Attached files
file | filename |
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8-K - CURRENT REPORT - GLIMCHER REALTY TRUST | grt_8k-021611.htm |
EX-99.1 - PRESS RELEASE - GLIMCHER REALTY TRUST | ex99-1.htm |
Exhibit 99.2
GLIMCHER
Supplemental Information
For the three and twelve months ended December 31, 2010 and 2009
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GLIMCHER REALTY TRUST
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Supplemental Information
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For the Three and Twelve Months Ended December 31, 2010 and 2009
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TABLE OF CONTENTS
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Income Statement Data:
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Quarterly Income Statements
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Page 1 | |
Year-to-Date Income Statements
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Page 2 | |
Components of Minimum Rents and Other Revenue
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Page 3 | |
Components of Other Operating Expenses
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Page 4 | |
Summary Financial Statement Information for Unconsolidated Entities
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Page 5 | |
Calculation of Funds from Operations and FFO Payout Ratio
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Page 6 | |
Unconsolidated Entities Calculation of FFO and Disclosure of Pro-Rata Share of Non-Cash Amounts in FFO
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Page 7 | |
EBITDA, Operating Ratios and Earnings Per Share
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Page 8 | |
Balance Sheet Data:
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Consolidated Balance Sheets
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Page 9 | |
Market Capitalization and Debt Covenant Requirements
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Page 10 | |
Consolidated Debt Schedule
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Page 11 | |
Total Debt Maturities Schedule (Wholly-owned and Pro-Rata Share of Joint Venture Debt)
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Page 12 | |
Joint Venture Debt Maturity Schedule
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Page 13 | |
Operational Data:
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Occupancy Statistics
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Leasing Results and Re-leasing Spreads
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Page 14 | |
Mall Portfolio Statistics by Asset Category
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Page 15 | |
Summary of Significant Tenants
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Page 16 | |
Top 10 Regional Mall Tenants
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Page 17 | |
Lease Expiration Schedule
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Page 18 | |
Page 19 | ||
Development Activity:
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Capital Expenditures
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Page 20 | |
Scottsdale Quarter Update
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Page 21 |
QUARTERLY INCOME STATEMENTS
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(in thousands)
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Three Months Ended December 31,
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||||||||||||||||||||||||
2010
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2009
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|||||||||||||||||||||||
As
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Discontinued
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Pre
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As
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Discontinued
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Pre
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|||||||||||||||||||
Reported
|
Operations
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FAS 144
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Reported
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Operations
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FAS 144
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|||||||||||||||||||
Revenues:
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||||||||||||||||||||||||
Minimum rents (see components on page 3)
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$ | 40,806 | $ | - | $ | 40,806 | $ | 46,979 | $ | - | $ | 46,979 | ||||||||||||
Percentage rents
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1,576 | - | 1,576 | 1,865 | - | 1,865 | ||||||||||||||||||
Tenant reimbursements
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20,003 | - | 20,003 | 22,679 | 4 | 22,683 | ||||||||||||||||||
Other (see components on page 3)
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7,874 | - | 7,874 | 8,056 | 206 | 8,262 | ||||||||||||||||||
Total Revenues
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70,259 | - | 70,259 | 79,579 | 210 | 79,789 | ||||||||||||||||||
Expenses:
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||||||||||||||||||||||||
Property operating expenses
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(13,873 | ) | 3 | (13,870 | ) | (16,370 | ) | 15 | (16,355 | ) | ||||||||||||||
Real estate taxes
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(8,852 | ) | (3 | ) | (8,855 | ) | (9,080 | ) | (3 | ) | (9,083 | ) | ||||||||||||
(22,725 | ) | - | (22,725 | ) | (25,450 | ) | 12 | (25,438 | ) | |||||||||||||||
Provision for doubtful accounts
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(263 | ) | - | (263 | ) | (1,389 | ) | - | (1,389 | ) | ||||||||||||||
Other operating expenses (see components on page 4)
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(2,377 | ) | - | (2,377 | ) | (2,056 | ) | (166 | ) | (2,222 | ) | |||||||||||||
Real estate depreciation and amortization
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(16,390 | ) | - | (16,390 | ) | (19,634 | ) | - | (19,634 | ) | ||||||||||||||
Non-real estate depreciation and amortization
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(421 | ) | - | (421 | ) | (460 | ) | - | (460 | ) | ||||||||||||||
General and administrative
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(5,170 | ) | (1 | ) | (5,171 | ) | (4,894 | ) | (3 | ) | (4,897 | ) | ||||||||||||
Impairment loss
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- | - | - | (3,422 | ) | - | (3,422 | ) | ||||||||||||||||
Total Expenses
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(47,346 | ) | (1 | ) | (47,347 | ) | (57,305 | ) | (157 | ) | (57,462 | ) | ||||||||||||
Operating Income
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22,913 | (1 | ) | 22,912 | 22,274 | 53 | 22,327 | |||||||||||||||||
Interest income
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321 | (60 | ) | 261 | 1,270 | - | 1,270 | |||||||||||||||||
Interest expense
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(17,285 | ) | - | (17,285 | ) | (19,661 | ) | (4 | ) | (19,665 | ) | |||||||||||||
Loan fee amortization
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(1,878 | ) | - | (1,878 | ) | (660 | ) | - | (660 | ) | ||||||||||||||
Other expenses, net (see components on page 6)
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- | - | - | (3,344 | ) | - | (3,344 | ) | ||||||||||||||||
Equity in income (loss) of unconsolidated real estate entities, net
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469 | - | 469 | (1,349 | ) | - | (1,349 | ) | ||||||||||||||||
Income (loss) from continuing operations
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4,540 | (61 | ) | 4,479 | (1,470 | ) | 49 | (1,421 | ) | |||||||||||||||
Discontinued Operations:
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||||||||||||||||||||||||
(Loss) income from operations
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(61 | ) | 61 | - | 49 | (49 | ) | - | ||||||||||||||||
Net income (loss)
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4,479 | - | 4,479 | (1,421 | ) | - | (1,421 | ) | ||||||||||||||||
Allocation to noncontrolling interests
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435 | - | 435 | 242 | - | 242 | ||||||||||||||||||
Net income (loss) attributable to Glimcher Realty Trust
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4,914 | - | 4,914 | (1,179 | ) | - | (1,179 | ) | ||||||||||||||||
Preferred share dividends
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(6,137 | ) | - | (6,137 | ) | (4,359 | ) | - | (4,359 | ) | ||||||||||||||
Net loss to common shareholders
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$ | (1,223 | ) | $ | - | $ | (1,223 | ) | $ | (5,538 | ) | $ | - | $ | (5,538 | ) |
Note: Pre FAS 144 column includes both continuing and discontinued operations.
Page 1
YEAR-TO-DATE INCOME STATEMENTS
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(in thousands)
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Twelve Months Ended December 31,
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||||||||||||||||||||||||
2010
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2009
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|||||||||||||||||||||||
As
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Discontinued
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Pre
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As
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Discontinued
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Pre
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|||||||||||||||||||
Reported
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Operations
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FAS 144
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Reported
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Operations
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FAS 144
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|||||||||||||||||||
Revenues:
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||||||||||||||||||||||||
Minimum rents (see components on page 3)
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$ | 166,072 | $ | (66 | ) | $ | 166,006 | $ | 185,269 | $ | 1,718 | $ | 186,987 | |||||||||||
Percentage rents
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4,628 | - | 4,628 | 5,489 | 22 | 5,511 | ||||||||||||||||||
Tenant reimbursements
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81,284 | (5 | ) | 81,279 | 92,140 | 1,180 | 93,320 | |||||||||||||||||
Out parcel sales
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- | - | - | 1,675 | - | 1,675 | ||||||||||||||||||
Other (see components on page 3)
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22,788 | 64 | 22,852 | 23,852 | 462 | 24,314 | ||||||||||||||||||
Total Revenues
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274,772 | (7 | ) | 274,765 | 308,425 | 3,382 | 311,807 | |||||||||||||||||
Expenses:
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||||||||||||||||||||||||
Property operating expenses
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(57,659 | ) | 4 | (57,655 | ) | (64,978 | ) | (1,930 | ) | (66,908 | ) | |||||||||||||
Real estate taxes
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(33,626 | ) | (7 | ) | (33,633 | ) | (36,218 | ) | (472 | ) | (36,690 | ) | ||||||||||||
(91,285 | ) | (3 | ) | (91,288 | ) | (101,196 | ) | (2,402 | ) | (103,598 | ) | |||||||||||||
Provision for doubtful accounts
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(3,754 | ) | - | (3,754 | ) | (5,849 | ) | (307 | ) | (6,156 | ) | |||||||||||||
Other operating expenses (see components on page 4)
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(12,356 | ) | (75 | ) | (12,431 | ) | (8,633 | ) | (455 | ) | (9,088 | ) | ||||||||||||
Cost related to sales of out parcels
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- | - | - | (1,145 | ) | - | (1,145 | ) | ||||||||||||||||
Real estate depreciation and amortization
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(67,548 | ) | - | (67,548 | ) | (78,935 | ) | - | (78,935 | ) | ||||||||||||||
Non-real estate depreciation and amortization
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(1,995 | ) | - | (1,995 | ) | (2,027 | ) | - | (2,027 | ) | ||||||||||||||
General and administrative
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(19,477 | ) | (6 | ) | (19,483 | ) | (18,305 | ) | (19 | ) | (18,324 | ) | ||||||||||||
Impairment loss
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- | - | - | (3,422 | ) | - | (3,422 | ) | ||||||||||||||||
Total Expenses
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(196,415 | ) | (84 | ) | (196,499 | ) | (219,512 | ) | (3,183 | ) | (222,695 | ) | ||||||||||||
Operating Income
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78,357 | (91 | ) | 78,266 | 88,913 | 199 | 89,112 | |||||||||||||||||
Interest income
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1,191 | (59 | ) | 1,132 | 2,934 | 9 | 2,943 | |||||||||||||||||
Interest expense
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(72,346 | ) | - | (72,346 | ) | (77,385 | ) | (1,210 | ) | (78,595 | ) | |||||||||||||
Loan fee amortization
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(6,488 | ) | - | (6,488 | ) | (2,660 | ) | (34 | ) | (2,694 | ) | |||||||||||||
Other expenses, net (see components on page 6)
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- | - | - | (3,344 | ) | - | (3,344 | ) | ||||||||||||||||
Equity in income (loss) of unconsolidated real estate entities, net
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31 | - | 31 | (3,191 | ) | - | (3,191 | ) | ||||||||||||||||
Income from continuing operations
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745 | (150 | ) | 595 | 5,267 | (1,036 | ) | 4,231 | ||||||||||||||||
Discontinued Operations:
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||||||||||||||||||||||||
Loss on disposition of properties
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(215 | ) | - | (215 | ) | (288 | ) | - | (288 | ) | ||||||||||||||
Impairment losses, net
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- | - | - | (183 | ) | - | (183 | ) | ||||||||||||||||
Loss from operations
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(150 | ) | 150 | - | (1,036 | ) | 1,036 | - | ||||||||||||||||
Net income
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380 | - | 380 | 3,760 | - | 3,760 | ||||||||||||||||||
Allocation to noncontrolling interests
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5,473 | - | 5,473 | 821 | - | 821 | ||||||||||||||||||
Net income attributable to Glimcher Realty Trust
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5,853 | - | 5,853 | 4,581 | - | 4,581 | ||||||||||||||||||
Preferred share dividends
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(22,236 | ) | - | (22,236 | ) | (17,437 | ) | - | (17,437 | ) | ||||||||||||||
Net loss to common shareholders
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$ | (16,383 | ) | $ | - | $ | (16,383 | ) | $ | (12,856 | ) | $ | - | $ | (12,856 | ) |
Note: Pre FAS 144 column includes both continuing and discontinued operations.
