Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - WASHINGTON PRIME GROUP INC. | wpg20160225_8ka.htm |
| EX-99.1 - EXHIBIT 99.1 - WASHINGTON PRIME GROUP INC. | ex99-1.htm |
Exhibit 99.2
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SAFE HARBOR: Some of the information contained in this presentation includes forward looking statements. Such statements are subject to a number of risks and uncertainties which could cause actual results in the future to differ materially and adversely from those described in the forward-looking statements. Investors should consult the Company’s filings with the Securities and Exchange Commission for a description of the various risks and uncertainties which could cause such a difference before deciding whether to invest.
Table of Contents
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Page | ||
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Financial Statement Data |
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Consolidated and combined statements of operations (unaudited) |
1 | |
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Consolidated balance sheets (unaudited) |
2 | |
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Supplemental balance sheet detail |
3 | |
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Components of minimum rents and other revenue |
4 | |
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Calculation of funds from operations- including pro-rata share of unconsolidated properties |
5 | |
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Net operating income growth for comparable properties- including pro-rata share of unconsolidated properties |
6 | |
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Statements of operations - including proportionate share of unconsolidated properties (unaudited) |
7 | |
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Balance sheet - including proportionate share of unconsolidated properties (unaudited) |
8 | |
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Debt Information |
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Summary of debt |
9 | |
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EBITDA and key balance sheet metrics |
10 | |
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Key guidance assumptions |
11 | |
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Operational Data |
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Operating metrics |
12 | |
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Leasing results |
13 | |
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Releasing spreads |
14 | |
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Top 10 tenants |
15 | |
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Lease expirations |
16 | |
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Development Activity |
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Capital expenditures |
17 | |
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Redevelopment projects |
18 | |
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Other |
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WP Glimcher property information |
19-21 | |
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Glossary of terms |
22 | |
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
WP Glimcher Inc.
(Unaudited, dollars in thousands, except per share data)
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Three Months Ended December 31, |
Twelve Months Ended December 31, |
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2015 |
2014 |
2015 |
2014 |
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Revenue: |
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Minimum rent (see components on page 4) |
$ | 156,057 | $ | 120,202 | $ | 628,505 | $ | 449,100 | ||||||||
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Overage rent |
5,902 | 4,366 | 14,040 | 9,357 | ||||||||||||
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Tenant reimbursements |
60,888 | 49,665 | 259,720 | 194,826 | ||||||||||||
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Other (see components on page 4) |
6,530 | 3,065 | 19,391 | 7,843 | ||||||||||||
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Total revenue |
229,377 | 177,298 | 921,656 | 661,126 | ||||||||||||
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Expenses: |
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Property operating |
(40,556 | ) | (28,088 | ) | (164,057 | ) | (109,715 | ) | ||||||||
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Real estate taxes |
(25,202 | ) | (18,458 | ) | (109,724 | ) | (77,587 | ) | ||||||||
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Repairs and maintenance |
(8,145 | ) | (6,178 | ) | (31,914 | ) | (23,431 | ) | ||||||||
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Advertising and promotion |
(3,721 | ) | (2,551 | ) | (11,701 | ) | (8,389 | ) | ||||||||
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Total recoverable expenses |
(77,624 | ) | (55,275 | ) | (317,396 | ) | (219,122 | ) | ||||||||
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Depreciation and amortization |
(71,824 | ) | (55,327 | ) | (332,469 | ) | (197,890 | ) | ||||||||
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Provision for credit losses |
(203 | ) | (480 | ) | (2,022 | ) | (2,332 | ) | ||||||||
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General and administrative |
(13,598 | ) | (5,959 | ) | (47,933 | ) | (12,219 | ) | ||||||||
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Spin-off costs |
- | 1,024 | - | (38,907 | ) | |||||||||||
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Merger and transaction costs |
(3,492 | ) | (6,339 | ) | (31,653 | ) | (8,839 | ) | ||||||||
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Ground rent and other costs |
(1,617 | ) | (1,148 | ) | (8,463 | ) | (4,656 | ) | ||||||||
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Impairment loss |
(138,120 | ) | - | (147,979 | ) | - | ||||||||||
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Total operating expenses |
(306,478 | ) | (123,504 | ) | (887,915 | ) | (483,965 | ) | ||||||||
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Operating (Loss) Income |
(77,101 | ) | 53,794 | 33,741 | 177,161 | |||||||||||
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Interest expense, net |
(34,135 | ) | (22,639 | ) | (139,929 | ) | (82,452 | ) | ||||||||
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Income and other taxes |
211 | (940 | ) | (849 | ) | (1,215 | ) | |||||||||
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Income (loss) of unconsolidated real estate entities, net |
404 | 127 | (1,247 | ) | 973 | |||||||||||
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(Loss) gain upon acquisition of controlling interests and on sale of interests in properties |
(985 | ) | 10,509 | 4,162 | 110,988 | |||||||||||
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Net (loss) income |
(111,606 | ) | 40,851 | (104,122 | ) | 205,455 | ||||||||||
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Net (loss) income attributable to noncontrolling interests |
(18,140 | ) | 7,216 | (18,825 | ) | 35,426 | ||||||||||
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Net (loss) income attributable to the Company |
(93,466 | ) | 33,635 | (85,297 | ) | 170,029 | ||||||||||
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Less: Preferred share dividends |
(3,508 | ) | - | (15,989 | ) | - | ||||||||||
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Net (loss) income attributable to common shareholders |
$ | (96,974 | ) | $ | 33,635 | $ | (101,286 | ) | $ | 170,029 | ||||||
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(Loss) earnings per common share, basic and diluted |
$ | (0.53 | ) | $ | 0.22 | $ | (0.55 | ) | $ | 1.10 | ||||||
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SUPPLEMENTAL INFORMATION | 1 |
CONSOLIDATED BALANCE SHEETS
WP Glimcher Inc.
(Unaudited, dollars in thousands)
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December 31, 2015 |
December 31, 2014 |
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Assets: |
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Investment properties at cost |
$ | 6,576,022 | $ | 5,251,225 | ||||
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Construction in progress |
80,178 | 41,440 | ||||||
| 6,656,200 | 5,292,665 | |||||||
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Less: accumulated depreciation |
2,225,750 | 2,113,929 | ||||||
| 4,430,450 | 3,178,736 | |||||||
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Cash and cash equivalents |
116,253 | 108,768 | ||||||
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Tenant receivables and accrued revenue, net (see components on page 3) |
91,603 | 69,616 | ||||||
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Real estate assets held-for-sale |
30,000 | - | ||||||
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Investment in and advances to unconsolidated entities, at equity |
488,071 | - | ||||||
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Deferred costs and other assets (see components on page 3) |
323,107 | 170,883 | ||||||
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Total assets |
$ | 5,479,484 | $ | 3,528,003 | ||||
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Liabilities: |
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Mortgage notes payable |
$ | 1,799,786 | $ | 1,435,114 | ||||
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Notes payable |
249,940 | - | ||||||
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Unsecured term loans |
1,340,000 | 500,000 | ||||||
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Revolving credit facility |
278,750 | 413,750 | ||||||
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Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3) |
365,604 | 194,014 | ||||||
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Distributions payable |
2,992 | - | ||||||
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Cash distributions and losses in partnerships and joint ventures, at equity |
15,399 | 15,298 | ||||||
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Other liabilities |
13,508 | 11,786 | ||||||
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Total liabilities |
4,065,979 | 2,569,962 | ||||||
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Redeemable noncontrolling interests |
6,132 | - | ||||||
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Equity: |
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Stockholders' equity |
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Series H Cumulative Redeemable Preferred Stock |
104,251 | - | ||||||
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Series I Cumulative Redeemable Preferred Stock |
98,325 | - | ||||||
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Common stock |
19 | 16 | ||||||
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Capital in excess of par value |
1,225,926 | 720,921 | ||||||
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Accumulated (deficit) earnings |
(214,243 | ) | 68,114 | |||||
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Accumulated other comprehensive income |
1,716 | - | ||||||
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Total stockholders' equity |
1,215,994 | 789,051 | ||||||
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Noncontrolling interests |
191,379 | 168,990 | ||||||
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Total equity |
1,407,373 | 958,041 | ||||||
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Total liabilities, redeemable noncontrolling interests and equity |
$ | 5,479,484 | $ | 3,528,003 | ||||
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SUPPLEMENTAL INFORMATION | 2 |
SUPPLEMENTAL BALANCE SHEET DETAIL
WP Glimcher Inc.
(dollars in thousands)
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Consolidated Balances 12/31/2015 |
Pro-Rata Balances 12/31/2015 |
Total Balances 12/31/2015 |
Consolidated Balances 12/31/2014 |
Pro-Rata Balances 12/31/2014 |
Total Balances 12/31/2014 |
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Tenant accounts receivable and accrued revenue, net: |
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Straight-line receivable |
$ | 39,092 | $ | 1,580 | $ | 40,672 | $ | 35,193 | $ | 126 | $ | 35,319 | ||||||||||||
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Tenant receivable |
14,027 | 2,947 | 16,974 | 8,562 | 15 | 8,577 | ||||||||||||||||||
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Allowance for doubtful accounts, net |
(4,513 | ) | (627 | ) | (5,140 | ) | (3,389 | ) | (16 | ) | (3,405 | ) | ||||||||||||
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Unbilled receivables and other |
42,997 | 10,932 | 53,929 | 29,250 | 16 | 29,266 | ||||||||||||||||||
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Total |
$ | 91,603 | $ | 14,832 | $ | 106,435 | $ | 69,616 | $ | 141 | $ | 69,757 | ||||||||||||
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Deferred costs and other assets: |
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Deferred leasing and loan fees, net |
$ | 120,712 | $ | 14,955 | $ | 135,667 | $ | 83,911 | $ | 133 | $ | 84,044 | ||||||||||||
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In place lease intangibles, net |
99,836 | 36,007 | 135,843 | 38,137 | - | 38,137 | ||||||||||||||||||
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Acquired above market lease intangibles, net |
47,285 | 22,042 | 69,327 | 17,237 | - | 17,237 | ||||||||||||||||||
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Mortgage and other escrow deposits |
38,906 | 5,223 | 44,129 | 22,339 | 233 | 22,572 | ||||||||||||||||||
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Prepaids, notes receivable and other assets, net |
16,368 | 886 | 17,254 | 9,259 | - | 9,259 | ||||||||||||||||||
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Total |
$ | 323,107 | $ | 79,113 | $ | 402,220 | $ | 170,883 | $ | 366 | $ | 171,249 | ||||||||||||
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Accounts Payable, accrued expenses, intangibles and deferred revenues: |
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Accounts payable and accrued expenses |
$ | 183,292 | $ | 19,125 | $ | 202,417 | $ | 113,799 | $ | 78 | $ | 113,877 | ||||||||||||
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Below market leases, net |
134,315 | 44,158 | 178,473 | 35,808 | - | 35,808 | ||||||||||||||||||
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Other |
47,997 | 4,405 | 52,402 | 44,407 | 122 | 44,529 | ||||||||||||||||||
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Total |
$ | 365,604 | $ | 67,688 | $ | 433,292 | $ | 194,014 | $ | 200 | $ | 194,214 | ||||||||||||
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SUPPLEMENTAL INFORMATION | 3 |
COMPONENTS OF MINIMUM RENTS AND OTHER REVENUE
WP Glimcher Inc.
