North 91st Avenue

 

Peoria

 

AZ

 

Shopping Center

 

 

 

 

104,400

 

 

 

100.0

%

 

 

10

 

6

 

7611 West Thomas Road

 

Phoenix

 

AZ

 

Mall

 

 

 

 

144,200

 

 

 

8.3

%

 

 

10

 

7

 

12025 North 32nd Street

 

Phoenix

 

AZ

 

Freestanding

 

 

 

 

151,200

 

 

 

100.0

%

 

 

11

 

8

 

2250 El Mercado Loop

 

Sierra Vista

 

AZ

 

Mall

 

 

 

 

94,700

 

 

 

0.0

%

 

 

7

 

9

 

5950 East Broadway Boulevard

 

Tucson

 

AZ

 

Mall

 

 

 

 

218,700

 

 

 

23.1

%

 

 

20

 

10

 

3150 South 4th Avenue

 

Yuma

 

AZ

 

Shopping Center

 

 

 

 

90,400

 

 

 

0.0

%

 

 

14

 

11

 

3625 East 18th Street

 

Antioch

 

CA

 

Shopping Center

 

 

 

 

95,200

 

 

 

0.0

%

 

 

7

 

12

 

42126 Big Bear Boulevard

 

Big Bear Lake

 

CA

 

Shopping Center

 

X

 

 

80,100

 

 

 

91.6

%

 

 

8

 

13

 

20700 South Avalon Boulevard

 

Carson

 

CA

 

Mall

 

 

 

 

182,200

 

 

 

60.2

%

 

 

13

 

14

 

565 Broadway

 

Chula Vista

 

CA

 

Mall

 

 

 

 

250,100

 

 

 

0.0

%

 

 

16

 

15

 

5900 Sunrise Mall

 

Citrus Heights

 

CA

 

Mall

 

 

 

 

289,500

 

 

 

0.0

%

 

 

22

 

16

 

575 Fletcher Parkway

 

El Cajon

 

CA

 

Mall

 

 

 

 

244,900

 

 

 

77.1

%

 

 

22

 

17

 

3751 South Dogwood Road

 

El Centro

 

CA

 

Mall

 

 

 

 

139,700

 

 

 

37.7

%

 

 

14

 

18

 

1420 Travis Boulevard

 

Fairfield

 

CA

 

Mall

 

 

 

 

163,500

 

 

 

27.6

%

 

 

9

 

19

 

5901 Florin Road

 

Florin

 

CA

 

Shopping Center

 

 

 

 

329,700

 

 

 

20.9

%

 

 

20

 

20

 

3636 North Blackstone Avenue

 

Fresno

 

CA

 

Shopping Center

 

 

 

 

216,600

 

 

 

20.0

%

 

 

13

 

21

 

1500 Anna Sparks Way

 

McKinleyville

 

CA

 

Shopping Center

 

 

 

 

94,800

 

 

 

0.0

%

 

 

8

 

22

 

1011 West Olive Avenue

 

Merced

 

CA

 

Shopping Center

 

 

 

 

92,600

 

 

 

86.2

%

 

 

10

 

23

 

5080 East Montclair Plaza Lane

 

Montclair

 

CA

 

Mall

 

 

 

 

174,700

 

 

 

0.0

%

 

 

3

 

24

 

22550 Town Circle

 

Moreno Valley

 

CA

 

Mall

 

 

 

 

169,400

 

 

 

0.0

%

 

 

11

 

25

 

6000 Mowry Avenue

 

Newark

 

CA

 

Mall

 

 

 

 

145,800

 

 

 

24.7

%

 

 

10

 

26

 

12121 Victory Boulevard

 

North Hollywood

 

CA

 

Shopping Center

 

 

 

 

161,900

 

 

 

46.3

%

 

 

4

 

27

 

72880 Highway 111

 

Palm Desert

 

CA

 

Mall

 

 

 

 

136,500

 

 

 

21.1

%

 

 

8

 

28

 

1855 Main Street

 

Ramona

 

CA

 

Shopping Center

 

 

 

 

107,500

 

 

 

13.7

%

 

 

10

 

29

 

5261 Arlington Avenue

 

Riverside

 

CA

 

Freestanding

 

 