Page 2
Components of Minimum Rents and Other Revenue
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(in thousands)
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Three Months Ended December 31,
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||||||||||||||||||||||||
2010
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2009
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|||||||||||||||||||||||
As
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Discontinued
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Pre
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As
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Discontinued
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Pre
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|||||||||||||||||||
Reported
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Operations
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FAS 144
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Reported
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Operations
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FAS 144
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|||||||||||||||||||
Components of Minimum Rents:
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||||||||||||||||||||||||
Base rent
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$ | 40,321 | $ | - | $ | 40,321 | $ | 47,186 | $ | - | $ | 47,186 | ||||||||||||
Termination income
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360 | - | 360 | 241 | - | 241 | ||||||||||||||||||
Straight-line rents
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125 | - | 125 | (448 | ) | - | (448 | ) | ||||||||||||||||
Total Minimum Rents
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$ | 40,806 | $ | - | $ | 40,806 | $ | 46,979 | $ | - | $ | 46,979 | ||||||||||||
Components of Other Revenue:
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||||||||||||||||||||||||
Fee and service income
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$ | 2,098 | $ | - | $ | 2,098 | $ | 1,204 | $ | - | $ | 1,204 | ||||||||||||
Specialty leasing and sponsorship income
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4,560 | - | 4,560 | 5,252 | 7 | 5,259 | ||||||||||||||||||
Other
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1,216 | - | 1,216 | 1,600 | 199 | 1,799 | ||||||||||||||||||
Total Other Revenue
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$ | 7,874 | $ | - | $ | 7,874 | $ | 8,056 | $ | 206 | $ | 8,262 |
Twelve Months Ended December 31,
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||||||||||||||||||||||||
2010 | 2009 | |||||||||||||||||||||||
As
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Discontinued
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Pre
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As
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Discontinued
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Pre
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|||||||||||||||||||
Reported
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Operations
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FAS 144
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Reported
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Operations
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FAS 144
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|||||||||||||||||||
Components of Minimum Rents:
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||||||||||||||||||||||||
Base rent
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$ | 164,250 | $ | (66 | ) | $ | 164,184 | $ | 185,695 | $ | 1,805 | $ | 187,500 | |||||||||||
Termination income
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1,101 | - | 1,101 | 718 | 3 | 721 | ||||||||||||||||||
Straight-line rents
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721 | - | 721 | (1,144 | ) | (90 | ) | (1,234 | ) | |||||||||||||||
Total Minimum Rents
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$ | 166,072 | $ | (66 | ) | $ | 166,006 | $ | 185,269 | $ | 1,718 | $ | 186,987 | |||||||||||
Components of Other Revenue:
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||||||||||||||||||||||||
Fee and service income
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$ | 6,272 | $ | - | $ | 6,272 | $ | 4,655 | $ | - | $ | 4,655 | ||||||||||||
Specialty leasing and sponsorship income
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11,286 | - | 11,286 | 12,708 | 64 | 12,772 | ||||||||||||||||||
Other (1)
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5,230 | 64 | 5,294 | 6,489 | 398 | 6,887 | ||||||||||||||||||
Total Other Revenue
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$ | 22,788 | $ | 64 | $ | 22,852 | $ | 23,852 | $ | 462 | $ | 24,314 |
Note: Pre FAS 144 column includes both continuing and discontinued operations.
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(1) Included in the twelve months ended December 31, 2010 is a $547 gain on the sale of a 60% interest in both Lloyd Center and Westshore Plaza. Included in
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the twelve months ended December 31, 2009 is a $1,482 gain on the sale of an operating asset. Both of these gains are excluded in the computation of FFO.
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Page 3
Components of Other Operating Expenses
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(in thousands)
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Three Months Ended December 31,
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||||||||||||||||||||||||
2010
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2009
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|||||||||||||||||||||||
As
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Discontinued
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Pre
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As
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Discontinued
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Pre
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|||||||||||||||||||
Components of Other Operating Expenses
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Reported
|
Operations
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FAS 144
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Reported
|
Operations
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FAS 144
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||||||||||||||||||
Cost of providing services to unconsolidated real estate entities
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$ | 1,002 | $ | - | $ | 1,002 | $ | 390 | $ | - | $ | 390 | ||||||||||||
Discontinued development write offs
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11 | - | 11 | 7 | - | 7 | ||||||||||||||||||
Specialty leasing costs
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462 | - | 462 | 474 | - | 474 | ||||||||||||||||||
Other
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902 | - | 902 | 1,185 | 166 | 1,351 | ||||||||||||||||||
Total Other Operating Expenses
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$ | 2,377 | $ | - | $ | 2,377 | $ | 2,056 | $ | 166 | $ | 2,222 |
Twelve Months Ended December 31,
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||||||||||||||||||||||||
2010 | 2009 | |||||||||||||||||||||||
As
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Discontinued
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Pre
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As
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Discontinued
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Pre
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|||||||||||||||||||
Components of Other Operating Expenses
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Reported
|
Operations
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FAS 144
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Reported
|
Operations
|
FAS 144
|
||||||||||||||||||
Cost of providing services to unconsolidated real estate entities
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$ | 3,149 | $ | - | $ | 3,149 | $ | 1,848 | $ | - | $ | 1,848 | ||||||||||||
Discontinued development write offs
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241 | - | 241 | 243 | - | 243 | ||||||||||||||||||
Speciality leasing costs
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1,752 | - | 1,752 | 1,771 | 41 | 1,812 | ||||||||||||||||||
Scottsdale ground lease
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2,551 | - | 2,551 | - | - | - | ||||||||||||||||||
Other
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4,663 | 75 | 4,738 | 4,771 | 414 | 5,185 | ||||||||||||||||||
Total Other Operating Expenses
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$ | 12,356 | $ | 75 | $ | 12,431 | $ | 8,633 | $ | 455 | $ | 9,088 |
Note: Pre FAS 144 column includes both continuing and discontinued operations.
Page 4
SUMMARY FINANCIAL STATEMENT INFORMATION
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FOR UNCONSOLIDATED ENTITIES
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(in thousands)
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For the Three Months Ended December 31, 2010
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For the Three Months Ended December 31, 2009
|
|||||||||||||||
Company's Pro-Rata
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Company's Pro-Rata
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|||||||||||||||
Share of Unconsolidated
