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SECURITIES AND EXCHANGE COMMISSION
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 52-1794271 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer identification No.) | |
1600 N.E. Miami Gardens Drive North Miami Beach, FL | 33179 | |
(Address of principal executive offices) | (Zip code) |
Common Stock, $.01 Par Value | New York Stock Exchange | |
(Title of each class) | (Name of exchange on which registered) |
Large accelerated filero | Accelerated filerþ | Non-accelerated filero | Smaller reporting companyo | |||
(Do not check if a smaller reporting company) |
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EX-32.1 |
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• | Operating Strategy: Maximizing the internal growth of revenue from our shopping centers by leasing and re-leasing those properties to a diverse group of creditworthy tenants, maintaining our properties to standards that our existing and prospective tenants find attractive, as well as containing costs through effective property management; | ||
• | Investment Strategy: Using capital wisely to renovate or redevelop our properties and to acquire and develop additional shopping centers where expected, risk-adjusted returns meet or exceed our standards as well as by investing in strategic partnerships that minimize operational or other risks; and | ||
• | Capital Strategy: Financing our capital requirements with internally generated funds, borrowings under our existing credit facilities, proceeds from selling properties that do not meet our investment criteria and proceeds from institutional partners and the debt and equity capital markets. |
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• | actively manage and maintain the high standards and physical appearance of our assets while maintaining competitive tenant occupancy costs; | ||
• | maintain a diverse tenant base in order to limit exposure to any one tenant’s financial condition; | ||
• | develop strong, mutually beneficial relationships with creditworthy tenants, particularly our anchor tenants, by consistently meeting or exceeding their expectations; | ||
• | maximize rental rates upon the renewal of expiring leases or as we lease space to new tenants while limiting vacancy and down-time; | ||
• | evaluate renovation or redevelopment opportunities that will make our properties more attractive for leasing or re-leasing to tenants; | ||
• | take advantage of under-utilized land or existing square footage, or re-configure properties for better uses; and | ||
• | adopt consistent standards and vendor review procedures. |
• | re-developing, renovating, expanding, reconfiguring and/or re-tenanting our existing properties; | ||
• | selectively acquiring shopping centers that will benefit from our active management and leasing strategies with a focus on supply constrained markets; | ||
• | selectively acquiring vacant and occupied land for the purpose of developing new shopping centers to meet the needs of expanding retailers; and | ||
• | investing in strategic partnerships in real estate related ventures where we act as a manager and utilize our expertise or benefit from the local expertise of others. |
• | the expected returns in relation to our cost of capital, as well as the anticipated risks we will face in achieving the expected returns; | ||
• | the current and projected cash flow of the property and the potential to increase that cash flow; | ||
• | the tenant mix at the property, tenant sales performance and the creditworthiness of those tenants; | ||
• | economic, demographic, regulatory and zoning conditions in the property’s local and regional market; | ||
• | competitive conditions in the vicinity of the property, including competition for tenants and the potential that others may create competing properties through redevelopment, new construction or renovation; | ||
• | the level and success of our existing investments in the relevant market; | ||
• | the current market value of the land, buildings and other improvements and the potential for increasing those market values; | ||
• | the physical configuration of the property, its visibility, ease of entry and exit, and availability of parking; and | ||
• | the physical condition of the land, buildings and other improvements, including the structural and environmental conditions. |
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• | maintaining a prudent level of overall leverage and an appropriate pool of unencumbered properties that is sufficient to support our unsecured borrowings; | ||
• | managing our exposure to variable-rate debt; | ||
• | taking advantage of market opportunities to refinance existing debt and manage our debt maturity schedule; | ||
• | selling properties that have limited growth potential or are not a strategic fit within our overall portfolio and redeploying the proceeds elsewhere in our business; and | ||
• | using joint venture arrangements to access less expensive capital, mitigate capital risk, or to benefit from the expertise of local real estate partners. |
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1600 N.E. Miami Gardens Drive
North Miami Beach, Florida 33179
Attn: Investor Relations Department
(305) 947-1664
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• | require us to dedicate a substantial portion of our cash flow from operations to payments on our debt, thereby reducing funds available for operations, property acquisitions, developments and redevelopments and other appropriate business opportunities that may arise in the future; | ||
• | limit our ability to make distributions on our outstanding shares of our common stock, including the payment of dividends required to maintain our status as a REIT; | ||
• | make it difficult to satisfy our debt service requirements; | ||
• | limit our flexibility in planning for, or reacting to, changes in our business and the factors that affect the profitability of our business, which may place us at a disadvantage compared to competitors with less debt or debt with less restrictive terms; | ||
• | adversely affect financial ratios and debt and operational coverage levels monitored by rating agencies and adversely affect the ratings assigned to our unsecured debt; |
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• | limit our ability to obtain any additional debt or equity financing we may need in the future for working capital, debt refinancing, capital expenditures, acquisitions, redevelopment or other general corporate purposes or to obtain such financing on favorable terms; and | ||
• | require us to dedicate increased amounts of our cash flow from operations to payments on our variable rate, unhedged debt if interest rates rise. |
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• | significant time lag between commencement and completion subjects us to greater risks due to fluctuations in the general economy; | ||
• | failure or inability to obtain construction or permanent financing on favorable terms; | ||
• | expenditure of money and time on projects that may never be completed; | ||
• | inability to achieve projected rental rates or anticipated pace of lease-up; | ||
• | higher-than-estimated construction costs, including labor and material costs; and | ||
• | possible delay in completion of the project because of a number of factors, including weather, labor disruptions, construction delays or delays in receipt of zoning or other regulatory approvals, or man-made or natural disasters (such as fires, hurricanes, earthquakes or floods). |
• | we may not be able to identify suitable properties to acquire or may be unable to complete the acquisition of the properties we identify; | ||
• | we may not be able to integrate any acquisitions into our existing operations successfully; | ||
• | properties we acquire may fail to achieve the occupancy or rental rates we project at the time we make the decision to acquire, which may result in the properties’ failure to achieve the returns we projected; | ||
• | our pre-acquisition evaluation of the physical condition of each new investment may not detect certain defects or identify necessary repairs, which could significantly increase our total acquisition costs; and | ||
• | our investigation of a property or building prior to our acquisition, and any representations we may receive from the seller of such building or property, may fail to reveal various liabilities, which could reduce the cash flow from the property or increase our acquisition cost. |
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• | reducing properties available for acquisition; | ||
• | increasing the cost of properties available for acquisition; | ||
• | reducing the rate of return on these properties; | ||
• | reducing rents payable to us; | ||
• | interfering with our ability to attract and retain tenants; | ||
• | leading to increased vacancy rates at our properties; and | ||
• | adversely affecting our ability to minimize expenses of operation. |
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• | we would not be allowed a deduction for distributions to stockholders in computing taxable income, and therefore our taxable income or alternative minimum taxable income so computed would be fully subject to the regular federal income tax or the federal alternative minimum tax; | ||
• | unless we are entitled to relief under specific statutory provisions, we could not elect to be taxed as a REIT again for the four taxable years following the year during which we were disqualified; | ||
• | we could be required to pay significant income taxes, which would substantially reduce the funds available for investment or for distribution to our stockholders for each year in which we failed or were not permitted to qualify; and | ||
• | the tax laws would no longer require us to pay any distributions to our stockholders. |
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• | our financial condition and results of future operations; | ||
• | the ability of our tenants to perform in accordance with the lease terms; | ||
• | the terms of our loan covenants; and | ||
• | our ability to acquire, finance, develop or redevelop and lease additional properties at attractive rates. |
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• | the REIT and foreign ownership limits described above; | ||
• | the ability to issue preferred stock with the powers, preferences or rights determined by our board of directors; | ||
• | special meetings of our stockholders may be called only by the chairman of the board, the chief executive officer, the president or by the board of directors; | ||
• | advance notice requirements for stockholder proposals; | ||
• | the absence of cumulative voting rights; and | ||
• | provisions relating to the removal of incumbent directors. |
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• | the stockholder’s failure to make a payment of principal or interest when due; | ||
• | a reduction in the dividend we pay on our common stock; | ||
• | the occurrence of another default that would entitle any of the stockholder’s other creditors to accelerate payment of any debts and obligations owed to them by the stockholder; | ||
• | if the bank, in its absolute discretion, deems that a change has occurred in the condition of the stockholder to which the bank has not given its prior written consent; and | ||
• | if, in the opinion of the bank, the value of the pledged shares has been reduced or is likely to be reduced (for example, the price of our common stock declines). |
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Year | Total | Average | ||||||||||||||||
Built / | Sq. Ft. | Percent | base rent | |||||||||||||||
Property | Renovated | Owned | Leased | per leased SF | Grocer Anchor | Other anchor tenants | ||||||||||||
ALABAMA (3) | ||||||||||||||||||
Madison Centre | 1997 | 64,837 | 97.5 | % | $ | 9.92 | Publix | Rite Aid | ||||||||||
The Shops at Lake Tuscaloosa | 2003 / 2005 | 70,242 | 88.9 | % | $ | 12.22 | Publix | |||||||||||
Winchester Plaza | 2006 | 75,700 | 86.9 | % | $ | 11.66 | Publix | |||||||||||
TOTAL SHOPPING CENTERS ALABAMA (3) | 210,779 | 90.8 | % | $ | 11.27 | |||||||||||||
CONNECTICUT (2) | ||||||||||||||||||
Brookside Plaza** | 1985 / 2006 | 213,274 | 89.7 | % | $ | 11.83 | Wakefern Food | Bed Bath & Beyond / Walgreens / Staples / Petsmart | ||||||||||
Copps Hill | 1979 / 2002 | 184,528 | 100.0 | % | $ | 13.14 | Stop & Shop | Kohl’s / Rite Aid | ||||||||||
TOTAL SHOPPING CENTERS CONNECTICUT (2) | 397,802 | 94.5 | % | $ | 12.47 | |||||||||||||
FLORIDA (90) | ||||||||||||||||||
Orlando / Central Florida (11) | ||||||||||||||||||
Alafaya Commons | 1987 | 126,333 | 92.2 | % | $ | 14.65 | Publix | |||||||||||
Alafaya Village | 1986 | 38,118 | 96.3 | % | $ | 20.82 | ||||||||||||
Conway Crossing | 2002 | 76,321 | 85.5 | % | $ | 11.57 | Publix | |||||||||||
Shoppes of Eastwood | 1997 | 69,037 | 100.0 | % | $ | 12.71 | Publix | |||||||||||
Eustis Village | 2002 | 156,927 | 95.1 | % | $ | 11.25 | Publix | Beall’s Department Store | ||||||||||
Hunter’s Creek | 1998 | 73,204 | 98.2 | % | $ | 13.65 | Office Depot / Lifestyle Family Fitness | |||||||||||
