Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESS RELEASE - Excel Trust, Inc. | dex991.htm |
| 8-K - FORM 8-K - Excel Trust, Inc. | d8k.htm |
Exhibit 99.2
Supplemental Operating and Financial Data
For the Period Ended December 31, 2010
Table of Contents
| Page | ||||||
| Company Overview |
3 | |||||
| Analyst Coverage |
4 | |||||
| Summary Financial and Portfolio Data |
5 | |||||
| Financial Summary |
||||||
| Condensed Consolidated Balance Sheets |
6 | |||||
| Condensed Consolidated Statements of Operations |
7 | |||||
| Reconciliation of Net Income to FFO and AFFO |
8 | |||||
| Debt Summary |
9 | |||||
| Portfolio Summary |
||||||
| Acquisitions |
10 | |||||
| Portfolio Summary |
11 | |||||
| Major Tenants |
12 | |||||
| Lease Expiration Schedule |
13 | |||||
| Definitions |
14 | |||||
Company Overview
Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Excel Trust intends to be treated as a REIT, for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2010. Excel Trust trades publicly on the NYSE under the symbol “EXL”.
| Corporate Headquarters | Other Offices | |
| Excel Trust, Inc. | Salt Lake City, UT | |
| 17140 Bernardo Center Dr., Ste 300 | Atlanta, GA | |
| San Diego, CA 92128 | Stockton, CA | |
| Tel: 858-613-1800 | ||
| Email: info@exceltrust.com | ||
| Website: www.exceltrust.com | ||
| Executives & Senior Management | ||
| Gary B. Sabin - Chairman & CEO | Spencer G. Plumb - President & COO | |
| James Y. Nakagawa - CFO | Mark T. Burton - CIO & SVP, Acquisitions | |
| S. Eric Ottesen - SVP, General Counsel | William J. Stone - SVP, Asset Management/Development | |
| Matthew S. Romney - SVP, Capital Markets | ||
| Board of Directors | ||
| Gary B. Sabin (Chairman) | Spencer G. Plumb | |
| Mark T. Burton | Bruce G. Blakley | |
| Burland B. East III | Robert E. Parsons, Jr. | |
| Warren R. Staley | ||
| Transfer Agent and Registrar | Corporate Counsel | |
| Continental Stock Transfer & Trust Company | Latham & Watkins | |
| 17 Battery Place, 8th Floor | 12636 High Bluff Drive, Suite 400 | |
| New York, New York 10004 | San Diego, CA 92130 | |
| Tel: 212-509-4000 | Tel: 858-523-5400 | |
| Email: cstmail@continentalstock.com | ||
| Website: www.continentalstock.com | ||
Reported results and other information included herein are preliminary and not final until the filing of Excel Trust’s annual report on Form 10-K for the year ended 2010 with the Securities and Exchange Commission and, therefore, remain subject to adjustment.
Forward-Looking Statements
This document contains forward-looking statements that are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks include, without limitation: adverse economic or real estate developments in the retail industry or the markets in which Excel Trust operates; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; Excel Trust’s failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; Excel Trust’s inability to successfully complete real estate acquisitions or successfully operate acquired properties and Excel Trust’s failure to qualify or maintain its status as a REIT. For a further list and description of such risks and uncertainties that could impact Excel Trust’s future results, performance or transactions, see the reports filed by Excel Trust with the Securities and Exchange Commission, including its final prospectus relating to its initial public offering and quarterly reports on Form 10-Q. Excel Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Page 3
Analyst Coverage
| Company | Analyst | Contact | ||
| Barclays Capital | Ross Smotrich | (212) 526-2306 | ||
| Ryan Bennett | (212) 526-5309 | |||
| KeyBanc | Jordan Sadler | (917) 368-2280 | ||
| Todd Thomas | (917) 368-2286 | |||
| Morgan Stanley | Paul Morgan | (415) 576-2627 | ||
| Samir Khanal | (415) 576-2696 | |||
| Raymond James & Assoc. | Paul D. Puryear | (727) 567-2253 | ||
| R. J. Milligan | (727) 567-2660 | |||
