Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - Seritage Growth Properties | srg-ex991_7.htm |
| 8-K - 8-K - Seritage Growth Properties | srg-8k_20210429.htm |
Exhibit 99.2
SUPPLEMENTAL INFORMATION || PERIOD ENDED MARCH 31, 2021
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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 March 31, 2021, the Company’s portfolio consisted of interests in 179 properties totaling approximately 26.0 million square feet of gross leasable area, including 154 wholly owned properties totaling approximately 24.1 million square feet of GLA across 41 states and Puerto Rico (the “Wholly Owned Properties”), and interests in 25 properties totaling approximately 1.9 million square feet of GLA across 13 states that are owned in unconsolidated entities (the “Unconsolidated Properties”).
Background
The Company commenced operations on July 7, 2015 following a rights offering to the shareholders of Sears Holding Corporation (“Sears Holdings” or “Sears”) to purchase common shares of Seritage in order to fund, in part, the $2.7 billion acquisition of certain of Sears Holdings’ owned properties and its 50% interests in three joint ventures which were simultaneously leased back to Sears Holdings under a master lease agreement (the “Original Master Lease”).
As of March 31, 2021, the Company did not have any remaining properties leased to Transform Holdco LLC (“Holdco”), an affiliate of ESL Investments, Inc., or Sears Holdings after giving effect to the pending termination of the remaining five Wholly Owned Properties, which were completed on March 15, 2021.
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.
COVID-19 Pandemic
Beginning in late 2019, a novel strain of Coronavirus (“COVID-19”) began to spread throughout the world, including the United States, ultimately being declared a pandemic by the World Health Organization. The pandemic has caused and continues cause significant impacts on the real estate industry in the United States, including the Company’s properties.
As of March 31, 2021, the Company had collected 97% of rental income for the three months ended March 31, 2021 and agreed to defer an additional 2%. While the Company intends to enforce its contractual rights under its leases, there can be no assurance that tenants will meet their future obligations or that additional rental modification agreements will not be necessary.
As a result of the 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 months ended March 31, 2021 may not be indicative of the impact of the COVID-19 pandemic on the Company’s business 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.
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Supplemental Financial Information |
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SUPPLEMENTAL INFORMATION
PERIOD ENDED MARCH 31, 2021
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Page |
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1 |
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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9 |
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12 |
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14 |
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19 |
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20 |
ii
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Supplemental Financial Information |
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March 31, 2021
(in thousands, except per share and PSF amounts)
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Three Months Ended March 31, |
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Financial Results |
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2021 |
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2020 |
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Net loss attributable to Seritage common shareholders (page 3) |
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$ |
(8,945 |
) |
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$ |
(21,889 |
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Total NOI (page 5) |
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9,433 |
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15,847 |
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FFO (page 6) |
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(18,745 |
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(17,557 |
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Company FFO (page 6) |
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$ |
(21,992 |
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$ |
(18,441 |
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Net loss per diluted share attributable to Seritage common shareholders (page 3) |
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$ |
(0.23 |
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$ |
(0.59 |
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FFO per diluted share (page 6) |
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(0.34 |
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(0.31 |
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Company FFO per diluted share (page 6) |
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$ |
(0.39 |
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$ |
(0.33 |
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Wtd. avg. diluted shares - EPS |
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39,477 |
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37,232 |
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Wtd. avg diluted shares - FFO/share |
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55,909 |
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55,810 |
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Stock trading price range |
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$13.86 to $23.22 |
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$9.11 to $39.21 |
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As of |
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As of |
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Financial Ratios (page 4) |
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March 31, 2021 |
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December 31, 2020 |
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Total debt to total market capitalization |
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59.3 |
% |
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64.2 |
% |
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Net debt to total real estate investments |
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58.0 |
% |
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56.2 |
% |
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As of |
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As of |
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Property Data (page 9) |
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March 31, 2021 |
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December 31, 2020 |
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Number of properties |
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179 |
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183 |
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Gross leasable area (total / at share) |
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27,957 / 25,919 |
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28,509 / 26,470 |
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Percentage leased (total / at share) |
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28.9% / 28.4% |
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32.6% / 32.4% |
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As of March 31, 2021 |
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% of Total |
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Tenant |
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Annual Rent |
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Annual Rent |
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Annual Rent PSF |
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Sears / Kmart |
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$ |
— |
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0.0 |
% |
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$ |
— |
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In-place diversified, non-Sears leases |
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93,363 |
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72.0 |
% |
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16.11 |
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SNO in-place diversified, non-Sears leases |
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36,277 |
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28.0 |
% |
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23.22 |
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Total |
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$ |
129,640 |
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100.0 |
% |
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$ |
17.62 |
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As of March 31, 2020 |
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% of Total |
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Tenant |
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Annual Rent |
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Annual Rent |
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Annual Rent PSF |
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In-place diversified leases |
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$ |
97,972 |
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51.7 |
% |
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$ |
14.27 |
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SNO diversified leases |
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80,786 |
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42.6 |
% |
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20.62 |
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Sears/Kmart |
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10,807 |
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5.7 |
% |
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5.17 |
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Total |
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$ |
189,565 |
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100.0 |
% |
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$ |
14.73 |
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1
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Supplemental Financial Information |
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Condensed Consolidated Balance Sheets (unaudited)
March 31, 2021
(in thousands, except share and per share amounts)
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March 31, 2021 |
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December 31, 2020 |
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ASSETS |
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Investment in real estate |
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Land |
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$ |
571,334 |
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$ |
592,770 |
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Buildings and improvements |
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1,100,525 |
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1,107,532 |
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Accumulated depreciation |
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(146,884 |
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(142,206 |
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1,524,975 |
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1,558,096 |
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Construction in progress |
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345,648 |
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352,776 |
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Net investment in real estate |
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1,870,623 |
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1,910,872 |
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Real estate held for sale |
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24,441 |
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1,864 |
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Investment in unconsolidated entities |
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459,576 |
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457,033 |
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Cash and cash equivalents |
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137,940 |
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143,728 |
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Restricted cash |
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6,526 |
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6,526 |
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Tenant and other receivables, net |
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33,964 |
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46,570 |
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Lease intangible assets, net |
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17,702 |
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18,595 |
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Prepaid expenses, deferred expenses and other assets, net |
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61,604 |
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63,755 |
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Total assets |
