Attached files

file filename
8-K - CURRENT REPORT - GLIMCHER REALTY TRUSTgrt_8k-021611.htm
EX-99.1 - PRESS RELEASE - GLIMCHER REALTY TRUSTex99-1.htm
Exhibit 99.2
 
 
 
 
 
 
GLIMCHER
 
 
Supplemental Information
 
For the three and twelve months ended December 31, 2010 and 2009
 
 
 
 
 
 
 
 
 
 

 
 
 
GLIMCHER REALTY TRUST
 
Supplemental Information
For the Three and Twelve Months Ended December 31, 2010 and 2009
 
TABLE OF CONTENTS
 
 
Income Statement Data:
 
 
Quarterly Income Statements
Page 1
 
Year-to-Date Income Statements
Page 2
 
Components of Minimum Rents and Other Revenue
Page 3
 
Components of Other Operating Expenses
Page 4
 
Summary Financial Statement Information for Unconsolidated Entities
Page 5
 
Calculation of Funds from Operations and FFO Payout Ratio
Page 6
 
Unconsolidated Entities Calculation of FFO and Disclosure of Pro-Rata Share of Non-Cash Amounts in FFO
Page 7
 
EBITDA, Operating Ratios and Earnings Per Share
Page 8
     
Balance Sheet Data:
 
 
Consolidated Balance Sheets
Page 9
 
Market Capitalization and Debt Covenant Requirements
Page 10
 
Consolidated Debt Schedule
Page 11
 
Total Debt Maturities Schedule (Wholly-owned and Pro-Rata Share of Joint Venture Debt)
Page 12
 
Joint Venture Debt Maturity Schedule
Page 13
     
Operational Data:
 
 
Occupancy Statistics
 
 
Leasing Results and Re-leasing Spreads
Page 14
 
Mall Portfolio Statistics by Asset Category
Page 15
 
Summary of Significant Tenants
Page 16
 
Top 10 Regional Mall Tenants
Page 17
 
Lease Expiration Schedule
Page 18
    Page 19
Development Activity:
 
 
Capital Expenditures
Page 20
 
Scottsdale Quarter Update
Page 21
 
 
 
 

 
QUARTERLY INCOME STATEMENTS
(in thousands)
 
   
Three Months Ended December 31,
 
   
2010
   
2009
 
   
As
   
Discontinued
   
Pre
   
As
   
Discontinued
   
Pre
 
   
Reported
   
Operations
   
FAS 144
   
Reported
   
Operations
   
FAS 144
 
                                     
Revenues:
                                   
Minimum rents (see components on page 3)
  $ 40,806     $ -     $ 40,806     $ 46,979     $ -     $ 46,979  
Percentage rents
    1,576       -       1,576       1,865       -       1,865  
Tenant reimbursements
    20,003       -       20,003       22,679       4       22,683  
Other (see components on page 3)
    7,874       -       7,874       8,056       206       8,262  
Total Revenues
    70,259       -       70,259       79,579       210       79,789  
                                                 
Expenses:
                                               
Property operating expenses
    (13,873 )     3       (13,870 )     (16,370 )     15       (16,355 )
Real estate taxes
    (8,852 )     (3 )     (8,855 )     (9,080 )     (3 )     (9,083 )
      (22,725 )     -       (22,725 )     (25,450 )     12       (25,438 )
Provision for doubtful accounts
    (263 )     -       (263 )     (1,389 )     -       (1,389 )
Other operating expenses (see components on page 4)
    (2,377 )     -       (2,377 )     (2,056 )     (166 )     (2,222 )
Real estate depreciation and amortization
    (16,390 )     -       (16,390 )     (19,634 )     -       (19,634 )
Non-real estate depreciation and amortization
    (421 )     -       (421 )     (460 )     -       (460 )
General and administrative
    (5,170 )     (1 )     (5,171 )     (4,894 )     (3 )     (4,897 )
Impairment loss
    -       -       -       (3,422 )     -       (3,422 )
Total Expenses
    (47,346 )     (1 )     (47,347 )     (57,305 )     (157 )     (57,462 )
                                                 
Operating Income
    22,913       (1 )     22,912       22,274       53       22,327  
                                                 