| Stifel, Nicolaus & Co., Inc. | Nathan Isbee | (443) 224-1346 | ||
| Jennifer Hummert | (443) 224-1288 | |||
| UBS | Ross Nussbaum | (212) 713-2484 | ||
| Christy McElroy | (203) 719-7831 | |||
| Wells Fargo | Jeff Donnelly | (617) 603-4262 | ||
| Robert LaQuaglia | (617) 603-4263 | |||
Page 4
Summary Financial and Portfolio Data
For the Quarter Ended December 31, 2010
(dollars in thousands)
| Portfoilio Summary |
||||
| Number of properties |
24 | |||
| Gross Leasable Square Feet (GLA) |
2,593,908 | |||
| Percent Leased |
93 | % | ||
| Financial Results (Quarter ended December 31, 2010) |
||||
| Net loss attributable to Excel Trust, Inc. |
$ | (904 | ) | |
| Net loss per diluted share |
$ | (0.06 | ) | |
| Funds from operations (FFO) |
$ | 1,851 | ||
| FFO per diluted share |
$ | 0.11 | ||
| Adjusted funds from operations (AFFO) |
$ | 3,029 | ||
| AFFO per diluted share |
$ | 0.19 | ||
| Dividends declared per common share |
$ | 0.14 | ||
| Assets |
||||
| Gross undepreciated real estate |
$ | 373,472 | ||
| Gross undepreciated assets |
$ | 449,448 | ||
| Total liabilities to gross undepreciated assets |
54.4 | % | ||
| Mortgage and notes payable to gross undepreciated assets |
49.5 | % | ||
| Capitalization |
||||
| Total debt |
$ | 222,427 | ||
| Common equity capitalization |
$ | 187,692 | ||
| Total capitalization |
$ | 410,119 | ||
| Debt/total capitalization |
54.2 | % | ||
| Common Stock Data |
||||
| Range of closing prices for the quarter |
$ | 11.11-12.90 | ||
| Closing price at quarter end |
$ | 12.10 | ||
| Weighted average common shares outstanding - diluted |
16,152,774 | |||
| Shares of common stock outstanding on 12/31/2010 |
15,511,712 | |||
Page 5
EXCEL TRUST, INC. AND
EXCEL TRUST, INC. PREDECESSOR
CONSOLIDATED AND COMBINED BALANCE SHEETS
(Dollars in thousands)
| The Company |
The Predecessor |
|||||||
| December 31, 2010 |
December 31, 2009 |
|||||||
| ASSETS: |
||||||||
| Property: |
||||||||
| Land |
$ | 153,601 | $ | 15,300 | ||||
| Buildings |
178,374 | 20,538 | ||||||
| Site improvements |
18,832 | 2,445 | ||||||
| Tenant improvements |
18,242 | 6,629 | ||||||
| Construction in progress |
4,423 | 1,438 | ||||||
| Less accumulated depreciation |
(8,360 | ) | (4,481 | ) | ||||
| Property, net |
365,112 | 41,869 | ||||||
| Cash and cash equivalents |
6,525 | 661 | ||||||
| Restricted cash |
5,870 | 524 | ||||||
| Tenant receivables, net |
1,945 | 97 | ||||||
| Lease intangibles, net |
53,024 | 1,118 | ||||||
| Mortgage loan receivable |
2,000 | — | ||||||
| Deferred rent receivable |
1,148 | 583 | ||||||
| Other assets |
5,464 | 604 | ||||||
| Total assets |
$ | 441,088 | $ | 45,456 | ||||
| LIABILITIES AND EQUITY: |
||||||||
| Liabilities: |
||||||||
| Mortgages payable, net |
$ | 137,043 | $ | 30,190 | ||||
| Notes payable |
85,384 | — | ||||||
| Accounts payable and other liabilities |
12,944 | 3,973 | ||||||
| Lease intangibles, net |
7,150 | 555 | ||||||
| Dividends/distributions payable |
1,957 | — | ||||||
| Due to owner |
— | 1,216 | ||||||
| Total liabilities |
244,478 | 35,934 | ||||||
| Commitments and contingencies |
||||||||
| Equity: |
||||||||
| Stockholders’ equity and owner’s equity |
||||||||
| Common stock, $.01 par value, 200,000,000 shares authorized; 15,663,331 shares issued and outstanding |
156 | — | ||||||
| Additional paid-in capital |
191,453 | — | ||||||
| Cumulative distributions in excess of net income |
(3,766 | ) | — | |||||
| 187,843 | — | |||||||
| Accumulated other comprehensive loss |
(388 | ) | — | |||||
| Total stockholders’ equity |
187,455 | — | ||||||
| Owner’s equity |
— | 8,622 | ||||||
| Non-controlling interests |
9,155 | 900 | ||||||
| Total equity |
196,610 | 9,522 | ||||||
| Total liabilities and equity |
$ | 441,088 | $ | 45,456 | ||||
The accompanying notes are an integral part of these consolidated and combined financial statements.