Kirkman Shoppes | 1973 | 88,820 | 90.8 | % | $ | 18.99 | Party America | |||||||||||
Lake Mary Centre | 1988 / 2001 | 340,434 | 97.1 | % | $ | 13.29 | Albertsons | Kmart / Lifestyle Fitness Center / Office Depot | ||||||||||
Park Promenade | 1987 / 2000 | 128,848 | 70.0 | % | $ | 7.04 | Beauty Depot / Dollar General | |||||||||||
Town & Country | 1993 | 72,043 | 95.6 | % | $ | 8.59 | Albertsons* (Ross Dress For Less) | |||||||||||
Unigold Shopping Center | 1987 | 117,527 | 82.9 | % | $ | 11.93 | Winn-Dixie | |||||||||||
Jacksonville / North Florida (10) | ||||||||||||||||||
Atlantic Village | 1984 | 100,559 | 87.5 | % | $ | 10.59 | Publix | Jo-Ann Fabric & Crafts | ||||||||||
Beauclerc Village | 1962 / 1988 | 68,846 | 89.0 | % | $ | 8.46 | Big Lots / Goodwill / Bealls Outlet | |||||||||||
Forest Village | 2000 | 71,526 | 85.0 | % | $ | 10.92 | Publix | |||||||||||
Ft. Caroline | 1985 / 1995 | 71,816 | 86.8 | % | $ | 6.93 | Winn-Dixie | Citi Trends | ||||||||||
Mandarin Landing | 1976 | 139,580 | 75.7 | % | $ | 17.22 | Whole Foods | Office Depot / Aveda Institute | ||||||||||
Medical & Merchants | 1993 | 156,153 | 98.9 | % | $ | 11.46 | Publix | Memorial Hospital / Planet Fitness | ||||||||||
Middle Beach Shopping Center | 1994 | 69,277 | 83.5 | % | $ | 8.68 | Publix* |
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Year | Total | Average | ||||||||||||||||
Built / | Sq. Ft. | Percent | base rent | |||||||||||||||
Property | Renovated | Owned | Leased | per leased SF | Grocer Anchor | Other anchor tenants | ||||||||||||
Pablo Plaza | 1974 / 1998 / 2001 / 2008 | 151,238 | 87.9 | % | $ | 11.68 | Publix | Marshalls / HomeGoods | ||||||||||
Oak Hill | 1985 / 1997 | 78,492 | 77.6 | % | $ | 7.95 | Publix | |||||||||||
South Beach** | 1990 / 1991 | 303,219 | 87.2 | % | $ | 12.42 | Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples | |||||||||||
Miami-Dade / Broward / Palm Beach (39) | ||||||||||||||||||
Bird Ludlum | 1988 / 1998 | 192,274 | 98.8 | % | $ | 17.66 | Winn-Dixie | CVS Pharmacy / Bird Executive / Goodwill | ||||||||||
Boynton Plaza | 1978 / 1999 | 99,324 | 91.1 | % | $ | 13.25 | Publix | CVS Pharmacy | ||||||||||
Bluffs Square | 1986 | 123,917 | 77.2 | % | $ | 13.45 | Publix | Walgreens | ||||||||||
Chapel Trail | 2007 | 56,378 | 100.0 | % | $ | 21.50 | LA Fitness | |||||||||||
Coral Reef Shopping Center | 1968 / 1990 | 76,632 | 96.2 | % | $ | 25.29 | Office Depot / Walgreens | |||||||||||
Countryside Shops | 1986 / 1988 / 1991 | 179,561 | 91.8 | % | $ | 13.42 | Publix | CVS Pharmacy / Stein Mart | ||||||||||
Country Walk | 1985 / 2006 / 2008 | 100,686 | 96.5 | % | $ | 18.86 | Publix | CVS Pharmacy | ||||||||||
Crossroads Square | 1973 | 81,587 | 79.9 | % | $ | 17.02 | CVS Pharmacy / Goodwill | |||||||||||
CVS Plaza | 2004 | 18,214 | 71.5 | % | $ | 23.91 | ||||||||||||
El Novillo | 1970 / 2000 | 10,000 | 100.0 | % | $ | 24.31 | Jumbo Buffet | |||||||||||
Gateway Plaza | 1991 | 29,800 | 100.0 | % | $ | 14.31 | Babies R Us | |||||||||||
Greenwood | 1982 / 1994 | 132,325 | 88.4 | % | $ | 12.93 | Publix | Bealls Outlet | ||||||||||
Hammocks Town Center | 1987 / 1993 | 172,806 | 89.0 | % | $ | 12.81 | Publix | Metro Dade Library / CVS Pharmacy / Porky’s Gym | ||||||||||
Jonathan’s Landing | 1997 | 26,820 | 41.2 | % | $ | 23.56 | ||||||||||||
Lago Mar | 1995 | 82,613 | 84.6 | % | $ | 14.34 | Publix | |||||||||||
Lantana Village | 1976 / 1999 | 181,780 | 96.6 | % | $ | 7.63 | Winn-Dixie | Kmart / Rite Aid* (Family Dollar) | ||||||||||
Magnolia Shoppes | 1998 | 114,118 | 89.5 | % | $ | 11.01 | Regal Cinemas / Deal$ | |||||||||||
Meadows | 1997 | 75,524 | 95.8 | % | $ | 14.03 | Publix | |||||||||||
Oakbrook Square | 1974 / 2000 / 2003 | 199,633 | 97.1 | % | $ | 14.20 | Publix | Stein Mart / HomeGoods* / CVS / Basset Furniture / Duffy’s | ||||||||||
Oaktree Plaza | 1985 | 23,745 | 72.9 | % | $ | 16.60 | ||||||||||||
Pine Island | 1983 / 1999 | 254,907 | 89.0 | % | $ | 12.01 | Publix | Home Depot Expo* / Staples | ||||||||||
Plaza Alegre | 2003 | 88,411 | 92.4 | % | $ | 15.58 | Publix | Goodwill | ||||||||||
Point Royale | 1970 / 2000 | 216,760 | 98.2 | % | $ | 8.22 | Winn-Dixie | Best Buy / Pasteur Medical | ||||||||||
Prosperity Centre | 1993 | 122,014 | 88.7 | % | $ | 16.47 | Office Depot / CVS / Bed Bath & Beyond / TJ Maxx | |||||||||||
Ridge Plaza | 1984 / 1999 | 155,204 | 94.6 | % | $ | 10.94 | Ridge Theater / Kabooms / Wachovia* (United Collection) / Round Up / Goodwill | |||||||||||
Riverside Square | 1987 | 104,241 | 81.8 | % | $ | 13.34 | Publix | |||||||||||
Sawgrass Promenade | 1982 / 1998 | 107,092 | 91.6 | % | $ | 11.40 | Publix | Walgreens / Dollar Tree | ||||||||||
Sheridan Plaza | 1973 / 1991 | 508,455 | 98.6 | % | $ | 14.99 | Publix | Kohl’s / Ross / Bed Bath & Beyond / Office Depot / LA Fitness / USA Baby & Child Space / Assoc. in Neurology |
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Year | Total | Average | ||||||||||||||||
Built / | Sq. Ft. | Percent | base rent | |||||||||||||||
Property | Renovated | Owned | Leased | per leased SF | Grocer Anchor | Other anchor tenants | ||||||||||||
Shoppes of Andros Isles | 2000 | 79,420 | 82.4 | % | $ | 12.21 | Publix | |||||||||||
Shoppes of Silverlakes | 1995 / 1997 | 126,789 | 84.8 | % | $ | 16.71 | Publix | |||||||||||
Shops at Skylake | 1999 / 2005 / 2006 | 281,943 | 96.1 | % | $ | 17.23 | Publix | TJMaxx / LA Fitness / Goodwill | ||||||||||
Sunrise Town Center | 1989 | 128,124 | 82.3 | % | $ | 11.12 | L.A. Fitness / Office Depot | |||||||||||
Tamarac Town Square | 1987 | 124,585 | 76.9 | % | $ | 11.01 | Publix | Dollar Tree | ||||||||||
Veranda Shoppes | 2007 | 44,888 | 100.0 | % | $ | 24.99 | Publix | |||||||||||
Waterstone | 2005 | 61,000 | 100.0 | % | $ | 14.63 | Publix | |||||||||||
West Bird | 1977 / 2000 | 99,864 | 91.2 | % | $ | 13.03 | Publix | CVS Pharmacy | ||||||||||
West Lakes Plaza | 1984 / 2000 | 100,747 | 100.0 | % | $ | 13.38 | Winn-Dixie | Navarro Pharmacy | ||||||||||
Westport Plaza | 2002 | 49,533 | 100.0 | % | $ | 17.41 | Publix | |||||||||||
Young Circle | 1962 / 1997 | 65,834 | 98.1 | % | $ | 15.59 | Publix | Walgreens | ||||||||||
Florida Treasure / Northeast Coast (8) | ||||||||||||||||||
Cashmere Corners | 2001 | 89,234 | 91.2 | % | $ | 8.67 | Albertsons | |||||||||||
New Smyrna Beach | 1987 | 118,451 | 100.0 | % | $ | 12.08 | Publix | Bealls Outlet | ||||||||||
Old King Commons | 1988 | 84,759 | 92.6 | % | $ | 8.37 | Wal-Mart | |||||||||||
Ryanwood | 1987 | 114,925 | 90.9 | % | $ | 11.32 | Publix | Bealls Outlet / Books-A-Million | ||||||||||
Salerno Village | 1987 | 82,477 | 88.6 | % | $ | 10.60 | Winn-Dixie | CVS Pharmacy | ||||||||||
Shops at St. Lucie | 2006 | 19,361 | 91.0 | % | $ | 22.03 | ||||||||||||
South Point Center | 2003 | 64,790 | 88.1 | % | $ | 15.53 | Publix | |||||||||||
Treasure Coast | 1983 | 133,781 | 98.5 | % | $ | 11.80 | Publix | TJ Maxx | ||||||||||
Tampa / St. Petersburg / Venice / Cape Coral / Naples (22) | ||||||||||||||||||
Bay Pointe Plaza | 1984 / 2002 | 103,986 | 94.3 | % | $ | 10.40 | Publix | Bealls Outlet | ||||||||||
Carrollwood | 1970 / 2002 | 94,203 | 89.4 | % | $ | 13.58 | Publix | Golf Locker | ||||||||||
Charlotte Square | 1980 | 96,188 | 67.3 | % | $ | 6.92 | Publix* (American Signature Furniture) | Seafood Buffet | ||||||||||
Chelsea Place | 1992 | 81,144 | 96.5 | % | $ | 11.78 | Publix | |||||||||||
Dolphin Village | 1967/1990 | 136,224 | 79.7 | % | $ | 13.22 | Publix | Dollar Tree, CVS | ||||||||||
Glengary Shoppes | 1995 | 99,182 | 100.0 | % | $ | 18.04 | Best Buy / Barnes & Noble | |||||||||||
Lake St. Charles | 1999 | 57,015 | 100.0 | % | $ | 10.43 | Sweet Bay | |||||||||||
Lutz Lake | 2002 | 64,985 | 86.1 | % | $ | 12.82 | Publix | |||||||||||
Marco Town Center | 2001 | 109,830 | 91.0 | % | $ | 17.92 | Publix | |||||||||||
Mariners Crossing | 1989 / 1999 | 97,812 | 95.8 | % | $ | 10.15 | Sweet Bay | |||||||||||
Midpoint Center | 2002 | 75,386 | 100.0 | % | $ | 12.36 | Publix | |||||||||||
Pavilion | 1982 | 167,745 | 84.2 | % | $ | 11.62 | Publix | Pavilion 6 Theatre / Anthony’s | ||||||||||
Regency Crossing | 1986 / 2001 | 85,864 | 81.6 | % | $ | 10.27 | Publix |
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Year | Total | Average | ||||||||||||||||
Built / | Sq. Ft. | Percent | base rent | |||||||||||||||
Property | Renovated | Owned | Leased | per leased SF | Grocer Anchor | Other anchor tenants | ||||||||||||
Ross Plaza | 1984 / 1996 | 90,826 | 94.5 | % | $ | 12.47 | Ross Dress for Less / Deal$ | |||||||||||
Seven Hills | 1991 | 72,590 | 87.8 | % | $ | 10.45 | Publix | |||||||||||
Shoppes of North Port | 1991 | 84,705 | 92.2 | % | $ | 10.26 | Publix | Bealls Outlet | ||||||||||
Summerlin Square | 1986 / 1998 | 109,156 | 49.1 | % | $ | 7.99 | Winn-Dixie | |||||||||||
Sunlake | 2008 | 89,516 | 85.6 | % | $ | 16.97 | Publix | |||||||||||
Sunpoint Shopping Center | 1984 | 132,374 | 65.5 | % | $ | 8.61 | Goodwill / Ozzie’s Buffet / Big Lots / Chapter 13 Trustee | |||||||||||
Venice Plaza | 1971 / 1979 / 1999 | 132,345 | 98.8 | % | $ | 6.38 | Sweet Bay | TJ Maxx | ||||||||||
Venice Shopping Center | 1968 / 2000 | 109,801 | 85.9 | % | $ | 5.66 | Publix | Beall’s Outlet | ||||||||||
Walden Woods | 1985 / 1998 / 2003 | 75,874 | 94.4 | % | $ | 8.40 | Dollar Tree / Aaron Rents / Dollar General | |||||||||||
TOTAL SHOPPING CENTERS FLORIDA (90) | 10,070,395 | 90.1 | % | $ | 12.88 | |||||||||||||
GEORGIA (34) | ||||||||||||||||||
Atlanta (25) | ||||||||||||||||||
BridgeMill | 2000 | 89,102 | 86.4 | % | $ | 15.78 | Publix | |||||||||||
Buckhead Station | 1996 | 233,739 | 100.0 | % | $ | 20.44 | Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta 3 / Nordstrom Rack | |||||||||||
Butler Creek | 1990 | 95,597 | 87.4 | % | $ | 10.82 | Kroger | |||||||||||
Chastain Square | 1981 / 2001 | 91,637 | 98.1 | % | $ | 17.94 | Publix | |||||||||||
Commerce Crossing | 1988 | 100,668 | 26.5 | % | $ | 5.52 | Fred’s Store | |||||||||||
Douglas Commons | 1988 | 97,027 | 98.9 | % | $ | 10.86 | Kroger | |||||||||||
Fairview Oaks | 1997 | 77,052 | 89.4 | % | $ | 10.47 | Kroger | |||||||||||
Freehome Village | 2003 | 74,340 | 72.2 | % | $ | 12.31 | Publix | |||||||||||
Golden Park Village | 2000 | 68,738 | 78.7 | % | $ | 10.83 | Publix | |||||||||||
Governors Town Square | 2005 | 68,658 | 100.0 | % | $ | 16.19 | Publix | |||||||||||
Grassland Crossing | 1996 | 90,906 | 93.2 | % | $ | 11.46 | Kroger | |||||||||||
Hairston Center | 2000 | 13,000 | 38.5 | % | $ | 11.28 | ||||||||||||
Hamilton Ridge | 2002 | 90,996 | 85.1 | % | $ | 11.75 | Kroger | |||||||||||
Keith Bridge Commons | 2002 | 94,886 | 87.0 | % | $ | 12.34 | Kroger | |||||||||||
Mableton Crossing | 1997 | 86,819 | 96.4 | % | $ | 10.56 | Kroger | |||||||||||
Macland Pointe | 1992-93 | 79,699 | 100.0 | % | $ | 10.43 | Publix | |||||||||||
Market Place | 1976 | 77,706 | 94.4 | % | $ | 12.28 | Galaxy Cinema | |||||||||||
Paulding Commons | 1991 | 192,391 | 96.3 | % | $ | 8.07 | Kroger | Kmart | ||||||||||
Piedmont Peachtree Crossing | 1978 / 1998 | 152,239 | 97.7 | % | $ | 17.76 | Kroger | Cost Plus Store / Binders Art Supplies | ||||||||||
Powers Ferry Plaza | 1979 / 1987 / 1998 | 86,473 | 86.5 | % | $ | 9.89 | Micro Center | |||||||||||
Salem Road Station | 2000 | 67,270 | 90.3 | % | $ | 11.16 | Publix | |||||||||||
Shops of Huntcrest | 2003 | 97,040 | 86.2 | % | $ | 13.57 | Publix | |||||||||||
Shops of Westridge | 2006 | 66,297 | 74.7 | % | $ | 13.53 | Publix |
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Year | Total | Average | ||||||||||||||||
Built / | Sq. Ft. | Percent | base rent | |||||||||||||||
Property | Renovated | Owned | Leased | per leased SF | Grocer Anchor | Other anchor tenants | ||||||||||||
Wesley Chapel | 1989 | 164,153 | 86.8 | % | $ | 6.87 | Corinthian College / Little Giant/ Deal$ / Planet Fitness | |||||||||||
Williamsburg @ Dunwoody | 1983 | 44,928 | 68.7 | % | $ | 21.70 | ||||||||||||
Central / South Georgia (9) | ||||||||||||||||||
Daniel Village | 1956 / 1997 | 171,932 | 85.0 | % | $ | 8.84 | Bi-Lo | St. Joseph Home Health Care | ||||||||||
Dublin Village | 2005 | 98,540 | 92.5 | % | $ | 6.73 | Kroger | |||||||||||
Grayson Village | 2002 | 83,155 | 77.1 | % | $ | 11.51 | Publix | |||||||||||
Loganville Town Center | 1997 | 77,661 | 88.9 | % | $ | 11.96 | Publix | |||||||||||
McAlpin Square | 1979 | 173,952 | 98.6 | % | $ | 7.32 | Kroger | Big Lots / Post Office / Habitat for Humanity | ||||||||||
Spalding Village | 1989 | 235,318 | 63.5 | % | $ | 7.65 | Kroger | Fred’s Store / Goodwill | ||||||||||
The Vineyards at Chateau Elan | 2002 | 79,047 | 97.4 | % | $ | 14.42 | Publix | |||||||||||
Walton Plaza | 1990 | 43,460 | 91.7 | % | $ | 10.44 | Harris Teeter* (Omni Fitness) | |||||||||||
Wilmington Island Shopping Center | 1985 / 1998 / 2003 | 87,818 | 69.6 | % | $ | 12.68 | Kroger | |||||||||||
TOTAL SHOPPING CENTERS GEORGIA (34) | 3,452,244 | 86.4 | % | $ | 11.91 | |||||||||||||
LOUISIANA (13) | ||||||||||||||||||
Ambassador Row | 1980 / 1991 | 187,678 | 97.4 | % | $ | 9.87 | Conn’s Appliances / Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics | |||||||||||
Ambassador Row Courtyard | 1986 / 1991 / 2005 | 146,697 | 99.0 | % | $ | 10.44 | Bed Bath & Beyond / Marshall’s / Hancock Fabrics / Unitech Training Academy / Tuesday Morning | |||||||||||