(dollars in thousands)
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Three Months Ended December 31, |
Twelve Months Ended December 31, |
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2015 |
2014 |
2015 |
2014 |
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Components of Minimum Rents: |
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Base rent |
$ | 136,135 | $ | 107,041 | $ | 563,034 | $ | 410,292 | ||||||||
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Mark-to-market adjustment |
4,213 | 280 | 17,862 | 809 | ||||||||||||
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Straight-line rents |
753 | (164 | ) | 5,228 | 300 | |||||||||||
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Temporary tenant rents |
14,956 | 13,045 | 42,381 | 37,699 | ||||||||||||
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Total Minimum Rents |
$ | 156,057 | $ | 120,202 | $ | 628,505 | $ | 449,100 | ||||||||
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Components of Other Revenue: |
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Sponsorship and other ancillary property income |
$ | 2,603 | $ | 1,457 | $ | 7,149 | $ | 4,035 | ||||||||
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Fee income |
1,584 | 392 | 3,890 | 392 | ||||||||||||
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Lease termination income |
1,004 | 973 | 4,309 | 1,551 | ||||||||||||
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Other |
1,339 | 243 | 4,043 | 1,865 | ||||||||||||
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Total Other Revenue |
$ | 6,530 | $ | 3,065 | $ | 19,391 | $ | 7,843 | ||||||||
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SUPPLEMENTAL INFORMATION | 4 |
CALCULATION OF FUNDS FROM OPERATIONS
Including Pro-Rata Share of Unconsolidated Properties
WP Glimcher Inc.
(dollars in thousands, except per share data)
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Three Months Ended December 31, |
Twelve Months Ended December 31, |
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2015 |
2014 |
2015 |
2014 |
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Funds from Operations ("FFO"): |
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Net (loss) income |
$ | (111,606 | ) | $ | 40,851 | $ | (104,122 | ) | $ | 205,455 | ||||||
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Less: Preferred dividends and distributions on preferred operating partnership units |
(3,567 | ) | - | (16,217 | ) | - | ||||||||||
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Real estate depreciation and amortization, including joint venture impact |
80,658 | 55,556 | 352,000 | 200,584 | ||||||||||||
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Impairment loss |
138,120 | - | 147,979 | - | ||||||||||||
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Noncontrolling interest portion of depreciation and amortization |
(111 | ) | - | (225 | ) | - | ||||||||||
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Loss (gain) upon acquisition of controlling interests and on sale of interests in properties |
985 | (10,509 | ) | (4,162 | ) | (110,988 | ) | |||||||||
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Net (income) loss attributable to noncontrolling interest holders in properties |
(2 | ) | - | 18 | - | |||||||||||
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FFO |
$ | 104,477 | $ | 85,898 | $ | 375,271 | $ | 295,051 | ||||||||
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Adjusted Funds from Operations: |
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FFO |
$ | 104,477 | $ | 85,898 | $ | 375,271 | $ | 295,051 | ||||||||
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Add back: Spin-off costs |
- | (1,024 | ) | - | 38,907 | |||||||||||
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Add back: Glimcher merger and transaction costs |
3,492 | 6,339 | 31,653 | 8,839 | ||||||||||||
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Add back: Bridge loan fee amortization |
- | - | 10,428 | - | ||||||||||||
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Adjusted FFO |
$ | 107,969 | $ | 91,213 | $ | 417,352 | $ | 342,797 | ||||||||
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Weighted average common shares outstanding |
220,204 | 188,195 | 218,946 | 187,491 | ||||||||||||
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FFO per diluted share |
$ | 0.47 | $ | 0.46 | $ | 1.71 | $ | 1.57 | ||||||||
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Total adjustments |
$ | 0.02 | $ | 0.02 | $ | 0.20 | $ | 0.26 | ||||||||
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Adjusted FFO per diluted share |
$ | 0.49 | $ | 0.48 | $ | 1.91 | $ | 1.83 | ||||||||
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Non-cash items included in FFO: |
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Non-cash stock compensation expense - excluding expenses included in the merger costs above |
$ | 2,858 | $ | 523 | $ | 10,115 | $ | 1,789 | ||||||||
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Straight-line adjustment as an increase to minimum rents (1) |
$ | 1,061 | $ | (163 | ) | $ | 6,009 | $ | 301 | |||||||
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Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1) |
$ | 637 | $ | 207 | $ | 2,201 | $ | 824 | ||||||||
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Fair value of debt amortized as a decrease to interest expense (1) |
$ | 424 | $ | 463 | $ | 14,889 | $ | 1,971 | ||||||||
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Loan fee amortization - excluding bridge loan (1) |
$ | 1,423 | $ | 1,044 | $ | 5,030 | $ | 3,028 | ||||||||
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Mark-to-market/inducement adjustment as an increase to base rents (1) |
$ | 5,765 | $ | 214 | $ | 20,580 | $ | 557 | ||||||||
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Non-real estate depreciation (1) |
$ | 1,173 | $ | - | $ | 4,010 | $ | - | ||||||||
(1) includes the pro-rata share of the joint venture properties
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SUPPLEMENTAL INFORMATION | 5 |
NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES
WP Glimcher Inc.
Including Pro-Rata Share of Unconsolidated Properties
(dollars in thousands)
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Three Months Ended December 31, |
Twelve Months Ended December 31, |
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2015 |
2014 |
Variance $ |
Variance % |
2015 |
2014 |
Variance $ |
Variance % |
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Comparable Core Property Net Operating Income (Comp NOI) |
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Revenue: |
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Minimum rent |
$ | 154,455 | $ | 152,693 | $ | 1,762 | 1.2 | % | $ | 605,549 | $ | 600,764 | $ | 4,785 | 0.8 | % | ||||||||||||||||
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Overage rent |
6,401 | 6,236 | 165 | 2.6 | % | 14,936 | 13,518 | 1,418 | 10.5 | % | ||||||||||||||||||||||
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Tenant reimbursements |
64,193 | 65,265 | (1,072 | ) | -1.6 | % | 265,721 | 268,355 | (2,634 | ) | -1.0 | % | ||||||||||||||||||||
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Other |
3,289 | 2,858 | 431 | 15.1 | % | 9,452 | 8,340 | 1,112 | 13.3 | % | ||||||||||||||||||||||
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Total revenue |
228,338 | 227,052 | 1,286 | 0.6 | % | 895,658 | 890,977 | 4,681 | 0.5 | % | ||||||||||||||||||||||
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Expenses: |
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Recoverable |
(69,375 | ) | (67,709 | ) | (1,666 | ) | 2.5 | % | (282,312 | ) | (279,930 | ) | (2,382 | ) | 0.9 | % | ||||||||||||||||
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Property operating |
(2,384 | ) | (2,104 | ) | (280 | ) | 13.3 | % | (9,348 | ) | (8,995 | ) | (353 | ) | 3.9 | % | ||||||||||||||||
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Ground rent |
(1,655 | ) | (1,470 | ) | (185 | ) | 12.6 | % | (7,240 | ) | (6,755 | ) | (485 | ) | 7.2 | % | ||||||||||||||||
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Total operating expenses |
(73,414 | ) | (71,283 | ) | (2,131 | ) | 3.0 | % | (298,900 | ) | (295,680 | ) | (3,220 | ) | 1.1 | % | ||||||||||||||||
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Comp NOI - Excluding non core properties |
$ | 154,924 | $ | 155,769 | $ | (845 | ) | -0.5 | % | $ | 596,758 | $ | 595,297 | $ | 1,461 | 0.2 | % | |||||||||||||||
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Comp NOI - Core malls* |
$ | 121,752 | $ | 122,701 | $ | (949 | ) | -0.8 | % | $ | 465,562 | $ | 467,940 | $ | (2,378 | ) | -0.5 | % | ||||||||||||||
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Comp NOI - Community centers* |
$ | 33,172 | $ | 33,068 | $ | 104 | 0.3 | % | $ | 131,196 | $ | 127,357 | $ | 3,839 | 3.0 | % | ||||||||||||||||
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* Without the impact of real estate tax appeals in Q4 2014 , NOI growth would have been 0.4% and 2.5% at the Core Malls and Community Centers, respectively. |
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Reconciliation of Comp NOI to Operating (Loss) Income |
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Operating (loss) income |
$ | (77,101 | ) | $ | 53,794 | $ | (130,895 | ) | $ | 33,741 | $ | 177,161 | $ | (143,420 | ) | |||||||||||||||||
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Depreciation and amortization |
71,824 | 55,327 | 16,497 | 332,469 | 197,890 | 134,579 | ||||||||||||||||||||||||||
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General and administrative |
13,598 | 5,959 | 7,639 | 47,933 | 12,219 | 35,714 | ||||||||||||||||||||||||||
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Merger and transaction costs |
3,492 | 6,339 | (2,847 | ) | 31,653 | 47,746 | (16,093 | ) | ||||||||||||||||||||||||
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Impairment loss |
138,120 | - | 138,120 | 147,979 | - | 147,979 | ||||||||||||||||||||||||||
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Fee income |
(1,584 | ) | - | (1,584 | ) | (3,890 | ) | (160 | ) | (3,730 | ) | |||||||||||||||||||||
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Management fee allocation |
6,737 | 3,102 | 3,635 | 23,449 | 12,822 | 10,627 | ||||||||||||||||||||||||||
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Adjustment to include Glimcher NOI from prior to merger (2) |
- | 27,208 | (27,208 | ) | 7,843 | 119,772 | (111,929 | ) | ||||||||||||||||||||||||
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Pro-rata share of unconsolidated joint ventures on comp NOI |
12,549 | 11,848 | 701 | 29,178 | 39,846 | (10,668 | ) | |||||||||||||||||||||||||
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Non-comparable properties (1) |
43 | 374 | (331 | ) | (394 | ) | 20,512 | (20,906 | ) | |||||||||||||||||||||||
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NOI from sold properties |
27 | 18 | 9 | (1,074 | ) | (1,278 | ) | 204 | ||||||||||||||||||||||||
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Termination income and outparcel sales |
(1,633 | ) | (990 | ) | (643 | ) | (5,685 | ) | (2,381 | ) | (3,304 | ) | ||||||||||||||||||||
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Straight-line rents |
(753 | ) | 164 | (917 | ) | (5,362 | ) | (300 | ) | (5,062 | ) | |||||||||||||||||||||
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Ground lease adjustments for straight-line and fair market value |
96 | 430 | (334 | ) | 1,301 | 1,047 | 254 | |||||||||||||||||||||||||
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Fair value adjustments to base rents |
(4,213 | ) | (280 | ) | (3,933 | ) | (18,044 | ) | (809 | ) | (17,235 | ) | ||||||||||||||||||||
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Less: non-core properties (3) |
(6,278 | ) | (7,524 | ) | 1,246 | (24,339 | ) | (28,790 | ) | 4,451 | ||||||||||||||||||||||
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Comparable NOI - core portfolio |
$ | 154,924 | $ | 155,769 | $ | (845 | ) | $ | 596,758 | $ | 595,297 | $ | 1,461 | |||||||||||||||||||
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Comparable NOI percentage change - core portfolio |
-0.5 | % | 0.2 | % | ||||||||||||||||||||||||||||
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Comparable NOI - total portfolio (including non-core) |
$ | 161,202 | $ | 163,293 | $ | (2,091 | ) | $ | 621,097 | $ | 624,087 | $ | (2,990 | ) | ||||||||||||||||||
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Comparable NOI percentage change - total portfolio |
-1.3 | % | -0.5 | % | ||||||||||||||||||||||||||||
(1) NOI excluded from comparable NOI relates to properties not owned and operating in all periods reported. The assets acquired as part of the Glimcher merger are included in Comp NOI; as described in note 2 below.