Page 6
EXCEL TRUST, INC. AND
EXCEL TRUST, INC. PREDECESSOR
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(Dollars in thousands)
| The Company | The Predecessor | The Predecessor | The Predecessor | |||||||||||||
| Period from April 28, 2010 to December 31, 2010 |
Period January 1, 2010 to April 27, 2010 |
Year Ended December 31, 2009 |
Year Ended December 30, 2008 |
|||||||||||||
| REVENUES: |
||||||||||||||||
| Rental revenue |
$ | 13,641 | $ | 1,455 | $ | 4,731 | $ | 3,540 | ||||||||
| Tenant recoveries |
2,134 | 113 | 259 | 292 | ||||||||||||
| Other income |
143 | |||||||||||||||
| Total revenues |
15,918 | 1,568 | 4,990 | 3,832 | ||||||||||||
| Expenses: |
||||||||||||||||
| Maintenance and repairs |
707 | 98 | 245 | 210 | ||||||||||||
| Real estate taxes |
1,685 | 140 | 399 | 404 | ||||||||||||
| Management fees |
119 | 43 | 134 | 118 | ||||||||||||
| Other operating expenses |
854 | 98 | 451 | 416 | ||||||||||||
| General and administrative |
7,152 | 8 | 45 | 43 | ||||||||||||
| Depreciation and amortization |
6,727 | 542 | 2,045 | 1,403 | ||||||||||||
| Total expenses |
17,243 | 929 | 3,319 | 2,594 | ||||||||||||
| Net operating (loss) income |
(1,325 | ) | 639 | 1,121 | 1,238 | |||||||||||
| Interest expense |
(3,692 | ) | (483 | ) | (1,359 | ) | (1,593 | ) | ||||||||
| Interest income |
166 | — | 6 | 29 | ||||||||||||
| Gain on business combination, net |
978 | |||||||||||||||
| Net (loss) income |
(3,873 | ) | 156 | 318 | (326 | ) | ||||||||||
| Non-controlling interests |
(107 | ) | 290 | 75 | 56 | |||||||||||
| Net (loss) income attributable to the common stockholders and controlling interest |
$ | (3,766 | ) | $ | (134 | ) | $ | 243 | $ | (382 | ) | |||||
| Basic and diluted loss per share |
$ | (0.24 | ) | |||||||||||||
| Weighted-average common shares outstanding - basic and diluted |
15,510 | |||||||||||||||
| Dividends declared per common share |
$ | (0.20 | ) | |||||||||||||
| Net operating (loss) income |
$ | (3,873 | ) | $ | 156 | $ | 101 | $ | 101 | |||||||
| Other comprehensive income: |
||||||||||||||||
| Change in unrealized loss on interest rate swaps |
388 | — | — | — | ||||||||||||
| Comprehensive (loss) income |
(3,485 | ) | 156 | 101 | 101 | |||||||||||
| Comprehensive loss attributable to non-controlling interests |
(15 | ) | — | — | — | |||||||||||
| Comprehensive (loss) income attributable to the common stockholders and controlling interest |
$ | (3,470 | ) | $ | 156 | $ | 101 | $ | 101 | |||||||
The accompanying notes are an integral part of these consolidated and combined financial statements.