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$ |
2,612,376 |
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$ |
2,648,943 |
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LIABILITIES AND EQUITY |
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Liabilities |
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Term Loan Facility, net |
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$ |
1,599,015 |
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$ |
1,598,909 |
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Sales-leaseback financing obligations |
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20,582 |
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20,425 |
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Accounts payable, accrued expenses and other liabilities |
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121,379 |
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146,882 |
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Total liabilities |
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1,740,976 |
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1,766,216 |
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Commitments and contingencies (Note 9) |
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Shareholders' Equity |
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Class A common shares $0.01 par value; 100,000,000 shares authorized; 40,587,226 and 38,896,428 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively |
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406 |
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389 |
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Series A preferred shares $0.01 par value; 10,000,000 shares authorized; 2,800,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020; liquidation preference of $70,000 |
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28 |
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28 |
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Additional paid-in capital |
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1,200,874 |
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1,177,260 |
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Accumulated deficit |
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(537,582 |
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(528,637 |
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Total shareholders' equity |
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663,726 |
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649,040 |
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Non-controlling interests |
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207,674 |
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233,687 |
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Total equity |
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871,400 |
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882,727 |
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Total liabilities and equity |
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$ |
2,612,376 |
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$ |
2,648,943 |
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2
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Supplemental Financial Information |
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Condensed Consolidated Statements of Operations (unaudited)
March 31, 2021
(in thousands, except per share amounts)
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Three Months Ended March 31, |
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2021 |
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2020 |
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REVENUE |
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Rental income |
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$ |
31,146 |
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$ |
33,110 |
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Management and other fee income |
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135 |
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207 |
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Total revenue |
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31,281 |
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33,317 |
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EXPENSES |
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Property operating |
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10,643 |
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10,301 |
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Real estate taxes |
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10,155 |
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9,225 |
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Depreciation and amortization |
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13,142 |
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34,097 |
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General and administrative |
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11,232 |
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9,420 |
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Total expenses |
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45,172 |
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63,043 |
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Gain on sale of real estate, net |
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24,208 |
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20,788 |
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Impairment of real estate assets |
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(1,700 |
) |
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— |
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Equity in loss of unconsolidated entities |
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(1,162 |
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(894 |
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Interest and other income |
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7,624 |
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333 |
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Interest expense |
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(26,150 |
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(21,513 |
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Loss before taxes |
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(11,071 |
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(31,012 |
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Benefit for taxes |
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138 |
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37 |
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Net loss |
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(10,933 |
) |
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(30,975 |
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Net loss attributable to non-controlling interests |
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3,213 |
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10,311 |
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Net loss attributable to Seritage |
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$ |
(7,720 |
) |
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$ |
(20,664 |
) |
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Preferred dividends |
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(1,225 |
) |
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(1,225 |
) |
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Net loss attributable to Seritage common shareholders |
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$ |
(8,945 |
) |
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$ |
(21,889 |
) |
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Net loss per share attributable to Seritage Class A and Class C common shareholders - Basic |
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$ |
(0.23 |
) |
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$ |
(0.59 |
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Net loss per share attributable to Seritage Class A and Class C common shareholders - Diluted |
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$ |
(0.23 |
) |
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$ |
(0.59 |
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Weighted average Class A and Class C common shares outstanding - Basic |
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39,477 |
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37,232 |
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Weighted average Class A and Class C common shares outstanding - Diluted |
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39,477 |
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37,232 |
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3
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Supplemental Financial Information |
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Market Capitalization and Financial Ratios
March 31, 2021
(in thousands, except per share amounts)
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As of |
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As of |
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Equity Market Capitalization |
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March 31, 2021 |
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December 31, 2020 |
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Class A common shares outstanding |
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40,587 |
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38,896 |
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OP units outstanding |
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15,344 |
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17,003 |
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Total shares & units outstanding |
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55,931 |
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55,899 |
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Share Price |
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$ |
18.35 |
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$ |
14.68 |
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Equity market capitalization |
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$ |
1,026,339 |
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$ |
820,602 |
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Total Market Capitalization |
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Equity market capitalization |
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$ |
1,026,339 |
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$ |
820,602 |
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Preferred equity |
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70,000 |
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70,000 |
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Total debt |
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1,600,000 |
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1,600,000 |
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Total market capitalization |
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$ |
2,696,339 |
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$ |
2,490,602 |
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Financial Ratios |
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Total debt to total market capitalization |
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59.3 |
% |
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64.2 |
% |
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Total debt |
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$ |
1,600,000 |
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$ |
1,600,000 |
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Cash and cash equivalents |
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(144,466 |
) |
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(150,254 |
) |
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Net Debt |
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$ |
1,455,534 |
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$ |
1,449,746 |
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Gross real estate investments |
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$ |
2,050,258 |
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$ |
2,123,760 |
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Investment in unconsolidated joint ventures |
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459,622 |
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457,033 |
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Total real estate investments |
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$ |
2,509,880 |
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$ |
2,580,793 |
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Net debt to total real estate investments |
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58.0 |
% |
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56.2 |
% |
4
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Supplemental Financial Information |
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March 31, 2021
(in thousands)
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Three Months Ended March 31, |
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NOI and Total NOI |
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2021 |
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2020 |
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Net loss |
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$ |