(2) Represents an adjustment to add the historical NOI amounts from the 23 properties acquired in the Merger for periods prior to the January 15, 2015 Merger date. This adjustment is included to provide comparability across the periods presented.
(3) NOI from seven non-core malls was excluded from Comp NOI for the company's core properties.
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SUPPLEMENTAL INFORMATION | 6 |
STATEMENTS OF OPERATIONS
INCLUDING PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES
WP Glimcher Inc.
(Unaudited, dollars in thousands)
|
Three Months Ended December 31, 2015 |
Twelve Months Ended December 31, 2015 |
|||||||||||||||||||||||
|
As Reported |
WPG's Share of Unconsolidated Entities |
Total |
As Reported |
WPG's Share of Unconsolidated Entities |
Total |
|||||||||||||||||||
|
Revenue: |
||||||||||||||||||||||||
|
Minimum rent |
$ | 156,057 | $ | 14,715 | $ | 170,772 | $ | 628,505 | $ | 32,801 | $ | 661,306 | ||||||||||||
|
Overage rent |
5,902 | 980 | 6,882 | 14,040 | 1,708 | 15,748 | ||||||||||||||||||
|
Tenant reimbursements |
60,888 | 6,145 | 67,033 | 259,720 | 14,251 | 273,971 | ||||||||||||||||||
|
Other |
6,530 | 529 | 7,059 | 19,391 | 897 | 20,288 | ||||||||||||||||||
|
Total revenue |
229,377 | 22,369 | 251,746 | 921,656 | 49,657 | 971,313 | ||||||||||||||||||
|
Expenses: |
||||||||||||||||||||||||
|
Property operating |
(40,556 | ) | (4,218 | ) | (44,774 | ) | (164,057 | ) | (9,657 | ) | (173,714 | ) | ||||||||||||
|
Real estate taxes |
(25,202 | ) | (1,956 | ) | (27,158 | ) | (109,724 | ) | (4,442 | ) | (114,166 | ) | ||||||||||||
|
Repairs and maintenance |
(8,145 | ) | (845 | ) | (8,990 | ) | (31,914 | ) | (2,093 | ) | (34,007 | ) | ||||||||||||
|
Advertising and promotion |
(3,721 | ) | (472 | ) | (4,193 | ) | (11,701 | ) | (828 | ) | (12,529 | ) | ||||||||||||
|
Total recoverable expenses |
(77,624 | ) | (7,491 | ) | (85,115 | ) | (317,396 | ) | (17,020 | ) | (334,416 | ) | ||||||||||||
|
Depreciation and amortization |
(71,824 | ) | (9,484 | ) | (81,308 | ) | (332,469 | ) | (22,734 | ) | (355,203 | ) | ||||||||||||
|
Provision for credit losses |
(203 | ) | (199 | ) | (402 | ) | (2,022 | ) | (433 | ) | (2,455 | ) | ||||||||||||
|
General and administrative |
(13,598 | ) | 15 | (13,583 | ) | (47,933 | ) | 7 | (47,926 | ) | ||||||||||||||
|
Merger and transaction costs |
(3,492 | ) | - | (3,492 | ) | (31,653 | ) | - | (31,653 | ) | ||||||||||||||
|
Ground rent and other costs |
(1,617 | ) | (1,165 | ) | (2,782 | ) | (8,463 | ) | (2,381 | ) | (10,844 | ) | ||||||||||||
|
Impairment loss |
(138,120 | ) | - | (138,120 | ) | (147,979 | ) | - | (147,979 | ) | ||||||||||||||
|
Total operating expenses |
(306,478 | ) | (18,324 | ) | (324,802 | ) | (887,915 | ) | (42,561 | ) | (930,476 | ) | ||||||||||||
|
Operating (Loss) Income |
(77,101 | ) | 4,045 | (73,056 | ) | 33,741 | 7,096 | 40,837 | ||||||||||||||||
|
Interest expense, net |
(34,135 | ) | (3,505 | ) | (37,640 | ) | (139,929 | ) | (8,100 | ) | (148,029 | ) | ||||||||||||
|
Income and other taxes |
211 | (136 | ) | 75 | (849 | ) | (243 | ) | (1,092 | ) | ||||||||||||||
|
Income (loss) of unconsolidated real estate entities, net |
404 | (404 | ) | - | (1,247 | ) | 1,247 | - | ||||||||||||||||
|
(Loss) gain on sale of interests in properties |
(985 | ) | - | (985 | ) | 4,162 | - | 4,162 | ||||||||||||||||
|
Net loss |
(111,606 | ) | - | (111,606 | ) | (104,122 | ) | - | (104,122 | ) | ||||||||||||||
|
Net loss attributable to noncontrolling interests |
(18,140 | ) | - | (18,140 | ) | (18,825 | ) | - | (18,825 | ) | ||||||||||||||
|
Net loss attributable to the Company |
(93,466 | ) | - | (93,466 | ) | (85,297 | ) | - | (85,297 | ) | ||||||||||||||
|
Less: Preferred share dividends |
(3,508 | ) | - | (3,508 | ) | (15,989 | ) | - | (15,989 | ) | ||||||||||||||
|
Net loss attributable to common shareholders |
$ | (96,974 | ) | $ | - | $ | (96,974 | ) | $ | (101,286 | ) | $ | - | $ | (101,286 | ) | ||||||||
|
|
SUPPLEMENTAL INFORMATION | 7 |
BALANCE SHEET
INCLUDING PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES
WP Glimcher Inc.
(Unaudited, dollars in thousands)
|
December 31, 2015 As Reported |
WPG's Share of Unconsolidated Entities |
December 31, 2015 Total Share |
||||||||||
|
Assets: |
||||||||||||
|
Investment properties at cost |
$ | 6,576,022 | $ | 865,611 | $ | 7,441,633 | ||||||
|
Construction in progress |
80,178 | 28,320 | 108,498 | |||||||||
| 6,656,200 | 893,931 | 7,550,131 | ||||||||||
|
Less: accumulated depreciation |
2,225,750 | 46,273 | 2,272,023 | |||||||||
| 4,430,450 | 847,152 | 5,277,602 | ||||||||||
|
Cash and cash equivalents |
116,253 | 12,954 | 129,207 | |||||||||
|
Tenant receivables and accrued revenue, net (see components on page 3) |
91,603 | 14,832 | 106,435 | |||||||||
|
Real estate assets held-for-sale |
30,000 | - | 30,000 | |||||||||
|
Investment in and advances to unconsolidated entities, at equity |
488,071 | - | 488,071 | |||||||||
|
Deferred costs and other assets (see components on page 3) |
323,107 | 79,113 | 402,220 | |||||||||
|
Total assets |
$ | 5,479,484 | $ | 954,557 | $ | 6,434,041 | ||||||
|
Liabilities: |
||||||||||||
|
Mortgage notes payable |
$ | 1,799,786 | $ | 425,560 | $ | 2,225,346 | ||||||
|
Notes payable |
249,940 | - | 249,940 | |||||||||
|
Unsecured term loans |
1,340,000 | - | 1,340,000 | |||||||||
|
Revolving credit facility |
278,750 | - | 278,750 | |||||||||
|
Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3) |
365,604 | 67,688 | 433,292 | |||||||||
|
Distributions payable |
2,992 | - | 2,992 | |||||||||
|
Cash distributions and losses in partnerships and joint ventures, at equity |
15,399 | - | 15,399 | |||||||||
|
Other liabilities |
13,508 | 82 | 13,590 | |||||||||
|
Total liabilities |
4,065,979 | 493,330 | 4,559,309 | |||||||||
|
Redeemable noncontrolling interests |
6,132 | - | 6,132 | |||||||||
|
Equity: |
||||||||||||
|
Stockholders' equity |
||||||||||||
|
Series H Cumulative Redeemable Preferred Stock |
104,251 | - | 104,251 | |||||||||
|
Series I Cumulative Redeemable Preferred Stock |
98,325 | - | 98,325 | |||||||||
|
Common stock |
19 | - | 19 | |||||||||
|
Capital in excess of par value |
1,225,926 | 461,227 | 1,687,153 | |||||||||
|
Accumulated (deficit) earnings |
(214,243 | ) | - | (214,243 | ) | |||||||
|
Accumulated other comprehensive income |
1,716 | - | 1,716 | |||||||||
|
Total stockholders' equity |
1,215,994 | 461,227 | 1,667,221 | |||||||||
|
Noncontrolling interests |
191,379 | - | 191,379 | |||||||||
|
Total equity |
1,407,373 | 461,227 | 1,868,600 | |||||||||
|
Total liabilities, redeemable noncontrolling interests and equity |
$ | 5,479,484 | $ | 954,557 | $ | 6,434,041 | ||||||
|
|
SUPPLEMENTAL INFORMATION | 8 |
SUMMARY OF DEBT
WP Glimcher Inc.