Page 7
Reconciliation of Net Income to FFO and AFFO (1)
For the Quarter Ended December 31, 2010
(dollars in thousands)
Excel Trust’s FFO and AFFO available to common stockholders and operating partnership unitholders and a reconciliation to net income for the period from October 1,2010 through December 31, 2010 is as follows:
| Quarter Ended 12/31/2010 |
Period From 4/28/2010 to 12/31/2010 |
|||||||
| Net loss attributable to Excel Trust, Inc. |
$ | (904 | ) | $ | (3,873 | ) | ||
| Add: |
||||||||
| Depreciation and amortization |
$ | 3,733 | $ | 6,727 | ||||
| Deduct: |
||||||||
| Non-recurring gain |
$ | (978 | ) | $ | (978 | ) | ||
| Funds from operations |
$ | 1,851 | $ | 1,876 | ||||
| Add: |
||||||||
| Transaction costs |
$ | 1,282 | $ | 2,634 | ||||
| Deferred financing costs |
$ | 166 | $ | 339 | ||||
| Stock-based and other non-cash compensation expense |
$ | 130 | $ | 357 | ||||
| Deduct: |
||||||||
| Straight-line effects of lease revenue |
$ | (327 | ) | $ | (500 | ) | ||
| Amortization of above and below market leases |
$ | (62 | ) | $ | (173 | ) | ||
| Non-incremental capital expenditures |
$ | (11 | ) | $ | (41 | ) | ||
| Adjusted funds from operations |
$ | 3,029 | $ | 4,492 | ||||
| Weighted average common shares outstanding - diluted |
16,152,774 | 16,151,262 | ||||||
| Funds from operations per share (diluted) |
$ | 0.11 | $ | 0.12 | ||||
| Adjusted funds from operations per share (diluted) |
$ | 0.19 | $ | 0.28 | ||||
| (1) | FFO and AFFO are described on the Definitions page. |
Page 8
Debt Summary
For the Quarter Ended December 31, 2010
(dollars in thousands)
| % Total Debt | ||||||||
| Fixed Rate Debt(1) |
$ | 129,585 | 58 | % | ||||
| Variable Debt (2) |
$ | 94,000 | 42 | % | ||||
| Total Debt (1) |
$ | 223,585 | 100 | % | ||||
|
Debt(1) /Gross Undepreciated Assets |
49.7 | % | ||||||
| % Total Debt | ||||||||
| Secured Debt (1) |
$ | 138,201 | 62 | % | ||||
| Unsecured Debt |
$ | 85,384 | 38 | % | ||||
| Total Debt |
$ | 223,585 | 100 | % | ||||
| Maturities by Year-Secured |
Amount | % Total Debt | Maturities by Year-Unsecured |
Amount | % Total Debt | |||||||||||||
| 2011 |
$ | 4,835 | 2.2 | % | 2011 | $ | 0 | |||||||||||
| 2012 |
$ | 1,434 | 0.6 | % | 2012 | $ | 3,384 | 1.5 | % | |||||||||
| 2013 |
$ | 76,939 | 34.4 | % | 2013 | $ | 82,000 | 36.7 | % | |||||||||
| 2014 |
$ | 16,990 | 7.6 | % | 2014 | $ | 0 | |||||||||||
| 2015 |
$ | 657 | 0.3 | % | 2015 | $ | 0 | |||||||||||
| Thereafter |
$ | 37,347 | 16.7 | % | Thereafter | $ | 0 | |||||||||||
| Total |
$ | 138,201 | 61.8 | % | Total | $ | 85,384 | 38.2 | % | |||||||||
| Property-Secured |
Amount | Interest Rate | Maturity | |||||||||
| Mariner’s Point |
$ | 3,482 | 7.10 | % | 2011 | |||||||
| Park West Place |
$ | 55,800 | 3.91 | % | 2013 | |||||||
| Five Forks Place |
$ | 5,242 | 5.50 | % | 2013 | |||||||
| Grant Creek Town Center |
$ | 16,029 | 5.75 | % | 2013 | |||||||
| Merchant Central |
$ | 4,647 | 5.94 | % | 2014 | |||||||
| Excel Centre |
$ | 12,768 | 6.08 | % | 2014 | |||||||
| 5000 South Hulen |
$ | 14,086 | 5.60 | % | 2017 | |||||||
| Lowe’s |
$ | 14,147 | 7.20 | % | 2031 | |||||||
| Northside Plaza (3) |
$ | 12,000 | 0.36 | % | 2035 | |||||||
|
Total(1) |