 

 

214,200

 

 

 

5.7

%

 

 

19

 

30

 

3001 Iowa Avenue

 

Riverside

 

CA

 

Freestanding

 

 

 

 

132,600

 

 

 

28.7

%

 

 

13

 

31

 

1191 Galleria Boulevard

 

Roseville

 

CA

 

Mall

 

 

 

 

136,200

 

 

 

88.0

%

 

 

9

 

32

 

1700 North Main Street

 

Salinas

 

CA

 

Mall

 

 

 

 

132,900

 

 

 

24.2

%

 

 

10

 

33

 

100 Inland Center

 

San Bernardino

 

CA

 

Mall

 

 

 

 

264,700

 

 

 

0.0

%

 

 

22

 

34

 

1178 El Camino Real

 

San Bruno

 

CA

 

Mall

 

 

 

 

276,600

 

 

 

14.2

%

 

 

13

 

35

 

2180 Tully Road

 

San Jose

 

CA

 

Mall

 

 

 

 

262,500

 

 

 

0.0

%

 

 

22

 

36

 

200 Town Center East

 

Santa Maria

 

CA

 

Mall

 

 

 

 

108,600

 

 

 

0.0

%

 

 

5

 

- 17 -


PROPERTY INFORMATION

 

 

 

Wholly Owned Properties (cont’d)

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

Holdco

 

Total

 

 

 

 

 

 

Land

 

 

 

Property Address

 

City

 

State

 

Property Type (1)

 

Master Lease (2)

 

GLA (3)

 

 

Leased (3)

 

 

Acres

 

37

 

895 Faulkner Road

 

Santa Paula

 

CA

 

Freestanding

 

 

 

 

71,300

 

 

 

0.0

%

 

 

10

 

38

 

40710 Winchester Road

 

Temecula

 

CA

 

Mall

 

 

 

 

120,100

 

 

 

40.5

%

 

 

10

 

39

 

145 West Hillcrest Drive

 

Thousand Oaks

 

CA

 

Shopping Center

 

 

 

 

161,400

 

 

 

100.0

%

 

 

11

 

40

 

3295 East Main Street

 

Ventura

 

CA

 

Mall

 

 

 

 

178,600

 

 

 

0.0

%

 

 

2

 

41

 

1209 Plaza Drive

 

West Covina

 

CA

 

Mall

 

 

 

 

142,000

 

 

 

0.0

%

 

 

16

 

42

 

100 Westminster Mall

 

Westminster

 

CA

 

Mall

 

 

 

 

197,900

 

 

 

0.0

%

 

 

14

 

43

 

10785 West Colfax Avenue

 

Lakewood

 

CO

 

Shopping Center

 

 

 

 

153,000

 

 

 

7.8

%

 

 

8

 

44

 

1400 East 104th Avenue

 

Thornton

 

CO

 

Shopping Center

 

 

 

 

203,000

 

 

 

30.4

%

 

 

25

 

45

 

850 Hartford Turnpike

 

Waterford

 

CT

 

Mall

 

 

 

 

149,200

 

 

 

0.0

%

 

 

11

 

46

 

19563 Coastal Highway

 

Rehoboth Beach

 

DE

 

Freestanding

 

 

 

 

118,300

 

 

 

44.9

%

 

 

13

 

47

 

5900 Glades Road

 

Boca Raton

 

FL

 

Mall

 

 

 

 

178,500

 

 

 

2.4

%

 

 

19

 

48

 

7350 Manatee Avenue West

 

Bradenton

 

FL

 

Shopping Center

 

 

 

 

82,900

 

 

 

60.2

%

 

 

9

 

49

 

27001 U.S. 19 North

 

Clearwater

 

FL

 

Mall

 

 

 

 

211,300

 

 

 

41.5

%

 

 

14

 

50

 

1625 Northwest 107th Avenue

 

Doral

 

FL

 

Mall

 

 

 

 

212,900

 

 

 

0.0

%

 

 

13

 

51

 

4125 Cleveland Avenue

 

Ft. Myers

 

FL

 

Mall

 

 

 

 

146,800

 

 

 

0.0

%

 

 

12

 

52

 

1675 West 49th Street

 

Hialeah

 

FL

 