(10,933 |
) |
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$ |
(30,975 |
) |
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Termination fee income |
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(2,611 |
) |
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(990 |
) |
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Management and other fee income |
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(135 |
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(207 |
) |
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Depreciation and amortization |
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13,142 |
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34,097 |
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General and administrative expenses |
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11,232 |
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9,420 |
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Equity in loss of unconsolidated entities |
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1,162 |
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894 |
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Gain on sale of real estate |
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(24,208 |
) |
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(20,788 |
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Impairment of real estate assets |
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1,700 |
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— |
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Interest and other income |
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(7,624 |
) |
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(333 |
) |
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Interest expense |
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26,150 |
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21,513 |
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Benefit for income taxes |
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(138 |
) |
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(37 |
) |
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Straight-line rent |
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210 |
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2,701 |
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Above/below market rental income/expense |
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(39 |
) |
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(97 |
) |
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NOI |
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$ |
7,908 |
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$ |
15,198 |
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Unconsolidated entities |
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NOI of unconsolidated entities |
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2,437 |
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1,302 |
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Straight-line rent |
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(137 |
) |
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(171 |
) |
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Above/below market rental income/expense |
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(33 |
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(482 |
) |
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Termination fee income |
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(742 |
) |
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— |
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Total NOI |
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$ |
9,433 |
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$ |
15,847 |
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5
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Supplemental Financial Information |
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Funds from Operations and Company FFO
March 31, 2021
(in thousands, except per share amounts)
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|
Three Months Ended March 31, |
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FFO and Company FFO |
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2021 |
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2020 |
|
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Net loss |
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$ |
(10,933 |
) |
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$ |
(30,975 |
) |
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Real estate depreciation and amortization (consolidated properties) |
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12,756 |
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33,587 |
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Real estate depreciation and amortization (unconsolidated entities) |
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|
3,165 |
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|
1,844 |
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Gain on sale of real estate |
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(24,208 |
) |
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(20,788 |
) |
|
Impairment of real estate assets |
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|
1,700 |
|
|
|
— |
|
|
Dividends on preferred shares |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
FFO attributable to common shareholders and unitholders |
|
$ |
(18,745 |
) |
|
$ |
(17,557 |
) |
|
Termination fee income |
|
|
(2,611 |
) |
|
|
(990 |
) |
|
Termination fee income (unconsolidated entities) |
|
|
(742 |
) |
|
|
— |
|
|
Amortization of deferred financing costs |
|
|
106 |
|
|
|
106 |
|
|
Company FFO attributable to common shareholders and unitholders |
|
$ |
(21,992 |
) |
|
$ |
(18,441 |
) |
|
|
|
|
|
|
|
|
|
|
|
FFO per diluted common share and unit |
|
$ |
(0.34 |
) |
|
$ |
(0.31 |
) |
|
Company FFO per diluted common share and unit |
|
$ |
(0.39 |
) |
|
$ |
(0.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares and Units Outstanding |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
39,477 |
|
|
|
37,232 |
|
|
Weighted average OP units outstanding |
|
|
16,432 |
|
|
|
18,578 |
|
|
Weighted average common shares and units outstanding |
|
|
55,909 |
|
|
|
55,810 |
|
6
|
Supplemental Financial Information |
|
|
|
|
March 31, 2021
(in thousands)
|
|
|
As of |
|
|
As of |
|
||
|
Debt Summary |
|
March 31, 2021 |
|
|
December 31, 2020 |
|
||
|
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 |
|
||
|
|
|
|
|
|
|
|
|
|
|
Prepaid Expenses, Deferred Expenses and Other Assets |
|
March 31, 2021 |
|
|
December 31, 2020 |
|
||
|
Deferred expenses |
|
$ |
22,338 |
|
|
$ |
22,972 |
|
|
Right of Use Asset |
|
|
18,597 |
|
|
|
18,849 |
|
|
Other assets |
|
|
10,092 |
|
|
|
9,412 |
|
|
Prepaid insurance |
|
|
3,214 |
|
|
|
5,143 |
|
|
FF&E |
|
|
2,972 |
|
|
|
2,870 |
|
|
Other prepaid expenses |
|
|
3,313 |
|
|
|
4,065 |
|
|
Prepaid real estate taxes |
|
|
1,078 |
|
|
|
444 |
|
|
Total prepaid expenses, deferred expenses and other assets |
|
$ |
61,604 |
|
|
$ |
63,755 |
|
7
|
Supplemental Financial Information |
|
|
|
|
Additional Information (cont’d)
March 31, 2021
(in thousands, except per share amounts)
|
|
|
Three Months Ended March 31, |
|
|||||
|
Rental Revenue Detail |
|
2021 |
|
|
2020 |
|
||
|
Revenue |
|
|
|
|
|
|
|
|
|
Rental income |
|
$ |
21,539 |
|
|
$ |
24,481 |
|
|
Tenant reimbursements |
|
|
6,996 |
|
|
|
7,846 |
|
|
Termination income |
|
|
2,611 |
|
|
|
990 |
|
|
Total |
|
$ |
31,146 |
|
|
$ |
33,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|||||
|
|
|
2021 |
|
|
2020 |
|
||
|
Select Non-Cash Items |
|
|
|
|
|
|
|
|
|
Straight-line rental income |
|
|
|
|
|
|
|
|
|
Wholly-owned |
|
$ |
(210 |
) |
|
$ |
(2,701 |
) |
|
Joint ventures |
|
|
137 |
|
|
|
171 |
|
|
Total |
|
$ |
(73 |
) |
|
$ |
(2,530 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net amortization of above/below market rental income/expense |
|
|
|
|
|
|
|
|
|
Wholly-owned |
|
$ |
39 |
|
|
$ |
97 |
|
|
Joint ventures |
|
|
33 |
|
|
|
482 |
|
|
Total |
|
$ |
72 |
|
|
$ |
579 |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of deferred financing costs |
|
$ |
(106 |
) |
|
$ |
(106 |
) |
|
Share-based compensation expense |
|
|
911 |
|
|
|
1,179 |
|
8
|
Property Information |
|
|
|
|
March 31, 2021
(in thousands, except PSF amounts)
The following table provides a summary of the Company’s portfolio as of March 31, 2021, including Unconsolidated Properties presented at the Company’s proportional share:
|
|
|
Consolidated |
|
|
Unconsolidated |
|
|
Seritage |
|
|||
|
|
|
Portfolio |
|
|
Properties |
|
|
Total |
|
|||
|
Number of properties |
|
|
154 |
|
|
|
25 |
|
|
|
179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total GLA (000s) |
|
|
23,989 |
|
|
|
3,968 |
|
|
|
27,957 |
|
|
At share |
|
|
23,989 |
|
|
|
1,930 |
|
|
|
25,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased GLA (000s) |
|
|
6,741 |
|
|
|
1,329 |
|
|
|
8,070 |
|
|
At share |
|
|
6,741 |
|
|
|
632 |
|
|
|
7,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage leased |
|
|
28.1 |
% |
|
|
33.5 |
% |
|
|
28.9 |
% |
|
At share |
|
|
28.1 |
% |
|
|
32.8 |
% |
|
|
28.4 |
% |
SNO Lease Summary
The table below provides a summary of the Company’s SNO leases from December 31, 2020 to March 31, 2021, including Unconsolidated Properties presented at the Company’s proportional share:
|
|
|
Number of |
|
|
|
|
|
|
|
|
|
|
Annual |
|
||
|
|
|
SNO Leases |
|
|
GLA |
|
|
ABR |
|
|
Rent PSF |
|
||||
|
As of December 31, 2020 |
|
|
125 |
|
|
|
2,369 |
|
|
$ |
54,539 |
|
|
$ |
23.02 |
|
|
Opened |
|
|
(5 |
) |
|
|
(173 |
) |
|
|
(2,841 |
) |
|
|
16.43 |
|
|
Sold / contributed to JVs / terminated |
|
|
(34 |
) |
|
|
(678 |
) |
|
|
(16,895 |
) |
|
|
24.92 |
|
|
Signed |
|
|
5 |
|
|
|
44 |
|
|
|
1,474 |
|
|
|
33.59 |
|
|
As of March 31, 2021 |
|
|
91 |
|
|
|
1,562 |
|
|
$ |
36,277 |
|
|
$ |
23.22 |
|
The following table provides a summary of annual base rent for the portfolio as of March 31, 2021, based on signed leases and including Unconsolidated 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 |
|
|
243 |
|
|
|
5,796 |
|
|
|
78.8 |
% |
|
$ |
93,363 |
|
|
|
72.0 |
% |
|
$ |
16.11 |
|
|
SNO diversified leases (1) |
|
|
91 |
|
|
|
1,562 |
|
|
|
21.2 |
% |
|
|
36,277 |
|
|
|
28.0 |
% |
|
|
23.22 |
|
|
Total diversified leases |
|
|
334 |
|
|
|
7,358 |
|
|
|
100.0 |
% |
|
$ |
129,640 |
|
|
|
100.0 |
% |
|
$ |
17.62 |
|
|
|
(1) |
SNO = Signed not yet opened leases |
9
|
Property Information |
|
|
|
|
|
|
Portfolio Overview (cont’d)
March 31, 2021
(in thousands)
The following table lists the top tenants in the portfolio as of March 31, 2021, based on signed leases and including Unconsolidated 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 |
|
|
12 |
|
|
$ |
12,512 |
|
|
|
9.6 |
% |
|
|
||||
|
Dave & Buster's |
|
|
10 |
|
|
|
8,355 |
|
|
|
6.4 |
% |
|
|
||||
|
Round One Entertainment |
|
|
8 |
|
|
|
7,225 |
|
|
|
5.6 |
% |
|
|
||||
|
Burlington Stores |
|
|
11 |
|
|
|
5,706 |
|
|
|
4.4 |
% |
|
|
||||
|
Cinemark |
|
|
4 |
|
|
|
4,916 |
|
|
|
3.8 |
% |
|
|
||||
|
Ross Dress For Less |
|
|
14 |
|
|
|
4,889 |
|
|
|
3.8 |
% |
|
Ross Dress for Less, dd's Discounts |
||||
|
At Home |
|
|
8 |
|
|
|
4,826 |
|
|
|
3.7 |
% |
|
|
||||
|
Nordstrom Rack |
|
|
6 |
|
|
|
4,614 |
|
|
|
3.6 |
% |
|
|
||||
|
Primark |
|
|
3 |
|
|
|
3,169 |
|
|
|
2.4 |
% |
|
|
||||
|
AMC |
|
|
2 |
|
|
|
2,803 |
|
|
|
2.2 |
% |
|
|
||||
|
Bed Bath & Beyond |
|
|
6 |
|
|
|
2,489 |
|
|
|
1.9 |
% |
|
Bed Bath & Beyond, buybuyBaby, Cost Plus World Market, andThat! |
||||
|
BJ's Wholesale Club |
|
|
2 |
|
|
|
2,422 |
|
|
|
1.9 |
% |
|
|
||||
|
TJX |
|
|
9 |
|
|
|
2,356 |
|
|
|
1.8 |
% |
|
TJ Maxx, Marhsalls, HomeGoods, HomeSense, Sierra Trading Post |
||||
|
PetSmart |
|
|
4 |
|
|
|
2,012 |
|
|
|
1.6 |
% |
|
|
||||
|
Vasa Fitness |
|
|
3 |
|
|
|
1,866 |
|
|
|
1.4 |
% |
|
|
||||
|
24 Hour Fitness |
|
|
2 |
|
|
|
1,791 |
|
|
|
1.4 |
% |
|
|
||||
|
Floor & Décor |
|
|
2 |
|
|
|
1,691 |
|
|
|
1.3 |
% |
|
|
||||
|
Mercado del Rio |
|
|
1 |
|
|
|
1,535 |
|
|
|
1.2 |
% |
|
|
||||
|
Pinstripes |
|
|
1 |
|
|
|
1,482 |
|
|
|
1.1 |
% |
|
|
||||
|
APEX Entertainment |
|
|
1 |
|
|
|
1,450 |
|
|
|
1.1 |
% |
|
|
||||
|
Ulta Salon |
|
|
5 |
|
|
|
1,400 |
|
|
|
1.1 |
% |
|
|
||||
10
|
Property Information |
|
|
|
|
Portfolio Overview (cont’d)
March 31, 2021
(in thousands, except PSF amounts)
The following table sets forth information regarding the geographic diversification of the portfolio as of March 31, 2021, based on signed leases and including Unconsolidated Properties presented at the Company’s proportional share:
|
State |
|
Number of Properties |
|
|
Annual Rent |
|
|
% of Total Annual Rent |
|
|
Rent PSF |
|
||||
|
Florida |
|
|
21 |
|
|
$ |
24,465 |
|
|
|
18.9 |
% |
|
$ |
25.35 |
|
|
California |
|
|
33 |
|
|
|
19,393 |
|
|
|
15.0 |
% |
|
|
20.12 |
|
|
New York |
|
|
10 |
|
|
|
9,993 |
|
|
|
7.7 |
% |
|
|
22.46 |
|
|
New Jersey |
|
|
4 |
|
|
|
7,843 |
|
|
|
6.0 |
% |
|
|
24.13 |
|
|
Texas |
|
|
12 |
|
|
|
4,736 |
|
|
|
3.7 |
% |
|
|
11.50 |
|
|
Illinois |
|
|
7 |
|
|
|
4,552 |
|
|
|
3.5 |
% |
|
|
13.04 |
|
|
Virginia |
|
|
5 |
|
|
|
6,219 |
|
|
|
4.8 |
% |
|
|
21.01 |
|
|
Massachusetts |
|
|
3 |
|
|
|
4,910 |
|
|
|
3.8 |
% |
|
|
21.44 |
|
|
Pennsylvania |
|
|
3 |
|
|
|
4,808 |
|
|
|
3.7 |
% |
|
|
27.47 |
|
|
Wisconsin |
|
|
2 |
|
|
|
4,082 |
|
|
|
3.1 |
% |
|
|
16.20 |
|
|
Total Top 10 |
|
|
100 |
|
|
$ |
91,001 |
|
|
|
70.2 |
% |
|
$ |
20.63 |
|
|
Other (1) |
|
|
79 |
|
|
|
38,639 |
|
|
|
29.8 |
% |
|
|
13.05 |
|
|
Total |
|
|
179 |
|
|
$ |
129,640 |
|
|
|
100.0 |
% |
|
$ |
17.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes 32 states |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
Property Information |
|
|
|
|
March 31, 2021
Brookfield Retail Partners (formerly GGP, Inc.)