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Share of Unconsolidated
|
|||||||||||||||
Total
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Entities Operations
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Total
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Entities Operations
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|||||||||||||
Statements of Operations
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||||||||||||||||
Total revenues
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$ | 28,178 | $ | 10,701 | $ | 7,760 | $ | 4,028 | ||||||||
Operating expenses
|
(12,970 | ) | (4,872 | ) | (5,245 | ) | (2,707 | ) | ||||||||
Net operating income
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15,208 | 5,829 | 2,515 | 1,321 | ||||||||||||
Depreciation and amortization
|
(8,224 | ) | (3,020 | ) | (2,851 | ) | (1,472 | ) | ||||||||
Other expenses, net
|
(903 | ) | (198 | ) | (5 | ) | (3 | ) | ||||||||
Interest expense, net
|
(5,713 | ) | (2,138 | ) | (2,318 | ) | (1,191 | ) | ||||||||
Net income (loss)
|
368 | 473 | (2,659 | ) | (1,345 | ) | ||||||||||
Preferred dividend
|
(8 | ) | (4 | ) | (8 | ) | (4 | ) | ||||||||
Net income (loss) to partnership
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$ | 360 | $ | 469 | $ | (2,667 | ) | $ | (1,349 | ) | ||||||
GPLP's share of income (loss) from investment in unconsolidated entites
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$ | 469 | $ | (1,349 | ) |
For the Twleve Months Ended December 31, 2010
|
For the Twelve Months Ended December 31, 2009
|
|||||||||||||||
Company's Pro-Rata
|
Company's Pro-Rata
|
|||||||||||||||
Share of Unconsolidated
|
Share of Unconsolidated
|
|||||||||||||||
Total
|
Entities Operations
|
Total
|
Entities Operations
|
|||||||||||||
Statements of Operations
|
||||||||||||||||
Total revenues
|
$ | 75,440 | $ | 32,211 | $ | 30,811 | $ | 15,996 | ||||||||
Operating expenses
|
(36,180 | ) | (15,766 | ) | (19,148 | ) | (9,911 | ) | ||||||||
Net operating income
|
39,260 | 16,445 | 11,663 | 6,085 | ||||||||||||
Depreciation and amortization
|
(22,251 | ) | (9,393 | ) | (10,893 | ) | (5,628 | ) | ||||||||
Other expenses, net
|
(908 | ) | (201 | ) | (31 | ) | (16 | ) | ||||||||
Interest expense, net
|
(16,029 | ) | (6,804 | ) | (7,006 | ) | (3,616 | ) | ||||||||
Net income (loss)
|
72 | 47 | (6,267 | ) | (3,175 | ) | ||||||||||
Preferred dividend
|
(31 | ) | (16 | ) | (31 | ) | (16 | ) | ||||||||
Net income (loss) to partnership
|
$ | 41 | $ | 31 | $ | (6,298 | ) | $ | (3,191 | ) | ||||||
GPLP's share of income (loss) from investment in unconsolidated entities
|
$ | 31 | $ | (3,191 | ) |
Page 5
CALCULATION OF FUNDS FROM OPERATIONS
|
|||||||||||
and FFO PAYOUT RATIO
|
|||||||||||
(in thousands, except per share data)
|
2010
|
2009
|
||||||||||||||||||||||||||||||
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
||||||||||||||||||||||
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
Mar. 31
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June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
||||||||||||||||||||||
Funds from Operations ("FFO"):
|
|||||||||||||||||||||||||||||||
Net loss to common shareholders
|
$ | (3,647 | ) | $ | (6,910 | ) | $ | (4,603 | ) | $ | (1,223 | ) | $ | (16,383 | ) | $ | (3,555 | ) | $ | (1,328 | ) | $ | (2,435 | ) | $ | (5,538 | ) | $ | (12,856 | ) | |
Real estate depreciation and amortization
|
19,697 | 15,841 | 15,620 | 16,390 | 67,548 | 22,526 | 18,260 | 18,515 | 19,634 | 78,935 | |||||||||||||||||||||
Partners share of consolidated joint venture depreciation
|
(350 | ) | (410 | ) | (484 | ) | (93 | ) | (1,337 | ) | - | - | - | - | - | ||||||||||||||||
Equity in loss (income) of unconsolidated entities
|
424 | (56 | ) | 70 | (469 | ) | (31 | ) | 357 | 726 | 759 | 1,349 | 3,191 | ||||||||||||||||||
Pro-rata share of unconsolidated entities funds from operations
|
723 | 2,589 | 2,533 | 3,486 | 9,331 | 1,149 | 595 | 526 | 93 | 2,363 | |||||||||||||||||||||
Noncontrolling interest in operating partnership
|
(160 | ) | (298 | ) | (179 | ) | (54 | ) | (691 | ) | (281 | ) | (107 | ) | (191 | ) | (242 | ) | (821 | ) | |||||||||||
(Gain) loss on disposition of properties
|
(332 | ) | - | - | - | (332 | ) | (1,482 | ) | - | 288 | - | (1,194 | ) | |||||||||||||||||
FFO
|
$ | 16,355 | $ | 10,756 | $ | 12,957 | $ | 18,037 | $ | 58,105 | $ | 18,714 | $ | 18,146 | $ | 17,462 | $ | 15,296 | $ | 69,618 | |||||||||||
Adjusted Funds from Operations:
|
|||||||||||||||||||||||||||||||
FFO
|
$ | 16,355 | $ | 10,756 | $ | 12,957 | $ | 18,037 | $ | 58,105 | $ | 18,714 | $ | 18,146 | $ | 17,462 | $ | 15,296 | $ | 69,618 | |||||||||||
Add back: impairment adjustments
|
- | - | - | - | - | 183 | - | - | 3,422 | 3,605 | |||||||||||||||||||||
Less: fair market value adjustment of derivative
|
- | - | - | - | - | - | - | - | (1,622 | ) | (1,622 | ) | |||||||||||||||||||
Add back: charge to fully reserve note receivable
|
- | - | - | - | - | - | - | - | 4,966 | 4,966 | |||||||||||||||||||||
Add back: defeasance charges and related deferred fees
|
- | 1,070 | - | - | 1,070 | - | - | - | - | - | |||||||||||||||||||||
Adjusted Funds from Operations
|
$ | 16,355 | $ | 11,826 | $ | 12,957 | $ | 18,037 | $ | 59,175 | $ | 18,897 | $ | 18,146 | $ | 17,462 | $ | 22,062 | $ | 76,567 | |||||||||||
Weighted average common shares outstanding - diluted (1)
|
71,958 | 72,225 | 83,235 | 88,360 | 78,997 | 40,866 | 41,145 | 44,053 | 71,857 | 49,582 | |||||||||||||||||||||
FFO per diluted share
|
$ | 0.23 | $ | 0.15 | $ | 0.16 | $ | 0.20 | $ | 0.74 | $ | 0.46 | $ | 0.44 | $ | 0.40 | $ | 0.21 | $ | 1.40 | |||||||||||
Adjustments: impairment, derivative and note receivable
|
- | 0.01 | - | - | 0.01 | 0.00 | - | - | 0.09 | 0.14 | |||||||||||||||||||||
Adjusted FFO per diluted share
|
$ | 0.23 | $ | 0.16 | $ | 0.16 | $ | 0.20 | $ | 0.75 | $ | 0.46 | $ | 0.44 | $ | 0.40 | $ | 0.31 | $ | 1.54 |
2010
|
2009
|
||||||||||||||||||||||||||||||
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
||||||||||||||||||||||
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
||||||||||||||||||||||
FFO Payout Ratio:
|
|||||||||||||||||||||||||||||||
Dividend paid per common share/unit
|
$ | 0.1000 | $ | 0.1000 | $ | 0.1000 | $ | 0.1000 | $ | 0.4000 | $ | 0.1000 | $ | 0.1000 | $ | 0.1000 | $ | 0.1000 | $ | 0.4000 | |||||||||||
FFO payout ratio after adjustments
|
44.0% | 61.1% | 64.2% | 49.0% | 53.4% | 21.6% | 22.7% | 25.2% | 32.6% | 25.9% |
2010
|
2009
|
||||||||||||||||||||||||||||||
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
||||||||||||||||||||||
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
||||||||||||||||||||||
Supplemental disclosure of amounts included in FFO for consolidated properties
|
|||||||||||||||||||||||||||||||
Deferred leasing costs
|
$ | 1,034 | $ | 1,274 | $ | 898 | $ | 971 | $ | 4,177 | $ | 1,063 | $ | 1,119 | $ | 937 | $ | 1,020 | $ | 4,139 | |||||||||||
Straight-line adjustment as (decrease) increase to FFO
|
$ | (334 | ) | $ | (106 | ) | $ | 129 | $ | 125 | $ | (186 | ) | $ | (596 | ) | $ | 72 | $ | (262 | ) | $ | (448 | ) | $ | (1,234 | ) | ||||
Fair value of debt amortized as a reduction (increase) to interest expense
|
$ | 113 | $ | (66 | ) | $ | (65 | ) | $ | (65 | ) | $ | (83 | ) | $ | 42 | $ | 42 | $ | 42 | $ | 42 | $ | 168 | |||||||
Intangible and inducement amortization as a net increase (decrease) to base rents
|
$ | 135 | $ | 74 | $ | 51 | $ | (44 | ) | $ | 216 | $ | 78 | $ | 329 | $ | 235 | $ | 248 | $ | 890 | ||||||||||
Discontinued development write-off's
|
$ | 227 | $ | 3 | $ | - | $ | 11 | $ | 241 | $ | - | $ | 185 | $ | 51 | $ | 7 | $ | 243 | |||||||||||
Impairment adjustments
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | (183 | ) | $ | - | $ | - | $ | (3,422 | ) | $ | (3,605 | ) | ||||||||
Gain on fair market value adjustment of derivative/charge to fully reserve note receivable
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (3,344 | ) | $ | (3,344 | ) |
(1) Shares include all potential common share equivalents that may be excluded in the calculation of earnings per share.
Page 6
UNCONSOLIDATED ENTITIES CALCULATION OF FUNDS FROM OPERATIONS
|
AND DISCLOSURE OF PRO-RATA SHARE OF NON-CASH AMOUNTS IN FFO
|
(in thousands)
|
2010
|
2009
|
||||||||||||||||||||||||||||||
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
||||||||||||||||||||||
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
||||||||||||||||||||||
Unconsolidated Entities Funds from Operations:
|
|||||||||||||||||||||||||||||||
Net (loss) income to partnership
|
$ | (803 | ) | $ | 393 | $ | 91 | $ | 360 | $ | 41 | $ | (711 | ) | $ | (1,424 | ) | $ | (1,496 | ) | $ | (2,667 | ) | $ | (6,298 | ) | |||||
Real estate depreciation and amortization
|
2,256 | 5,695 | 5,891 | 8,221 | 22,063 | 2,898 | 2,549 | 2,487 | 2,792 | 10,726 | |||||||||||||||||||||
FFO
|
$ | 1,453 | $ | 6,088 | $ | 5,982 | $ | 8,581 | $ | 22,104 | $ | 2,187 | $ | 1,125 | $ | 991 | $ | 125 | $ | 4,428 | |||||||||||
Pro-rata share of unconsolidated entities funds from operations
|
$ | 723 | $ | 2,589 | $ | 2,533 | $ | 3,486 | $ | 9,331 | $ | 1,149 | $ | 595 | $ | 526 | $ | 93 | $ | 2,363 |
2010
|
2009
|
||||||||||||||||||||||||||||||
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
||||||||||||||||||||||
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
||||||||||||||||||||||
Non-cash amounts included in FFO (pro-rata share of unconsolidated entities)
|
|||||||||||||||||||||||||||||||
Straight-line adjustment as an increase (decrease) to base rent
|
$ | 19 | $ | (67 | ) | $ | (39 | ) | $ | 35 | $ | (52 | ) | $ | 15 | $ | 78 | $ | 64 | $ | (122 | ) | $ | 35 | |||||||