Mall

 

 

 

 

206,700

 

 

 

39.7

%

 

 

8

 

53

 

1460 West 49th Street

 

Hialeah

 

FL

 

Freestanding

 

 

 

 

106,300

 

 

 

100.0

%

 

 

9

 

54

 

2211 West Vine Street

 

Kissimmee

 

FL

 

Shopping Center

 

 

 

 

140,400

 

 

 

41.6

%

 

 

14

 

55

 

3800 US Highway 98 North

 

Lakeland

 

FL

 

Mall

 

 

 

 

156,200

 

 

 

0.0

%

 

 

12

 

56

 

19505 Biscayne Boulevard

 

Miami

 

FL

 

Mall

 

 

 

 

215,400

 

 

 

51.8

%

 

 

12

 

57

 

20701 Southwest 112th Avenue

 

Miami

 

FL

 

Mall

 

 

 

 

170,100

 

 

 

0.0

%

 

 

15

 

58

 

10700 Biscayne Boulevard

 

North Miami

 

FL

 

Freestanding

 

 

 

 

125,400

 

 

 

100.0

%

 

 

11

 

59

 

3100 Southwest College Road

 

Ocala

 

FL

 

Mall

 

 

 

 

146,200

 

 

 

0.0

%

 

 

12

 

60

 

3111 East Colonial Drive

 

Orlando

 

FL

 

Mall

 

 

 

 

118,400

 

 

 

94.1

%

 

 

18

 

61

 

733 North Highway 231

 

Panama City

 

FL

 

Mall

 

 

 

 

139,300

 

 

 

0.0

%

 

 

15

 

62

 

7171 North Davis Highway

 

Pensacola

 

FL

 

Shopping Center

 

 

 

 

122,100

 

 

 

89.2

%

 

 

15

 

63

 

8000 West Broward Boulevard

 

Plantation

 

FL

 

Mall

 

 

 

 

184,400

 

 

 

81.9

%

 

 

18

 

64

 

8201 South Tamiami Trail

 

Sarasota

 

FL

 

Mall

 

 

 

 

212,400

 

 

 

0.0

%

 

 

15

 

65

 

4501 66th Street North

 

St. Petersburg

 

FL

 

Freestanding

 

 

 

 

113,800

 

 

 

86.8

%

 

 

11

 

66

 

2300 Tyrone Boulevard North

 

St. Petersburg

 

FL

 

Mall

 

 

 

 

132,500

 

 

 

98.5

%

 

 

14

 

67

 

7810 Abercorn Street

 

Savannah

 

GA

 

Mall

 

 

 

 

167,300

 

 

 

0.0

%

 

 

15

 

68

 

500 North Nimitz Highway

 

Honolulu

 

HI

 

Freestanding

 

 

 

 

76,100

 

 

 

100.0

%

 

 

4

 

69

 

4600 1st Avenue Northeast

 

Cedar Rapids

 

IA

 

Mall

 

 

 

 

146,000

 

 

 

0.0

%

 

 

12

 

70

 

1405 South Grand Avenue

 

Charles City

 

IA

 

Freestanding

 

 

 

 

96,600

 

 

 

0.0

%

 

 

11

 

71

 

2307 Superior Street

 

Webster City

 

IA

 

Shopping Center

 

 

 

 

40,800

 

 

 

0.0

%

 

 

4

 

72

 

460 North Milwaukee Street

 

Boise

 

ID

 

Mall

 

 

 

 

123,600

 

 

 

0.0

%

 

 

8

 

- 18 -


PROPERTY INFORMATION

 

 

 

Wholly Owned Properties (cont’d)

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

Holdco

 

Total

 

 

 

 

 

 

Land

 

 

 

Property Address

 

City

 

State

 

Property Type (1)

 

Master Lease (2)

 

GLA (3)

 

 

Leased (3)

 

 

Acres

 

73

 

4730 West Irving Park Road

 

Chicago

 

IL

 

Freestanding

 

 

 

 

356,700

 

 

 

0.0

%

 

 

6

 

74

 

1601 North Harlem Avenue

 

Chicago

 

IL

 

Freestanding

 

 

 

 

293,700

 

 

 

11.7

%

 

 

7

 

75

 