$ | 138,201 | 4.7 | % | ||||||||
| (1) | Excludes fair value adjustments of (1,158). Mortgage and notes payable to gross undepreciated assets was 49.5%. |
| (2) | On July 8, 2010, Excel Trust entered into an unsecured revolving credit facility (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility of up to $125,000. Excel Trust has the ability to increase the size of the revolving credit facility by up to an additional $275,000 to a total of $400M, subject to receipt of lender commitments and other conditions precedent. The maturity date is July 7, 2013 and can be extended for one year at the Excel Trust’s option. The revolving credit facility bears interest at the rate of LIBOR plus a margin of 275 basis points to 375 basis points, depending on the Excel Trust’s leverage ratio, provided that in no event shall LIBOR be deemed to be less than 1.50%. Excel Trust will also pay a 0.45% fee for any unused portion of the revolving credit facility. Borrowings from the credit facility were $82,000 on December 31, 2010. The interest rate on December 31, 2010 was 4.25%. |
| (3) | The Northside Plaza debt represents redevelopment revenue bonds to be used for the redevelopment of this property. The bonds are priced off the SIFMA index and reset weekly. The rate as of December 31, 2010 was 0.36%. The bonds are secured by a $12.1 million letter of credit issued by the Company from the Company’s credit facility. |
Page 9
Acquisitions
For the Quarter Ended December 31, 2010
(Dollars in thousands)
| Acquisition Property Name |
City |
State |
Date |
Initial Cost Basis ($ in 000’s) |
Total GLA (1) | Leased | Major Tenants | |||||||||||||
| Brandywine Crossing |
Brandywine (Washing ton Metro) |
MD | 10/1/2010 | $ | 44,500 | 198,330 | 96 | % | Safeway, Marshalls, Jo-Ann, Target (non-owned) Costco (non-owned) | |||||||||||
| Rosewick Crossing |
La Plata (Washington Metro) | MD | 10/1/2010 | $ | 24,900 | 116,095 | 85 | % | Giant Food, Lowe’s (non-owned) | |||||||||||
| Shopsat Foxwood |
Ocala | FL | 10/19/2010 | $ | 12,600 | 78,660 | 86 | % | Publix, McDonalds (non-owned) | |||||||||||
| Walgreens |
Princeton | WV | 10/28/2010 | $ | 4,100 | 14,550 | 100 | % | Walgreens | |||||||||||
| Park West Place |
Stockton | CA | 12/14/2010 | $ | 92,500 | 597,787 | 100 | % | Lowe’s, Kohl’s, Sports Authority, Jo-Ann, Ross, Pet Smart, Office Depot, Target (non-owned) | |||||||||||
| Total |
$ | 178,600 | 1,005,422 | |||||||||||||||||
| Properties for Development |
||||||||||||||||||||
| Northside Plaza(2) |
Dothan | UT | 11/15/2010 | $ | 7,700 | Publix ,Hobby Lobby, Home Depot (non-owned) | ||||||||||||||
| (1) | Total GLA represents total gross leasable area owned by us at the property. |
| (2) | Excel Trust entered into a joint venture agreement to acquire a 50% interest in Northside Plaza, a Publix anchored redevelopment property in Dothan, AL. Hobby Lobby has opened for business and Publix is projected to open in Q2 2011. |
Page 10
Portfolio Summary
For the Quarter Ended December 31, 2010
(Dollars in thousands)
| Property Name |
City |
State | Year Built(1) |
Total GLA(2) |
Acquisition Date |
Initial Cost Basis ($ in 000’s) |
Price Sq. Ft. |
% Leased |
Major Tenants | |||||||||||||||||||||||