Intangible amortization as an increase to minimum rents
|
$ | 191 | $ | 325 | $ | 233 | $ | 310 | $ | 1,059 | $ | 217 | $ | 216 | $ | 345 | $ | 200 | $ | 978 | |||||||||||
Straight line adjustment - ground lease expense
|
$ | - | $ | - | $ | - | $ | 81 | $ | 81 | $ | - | $ | 102 | $ | 122 | $ | 174 | $ | 398 | |||||||||||
Loan fee amortization
|
$ | 93 | $ | 91 | $ | 61 | $ | 72 | $ | 317 | $ | 63 | $ | 73 | $ | 90 | $ | 122 | $ | 348 |
Page 7
EBITDA, OPERATING RATIOS and EARNINGS PER SHARE
|
|||||||||||
(dollars and shares in thousands)
|
2010
|
2009
|
|||||||||||||||||||||||||||||||||||||||
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
YTD
|
|||||||||||||||||||||||||||||||
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
|||||||||||||||||||||||||||||||
Calculation of EBITDA:
|
||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Glimcher Realty Trust
|
$ | 712 | $ | (1,307 | ) | $ | 1,534 | $ | 4,914 | $ | 5,853 | $ | 804 | $ | 3,031 | $ | 1,925 | $ | (1,179 | ) | $ | 4,581 | ||||||||||||||||||
Interest expense (continuing and discontinued operations)
|
20,077 | 18,124 | 16,860 | 17,285 | 72,346 | 19,621 | 19,265 | 20,044 | 19,665 | 78,595 | ||||||||||||||||||||||||||||||
Loan fee amortization (continuing and discontinued operations)
|
979 | 1,995 | 1,636 | 1,878 | 6,488 | 655 | 772 | 607 | 660 | 2,694 | ||||||||||||||||||||||||||||||
Taxes (continuing and discontinued operations)
|
449 | 497 | 588 | 377 | 1,911 | 370 | 557 | 462 | 965 | 2,354 | ||||||||||||||||||||||||||||||
Depreciation and amortization (continuing and discontinued operations)
|
20,201 | 16,359 | 16,172 | 16,811 | 69,543 | 23,058 | 18,801 | 19,009 | 20,094 | 80,962 | ||||||||||||||||||||||||||||||
EBITDA
|
42,418 | 35,668 | 36,790 | 41,265 | 156,141 | 44,508 | 42,426 | 42,047 | 40,205 | 169,186 | ||||||||||||||||||||||||||||||
Allocation to noncontrolling interests
|
(1,306 | ) | (1,679 | ) | (2,053 | ) | (435 | ) | (5,473 | ) | (281 | ) | (107 | ) | (191 | ) | (242 | ) | (821 | ) | ||||||||||||||||||||
Charge to fully reserve note receivable
|
- | - | - | - | - | - | - | - | 4,966 | 4,966 | ||||||||||||||||||||||||||||||
EBITDA related to pro-rata share of unconsolidated entities, net
|
2,107 | 4,491 | 4,455 | 5,360 | 16,413 | 2,121 | 2,192 | 2,293 | 2,670 | 9,276 | ||||||||||||||||||||||||||||||
Gain on fair market value adjustment of derivative
|
- | - | - | - | - | - | - | - | (1,622 | ) | (1,622 | ) | ||||||||||||||||||||||||||||
(Gain) loss on disposition of properties and impairment charges
|
(332 | ) | - | - | - | (332 | ) | (1,299 | ) | - | 288 | 3,422 | 2,411 | |||||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 42,887 | $ | 38,480 | $ | 39,192 | $ | 46,190 | $ | 166,749 | $ | 45,049 | $ | 44,511 | $ | 44,437 | $ | 49,399 | $ | 183,396 | ||||||||||||||||||||
Operating Ratios:
|
||||||||||||||||||||||||||||||||||||||||
General and administrative / total revenues
|
6.5% | 7.5% | 7.2% | 7.4% | 7.1% | 6.1% | 5.7% | 5.7% | 6.1% | 5.9% | ||||||||||||||||||||||||||||||
Tenant reimbursements / (real estate taxes + property operating expenses)
|
89.5% | 90.3% | 88.4% | 88.0% | 89.0% | 91.6% | 92.2% | 91.4% | 89.1% | 91.1% | ||||||||||||||||||||||||||||||
Earnings per Share:
|
||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - basic
|
68,782 | 68,926 | 79,967 | 85,050 | 75,738 | 37,864 | 38,023 | 41,038 | 68,716 | 46,480 | ||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted
|
71,768 | 71,912 | 82,953 | 88,036 | 78,724 | 40,850 | 41,009 | 44,024 | 71,702 | 49,466 | ||||||||||||||||||||||||||||||
Loss per share - basic
|
$ | (0.05 | ) | $ | (0.10 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.22 | ) | $ | (0.09 | ) | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.28 | ) | ||||||||||
Loss per share - diluted
|
$ | (0.05 | ) | $ | (0.10 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.22 | ) | $ | (0.09 | ) | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.28 | ) |
Page 8
CONSOLIDATED BALANCE SHEETS
|
|||||
(dollars in thousands)
|
2010
|
2009
|
|||||||||||||||||||
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Dec. 31
|
||||||||||||||||
Assets:
|
||||||||||||||||||||
Land
|
$ | 194,343 | $ | 194,343 | $ | 224,967 | $ | 250,408 | $ | 251,001 | ||||||||||
Buildings, improvements and equipment
|
1,555,014 | 1,583,805 | 1,596,077 | 1,657,154 | 1,839,342 | |||||||||||||||
Developments in progress
|
219,235 | 216,773 | 253,256 | 210,797 | 45,934 | |||||||||||||||
1,968,592 | 1,994,921 | 2,074,300 | 2,118,359 | 2,136,277 | ||||||||||||||||
Less accumulated depreciation
|
546,648 | 560,666 | 574,063 | 588,351 | 624,165 | |||||||||||||||
Property and equipment, net
|
1,421,944 | 1,434,255 | 1,500,237 | 1,530,008 | 1,512,112 | |||||||||||||||
Deferred leasing costs, net
|
18,081 | 17,957 | 19,081 | 19,997 | 18,751 | |||||||||||||||
Investment in and advances to unconsolidated real estate entities
|
124,680 | 124,601 | 126,898 | 138,194 | 138,898 | |||||||||||||||
Investment in real estate, net
|
1,564,705 | 1,576,813 | 1,646,216 | 1,688,199 | 1,669,761 | |||||||||||||||
Cash and cash equivalents
|
11,300 | 9,654 | 6,678 | 9,245 | 85,007 | |||||||||||||||
Restricted cash
|
11,705 | 13,402 | 15,578 | 17,037 | 12,684 | |||||||||||||||
Tenant accounts receivable, net
|
20,126 | 19,502 | 21,510 | 25,342 | 30,013 | |||||||||||||||
Deferred expenses, net
|
15,803 | 16,097 | 15,698 | 14,828 | 9,018 | |||||||||||||||
Prepaid and other assets
|
36,629 | 35,311 | 35,935 | 37,697 | 43,429 | |||||||||||||||
Total Assets
|
$ | 1,660,268 | $ | 1,670,779 | $ | 1,741,615 | $ | 1,792,348 | $ | 1,849,912 | ||||||||||
Liabilities and Equity:
|
||||||||||||||||||||
Mortgage notes payable
|
$ | 1,140,352 | $ | 1,157,576 | $ | 1,224,730 | $ | 1,243,759 | $ | 1,224,991 | ||||||||||
Notes payable
|
226,102 | 155,998 | 112,153 | 153,553 | 346,906 | |||||||||||||||
Accounts payable and accrued expenses
|
82,451 | 85,570 | 49,600 | 48,328 | 59,071 | |||||||||||||||
Distributions payable
|
11,549 | 13,329 | 14,940 | 14,941 | 11,530 | |||||||||||||||
Total Liabilities
|
1,460,454 | 1,412,473 | 1,401,423 | 1,460,581 | 1,642,498 | |||||||||||||||
Equity:
|
||||||||||||||||||||
Series F cumulative preferred shares
|
60,000 | 60,000 | 60,000 | 60,000 | 60,000 | |||||||||||||||
Series G cumulative preferred shares
|
150,000 | 222,174 | 222,174 | 222,074 | 150,000 | |||||||||||||||
Common shares of beneficial interest
|
689 | 689 | 850 | 851 | 687 | |||||||||||||||
Additional paid-in capital
|
666,771 | 667,119 | 759,460 | 763,951 | 666,489 | |||||||||||||||
Distributions in excess of accumulated earnings
|
(681,890 | ) | (695,693 | ) | (708,800 | ) | (718,529 | ) | (671,351 | ) | ||||||||||
Other comprehensive loss
|
(8,889 | ) | (7,688 | ) | (6,768 | ) | (3,707 | ) | (3,819 | ) | ||||||||||
Total Glimcher Realty Trust Shareholders' Equity
|
186,681 | 246,601 | 326,916 | 324,640 | 202,006 | |||||||||||||||
Noncontrolling interest
|
13,133 | 11,705 | 13,276 | 7,127 | 5,408 | |||||||||||||||
Total equity
|
199,814 | 258,306 | 340,192 | 331,767 | 207,414 | |||||||||||||||
Total Liabilities and Equity
|
$ | 1,660,268 | $ | 1,670,779 | $ | 1,741,615 | $ | 1,792,348 | $ | 1,849,912 |
Page 9
MARKET CAPITALIZATION and DEBT COVERAGE RATIOS
|
(dollars and shares in thousands, except per share price)
|
2010
|
2009
|
|||||||||||||||||||||||||||||||
3 mos
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
3 mos
|
|||||||||||||||||||||||||
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
Mar. 31
|
June 30
|
Sept. 30
|
Dec. 31
|
|||||||||||||||||||||||||
Share price (end of period)
|
$ | 5.07 | $ | 5.98 | $ | 6.15 | $ | 8.40 | $ | 1.40 | $ | 2.90 | $ | 3.67 | $ | 2.70 | ||||||||||||||||
Market Capitalization Ratio:
|
||||||||||||||||||||||||||||||||
Common shares outstanding
|
68,914 | 68,937 | 85,044 | 85,053 | 38,009 | 38,029 | 68,708 | 68,719 | ||||||||||||||||||||||||
Operating partnership units outstanding
|
2,986 | 2,986 | 2,986 | 2,986 | 2,986 | 2,986 | 2,986 | 2,986 | ||||||||||||||||||||||||
Total common shares and units outstanding at end of period
|
71,900 | 71,923 | 88,030 | 88,039 | 40,995 | 41,015 | 71,694 | 71,705 | ||||||||||||||||||||||||
Valuation - Common shares and operating partnership units outstanding
|
$ | 364,533 | $ | 430,100 | $ | 541,385 | $ | 739,528 | $ | 57,393 | $ | 118,944 | $ | 263,117 | $ | 193,604 | ||||||||||||||||
Preferred shares
|
210,000 | 282,174 | 282,174 | 282,074 | 210,000 | 210,000 | 210,000 | 210,000 | ||||||||||||||||||||||||
Total wholly-owned debt (end of period)
|
1,238,091 | 1,185,211 | 1,207,974 | 1,397,312 | 1,641,266 | 1,637,762 | 1,586,166 | 1,571,897 | ||||||||||||||||||||||||
Total market capitalization
|
$ | 1,812,624 | $ | 1,897,485 | $ | 2,031,533 | $ | 2,418,914 | $ | 1,908,659 | $ | 1,966,706 | $ | 2,059,283 | $ | 1,975,501 | ||||||||||||||||
Debt / Market capitalization
|
68.3% | 62.5% | 59.5% | 57.8% | 86.0% | 83.3% | 77.0% | 79.6% | ||||||||||||||||||||||||
Debt / Market capitalization including pro-rata share of joint ventures
|
71.3% | 65.9% | 62.9% | 60.4% | 86.6% | 84.0% | 78.1% | 80.6% | ||||||||||||||||||||||||
Facility
|
2010 | |||||||||||||||||||||||||||||||
Credit Facility Debt Covenant Requirements:(1)
|
Requirements
|
Dec. 31
|
||||||||||||||||||||||||||||||
Maximum Corporate Debt to Total Asset Value
|
70.0% | 61.5% | ||||||||||||||||||||||||||||||
Minimum Interest Coverage Ratio
|
1.75x | 2.15x | ||||||||||||||||||||||||||||||
Minimum Fixed Charge Coverage Ratio
|
1.30x | 1.44x | ||||||||||||||||||||||||||||||
Maximum Recourse Debt
|
25.0% | 12.7% |
(1) Requirements per the covenants in place from our credit facility as of December 31, 2010.