5050 South Kedzie Avenue

 

Chicago

 

IL

 

Shopping Center

 

 

 

 

120,700

 

 

 

73.8

%

 

 

9

 

76

 

3340 Mall Loop Drive

 

Joliet

 

IL

 

Mall

 

 

 

 

204,600

 

 

 

0.0

%

 

 

17

 

77

 

2860 South Highland Avenue

 

Lombard

 

IL

 

Freestanding

 

 

 

 

139,300

 

 

 

100.0

%

 

 

8

 

78

 

7503 West Cermak Road

 

North Riverside

 

IL

 

Mall

 

 

 

 

196,500

 

 

 

35.6

%

 

 

13

 

79

 

2 Orland Square Drive

 

Orland Park

 

IL

 

Mall

 

 

 

 

140,000

 

 

 

32.8

%

 

 

16

 

80

 

2500 Wabash Avenue

 

Springfield

 

IL

 

Shopping Center

 

 

 

 

119,500

 

 

 

86.2

%

 

 

14

 

81

 

3231 Chicago Road

 

Steger

 

IL

 

Freestanding

 

 

 

 

87,400

 

 

 

0.0

%

 

 

3

 

82

 

3101 Northview Drive

 

Elkhart

 

IN

 

Shopping Center

 

 

 

 

86,600

 

 

 

100.0

%

 

 

8

 

83

 

4201 Coldwater Road

 

Ft. Wayne

 

IN

 

Mall

 

 

 

 

84,400

 

 

 

75.5

%

 

 

15

 

84

 

101 West Lincoln Highway

 

Merrillville

 

IN

 

Shopping Center

 

 

 

 

170,900

 

 

 

87.1

%

 

 

17

 

85

 

9701 Metcalf Avenue

 

Overland Park

 

KS

 

Shopping Center

 

 

 

 

215,000

 

 

 

5.6

%

 

 

19

 

86

 

3010 Fort Campbell Boulevard

 

Hopkinsville

 

KY

 

Shopping Center

 

 

 

 

85,100

 

 

 

75.9

%

 

 

13

 

87

 

5101 Hinkleville Road

 

Paducah

 

KY

 

Mall

 

 

 

 

97,300

 

 

 

68.7

%

 

 

9

 

88

 

5715 Johnston Street

 

Lafayette

 

LA

 

Mall

 

 

 

 

194,900

 

 

 

0.0

%

 

 

16

 

89

 

900 East Admiral Doyle Drive

 

New Iberia

 

LA

 

Freestanding

 

 

 

 

114,600

 

 

 

100.0

%

 

 

12

 

90

 

200 Grossman Drive

 

Braintree

 

MA

 

Shopping Center

 

 

 

 

89,700

 

 

 

94.8

%

 

 

34

 

91

 

1325 Broadway

 

Saugus

 

MA

 

Mall

 

 

 

 

210,700

 

 

 

47.5

%

 

 

16

 

92

 

15700 Emerald Way

 

Bowie

 

MD

 

Shopping Center

 

 

 

 

130,500

 

 

 

17.2

%

 

 

11

 

93

 

3207 Solomons Island Road

 

Edgewater

 

MD

 

Shopping Center

 

 

 

 

117,200

 

 

 

0.0

%

 

 

14

 

94

 

417 Main Street

 

Madawaska

 

ME

 

Shopping Center

 

 

 

 

49,700

 

 

 

0.0

%

 

 

2

 

95

 

2100 Southfield Road

 

Lincoln Park

 

MI

 

Shopping Center

 

 

 

 

301,700

 

 

 

22.8

%

 

 

17

 

96

 

1560 US 31 South

 

Manistee

 

MI

 

Shopping Center

 

 

 

 

94,700

 

 

 

0.0

%

 

 

12

 

97

 

32123 Gratiot Avenue

 

Roseville

 

MI

 

Mall

 

 

 

 

364,600

 

 

 

42.4

%

 

 

21

 

98

 

2760 I-75 Business Spur

 

Sault Sainte Marie

 

MI

 

Freestanding

 

 

 

 

92,700

 

 

 

0.0

%

 

 

11

 

99

 

300 West 14 Mile Road

 

Troy

 

MI

 

Mall

 