Bluebonnet Village | 1983 | 101,623 | 91.3 | % | $ | 11.35 | Matherne’s | Office Depot | ||||||||||
Boulevard | 1976 / 1994 | 68,012 | 89.8 | % | $ | 8.83 | Piccadilly / Harbor Freight Tools / Golfballs.com | |||||||||||
Country Club Plaza | 1982 / 1994 | 64,686 | 92.1 | % | $ | 6.50 | Winn-Dixie | |||||||||||
Crossing | 1988 / 1993 | 114,806 | 97.4 | % | $ | 5.83 | Save A Center | A-1 Home Appliance / Piccadilly | ||||||||||
Elmwood Oaks | 1989 | 130,284 | 100.0 | % | $ | 9.94 | Academy Sports / Dollar Tree / Home Décor | |||||||||||
Grand Marche (ground lease) | 1969 | 200,585 | 100.0 | % | NA | |||||||||||||
Plaza Acadienne | 1980 | 105,419 | 56.4 | % | $ | 4.42 | Super 1 Store | Fred’s Store | ||||||||||
Sherwood South | 1972 / 1988 / 1992 | 77,107 | 86.0 | % | $ | 6.35 | Burke’s Outlet / Harbor Freight Tools / Fred’s Store | |||||||||||
Siegen Village | 1988 | 170,416 | 99.2 | % | $ | 9.32 | Office Depot / Big Lots / Dollar Tree / Stage / Party City | |||||||||||
Tarpon Heights | 1982 | 56,605 | 84.3 | % | $ | 5.31 | Stage / Dollar General | |||||||||||
Village at Northshore | 1988 | 144,638 | 96.7 | % | $ | 8.54 | Marshalls / Dollar Tree / Kirschman’s* / Bed Bath & Beyond / Office Depot | |||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (13) | 1,568,556 | 93.5 | % | $ | 8.65 | |||||||||||||
MARYLAND (1) | ||||||||||||||||||
South Plaza Shopping Center | 2005 | 92,335 | 100.0 | % | $ | 16.95 | Ross Dress For Less / Best Buy / Old Navy / Petco | |||||||||||
TOTAL SHOPPING CENTERS MARYLAND (1) | 92,335 | 100.0 | % | $ | 16.95 | |||||||||||||
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Year | Total | Average | ||||||||||||||||
Built / | Sq. Ft. | Percent | base rent | |||||||||||||||
Property | Renovated | Owned | Leased | per leased SF | Grocer Anchor | Other anchor tenants | ||||||||||||
MASSACHUSETTS (7) | ||||||||||||||||||
Cambridge Star Market | 1953 / 1997 | 66,108 | 100.0 | % | $ | 30.25 | Star Market | |||||||||||
Medford Shaw’s Supermarket | 1995 | 62,656 | 100.0 | % | $ | 23.94 | Shaw’s | |||||||||||
Plymouth Shaw’s Supermarket | 1993 | 59,726 | 100.0 | % | $ | 17.77 | Shaw’s | |||||||||||
Quincy Star Market | 1965 / 1995 | 100,741 | 100.0 | % | $ | 19.53 | Star Market | |||||||||||
Swampscott Whole Foods | 1967 / 2005 | 35,907 | 100.0 | % | $ | 22.89 | Whole Foods | |||||||||||
Webster Plaza | 1963 / 1998 | 199,425 | 100.0 | % | $ | 8.18 | Shaw’s | K Mart | ||||||||||
West Roxbury Shaw’s Plaza | 1973 / 1995 / 2006 | 76,316 | 92.9 | % | $ | 25.25 | Shaw’s | |||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (7) | 600,879 | 99.1 | % | $ | 18.09 | |||||||||||||
MISSISSIPPI (1) | ||||||||||||||||||
Shipyard Plaza | 1987 | 66,857 | 98.2 | % | $ | 7.04 | Big Lots / Buffalo Wild Wings | |||||||||||
TOTAL SHOPPING CENTERS MISSISSIPPI (1) | 66,857 | 98.2 | % | $ | 7.04 | |||||||||||||
NEW YORK (2) | ||||||||||||||||||
Westbury Plaza | 1993 | 398,602 | 100.0 | % | $ | 21.14 | Marshalls / Sports Authority / Walmart / Olive Garden / Borders / Costco | |||||||||||
1175 Third Avenue | 1995 | 25,350 | 100.0 | % | $ | 41.66 | Food Emporium | |||||||||||
TOTAL SHOPPING CENTERS NEW YORK (2) | 423,952 | 100.0 | % | $ | 22.37 | |||||||||||||
NORTH CAROLINA (12) | ||||||||||||||||||
Brawley Commons | 1997 / 1998 | 119,189 | 75.7 | % | $ | 11.48 | Lowe’s Foods | Rite Aid | ||||||||||
Carolina Pavilion | 1996 | 731,678 | 93.7 | % | $ | 10.65 | AMC Theatres / Value City Furniture / Old Navy / Ross Dress For Less / Sports Authority / Babies ‘R Us / Michaels Crafts / Sears Retail Outlet Store / DSW Shoe Warehouse / Cost Plus World Market / Gregg Appliances / Petco / Dollar Tree / Dress Barn / Bed Bath & Beyond / Kohl’s / Buy Buy Baby / Nordstrom Rack | |||||||||||
Centre Pointe Plaza | 1989 | 163,642 | 94.7 | % | $ | 5.81 | Belk’s / Dollar Tree / Aaron Rents / Burkes Outlet Stores | |||||||||||
Chestnut Square | 1985 / 2008 | 34,260 | 90.7 | % | $ | 15.45 | Walgreens | |||||||||||
Galleria | 1986 / 1990 | 92,114 | 76.4 | % | $ | 9.75 | Harris Teeter* | |||||||||||
Parkwest Crossing | 1990 | 85,602 | 91.6 | % | $ | 10.47 | Food Lion | |||||||||||
Riverview Shopping Center | 1973 / 1995 | 128,498 | 95.4 | % | $ | 7.82 | Kroger | Upchurch Drugs / Riverview Galleries | ||||||||||
Salisbury Marketplace | 1987 | 79,732 | 75.9 | % | $ | 10.88 | Food Lion | |||||||||||
Stanley Market Place | 2007 | 53,228 | 93.4 | % | $ | 9.90 | Food Lion | Family Dollar | ||||||||||
Thomasville Commons | 1991 | 148,754 | 90.8 | % | $ | 5.49 | Ingles | Kmart | ||||||||||
Willowdaile Shopping Center | 1986 | 95,601 | 84.1 | % | $ | 8.69 | Hall of Fitness / Ollie’s Bargain Outlet | |||||||||||
Whitaker Square | 1996 | 82,760 | 100.0 | % | $ | 12.24 | Harris Teeter | Rugged Wearhouse | ||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (12) | 1,815,058 | 90.5 | % | $ | 9.62 | |||||||||||||
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Year | Total | Average | ||||||||||||||||
Built / | Sq. Ft. | Percent | base rent | |||||||||||||||
Property | Renovated | Owned | Leased | per leased SF | Grocer Anchor | Other anchor tenants | ||||||||||||
SOUTH CAROLINA (7) | ||||||||||||||||||
Belfair Towne Village | 2000 / 2003 / 2006 | 166,639 | 89.7 | % | $ | 13.43 | Kroger | Stein Mart | ||||||||||
Lancaster Plaza | 1971 / 1990 | 77,400 | 57.1 | % | $ | 3.67 | Bi-Lo | Tractor Supply | ||||||||||
Lancaster Shopping Center | 1963 / 1987 | 29,047 | 17.2 | % | $ | 6.49 | ||||||||||||
Milestone Plaza | 1995 | 89,721 | 97.4 | % | $ | 14.86 | Bi-Lo | |||||||||||
North Village Center | 1984 | 60,356 | 70.3 | % | $ | 8.34 | Dollar General / Goodwill | |||||||||||
Windy Hill | 1968 / 1988 / 2006 | 68,465 | 96.5 | % | $ | 5.96 | Rose’s Store / Family Dollar Store | |||||||||||
Woodruff | 1995 | 68,055 | 98.7 | % | $ | 10.66 | Publix | |||||||||||
TOTAL SHOPPING CENTERS SOUTH CAROLINA (7) | 559,683 | 82.5 | % | $ | 10.75 | |||||||||||||
TENNESSEE (1) | ||||||||||||||||||
Greensboro Village Shopping Center | 2005 | 70,203 | 95.6 | % | $ | 14.21 | Publix | |||||||||||
TOTAL SHOPPING CENTERS TENNESSEE (1) | 70,203 | 95.6 | % | $ | 14.21 | |||||||||||||
VIRGINIA (1) | ||||||||||||||||||
Smyth Valley Crossing | 1989 | 126,841 | 98.9 | % | $ | 6.06 | Ingles | Wal-Mart | ||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (1) | 126,841 | 98.9 | % | $ | 6.06 | |||||||||||||
TOTAL CORE SHOPPING CENTER PORTFOLIO (174) | 19,455,584 | 90.3 | % | $ | 12.38 | |||||||||||||
OTHER PROPERTIES (6) | ||||||||||||||||||
4101 South I-85 Industrial | 1956 / 1963 | 188,513 | 38.0 | % | ||||||||||||||
Banco Popular Office Building | 1971 | 32,737 | 82.9 | % | ||||||||||||||
Laurel Walk Apartments | 1985 | 106,480 | 91.8 | % | ||||||||||||||
Mandarin Mini-Storage | 1982 | 52,300 | 62.7 | % | ||||||||||||||
Prosperity Office Building | 1972 | 3,200 | 0.0 | % | ||||||||||||||
Providence Square | 1973 | 85,930 | 22.6 | % | ||||||||||||||
TOTAL OTHER PROPERTIES (6) | 469,160 | 53.0 | % | |||||||||||||||
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (180) | 19,924,744 | 89.4 | % | |||||||||||||||
DEVELOPMENTS, REDEVELOPMENTS & LAND (9) | ||||||||||||||||||
Developments (2) | ||||||||||||||||||
Redevelopments (2) | ||||||||||||||||||
Land Held for Development (5) | ||||||||||||||||||
TOTAL CONSOLIDATED - 189 Properties | ||||||||||||||||||
* | Indicates a tenant which continues to pay rent, but has closed its store and ceased operations. The subtenant, if any, is shown in ( ). | |
** | Future contractual lease obligations included. |
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Supermarket | ||||||||||||||||
Anchor Tenants | Other Anchor | Non-anchor | ||||||||||||||
(1) | Tenants(1) | Tenants | Total | |||||||||||||
Leased GLA (sq. ft.) | 5,742,846 | 6,600,831 | 5,220,180 | 17,563,857 | ||||||||||||
Percentage of Total Leased GLA | 32.7 | % | 37.6 | % | 29.7 | % | 100 | % |
(1) | We define anchor tenants as tenants occupying a space consisting of 10,000 square feet or more of GLA. |
Supermarket Anchor | ||||||||||||||||
Tenants | Other Anchor Tenants | Non-anchor Tenants | Total | |||||||||||||
Annual Minimum Rent (“AMR”) | $ | 53,688,940 | $ | 68,665,983 | $ | 104,040,262 | $ | 226,395,185 | ||||||||
Percentage of Total AMR | 23.7 | % | 30.3 | % | 46.0 | % | 100.0 | % |
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Average | ||||||||||||||||||||||||
Percent of | Annual | |||||||||||||||||||||||
Aggregate | Minimum | |||||||||||||||||||||||
Percent | Annualized | Annualized | Rent per | |||||||||||||||||||||
Number | GLA | of Total | Minimum Rent | Minimum | Square | |||||||||||||||||||
Tenant | of Leases | (square feet) | GLA | at 12/31/10 | Rent | Foot | ||||||||||||||||||
Publix | 67 | 2,946,030 | 15.1 | % | $ | 24,329,631 | 11.3 | % | $ | 8.26 | ||||||||||||||
Supervalu | 6 | 398,625 | 2.0 | % | 8,681,248 | 4.0 | % | $ | 21.78 | |||||||||||||||
Kroger | 15 | 845,602 | 4.3 | % | 6,641,076 | 3.1 | % | $ | 7.85 | |||||||||||||||
TJ Maxx Companies | 11 | 347,401 | 1.8 | % | 4,182,887 | 1.9 | % | $ | 12.04 | |||||||||||||||
Bed, Bath & Beyond | 8 | 267,761 | 1.4 | % | 3,250,935 | 1.5 | % | $ | 12.14 | |||||||||||||||
LA Fitness | 4 | 196,235 | 1.0 | % | 3,087,362 | 1.4 | % | $ | 15.73 | |||||||||||||||
Costco | 1 | 148,295 | 0.8 | % | 3,000,921 | 1.4 | % | $ | 20.24 | |||||||||||||||
Winn Dixie | 9 | 398,128 | 2.1 | % | 2,937,815 | 1.4 | % | $ | 7.38 | |||||||||||||||
Office Depot | 10 | 243,625 | 1.3 | % | 2,797,348 | 1.3 | % | $ | 11.48 | |||||||||||||||
Dollar Tree | 25 | 272,041 | 1.4 | % | 2,419,081 | 1.1 | % | $ | 8.89 | |||||||||||||||
Total top ten tenants | 156 | 6,063,743 | 31 | % | $ | 61,328,304 | 28 | % | $ | 10.11 | ||||||||||||||
Percent of | ||||||||||||||||||||||||
Aggregate | ||||||||||||||||||||||||
Annualized | Average Annual | |||||||||||||||||||||||
Percent of | Annualized | Minimum | Minimum Rent per | |||||||||||||||||||||
Number | GLA | Total | Minimum Rent at | Rent at | Square Foot at | |||||||||||||||||||
Year | of Leases | (square feet) | GLA | Expiration | Expiration | Expiration(1) | ||||||||||||||||||
M-T-M | 195 | 546,427 | 2.8 | % | $ | 6,850,948 | 3.0 | % | $ | 12.54 | ||||||||||||||
2011 | 563 | 2,461,797 | 12.7 | % | 31,495,776 | 13.9 | % | $ | 12.79 | |||||||||||||||
2012 | 554 | 2,379,324 | 12.2 | % | 29,774,827 | 13.2 | % | $ | 13.65 | |||||||||||||||
2013 | 488 | 1,988,102 | 10.2 | % | 27,763,319 | 12.3 | % | $ | 13.96 | |||||||||||||||
2014 | 323 | 1,973,470 | 10.1 | % | 26,122,394 | 11.5 | % | $ | 13.24 | |||||||||||||||
2015 | 251 | 1,683,634 | 8.7 | % | 18,588,281 | 8.2 | % | $ | 11.04 | |||||||||||||||
2016 | 90 | 1,403,239 | 7.2 | % | 20,493,457 | 9.1 | % | $ | 14.60 | |||||||||||||||
2017 | 43 | 738,395 | 3.8 | % | 9,224,706 | 4.1 | % | $ | 12.49 | |||||||||||||||
2018 | 34 | 567,642 | 2.9 | % | 7,020,207 | 3.1 | % | $ | 12.37 | |||||||||||||||
2019 | 24 | 519,725 | 2.7 | % | 8,208,550 | 3.6 | % | $ | 15.79 | |||||||||||||||
Thereafter | 135 | 3,302,102 | 17.0 | % | 40,852,720 | 18.0 | % | $ | 12.37 | |||||||||||||||
Sub-total/Average | 2,700 | 17,563,857 | 90.3 | % | $ | 226,395,185 | 100.0 | % | $ | 13.04 | ||||||||||||||
Vacant | 797 | 1,891,727 | 9.7 | % | NA | NA | NA | |||||||||||||||||
Total/Average | 3,497 | 19,455,584 | 100.0 | % | $ | 226,395,185 | 100.0 | % | NA | |||||||||||||||
(1) | Annual minimum rent per square foot excludes ground lease at Grande Marche. |
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Average | ||||||||||||||||||||||||
Percent of | Annual | |||||||||||||||||||||||
Aggregate | Minimum | |||||||||||||||||||||||
Annualized | Rent per | |||||||||||||||||||||||
Percent | Annualized | Minimum | Square | |||||||||||||||||||||
Number | GLA | of Total | Minimum Rent at | Rent at | Foot at | |||||||||||||||||||
Year | of Leases | (square feet) | GLA | Expiration | Expiration | Expiration(1) | ||||||||||||||||||
M-T-M | 7 | 176,614 | 1.4 | % | $ | 1,039,441 | 0.8 | % | $ | 5.89 | ||||||||||||||
2011 | 46 | 1,409,387 | 11.1 | % | 11,464,699 | 9.4 | % | $ | 8.13 | |||||||||||||||
2012 | 43 | 1,315,607 | 10.3 | % | 9,404,555 | 7.7 | % | $ | 8.40 | |||||||||||||||
2013 | 32 | 1,014,550 | 8.0 | % | 8,444,770 | 6.9 | % | $ | 8.32 | |||||||||||||||
2014 | 39 | 1,296,367 | 10.2 | % | 12,471,835 | 10.2 | % | $ | 9.62 | |||||||||||||||
2015 | 39 | 1,167,324 | 9.2 | % | 8,100,059 | 6.6 | % | $ | 6.94 | |||||||||||||||
2016 | 27 | 1,226,840 | 9.7 | % | 16,697,380 | 13.6 | % | $ | 13.61 | |||||||||||||||
2017 | 15 | 629,836 | 5.0 | % | 6,693,960 | 5.5 | % | $ | 10.63 | |||||||||||||||
2018 | 15 | 499,947 | 3.9 | % | 5,339,125 | 4.4 | % | $ | 10.68 | |||||||||||||||
2019 | 11 | 476,024 | 3.7 | % | 7,064,566 | 5.8 | % | $ | 14.84 | |||||||||||||||
Thereafter | 80 | 3,131,181 | 24.6 | % | 35,634,533 | 29.1 | % | $ | 11.38 | |||||||||||||||
Sub-total/Average | 354 | 12,343,677 | 97.1 | % | $ | 122,354,923 | 100.0 | % | $ | 10.07 | ||||||||||||||
Vacant | 16 | 363,309 | 2.9 | % | NA | NA | NA | |||||||||||||||||
Total/Average | 370 | 12,706,986 | 100.0 | % | $ | 122,354,923 | 100.0 | % | NA | |||||||||||||||
(1) | Annual minimum rent per square foot excludes ground lease at Grande Marche. |
Average | ||||||||||||||||||||||||
Percent of | Annual | |||||||||||||||||||||||
Aggregate | Minimum | |||||||||||||||||||||||
Annualized | Rent per | |||||||||||||||||||||||