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
Mall Name |
|
City |
|
State |
|
Joint Venture |
|
GLA (1) |
|
|
Leased (1) |
|
||
|
1 |
|
Altamonte Mall |
|
Altamonte Springs |
|
FL |
|
GGP II JV |
|
|
62,800 |
|
|
|
39.8 |
% |
|
2 |
|
Coastland Center |
|
Naples |
|
FL |
|
GGP II JV |
|
|
33,700 |
|
|
|
100.0 |
% |
|
3 |
|
Willowbrook Mall |
|
Wayne |
|
NJ |
|
GGP II JV |
|
|
140,500 |
|
|
|
73.1 |
% |
|
4 |
|
Sooner Mall (2) |
|
Norman |
|
OK |
|
GGP I JV |
|
|
33,400 |
|
|
|
0.0 |
% |
|
5 |
|
Stonebriar Centre |
|
Frisco |
|
TX |
|
GGP I JV |
|
|
81,500 |
|
|
|
0.0 |
% |
|
6 |
|
Alderwood |
|
Lynnwood |
|
WA |
|
GGP I JV |
|
|
50,000 |
|
|
|
49.3 |
% |
|
7 |
|
Natick Collection (2) |
|
Natick |
|
MA |
|
GGP I JV |
|
|
95,400 |
|
|
|
46.4 |
% |
|
(1) |
Based on signed leases as of March 31, 2021; GLA presented at the Company's proportional share. |
|
(2) |
Property is subject to a lease or ground lease agreement. |
Simon Property Group
|
|
|
|
|
|
|
|
|
|
|
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 March 31, 2021; GLA presented at the Company's proportional share. |
Macerich
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
Mall Name |
|
City |
|
State |
|
Joint Venture |
|
GLA (1) |
|
|
Leased (1) |
|
||
|
1 |
|
Chandler Fashion Center |
|
Chandler |
|
AZ |
|
Macerich JV |
|
|
69,700 |
|
|
|
53.1 |
% |
|
2 |
|
Los Cerritos Center |
|
Cerritos |
|
CA |
|
Macerich JV |
|
|
138,800 |
|
|
|
0.0 |
% |
|
3 |
|
Vintage Faire Mall |
|
Modesto |
|
CA |
|
Macerich JV |
|
|
60,200 |
|
|
|
66.8 |
% |
|
4 |
|
Danbury Fair |
|
Danbury |
|
CT |
|
Macerich JV |
|
|
89,300 |
|
|
|
39.3 |
% |
|
5 |
|
Deptford Mall |
|
Deptford |
|
NJ |
|
Macerich JV |
|
|
95,900 |
|
|
|
77.8 |
% |
|
6 |
|
Freehold Raceway Mall |
|
Freehold |
|
NJ |
|
Macerich JV |
|
|
69,400 |
|
|
|
48.0 |
% |
|
7 |
|
Washington Square Mall |
|
Portland |
|
OR |
|
Macerich JV |
|
|
110,000 |
|
|
|
0.0 |
% |
|
(1) |
Based on signed leases as of March 31, 2021; GLA presented at the Company's proportional share. |
12
|
Property Information |
|
|
|
|
Unconsolidated Properties (cont’d)
March 31, 2021
Invesco Real Estate
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
Property Address |
|
City |
|
State |
|
Joint Venture |
|
GLA (1) |
|
|
Leased (1) |
|
||
|
1 |
|
302 Colorado Ave |
|
Santa Monica |
|
CA |
|
Mark 302 JV |
|
|
51,500 |
|
|
|
0.0 |
% |
|
2 |
|
4575 La Jolla Village Dr |
|
San Diego |
|
CA |
|
UTC JV |
|
|
113,100 |
|
|
|
34.3 |
% |
|
(1) |
Based on signed leases as of March 31, 2021; GLA presented at the Company's proportional share. |
Other
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
Property Address |
|
City |
|
State |
|
Joint Venture |
|
GLA (1) |
|
|
Leased (1) |
|
||
|
1 |
|
1445 New Britain Ave |
|
West Hartford |
|
CT |
|
West Hartford JV |
|
|
81,800 |
|
|
|
68.7 |
% |
|
2 |
|
126 Shawan Road |
|
Cockeysville |
|
MD |
|
Cockeysville JV |
|
|
80,100 |
|
|
|
61.3 |
% |
|
3 |
|
12625 North Interstate Highway 35 |
|
Austin |
|
TX |
|
RD Development JV |
|
|
— |
|
|
|
0.0 |
% |
|
4 |
|
20700 South Avalon Boulevard |
|
Carson |
|
CA |
|
Carson Investment |
|
|
36,400 |
|
|
|
60.2 |
% |
|
(1) |
Based on signed leases as of March 31, 2021; GLA presented at the Company's proportional share. |
13
|
|
|
|
|
|
Property Information
March 31, 2021
|
Wholly Owned Properties |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
GLA (1) |
|
|
|
|
|
|
|
|||||||||
|
|
|
City |
|
State |
|
|
Total |
|
|
Diversified |
|
|
Not Leased |
|
|
Significant Tenants (1) |
|
Leased (1) |
|
||||
|
1 |
|
Anchorage |
|
AK |
|
|
|
158,500 |
|
|
|
134,000 |
|
|
|
24,500 |
|
|
Guitar Center, Nordstrom Rack, Planet Fitness, Safeway |
|
|
84.5 |
% |
|
2 |
|
North Little Rock |
|
AR |
|
|
|
177,100 |
|
|
|
13,000 |
|
|
|
164,100 |
|
|
Longhorn Steakhouse, Aspen Dental |
|
|
7.3 |
% |
|
3 |
|
Glendale |
|
AZ |
|
|
|
125,000 |
|
|
|
— |
|
|
|
125,000 |
|
|
n/a |
|
|
0.0 |
% |
|
4 |
|
Mesa |
|
AZ |
|
|
|
121,900 |
|
|
|
16,800 |
|
|
|
105,100 |
|
|
Carvana |
|
|
13.8 |
% |
|
5 |
|
Phoenix |
|
AZ |
|
|
|
144,200 |
|
|
|
— |
|
|
|
144,200 |
|
|
n/a |
|
|
0.0 |
% |
|
6 |
|
Phoenix |
|
AZ |
|
|
|
151,200 |
|
|
|
151,200 |
|
|
|
— |
|
|
At Home |
|
|
100.0 |
% |
|
7 |
|
Sierra Vista |
|
AZ |
|
|
|
94,700 |
|
|
|
— |
|
|
|
94,700 |
|
|
n/a |
|
|
0.0 |
% |
|
8 |
|
Tucson |
|
AZ |
|
|
|
218,900 |
|
|
|
50,600 |
|
|
|
168,300 |
|
|
Round One Entertainment |
|
|
23.1 |
% |
|
9 |
|
Yuma |
|
AZ |
|
|
|
90,400 |
|
|
|
— |
|
|
|
90,400 |
|
|
n/a |
|
|
0.0 |
% |
|
10 |
|
Big Bear Lake |
|
CA |
|
|
|
80,000 |
|
|
|
4,000 |
|
|
|
76,000 |
|
|
Subway, Wells Fargo Bank |
|
|
5.0 |
% |
|
11 |
|
Chula Vista |
|
CA |
|
|
|
250,100 |
|
|
|
— |
|
|
|
250,100 |
|
|
n/a |
|
|