Page 10
CONSOLIDATED DEBT SCHEDULE
|
(dollars in thousands)
|
Mortgage Notes Payable:
|
|||||||||||||||||||||||
Dec. 31,
|
Dec. 31,
|
Interest Rates
|
Interest
|
Payment
|
Balloon Pmt.
|
Initial/Final
|
|||||||||||||||||
Fixed Rate
|
2010
|
2009
|
2010
|
2009
|
Terms
|
Terms
|
at Maturity
|
Maturity
|
|||||||||||||||
Scottsdale Quarter (n)
|
$ | 138,179 | $ | - | 5.94% | - |
(h)
|
(b)
|
$ | 138,179 |
May 29, 2011
|
||||||||||||
Northtown Mall (o)
|
37,000 | 40,000 | 6.02% | 6.02% |
(i)
|
(b)
|
$ | 37,000 |
October 21, 2011
|
||||||||||||||
Ashland Town Center
|
22,413 | 23,081 | 7.25% | 7.25% |
(a)
|
$ | 21,817 |
November 1, 2011
|
|||||||||||||||
Scottsdale Phase III Land (Senior Loan)
|
12,500 | - | 5.50% | - |
(b)
|
$ | 12,500 |
November 5, 2011
|
|||||||||||||||
Polaris Lifestyle Center
|
23,400 | 23,400 | 5.58% | 5.58% |
(k)
|
(b)
|
$ | 23,400 |
February 1, 2012
|
||||||||||||||
Dayton Mall
|
51,789 | 52,948 | 8.27% | 8.27% |
(l)
|
(a)
|
$ | 49,864 |
(e)
|
||||||||||||||
Scottsdale Phase III Land (Junior Loan)
|
3,500 | - | 6.00% | - |
(b)
|
$ | 3,500 |
October 15, 2012
|
|||||||||||||||
Polaris Fashion Place
|
131,581 | 134,436 | 5.24% | 5.24% |
(a)
|
$ | 124,572 |
April 11, 2013
|
|||||||||||||||
Jersey Gardens
|
147,138 | 150,274 | 4.83% | 4.83% |
(a)
|
$ | 135,194 |
June 8, 2014
|
|||||||||||||||
The Mall at Fairfield Commons
|
101,709 | 103,752 | 5.45% | 5.45% |
(a)
|
$ | 92,762 |
November 1, 2014
|
|||||||||||||||
Supermall of the Great Northwest
|
55,518 | 56,637 | 7.54% | 7.54% |
(l)
|
(a)
|
$ | 49,969 |
(f)
|
||||||||||||||
Merritt Square Mall
|
56,815 | 57,000 | 5.35% | 5.35% |
(c)
|
$ | 52,914 |
September 1, 2015
|
|||||||||||||||
Scottsdale Quarter Fee Interest
|
69,838 | - | 4.91% | - |
(a)
|
$ | 64,577 |
October 1, 2015
|
|||||||||||||||
River Valley Mall
|
48,784 | 49,433 | 5.65% | 5.65% |
(a)
|
$ | 44,931 |
January 11, 2016
|
|||||||||||||||
Weberstown Mall
|
60,000 | 60,000 | 5.90% | 5.90% |
(b)
|
$ | 60,000 |
June 8, 2016
|
|||||||||||||||
Eastland Mall
|
41,958 | 42,493 | 5.87% | 5.87% |
(a)
|
$ | 38,057 |
December 11, 2016
|
|||||||||||||||
Polaris Towne Center
|
45,680 | - | 6.76% | - |
(a)
|
$ | 39,934 |
April 1, 2020
|
|||||||||||||||
The Mall at Johnson City
|
54,706 | - | 6.76% | - |
(a)
|
$ | 47,768 |
May 6, 2020
|
|||||||||||||||
Grand Central Mall
|
44,799 | - | 6.05% | - |
(a)
|
$ | 38,307 |
July 6, 2020
|
|||||||||||||||
Tax Exempt Bonds
|
19,000 | 19,000 | 6.00% | 6.00% |
(d)
|
$ | 19,000 |
November 1, 2028
|
|||||||||||||||
1,166,307 | 812,454 | ||||||||||||||||||||||
Variable Rate
|
|||||||||||||||||||||||
Colonial Park Mall (p)
|
40,000 | 42,250 | 3.54% | 4.72% |
(g)
|
(b)
|
$ | 40,000 |
April 23, 2012
|
||||||||||||||
Morgantown Mall
|
38,675 | 39,335 | 3.76% | 6.52% |
(j)
|
(a)
|
$ | 38,028 |
October 13, 2011
|
||||||||||||||
Other
|
|||||||||||||||||||||||
Fair Value Adjustment - Merritt Square Mall
|
(1,223 | ) | (1,485 | ) | |||||||||||||||||||
Extinguished/Transferred Debt
|
- | 332,437 |
(m)
|
||||||||||||||||||||
Total Mortgage Notes Payable
|
$ | 1,243,759 | $ | 1,224,991 |
(a)
|
The loan requires monthly payments of principal and interest.
|
||||||||
(b)
|
The loan requires monthly payments of interest only.
|
||||||||
(c)
|
The loan required monthly payments of interest only until October 2010, thereafter principal and interest are required.
|
||||||||
(d)
|
The loan requires semi-annual payments of interest.
|
||||||||
(e)
|
The loan matures in July 2027, with an optional prepayment (without penalty) date on July 11, 2012.
|
||||||||
(f)
|
The loan matures in September 2029, with an optional prepayment (without penalty) date on February 11, 2015.
|
||||||||
(g)
|
Interest rate of LIBOR plus 300 basis points. $30 million has been fixed through a swap agreement at a rate of 3.64% at December 31, 2010. The full loan amount was fixed
|
||||||||
at a rate of 4.72% through a swap agreement at December 31, 2009.
|
|||||||||
(h)
|
Interest rate of LIBOR plus 200 basis points fixed through a swap agreement at a rate of 5.94% at December 31, 2010.
|
||||||||
(i)
|
Interest rate of LIBOR plus 300 basis points fixed through a swap agreement at a rate of 6.02% at December 31, 2010 and December 31, 2009.
|
||||||||
(j)
|
Interest rate of LIBOR plus 350 basis points. The rate was fixed through a swap agreement at a rate of 6.52% at December 31, 2009.
|
||||||||
(k)
|
Interest rate is the greater of LIBOR plus 275 basis points or 4.75% and is fixed through a swap agreement at a rate of 5.58% at December 31, 2010 and December 31, 2009.
|
||||||||
(l)
|
Interest rate escalates after optional prepayment date.
|
||||||||
(m)
|
Interest rates ranging from 5.09% to 8.37% at December 31, 2009.
|
||||||||
(n)
|
Beginning in 2010, the Scottsdale Quarter joint venture is being included in the Company's consolidated results. It was previously classified as an unconsolidated entity.
|
||||||||
The Company acquired all of the ownership interest in October 2010.
|
|||||||||
(o)
|
The Company elected to make a $3 million partial loan payment in June 2010.
|
||||||||
(p)
|
The Company elected to make a $2.25 million partial loan payment in December 2010.