Percent | Annualized | Minimum | Square | |||||||||||||||||||||
Number | GLA | of Total | Minimum Rent at | Rent at | Foot at | |||||||||||||||||||
Year | of Leases | (square feet) | GLA | Expiration | Expiration | Expiration | ||||||||||||||||||
M-T-M | 188 | 369,813 | 5.5 | % | $ | 5,811,507 | 5.6 | % | $ | 15.71 | ||||||||||||||
2011 | 517 | 1,052,410 | 15.6 | % | 20,031,077 | 19.3 | % | $ | 19.03 | |||||||||||||||
2012 | 511 | 1,063,717 | 15.8 | % | 20,370,272 | 19.6 | % | $ | 19.15 | |||||||||||||||
2013 | 456 | 973,552 | 14.4 | % | 19,318,549 | 18.6 | % | $ | 19.84 | |||||||||||||||
2014 | 284 | 677,103 | 10.0 | % | 13,650,559 | 13.1 | % | $ | 20.16 | |||||||||||||||
2015 | 212 | 516,310 | 7.7 | % | 10,488,222 | 10.1 | % | $ | 20.31 | |||||||||||||||
2016 | 63 | 176,399 | 2.6 | % | 3,796,077 | 3.6 | % | $ | 21.52 | |||||||||||||||
2017 | 28 | 108,559 | 1.6 | % | 2,530,746 | 2.4 | % | $ | 23.31 | |||||||||||||||
2018 | 19 | 67,695 | 1.0 | % | 1,681,082 | 1.6 | % | $ | 24.83 | |||||||||||||||
2019 | 13 | 43,701 | 0.7 | % | 1,143,984 | 1.1 | % | $ | 26.18 | |||||||||||||||
Thereafter | 55 | 170,921 | 2.5 | % | 5,218,187 | 5.0 | % | $ | 30.53 | |||||||||||||||
Sub-total/Average | 2,346 | 5,220,180 | 77.4 | % | $ | 104,040,262 | 100.0 | % | $ | 19.93 | ||||||||||||||
Vacant | 781 | 1,528,418 | 22.6 | % | NA | NA | NA | |||||||||||||||||
Total/Average | 3,127 | 6,748,598 | 100.0 | % | $ | 104,040,262 | 100.0 | % | NA | |||||||||||||||
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ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | (REMOVED AND RESERVED) |
- 26 -
Table of Contents
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Price Per Share | ||||||||||||
Dividends Declared | ||||||||||||
High | Low | per share | ||||||||||
2010: | ||||||||||||
First Quarter | $ | 20.00 | $ | 15.81 | $ | 0.22 | ||||||
Second Quarter | $ | 19.99 | $ | 15.44 | $ | 0.22 | ||||||
Third Quarter | $ | 17.61 | $ | 14.58 | $ | 0.22 | ||||||
Fourth Quarter | $ | 19.27 | $ | 16.66 | $ | 0.22 | ||||||
2009: | ||||||||||||
First Quarter | $ | 17.88 | $ | 9.06 | $ | 0.30 | ||||||
Second Quarter | $ | 17.25 | $ | 11.80 | $ | 0.30 | ||||||
Third Quarter | $ | 17.04 | $ | 12.13 | $ | 0.30 | ||||||
Fourth Quarter | $ | 16.87 | $ | 14.12 | $ | 0.22 |
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![](https://capedge.com/proxy/10-K/0000950123-11-024324/g26417g2641700.gif)
Period Ending | ||||||||||||||||||||||||
Index | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10 | ||||||||||||||||||
Equity One, Inc. | 100.00 | 126.98 | 115.01 | 93.76 | 92.57 | 109.55 | ||||||||||||||||||
Russell 2000 | 100.00 | 118.37 | 116.51 | 77.15 | 98.11 | 124.46 | ||||||||||||||||||
NAREIT All Equity REIT Index | 100.00 | 135.06 | 113.87 | 70.91 | 90.76 | 116.12 | ||||||||||||||||||
SNL REIT Retail Shopping Ctr | 100.00 | 134.61 | 110.82 | 66.72 | 65.86 | 85.53 |
No equity securities were purchased by us during the fourth quarter of 2010. |
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ITEM 6. | SELECTED FINANCIAL DATA |
Years Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
(in thousands other than per share, percentage and ratio data) | ||||||||||||||||||||
Statement of Income Data:(1) | ||||||||||||||||||||
Total revenue | $ | 285,224 | $ | 271,172 | $ | 237,241 | $ | 244,252 | $ | 223,334 | ||||||||||
Property operating expenses | 78,852 | 78,070 | 64,190 | 62,830 | 64,206 | |||||||||||||||
Rental property depreciation and amortization | 67,339 | 62,122 | 45,429 | 45,893 | 40,128 | |||||||||||||||
General and administrative expenses | 42,041 | 38,835 | 31,957 | 27,925 | 26,892 | |||||||||||||||
Total operating expenses | 188,232 | 179,027 | 141,576 | 136,648 | 131,226 | |||||||||||||||
Interest expense | (77,922 | ) | (73,450 | ) | (60,851 | ) | (66,520 | ) | (53,732 | ) | ||||||||||
Amortization of deferred financing fees | (1,924 | ) | (1,520 | ) | (1,629 | ) | (1,678 | ) | (1,484 | ) | ||||||||||
Gain on acquisition of controlling interest in subsidiary | — | 27,501 | — | — | — | |||||||||||||||
Other income, net | 1,723 | 11,569 | 32,837 | 9,253 | 16,460 | |||||||||||||||
Gain on extinguishment of debt | 63 | 12,345 | 6,473 | — | 161 | |||||||||||||||
Impairment loss | (687 | ) | (368 | ) | (37,497 | ) | (430 | ) | — | |||||||||||
Benefit (provision) for income taxes | 3,765 | 5,017 | (1,015 | ) | 272 | — | ||||||||||||||
Income from continuing operations | $ | 22,010 | $ | 73,239 | $ | 33,983 | $ | 48,501 | $ | 53,513 | ||||||||||
Net income | $ | 24,419 | $ | 81,375 | $ | 35,008 | $ | 69,385 | $ | 176,955 | ||||||||||
Basic earnings per share: | ||||||||||||||||||||
Income from continuing operations | $ | 0.24 | $ | 0.90 | $ | 0.45 | $ | 0.66 | $ | 0.73 | ||||||||||
Net income | $ | 0.27 | $ | 1.00 | $ | 0.46 | $ | 0.94 | $ | 2.40 | ||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Income from continuing operations | $ | 0.24 | $ | 0.89 | $ | 0.45 | $ | 0.66 | $ | 0.72 | ||||||||||
Net income | $ | 0.27 | $ | 0.98 | $ | 0.46 | $ | 0.94 | $ | 2.38 | ||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Total rental properties, net of accumulated depreciation | $ | 2,355,258 | $ | 2,193,259 | $ | 1,704,362 | $ | 1,875,342 | $ | 1,752,018 | ||||||||||
Total assets | $ | 2,681,864 | $ | 2,452,320 | $ | 2,036,263 | $ | 2,174,384 | $ | 2,069,775 | ||||||||||
Notes payable | $ | 1,224,796 | $ | 1,242,783 | $ | 1,028,990 | $ | 1,141,797 | $ | 982,834 | ||||||||||
Total liabilities | $ | 1,388,159 | $ | 1,363,618 | $ | 1,125,776 | $ | 1,257,463 | $ | 1,143,108 | ||||||||||
Redeemable noncontrolling interest(2) | $ | 3,864 | $ | 989 | $ | 989 | $ | 989 | $ | 989 | ||||||||||
Stockholders’ equity (2) | $ | 1,285,907 | $ | 1,064,535 | $ | 909,498 | $ | 915,932 | $ | 925,678 | ||||||||||
Other Data: | ||||||||||||||||||||
Funds from operations(3) | $ | 92,025 | $ | 142,983 | $ | 60,377 | $ | 98,297 | $ | 110,105 | ||||||||||
Cash flows from: | ||||||||||||||||||||
Operating activities(2) | $ | 71,562 | $ | 96,294 | $ | 86,519 | $ | 106,904 | $ | 94,437 | ||||||||||
Investing activities | $ | (189,243 | ) | $ | (8,287 | ) | $ | 51,306 | $ | (104,602 | ) | $ | 114,813 | |||||||
Financing activities(2) | $ | 108,044 | $ | (47,249 | ) | $ | (133,783 | ) | $ | (989 | ) | $ | (209,352 | ) | ||||||
GLA (square feet) at end of period | 19,925 | 19,456 | 16,417 | 17,548 | 18,353 | |||||||||||||||
Occupancy of core shopping center portfolio at end of period | 90.3 | % | 90.3 | % | 92.1 | % | 93.2 | % | 95.0 | % | ||||||||||
Dividends declared per share | $ | 0.88 | $ | 1.12 | $ | 1.20 | $ | 1.20 | $ | 2.20 |
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(1) | Reclassified to reflect the reporting of discontinued operations. | |
(2) | Amounts have been reclassified to conform to the 2010 presentation. | |
(3) | We believe Funds from Operations (“FFO”) (when combined with the primary GAAP presentations) is a useful supplemental measure of our operating performance that is a recognized metric used extensively by the real estate industry and, in particular, REITs. The National Association of Real Estate Investment Trusts (“NAREIT”) stated in its April 2002 White Paper on Funds from Operations, “Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminish predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.” |
FFO, as defined by NAREIT, is “net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable real property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures”. It states further that “adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.” We believe that financial analysts, investors and stockholders are better served by the clearer presentation of comparable period operating results generated from our FFO measure. Our method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. | ||
FFO is presented to assist investors in analyzing our operating performance. FFO (i) does not represent cash flow from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is not an alternative to cash flow as a measure of liquidity, and (iv) should not be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance. |
Year Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income attributable to Equity One, Inc. | $ | 25,112 | $ | 83,817 | $ | 35,008 | $ | 69,385 | $ | 176,955 | ||||||||||
Adjustments: | ||||||||||||||||||||
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest | 65,735 | 56,057 | 45,586 | 47,514 | 44,791 | |||||||||||||||
Loss on sale of fixed assets | — | — | — | 283 | — | |||||||||||||||
Loss (Gain) on disposal of depreciable real estate | — | 1,673 | (21,027 | ) | (18,885 | ) | (112,995 | ) | ||||||||||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 1,178 | 1,436 | 810 | — | 1,354 | |||||||||||||||
Funds from operations | $ | 92,025 | $ | 142,983 | $ | 60,377 | $ | 98,297 | $ | 110,105 | ||||||||||
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Year Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Earnings per diluted share attributable to Equity One, Inc. | $ | 0.27 | $ | 0.98 | $ | 0.46 | $ | 0.94 | $ | 2.38 | ||||||||||
Adjustments: | ||||||||||||||||||||
Rental property depreciation and amortization, including discontinued operations, net of noncontrolling interest | 0.72 | 0.67 | 0.62 | 0.65 | 0.60 | |||||||||||||||
Loss (Gain) on disposal of depreciable real estate | — | 0.02 | (0.28 | ) | (0.26 | ) | (1.52 | ) | ||||||||||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 0.01 | 0.02 | 0.01 | — | 0.02 | |||||||||||||||
Net adjustment for unvested shares and noncontrolling interest(1) | — | 0.02 | — | 0.01 | — | |||||||||||||||
Funds from operations per diluted share | $ | 1.00 | $ | 1.71 | $ | 0.81 | $ | 1.34 | $ | 1.48 | ||||||||||
(1) | Includes net effect of: (a) an adjustment for unvested awards of share-based payments with rights to receive dividends or dividend equivalents; (b) an adjustment related to the share issuance in the first quarter of 2010 pursuant to the DIM exchange agreement; and (c) an adjustment to compensate for rounding of the individual calculations. |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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• | 190 new leases totaling 708,975 square feet, at an average rental rate of $11.12 per square foot, as compared to the prior in-place average rent of $11.39 per square foot in 2009, on a same space basis; | ||
• | no change in occupancy for our core shopping center portfolio, which was 90.3% at both December 31, 2010 and 2009; and | ||
• | the renewal and extension of 312 leases totaling 1,058,119 square feet at an average rental rate of $18.86 per square foot, as compared to the prior in-place average rent of $19.33 per square foot, on a same space basis. |
• | the acquisition of approximately 2.6 million DIM ordinary shares through a tender offer and other purchases bringing our ownership to 97.4% as of December 31, 2010; | ||
• | the acquisition of six shopping centers located in Florida and Connecticut representing an aggregate of approximately 611,004 square feet of GLA for an aggregate purchase price of $117.7 million; | ||
• | the acquisition of a fee interest in a retail condominium in New York with 25,350 square feet of GLA for a purchase price of $21.0 million; | ||
• | the acquisition of three shopping centers located in Arizona and California through joint ventures in which we invested $70.6 million; | ||
• | the sale of five outparcels in Florida for aggregate net proceeds of approximately $4.3 million resulting, in a net gain of $2.5 million; | ||
• | the acquisition of two undeveloped land parcels at an aggregate cash purchase price of $1.3 million; | ||
• | the execution of a contract to acquire CapCo, through a joint venture with its parent company (which transactions were consummated on January 4, 2011); and | ||
• | the execution of an agreement to acquire three shopping centers in Long Beach, California comprising 273,000 square feet of GLA for approximately $72.0 million. |
• | the sale of approximately 15.5 million shares of our common stock in two underwritten public offerings and concurrent private placements which raised aggregate net proceeds of approximately $267.8 million; | ||
• | the prepayment of approximately $61.2 million in mortgages without penalty; | ||
• | assumption of mortgage indebtedness of approximately $56.7 million in connection with the acquisition of properties securing that indebtedness; and |
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• | the increase of commitments under one of our unsecured revolving credit facilities from $227.0 million to $400.0 million by exercising the facility’s accordion feature and adding six new banks to the facility. |
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For the year ended December 31, | ||||||||||||
2010 | 2009 | % Change | ||||||||||
(in thousands) | ||||||||||||
Total revenue | $ | 285,224 | $ | 271,172 | 5.2 | % | ||||||
Property operating expenses | 78,852 | 78,070 | 1.0 | % | ||||||||
Rental property depreciation and amortization | 67,339 | 62,122 | 8.4 | % | ||||||||
General and administrative expenses | 42,041 | 38,835 | 8.3 | % | ||||||||
Investment income | 937 | 10,154 | (90.8 | )% | ||||||||
Equity in loss in unconsolidated joint ventures | 116 | 88 | 31.8 | % | ||||||||
Other income | 648 | 1,503 | (56.9 | )% | ||||||||