0.0 |
% |
|
12 |
|
Citrus Heights |
|
CA |
|
|
|
289,500 |
|
|
|
— |
|
|
|
289,500 |
|
|
n/a |
|
|
0.0 |
% |
|
13 |
|
El Cajon |
|
CA |
|
|
|
244,900 |
|
|
|
184,400 |
|
|
|
60,500 |
|
|
Ashley Furniture, Bob's Discount Furniture, Burlington Stores, Extra Space Storage |
|
|
75.3 |
% |
|
14 |
|
El Centro |
|
CA |
|
|
|
139,700 |
|
|
|
— |
|
|
|
139,700 |
|
|
n/a |
|
|
0.0 |
% |
|
15 |
|
Fairfield |
|
CA |
|
|
|
146,500 |
|
|
|
28,500 |
|
|
|
118,000 |
|
|
Dave & Busters |
|
|
19.5 |
% |
|
16 |
|
Florin |
|
CA |
|
|
|
272,700 |
|
|
|
— |
|
|
|
272,700 |
|
|
n/a |
|
|
0.0 |
% |
|
17 |
|
Fresno |
|
CA |
|
|
|
216,600 |
|
|
|
43,400 |
|
|
|
173,200 |
|
|
Ross Dress for Less, dd's Discounts |
|
|
20.0 |
% |
|
18 |
|
McKinleyville |
|
CA |
|
|
|
94,800 |
|
|
|
— |
|
|
|
94,800 |
|
|
n/a |
|
|
0.0 |
% |
|
19 |
|
Merced |
|
CA |
|
|
|
92,600 |
|
|
|
79,800 |
|
|
|
12,800 |
|
|
Burlington Stores, dd's Discounts, Five Below |
|
|
86.2 |
% |
|
20 |
|
Montclair |
|
CA |
|
|
|
174,700 |
|
|
|
— |
|
|
|
174,700 |
|
|
n/a |
|
|
0.0 |
% |
|
21 |
|
North Hollywood |
|
CA |
|
|
|
161,900 |
|
|
|
74,900 |
|
|
|
87,000 |
|
|
Burlington Stores, Ross Dress for Less |
|
|
46.3 |
% |
|
22 |
|
Palm Desert |
|
CA |
|
|
|
136,500 |
|
|
|
— |
|
|
|
136,500 |
|
|
n/a |
|
|
0.0 |
% |
|
23 |
|
Ramona |
|
CA |
|
|
|
107,500 |
|
|
|
14,700 |
|
|
|
92,800 |
|
|
Dollar Tree |
|
|
13.7 |
% |
|
24 |
|
Riverside |
|
CA |
|
|
|
214,200 |
|
|
|
12,200 |
|
|
|
202,000 |
|
|
Bank of America |
|
|
5.7 |
% |
|
25 |
|
Riverside |
|
CA |
|
|
|
132,600 |
|
|
|
38,100 |
|
|
|
94,500 |
|
|
Jack in the Box, Stater Brothers |
|
|
28.7 |
% |
|
26 |
|
Roseville |
|
CA |
|
|
|
125,800 |
|
|
|
109,500 |
|
|
|
16,300 |
|
|
AAA, Cinemark, Round One Entertainment |
|
|
87.0 |
% |
|
27 |
|
Salinas |
|
CA |
|
|
|
132,900 |
|
|
|
32,200 |
|
|
|
100,700 |
|
|
Burlington |
|
|
24.2 |
% |
|
28 |
|
San Bernardino |
|
CA |
|
|
|
264,700 |
|
|
|
— |
|
|
|
264,700 |
|
|
n/a |
|
|
0.0 |
% |
|
29 |
|
San Bruno |
|
CA |
|
|
|
276,600 |
|
|
|
— |
|
|
|
276,600 |
|
|
n/a |
|
|
0.0 |
% |
|
30 |
|
San Jose |
|
CA |
|
|
|
262,500 |
|
|
|
— |
|
|
|
262,500 |
|
|
n/a |
|
|
0.0 |
% |
|
31 |
|
Santa Maria |
|
CA |
|
|
|
108,600 |
|
|
|
— |
|
|
|
108,600 |
|
|
n/a |
|
|
0.0 |
% |
|
32 |
|
Temecula |
|
CA |
|
|
|
120,100 |
|
|
|
112,800 |
|
|
|
7,300 |
|
|
Round One Entertainment, Dick's Sporting Goods |
|
|
93.9 |
% |
|
33 |
|
Thousand Oaks |
|
CA |
|
|
|
161,400 |
|
|
|
113,700 |
|
|
|
47,700 |
|
|
Dave & Busters, DSW, Nordstrom Rack |
|
|
70.4 |
% |
|
34 |
|
Ventura |
|
CA |
|
|
|
178,600 |
|
|
|
— |
|
|
|
178,600 |
|
|
n/a |
|
|
0.0 |
% |
|
35 |
|
West Covina |
|
CA |
|
|
|
142,000 |
|
|
|
— |
|
|
|
142,000 |
|
|
n/a |
|
|
0.0 |
% |
|
36 |
|
Westminster |
|
CA |
|
|
|
197,900 |
|
|
|
— |
|
|
|
197,900 |
|
|
n/a |
|
|
0.0 |
% |
14
|
Property Information |
|
|
|
|
Wholly Owned Properties (cont’d)
March 31, 2021
|
|
|
City |
|
State |
|
|
Total |
|
|
Diversified |
|
|
Not Leased |
|
|
Significant Tenants (1) |
|
Leased (1) |
|
||||
|
37 |
|
Lakewood |
|
CO |
|
|
|
153,000 |
|
|
|
— |
|
|
|
153,000 |
|
|
n/a |
|
|
0.0 |
% |
|
38 |
|
Thornton |
|
CO |
|
|
|
203,000 |
|
|
|
61,700 |
|
|
|
141,300 |
|
|
Vasa Fitness |
|
|
30.4 |
% |
|
39 |
|
Waterford |
|
CT |
|
|
|
149,200 |
|
|
|
— |
|
|
|
149,200 |
|
|
n/a |
|
|
0.0 |
% |
|
40 |
|
Rehoboth Beach |
|
DE |
|
|
|
102,100 |
|
|
|
75,900 |
|
|
|
26,200 |
|
|
andThat!, PetSmart, Aldi |
|
|
74.3 |
% |
|
41 |
|
Aventura |
|
FL |
|
|
|
215,400 |
|
|
|
111,100 |
|
|
|
104,300 |
|
|
Pinstripes, Industrious |
|
|
51.6 |
% |
|
42 |
|
Boca Raton |
|
FL |
|
|
|
178,500 |
|
|
|
4,200 |
|
|
|
174,300 |
|
|
Washington Mutual |
|
|
2.4 |
% |
|
43 |
|
Bradenton |
|
FL |
|
|
|
82,900 |
|
|
|
49,900 |
|
|
|
33,000 |
|
|
Target |
|
|
60.2 |
% |
|
44 |
|
Clearwater |
|
FL |
|
|
|
211,200 |
|
|
|
75,500 |
|
|
|
135,700 |
|
|
Whole Foods, Nordstrom Rack |
|
|
35.7 |
% |
|
45 |
|
Doral |
|
FL |
|
|
|
212,900 |
|
|
|
— |
|
|
|
212,900 |
|
|
n/a |
|
|
0.0 |
% |
|
46 |
|
Ft. Myers |
|
FL |
|
|
|
146,800 |
|
|
|
— |
|
|
|
146,800 |
|
|
n/a |
|
|
0.0 |
% |
|
47 |
|
Hialeah |
|
FL |
|
|
|
145,200 |
|
|
|
16,500 |
|
|
|
128,700 |
|
|
Five Below, Panera |
|
|
11.4 |
% |
|
48 |
|
Hialeah (2) |
|
FL |
|
|
|
106,300 |
|
|
|
106,300 |
|
|
|
— |
|
|
Aldi, Bed Bath & Beyond, Ross Dress for Less, dd’s Discounts |
|
|
100.0 |
% |
|
49 |
|
Lakeland |
|
FL |
|
|
|
156,200 |
|
|
|
— |
|
|
|
156,200 |
|
|
n/a |
|
|
0.0 |
% |
|
50 |
|
Miami |
|
FL |
|
|
|
170,100 |
|
|
|
— |
|
|
|
170,100 |
|
|
n/a |
|
|
0.0 |
% |
|
51 |
|
North Miami |
|
FL |
|
|
|
129,400 |
|
|
|
129,400 |
|
|
|
— |
|
|
Aldi, Burlington Stores, Ross Dress for Less, Michaels Stores |
|
|
100.0 |
% |
|
52 |
|
Ocala |
|
FL |
|
|
|