|
Page 11
TOTAL DEBT MATURITIES SCHEDULE (Wholly-owned and Pro-Rata Share of Joint Venture Debt)
|
(dollars in thousands)
|
Initial
|
Extension
|
Interest
|
Balance
|
Principal Payments (c)
|
||||||||||||||||||||||||||||||
Description
|
Maturity
|
Option
|
Rate
|
12/31/2010
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017+
|
|||||||||||||||||||||||
Wholly Owned Properties
|
||||||||||||||||||||||||||||||||||
Scottsdale Quarter (a)
|
05/2011 | 05/2013 | 5.94 | % | $ | 138,179 | $ | - | $ | - | $ | 138,179 | ||||||||||||||||||||||
Northtown Mall (a)
|
10/2011 | 10/2012 | 6.02 | % | 37,000 | - | 37,000 | |||||||||||||||||||||||||||
Morgantown Mall
|
10/2011 | 10/2013 | 3.76 | % | 38,675 | 586 | 647 | 37,442 | ||||||||||||||||||||||||||
Ashland Town Center
|
11/2011 | 7.25 | % | 22,413 | 22,413 | |||||||||||||||||||||||||||||
Scottsdale Phase III Land (Senior Loan)
|
11/2011 | 11/2012 | 5.50 | % | 12,500 | - | 12,500 | |||||||||||||||||||||||||||
Polaris Lifestyle Center (a)
|
02/2012 | 08/2013 | 5.58 | % | 23,400 | - | - | 23,400 | ||||||||||||||||||||||||||
Colonial Park Mall (d)
|
04/2012 | 04/2013 | 3.54 | % | 40,000 | - | - | 40,000 | ||||||||||||||||||||||||||
Dayton Mall
|
07/2012 | 8.27 | % | 51,789 | 1,260 | 50,529 | ||||||||||||||||||||||||||||
Scottsdale Phase III Land (Junior Loan)
|
10/2012 | 6.00 | % | 3,500 | - | 3,500 | ||||||||||||||||||||||||||||
Polaris Fashion Place
|
04/2013 | 5.24 | % | 131,581 | 3,011 | 3,155 | 125,415 | |||||||||||||||||||||||||||
Jersey Gardens
|
06/2014 | 4.83 | % | 147,138 | 3,292 | 3,437 | 3,629 | $ | 136,780 | |||||||||||||||||||||||||
The Mall at Fairfield Commons
|
11/2014 | 5.45 | % | 101,709 | 2,159 | 2,265 | 2,409 | 94,876 | ||||||||||||||||||||||||||
Supermall of the Great Northwest
|
02/2015 | 7.54 | % | 55,518 | 1,208 | 1,292 | 1,406 | 1,517 | $ | 50,095 | ||||||||||||||||||||||||
Merritt Square Mall
|
09/2015 | 5.35 | % | 56,815 | 753 | 786 | 838 | 885 | 53,553 | |||||||||||||||||||||||||
Scottsdale Quarter Fee Interest
|
10/2015 | 4.91 | % | 69,838 | 1,009 | 1,052 | 1,115 | 1,171 | 65,491 | |||||||||||||||||||||||||
River Valley Mall
|
01/2016 | 5.65 | % | 48,784 | 686 | 719 | 768 | 815 | 863 | $ | 44,933 | |||||||||||||||||||||||
Weberstown Mall
|
06/2016 | 5.90 | % | 60,000 | - | - | - | - | - | 60,000 | ||||||||||||||||||||||||
Eastland Mall
|
12/2016 | 5.87 | % | 41,958 | 570 | 597 | 641 | 680 | 722 | 38,748 | ||||||||||||||||||||||||
Polaris Towne Center
|
04/2020 | 6.76 | % | 45,680 | 475 | 489 | 533 | 571 | 611 | 646 | $ | 42,355 | ||||||||||||||||||||||
The Mall at Johnson City
|
05/2020 | 6.76 | % | 54,706 | 552 | 581 | 633 | 677 | 726 | 766 | 50,771 | |||||||||||||||||||||||
Grand Central Mall
|
07/2020 | 6.05 | % | 44,799 | 825 | 869 | 931 | 991 | 1,053 | 1,113 | 39,017 | |||||||||||||||||||||||
Tax Exempt Bonds
|
11/2028 | 6.00 | % | 19,000 | - | - | - | - | - | - | 19,000 | |||||||||||||||||||||||
Fair Value Adjustment Amortization - Merritt Square Mall
|
(1,223 | ) | (264 | ) | (264 | ) | (264 | ) | (264 | ) | (167 | ) | ||||||||||||||||||||||
Subtotal (b)
|
1,243,759 | 38,535 | 119,154 | 377,075 | 238,699 | 172,947 | 146,206 | 151,143 | ||||||||||||||||||||||||||
Credit Facility
|
12/2011 | 12/2012 | 5.50 | % | 153,553 | - | 153,553 | |||||||||||||||||||||||||||
Total Wholly Owned Maturities
|
$ | 1,397,312 | $ | 38,535 | $ | 272,707 | $ | 377,075 | $ | 238,699 | $ | 172,947 | $ | 146,206 | $ | 151,143 | ||||||||||||||||||
Total Joint Venture Maturities (pro-rata share)
|
$ | 160,642 | $ | 19,705 | $ | 58,749 | $ | 47,810 | $ | 562 | $ | 33,816 | $ | - | $ | - | ||||||||||||||||||
Total Wholly Owned and Joint Venture Maturities
|
$ | 1,557,954 | $ | 58,240 | $ | 331,456 | $ | 424,885 | $ | 239,261 | $ | 206,763 | $ | 146,206 | $ | 151,143 |
(a) Interest rates are fixed through various interest rate swap agreements.
|
|||||||||||
(b) Weighted Average interest rate for the fixed rate mortgage debt was 5.9% as of December 31, 2010 with an initial weighted average maturity of 4.0 years when considering available extension options.
|
|||||||||||
(c) Loan may be extended to date indicated subject to certain loan extension fees and conditions. Extension availability is subject to the inherent risk of the Company's ability to satisfy such conditions.
|
|||||||||||
(d) $30 million of the loan has been fixed through an interest rate swap agreement and the remaining $10 million incurs interest at a rate of LIBOR plus 300 basis points.
|
Page 12
JOINT VENTURE DEBT MATURITY SCHEDULE
|
(dollars in thousands)
|
Interest
Rate
|
Loan
|
Final
|
Extension
|
Balance
|
Principal Payments - Assumes Exercise of Extension Options
|
|||||||||||||||||||||||
Description
|
12/31/2010
|
Terms
|
Maturity
|
Options (e)
|
12/31/2010
|
2011
|
2012
|
2013
|
2014
|
2015
|
||||||||||||||||||
Fixed Rate Mortgages
|
||||||||||||||||||||||||||||
Puente Hills Mall
|
3.17% |
(a)
|
June 1, 2011
|
June 1, 2012
|
$ | 44,775 | $ | 473 | $ | 44,302 | ||||||||||||||||||
Westshore Plaza
|
5.09% |
September 9, 2012
|
88,212 | 2,003 | 86,209 | |||||||||||||||||||||||
Lloyd Center
|
5.42% |
June 11, 2013
|
123,764 | 2,722 | 2,856 | $ | 118,186 | |||||||||||||||||||||
Pearlridge Center
|
4.60% |
(b)
|
November 1, 2015
|
175,000 | - | 431 | 2,681 | $ | 2,809 | $ | 169,079 | |||||||||||||||||
Total Fixed Rate Mortgages
|
431,751 | 5,198 | 133,798 | 120,867 | 2,809 | 169,079 | ||||||||||||||||||||||
Variable Rate Mortgages
|
||||||||||||||||||||||||||||
Tulsa Promenade
|
7.00% |
(c)
|
March 14, 2011
|
29,311 | 29,311 | - | - | - | - | |||||||||||||||||||
Surprise Town Square
|
5.50% |
(d)
|
October 1, 2011
|
4,653 | 4,653 | - | - | - | - | |||||||||||||||||||
Total Variable Rate Mortgages
|
33,964 | 33,964 | - | - | - | - | ||||||||||||||||||||||
Total Joint Venture Mortgages
|
$ | 465,715 | $ | 39,162 | $ | 133,798 | $ | 120,867 | $ | 2,809 | $ | 169,079 | ||||||||||||||||
Joint Venture Debt (Pro Rata Share)
|
$ | 160,642 | $ | 19,705 | $ | 58,749 | $ | 47,810 | $ | 562 | $ | 33,816 |
(a) Interest rate of LIBOR plus 235 basis points, loan requires monthly payments of principal and interest. The interest rate is fixed with a swap.
|
||||||||||
(b) The loan requires monthly payments of interest only until November 2012.
|
||||||||||
(c) Interest rate is the greater of 7.00% or LIBOR plus 4.00%. The loan requires monthly payments of interest only, however net cash flows from the property will be used to reduce the
|
||||||||||
principal balance on a quarterly basis.
|
||||||||||
(d) Interest rate is the greater of 5.50% or LIBOR plus 4.00%. The loan requires monthly payments of interest only.
|
||||||||||
(e) Loan may be extended to date indicated subject to certain loan extension fees and conditions. Extension availability is subject to the inherent risk of the Company's ability to satisfy such conditions.
|
Page 13
OCCUPANCY STATISTICS
|
Portfolio Occupancy Statistics
|
||||
Portfolio occupancy statistics by property type are summarized below:
|
Occupancy (1)
|
|||||
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
|
Core Malls (2)
|
|||||
Mall Anchors
|
95.7%
|
94.4%
|
93.9%
|
93.8%
|
94.1%
|
Mall Stores
|
92.8%
|
90.9%
|
90.5%
|
90.5%
|
92.0%
|
Total Occupancy
|
94.6%
|
93.2%
|
92.7%
|
92.6%
|
93.3%
|
Mall Portfolio - excluding Joint Ventures (3)
|
|||||
Mall Anchors
|
94.6%
|
92.7%
|
92.6%
|
92.5%
|
92.5%
|
Mall Stores
|
92.0%
|
90.9%
|
90.3%
|
90.2%
|
92.2%
|
Total Occupancy
|
93.6%
|
92.0%
|
91.8%
|
91.7%
|
92.4%
|
(1) Occupied space is defined as any space where a tenant is occupying the space or paying rent at the date
|
|||||
indicated, excluding all tenants with leases having an initial term of less than one year.
|
|||||
(2) Includes the Company's joint venture malls.
|
|||||
(3) Excludes mall properties that are held in joint ventures as of December 31, 2010.