| Excel Centre |
San Diego | CA | 1999 | 82,157 | ** | $ | 23,700 | $ | 288 | 100 | % | Kaiser Permanente, Swinerton, Excel Trust, UBS | ||||||||||||||||||||
| Newport Towne Center |
Newport | TN | 2006 | 60,100 | ** | $ | 6,500 | $ | 108 | 91 | % | Stage Stores (DBA Goody’s), Dollar Tree, Super Wal-Mart (non-owned) | ||||||||||||||||||||
| Five Forks Place |
Simpsonville | SC | 2002 | 61,191 | ** | $ | 7,800 | $ | 127 | 97 | % | Publix | ||||||||||||||||||||
| 5000 South Hulen |
Fort Worth | TX | 2005 | 86,838 | 5/12/2010 | $ | 21,900 | $ | 252 | 92 | % | Barnes and Noble, Old Navy | ||||||||||||||||||||
| Jewel-Osco |
Morris | IL | 1999 | 51,762 | 5/14/2010 | $ | 8,200 | $ | 158 | 100 | % | Jewel-Osco (subsidiary of SuperValu) | ||||||||||||||||||||
| Walgreens |
Corbin (North) | KY | 2009 | 13,650 | 5/24/2010 | $ | 3,500 | $ | 256 | 100 | % | Walgreens | ||||||||||||||||||||
| Walgreens |
Corbin (South) | KY | 2009 | 13,650 | 5/24/2010 | $ | 4,200 | $ | 308 | 100 | % | Walgreens | ||||||||||||||||||||
| Walgreens |
Barbourville | KY | 2008 | 13,650 | 5/24/2010 | $ | 4,200 | $ | 308 | 100 | % | Walgreens | ||||||||||||||||||||
| Shop’n Save (SuperValu) |
Ballwin | MO | 2007 | 53,411 | 5/28/2010 | $ | 8,500 | $ | 159 | 100 | % | Shop’n Save (subsidiary of SuperValu) | ||||||||||||||||||||
| Walgreens |
Beckley | WV | 2008 | 14,820 | 6/17/2010 | $ | 7,200 | $ | 486 | 100 | % | Walgreens | ||||||||||||||||||||
| Lowe’s |
Shippensburg | PA | 2008 | 171,069 | 6/22/2010 | $ | 17,600 | $ | 103 | 100 | % | Lowe’s | ||||||||||||||||||||
| Plaza at Rockwall - Phase I |
Rockwall | TX | 2007 | 332,989 | 6/29/2010 | $ | 35,500 | $ | 107 | 96 | % | Best Buy, Dick’s, Staples, Ulta, JC Penney, Belk | ||||||||||||||||||||
| Merchant Central |
Milledgeville | GA | 2004 | 45,013 | 6/30/2010 | $ | 6,100 | $ | 136 | 96 | % | Dollar Tree, Super Wal-Mart (non-owned) | ||||||||||||||||||||
| Mariner’s Point |
St. Marys | GA | 2001 | 45,215 | 7/20/2010 | $ | 6,600 | $ | 146 | 96 | % | Shoe Show, Super Wal-Mart (non-owned) | ||||||||||||||||||||
| Grant Creek Town Center |
Missoula | MT | 1998 | 164,166 | 8/27/2010 | $ | 21,300 | $ | 130 | 91 | % | Ross, TJ Maxx and REI | ||||||||||||||||||||
| Vestavia Hills City Center |
Birmingham (Vestavia Hills) |
AL | 2002 | 378,805 | 8/30/2010 | $ | 33,400 | $ | 88 | 76 | % | Publix, Dollar Tree, Stein Mart, Rave Motion Pictures | ||||||||||||||||||||
| Brandywine Crossing |
Brandywine (Washington Metro) | MD | 2009 | 198,330 | 10/1/2010 | $ | 44,500 | $ | 227 | 96 | % | Safeway, Marshalls, Jo-Ann, Target (non-owned) Costco (non-owned) | ||||||||||||||||||||
| Rosewick Crossing |
La Plata (Washington Metro) |
MD | 2008 | 116,095 | 10/1/2010 | $ | 24,900 | $ | 215 | 85 | % | Giant Food, Lowe’s (non-owned) | ||||||||||||||||||||
| Shopsat Foxwood |
Ocala | FL | 2010 | 78,660 | 10/19/2010 | $ | 12,600 | $ | 160 | 86 | % | Publix, McDonalds (non-owned) | ||||||||||||||||||||
| Walgreens |
Princeton | WV | 2008 | 14,550 | 10/28/2010 | $ | 4,100 | $ | 282 | 100 | % | Walgreens | ||||||||||||||||||||
| Park West Place |
Stockton | CA | 2005 | 597,787 | 12/14/2010 | $ | 92,500 | $ | 155 | 100 | % | Lowe’s, Kohl’s, Sports Authority, Jo-Ann, Ross, Pet Smart, Office Depot, Target (non-owned) | ||||||||||||||||||||