Interest expense | 77,922 | 73,450 | 6.1 | % | ||||||||
Amortization of deferred financing fees | 1,924 | 1,520 | 26.6 | % | ||||||||
Gain on acquisition of controlling interest in subsidiary | — | 27,501 | (100.0 | )% | ||||||||
Gain on sale of real estate | 254 | — | N/M | * | ||||||||
Gain on extinguishment of debt | 63 | 12,345 | (99.5 | )% | ||||||||
Impairment loss | 687 | 368 | 86.7 | % | ||||||||
Income tax benefit of taxable REIT subsidiaries | 3,765 | 5,017 | (25.0 | )% | ||||||||
Income from discontinued operations | 2,409 | 8,136 | (70.4 | )% | ||||||||
Net income | 24,419 | 81,375 | (70.0 | )% |
* | N/M = not meaningful |
• | an increase of approximately $19.8 million associated with properties acquired in 2009 and 2010; offset by | ||
• | a decrease of approximately $5.6 million in same-property revenue due primarily to lower minimum rent income and decreased small shop occupancy which also had the effect of lowering rental expense recoveries. |
• | an increase of approximately $6.1 million associated primarily with properties acquired in 2009 and 2010; offset by | ||
• | a decrease of approximately $5.3 million in property operating costs primarily due to a decrease in bad debt expense, lower common area maintenance costs and lower real estate tax expense. |
• | an increase of approximately $7.2 million primarily associated with properties acquired in 2009 and 2010; offset by | ||
• | a decrease of approximately $2.0 million due to tenant related assets becoming fully amortized. |
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• | an increase of approximately $7.1 million in acquisition costs related to properties acquired during 2010, as well as higher professional fees related to the acquisition of CapCo which closed in 2011 and the exploration of other potential transactions; | ||
• | an increase of approximately $2.3 million due to: (1) additional headcount, in part, to manage the DIM properties for which we assumed management responsibilities effective January 1, 2010; (2) higher leasing costs due to lower capitalizable leasing efforts; and (3) executive compensation returning to 2008 levels following the voluntary 10% salary reduction taken during 2009; offset by | ||
• | a decrease of approximately $3.3 million related to lower severance costs in 2010; | ||
• | a decrease of approximately $2.0 million related to legal, consulting, and other costs associated with our acquisition of DIM in 2009;and | ||
• | a decrease of approximately $994,000 due to the decline in the fair value of a liability related to a long term cash incentive plan for which targets were not achieved. |
• | a decrease of approximately $5.7 million primarily associated with gains realized from the disposition of equity securities in 2009; | ||
• | a decrease of approximately $2.7 million related to interest earned on debt securities held in 2009 and sold prior to 2010; and | ||
• | a decrease of approximately $1.0 million related to dividends from several equity investments held during 2009 and disposed of prior to 2010; offset by | ||
• | an increase of $130,000 in interest earned related to higher cash balances. |
• | an increase of approximately $12.9 million primarily associated with our 6.25% unsecured senior notes issued in the fourth quarter of 2009; offset by | ||
• | a decrease of approximately $7.0 million of interest expense related to the repayment of certain mortgages in 2009 and 2010; | ||
• | a decrease of approximately $814,000 associated with higher capitalized interest in 2010 related to our development projects; and | ||
• | a decrease of approximately $626,000 related to lower average balances on our lines of credit. |
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For the year ended December 31, | ||||||||||||
2009 | 2008 | % Change | ||||||||||
(in thousands) | ||||||||||||
Total revenue | $ | 271,172 | $ | 237,241 | 14.3 | % | ||||||
Property operating expenses | 78,070 | 64,190 | 21.6 | % | ||||||||
Rental property depreciation and amortization | 62,122 | 45,429 | 36.7 | % | ||||||||
General and administrative expenses | 38,835 | 31,957 | 21.5 | % | ||||||||
Investment income | 10,154 | 10,220 | (0.6 | )% | ||||||||
Equity in (loss) income in unconsolidated joint ventures | (88 | ) | 108 | (181.5 | )% | |||||||
Other income | 1,503 | 967 | 55.4 | % | ||||||||
Interest expense | 73,450 | 60,851 | 20.7 | % | ||||||||
Amortization of deferred financing fees | 1,520 | 1,629 | (6.7 | )% | ||||||||
Gain on acquisition of controlling interest in subsidiary | 27,501 | — | 100.0 | % | ||||||||
Gain on sale of real estate | — | 21,542 | (100.0 | )% | ||||||||
Gain on extinguishment of debt | 12,345 | 6,473 | 90.7 | % | ||||||||
Impairment loss | 368 | 37,497 | (99.0 | )% | ||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 5,017 | (1,015 | ) | (594.3 | )% | |||||||
Income from discontinued operations | 8,136 | 1,025 | 693.8 | % | ||||||||
Net income | 81,375 | 35,008 | 132.4 | % |
• | an increase of approximately $40.8 million attributable to the 21 DIM properties which were consolidated beginning in January 2009; | ||
• | an increase of approximately $2.8 million related to the completion of various development or redevelopment projects; and | ||
• | an increase of $2.6 million associated with the acquisition of Westbury Plaza in the fourth quarter of 2009; offset by | ||
• | a decrease of approximately $7.6 million attributable to the sale of nine income producing properties to our joint venture with GRI which occurred during 2008 and the results of operations of which properties are partially included in 2008 but not in 2009; | ||
• | a decrease of approximately $3.1 million in lower revenue due to lower occupancy and the impact of rent concessions and abatements; | ||
• | a decrease of approximately $1.3 million related to a settlement fee received in 2008 in connection with a tenant’s bankruptcy; and | ||
• | a decrease of approximately $100,000 associated with management, leasing and asset management services provided to our joint ventures. |
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• | an increase of approximately $10.9 million related to the DIM properties; | ||
• | an increase of approximately $3.3 million in property operating costs partly due to higher bad debt expense, insurance expense, common area maintenance expense and tenant related legal expense; | ||
• | an increase of approximately $1.1 million related to the completion of various development or redevelopment properties; and | ||
• | an increase of approximately $900,000 attributable to the acquisition of Westbury Plaza in the fourth quarter of 2009; offset by | ||
• | a decrease of approximately $2.2 million associated with the sale of nine of our income producing properties to the GRI Venture. |
• | an increase of approximately $17.7 million related to the DIM properties; and | ||
• | an increase of $1.7 million related to the completion of various development or redevelopment projects and the purchase of Westbury Plaza; offset by | ||
• | a decrease of approximately $1.6 million attributable to the sale of nine of our income producing properties to the joint venture with GRI which were partially included in the 2008 results; and | ||
• | a decrease of approximately $1.0 million related to accelerated depreciation which was recognized in 2008 due to tenant vacancies; there was no comparable accelerated depreciation expense in 2009. |
• | an increase of $3.4 million associated with severance and severance related costs associated with the termination of employment of two senior executives initiated as part of our management streamlining and cost management program during the first quarter of 2009; | ||
• | an increase of $3.2 million in administrative costs associated with DIM’s ongoing operations that were incurred by DIM’s in place management company, which include legal, accounting services and other costs, as well as approximately $800,000 in transaction related costs attributable to potential equity transactions that DIM considered in 2009, none of which costs were included in 2008 general and administrative expenses; and | ||
• | an increase of approximately $1.3 million in compensation and employment-related expenses related to our leasing efforts and increased compensation expenses related to an increased headcount in our asset management and acquisitions departments; offset by | ||
• | a net decrease of $800,000 incurred by our corporate office related to lower training and consulting services including lower legal and advisory fees; and | ||
• | a decrease of approximately $340,000 in pre-development costs that were expensed in 2008 related to non-viable projects. |
• | a decrease of approximately $5.9 million related to dividend income paid by DIM in 2008, which was not paid in 2009; and | ||
• | a decrease of approximately $1.4 million of interest income in 2009 following the sale of maturity of short-term debt investments in 2008 and early 2009; offset by |
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• | an increase of $6.3 million related to the sale of our investment in equity securities of another publicly traded REIT; and | ||
• | an increase of approximately $900,000 in dividends received on various equity investments held during 2009. |
• | an increase of approximately $18.5 million related to the consolidation of DIM’s mortgage interest expense; | ||
• | an increase of $1.5 million associated with lower capitalized interest due to fewer projects being under construction in 2009 as compared to 2008; and | ||
• | an increase of approximately $1.1 million attributable to higher average balances outstanding on our lines of credit; offset by | ||
• | a decrease of approximately $8.4 million of interest expense as a result of a lower average principal amount of unsecured senior notes outstanding in 2009. |
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• | Equity Offering.We issued and sold approximately 14.0 million shares of our common stock in two underwritten public offerings and an aggregate of approximately 1.5 million shares of our common stock, in two concurrent private placements to affiliates of our largest stockholder, Gazit-Globe, Ltd., raising aggregate net proceeds of approximately $267.8 million; |
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• | Property Sales.We sold five outparcels generating net proceeds of $4.3 million and resulting in a net gain on sale of $2.5 million; | ||
• | Property Acquisitions.We acquired $138.7 million in operating properties, which included approximately $56.7 million in secured debt (40.9% leveraged in total); | ||
• | Joint Ventures.We acquired $86.5 million in operating properties through joint ventures; and | ||
• | Secured/Other Financing.We repaid $61.2 million in secured mortgage debt prior to maturity and increased the commitments under our unsecured revolving credit facility from $227.0 million to $400.0 million and collectively added six new banks to the facility. |
For the year ended December 31, | ||||||||||||
Increase | ||||||||||||
2010 | 2009 | (Decrease) | ||||||||||
(in thousands) | ||||||||||||
Net cash provided by operating activities | $ | 71,562 | $ | 96,294 | $ | (24,732 | ) | |||||
Net cash used in investing activities | (189,243 | ) | (8,287 | ) | $ | (180,956 | ) | |||||
Net cash provided by (used in) financing activities | 108,044 | (47,249 | ) | $ | 155,293 | |||||||
Cash and cash equivalents, end of year | 38,333 | 47,970 | $ | (9,637 | ) | |||||||
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Payments due by period | ||||||||||||||||||||
Less than | More than | |||||||||||||||||||
Contractual Obligations | Total | 1 year | 1-2 years | 3-5 years | 5 years | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Mortgage notes payable: | ||||||||||||||||||||
Scheduled amortization | $ | 109,214 | $ | 13,757 | $ | 25,234 | $ | 25,825 | $ | 44,398 | ||||||||||
Balloon payments | 424,446 | 65,579 | 113,663 | 157,874 | 87,330 | |||||||||||||||
Total mortgage obligations | 533,660 | 79,336 | 138,897 | 183,699 | 131,728 | |||||||||||||||
Unsecured senior notes | 691,136 | — | 10,000 | 462,735 | 218,401 | |||||||||||||||
Purchase contracts | 72,000 | 72,000 | — | — | — | |||||||||||||||
Operating leases | 7,471 | 499 | 1,458 | 2,046 | 3,468 | |||||||||||||||
Construction commitments | 990 | 990 | — | — | — | |||||||||||||||
Total contractual obligations | $ | 1,305,257 | $ | 152,825 | $ | 150,355 | $ | 648,480 | $ | 353,597 | ||||||||||
Payments due by period | ||||||||||||||||||||
Less than | More than | |||||||||||||||||||
Total | 1 year | 1-3 years | 3-5 years | 5 years | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Mortgage notes | $ | 147,470 | $ | 31,791 | $ | 48,311 | $ | 42,374 | $ | 24,994 | ||||||||||
Unsecured senior notes | 215,495 | 42,151 | 82,800 | 84,532 | 6,012 | |||||||||||||||
Total interest obligations | $ | 362,965 | $ | 73,942 | $ | 131,111 | $ | 126,906 | $ | 31,006 | ||||||||||
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Balance at | Maturity | Balance Due | ||||||||||||||
Property | December 31, 2010 | Rate (1) | date | at Maturity | ||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Mortgage debt | ||||||||||||||||