(dollars in thousands)
|
Total Debt as of 12/31/2015 |
Total Debt, Including WPG Share of Unconsolidated Entities as of 12/31/2015 |
Total Debt as of 12/31/2014 |
Total Debt, Including WPG Share of Unconsolidated Entities as of 12/31/2014 |
Schedule of Maturities by Year |
Mortgage Debt Maturities |
Weighted Avg. Interest Rate |
Unsecured Maturities |
Weighted Avg. Interest Rate |
Total Debt Maturities |
Weighted Avg. Interest Rate | ||||||||||||||||||||||||||||||||||
| Consolidated debt: |
Our Share of debt (1): |
|||||||||||||||||||||||||||||||||||||||||||
|
Mortgage debt |
||||||||||||||||||||||||||||||||||||||||||||
|
Fixed |
$ | 1,596,003 | $ | 1,596,003 | $ | 1,431,516 | $ | 1,431,516 | 2016 | $ | 346,595 | 6.5% | $ | 346,595 | 6.5% | |||||||||||||||||||||||||||||
|
Variable |
186,100 | 186,100 | - | - | 2017 | 202,205 | 4.2% | 202,205 | 4.2% | |||||||||||||||||||||||||||||||||||
|
Fair value debt adjustments |
17,683 | 17,683 | 3,598 | 3,598 | 2018 | 22,338 | 5.6% | 22,338 | 5.6% | |||||||||||||||||||||||||||||||||||
|
Total mortgage debt |
1,799,786 | 1,799,786 | 1,435,114 | 1,435,114 | 2019 | 154,054 | 6.1% | $ | 778,750 | 1.8% | 932,804 | 2.5% | ||||||||||||||||||||||||||||||||
|
2020 |
199,426 | 4.2% | 749,940 | 3.0% | 949,366 | 3.2% | ||||||||||||||||||||||||||||||||||||||
|
Unsecured debt |
2021 |
359,233 | 4.9% | 359,233 | 4.9% | |||||||||||||||||||||||||||||||||||||||
|
Credit facility |
278,750 | 278,750 | 413,750 | 413,750 | 2022 | 137,604 | 4.4% | 137,604 | 4.4% | |||||||||||||||||||||||||||||||||||
|
Term loans |
1,340,000 | 1,340,000 | 500,000 | 500,000 | 2023 | 21,470 | 5.0% | 340,000 | 3.5% | 361,470 | 3.6% | |||||||||||||||||||||||||||||||||
|
Bonds payable |
249,940 | 249,940 | - | - | 2024 | 361,314 | 4.7% | 361,314 | 4.7% | |||||||||||||||||||||||||||||||||||
|
Total unsecured debt |
1,868,690 | 1,868,690 | 913,750 | 913,750 |
> 10 Years |
394,358 | 3.8% | 394,358 | 3.8% | |||||||||||||||||||||||||||||||||||
|
Fair value debt adjustments |
26,749 | 26,749 | ||||||||||||||||||||||||||||||||||||||||||
|
Total consolidated debt |
$ | 3,668,476 | $ | 3,668,476 | $ | 2,348,864 | $ | 2,348,864 |
Total debt |
$ | 2,225,346 | 4.9% | $ | 1,868,690 | 2.6% | $ | 4,094,036 | 3.8% | ||||||||||||||||||||||||||
| Unconsolidated debt: | ||||||||||||||||||||||||||||||||||||||||
|
Mortgage loans payable |
$ | 893,303 | $ | 416,494 | $ | 57,346 | $ | 6,314 | ||||||||||||||||||||||||||||||||
|
Fair value debt adjustments |
17,776 | 9,066 | - | - |
|
(1) Includes pro-rata share of unconsolidated debt | ||||||||||||||||||||||||||||||||||
|
Total unconsolidated debt |
$ | 911,079 | $ | 425,560 | $ | 57,346 | $ | 6,314 | ||||||||||||||||||||||||||||||||
| Total debt: | $ | 4,579,555 | $ | 4,094,036 | $ | 2,406,210 | $ | 2,355,178 | ||||||||||||||||||||||||||||||||
|
% of Total Debt as of 12/31/15 |
Our Share of Total Debt as of 12/31/15 |
Weighted Avg. Interest Rate | Weighted Avg. Years to Maturity | |||||||||||||||
|
Consolidated debt: |
||||||||||||||||||
|
Fixed |
74% | $ | 2,703,626 | 4.5% | 4.8 | |||||||||||||
|
Variable |
26% | 964,850 | 1.9% | 3.3 | ||||||||||||||
|
Total Consolidated |
100% | $ | 3,668,476 | 3.8% | 4.4 | |||||||||||||
|
Unconsolidated debt |
||||||||||||||||||
|
Fixed |
100% | $ | 425,560 | 4.1% | 9.1 | |||||||||||||
|
Variable |
0% | - | ||||||||||||||||
|
Total Unconsolidated |
100% | $ | 425,560 | 4.1% | 9.1 | |||||||||||||
|
Total debt |
||||||||||||||||||
|
Fixed |
76% | $ | 3,129,186 | 4.4% | 5.4 | |||||||||||||
|
Variable |
24% | 964,850 | 1.9% | 3.3 | ||||||||||||||
|
Total debt |
100% | $ | 4,094,036 | 3.8% | 4.9 | |||||||||||||
|
|
SUPPLEMENTAL INFORMATION | 9 |
EBITDA AND KEY BALANCE SHEET METRICS
WP Glimcher Inc.
(dollars in thousands)
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
|
2015 |
2014 |
2015 |
2014 |
|||||||||||||
|
Calculation of EBITDA: |
||||||||||||||||
|
Net (loss) income |
$ | (111,606 | ) | $ | 40,851 | $ | (104,122 | ) | $ | 205,455 | ||||||
|
Interest expense, net |
34,135 | 22,639 | 139,929 | 82,452 | ||||||||||||
|
Income and other taxes |
(211 | ) | 940 | 849 | 1,215 | |||||||||||
|
Depreciation and amortization |
71,824 | 55,327 | 332,469 | 197,890 | ||||||||||||
|
Impairment loss |
138,120 | - | 147,979 | - | ||||||||||||
|
EBITDA |
132,262 | 119,757 | 517,104 | 487,012 | ||||||||||||
|
Adjustments related to pro-rata share of unconsolidated entities, net |
13,125 | 328 | 31,077 | 3,920 | ||||||||||||
|
Merger and transaction costs |
3,492 | 6,339 | 31,653 | 8,839 | ||||||||||||
|
Spin-off costs |
- | (1,024 | ) | - | 38,907 | |||||||||||
|
Loss (gain) upon acquisition of controlling interests and on sale of interests in properties |
985 | (10,509 | ) | (4,162 | ) | (110,988 | ) | |||||||||
|
Adjusted EBITDA |
$ | 149,864 | $ | 114,891 | $ | 575,672 | $ | 427,690 | ||||||||
|
As of December 31, 2015 Ratio |
||||
|
Key Balance Sheet Metrics: |
||||
|
Total indebtedness to Total assets |
47.9 | % | ||
|
Secured indebtedness to Total assets |
23.4 | % | ||
|
Consolidated EBITDA / Annual service charge |
3.50 |
x | ||
|
Total unencumbered assets / Total unsecured indebtedness |
241 | % | ||
Note: Balance sheet metrics above are based upon the bond covenants definitions using the trailing 12 months of EBITDA for all properties including the Glimcher assets.
|
|
SUPPLEMENTAL INFORMATION | 10 |
KEY GUIDANCE ASSUMPTIONS
WP Glimcher Inc.
2016 Guidance
|
Year 2016 Guidance | |
|
Earnings Expectations: |
|
|
FFO per share - diluted (1) |
$1.76 to $1.82 |
|
FFO per share - diluted - first quarter |
$0.41 to $0.43 |
|
Underlying Assumptions to 2016 Guidance (1): |
|
|
Comparable NOI growth (2) (pro-rata) for core properties- fiscal year 2016 |
1.5% to 2.0% |
|
Comparable NOI growth (2) (pro-rata) for core properties- Q1 2016 |
1.0% to 1.5% |
|
General and administrative expenses (including property allocated overhead) |
$63-$65 million |
|
Fair value of debt amortized as a decrease to interest expense (3) |
~$7 million |
|
Mark-to-market adjustment as an increase to base rents (3) |
~$12 million |
|
Acquisitions |
None |
|
Assumed property sales |
2 to 3 |
|
Assumed lender transitions |
3 to 4 |
|
Redevelopment spend (3) |
$150 to $200 million |
|
(1) Guidance excludes gain from debt extinguishment |
|
|
(2) Excludes lease termination fees |
|
|
(3) Includes pro-rata share of joint venture properties |
|
|
SUPPLEMENTAL INFORMATION | 11 |
OPERATING METRICS
WP Glimcher Inc.
As of December 31, 2015
PORTFOLIO SUMMARY
| Property | Leased Occupancy % |
Mall Sales Per Square Foot for 12 Months Ended |
Mall Occupancy Cost % |
% of Total Comp NOI for 12 Months |
Debt Balance WPG Share | |||||||||||||||||
| Count | 12/31/15 | 12/31/14 | 12/31/15 | 12/31/14 | 12/31/15 | 12/31/14 | Ended 12/31/15 | (in thousands) | Debt Yield | |||||||||||||
|
Community Centers |
52 |
96.0% |
95.4% |
21.1% |
$ |
220,036 |
19.8% | |||||||||||||||
|
Tier 1 Malls |
36 |
93.9% |
94.3% |
$ |
401 |
$ |
379 |
12.3% |
12.3% |
51.3% |
$ |
1,142,960 |
12.8% | |||||||||
|
Tier 2 Malls-Encumbered |
16 |
87.0% |
88.2% |
$ |
307 |
$ |
294 |
13.4% |
13.6% |
14.9% |
$ |
826,364 |
10.9% | |||||||||
|
Tier 2 Malls-Unencumbered |
10 |
91.5% |
93.8% |
$ |
307 |
$ |
292 |
13.4% |
13.9% |
8.8% |
- |
- | ||||||||||
|
Core Malls Subtotal |
62 |
91.8% |
92.8% |
$ |
365 |
$ |
346 |
12.7% |
12.7% |
75.0% |
$ |
1,969,324 |
12.0% | |||||||||
|
Total Core Properties |
114 |
93.4% |
93.8% |
96.1% |
$ |
2,189,360 |
12.8% | |||||||||||||||
|
MALL TIERS |
|||
|
TIER 1 |
TIER 2-ENCUMBERED |
TIER 2-UNENCUMBERED |
NON-CORE¹ |
|
Arbor Hills |
Anderson Mall |
Boynton Beach Mall |
Gulf View Square |
|
Arboretum, The |
Charlottesville Fashion Square |
Chautauqua Mall |
Knoxville Center |
|
Ashland Town Center |
Chesapeake Square |
Colonial Park Mall |
Richmond Town Square |
|
Bowie Town Center |
Lincolnwood Town Center |
Indian Mound Mall |
River Oaks Center |
|
Brunswick Square |
Merritt Square Mall |
Irving Mall |
Virginia Center Commons |
|
Clay Terrace |
Mesa Mall |
Maplewood Mall |
|
|
Cottonwood Mall |
Muncie Mall |
New Towne Mall |
SOLD NON-CORE 2 |
|
Dayton Mall |
Oak Court Mall |
Northwoods Mall |
Forest Mall |
|
Edison Mall |
Port Charlotte Town Center |
Rolling Oaks Mall |
Northlake Mall |
|
Grand Central Mall |
River Valley Mall |
Sunland Park Mall |
|
|
Great Lakes Mall |
Rushmore Mall |
||
|
Jefferson Valley Mall |
Seminole Towne Center |
||
|
Lima Mall |
Southern Hills Mall |
||
|
Lindale Mall |
Towne West Square |
||
|
Longview Mall |
Valle Vista Mall |
||
|
Malibu Lumber Yard |
West Ridge Mall |
||
|
Mall at Fairfield Commons, The |
|||
|
Mall at Johnson City, The |
|||
|
Markland Mall |
|||
|
Melbourne Square |
|||
|
Morgantown Mall |
|||
|
Northtown Mall |
|||
|
Oklahoma City Properties |
|||
|
Orange Park Mall |
|||
|
Paddock Mall |
|||
|
Pearlridge Center |
|||
|
Polaris Fashion Place |
|||
|
Scottsdale Quarter |
|||
|
Southern Park Mall |
|||
|
The Outlet Collection | Seattle |
|||
|
Town Center at Aurora |
|||
|
Town Center Crossing & Plaza |
|||
|
Waterford Lakes Town Center |
|||
|
Weberstown Mall |
|||
|
Westminster Mall |
|||
|
WestShore Plaza |
Note: Properties acquired from Glimcher in January 2015 are included in each period reported.