| Total | 2,593,908 | $ | 394,800 | $ | 152 | 93 | % | |||||||||||||||||||||||||
| Properties for |
||||||||||||||||||||||||||||||||
| Red Rock Commons |
St. George | UT | TBD | TBD | ** | $ | 11,700 | |||||||||||||||||||||||||
| Plaza at Rockwall - Phase II |
Rockwall | TX | TBD | TBD | 6/29/2010 | $ | 5,300 | |||||||||||||||||||||||||
| Northside Plaza |
Dothan | AL | TBD | TBD | 11/15/2010 | $ | 7,700 | |||||||||||||||||||||||||
| Total | $ | 24,700 | ||||||||||||||||||||||||||||||
| Total Portfolio | $ | 419,500 | ||||||||||||||||||||||||||||||
| ** | Acquired from Predecessor as part of the Company’s formation transactions. |
| (1) | Year built represents the year in which construction was completed. |
| (2) | Total GLA represents total gross leasable area owned by us at the property. |
Page 11
Major Tenants By GLA
For the Quarter Ended December 31, 2010
| Total GLA |
2,593,908 | |||||||||||||
| Tenants |
# Stores | Square Feet | % of Total GLA | |||||||||||
| 1 |
Lowe’s | 2 | 325,863 | 12.6 | % | |||||||||
| 2 |
Publix | 3 | 154,151 | 5.9 | % | |||||||||
| 3 |
SuperValu | 2 | 105,173 | 4.1 | % | |||||||||
| 4 |
JC Penney | 1 | 103,256 | 4.0 | % | |||||||||
| 5 |
Kohl’s | 1 | 88,248 | 3.4 | % | |||||||||
| 6 |
Belk | 1 | 75,524 | 2.9 | % | |||||||||
| 7 |
Walgreens | 5 | 70,320 | 2.7 | % | |||||||||
| 8 |
Giant Food | 1 | 61,932 | 2.4 | % | |||||||||
| 9 |
Jo-Ann | 2 | 60,619 | 2.3 | % | |||||||||
| 10 |
Ross Dress For Less | 2 | 60,161 | 2.3 | % | |||||||||
| Total Top 10 GLA | 20 | 1,105,247 | 42.6 | % | ||||||||||
Major Tenants By Rent
| Annualized Base Rent (1) |
$ | 34,107,047 | ||||||||||||||||||
| Tenants |
# Stores | Square Feet | Rent Per Sq Ft | ABR | %ABR | |||||||||||||||
| 1 |
Lowe’s | 2 | 325,863 | $ | 6.74 | $ | 2,195,000 | 6.4 | % | |||||||||||
| 2 |
Walgreens | 5 | 70,320 | $ | 26.34 | $ | 1,852,100 | 5.4 | % | |||||||||||
| 3 |
Publix | 3 | 154,151 | $ | 10.98 | $ | 1,692,036 | 5.0 | % | |||||||||||
| 4 |
SuperValu | 2 | 105,173 | $ | 13.13 | $ | 1,381,170 | 4.0 | % | |||||||||||
| 5 |
Kaiser Permanente | 1 | 30,052 | $ | 40.50 | $ | 1,217,038 | 3.6 | % | |||||||||||
| 6 |
Dick’s Sporting Goods | 1 | 50,000 | $ | 16.30 | $ | 815,186 | 2.4 | % | |||||||||||
| 7 |
Jo-Ann | 2 | 60,619 | $ | 12.94 | $ | 784,376 | 2.3 | % | |||||||||||
| 8 |
Rave Motion Pictures | 1 | 42,287 | $ | 18.11 | $ | 765,835 | 2.2 | % | |||||||||||
| 9 |
Giant Food | 1 | 61,932 | $ | 12.28 | $ | 760,752 | 2.2 | % | |||||||||||
| 10 |
Ross Dress For Less | 2 | 60,161 | $ | 11.18 | $ | 672,762 | 2.0 | % | |||||||||||
| Total Top 10 Annualized Rent | 20 | 960,558 | $ | 12.63 | $ | 12,136,254 | 35.6 | % | ||||||||||||
| (1) | Annualized Base Rent is described on the Definitions page. |
Page 12
Lease Expiration Schedule
For the Quarter Ended December 31, 2010
| Total GLA |
2,593,908 | |||
| Total GLA Leased |
2,419,743 | |||
| % Leased |
93.3 | % | ||
| Retail GLA(1) |
2,511,751 | |||
| Retail GLA Leased |
2,337,586 | |||
| % Leased |
93.1 | % | ||
| % of Leased | ||||||||
| Retail GLA | ||||||||
| Retail Anchor GLA(2) |
1,690,552 | 72 | % | |||||
| Retail Inline GLA (2) |
647,034 | 28 | % | |||||
| Retail GLA Leased |