|
Page 14
LEASING RESULTS AND RE-LEASING SPREADS
|
Permanent Leasing Activity (includes joint venture properties)
|
||||||||
The following table summarizes the new and rollover lease activity by type for the twelve months ended December 31, 2010:
|
GLA Analysis |
Average Annualized Base Rents
|
|||||||||||||||||||||||
New
|
Rollover
|
New
|
Rollover
|
|||||||||||||||||||||
Property Type
|
Leases
|
Leases
|
Total
|
Leases
|
Leases
|
Total
|
||||||||||||||||||
Mall Anchors
|
295,776 | 100,673 | 396,449 | $ | 11.44 | $ | 18.64 | $ | 13.42 | |||||||||||||||
Mall Stores
|
346,463 | 470,477 | 816,940 | $ | 28.95 | $ | 33.58 | $ | 31.46 |
The following table summarizes the new and rollover lease activity and the comparative prior rents for the three and twelve months ended December 31, 2010, for only
|
||||||||||
those leases where the space was occupied in the previous 24 months:
|
GLA Analysis
|
Average Annualized Base Rents
|
Percent
|
|||||||||||||||||||||||||||||
New
|
Rollover
|
New
|
Prior
|
Rollover
|
Prior
|
Total
|
Total Prior
|
Change in
|
|||||||||||||||||||||||
Property Type
|
Leases
|
Leases
|
Total
|
Leases
|
Tenants
|
Leases
|
Rent
|
New/Rollover
|
Tenants/Rent
|
Base Rent
|
|||||||||||||||||||||
Three months ended December 31, 2010
|
|||||||||||||||||||||||||||||||
Mall Anchors
|
67,960 | 58,879 | 126,839 | $ | 15.70 | $ | 13.40 | $ | 16.98 | $ | 13.25 | $ | 16.29 | $ | 13.33 | 22% | |||||||||||||||
Mall Stores
|
11,535 | 53,279 | 64,814 | $ | 56.19 | $ | 62.34 | $ | 31.78 | $ | 30.43 | $ | 36.12 | $ | 36.11 | 0% | |||||||||||||||
Twelve months ended December 31, 2010
|
|||||||||||||||||||||||||||||||
Mall Anchors
|
170,735 | 100,673 | 271,408 | $ | 11.10 | $ | 10.26 | $ | 19.21 | $ | 16.06 | $ | 14.11 | $ | 12.41 | 14% | |||||||||||||||
Mall Stores
|
85,442 | 293,094 | 378,536 | $ | 35.22 | $ | 33.28 | $ | 34.62 | $ | 33.73 | $ | 34.75 | $ | 33.63 | 3% |
Page 15
MALL PORTFOLIO STATISTICS BY ASSET CATEGORY
|
as of December 31, 2010
|
Property
|
Location
|
MSA Ranking
|
Total GLA
|
Avg. Mall Store Sales PSF (1)
December 2010
|
Avg. Mall Store Sales PSF (1)
December 2009
|
Mall Store Occupancy 12/31/2010
|
Mall Store Occupancy 12/31/2009
|
% of Mall Portfolio NOI (2)
|
||||||||||||||
MARKET DOMINANT
|
||||||||||||||||||||||
Jersey Gardens
|
Elizabeth, NJ
|
1 | 1,301,776 | $ | 625 | $ | 549 | 100.0% | 98.7% | |||||||||||||
Lloyd Center (JV)
|
Portland, OR
|
23 | 1,475,728 | $ | 348 | $ | 348 | 95.5% | 94.4% | |||||||||||||
Mall at Fairfield Commons
|
Dayton, OH
|
61 | 1,138,752 | $ | 329 | $ | 313 | 93.5% | 93.9% | |||||||||||||
Mall at Johnson City
|
Johnson City, TN
|
>100
|
568,907 | $ | 397 | $ | 409 | 93.7% | 94.1% | |||||||||||||
Pearlridge Center (JV)
|
Honolulu, HI
|
55 | 1,147,618 | $ | 487 | n/a | 100.0% | n/a | ||||||||||||||
Polaris Fashion Place
|
Columbus, OH
|
32 | 1,569,167 | $ | 394 | $ | 374 | 98.4% | 97.9% | |||||||||||||
Scottsdale Quarter
|
Scottsdale, AZ
|
12 | 258,356 | $ | 1,664 | $ | - | (3) | (3) | |||||||||||||
Weberstown Mall
|
Stockton, CA
|
78 | 857,605 | $ | 360 | $ | 375 | 86.5% | 86.1% | |||||||||||||
Westshore Plaza (JV)
|
Tampa, FL
|
19 | 1,071,891 | $ | 383 | $ | 370 | 96.4% | 93.1% | |||||||||||||
9,389,800 | $ | 453 | $ | 406 | 96.2% | 95.0% |
58%
|
Property
|
Location
|
MSA Ranking
|
Total GLA
|
Avg. Mall Store Sales PSF (1)
December 2010
|
Avg. Mall Store Sales PSF (1)
December 2009
|
Mall Store Occupancy 12/31/2010
|
Mall Store Occupancy 12/31/2009
|
% of Mall Portfolio NOI (2)
|
||||||||||||||
TRADE AREA DOMINANT
|
||||||||||||||||||||||
Ashland Town Center
|
Ashland, KY
|
>100
|
419,633 | $ | 400 | $ | 388 | 97.2% | 87.0% | |||||||||||||
Colonial Park Mall
|
Harrisburg, PA
|
96 | 741,074 | $ | 268 | $ | 257 | 90.6% | 93.8% | |||||||||||||
Dayton Mall
|
Dayton, OH
|
61 | 1,417,150 | $ | 291 | $ | 278 | 88.4% | 89.3% | |||||||||||||
Eastland Mall
|
Columbus, OH
|
32 | 999,299 | $ | 308 | $ | 271 | 94.6% | 93.3% | |||||||||||||
Grand Central Mall
|
Parkersburg, WV
|
>100
|
846,039 | $ | 333 | $ | 295 | 93.0% | 93.2% | |||||||||||||
Indian Mound Mall
|
Columbus, OH
|
32 | 557,216 | $ | 225 | $ | 236 | 87.1% | 88.3% | |||||||||||||
Merritt Square Mall
|
Merritt Island, FL
|
27 | 807,750 | $ | 298 | $ | 290 | 78.0% | 87.5% | |||||||||||||
Morgantown Mall
|
Morgantown, WV
|
>100
|
557,770 | $ | 346 | $ | 343 | 94.3% | 89.8% | |||||||||||||
New Towne Mall
|
New Philadelphia, OH
|
>100
|
512,326 | $ | 252 | $ | 233 | 90.1% | 92.3% | |||||||||||||
Northtown Mall
|
Minneapolis, MN
|
16 | 701,269 | $ | 339 | $ | 317 | 85.5% | 82.7% | |||||||||||||
Puente Hills Mall (JV)
|
City of Industry, CA
|
2 | 1,099,299 | $ | 212 | $ | 218 | 88.3% | 87.7% | |||||||||||||
River Valley Mall
|
Columbus, OH
|
32 | 586,889 | $ | 288 | $ | 289 | 90.2% | 91.5% | |||||||||||||
Supermall of the Great NW
|
Seattle, WA
|
15 | 933,295 | $ | 213 | $ | 205 | 83.4% | 90.0% | |||||||||||||
Tulsa Promenade (JV)
|
Tulsa, OK
|
53 | 926,456 | $ | 272 | $ | 275 | 85.5% | 85.1% | |||||||||||||
11,105,465 | $ | 284 | $ | 271 | 88.5% | 89.4% | 42% | |||||||||||||||
TOTAL MALL ASSETS
|
20,495,265 | $ | 371 | $ | 334 | 92.8% | 92.0% | |||||||||||||||
TOTAL MALL ASSETS EXCLUDING JOINT VENTURE (JV) MALLS
|
$ | 375 | $ | 340 | 92.0% | 92.2% |
(1) Sales for in-line stores with less than 10,000 square feet.
|
|||||||||
(2) Based on net operating income for the three months ended December 31, 2010.
|
|||||||||
(3) GLA disclosed and used in portfolio occupancy calculations includes only the tenants that are open as of December 31, 2010.
|
Page 16
SUMMARY OF SIGNIFICANT TENANTS
|
As of December 31, 2010
|
Tenants Representing > 1.0% of Total Portfolio Annualized Minimum Rent
|
% of Total
|
||||||||||||||||
Annualized
|
Annualized
|
|||||||||||||||
Number of
|
GLA of
|
Minimum
|
Minimum
|
|||||||||||||
Tenant Name
|
Tenant DBA's in Portfolio
|
Stores
|
Stores
|
Rent
|
Rent
|
|||||||||||
Gap, Inc.
|
Banana Republic, Gap, Gap Kids, Old Navy
|
28 | 388,320 | $ | 5,573,944 | 2.4% | ||||||||||
Limited Brands, Inc.
|
Bath & Body Works/White Barn Candle, Victoria's Secret
|
42 | 195,188 | 4,926,371 | 2.1% | |||||||||||
Foot Locker, Inc.
|
Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker
|
43 | 177,547 | 4,606,010 | 2.0% | |||||||||||
Signet Jewelers, Ltd.
|
J.B. Robinson, Jared's, Kay Jewelers, Leroy's Jewelers, Ostermans' Jewelry
|
35 | 65,040 | 4,303,587 | 1.9% | |||||||||||
AMC Entertainment, Inc.
|
2 | 148,344 | 4,189,000 | 1.8% | ||||||||||||
Bain Capital, LLC
|
Burlington Coat Factory, Cohoes Fashion, Guitar Center, Gymboree
|
16 | 424,153 | 3,962,019 | 1.7% | |||||||||||
Forever 21, Inc.
|
9 | 190,634 | 3,900,617 | 1.7% | ||||||||||||
Sears Holding Corp.
|
Great Indoors, K-Mart, Sears
|
23 | 2,685,330 | 3,683,642 | 1.6% | |||||||||||
Bon-Ton Department Stores, Inc.
|
Bon-Ton, Elder Beerman, Herbergers
|
11 | 1,126,171 | 3,502,419 | 1.5% | |||||||||||
JCPenney Company, Inc.
|
18 | 1,882,705 | 3,392,640 | 1.5% | ||||||||||||
Genesco Inc.
|
Hat World, Johnston & Murphy, Journeys, Lids, Shi, Underground Station
|
49 | 75,196 | 3,114,903 | 1.4% | |||||||||||
American Eagle Outfitters, Inc.
|
aerie, American Eagle
|
18 | 108,851 | 2,842,330 | 1.2% | |||||||||||
Luxottica Group
|
DOC Eyeworld, Lenscrafters, Pearle Vision, Sunglass Hut, Watch Station
|
37 | 91,176 | 2,727,090 | 1.2% | |||||||||||
Zale Corp.
|
Gordon's Jewelers, Piercing Pagoda, Silver & Gold Connection, Zales Jewelers
|
30 | 30,513 | 2,415,625 | 1.0% | |||||||||||
Saks Inc.
|
Saks Fifth Avenue, Saks Off Fifth
|
3 | 228,156 | 2,360,100 | 1.0% | |||||||||||
Total tenants representing > 1.0%
|
364 | 7,817,324 | $ | 55,500,297 | 24.0% |
Note: Information includes wholly-owned and joint venture properties.
|
Page 17
TOP 10 REGIONAL MALL TENANTS
|
As of December 31, 2010
|
Mall Stores (ranked by percent of total minimum mall rents)
|
||||||||||||||||||
% of Total
|
||||||||||||||||||
Annualized
|
Annualized
|
|||||||||||||||||
Number of
|
GLA of
|
Minimum
|
Minimum
|
|||||||||||||||
Tenant Name
|
Stores
|
Stores
|
Rents
|
Mall Rents
|
||||||||||||||
Limited Brands, Inc.
|
42 | 195,188 | $ | 4,926,371 | 2.2% | |||||||||||||
Foot Locker, Inc.
|
43 | 177,547 | $ | 4,606,010 | 2.1% | |||||||||||||
Signet Jewelers, Ltd.
|
34 | 59,260 | $ | 4,206,998 | 1.9% | |||||||||||||
Gap, Inc.
|
23 | 271,568 | $ | 3,597,392 | 1.6% | |||||||||||||
Genesco, Inc.
|
49 | 75,196 | $ | 3,114,903 | 1.4% | |||||||||||||
American Eagle Outfitters, Inc.
|
18 | 108,851 | $ | 2,842,330 | 1.3% | |||||||||||||
Luxottica Group
|
37 | 91,176 | $ | 2,727,090 | 1.2% | |||||||||||||
Zale Corp.
|
30 | 30,513 | $ | 2,415,625 | 1.1% | |||||||||||||
The Finish Line, Inc.
|
19 | 104,217 | $ | 2,229,052 | 1.0% | |||||||||||||
Claire's Stores, Inc.
|
31 | 45,486 | $ | 2,192,477 | 1.0% |
Mall Anchors (ranked by total GLA)
|
||||||||||||||||||
Annualized
|
||||||||||||||||||
Number of
|
GLA of
|
Minimum
|
% of Total
|
|||||||||||||||
Tenant Name
|
Stores
|
Stores
|
Rents
|
Mall GLA
|
||||||||||||||
Sears Holding Corp.