¹Non-core assets represent 3.9% of total comp NOI as of 12/31/15. Mall sales, occupancy percent and occupancy cost at 12/31/15 including non-core is $355, 92.6% and 12.7%, respectively.
2 Property sold on January 29, 2016.
|
|
SUPPLEMENTAL INFORMATION | 12 |
LEASING RESULTS
WP Glimcher Inc.
Year-to-date through December 31, 2015
| Number | Square Feet | Base Rent PSF | Average Term | Tenant Allow.$(000)s | Tenant Allow. PSF | |||||||||||||||||||||||||||||
| of Leases | New | Renewal | Total | New | Renewal | Total | New | Renewal | Total | New | Renewal | New | Renewal | |||||||||||||||||||||
|
Core Malls |
816 | 632,156 | 1,963,469 | 2,595,625 | $ | 23.46 | $ | 27.65 | $ | 26.58 | 7.0 | 4.0 | 4.7 | $ | 27,808 | $ | 15,586 | $ | 43.99 | $ | 7.94 | |||||||||||||
|
Community Centers |
190 | 288,058 | 369,172 | 657,230 | $ | 18.62 | $ | 21.75 | $ | 20.35 | 7.1 | 4.1 | 5.3 | $ | 6,406 | $ | 588 | $ | 22.24 | $ | 1.59 | |||||||||||||
|
SubTotal |
1,006 | 920,214 | 2,332,641 | 3,252,855 | $ | 21.89 | $ | 26.65 | $ | 25.24 | 7.1 | 4.0 | 4.8 | $ | 34,214 | $ | 16,174 | $ | 37.18 | $ | 6.93 | |||||||||||||
|
Non-Core Properties |
95 | 88,588 | 193,071 | 281,659 | $ | 15.81 | $ | 20.33 | $ | 19.31 | 4.3 | 2.1 | 2.7 | $ | 200 | $ | - | $ | 2.26 | $ | - | |||||||||||||
|
Total |
1,101 | 1,008,802 | 2,525,712 | 3,534,514 | $ | 21.60 | $ | 26.22 | $ | 24.86 | 6.8 | 3.8 | 4.6 | $ | 34,414 | $ | 16,174 | $ | 34.11 | $ | 6.40 | |||||||||||||
|
Base Minimum Rent PSF As of December 31, |
||||||||
|
2015 |
2014 |
|||||||
|
Core Malls |
$ | 27.18 | $ | 26.75 | ||||
|
Community Centers |
$ | 13.07 | $ | 12.72 | ||||
|
Total Core Properties |
$ | 21.63 | $ | 21.33 | ||||
|
Total Portfolio (includes non-core properties) |
$ | 21.44 | $ | 21.19 | ||||
Note: The leasing results exclude mall anchor leases and office leases.
|
|
SUPPLEMENTAL INFORMATION | 13 |
RELEASING SPREADS
WP Glimcher Inc.
For the trailing 12 months ended December 31, 2015
|
Re-leasing Spread |
||||||||||||||||||||
|
Square Footage of Openings |
New Rate PSF |
Prior Rate PSF |
$ |
% |
||||||||||||||||
|
Community Centers: |
||||||||||||||||||||
|
New |
111,460 | $ | 21.08 | $ | 17.60 | $ | 3.48 | 19.8 | % | |||||||||||
|
Renewal |
256,488 | $ | 23.40 | $ | 19.61 | $ | 3.79 | 19.3 | % | |||||||||||
|
All Deals |
367,948 | $ | 22.70 | $ | 19.02 | $ | 3.68 | 19.3 | % | |||||||||||
|
Core Malls: |
||||||||||||||||||||
|
New |
235,829 | $ | 31.38 | $ | 37.21 | $ | (5.83 | ) | -15.7 | % | ||||||||||
|
Renewal |
1,252,361 | $ | 36.03 | $ | 35.51 | $ | 0.52 | 1.5 | % | |||||||||||
|
All Deals |
1,488,190 | $ | 35.29 | $ | 35.79 | $ | (0.50 | ) | -1.4 | % | ||||||||||
|
Total Core Portfolio: |
||||||||||||||||||||
|
New |
347,289 | $ | 28.07 | $ | 30.89 | $ | (2.82 | ) | -9.1 | % | ||||||||||
|
Renewal |
1,508,849 | $ | 33.88 | $ | 32.61 | $ | 1.27 | 3.9 | % | |||||||||||
|
All Deals |
1,856,138 | $ | 32.79 | $ | 32.28 | $ | 0.51 | 1.6 | % | |||||||||||
Note: The Company's seven non-core malls are excluded from these metrics. Spread including the non-core assets was 0.4%.
|
|
SUPPLEMENTAL INFORMATION | 14 |
TOP 10 TENANTS
WP Glimcher Inc.
As of December 31, 2015
|
Non-Anchor Stores (Ranked by Percent of Total Minimum Rents) | ||||||||
|
Tenant Name |
Number of Stores |
GLA of Stores |
Percent of Total GLA in Portfolio |
Percent of Total Annualized Base Minimum Rent | ||||
|
Signet Jewelers, Ltd. |
180 |
237,130 |
0.3% |
3.1% | ||||
|
L Brands, Inc. |
140 |
669,670 |
1.0% |
2.6% | ||||
|
Foot Locker, Inc. |
123 |
506,795 |
0.7% |
2.1% | ||||
|
Ascena Retail Group Inc. |
134 |
682,877 |
1.0% |
1.8% | ||||
|
Genesco Inc. |
133 |
219,241 |
0.3% |
1.3% | ||||
|
Luxottica Group |
102 |
275,184 |
0.4% |
1.3% | ||||
|
American Eagle Outfitters, Inc. |
53 |
297,857 |
0.4% |
1.2% | ||||
|
The Gap, Inc. |
42 |
486,366 |
0.7% |
1.2% | ||||
|
The Finish Line, Inc. |
53 |
297,298 |
0.4% |
1.2% | ||||
|
Regal Entertainment Group |
9 |
496,781 |
0.7% |
0.8% | ||||
|
Anchor Stores (Ranked by Total GLA) | ||||||||
|
Tenant Name |
Number of Stores |
GLA of Stores |
Percent of Total GLA in Portfolio |
Percent of Total Annualized Base Minimum Rent | ||||
|
Sears Holding Corporation (including Kmart) |
58 |
8,142,284 |
11.8% |
1.0% | ||||
|
JCPenney Company, Inc. |
48 |
6,107,076 |
8.9% |
1.3% | ||||
|
Macy's, Inc. |
36 |
6,027,126 |
8.8% |
0.5% | ||||
|
Dillard's, Inc. |
28 |
3,902,495 |
5.7% |
0.1% | ||||
|
The Bon-Ton Stores, Inc. |
19 |
1,856,405 |
2.7% |
0.9% | ||||
|
Target Corporation |
12 |
1,625,339 |
2.4% |
0.0% | ||||
|
Kohl's Corporation |
15 |
1,277,064 |
1.9% |
0.8% | ||||
|
Belk, Inc. |
13 |
1,070,585 |
1.6% |
0.3% | ||||
|
Dick's Sporting Goods, Inc. |
16 |
974,803 |
1.4% |
1.6% | ||||
|
Burlington Stores, Inc. |
10 |
814,577 |
1.2% |
0.8% | ||||
|
|
SUPPLEMENTAL INFORMATION | 15 |
LEASE EXPIRATIONS (1)
WP Glimcher Inc.
As of December 31, 2015
|
In-line Stores and Freestanding | |||||||
|
Number of Leases Expiring |
Square Feet |
Average Base Minimum Rent PSF |
Percentage of Gross Annual Rental Revenues (2) | ||||
|
Year |
|||||||
|
Month To Month Leases |
231 |
450,316 |
$28.85 |
1.9% | |||
|
2016 |
838 |
2,439,389 |
$25.70 |
9.1% | |||
|
2017 |
972 |
3,133,402 |
$25.43 |
11.5% | |||
|
2018 |
801 |
2,375,349 |
$27.37 |
9.4% | |||
|
2019 |
595 |
2,064,185 |
$26.81 |
8.0% | |||
|
2020 |
528 |
1,971,380 |
$25.87 |
7.4% | |||
|
2021 |
304 |
1,441,031 |
$23.05 |
4.8% | |||
|
2022 |
263 |
1,117,051 |
$25.88 |
4.2% | |||
|
2023 |
299 |
1,409,317 |
$24.61 |
5.0% | |||
|
2024 |
235 |
923,916 |
$27.56 |
3.7% | |||
|
2025 |
216 |
979,819 |
$26.11 |
3.7% | |||
|
2026 and Thereafter |
118 |
742,665 |
$23.69 |
2.5% | |||
|
Specialty Leasing Agreements w/ terms in excess of 11 months |
941 |
2,137,996 |
$13.93 |
4.3% | |||
|
Anchors | |||||||
|
Number of Leases Expiring |
Square Feet |
Average Base Minimum Rent PSF |
Percentage of Gross Annual Rental Revenues (2) | ||||
|
Year |
|||||||
|
Month To Month Leases |
- |
- |
$0.00 |
0.0% | |||
|
2016 |
18 |
714,578 |
$7.50 |
0.8% | |||
|
2017 |
33 |
2,347,617 |
$4.79 |
1.6% | |||
|
2018 |
46 |
2,612,262 |
$7.19 |
2.7% | |||
|
2019 |
34 |
2,167,505 |
$6.07 |
1.9% | |||
|
2020 |
59 |
3,052,701 |
$7.43 |
3.3% | |||
|
2021 |
48 |
3,269,708 |
$6.82 |
3.2% | |||
|
2022 |
19 |
1,088,482 |
$7.01 |
1.1% | |||
|
2023 |
26 |
1,293,321 |
$8.58 |
1.6% | |||
|
2024 |
16 |
851,919 |
$7.49 |
0.9% | |||
|
2025 |
14 |
696,671 |
$14.21 |
1.4% | |||
|
2026 and Thereafter |
44 |
4,823,839 |
$8.46 |
5.9% | |||
(1) Does not consider the impact of renewal options that may be contained in leases.