146,200 |
|
|
|
— |
|
|
|
146,200 |
|
|
n/a |
|
|
0.0 |
% |
|
53 |
|
Orlando |
|
FL |
|
|
|
118,400 |
|
|
|
96,700 |
|
|
|
21,700 |
|
|
Floor & Décor |
|
|
81.7 |
% |
|
54 |
|
Panama City |
|
FL |
|
|
|
139,300 |
|
|
|
— |
|
|
|
139,300 |
|
|
n/a |
|
|
0.0 |
% |
|
55 |
|
Pensacola |
|
FL |
|
|
|
106,100 |
|
|
|
106,100 |
|
|
|
— |
|
|
BJ's Wholesale Club, Bubba's 33 |
|
|
100.0 |
% |
|
56 |
|
Plantation |
|
FL |
|
|
|
184,400 |
|
|
|
76,700 |
|
|
|
107,700 |
|
|
GameTime, Powerhouse Gym |
|
|
41.6 |
% |
|
57 |
|
Sarasota |
|
FL |
|
|
|
212,400 |
|
|
|
— |
|
|
|
212,400 |
|
|
n/a |
|
|
0.0 |
% |
|
58 |
|
St. Petersburg |
|
FL |
|
|
|
113,800 |
|
|
|
— |
|
|
|
113,800 |
|
|
n/a |
|
|
0.0 |
% |
|
59 |
|
St. Petersburg |
|
FL |
|
|
|
133,800 |
|
|
|
133,800 |
|
|
|
— |
|
|
Dick's Sporting Goods, Five Below, PetSmart |
|
|
100.0 |
% |
|
60 |
|
Savannah |
|
GA |
|
|
|
167,300 |
|
|
|
— |
|
|
|
167,300 |
|
|
n/a |
|
|
0.0 |
% |
|
61 |
|
Honolulu |
|
HI |
|
|
|
76,100 |
|
|
|
76,100 |
|
|
|
— |
|
|
Long's Drugs (CVS), Ross Dress for Less, PetSmart |
|
|
100.0 |
% |
|
62 |
|
Cedar Rapids |
|
IA |
|
|
|
146,000 |
|
|
|
— |
|
|
|
146,000 |
|
|
n/a |
|
|
0.0 |
% |
|
63 |
|
Charles City |
|
IA |
|
|
|
96,600 |
|
|
|
— |
|
|
|
96,600 |
|
|
n/a |
|
|
0.0 |
% |
|
64 |
|
Webster City |
|
IA |
|
|
|
40,800 |
|
|
|
— |
|
|
|
40,800 |
|
|
n/a |
|
|
0.0 |
% |
|
65 |
|
Boise |
|
ID |
|
|
|
123,600 |
|
|
|
— |
|
|
|
123,600 |
|
|
n/a |
|
|
0.0 |
% |
|
66 |
|
Chicago |
|
IL |
|
|
|
120,800 |
|
|
|
17,200 |
|
|
|
103,600 |
|
|
n/a |
|
|
14.2 |
% |
|
67 |
|
Joliet |
|
IL |
|
|
|
204,600 |
|
|
|
— |
|
|
|
204,600 |
|
|
n/a |
|
|
0.0 |
% |
|
68 |
|
Lombard |
|
IL |
|
|
|
139,300 |
|
|
|
139,300 |
|
|
|
— |
|
|
The Dump |
|
|
100.0 |
% |
|
69 |
|
North Riverside |
|
IL |
|
|
|
216,400 |
|
|
|
89,800 |
|
|
|
126,600 |
|
|
Round One Entertainment, Aldi, Blink Fitness, Amita Health |
|
|
41.5 |
% |
|
70 |
|
Orland Park |
|
IL |
|
|
|
140,000 |
|
|
|
— |
|
|
|
140,000 |
|
|
n/a |
|
|
0.0 |
% |
|
71 |
|
Springfield |
|
IL |
|
|
|
119,500 |
|
|
|
103,000 |
|
|
|
16,500 |
|
|
Binny's Beverage Depot, Burlington Stores, Marshalls |
|
|
86.2 |
% |
|
72 |
|
Steger |
|
IL |
|
|
|
87,400 |
|
|
|
— |
|
|
|
87,400 |
|
|
n/a |
|
|
0.0 |
% |
15
|
Property Information |
|
|
|
|
Wholly Owned Properties (cont’d)
March 31, 2021
|
|
|
City |
|
State |
|
|
Total |
|
|
Diversified |
|
|
Not Leased |
|
|
Significant Tenants (1) |
|
Leased (1) |
|
||||
|
73 |
|
Elkhart |
|
IN |
|
|
|
86,600 |
|
|
|
86,600 |
|
|
|
— |
|
|
n/a |
|
|
100.0 |
% |
|
74 |
|
Ft. Wayne |
|
IN |
|
|
|
84,400 |
|
|
|
33,700 |
|
|
|
50,700 |
|
|
Five Below, HomeGoods |
|
|
39.9 |
% |
|
75 |
|
Merrillville |
|
IN |
|
|
|
170,900 |
|
|
|
163,000 |
|
|
|
7,900 |
|
|
At Home, Dollar Tree |
|
|
95.4 |
% |
|
76 |
|
Hopkinsville |
|
KY |
|
|
|
85,100 |
|
|
|
64,600 |
|
|
|
20,500 |
|
|
Bargain Hunt, Farmer's Furniture, Harbor Freight |
|
|
75.9 |
% |
|
77 |
|
Paducah |
|
KY |
|
|
|
97,300 |
|
|
|
66,800 |
|
|
|
30,500 |
|
|
Burlington Stores, Ross Dress for Less |
|
|
68.7 |
% |
|
78 |
|
Lafayette |
|
LA |
|
|
|
194,900 |
|
|
|
— |
|
|
|
194,900 |
|
|
n/a |
|
|
0.0 |
% |
|
79 |
|
New Iberia |
|
LA |
|
|
|
4,500 |
|
|
|
4,500 |
|
|
|
— |
|
|
Chase Bank |
|
|
100.0 |
% |
|
80 |
|
Braintree |
|
MA |
|
|
|
89,700 |
|
|
|
85,100 |
|
|
|
4,600 |
|
|
Nordstrom Rack, Ulta Beauty |
|
|
94.9 |
% |
|
81 |
|
Saugus |
|
MA |
|
|
|
210,700 |
|
|
|
100,000 |
|
|
|
110,700 |
|
|
APEX Entertainment |
|
|
47.5 |
% |
|
82 |
|
Bowie |
|
MD |
|
|
|
123,000 |
|
|
|
15,000 |
|
|
|
108,000 |
|
|
BJ's Brewhouse |
|
|
12.2 |
% |
|
83 |
|
Edgewater |
|
MD |
|
|
|
117,200 |
|
|
|
— |
|
|
|
117,200 |
|
|
n/a |
|
|
0.0 |
% |
|
84 |
|
Madawaska |
|
ME |
|
|
|
49,700 |
|
|
|
— |
|
|
|
49,700 |
|
|
n/a |
|
|
0.0 |
% |
|
85 |
|
Lincoln Park |
|
MI |
|
|
|
301,700 |
|
|
|
3,800 |
|
|
|
297,900 |
|
|
Bank of America |
|
|
1.3 |
% |
|
86 |
|
Manistee |
|
MI |
|
|
|
94,700 |
|
|
|
— |
|
|
|
94,700 |
|
|
n/a |
|
|
0.0 |
% |
|
87 |
|
Roseville |
|
MI |
|
|
|
364,600 |
|
|
|
154,600 |
|
|
|
210,000 |
|
|
At Home, Hobby Lobby |
|
|
42.4 |
% |
|
88 |
|
Sault Ste. Marie |
|
MI |
|
|
|
92,700 |
|
|
|
— |
|
|
|
92,700 |
|
|
n/a |
|
|
0.0 |
% |
|
89 |
|
Troy |
|
MI |
|
|
|
379,600 |
|
|
|
91,100 |
|
|
|
288,500 |
|
|
At Home |
|
|
24.0 |
% |
|
90 |
|
Ypsilanti |
|
MI |
|
|
|
91,700 |
|
|
|
91,700 |
|
|
|
— |
|
|
At Home |
|
|
100.0 |
% |
|
91 |
|
Burnsville |
|
MN |
|
|
|
167,300 |
|
|
|
— |
|
|
|
167,300 |
|
|
n/a |
|
|
0.0 |
% |
|
92 |
|
Maplewood |
|
MN |
|
|
|
175,000 |
|
|
|
— |
|
|
|
175,000 |
|
|
n/a |
|
|
0.0 |
% |
|
93 |
|
St. Paul |
|
MN |
|
|
|
217,900 |
|
|
|
100 |
|
|
|
217,800 |
|
|
n/a |
|
|
0.0 |
% |
|
94 |
|
Florissant |
|
MO |
|
|
|
119,000 |