Forest Village | $ | 4,065 | 7.270 | % | 04/01/11 | $ | 4,044 | |||||||||
Boca Village | 7,515 | 7.200 | % | 05/01/11 | 7,466 | |||||||||||
MacLand Pointe | 5,311 | 7.250 | % | 05/01/11 | 5,268 | |||||||||||
Pine Ridge Square | 6,636 | 7.020 | % | 05/01/11 | 6,580 | |||||||||||
Sawgrass Promenade | 7,515 | 7.200 | % | 05/01/11 | 7,465 | |||||||||||
Lake Mary Centre | 22,321 | 7.250 | % | 11/01/11 | 21,973 | |||||||||||
Lake St. Charles | 3,517 | 7.130 | % | 11/01/11 | 3,461 | |||||||||||
Belfair Towne Village | 9,651 | 7.320 | % | 12/01/11 | 9,321 | |||||||||||
Marco Town Center | 7,398 | 6.700 | % | 01/01/12 | 7,150 | |||||||||||
Riverside Square | 6,710 | 9.188 | % | 03/01/12 | 6,457 | |||||||||||
Hammocks Town Center | 11,631 | 6.950 | % | 06/26/12 | 11,302 | |||||||||||
Cashmere Corners | 4,376 | 5.880 | % | 11/01/12 | 4,084 | |||||||||||
Eastwood | 5,215 | 5.880 | % | 11/01/12 | 4,866 | |||||||||||
Meadows Shopping Center | 5,479 | 5.870 | % | 11/01/12 | 5,113 | |||||||||||
Salem Road Station | 5,732 | 6.000 | % | 11/11/12 | 5,506 | |||||||||||
Lutz Lake Crossing | 7,229 | 6.280 | % | 01/01/13 | 7,013 | |||||||||||
Pablo Plaza | 7,466 | 5.814 | % | 04/11/13 | 7,086 | |||||||||||
Westbird Plaza | 8,399 | 5.814 | % | 04/11/13 | 7,972 | |||||||||||
Brawley Commons | 6,712 | 6.250 | % | 07/01/13 | 6,485 | |||||||||||
Midpoint Center | 6,008 | 5.770 | % | 07/10/13 | 5,458 | |||||||||||
Buckhead Station | 25,576 | 6.880 | % | 09/01/13 | 23,584 | |||||||||||
Keith Bridge Commons | 8,561 | 4.800 | % | 10/11/13 | 7,984 | |||||||||||
Alafaya Village | 3,834 | 5.990 | % | 11/11/13 | 3,603 | |||||||||||
Summerlin Square | 1,510 | 6.750 | % | 02/01/14 | — | |||||||||||
Sunrise Town Center | 10,084 | 5.690 | % | 04/30/14 | 9,335 | |||||||||||
South Point | 7,398 | 5.720 | % | 07/10/14 | 6,509 | |||||||||||
The Vineyards at Chateau Elan | 9,662 | 5.880 | % | 07/11/14 | 8,976 | |||||||||||
Golden Park Village | 7,204 | 5.250 | % | 01/11/15 | 6,577 | |||||||||||
Grayson Village | 9,635 | 5.210 | % | 01/11/15 | 8,791 | |||||||||||
The Shops at Lake Tuscaloosa | 7,010 | 5.450 | % | 01/11/15 | 6,417 | |||||||||||
Bird Ludlum | 4,893 | 7.680 | % | 02/15/15 | — | |||||||||||
Treasure Coast Plaza | 2,359 | 8.000 | % | 04/01/15 | — | |||||||||||
Eustis Village | 13,095 | 5.450 | % | 05/11/15 | 11,997 | |||||||||||
Governors Town Square | 10,216 | 5.200 | % | 06/01/15 | 9,240 | |||||||||||
Shoppes of Silverlakes I | 1,403 | 7.750 | % | 7/1/2015 | 30 | |||||||||||
Freehome Village | 9,706 | 5.150 | % | 07/11/15 | 8,757 | |||||||||||
Loganville Town Center | 9,897 | 4.890 | % | 08/11/15 | 8,883 | |||||||||||
Country Walk Plaza | 13,485 | 5.220 | % | 11/01/15 | 12,473 | |||||||||||
Wilmington Island Shopping Center | 9,384 | 5.050 | % | 11/11/15 | 8,399 | |||||||||||
South Plaza Shopping Center | 16,518 | 5.420 | % | 01/11/16 | 14,831 | |||||||||||
Glengary Shoppes | 16,573 | 5.750 | % | 06/11/16 | 15,085 | |||||||||||
Magnolia Shoppes | 14,260 | 6.160 | % | 07/11/16 | 12,863 | |||||||||||
Grassland Crossing | 4,574 | 7.865 | % | 12/01/16 | 2,601 | |||||||||||
Dublin Village | 6,705 | 5.780 | % | 12/11/16 | 6,109 | |||||||||||
Greensboro Village Shopping Center | 9,652 | 5.520 | % | 02/11/17 | 8,525 | |||||||||||
Whitaker Square | 9,646 | 6.320 | % | 12/01/17 | 8,717 | |||||||||||
Mableton Crossing | 3,335 | 6.850 | % | 08/15/18 | 1,869 | |||||||||||
Sheridan Plaza | 63,288 | 6.250 | % | 10/10/18 | 54,754 | |||||||||||
1175 Third Avenue | 7,426 | 7.000 | % | 05/01/19 | 5,157 | |||||||||||
BridgeMill | 8,111 | 7.940 | % | 05/05/21 | 3,761 | |||||||||||
Westport Plaza | 4,194 | 7.490 | % | 08/11/23 | 1,221 | |||||||||||
Chastain Square | 3,089 | 6.500 | % | 02/28/24 | 58 | |||||||||||
Daniel Village | 3,377 | 6.500 | % | 02/28/24 | 63 | |||||||||||
Douglas Commons | 4,023 | 6.500 | % | 02/28/24 | 75 |
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Balance at | Maturity | Balance Due | ||||||||||||||
Property | December 31, 2010 | Rate (1) | date | at Maturity | ||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Fairview Oaks | 3,808 | 6.500 | % | 02/28/24 | 71 | |||||||||||
Madison Centre | 3,089 | 6.500 | % | 02/28/24 | 58 | |||||||||||
Paulding Commons | 5,245 | 6.500 | % | 02/28/24 | 97 | |||||||||||
Siegen Village | 3,413 | 6.500 | % | 02/28/24 | 63 | |||||||||||
Wesley Chapel Crossing | 2,694 | 6.500 | % | 02/28/24 | 50 | |||||||||||
Webster Plaza | 7,478 | 8.070 | % | 08/15/24 | 2,793 | |||||||||||
Copps Hill | 19,364 | 6.060 | % | 01/01/29 | — | |||||||||||
Total mortgage debt (61 loans outstanding) | $ | 533,660 | 6.26% | (2) | 4.52 | (3) | $ | 424,446 | ||||||||
(1) | The rate in effect on December 31, 2010 | |
(2) | Weighted average interest rates are calculated based on term to maturity and include scheduled principal amortization | |
(3) | Weighted average maturity in years |
Balance at | Maturity | Balance Due | ||||||||||||||
Unsecured senior notes payable | December 31, 2010 | Rate (1) | date | at Maturity | ||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
7.84% senior notes | $ | 10,000 | 7.840 | % | 01/23/12 | $ | 10,000 | |||||||||
6.25% senior notes | 250,000 | 6.250 | % | 12/15/14 | 250,000 | |||||||||||
5.375% senior notes | 107,505 | 5.375 | % | 10/15/15 | 107,505 | |||||||||||
6.00% senior notes | 105,230 | 6.000 | % | 09/15/16 | 105,230 | |||||||||||
6.25% senior notes | 101,403 | 6.250 | % | 01/15/17 | 101,403 | |||||||||||
6.00% senior notes | 116,998 | 6.000 | % | 09/15/17 | 116,998 | |||||||||||
Total unsecured senior notes payable | $ | 691,136 | 6.06% | (2) | 5.21 | (3) | $ | 691,136 | ||||||||
(1) | The rate in effect on December 31, 2010 | |
(2) | Weighted average interest rates are calculated based on term to maturity and include scheduled principal amortization | |
(3) | Weighted average maturity in years |
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None. |
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ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
(C) | ||||||||||||
Number of | ||||||||||||
securities | ||||||||||||
(A) | remaining available | |||||||||||
Number of | for future issuance | |||||||||||
securities to be | (B) | under equity | ||||||||||
issued upon | Weighted-average | compensation plans | ||||||||||
exercise of | exercise price of | (excluding | ||||||||||
outstanding | outstanding | securities | ||||||||||
options, warrants | options, warrants | reflected in column | ||||||||||
Plan category | and rights | and rights | (A)) | |||||||||
Equity compensation plans approved by security holders | 2,981,248 | $ | 20.24 | 1,207,797 | ||||||||
Equity compensation plans not approved by security holders (1) | 364,660 | $ | 24.70 | — | ||||||||
Total | 3,345,908 | $ | 20.73 | 1,207,797 |
(1) | Represents options to purchase 364,660 shares of common stock issued to Jeffrey S. Olson our Chief Executive Officer, in connection with his initial employment. |
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Page | ||||
1. Financial Statements: | ||||
63 | ||||
64 | ||||
65 | ||||
66 | ||||
67 | ||||
68 | ||||
69 | ||||
70 | ||||
72 | ||||
2. Financial statement schedules required to be filed | ||||
113 | ||||
114 | ||||
118 | ||||
Schedules I and V are not required to be filed. |
EXHIBIT NO. | DESCRIPTION | |
3.1 | Composite Charter of the Company (Exhibit 3.1) | |
3.2 | Amended and Restated Bylaws of the Company (Exhibit 3.2) (2) | |
4.1 | Indenture, dated November 9, 1995, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4(c)) (3) | |
4.2 | Supplemental Indenture No. 3, dated September 9, 1998, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4.1) (6) | |
4.3 | Supplemental Indenture No. 4, dated November 1, 1999, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4.1) (7) | |
4.4 | Supplemental Indenture No. 5, dated February 12, 2003, between the Company and SunTrust Bank, as Trustee (Exhibit 4.1) (8) | |
4.5 | Supplemental Indenture No. 6, dated April 23, 2004, between the Company and SunTrust Bank, as Trustee (Exhibit 4.2) (9) | |
4.6 | Supplemental Indenture No. 7, dated May 20, 2005, between the Company and SunTrust Bank, as Trustee (Exhibit 4.1) (10) | |
4.7 | Indenture, dated September 9, 1998, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4.2) (6) | |
4.8 | Supplemental Indenture No. 1, dated September 9, 1998, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4.3) (6) |
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EXHIBIT NO. | DESCRIPTION | |
4.9 | Supplemental Indenture No. 2, dated November 1, 1999, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4.5) (7) | |
4.10 | Supplemental Indenture No. 3, dated February 12, 2003, between the Company and SunTrust Bank, as Trustee (Exhibit 4.2) (8) | |
4.11 | Supplemental Indenture No. 5, dated April 23, 2004, between the Company and SunTrust Bank, as Trustee (Exhibit 4.1) (9) | |
4.12 | Supplemental Indenture No. 6, dated May 20, 2005, between the Company and SunTrust Bank, as Trustee (Exhibit 4.2) (10) | |
4.13 | Supplemental Indenture No. 7, dated September 20, 2005, between the Company and SunTrust Bank, as Trustee (Exhibit 4.1) (12) | |
4.14 | Supplemental Indenture No. 8, dated December 30, 2005, between the Company and SunTrust Bank, as Trustee (Exhibit 4.17) (13) | |
4.15 | Supplemental Indenture No. 9, dated March 10, 2006, between the Company and SunTrust Bank, as Trustee (Exhibit 4.1) (14) | |
4.16 | Supplemental Indenture No. 10, dated August 18, 2006, between the Company and SunTrust Bank, as Trustee (Exhibit 4.1) (15) | |
4.17 | Supplemental Indenture No. 11, dated April 18, 2007, between the Company and U.S. Bank National Association, as Trustee (Exhibit 4.1) (27) | |
4.18 | Supplemental Indenture No. 12, dated December 9, 2009, between the Company and U.S. Bank National Association, as Trustee (Exhibit 4.1) (39) | |
10.1 | Form of Indemnification Agreement (Exhibit 10.1) (11) | |
10.2 | 1995 Stock Option Plan, as amended (Appendix A) (17)* | |
10.3 | Amended and Restated 2000 Executive Incentive Plan (Annex A) (32)* | |
10.4 | Form of Stock Option Agreement for stock options awarded under the Amended and Restated 2000 Executive Incentive Plan (Exhibit 10.3) (19)* | |
10.5 | Form of Restricted Stock Agreement for restricted stock awarded under the Amended and Restated 2000 Executive Incentive Plan (Exhibit 10.4) (19)* | |
10.6 | IRT 1989 Stock Option Plan, assumed by the Company (20)* | |
10.7 | IRT 1998 Long-Term Incentive Plan, assumed by the Company (Appendix A) (21)* | |
10.8 | 2004 Employee Stock Purchase Plan (Annex B) (18)* | |
10.9 | Registration Rights Agreement, dated as of January 1, 1996 by and among the Company, Chaim Katzman, Gazit Holdings, Inc., Dan Overseas Ltd., Globe Reit Investments, Ltd., Eli Makavy, Doron Valero and David Wulkan, as amended. (Exhibit 10.6, Amendment No. 3) (22) | |
10.10 | Stock Exchange Agreement dated May 18, 2001 among the Company, First Capital Realty Inc. and First Capital America Holding Corp. (23) | |
10.11 | Use Agreement, regarding use of facilities, by and between Gazit (1995), Inc. and the Company, dated January 1, 1996 (Exhibit 10.15, Amendment No. 1) (22) | |
10.12 | Subscription Agreement, dated October 4, 2000, made by Alony Hetz Properties & Investments, Ltd. (Exhibit 10.13) (24) | |
10.13 | Stockholders Agreement, dated October 4, 2000, among the Company, Alony Hetz Properties & Investments, Ltd., Gazit-Globe (1982), Ltd., M.G.N. (USA), Inc. and Gazit (1995), Inc. (Exhibit 10.14) (24) | |
10.14 | First Amendment to Stockholders Agreement, dated December 19, 2001, among the Company Alony Hetz Properties & Investments, Ltd., Gazit-Globe (1982), Ltd., M.G.N. (USA), Inc. and Gazit (1995), Inc. (Exhibit 10.15) (24) | |
10.15 | Second Amendment to Stockholders Agreement, dated October 28, 2002, among the Company Alony Hetz Properties & Investments, Ltd., Gazit-Globe (1982), Ltd., M.G.N. (USA), Inc. and Gazit (1995), Inc. (25) | |
10.16 | Third Amendment to Stockholders Agreement, dated May 23, 2003, among the Company Alony Hetz Properties & Investments, Ltd., Gazit-Globe (1982), Ltd., M.G.N. (USA), Inc. and Gazit (1995), Inc. (Exhibit 10.1) (9) | |
10.17 | Chairman Compensation Agreement effective as of January 1, 2007 between the Company and Chaim Katzman (Exhibit 10.1) (26)* | |
10.18 | First Amended and Restated Employment Agreement effective as of September 15, 2006 between the Company and Jeffrey S. Olson (Exhibit 10.2) (26)* | |
10.19 | Employment Agreement, effective as of March 14, 2008 between the Company and Thomas Caputo (Exhibit 10.1) (33)* |
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EXHIBIT NO. | DESCRIPTION | |
10.20 | Fourth Amendment to Stockholders Agreement, dated June 23, 2004, among the Company, Alony-Hetz Properties & Investments, Ltd., Gazit-Globe, Ltd., MGN (USA), Inc. and Gazit (1995), Inc. (Exhibit 10.21) (40) | |
10.21 | Registration Rights Agreement, dated October 28, 2002, between the Company and certain Purchasers (Exhibit 99.3) (28) | |
10.22 | Second Amended and Restated Credit Agreement, dated as of October 17, 2008, among the Company, each of the financial institutions initially a signatory thereto, SunTrust Bank, as Syndication Agent, Bank of America, N.A. and PNC Bank National Association, as Co-Documentation Agents, and Wells Fargo Bank, National Association as contractual representative of the Lenders to the extent and manner provided in Article XII and as Sole Lead Arranger (Exhibit 10.1) (29) | |