(2) Gross annual rental revenues represents 2015 consolidated and joint venture combined base rental revenue for the porfolio.
|
|
SUPPLEMENTAL INFORMATION | 16 |
CAPITAL EXPENDITURES
WP Glimcher Inc.
(dollars in thousands)
|
Three Months Ended December 31, 2015 |
Unconsolidated Joint Venture Proportionate Share |
Total Three Months Ended December 31, 2015 |
Three Months Ended December 31, 2014 |
Unconsolidated Joint Venture Proportionate Share |
Total Three Months Ended December 31, 2014 |
|||||||||||||||||||
|
New Developments |
$ | 337 | $ | - | $ | 337 | $ | 80 | $ | - | $ | 80 | ||||||||||||
|
Redevelopments, Renovations, and Expansions |
$ | 20,456 | $ | 7,809 | $ | 28,265 | $ | 15,989 | $ | - | $ | 15,989 | ||||||||||||
|
Deferred Leasing Costs |
$ | 5,011 | $ | 91 | $ | 5,102 | $ | 4,053 | $ | 25 | $ | 4,078 | ||||||||||||
|
Property Capital Expenditures: |
||||||||||||||||||||||||
|
Non-anchor stores tenant improvements and allowances |
$ | 7,458 | $ | 594 | $ | 8,052 | $ | 9,803 | $ | 32 | $ | 9,835 | ||||||||||||
|
Operational capital expenditures |
14,054 | 578 | 14,632 | 17,643 | - | 17,643 | ||||||||||||||||||
|
Total Property Capital Expenditures |
$ | 21,512 | $ | 1,172 | $ | 22,684 | $ | 27,446 | $ | 32 | $ | 27,478 | ||||||||||||
|
Twelve Months Ended December 31, 2015 |
Unconsolidated Joint Venture Proportionate Share |
Total Twelve Months Ended December 31, 2015 |
Twelve Months Ended December 31, 2014 |
Unconsolidated Joint Venture Proportionate Share |
Total Twelve Months Ended December 31, 2014 |
|||||||||||||||||||
|
New Developments |
$ | 2,865 | $ | - | $ | 2,865 | $ | 1,087 | $ | - | $ | 1,087 | ||||||||||||
|
Redevelopments, Renovations, and Expansions |
$ | 84,083 | $ | 15,723 | $ | 99,806 | $ | 68,727 | $ | - | $ | 68,727 | ||||||||||||
|
Deferred Leasing Costs |
$ | 16,666 | $ | 578 | $ | 17,244 | $ | 16,050 | $ | 117 | $ | 16,167 | ||||||||||||
|
Property Capital Expenditures: |
||||||||||||||||||||||||
|
Non-anchor stores tenant improvements and allowances |
$ | 35,939 | $ | 1,819 | $ | 37,758 | $ | 56,092 | $ | 531 | $ | 56,623 | ||||||||||||
|
Operational capital expenditures |
30,637 | 815 | 31,452 | 34,303 | 80 | 34,383 | ||||||||||||||||||
|
Total Property Capital Expenditures |
$ | 66,576 | $ | 2,634 | $ | 69,210 | $ | 90,395 | $ | 611 | $ | 91,006 | ||||||||||||
Note: Properties acquired from Glimcher in January 2015 are included in all periods presented.
|
|
SUPPLEMENTAL INFORMATION | 17 |
REDEVELOPMENT PROJECTS
WP Glimcher Inc.
As of December 31, 2015
(dollars in thousands)
Projects under construction or approved for construction with an estimated investment of $5 million or more
|
Property Name |
City |
St |
Opportunity |
Ownership % |
Estimated Total Costs (1) |
Estimated Project Yield (1) (2) |
Estimated Completion (1) | |||||||
|
Arboretum, The |
Austin |
TX |
Exterior renovation and pedestrian walkway |
100% |
$4,000 - $5,000 |
7% - 8% |
2016 1Q | |||||||
|
Fairfield Town Center |
Houston |
TX |
Multi-phase retail development (approved phases) |
100% |
$50,000 - $60,000 |
7% - 9% |
2016/2017 | |||||||
|
Gateway Center |
Austin |
TX |
New Saks Fifth Avenue OFF 5TH |
100% |
$7,000 - $9,000 |
8% - 9% |
2016 1Q | |||||||
|
Jefferson Valley Mall |
Yorktown Hts |
NY |
New Dick's Sporting Goods and interior/exterior renovation |
100% |
$32,000 - $36,000 |
7% - 8% |
2016 4Q | |||||||
|
Lincoln Crossing |
O'Fallon |
IL |
Academy Sports expansion |
100% |
$6,000 - $8,000 |
9% - 11% |
2017 2Q | |||||||
|
Lindale Mall |
Cedar Rapids |
IA |
New national retailers |
100% |
$3,000 - $5,000 |
9% - 11% |
2016 4Q | |||||||
|
Longview Mall |
Longview |
TX |
New Dick's Sporting Goods, H&M and interior/exterior renovation |
100% |
$14,000 - $16,000 |
8% - 10% |
2016 4Q | |||||||
|
New Towne Mall |
New Philadelphia |
OH |
Re-tenant Sears anchor space with national retailer |
100% |
$6,000 - $7,000 |
7% - 8% |
2016 4Q | |||||||
|
Scottsdale Quarter - Phase III |
Scottsdale |
AZ |
New ground-level retail in existing residential building; New retail and office tenants in new mixed-use building |
51% |
$53,800 - $63,800 |
7% - 8% |
2016 4Q | |||||||
|
Town Center Plaza |
Leawood |
KS |
New building with Restoration Hardware |
51% |
$18,000 - $22,000 |
7% - 8% |
2016 3Q | |||||||
|
Westminster Mall |
Westminster |
CA |
New Sky Zone, Luxe Buffet and additional restaurant |
100% |
$6,000 - $7,000 |
11% - 13% |
2016 4Q | |||||||
|
(1) |
Estimated total costs, project yield, and completion are 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 costs exclude the allocation of internal costs such as labor, interest, and taxes. |
|
(2) |
The project yield excludes any NOI benefit to the property that is indirectly related to the redevelopment, although each project does benefit other aspects of the mall. |
|
|
SUPPLEMENTAL INFORMATION | 18 |
PROPERTY INFORMATION
WP Glimcher Inc.
As of December 31, 2015
|
Debt Information | ||||||||||||||||||||||||
|
Indebtedness | ||||||||||||||||||||||||
|
Property Name |
St |
City (Major Metropolitan Area) |
Financial Interest (1) |
Total Center Square Feet |
Total WPG Owned Square Feet |
Total Tenant Owned Square Feet |
Maturity Date (2) |
Interest Rate |
Type |
Total |
WP Glimcher Share | |||||||||||||
|
Malls |
||||||||||||||||||||||||
|
Anderson Mall |
SC |
Anderson |
100% |
671,074 |
315,885 |
355,189 |
12/01/22 |
4.61% |
Fixed |
$ |
19,446 |
$ |
19,446 | |||||||||||
|
Arbor Hills |
MI |
Ann Arbor |
93% |
87,395 |
87,395 |
0 |
01/01/26 |
4.27% |
Fixed |
$ |
25,499 |
$ |
23,620 | |||||||||||
|
Arboretum, The |
TX |
Austin |
100% |
194,956 |
194,956 |
0 |
||||||||||||||||||
|
Ashland Town Center |
KY |
Ashland |
100% |
435,282 |
331,892 |
103,390 |
07/06/21 |
4.90% |
Fixed |
$ |
39,184 |
$ |
39,184 | |||||||||||
|
Bowie Town Center |
MD |
Bowie (Wash, D.C.) |
100% |
578,255 |
276,957 |
301,298 |
||||||||||||||||||
|
Boynton Beach Mall |
FL |
Boynton Beach (Miami) |
100% |
1,102,240 |
590,688 |
511,552 |
||||||||||||||||||
|
Brunswick Square |
NJ |
East Brunswick (New York) |
100% |
760,618 |
289,323 |
471,295 |
03/01/24 |
4.80% |
Fixed |
$ |
74,912 |
$ |
74,912 | |||||||||||
|
Charlottesville Fashion Square |
VA |
Charlottesville |
100% |
576,707 |
353,004 |
223,703 |
04/01/24 |
4.54% |
Fixed |
$ |
48,638 |
$ |
48,638 | |||||||||||
|
Chautauqua Mall |
NY |
Lakewood |
100% |
427,600 |
422,624 |
4,976 |
||||||||||||||||||
|
Chesapeake Square |
VA |
Chesapeake (VA Beach) |
100% |
760,597 |
561,088 |
199,509 |
02/01/17 |
5.84% |
Fixed |
$ |
62,605 |
$ |
62,605 | |||||||||||
|
Clay Terrace |
IN |
Carmel (Indianapolis) |
100% |
575,877 |
557,001 |
18,876 |
||||||||||||||||||
|
Colonial Park Mall |
PA |
Harrisburg |
100% |
739,066 |
371,620 |
367,446 |
||||||||||||||||||
|
Cottonwood Mall |
NM |
Albuquerque |
100% |
1,051,450 |
409,873 |
641,577 |
04/06/24 |
4.82% |
Fixed |
$ |
102,417 |
$ |
102,417 | |||||||||||
|
Dayton Mall |
OH |
Dayton |
100% |
1,443,929 |
785,648 |
658,281 |
09/01/22 |
4.57% |
Fixed |
$ |
82,000 |
$ |
82,000 | |||||||||||
|
Edison Mall |
FL |
Fort Myers |
100% |
1,055,080 |
572,788 |
482,292 |
||||||||||||||||||
|
Forest Mall (3) (4) |
WI |
Fond Du Lac |
100% |
500,899 |
249,569 |
251,330 |
||||||||||||||||||
|
Grand Central Mall |
WV |
Parkersburg |
100% |
848,366 |
742,543 |
105,823 |
07/06/20 |
6.05% |
Fixed |
$ |
41,850 |
$ |
41,850 | |||||||||||
|
Great Lakes Mall |
OH |
Mentor (Cleveland) |
100% |
1,287,851 |
580,718 |
707,133 |
||||||||||||||||||
|
Gulf View Square (3) |
FL |
Port Richey (Tampa) |
100% |
756,088 |
401,442 |
354,646 |
||||||||||||||||||
|
Indian Mound Mall |
OH |
Newark |
100% |
556,817 |
464,156 |
92,661 |
||||||||||||||||||
|
Irving Mall |
TX |
Irving (Dallas) |
100% |
1,053,599 |
490,055 |
563,544 |
||||||||||||||||||
|
Jefferson Valley Mall |
NY |
Yorktown Heights (New York) |
100% |
543,938 |
378,246 |
165,692 |
||||||||||||||||||
|
Knoxville Center (3) |
TN |
Knoxville |
100% |
960,809 |
506,197 |
454,612 |
||||||||||||||||||
|
Lima Mall |
OH |
Lima |
100% |
743,186 |
543,364 |
199,822 |
||||||||||||||||||
|
Lincolnwood Town Center |
IL |
Lincolnwood (Chicago) |
100% |
423,080 |
423,080 |
0 |
04/01/21 |
4.26% |
Fixed |
$ |
51,478 |
$ |
51,478 | |||||||||||
|
Lindale Mall |
IA |
Cedar Rapids |
100% |
713,131 |
462,378 |
250,753 |
||||||||||||||||||
|
Longview Mall |
TX |
Longview |
100% |
642,629 |