 

 

 

379,600

 

 

 

24.0

%

 

 

30

 

100

 

3100 Washtenaw Road

 

Ypsilanti

 

MI

 

Freestanding

 

 

 

 

99,400

 

 

 

100.0

%

 

 

12

 

101

 

14250 Buck Hill Road

 

Burnsville

 

MN

 

Mall

 

 

 

 

167,300

 

 

 

0.0

%

 

 

15

 

102

 

3001 White Bear Avenue North

 

Maplewood

 

MN

 

Mall

 

 

 

 

175,000

 

 

 

0.0

%

 

 

14

 

103

 

425 Rice Street

 

St. Paul

 

MN

 

Freestanding

 

 

 

 

217,900

 

 

 

0.0

%

 

 

17

 

104

 

1 Flower Valley Shopping Center

 

Florissant

 

MO

 

Shopping Center

 

 

 

 

124,000

 

 

 

17.2

%

 

 

11

 

105

 

2304 Missouri Boulevard

 

Jefferson City

 

MO

 

Freestanding

 

 

 

 

97,700

 

 

 

100.0

%

 

 

10

 

106

 

3700 South Campbell Avenue

 

Springfield

 

MO

 

Shopping Center

 

 

 

 

112,900

 

 

 

100.0

%

 

 

8

 

107

 

2308 Highway 45 North

 

Columbus

 

MS

 

Shopping Center

 

 

 

 

166,700

 

 

 

27.2

%

 

 

18

 

108

 

1 South Tunnel Road

 

Asheville

 

NC

 

Mall

 

 

 

 

110,600

 

 

 

40.7

%

 

 

16

 

- 19 -


PROPERTY INFORMATION

 

 

 

Wholly Owned Properties (cont’d)

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

Holdco

 

Total

 

 

 

 

 

 

Land

 

 

 

Property Address

 

City

 

State

 

Property Type (1)

 

Master Lease (2)

 

GLA (3)

 

 

Leased (3)

 

 

Acres

 

109

 

1302 Bridford Parkway

 

Greensboro

 

NC

 

Shopping Center

 

 

 

 

178,500

 

 

 

78.4

%

 

 

16

 

110

 

4700 2nd Avenue

 

Kearney

 

NE

 

Freestanding

 

 

 

 

64,900

 

 

 

100.0

%

 

 

8

 

111

 

1500 South Willow Street

 

Manchester

 

NH

 

Mall

 

 

 

 

106,600

 

 

 

75.4

%

 

 

11

 

112

 

310 Daniel Webster Highway

 

Nashua

 

NH

 

Mall

 

 

 

 

167,100

 

 

 

0.0

%

 

 

7

 

113

 

50 Fox Run Road

 

Portsmouth

 

NH

 

Mall

 

 

 

 

127,100

 

 

 

0.0

%

 

 

13

 

114

 

77 Rockingham Park Boulevard

 

Salem

 

NH

 

Mall

 

 

 

 

251,600

 

 

 

48.9

%

 

 

14

 

115

 

1640 Route 22

 

Watchung

 

NJ

 

Freestanding

 

 

 

 

116,400

 

 

 

99.3

%

 

 

19

 

116

 

10405 South Eastern Avenue

 

Henderson

 

NV

 

Shopping Center

 

 

 

 

143,500

 

 

 

100.0

%

 

 

12

 

117

 

4000 Meadows Lane

 

Las Vegas

 

NV

 

Mall

 

 

 

 

130,300

 

 

 

32.6

%

 

 

11

 

118

 

5400 Meadowood Mall Circle

 

Reno

 

NV

 

Mall

 

 

 

 

162,700

 

 

 

25.4

%

 

 

3

 

119

 

1425 Central Avenue

 

Albany

 

NY

 

Mall

 

 

 

 

277,900

 

 

 

27.6

%

 

 

21

 

120

 

4155 State Route 31

 

Clay

 

NY

 

Mall

 

 

 

 

146,500

 

 

 

0.0

%

 

 

12

 

121

 

4000 Jericho Turnpike

 

East Northport

 

NY

 

Shopping Center

 

 

 

 

179,700

 

 

 

51.9

%

 

 

18

 

122

 

195 North Broadway

 