10.23 | Clarification Agreement and Protocol, dated as of January 1, 2004, among the Company and Gazit-Globe (1982), Ltd. (Exhibit 10.2) (30) | |
10.24 | Equity One, Inc. Non-Qualified Deferred Compensation Plan. (Exhibit 10.1) (31)* | |
10.25 | Employment Agreement effective as of January 2, 2007 between the Company and Arthur L. Gallagher (Exhibit 10.1) (34)* | |
10.26 | Registration Rights Agreement made as of September 23, 2008 by and among the Company and MGN America LLC (Exhibit 10.2) (35) | |
10.27 | Common Stock Purchase Agreement made as of September 23, 2008 by and between the Company and MGN America, LLC (Exhibit 10.14) (35) | |
10.28 | Senior Officers Voluntary Salary Reduction Letter effective as of February 6, 2009 (Exhibit 10.1) (36)* | |
10.29 | Common Stock Purchase Agreement, dated as of April 8, 2009, between the Company and MGN America, LLC (Exhibit 10.1) (37) | |
10.30 | Registration Rights Agreement, dated as of April 8, 2009, between the Company and MGN America, LLC (Exhibit 10.2) (37) | |
10.31 | Amended and restated employment contract between Mark Langer and the Company dated April 24, 2009 (Exhibit 10.1) (38)* | |
10.32 | Common Stock Purchase Agreement, dated as of March 9, 2010, between the Company and MGN America, LLC (Exhibit 10.1) (41) | |
10.33 | Common Stock Purchase Agreement, dated as of March 9, 2010, between the Company and Silver Maple (2001), Inc. (Exhibit 10.2) (41) | |
10.34 | Registration Rights Agreement, dated as of March 9, 2010, by and among the Company, MGN America, LLC and Silver Maple (2001), Inc. (Exhibit 10.3) (41) | |
10.35 | Contribution Agreement, dated May 23, 2010, by and among the Company, Liberty International Holdings Limited and Capital Shopping Centres plc (Exhibit 10.1) (42) | |
10.36 | Equityholders Agreement, dated May 23, 2010, by and among the Company, Capital Shopping Centres Group PLC, Liberty International Holdings Limited, Gazit-Globe Ltd., MGN (USA) Inc., Gazit (1995), Inc., MGN America, LLC, Silver Maple (2001), Inc. and Ficus, Inc. (Exhibit 10.1) (42) | |
10.37 | Amendment to Contribution Agreement, dated November 8, 2010, by and among the Company, Liberty International Holdings Limited and Capital Shopping Centres plc (Exhibit 10.1) (43) | |
10.38 | Employment Agreement, dated as of August 9, 2010 and effective as of January 1, 2011, by and between the Company and Jeffrey S. Olson (Exhibit 10.1) (44)* | |
10.39 | First Amendment to Amended and Restated Employment Agreement and Restricted Stock Agreement, dated as of August 9, 2010, by and between the Company and Jeffrey S. Olson (Exhibit 10.2) (44)* | |
10.40 | Chairman Compensation Agreement, dated as of August 9, 2010 and, except as otherwise specifically provided therein, effective as of January 1, 2011, by and between the Company and Chaim Katzman (Exhibit 10.3) (44)* | |
10.41 | First Amendment to Chairman Compensation Agreement and Restricted Stock Agreement, dated as of August 9, 2010, by and between the Company and Chaim Katzman (Exhibit 10.4) (44)* | |
10.42 | Restricted Stock Agreement, effective as of August 9, 2010, by and between the Company and Chaim Katzman (Exhibit 10.5) (44)* | |
10.43 | Common Stock Purchase Agreement, dated as of December 8, 2010, between the Company and MGN America, LLC (Exhibit 10.1) (45) | |
10.44 | Registration Rights Agreement, dated as of December 8, 2010, by and among the Company and MGN America, LLC (Exhibit 10.2) (45) | |
10.45 | Limited Liability Company Agreement of EQY-CSC LLC, dated as of January 4, 2011 (Exhibit 10.1) (46) |
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EXHIBIT NO. | DESCRIPTION | |
10.46 | Registration and Liquidity Rights Agreement by and between Equity One, Inc., and Liberty International Holdings Limited, dated as of January 4, 2011 (Exhibit 10.2) (46) | |
10.47 | Shared Appreciation Promissory Note, dated as of January 4, 2011 (Exhibit 10.3) (46) | |
10.48 | Employment Agreement, dated as of January 28, 2011 and effective as of February 1, 2011, by and between Equity One, Inc. and Thomas A. Caputo (Exhibit 10.1) (47) | |
10.49 | Employment Agreement, dated as of January 28, 2011 and effective as of February 1, 2011, by and between Equity One, Inc. and Arthur L. Gallagher (Exhibit 10.2) (47) | |
10.50 | Employment Agreement, dated as of January 28, 2011 and effective as of February 1, 2011, by and between Equity One, Inc. and Mark Langer (Exhibit 10.3) (47) | |
12.1 | Ratios of Earnings to Fixed Charges | |
21.1 | List of Subsidiaries of the Registrant | |
23.1 | Consent of Ernst & Young LLP | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002 |
* | Identifies employee agreements, management contracts, compensatory plans or other arrangements. | |
(1) | Intentionally Omitted. | |
(2) | Previously filed as an exhibit to our Annual Report on Form 10-K filed on March 15, 2004, and incorporated by reference herein. | |
(3) | Previously filed by IRT Property Company as an exhibit to IRT’s Annual Report on Form 10-K filed on February 16, 1996, and incorporated by reference herein. | |
(4) | Intentionally Omitted. | |
(5) | Intentionally Omitted. | |
(6) | Previously filed by IRT Property Company as an exhibit to IRT’s Current Report on Form 8-K filed on September 15, 1998, and incorporated by reference herein. | |
(7) | Previously filed by IRT Property Company as an exhibit to IRT’s Current Report on Form 8-K filed on November 12, 1999, and incorporated by reference herein. | |
(8) | Previously filed as an exhibit to our Current Report on Form 8-K filed on February 20, 2003, and incorporated by reference herein. | |
(9) | Previously filed as an exhibit to our Quarterly Report on Form 10-Q filed on May 10, 2004, and incorporated by reference herein. | |
(10) | Previously filed as an exhibit to our Quarterly Report on Form 10-Q filed on August 5, 2005, and incorporated by reference herein. | |
(11) | Previously filed as an exhibit to our Annual Report on Form 10-K filed on March 16, 2005, and incorporated by reference herein. | |
(12) | Previously filed as an exhibit to our Current Report on Form 8-K filed on September 20, 2005, and incorporated by reference herein. | |
(13) | Previously filed as an exhibit to our Annual Report on Form 10-K filed on March 3, 2006, and incorporated by reference herein. | |
(14) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 13, 2006, and incorporated by reference herein. | |
(15) | Previously filed as an exhibit to our Current Report on Form 8-K filed on August 22, 2006, and incorporated by reference herein. | |
(16) | Intentionally Omitted. | |
(17) | Previously filed with our definitive Proxy Statement for the Annual Meeting of Stockholders held on June 30, 1999, and incorporated by reference herein. | |
(18) | Previously filed with our definitive Proxy Statement for the Annual Meeting of Stockholders held on May 21, 2004, and incorporated by reference herein. | |
(19) | Previously filed with our Current Report on Form 8-K filed on February 18, 2005, and incorporated by reference herein. | |
(20) | Previously filed by IRT Property Company as an exhibit to IRT’s Current Report on Form 8-K filed on March 22, 1989, and incorporated by reference herein. |
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(21) | Previously filed by IRT Property Company with IRT’s definitive Proxy Statement for the Annual Meeting of Stockholders held on June 18, 1998, and incorporated by reference herein. | |
(22) | Previously filed with our Registration Statement on Form S-11, as amended (Registration No. 333-3397), and incorporated by reference herein. | |
(23) | Previously filed as Appendix A to our definitive Proxy Statement for the Special Meeting of Stockholders held on September 6, 2001 and incorporated by reference herein. | |
(24) | Previously filed with our Annual Report Form 10-K/A filed on March 18, 2002, and incorporated by reference herein. | |
(25) | Previously filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q filed on November 13, 2002, and incorporated by reference herein. | |
(26) | Previously filed as an exhibit to our Quarterly Report on Form 10-Q filed on November 9, 2006, and incorporated by reference herein. | |
(27) | Previously filed as an exhibit to our Current Report on Form 8-K filed on April 20, 2007, and incorporated by reference herein. | |
(28) | Previously filed as Exhibit 2.1 to our Current Report on Form 8-K filed on October 30, 2002, and incorporated by reference herein. | |
(29) | Previously filed as an exhibit to our Current Report on Form 8-K filed on October 23, 2008, and incorporated by reference herein. | |
(30) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2004, and incorporated by reference herein. | |
(31) | Previously filed as an exhibit to our Current Report on Form 8-K filed on July 7, 2005, and incorporated by reference herein. | |
(32) | Previously filed as Annex A to our definitive Proxy Statement for the Annual Meeting of Stockholders held on June 4, 2007 and incorporated by reference herein. | |
(33) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 18, 2008, and incorporated by reference herein. | |
(34) | Previously filed as an exhibit to our Quarterly Report on Form 10-Q filed on May 5, 2008, and incorporated by reference herein. | |
(35) | Previously filed as an exhibit to our Current Report on Form 8-K filed on September 29, 2008, and incorporated by reference herein. | |
(36) | Previously filed as an exhibit to our Current Report on Form 8-K filed on February 6, 2009, and incorporated by reference herein. | |
(37) | Previously filed as an exhibit to our Current Report on Form 8-K filed on April 14, 2009, and incorporated by reference herein. | |
(38) | Previously filed as an exhibit to our Quarterly Report on Form 10-Q filed on May 11, 2009, and incorporated by reference herein. | |
(39) | Previously filed as an exhibit to our Current Report on Form 8-K filed on December 9, 2009, and incorporated by reference herein. | |
(40) | Previously filed as an exhibit to our Annual Report on Form 10-K filed on February 25, 2008, and incorporated by reference herein. | |
(41) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 15, 2010, and incorporated by reference herein. | |
(42) | Previously filed as an exhibit to our Current Report on Form 8-K filed on May 27, 2010, and incorporated by reference herein. | |
(43) | Previously filed as an exhibit to our Quarterly Report on Form 10-Q filed on November 8, 2010, and incorporated by reference herein. | |
(44) | Previously filed as an exhibit to our Current Report on Form 8-K filed on August 12, 2010, and incorporated by reference herein. | |
(45) | Previously filed as an exhibit to our Current Report on Form 8-K filed on December 14, 2010, and incorporated by reference herein. | |
(46) | Previously filed as an exhibit to our Current Report on Form 8-K filed on January 7, 2011, and incorporated by reference herein. | |
(47) | Previously filed as an exhibit to our Current Report on Form 8-K filed on February 3, 2011, and incorporated by reference herein. |
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EQUITY ONE, INC. | ||||
By: | /s/ Jeffrey S. Olson | |||
Jeffrey S. Olson | ||||
Chief Executive Officer | ||||
SIGNATURE | TITLE | DATE | ||
/s/ Jeffrey S. Olson | Chief Executive Officer and Director | March 10, 2011 | ||
Jeffrey S. Olson | (Principal Executive Officer) | |||
/s/ Mark Langer | Executive Vice President and | March 10, 2011 | ||
Mark Langer | Chief Financial Officer (Principal Financial Officer) | |||
/s/ Angela F. Valdes | Vice President and Chief | March 10, 2011 | ||
Angela F. Valdes | Accounting Officer (Principal Accounting Officer) | |||
/s/ Chaim Katzman | Chairman of the Board | March 10, 2011 | ||
Chaim Katzman | ||||
/s/ Noam Ben-Ozer | Director | March 10, 2011 | ||
Noam Ben-Ozer | ||||
/s/James S Cassel | Director | March 10, 2011 | ||
James S. Cassel | ||||
/s/ Cynthia Cohen | Director | March 10, 2011 | ||
Cynthia Cohen | ||||
/s/ David Fischel | Director | March 10, 2011 | ||
David Fischel | ||||
/s/ Neil Flanzraich | Director | March 10, 2011 | ||
Neil Flanzraich | ||||
/s/ Nathan Hetz | Director | March 10, 2011 | ||
Nathan Hetz | ||||
/s/ Peter Linneman | Director | March 10, 2011 | ||
Peter Linneman | ||||
/s/ Dori J. Segal | Director | March 10, 2011 | ||
Dori J. Segal |
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Page | ||||
63 | ||||
64 | ||||
65 | ||||
66 | ||||
67 | ||||
68 | ||||
69 | ||||
70 | ||||
72 |
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• | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; | ||
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and | ||
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. |
The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2010. In making this assessment, the Company’s management used the criteria set forth by the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management has concluded that, as of December 31, 2010, the Company’s internal control over financial reporting is effective. |
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Equity One, Inc.