194,412 |
448,217 |
||||||||||||||||||
|
Malibu Lumber Yard |
CA |
Malibu |
100% |
31,479 |
31,479 |
0 |
||||||||||||||||||
|
Mall at Fairfield Commons, The |
OH |
Beavercreek |
100% |
1,013,634 |
864,222 |
149,412 |
||||||||||||||||||
|
Mall at Johnson City, The |
TN |
Johnson City |
51% |
571,852 |
496,444 |
75,408 |
05/06/20 |
6.77% |
Fixed |
$ |
51,537 |
$ |
26,284 | |||||||||||
|
Maplewood Mall |
MN |
St. Paul (Minneapolis) |
100% |
908,001 |
325,522 |
582,479 |
||||||||||||||||||
|
Markland Mall |
IN |
Kokomo |
100% |
418,019 |
414,539 |
3,480 |
||||||||||||||||||
|
Melbourne Square |
FL |
Melbourne |
100% |
724,748 |
420,838 |
303,910 |
||||||||||||||||||
|
Merritt Square Mall |
FL |
Merritt Island |
100% |
811,410 |
475,737 |
335,673 |
09/01/15 |
10.35% |
Fixed |
$ |
52,914 |
$ |
52,914 | |||||||||||
|
Mesa Mall |
CO |
Grand Junction |
100% |
873,831 |
431,127 |
442,704 |
06/01/16 |
5.79% |
Fixed |
$ |
87,250 |
$ |
87,250 | |||||||||||
|
Morgantown Mall |
WV |
Morgantown |
100% |
555,148 |
555,148 |
0 |
||||||||||||||||||
|
Muncie Mall |
IN |
Muncie |
100% |
636,565 |
386,765 |
249,800 |
04/01/21 |
4.19% |
Fixed |
$ |
35,924 |
$ |
35,924 | |||||||||||
|
New Towne Mall |
OH |
New Philadelphia |
100% |
509,536 |
509,536 |
0 |
||||||||||||||||||
|
Northlake Mall (3) (4) |
GA |
Atlanta |
100% |
962,949 |
576,549 |
386,400 |
||||||||||||||||||
|
Northtown Mall |
MN |
Blaine |
100% |
606,210 |
606,210 |
0 |
||||||||||||||||||
|
Northwoods Mall |
IL |
Peoria |
100% |
691,392 |
218,423 |
472,969 |
||||||||||||||||||
|
Oak Court Mall |
TN |
Memphis |
100% |
849,068 |
363,251 |
485,817 |
04/01/21 |
4.76% |
Fixed |
$ |
39,005 |
$ |
39,005 | |||||||||||
|
Oklahoma City Properties |
OK |
Oklahoma City |
99% |
288,088 |
288,088 |
0 |
||||||||||||||||||
|
Orange Park Mall |
FL |
Orange Park (Jacksonville) |
100% |
959,405 |
556,225 |
403,180 |
||||||||||||||||||
|
Paddock Mall |
FL |
Ocala |
100% |
549,857 |
319,300 |
230,557 |
||||||||||||||||||
|
Pearlridge Center |
HI |
Aiea |
51% |
1,139,963 |
1,139,963 |
0 |
06/01/25 |
3.53% |
Fixed |
$ |
225,000 |
$ |
114,750 | |||||||||||
|
Polaris Fashion Place |
OH |
Columbus |
51% |
1,571,184 |
818,965 |
752,219 |
03/01/25 |
3.90% |
Fixed |
$ |
225,000 |
$ |
114,750 | |||||||||||
|
Port Charlotte Town Center |
FL |
Port Charlotte |
100% |
764,673 |
480,464 |
284,209 |
11/01/20 |
5.30% |
Fixed |
$ |
44,792 |
$ |
44,792 | |||||||||||
|
|
SUPPLEMENTAL INFORMATION | 19 |
PROPERTY INFORMATION
WP Glimcher Inc.
As of December 31, 2015
|
Debt Information | ||||||||||||||||||||||||
|
Indebtedness | ||||||||||||||||||||||||
|
Property Name |
St |
City (Major Metropolitan Area) |
Financial Interest (1) |
Total Center Square Feet |
Total WPG Owned Square Feet |
Total Tenant Owned Square Feet |
Maturity Date (2) |
Interest Rate |
Type |
Total |
WP Glimcher Share | |||||||||||||
|
Malls |
||||||||||||||||||||||||
|
Richmond Town Square (3) |
OH |
Richmond Heights (Cleveland) |
100% |
1,011,763 |
541,812 |
469,951 |
||||||||||||||||||
|
River Oaks Center (3) |
IL |
Calumet City (Chicago) |
100% |
1,192,571 |
688,312 |
504,259 |
||||||||||||||||||
|
River Valley Mall |
OH |
Lancaster |
100% |
521,578 |
521,578 |
0 |
01/11/16 |
5.65% |
Fixed |
$ |
44,931 |
$ |
44,931 | |||||||||||
|
Rolling Oaks Mall |
TX |
San Antonio |
100% |
882,347 |
286,039 |
596,308 |
||||||||||||||||||
|
Rushmore Mall |
SD |
Rapid City |
100% |
829,230 |
752,754 |
76,476 |
02/01/19 |
5.79% |
Fixed |
$ |
94,000 |
$ |
94,000 | |||||||||||
|
Scottsdale Quarter |
AZ |
Scottsdale |
51% |
596,487 |
596,487 |
0 |
06/01/25 |
3.53% |
Fixed |
$ |
165,000 |
$ |
84,150 | |||||||||||
|
Seminole Towne Center |
FL |
Sanford (Orlando) |
25% |
1,103,520 |
590,230 |
513,290 |
05/06/21 |
5.97% |
Fixed |
$ |
56,491 |
$ |
13,993 | |||||||||||
|
Southern Hills Mall |
IA |
Sioux City |
100% |
795,074 |
551,127 |
243,947 |
06/01/16 |
5.79% |
Fixed |
$ |
101,500 |
$ |
101,500 | |||||||||||
|
Southern Park Mall |
OH |
Youngstown |
100% |
1,204,485 |
1,008,921 |
195,564 |
||||||||||||||||||
|
Sunland Park Mall |
TX |
El Paso |
100% |
922,167 |
327,230 |
594,937 |
||||||||||||||||||
|
Outlet Collection | Seattle, The |
WA |
Seattle |
100% |
929,635 |
929,635 |
0 |
01/14/20 |
1.92% |
Variable |
$ |
86,500 |
$ |
86,500 | |||||||||||
|
Town Center at Aurora |
CO |
Aurora (Denver) |
100% |
1,082,833 |
342,892 |
739,941 |
04/01/21 |
4.19% |
Fixed |
$ |
55,000 |
$ |
55,000 | |||||||||||
|
Town Center Crossing & Plaza |
KS |
Leawood |
51% |
621,316 |
500,083 |
121,233 |
02/01/27 |
4.25% |
Fixed |
$ |
35,934 |
$ |
18,326 | |||||||||||
|
02/01/27 |
5.00% |
Fixed |
$ |
72,320 |
$ |
36,883 | ||||||||||||||||||
|
Towne West Square |
KS |
Wichita |
100% |
936,978 |
440,445 |
496,533 |
06/01/21 |
5.61% |
Fixed |
$ |
47,798 |
$ |
47,798 | |||||||||||
|
Valle Vista Mall |
TX |
Harlingen |
100% |
650,504 |
492,104 |
158,400 |
05/10/17 |
5.35% |
Fixed |
$ |
40,000 |
$ |
40,000 | |||||||||||
|
Virginia Center Commons (3) |
VA |
Glen Allen |
100% |
785,079 |
444,171 |
340,908 |
||||||||||||||||||
|
Waterford Lakes Town Center |
FL |
Orlando |
100% |
966,090 |
691,590 |
274,500 |
||||||||||||||||||
|
Weberstown Mall |
CA |
Stockton |
100% |
856,827 |
283,503 |
573,324 |
06/08/16 |
5.90% |
Fixed |
$ |
60,000 |
$ |
60,000 | |||||||||||
|
West Ridge Mall |
KS |
Topeka |
100% |
995,637 |
391,526 |
604,111 |
03/06/24 |
4.84% |
Fixed |
$ |
42,090 |
$ |
42,090 | |||||||||||
|
Westminster Mall |
CA |
Westminster (Los Angeles) |
100% |
1,203,441 |
430,750 |
772,691 |
04/01/24 |
4.65% |
Fixed |
$ |
82,734 |
$ |
82,734 | |||||||||||
|
WestShore Plaza |
FL |
Tampa |
100% |
1,076,507 |
848,045 |
228,462 |
10/01/17 |
2.80% |
Variable |
$ |
99,600 |
$ |
99,600 | |||||||||||
|
Malls Total |
54,091,600 |
33,494,931 |
20,596,669 |
$ |
2,393,349 |
$ |
1,969,324 | |||||||||||||||||
|
Community Centers | ||||||||||||||||||||||||
|
Bloomingdale Court |
IL |
Bloomingdale (Chicago) |
100% |
696,640 |
385,095 |
311,545 |
||||||||||||||||||
|
Bowie Town Center Strip |
MD |
Bowie (Wash, D.C.) |
100% |
106,589 |
40,927 |
65,662 |
||||||||||||||||||
|
Canyon View Marketplace |
CO |
Grand Junction |
100% |
43,053 |
43,053 |
0 |
11/06/23 |
5.47% |
Fixed |
$ |
5,470 |
$ |
5,470 | |||||||||||
|
Charles Towne Square |
SC |
Charleston |
100% |
71,794 |
71,794 |
0 |
||||||||||||||||||
|
Chesapeake Center |
VA |
Chesapeake (Virginia Beach) |
100% |
305,853 |
128,972 |
176,881 |
||||||||||||||||||
|
Concord Mills Marketplace |
NC |
Concord (Charlotte) |
100% |
230,683 |
216,870 |
13,813 |
11/01/23 |
4.82% |
Fixed |
$ |
16,000 |
$ |
16,000 | |||||||||||
|
Countryside Plaza |
IL |
Countryside (Chicago) |
100% |
403,756 |
204,295 |
199,461 |
||||||||||||||||||
|
Dare Centre |
NC |
Kill Devil Hills |
100% |
168,673 |
109,154 |
59,519 |
||||||||||||||||||
|
DeKalb Plaza |
PA |
King of Prussia (Philadelphia) |
100% |
101,911 |
44,091 |
57,820 |
||||||||||||||||||
|
Empire East |
SD |
Sioux Falls |
100% |
301,438 |
167,616 |
133,822 |
||||||||||||||||||
|
Fairfax Court |
VA |
Fairfax (Wash, D.C.) |
100% |
249,488 |
245,999 |
3,489 |
||||||||||||||||||
|
Fairfield Town Center |
TX |
Houston |
100% |
108,000 |
0 |
108,000 |
||||||||||||||||||
|
Forest Plaza |
IL |
Rockford |
100% |
434,838 |
414,542 |
20,296 |
10/10/19 |
7.50% |
Fixed |
$ |
16,970 |
$ |
16,970 | |||||||||||
|
Gaitway Plaza |
FL |
Ocala |
99% |
208,039 |
207,239 |
800 |
||||||||||||||||||
|
Gateway Centers |
TX |
Austin |
100% |
512,339 |
403,336 |
109,003 |
||||||||||||||||||
|
Greenwood Plus |
IN |
Greenwood (Indianapolis) |
100% |
155,319 |
146,091 |
9,228 |
||||||||||||||||||
|
Henderson Square (5) |
PA |
King of Prussia (Philadelphia) |
100% |
107,371 |
53,615 |
53,756 |
01/01/18 |
4.43% |
Fixed |
$ |
12,591 |
$ |
12,591 | |||||||||||
|
Keystone Shoppes |
IN |
Indianapolis |
100% |
29,125 |
29,125 |
0 |
||||||||||||||||||
|
Lake Plaza |
IL |
Waukegan (Chicago) |
100% |
215,568 |
124,939 |
90,629 |
||||||||||||||||||
|
Lake View Plaza |
IL |
Orland Park (Chicago) |
100% |
367,370 |
311,961 |
55,409 |
||||||||||||||||||
|
Lakeline Plaza |
TX |
Cedar Park (Austin) |
100% |
387,240 |
356,803 |
30,437 |
10/10/19 |
7.50% |
Fixed |
$ |
15,898 |
$ |
15,898 | |||||||||||
|
Lima Center |
OH |
Lima |
100% |
233,878 |
173,878 |
60,000 |
||||||||||||||||||
|
|
SUPPLEMENTAL INFORMATION | 20 |
PROPERTY INFORMATION
WP Glimcher Inc.