Hicksville

 

NY

 

Freestanding

 

 

 

 

284,900

 

 

 

33.9

%

 

 

30

 

123

 

2801 West State Street

 

Olean

 

NY

 

Freestanding

 

 

 

 

120,700

 

 

 

45.9

%

 

 

13

 

124

 

317 Greece Ridge Center Drive

 

Rochester

 

NY

 

Mall

 

 

 

 

128,500

 

 

 

0.0

%

 

 

15

 

125

 

171 Delaware Avenue

 

Sidney

 

NY

 

Shopping Center

 

 

 

 

94,400

 

 

 

0.0

%

 

 

19

 

126

 

200 Eastview Mall

 

Victor

 

NY

 

Mall

 

 

 

 

119,600

 

 

 

100.0

%

 

 

14

 

127

 

600 Lee Boulevard

 

Yorktown Heights

 

NY

 

Mall

 

 

 

 

160,000

 

 

 

24.1

%

 

 

12

 

128

 

4100 Belden Village Avenue Northwest

 

Canton

 

OH

 

Mall

 

 

 

 

190,600

 

 

 

65.3

%

 

 

19

 

129

 

2000 Brittain Road

 

Chapel Hill

 

OH

 

Mall

 

 

 

 

194,700

 

 

 

0.0

%

 

 

21

 

130

 

2700 Miamisburg Centerville Road

 

Dayton

 

OH

 

Mall

 

 

 

 

180,200

 

 

 

7.4

%

 

 

16

 

131

 

1005 East Columbus Street

 

Kenton

 

OH

 

Freestanding

 

 

 

 

96,100

 

 

 

0.0

%

 

 

11

 

132

 

7875 Johnnycake Ridge Road

 

Mentor

 

OH

 

Mall

 

 

 

 

219,100

 

 

 

0.0

%

 

 

20

 

133

 

6950 West 130th Street

 

Middleburg Heights

 

OH

 

Shopping Center

 

 

 

 

359,000

 

 

 

10.0

%

 

 

15

 

134

 

3408 West Central Avenue

 

Toledo

 

OH

 

Shopping Center

 

 

 

 

218,700

 

 

 

0.0

%

 

 

11

 

135

 

4400 South Western Avenue

 

Oklahoma City

 

OK

 

Freestanding

 

 

 

 

223,600

 

 

 

22.5

%

 

 

24

 

136

 

1180 Southeast 82nd Avenue

 

Happy Valley

 

OR

 

Mall

 

 

 

 

144,300

 

 

 

31.2

%

 

 

12

 

137

 

3975 Columbia Avenue

 

Columbia

 

PA

 

Shopping Center

 

 

 

 

86,700

 

 

 

0.0

%

 

 

8

 

138

 

160 North Gulph Road (4)

 

King Of Prussia

 

PA

 

Mall

 

 

 

 

210,800

 

 

 

82.8

%

 

 

14

 

139

 

1745 Quentin Road

 

Lebanon

 

PA

 

Shopping Center

 

 

 

 

117,200

 

 

 

0.0

%

 

 

15

 

140

 

100 Cross Roads Plaza

 

Mount Pleasant

 

PA

 

Shopping Center

 

 

 

 

86,300

 

 

 

67.7

%

 

 

10

 

141

 

400 North Best Avenue

 

Walnutport

 

PA

 

Freestanding

 

 

 

 

121,200

 

 

 

0.0

%

 

 

16

 

142

 

PR 167 & Las Cumbres

 

Bayamon

 

PR

 

Shopping Center

 

X

 

 

114,600

 

 

 

100.0

%

 

 

10

 

143

 

400 Calle Betances

 

Caguas

 

PR

 

Mall

 

X

 

 

138,700

 

 

 

100.0

%

 

 

8

 

144

 

Plaza Carolina Station

 

Carolina

 

PR

 

Mall

 

X

 

 

198,000

 

 

 

100.0

%

 

 

11

 

- 20 -


PROPERTY INFORMATION

 

 

 

Wholly Owned Properties (cont’d)

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

Holdco

 

Total

 

 

 

 

 

 

Land

 

 

 

Property Address

 

City

 

State

 

Property Type (1)

 

Master Lease (2)