2,337,586 | 100 | % | |||||
| Year |
Anchor GLA Expiring |
% of Leased GLA |
Anchor Rent Per SF |
Inline GLA Expiring |
% of Leased GLA |
Inline Rent Per Sq Ft |
Total Retail GLA Expiring |
% of Leased GLA |
Average Rent Per SF |
|||||||||||||||||||||||||||
| 2011 |
46,500 | 2.0 | % | $ | 7.33 | 114,142 | 4.9 | % | $ | 14.92 | 160,642 | 6.9 | % | $ | 12.73 | |||||||||||||||||||||
| 2012 |
38,000 | 1.6 | % | $ | 12.37 | 53,062 | 2.3 | % | $ | 18.71 | 91,062 | 3.9 | % | $ | 16.06 | |||||||||||||||||||||
| 2013 |
40,072 | 1.7 | % | $ | 12.63 | 87,428 | 3.7 | % | $ | 18.11 | 127,500 | 5.5 | % | $ | 16.39 | |||||||||||||||||||||
| 2014 |
10,011 | 0.4 | % | $ | 11.00 | 99,773 | 4.3 | % | $ | 19.92 | 109,784 | 4.7 | % | $ | 19.11 | |||||||||||||||||||||
| 2015 |
154,678 | 6.6 | % | $ | 12.91 | 114,345 | 4.9 | % | $ | 21.10 | 269,023 | 11.5 | % | $ | 16.39 | |||||||||||||||||||||
| Beyond 2015 |
1,401,291 | 59.9 | % | $ | 10.30 | 178,284 | 7.6 | % | $ | 25.59 | 1,579,575 | 67.6 | % | $ | 12.02 | |||||||||||||||||||||
| Total |
1,690,552 | 72.3 | % | $ | 10.56 | 647,034 | 27.7 | % | $ | 20.46 | 2,337,586 | 100.0 | % | $ | 13.30 | |||||||||||||||||||||
| (1) | Retail figures exclude the Excel Centre because it is an office building and currently serves as headquarters for Excel Trust. |
| (2) | Anchor Tenants and Inline Tenants are described on the Definitions page. |
Page 13
Definitions
Adjusted Funds From Operations (AFFO): Adjusted Funds From Operations (AFFO) is a non-GAAP financial measure we believe is a useful supplemental measure of our performance. We compute AFFO by adding to FFO the non-cash compensation expense, amortization of prepaid financing costs and non-recurring transaction costs, and other one-time items, then subtracting straight-line rents, amortization of above and below market leases and non-incremental capital expenditures. Our computation may differ from the methodology for calculating AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of Excel Trust’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor is it indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.
Anchor Tenant: A tenant who occupies 10,000 square feet or more and belongs to a national or regional chain of stores.
Annualized Base Rent: Annualized Base Rent is obtained by annualizing the contractual rental rate (excluding reimbursements and percentage rent) during the final month of a reporting period.
Funds From Operations (FFO) : Excel Trust considers FFO an important supplemental measure of its operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably overtime. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year-over-year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.
Excel Trust computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs) and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust’s computation may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of Excel Trust’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor is it indicative of funds available to fund Excel Trust’s cash needs, including Excel Trust’s ability to pay dividends or make distributions.
Inline Tenant: Any tenant who does not qualify as an anchor tenant.
Page 14