|
18 | 2,498,188 | $ | 2,538,973 | 12.2% | |||||||||||||
Macy's, Inc.
|
10 | 1,843,944 | $ | 655,000 | 9.0% | |||||||||||||
JCPenney Company, Inc.
|
15 | 1,841,903 | $ | 3,392,640 | 9.0% | |||||||||||||
Bon-Ton Department Stores, Inc.
|
11 | 1,126,171 | $ | 3,502,419 | 5.5% | |||||||||||||
Dillard's
|
3 | 522,967 | $ | - | 2.6% | |||||||||||||
Belk, Inc.
|
6 | 416,131 | $ | 1,756,852 | 2.0% | |||||||||||||
Bain Capital, LLC
|
5 | 390,950 | $ | 3,244,052 | 1.9% | |||||||||||||
Saks Inc.
|
3 | 228,156 | $ | 2,360,100 | 1.1% | |||||||||||||
Boscov's Department Store, LLC
|
1 | 182,609 | $ | - | 0.9% | |||||||||||||
Dick's Sporting Goods, Inc.
|
3 | 179,000 | $ | 1,539,000 | 0.9% |
Note: Information includes wholly-owned and joint venture properties.
|
Page 18
LEASE EXPIRATION SCHEDULE
|
As of December 31, 2010
|
Total Portfolio
Percent of
|
Percent of
|
|||||||||||||||||||||||||||||||||
Occupied |
Anchor
|
Store
|
Annualized
|
|||||||||||||||||||||||||||||||
Anchor
|
Store
|
Total
|
GLA
|
Anchor
|
Store
|
Total
|
Annualized
|
Annualized
|
Base Rents
|
|||||||||||||||||||||||||
Lease
|
Number
|
Square Feet
|
Square Feet
|
Square Feet
|
Represented
|
Annualized
|
Annualized
|
Annualized
|
Base Rents/
|
Base Rents/
|
Represented
|
|||||||||||||||||||||||
Expiration
|
of
|
of GLA
|
of GLA
|
of GLA
|
by Expiring
|
Base Rents
|
Base Rents
|
Base Rents
|
Square Foot
|
Square Foot
|
by Expiring
|
|||||||||||||||||||||||
Year
|
Leases
|
Expiring
|
Expiring
|
Expiring
|
Leases
|
Expiring
|
Expiring
|
Expiring
|
Expiring (1)
|
Expiring (1)
|
Leases
|
|||||||||||||||||||||||
2011
|
693 | 130,843 | 1,617,415 | 1,748,258 | 8.7% | $ | 1,716,001 | $ | 37,062,877 | $ | 38,778,878 | $ | 13.11 | $ | 26.55 | 16.8% | ||||||||||||||||||
2012
|
417 | 771,167 | 1,105,996 | 1,877,163 | 9.3% | 4,105,318 | 25,482,017 | 29,587,335 | $ | 5.32 | $ | 27.59 | 12.8% | |||||||||||||||||||||
2013
|
290 | 654,197 | 753,788 | 1,407,985 | 7.0% | 2,463,077 | 18,464,110 | 20,927,187 | $ | 3.77 | $ | 29.76 | 9.1% | |||||||||||||||||||||
2014
|
220 | 1,110,900 | 578,037 | 1,688,937 | 8.4% | 7,528,225 | 15,380,807 | 22,909,032 | $ | 6.78 | $ | 30.63 | 9.9% | |||||||||||||||||||||
2015
|
207 | 1,451,921 | 666,120 | 2,118,041 | 10.5% | 9,522,834 | 16,376,107 | 25,898,941 | $ | 7.31 | $ | 27.91 | 11.2% | |||||||||||||||||||||
Thereafter
|
721 | 8,519,388 | 2,770,928 | 11,290,316 | 56.1% | 29,597,764 | 62,911,130 | 92,508,894 | $ | 7.49 | $ | 26.15 | 40.2% | |||||||||||||||||||||
2,548 | 12,638,416 | 7,492,284 | 20,130,700 | 100.0% | $ | 54,933,219 | $ | 175,677,048 | $ | 230,610,267 | $ | 6.94 | $ | 27.30 | 100.0% |
(1) The base rents per square foot calculation excludes outlot and ground leases that do not pay rents or pay nominal amounts for rents.
|
|||||||||||
Note: Information includes wholly-owned and joint venture properties.
|
Page 19
CAPITAL EXPENDITURES
|
(dollars in thousands)
|
Three months ended December 31, 2010
|
Three months ended December 31, 2009
|
|||||||||||||||||||||||
Unconsolidated
|
Unconsolidated
|
|||||||||||||||||||||||
Consolidated
|
Joint Venture
|
Consolidated
|
Joint Venture
|
|||||||||||||||||||||
Properties
|
Proportionate
|
Properties
|
Proportionate
|
|||||||||||||||||||||
2010
|
Share
|
Total
|
2009
|
Share
|
Total
|
|||||||||||||||||||
Development projects (1)
|
$ | 35,696 | $ | - | $ | 35,696 | $ | 11 | $ | 6,256 | $ | 6,267 | ||||||||||||
Redevelopment projects
|
$ | 478 | $ | 9 | $ | 487 | $ | 1,772 | $ | - | $ | 1,772 | ||||||||||||
Renovation with no incremental GLA
|
$ | 3 | $ | - | $ | 3 | $ | 19 | $ | - | $ | 19 | ||||||||||||
Property Capital Expenditures:
|
||||||||||||||||||||||||
Tenant improvements and tenant allowances:
|
||||||||||||||||||||||||
Anchor stores
|
$ | 206 | $ | 240 | $ | 446 | $ | 1,444 | $ | 41 | $ | 1,485 | ||||||||||||
Non-anchor stores
|
2,587 | 51 | 2,638 | 2,430 | - | 2,430 | ||||||||||||||||||
Operational capital expenditures
|
2,406 | 489 | 2,895 | 3,602 | 86 | 3,688 | ||||||||||||||||||
Total Property Capital Expenditures
|
$ | 5,199 | $ | 780 | $ | 5,979 | $ | 7,476 | $ | 127 | $ | 7,603 |
Twelve months ended December 31, 2010
|
Twelve months ended December 31, 2009
|
|||||||||||||||||||||||
Unconsolidated
|
Unconsolidated
|
|||||||||||||||||||||||
Consolidated
|
Joint Venture
|
Consolidated
|
Joint Venture
|
|||||||||||||||||||||
Properties
|
Proportionate
|
Properties
|
Proportionate
|
|||||||||||||||||||||
2010
|
Share
|
Total
|
2009
|
Share
|
Total
|
|||||||||||||||||||
Development projects (1)
|
$ | 147,000 | $ | - | $ | 147,000 | $ | 291 | $ | 36,400 | $ | 36,691 | ||||||||||||
Redevelopment projects
|
$ | 3,922 | $ | 25 | $ | 3,947 | $ | 18,528 | $ | 10 | $ | 18,538 | ||||||||||||
Renovation with no incremental GLA
|
$ | 398 | $ | 6 | $ | 404 | $ | 393 | $ | 2 | $ | 395 | ||||||||||||
Property Capital Expenditures:
|
||||||||||||||||||||||||
Tenant improvements and tenant allowances:
|
||||||||||||||||||||||||
Anchor stores
|
$ | 5,855 | $ | 1,557 | $ | 7,412 | $ | 3,219 | $ | 790 | $ | 4,009 | ||||||||||||
Non-anchor stores
|
9,500 | 191 | 9,691 | 9,793 | 180 | 9,973 | ||||||||||||||||||
Operational capital expenditures
|
5,865 | 810 | 6,675 | 6,563 | 403 | 6,966 | ||||||||||||||||||
Total Property Capital Expenditures
|
$ | 21,220 | $ | 2,558 | $ | 23,778 | $ | 19,575 | $ | 1,373 | $ | 20,948 |
(1) During 2009 the Scottsdale Development project was included in Unconsolidated Joint Venture Proportionate Share figures. Beginning in 2010, our proportionate share of this development
|
||||||||||||||||
is included in Consolidated Properties through September 2010. In October 2010, the Company acquired the remaining 50% interest in Scottsdale Quarter. Included in the Consolidated
|
||||||||||||||||
Properties 2010 amount is the $96 million expenditure for Phase I and II land at Scottsdale Quarter and $25.5 million for Phase III land at Scottsdale Quarter.
|
Page 20
Scottsdale Quarter Update
|
(dollars in thousands)
|
Project
|
Total Project Costs (1)
|
Project Costs
Incurred thru
12/31/2010 (1)
|
Stabilized
Yield
|
||||||||||||||
Scottsdale Quarter:
|
|||||||||||||||||
Scottsdale, Arizona
|
|||||||||||||||||
Development of new retail/office
|
|||||||||||||||||
600,000 square feet lifestyle center
|
|||||||||||||||||
Range
|
|||||||||||||||||
Phase I / II
|
Low
|
High
|
|||||||||||||||
Hard Costs
|
$ | 224,000 | $ | 234,000 | $ | 212,100 | |||||||||||
Land Purchase
|
96,000 | 96,000 | 96,000 | ||||||||||||||
Minority Partner Equity
|
(10,000 | ) | (10,000 | ) | (10,000 | ) | |||||||||||
$ | 310,000 | $ | 320,000 | $ | 298,100 | 6.5% - 7.0% | |||||||||||
Phase III
|
|||||||||||||||||
Retail and Land
|
$ | 50,000 | $ | 60,000 | $ | 25,450 | |||||||||||
Sale of Land Parcels
|
(25,000 | ) | (20,000 | ) | - | ||||||||||||
$ | 25,000 | $ | 40,000 | $ | 25,450 | 14.0% - 15.0% | |||||||||||
Total Net Costs
|
$ | 335,000 | $ | 360,000 | $ | 323,550 | 7.5% - 8.0% |
(1) Project costs include items such as construction and design costs, tenant improvements, third party leasing
|
||||||
commissions, ground lease payments prior to land purchase in September 2010 and the cost of the land.
|
||||||
Costs that are excluded are the allocation of internal costs such as labor, development fees, interest and taxes.
|
||||||
Note: Estimated yield of project is subject to adjustment as a result of changes (some of
|
||||||
which are not under the direct control of the company) that are inherent in the development process.
|
||||||
Project Leasing Update:
|
||||||
Phase I/II square footage is approximately 88% and 85% addressed for retail and office, respectively. The leases
|
||||||
that are addressed include signed leases, letters of intent and leases out for signature.
|
Page 21