|
|
|
4,300 |
|
|
|
114,700 |
|
|
n/a |
|
|
3.6 |
% |
|
95 |
|
Springfield |
|
MO |
|
|
|
112,900 |
|
|
|
112,900 |
|
|
|
— |
|
|
At Home |
|
|
100.0 |
% |
|
96 |
|
Columbus |
|
MS |
|
|
|
166,700 |
|
|
|
45,400 |
|
|
|
121,300 |
|
|
Bargain Hunt |
|
|
27.2 |
% |
|
97 |
|
Asheville |
|
NC |
|
|
|
110,600 |
|
|
|
— |
|
|
|
110,600 |
|
|
n/a |
|
|
0.0 |
% |
|
98 |
|
Greensboro |
|
NC |
|
|
|
178,500 |
|
|
|
168,200 |
|
|
|
10,300 |
|
|
Floor & Décor, Gabriel Brothers |
|
|
94.2 |
% |
|
99 |
|
Kearney |
|
NE |
|
|
|
64,900 |
|
|
|
64,900 |
|
|
|
— |
|
|
Ross Dress for Less, Five Below, Marshall's |
|
|
100.0 |
% |
|
100 |
|
Manchester |
|
NH |
|
|
|
106,600 |
|
|
|
80,400 |
|
|
|
26,200 |
|
|
Dick's Sporting Goods, Dave & Buster's |
|
|
75.4 |
% |
|
101 |
|
Nashua |
|
NH |
|
|
|
167,100 |
|
|
|
— |
|
|
|
167,100 |
|
|
n/a |
|
|
0.0 |
% |
|
102 |
|
Portsmouth |
|
NH |
|
|
|
127,100 |
|
|
|
— |
|
|
|
127,100 |
|
|
n/a |
|
|
0.0 |
% |
|
103 |
|
Salem |
|
NH |
|
|
|
251,600 |
|
|
|
123,800 |
|
|
|
127,800 |
|
|
Cinemark, Dick's Sporting Goods |
|
|
49.2 |
% |
|
104 |
|
Watchung |
|
NJ |
|
|
|
116,400 |
|
|
|
114,400 |
|
|
|
2,000 |
|
|
Cinemark, HomeGoods, Sierra Trading Post, Ulta Beauty, Chick-fil-A, City MD |
|
|
98.3 |
% |
|
105 |
|
Las Vegas |
|
NV |
|
|
|
130,300 |
|
|
|
42,500 |
|
|
|
87,800 |
|
|
Round One Entertainment |
|
|
32.6 |
% |
|
106 |
|
Reno |
|
NV |
|
|
|
162,700 |
|
|
|
41,300 |
|
|
|
121,400 |
|
|
Round One Entertainment |
|
|
25.4 |
% |
|
107 |
|
Albany |
|
NY |
|
|
|
277,900 |
|
|
|
80,200 |
|
|
|
197,700 |
|
|
Whole Foods, REI, Ethan Allen |
|
|
28.9 |
% |
|
108 |
|
Clay |
|
NY |
|
|
|
146,500 |
|
|
|
— |
|
|
|
146,500 |
|
|
n/a |
|
|
0.0 |
% |
16
|
Property Information |
|
|
|
|
Wholly Owned Properties (cont’d)
March 31, 2021
|
|
|
City |
|
State |
|
|
Total |
|
|
Diversified |
|
|
Not Leased |
|
|
Significant Tenants (1) |
|
Leased (1) |
|
||||
|
109 |
|
East Northport |
|
NY |
|
|
|
179,700 |
|
|
|
93,300 |
|
|
|
86,400 |
|
|
24 Hour Fitness, AMC |
|
|
51.9 |
% |
|
110 |
|
Hicksville |
|
NY |
|
|
|
284,800 |
|
|
|
57,900 |
|
|
|
226,900 |
|
|
Chase Bank, Chipotle |
|
|
20.3 |
% |
|
111 |
|
Olean |
|
NY |
|
|
|
120,700 |
|
|
|
55,400 |
|
|
|
65,300 |
|
|
Marshall's, Ollie's Bargain Hunt |
|
|
45.9 |
% |
|
112 |
|
Rochester |
|
NY |
|
|
|
128,500 |
|
|
|
— |
|
|
|
128,500 |
|
|
n/a |
|
|
0.0 |
% |
|
113 |
|
Sidney |
|
NY |
|
|
|
94,400 |
|
|
|
— |
|
|
|
94,400 |
|
|
n/a |
|
|
0.0 |
% |
|
114 |
|
Victor |
|
NY |
|
|
|
138,600 |
|
|
|
119,600 |
|
|
|
19,000 |
|
|
Dick's Sporting Goods |
|
|
86.3 |
% |
|
115 |
|
Yorktown Heights |
|
NY |
|
|
|
160,000 |
|
|
|
38,500 |
|
|
|
121,500 |
|
|
24 Hour Fitness |
|
|
24.1 |
% |
|
116 |
|
Canton |
|
OH |
|
|
|
190,600 |
|
|
|
116,300 |
|
|
|
74,300 |
|
|
Dick's Sporting Goods, Dave & Busters, Cheddars |
|
|
61.0 |
% |
|
117 |
|
Dayton |
|
OH |
|
|
|
180,200 |
|
|
|
13,400 |
|
|
|
166,800 |
|
|
Outback Steakhouse |
|
|
7.4 |
% |
|
118 |
|
Kenton |
|
OH |
|
|
|
96,100 |
|
|
|
— |
|
|
|
96,100 |
|
|
n/a |
|
|
0.0 |
% |
|
119 |
|
Mentor |
|
OH |
|
|
|
219,100 |
|
|
|
— |
|
|
|
219,100 |
|
|
n/a |
|
|
0.0 |
% |
|
120 |
|
Middleburg Heights |
|
OH |
|
|
|
359,000 |
|
|
|
35,800 |
|
|
|
323,200 |
|
|
Carvana |
|
|
10.0 |
% |
|
121 |
|
Toledo |
|
OH |
|
|
|
218,700 |
|
|
|
— |
|
|
|
218,700 |
|
|
n/a |
|
|
0.0 |
% |
|
122 |
|
Oklahoma City |
|
OK |
|
|
|
223,600 |
|
|
|
50,300 |
|
|
|
173,300 |
|
|
Vasa Fitness |
|
|
22.5 |
% |
|
123 |
|
Happy Valley |
|
OR |
|
|
|
144,300 |
|
|
|
45,000 |
|
|
|
99,300 |
|
|
Dick's Sporting Goods |
|
|
31.2 |
% |
|
124 |
|
King of Prussia (2) |
|
PA |
|
|
|
210,800 |
|
|
|
174,500 |
|
|
|
36,300 |
|
|
Dick's Sporting Goods, Primark, Outback Steakhouse, Yardhouse |
|
|
82.8 |
% |
|
125 |
|
Lebanon |
|
PA |
|
|
|
117,200 |
|
|
|
— |
|
|
|
117,200 |
|
|
n/a |
|
|
0.0 |
% |
|
126 |
|
Walnutport |
|
PA |
|
|
|
121,200 |
|
|
|
— |
|
|
|
121,200 |
|
|
n/a |
|
|
0.0 |
% |
|
127 |
|
Bayamon |
|
PR |
|
|
|
114,600 |
|
|
|
— |
|
|
|
114,600 |
|
|
n/a |
|
|
0.0 |
% |
|
128 |
|
Caguas |
|
PR |
|
|
|
138,700 |
|
|
|
— |
|
|
|
138,700 |
|
|
n/a |
|
|
0.0 |
% |
|
129 |
|
Carolina |
|
PR |
|
|
|
198,000 |
|
|
|
— |
|
|
|
198,000 |
|
|
n/a |
|
|
0.0 |
% |
|
130 |
|
Mayaguez |
|
PR |
|
|
|
118,200 |
|
|
|
— |
|
|
|
118,200 |
|
|
n/a |
|
|
0.0 |
% |
|
131 |
|
Ponce |
|
PR |
|
|
|
126,900 |
|
|
|
— |
|
|
|
126,900 |
|
|
n/a |
|
|
0.0 |
% |
|
132 |
|
Warwick |
|
RI |
|
|
|
131,500 |
|
|
|
123,100 |
|
|
|
8,400 |
|
|
At Home, Hook & Reel, Skechers |
|
|
93.6 |
% |
|
133 |
|
Anderson |
|
SC |
|
|
|
117,100 |
|
|
|
117,100 |
|
|
|
— |
|
|
Burlington Stores, Sportsman's Warehouse |
|
|
100.0 |
% |
|
134 |
|
Charleston |
|
SC |
|
|
|
106,400 |
|
|
|
52,900 |
|
|