Interest income
    321       (60 )     261       1,270       -       1,270  
Interest expense
    (17,285 )     -       (17,285 )     (19,661 )     (4 )     (19,665 )
Loan fee amortization
    (1,878 )     -       (1,878 )     (660 )     -       (660 )
Other expenses, net (see components on page 6)
    -       -       -       (3,344 )     -       (3,344 )
Equity in income (loss) of unconsolidated real estate entities, net
    469       -       469       (1,349 )     -       (1,349 )
Income (loss) from continuing operations
    4,540       (61 )     4,479       (1,470 )     49       (1,421 )
Discontinued Operations:
                                               
    (Loss) income from operations
    (61 )     61       -       49       (49 )     -  
Net income (loss)
    4,479       -       4,479       (1,421 )     -       (1,421 )
Allocation to noncontrolling interests
    435       -       435       242       -       242  
Net income (loss)  attributable to Glimcher Realty Trust
    4,914       -       4,914       (1,179 )     -       (1,179 )
Preferred share dividends
    (6,137 )     -       (6,137 )     (4,359 )     -       (4,359 )
Net loss to common shareholders
  $ (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
(in thousands)
 
   
Twelve Months Ended December 31,
 
   
2010
   
2009
 
   
As
   
Discontinued
   
Pre
   
As
   
Discontinued
   
Pre
 
   
Reported
   
Operations
   
FAS 144
   
Reported
   
Operations
   
FAS 144
 
                                     
Revenues:
                                   
Minimum rents (see components on page 3)
  $ 166,072     $ (66 )   $ 166,006     $ 185,269     $ 1,718     $ 186,987  
Percentage rents
    4,628       -       4,628       5,489       22       5,511  
Tenant reimbursements
    81,284       (5 )     81,279       92,140       1,180       93,320  
Out parcel sales
    -       -       -       1,675       -       1,675  
Other (see components on page 3)
    22,788       64       22,852       23,852       462       24,314  
Total Revenues
    274,772       (7 )     274,765       308,425       3,382       311,807  
                                                 
Expenses:
                                               
Property operating expenses
    (57,659 )     4       (57,655 )     (64,978 )     (1,930 )     (66,908 )
Real estate taxes
    (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
    (3,754 )     -       (3,754 )     (5,849 )     (307 )     (6,156 )
Other operating expenses (see components on page 4)
    (12,356 )     (75 )     (12,431 )     (8,633 )     (455 )     (9,088 )
Cost related to sales of out parcels
    -       -       -       (1,145 )     -       (1,145 )
Real estate depreciation and amortization
    (67,548 )     -       (67,548 )     (78,935 )     -       (78,935 )
Non-real estate depreciation and amortization
    (1,995 )     -       (1,995 )     (2,027 )     -       (2,027 )
General and administrative
    (19,477 )     (6 )     (19,483 )     (18,305 )     (19 )     (18,324 )
Impairment loss
    -       -       -       (3,422 )     -       (3,422 )
Total Expenses
    (196,415 )     (84 )     (196,499 )     (219,512 )     (3,183 )     (222,695 )
                                                 
Operating Income
    78,357       (91 )     78,266       88,913       199       89,112  
                                                 
Interest income
    1,191       (59 )     1,132       2,934       9       2,943  
Interest expense
    (72,346 )     -       (72,346 )     (77,385 )     (1,210 )     (78,595 )
Loan fee amortization
    (6,488 )     -       (6,488 )     (2,660 )     (34 )     (2,694 )
Other expenses, net (see components on page 6)
    -       -       -       (3,344 )     -       (3,344 )
Equity in income (loss) of unconsolidated real estate entities, net
    31       -       31       (3,191 )     -       (3,191 )
Income from continuing operations
    745       (150 )     595       5,267       (1,036 )     4,231  
Discontinued Operations:
                                               
    Loss on disposition of properties
    (215 )     -       (215 )     (288 )     -       (288 )
    Impairment losses, net
    -       -       -       (183 )     -       (183 )
    Loss from operations
    (150 )     150       -       (1,036 )     1,036       -  
Net income
    380       -       380       3,760       -       3,760  
Allocation to noncontrolling interests
    5,473       -       5,473       821       -       821  
Net income attributable to Glimcher Realty Trust
    5,853       -       5,853       4,581       -       4,581  
Preferred share dividends
    (22,236 )     -       (22,236 )     (17,437 )     -       (17,437 )
Net loss to common shareholders
  $ (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
(in thousands)
 
 
   