 

GLA (3)

 

 

Leased (3)

 

 

Acres

 

145

 

Martinez Nadal Avenue

 

Guaynabo

 

PR

 

Shopping Center

 

 

 

 

225,600

 

 

 

66.6

%

 

 

18

 

146

 

PR Road 2, Km 149.5

 

Mayaguez

 

PR

 

Shopping Center

 

X

 

 

118,200

 

 

 

100.0

%

 

 

13

 

147

 

2643 Ponce Bypass

 

Ponce

 

PR

 

Shopping Center

 

 

 

 

126,900

 

 

 

0.0

%

 

 

9

 

148

 

650 Bald Hill Road

 

Warwick

 

RI

 

Shopping Center

 

 

 

 

131,500

 

 

 

93.6

%

 

 

20

 

149

 

3801B Clemson Boulevard

 

Anderson

 

SC

 

Shopping Center

 

 

 

 

119,300

 

 

 

100.0

%

 

 

12

 

150

 

7801 Rivers Avenue

 

Charleston

 

SC

 

Mall

 

 

 

 

121,300

 

 

 

55.9

%

 

 

14

 

151

 

2800 North Germantown Parkway

 

Cordova

 

TN

 

Mall

 

 

 

 

160,900

 

 

 

0.0

%

 

 

12

 

152

 

4570 Poplar Avenue

 

Memphis

 

TN

 

Freestanding

 

 

 

 

112,700

 

 

 

87.7

%

 

 

11

 

153

 

12625 North Interstate Highway 35

 

Austin

 

TX

 

Shopping Center

 

 

 

 

52,700

 

 

 

100.0

%

 

 

25

 

154

 

9484 Dyer Street

 

El Paso

 

TX

 

Freestanding

 

 

 

 

114,200

 

 

 

60.2

%

 

 

11

 

155

 

300 Baybrook Mall

 

Friendswood

 

TX

 

Mall

 

 

 

 

166,000

 

 

 

0.0

%

 

 

13

 

156

 

12605 North Gessner Road

 

Houston

 

TX

 

Freestanding

 

 

 

 

134,000

 

 

 

100.0

%

 

 

11

 

157

 

6301 Northwest Loop 410

 

Ingram

 

TX

 

Mall

 

 

 

 

168,400

 

 

 

0.0

%

 

 

12

 

158

 

2501 Irving Mall

 

Irving

 

TX

 

Mall

 

 

 

 

92,000

 

 

 

83.5

%

 

 

18

 

159

 

201 Central Park Mall

 

San Antonio

 

TX

 

Freestanding

 

 

 

 

164,200

 

 

 

96.1

%

 

 

15

 

160

 

4000 North Shepherd

 

Shepherd

 

TX

 

Freestanding

 

 

 

 

201,700

 

 

 

0.0

%

 

 

12

 

161

 

13131 Preston Road

 

Valley View

 

TX

 

Mall

 

 

 

 

235,000

 

 

 

22.4

%

 

 

23

 

162

 

2010 North Main Street

 

Layton

 

UT

 

Shopping Center

 

 

 

 

176,800

 

 

 

84.8

%

 

 

14

 

163

 

7453 South Plaza Center Drive

 

West Jordan

 

UT

 

Shopping Center

 

 

 

 

171,000

 

 

 

100.0

%

 

 

12

 

164

 

5901 Duke Street

 

Alexandria

 

VA

 

Mall

 

 

 

 

262,100

 

 

 

0.0

%

 

 

18

 

165

 

1401 Greenbrier Parkway

 

Chesapeake

 

VA

 

Mall

 

 

 

 

162,000

 

 

 

50.6

%

 

 

15

 

166

 

12000 Fair Oaks Mall

 

Fairfax

 

VA

 

Mall

 

 

 

 

211,000

 

 

 

85.0

%

 

 

15

 

167

 

4588 Virginia Beach Boulevard

 

Virginia Beach

 

VA

 

Mall

 

 

 

 

197,300

 

 

 

56.0

%

 

 

14

 

168

 

141 West Lee Highway

 

Warrenton

 

VA

 

Shopping Center

 

 

 

 

75,500

 

 

 

82.4

%

 

 

9

 

169

 