|
53,500 |
|
|
Burlington Stores |
|
|
49.7 |
% |
|
135 |
|
Cordova |
|
TN |
|
|
|
160,900 |
|
|
|
— |
|
|
|
160,900 |
|
|
n/a |
|
|
0.0 |
% |
|
136 |
|
Memphis |
|
TN |
|
|
|
112,700 |
|
|
|
100,000 |
|
|
|
12,700 |
|
|
LA Fitness, Hopdoddy, Nordstrom Rack, Ulta Beauty |
|
|
88.7 |
% |
|
137 |
|
Austin |
|
TX |
|
|
|
52,700 |
|
|
|
45,000 |
|
|
|
7,700 |
|
|
AMC |
|
|
85.4 |
% |
|
138 |
|
Dallas |
|
TX |
|
|
|
235,000 |
|
|
|
— |
|
|
|
235,000 |
|
|
n/a |
|
|
0.0 |
% |
|
139 |
|
El Paso |
|
TX |
|
|
|
114,200 |
|
|
|
99,100 |
|
|
|
15,100 |
|
|
dd's Discount, Ross Dress for Less, Five Below, Burlington Stores |
|
|
86.8 |
% |
|
140 |
|
Friendswood |
|
TX |
|
|
|
166,000 |
|
|
|
— |
|
|
|
166,000 |
|
|
n/a |
|
|
0.0 |
% |
|
141 |
|
Houston |
|
TX |
|
|
|
134,000 |
|
|
|
134,000 |
|
|
|
— |
|
|
At Home |
|
|
100.0 |
% |
|
142 |
|
Houston |
|
TX |
|
|
|
201,700 |
|
|
|
— |
|
|
|
201,700 |
|
|
n/a |
|
|
0.0 |
% |
|
143 |
|
Ingram |
|
TX |
|
|
|
168,400 |
|
|
|
— |
|
|
|
168,400 |
|
|
n/a |
|
|
0.0 |
% |
|
144 |
|
Irving |
|
TX |
|
|
|
92,000 |
|
|
|
12,500 |
|
|
|
79,500 |
|
|
Carvana, CareNow, Chick-fil-A |
|
|
13.6 |
% |
17
|
Property Information |
|
|
|
|
Wholly Owned Properties (cont’d)
March 31, 2021
|
|
|
City |
|
State |
|
|
Total |
|
|
Diversified |
|
|
Not Leased |
|
|
Significant Tenants (1) |
|
Leased (1) |
|
||||
|
145 |
|
San Antonio |
|
TX |
|
|
|
164,200 |
|
|
|
121,100 |
|
|
|
43,100 |
|
|
Tru Fit, Bed Bath & Beyond |
|
|
73.8 |
% |
|
146 |
|
Layton |
|
UT |
|
|
|
86,500 |
|
|
|
66,400 |
|
|
|
20,100 |
|
|
Vasa Fitness |
|
|
76.8 |
% |
|
147 |
|
Alexandria |
|
VA |
|
|
|
262,100 |
|
|
|
— |
|
|
|
262,100 |
|
|
n/a |
|
|
0.0 |
% |
|
148 |
|
Chesapeake |
|
VA |
|
|
|
169,700 |
|
|
|
— |
|
|
|
169,700 |
|
|
n/a |
|
|
0.0 |
% |
|
149 |
|
Fairfax |
|
VA |
|
|
|
211,000 |
|
|
|
154,400 |
|
|
|
56,600 |
|
|
Dave & Busters, Dick's Sporting Goods |
|
|
73.2 |
% |
|
150 |
|
Virginia Beach |
|
VA |
|
|
|
166,200 |
|
|
|
79,300 |
|
|
|
86,900 |
|
|
DSW, The Fresh Market, Nordstrom Rack, Smokey Bones |
|
|
47.7 |
% |
|
151 |
|
Warrenton |
|
VA |
|
|
|
75,500 |
|
|
|
62,200 |
|
|
|
13,300 |
|
|
HomeGoods |
|
|
82.4 |
% |
|
152 |
|
Redmond |
|
WA |
|
|
|
230,700 |
|
|
|
— |
|
|
|
230,700 |
|
|
n/a |
|
|
0.0 |
% |
|
153 |
|
Greendale |
|
WI |
|
|
|
187,500 |
|
|
|
133,700 |
|
|
|
53,800 |
|
|
Dick's Sporting Goods, Round One Entertainment |
|
|
71.3 |
% |
|
154 |
|
Madison |
|
WI |
|
|
|
118,400 |
|
|
|
118,400 |
|
|
|
— |
|
|
Dave & Busters, Total Wine & More, Hobby Lobby |
|
|
100.0 |
% |
|
|
|
Total - Wholly-Owned Properties |
|
|
|
23,989,100 |
|
|
|
6,741,100 |
|
|
|
17,248,000 |
|
|
|
|
|
28.1 |
% |
||
|
(1) |
Based on signed leases as of March 31, 2021. |
|
(2) |
Property is subject to a ground lease. |
18
|
Disclosures |
|
|
|
|
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 the Company deems most comparable have been provided in the tables accompanying this press release.
Net Operating Income (“NOI”) and Total NOI
NOI is defined as income from property operations less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly the Company’s depiction of NOI may not be comparable to other REITs. 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.
19
|
Disclosures |
|
|
|
|
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: declines in retail, real estate and general economic conditions; the impact of the COVID-19 pandemic on the business of the Company’s tenants and business, income, cash flow, results of operations, financial condition, liquidity, prospects, ability to service the Company’s debt obligations and ability to pay dividends and other distributions to shareholders, the Company’s 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 redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company’s indebtedness; restrictions with which the Company is required to comply in order to maintain REIT status and other legal requirements to which the Company is 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 the Company’s ability to fund operations and ongoing development; the Company’s ability to access or obtain sufficient sources of financing to fund the Company’s liquidity needs; the Company’s relatively limited history as an operating company; and environmental, health, safety and land use laws and regulations. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended March 31, 2021. While the Company believes that its forecasts and assumptions are reasonable, the Company cautions that actual results may differ materially. The Company intends 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.
20
Seritage Growth Properties
500 Fifth Avenue | New York, NY 10110
212-355-7800 | www.seritage.com