Three Months Ended December 31,
 
   
2010
   
2009
 
   
As
   
Discontinued
   
Pre
   
As
   
Discontinued
   
Pre
 
   
Reported
   
Operations
   
FAS 144
   
Reported
   
Operations
   
FAS 144
 
                                     
Components of Minimum Rents:
                                   
Base rent
  $ 40,321     $ -     $ 40,321     $ 47,186     $ -     $ 47,186  
Termination income
    360       -       360       241       -       241  
Straight-line rents
    125       -       125       (448 )     -       (448 )
Total Minimum Rents
  $ 40,806     $ -     $ 40,806     $ 46,979     $ -     $ 46,979  
                                                 
Components of Other Revenue:
                                               
Fee and service income
  $ 2,098     $ -     $ 2,098     $ 1,204     $ -     $ 1,204  
Specialty leasing and sponsorship income
    4,560       -       4,560       5,252       7       5,259  
Other
    1,216       -       1,216       1,600       199       1,799  
Total Other Revenue
  $ 7,874     $ -     $ 7,874     $ 8,056     $ 206     $ 8,262  
 
 
   
Twelve Months Ended December 31,
 
    2010     2009  
   
As
   
Discontinued
   
Pre
   
As
   
Discontinued
   
Pre
 
   
Reported
   
Operations
   
FAS 144
   
Reported
   
Operations
   
FAS 144
 
                                                 
Components of Minimum Rents:
                                               
Base rent
  $ 164,250     $ (66 )   $ 164,184     $ 185,695     $ 1,805     $ 187,500  
Termination income
    1,101       -       1,101       718       3       721  
Straight-line rents
    721       -       721       (1,144 )     (90 )     (1,234 )
Total Minimum Rents
  $ 166,072     $ (66 )   $ 166,006     $ 185,269     $ 1,718     $ 186,987  
                                                 
Components of Other Revenue:
                                               
Fee and service income
  $ 6,272     $ -     $ 6,272     $ 4,655     $ -     $ 4,655  
Specialty leasing and sponsorship income
    11,286       -       11,286       12,708       64       12,772  
Other (1)
    5,230       64       5,294       6,489       398       6,887  
Total Other Revenue
  $ 22,788     $ 64     $ 22,852     $ 23,852     $ 462     $ 24,314  
 
Note: Pre FAS 144 column includes both continuing and discontinued operations.
     
(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
      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.
 
 
Page 3

 
Components of Other Operating Expenses
(in thousands)
 
 
   
Three Months Ended December 31,
 
   
2010
   
2009
 
   
As
   
Discontinued
   
Pre
   
As
   
Discontinued
   
Pre
 
Components of Other Operating Expenses
 
Reported
   
Operations
   
FAS 144
   
Reported
   
Operations
   
FAS 144
 
Cost of providing services to unconsolidated real estate entities
  $ 1,002     $ -     $ 1,002     $ 390     $ -     $ 390  
Discontinued development write offs
    11       -       11       7       -       7  
Specialty leasing costs
    462       -       462       474       -       474  
Other
    902       -       902       1,185       166       1,351  
Total Other Operating Expenses
  $ 2,377     $ -     $ 2,377     $ 2,056     $ 166     $ 2,222  
 
 
   
Twelve Months Ended December 31,
 
    2010     2009  
   
As
   
Discontinued
   
Pre
   
As
   
Discontinued
   
Pre
 
Components of Other Operating Expenses
 
Reported
   
Operations
   
FAS 144
   
Reported
   
Operations
   
FAS 144
 
Cost of providing services to unconsolidated real estate entities
  $ 3,149     $ -     $ 3,149     $ 1,848     $ -     $ 1,848  
Discontinued development write offs
    241       -       241       243       -       243  
Speciality leasing costs
    1,752       -       1,752       1,771       41       1,812  
Scottsdale ground lease
    2,551       -       2,551       -       -       -  
Other
    4,663       75       4,738       4,771       414       5,185  
Total Other Operating Expenses
  $ 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
FOR UNCONSOLIDATED ENTITIES
(in thousands)
 
 
   
For the Three Months Ended December 31, 2010
   
For the Three 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
  $ 28,178     $ 10,701     $ 7,760     $ 4,028  
Operating expenses
    (12,970 )     (4,872 )     (5,245 )     (2,707 )
Net operating income
    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
  $ 360     $ 469     $ (2,667 )   $ (1,349 )
                                 
GPLP's share of income (loss) from investment in unconsolidated entites
  $ 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
 
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