2200 148th Avenue Northeast

 

Redmond

 

WA

 

Shopping Center

 

 

 

 

230,700

 

 

 

0.0

%

 

 

15

 

170

 

5200 South 76th Street

 

Greendale

 

WI

 

Mall

 

 

 

 

187,500

 

 

 

77.7

%

 

 

21

 

171

 

53 West Towne Mall

 

Madison

 

WI

 

Mall

 

 

 

 

112,800

 

 

 

98.0

%

 

 

18

 

 

 

Total - Wholly-Owned Properties

 

 

 

 

 

 

 

 

27,121,600

 

 

 

35.6

%

 

 

2,291

 

 

(1)

Company classification.  Mall properties are attached to regional malls; Shopping Center properties include properties attached, within or adjacent to neighborhood shopping or power centers, as well as freestanding properties.

(2)

Denotes property subject to the Holdco Master Lease after giving effect to the pending termination of the Holdco Master Lease at 12 properties.

(3)

Based on signed leases as of June 30, 2020.

(4)

Property is subject to a ground lease.

 

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DISCLOSURES

 

 

 

 

Non-GAAP Measures

The Company makes reference to NOI, Total NOI, FFO and Company FFO which are financial measures that include adjustments to accounting principles generally accepted in the United States (“GAAP”).

None of NOI, Total NOI, FFO or Company FFO, are measures that (i) represent cash flow from operations as defined by GAAP; (ii) are indicative of cash available to fund all cash flow needs, including the ability to make distributions; (iii) are alternatives to cash flow as a measure of liquidity; or (iv) should be considered alternatives to net income (which is determined in accordance with GAAP) for purposes of evaluating the Company’s operating performance.  Reconciliations of these measures to the respective GAAP measures we deem most comparable have been provided in this Supplemental Information package.

Net Operating Income ("NOI”), Total NOI and Annualized Total NOI

NOI is defined as income from property operations less property operating expenses.  The Company believes NOI provides useful information regarding Seritage, its financial condition, and results of operations because it reflects only those income and expense items that are incurred at the property level.

The Company also uses Total NOI, which includes its proportional share of unconsolidated properties.  This form of presentation offers insights into the financial performance and condition of the Company as a whole given the Company’s ownership of unconsolidated properties that are accounted for under GAAP using the equity method.

The Company also considers NOI and Total NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI variable items such as termination fee income, as well as non-cash items such as straight-line rent and amortization of lease intangibles.

Funds From Operations ("FFO") and Company FFO

FFO is calculated in accordance with NAREIT which defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from property sales, real estate related depreciation and amortization, and impairment charges on depreciable real estate assets.  The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry.  

The Company makes certain adjustments to FFO, which it refers to as Company FFO, to account for certain non-cash and non-comparable items, such as termination fee income, unrealized loss on interest rate cap, litigation charges, acquisition-related expenses, amortization of deferred financing costs and certain up-front-hiring costs, that it does not believe are representative of ongoing operating results.


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DISCLOSURES

 

 

 

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause or contribute to such differences include, but are not limited to: our historical exposure to Sears Holdings and the effects of its previously announced bankruptcy filing; the litigation filed against us and other defendants in the Sears Holdings adversarial proceeding pending in bankruptcy court; Holdco’s termination and other rights under its master lease with us; competition in the real estate and retail industries; risks relating to our recapture and redevelopment activities; contingencies to the commencement of rent under leases; the terms of our indebtedness; restrictions with which we are required to comply in order to maintain REIT status and other legal requirements to which we are subject; failure to achieve expected occupancy and/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on our ability to fund operations and ongoing development; our ability to access or obtain sufficient sources of financing to fund our liquidity needs; our relatively limited history as an operating company; and the impact of the COVID-19 pandemic on the business of our tenants and our business, income, cash flow, results of operations, financial condition, liquidity, prospects, ability to service our debt obligations and our ability to pay dividends and other distributions to our shareholders.  For additional discussion of these and other applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in our filings with the Securities and Exchange Commission, including the risk factors relating to Sears Holdings and Holdco.  While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially.  We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.

 

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Seritage Growth Properties

500 Fifth Avenue | New York, NY 10110

212-355-7800 | www.seritage.com