As of December 31, 2015
|
Debt Information | ||||||||||||||||||||||||
|
Indebtedness | ||||||||||||||||||||||||
|
Property Name |
St |
City (Major Metropolitan Area) |
Financial Interest (1) |
Total Center Square Feet |
Total WPG Owned Square Feet |
Total Tenant Owned Square Feet |
Maturity Date (2) |
Interest Rate |
Type |
Total |
WP Glimcher Share | |||||||||||||
|
Community Centers |
||||||||||||||||||||||||
|
Lincoln Crossing |
IL |
O'Fallon (St. Louis) |
100% |
243,326 |
37,861 |
205,465 |
||||||||||||||||||
|
MacGregor Village |
NC |
Cary |
100% |
146,774 |
146,774 |
0 |
||||||||||||||||||
|
Mall of Georgia Crossing |
GA |
Buford (Atlanta) |
100% |
440,774 |
317,639 |
123,135 |
10/06/22 |
4.28% |
Fixed |
$ |
23,658 |
$ |
23,658 | |||||||||||
|
Markland Plaza |
IN |
Kokomo |
100% |
90,527 |
80,977 |
9,550 |
||||||||||||||||||
|
Martinsville Plaza |
VA |
Martinsville |
100% |
102,105 |
94,760 |
7,345 |
||||||||||||||||||
|
Matteson Plaza |
IL |
Matteson (Chicago) |
100% |
272,336 |
180,936 |
91,400 |
||||||||||||||||||
|
Morgantown Commons |
WV |
Morgantown |
100% |
230,843 |
230,843 |
0 |
||||||||||||||||||
|
Muncie Towne Plaza |
IN |
Muncie |
100% |
172,617 |
172,617 |
0 |
10/10/19 |
7.50% |
Fixed |
$ |
6,609 |
$ |
6,609 | |||||||||||
|
North Ridge Shopping Center |
NC |
Raleigh |
100% |
169,678 |
164,278 |
5,400 |
12/01/22 |
3.41% |
Fixed |
$ |
12,500 |
$ |
12,500 | |||||||||||
|
Northwood Plaza |
IN |
Fort Wayne |
100% |
208,076 |
79,877 |
128,199 |
||||||||||||||||||
|
Palms Crossing |
TX |
McAllen |
100% |
405,925 |
372,088 |
33,837 |
08/01/21 |
5.49% |
Fixed |
$ |
36,077 |
$ |
36,077 | |||||||||||
|
Plaza at Buckland Hills, The |
CT |
Manchester |
100% |
321,885 |
210,986 |
110,899 |
||||||||||||||||||
|
Richardson Square |
TX |
Richardson (Dallas) |
100% |
516,098 |
40,187 |
475,911 |
||||||||||||||||||
|
Rockaway Commons |
NJ |
Rockaway (New York) |
100% |
238,270 |
229,162 |
9,108 |
||||||||||||||||||
|
Rockaway Town Plaza |
NJ |
Rockaway (New York) |
100% |
374,408 |
73,132 |
301,276 |
||||||||||||||||||
|
Royal Eagle Plaza |
FL |
Coral Springs (Miami) |
100% |
202,952 |
191,999 |
10,953 |
||||||||||||||||||
|
Shops at Arbor Walk, The |
TX |
Austin |
100% |
458,469 |
280,315 |
178,154 |
08/01/21 |
5.49% |
Fixed |
$ |
40,774 |
$ |
40,774 | |||||||||||
|
Shops at North East Mall, The |
TX |
Hurst (Dallas) |
100% |
365,039 |
365,039 |
0 |
||||||||||||||||||
|
St. Charles Towne Plaza |
MD |
Waldorf (Wash, D.C.) |
100% |
391,597 |
330,047 |
61,550 |
||||||||||||||||||
|
Tippecanoe Plaza |
IN |
Lafayette |
100% |
90,522 |
85,811 |
4,711 |
||||||||||||||||||
|
University Center |
IN |
Mishawaka |
100% |
150,441 |
100,441 |
50,000 |
||||||||||||||||||
|
University Town Plaza |
FL |
Pensacola |
100% |
565,538 |
216,194 |
349,344 |
||||||||||||||||||
|
Village Park Plaza |
IN |
Carmel (Indianapolis) |
100% |
575,547 |
290,008 |
285,539 |
||||||||||||||||||
|
Washington Plaza |
IN |
Indianapolis |
100% |
50,107 |
50,107 |
0 |
||||||||||||||||||
|
West Ridge Plaza |
KS |
Topeka |
100% |
254,464 |
99,971 |
154,493 |
03/06/24 |
4.84% |
Fixed |
$ |
10,523 |
$ |
10,523 | |||||||||||
|
West Town Corners |
FL |
Altamonte Springs (Orlando) |
100% |
385,403 |
236,785 |
148,618 |
||||||||||||||||||
|
Westland Park Plaza |
FL |
Orange Park (Jacksonville) |
100% |
163,259 |
163,259 |
0 |
||||||||||||||||||
|
White Oaks Plaza |
IL |
Springfield |
100% |
394,652 |
237,760 |
156,892 |
10/10/19 |
7.50% |
Fixed |
$ |
13,219 |
$ |
13,219 | |||||||||||
|
Whitehall Mall |
PA |
Whitehall |
100% |
613,731 |
598,857 |
14,874 |
11/01/18 |
7.00% |
Fixed |
$ |
9,747 |
$ |
9,747 | |||||||||||
|
Wolf Ranch |
TX |
Georgetown (Austin) |
100% |
627,284 |
415,098 |
212,186 |
||||||||||||||||||
|
Community Centers Total |
14,661,612 |
9,973,203 |
4,688,409 |
$ |
220,036 |
$ |
220,036 | |||||||||||||||||
|
Total |
68,753,212 |
43,468,134 |
25,285,078 |
$ |
2,613,385 |
$ |
2,189,360 | |||||||||||||||||
|
Footnotes: | ||||||||||||||||||||||
|
(1) Direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners. | ||||||||||||||||||||||
|
(2) Assumes full exercise of extension options. | ||||||||||||||||||||||
|
(3) Non-core property. | ||||||||||||||||||||||
|
(4) Non-core properties sold on January 29, 2016. | ||||||||||||||||||||||
|
(5) The interest rate changes to 3.17% effective January 1, 2016. |
|
|
SUPPLEMENTAL INFORMATION | 21 |
|
GLOSSARY OF TERMS | |||
| - Average rent PSF |
Average base minimum rent charge in effect for the reporting period for all tenants that qualify to be included in the occupancy as defined below.
| ||
| - EBITDA |
Net income (loss) attributable to the company before interest, depreciation and amortization, gains/losses on sale of operating properties, impairment charges, income taxes and unrealized remeasurement adjustment of derivative instrument.
| ||
| - Funds from operations (FFO) |
Funds From Operations ("FFO") is a supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) attributable to common shareholders computed in accordance with generally accepted accounting principles ("GAAP"), excluding (i) gains or losses from sales of operating real estate assets and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties and (iv) impairment of depreciable real estate and in substance real estate equity investments and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis.
| ||
| - Funds from operations, as adjusted (AFFO) |
AFFO is calculated by adjusting FFO as defined above for non-recurring items such as merger costs, non-recurring debt fee amortization charges and similar items.
| ||
| - Gross leasable area (GLA) |
Measure of the total amount of leasable space in a property.
| ||
| - Net operating income (NOI) |
Revenues from all rental property less operating and maintenance expenses, real estate taxes and rent expense including the company's pro-rata share of real estate joint ventures. Excludes non-recurring items such as termination income and sales from outparcels.
| ||
| - Occupancy |
Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. For malls, all company owned space except for mall anchors, mall majors, office and mall outlots are included in the calculation. For community lifestyle centers, all owned GLA other than office are included in the calculation.
| ||
| - Occupancy cost |
Percent of tenant's total occupancy cost (rent and reimbursement of CAM, tax and insurance) to tenant sales for mall stores of 10,000 sf or less.
| ||
| - Re-leasing spread |
Re-leasing Spread is a ‘‘same space’’ measure that compares initial rent for new deals on individual spaces to expiring rents for prior tenants. For Malls, majors, freestanding and office tenants are excluded. For Community Centers, office tenants are excluded. The new rent is the weighted average of the initial cash Total Rent PSF for spaces leased during the trailing 12-month period, and includes new leases and existing tenant renewals and relocations (including expansions and downsizings). The prior rent is the weighted average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance (CAM) and base percentage rent. It includes leasing activity on all spaces occupied by tenants as long as the opening and closing dates are within 24 months of one another.
| ||
| - Sales PSF |
Trailing twelve-month sales for in-line mall stores of 10,000 SF or less. Excludes freestanding stores and specialty tenants.
| ||
|
|
SUPPLEMENTAL INFORMATION | 22 |