Certified Public Accountants
Boca Raton, Florida
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Equity One, Inc.
Certified Public Accountants
Boca Raton, Florida
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Consolidated Balance Sheets
December 31, 2010 and 2009
(In thousands, except per share amounts)
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
ASSETS | ||||||||
Properties: | ||||||||
Income producing | $ | 2,643,871 | $ | 2,433,431 | ||||
Less: accumulated depreciation | (288,613 | ) | (240,172 | ) | ||||
Income producing properties, net | 2,355,258 | 2,193,259 | ||||||
Construction in progress and land held for development | 74,870 | 68,866 | ||||||
Properties, net | 2,430,128 | 2,262,125 | ||||||
Cash and cash equivalents | 38,333 | 47,970 | ||||||
Accounts and other receivables, net | 15,181 | 9,806 | ||||||
Investment in and advances to unconsolidated joint ventures | 59,736 | 11,524 | ||||||
Securities | — | 820 | ||||||
Goodwill | 10,790 | 11,477 | ||||||
Other assets | 127,696 | 108,598 | ||||||
TOTAL ASSETS | $ | 2,681,864 | $ | 2,452,320 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Liabilities: | ||||||||
Notes payable: | ||||||||
Mortgage notes payable | $ | 533,660 | $ | 551,647 | ||||
Unsecured senior notes payable | 691,136 | 691,136 | ||||||
1,224,796 | 1,242,783 | |||||||
Unamortized discount on notes payable, net | (21,923 | ) | (25,892 | ) | ||||
Total notes payable | 1,202,873 | 1,216,891 | ||||||
Other liabilities: | ||||||||
Accounts payable and accrued expenses | 32,885 | 33,251 | ||||||
Tenant security deposits | 8,907 | 9,180 | ||||||
Deferred tax liabilities, net | 46,523 | 50,059 | ||||||
Other liabilities | 96,971 | 54,237 | ||||||
Total liabilities | 1,388,159 | 1,363,618 | ||||||
Redeemable noncontrolling interests | 3,864 | 989 | ||||||
Commitments and contingencies | — | — | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value — 10,000 shares authorized but unissued | — | — | ||||||
Common stock, $0.01 par value — 150,000 shares authorized, 102,327 and 86,131 shares issued and outstanding at December 31, 2010 and 2009, respectively | 1,023 | 861 | ||||||
Additional paid-in capital | 1,391,762 | 1,110,427 | ||||||
Distributions in excess of earnings | (105,309 | ) | (46,810 | ) | ||||
Contingent consideration | — | 323 | ||||||
Accumulated other comprehensive loss | (1,569 | ) | (266 | ) | ||||
Total stockholders’ equity of Equity One, Inc | 1,285,907 | 1,064,535 | ||||||
Noncontrolling interests | 3,934 | 23,178 | ||||||
Total stockholders’ equity | 1,289,841 | 1,087,713 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,681,864 | $ | 2,452,320 | ||||
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Consolidated Statements of Income
Years Ended December 31, 2010, 2009 and 2008
(In thousands, except per share amounts)
2010 | 2009 | 2008 | ||||||||||
REVENUE: | ||||||||||||
Minimum rent | $ | 221,632 | $ | 209,857 | $ | 181,798 | ||||||
Expense recoveries | 60,350 | 57,961 | 51,753 | |||||||||
Percentage rent | 1,685 | 1,679 | 1,901 | |||||||||
Management and leasing services | 1,557 | 1,675 | 1,789 | |||||||||
Total revenue | 285,224 | 271,172 | 237,241 | |||||||||
COSTS AND EXPENSES: | ||||||||||||
Property operating | 78,852 | 78,070 | 64,190 | |||||||||
Rental property depreciation and amortization | 67,339 | 62,122 | 45,429 | |||||||||
General and administrative | 42,041 | 38,835 | 31,957 | |||||||||
Total costs and expenses | 188,232 | 179,027 | 141,576 | |||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 96,992 | 92,145 | 95,665 | |||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||
Investment income | 937 | 10,154 | 10,220 | |||||||||
Equity in (loss) income in unconsolidated joint ventures | (116 | ) | (88 | ) | 108 | |||||||
Other income | 648 | 1,503 | 967 | |||||||||
Interest expense | (77,922 | ) | (73,450 | ) | (60,851 | ) | ||||||
Amortization of deferred financing fees | (1,924 | ) | (1,520 | ) | (1,629 | ) | ||||||
Gain on acquisition of controlling interest in subsidiary | — | 27,501 | — | |||||||||
Gain on sale of real estate | 254 | — | 21,542 | |||||||||
Gain on extinguishment of debt | 63 | 12,345 | 6,473 | |||||||||
Impairment loss | (687 | ) | (368 | ) | (37,497 | ) | ||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 18,245 | 68,222 | 34,998 | |||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 3,765 | 5,017 | (1,015 | ) | ||||||||
INCOME FROM CONTINUING OPERATIONS | 22,010 | 73,239 | 33,983 | |||||||||
DISCONTINUED OPERATIONS: | ||||||||||||
Operations of income producing properties sold or held for sale | 152 | 1,009 | 1,582 | |||||||||
Gain (loss) on disposal of income producing properties | 2,257 | 7,127 | (557 | ) | ||||||||
INCOME FROM DISCONTINUED OPERATIONS | 2,409 | 8,136 | 1,025 | |||||||||
NET INCOME | 24,419 | 81,375 | 35,008 | |||||||||
Net loss attributable to noncontrolling interests | 693 | 2,442 | — | |||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 25,112 | $ | 83,817 | $ | 35,008 | ||||||
EARNINGS PER COMMON SHARE — BASIC: | ||||||||||||
Continuing operations | $ | 0.24 | $ | 0.90 | $ | 0.45 | ||||||
Discontinued operations | 0.03 | 0.10 | 0.01 | |||||||||
$ | 0.27 | $ | 1.00 | $ | 0.46 | |||||||
Number of Shares Used in Computing Basic Earnings per Share | 91,536 | 83,290 | 74,075 | |||||||||
EARNINGS PER COMMON SHARE — DILUTED: | ||||||||||||
Continuing operations | $ | 0.24 | $ | 0.89 | $ | 0.45 | ||||||
Discontinued operations | 0.03 | 0.10 | 0.01 | |||||||||
$ | 0.27 | $ | 0.98 | $ | 0.46 | |||||||
Number of Shares Used in Computing Diluted Earnings per Share | 91,710 | 83,857 | 74,098 | |||||||||
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Consolidated Statements of Comprehensive Income
Years ended December 31, 2010, 2009 and 2008
(In thousands)
2010 | 2009 | 2008 | ||||||||||
NET INCOME | $ | 24,419 | $ | 81,375 | $ | 35,008 | ||||||
OTHER COMPREHENSIVE (LOSS) INCOME: | ||||||||||||
Net unrealized holding gain (loss) on securities available for sale | 14 | 10,918 | (36,562 | ) | ||||||||
Reclassification adjustment for other-than-temporary impairment loss on securities available for sale | — | — | 23,174 | |||||||||
Net reclassification adjustment for (gain) loss on the sale of securities included in net income | (359 | ) | 10,711 | 15 | ||||||||
Net realized loss on interest rate contracts included in net income | — | 184 | 102 | |||||||||
Net amortization of interest rate contracts included in net income | 63 | 82 | 72 | |||||||||
Net unrealized loss on interest rate swap | (1,021 | ) | — | — | ||||||||
Other comprehensive (loss) income adjustment | (1,303 | ) | 21,895 | (13,199 | ) | |||||||
COMPREHENSIVE INCOME | 23,116 | 103,270 | 21,809 | |||||||||
Comprehensive loss attributable to noncontrolling interest | 693 | 2,442 | — | |||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 23,809 | $ | 105,712 | $ | 21,809 | ||||||
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Consolidated Statements of Stockholders’ Equity
For the years ended December 31, 2010, 2009 and 2008
(In thousands)
Accumulated | ||||||||||||||||||||||||||||||||||||
Additional | Distributions | Other | Total Stockholders’ | Total | ||||||||||||||||||||||||||||||||
Common Stock | Paid-In | in Excess of | Contingent | Comprehensive | Equity of Equity | Noncontrolling | Stockholders’ | |||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Consideration | Loss | One, Inc. | Interests | Equity | ||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2008 | 73,300 | $ | 733 | $ | 906,174 | $ | 17,987 | $ | — | $ | (8,962 | ) | $ | 915,932 | $ | — | $ | 915,932 | ||||||||||||||||||
Issuance of common stock | 2,898 | 29 | 57,073 | — | — | — | 57,102 | — | 57,102 | |||||||||||||||||||||||||||
Stock issuance cost | — | — | (2,161 | ) | — | — | — | (2,161 | ) | — | (2,161 | ) | ||||||||||||||||||||||||
Share-based compensation expense | — | — | 6,428 | — | — | — | 6,428 | — | 6,428 | |||||||||||||||||||||||||||
Net income | — | — | — | 35,008 | — | — | 35,008 | — | 35,008 | |||||||||||||||||||||||||||
Dividends paid on common stock | — | — | — | (89,612 | ) | — | — | (89,612 | ) | — | (89,612 | ) | ||||||||||||||||||||||||
Other comprehensive income adjustment | — | — | — | — | — | (13,199 | ) | (13,199 | ) | — | (13,199 | ) | ||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2008 | 76,198 | 762 | 967,514 | (36,617 | ) | — | (22,161 | ) | 909,498 | — | 909,498 | |||||||||||||||||||||||||
Issuance of common stock | 10,394 | 104 | 144,670 | — | — | — | 144,774 | — | 144,774 | |||||||||||||||||||||||||||
Stock issuance cost | — | — | (4,266 | ) | — | — | — | (4,266 | ) | — | (4,266 | ) | ||||||||||||||||||||||||
Share-based compensation expense | — | — | 7,911 | — | — | — | 7,911 | — | 7,911 | |||||||||||||||||||||||||||
Common stock repurchases | (461 | ) | (5 | ) | (5,418 | ) | — | — | — | (5,423 | ) | — | (5,423 | ) | ||||||||||||||||||||||
Net income | — | — | — | 83,817 | — | — | 83,817 | (2,442 | ) | 81,375 | ||||||||||||||||||||||||||
Dividends paid on common stock | — | — | — | (94,010 | ) | — | — | (94,010 | ) | — | (94,010 | ) | ||||||||||||||||||||||||
Acquisition of DIM, Vastgoed N.V. | — | — | — | — | 323 | — | 323 | 25,796 | 26,119 | |||||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | — | — | 16 | — | — | — | 16 | (176 | ) | (160 | ) | |||||||||||||||||||||||||
Other comprehensive income adjustment | — | — | — | — | — | 21,895 | 21,895 | — | 21,895 | |||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2009 | 86,131 | 861 | 1,110,427 | (46,810 | ) | 323 | (266 | ) | 1,064,535 | 23,178 | 1,087,713 | |||||||||||||||||||||||||
Issuance of common stock | 15,659 | 157 | 270,541 | — | — | — | 270,698 | — | 270,698 | |||||||||||||||||||||||||||
Stock issuance cost | — | — | (3,319 | ) | — | — | — | (3,319 | ) | — | (3,319 | ) | ||||||||||||||||||||||||
Share-based compensation expense | — | — | 6,551 | — | — | — | 6,551 | — | 6,551 | |||||||||||||||||||||||||||
Net income | — | — | — | 25,112 | — | — | 25,112 | (693 | ) | 24,419 | ||||||||||||||||||||||||||
Dividends paid on common stock | — | — | — | (83,611 | ) | — | — | (83,611 | ) | — | (83,611 | ) | ||||||||||||||||||||||||
Acquisition of joint ventures | — | — | — | — | — | — | — | 2,352 | 2,352 | |||||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interest | 537 | 5 | 7,562 | — | (323 | ) | — | 7,244 | (20,903 | ) | (13,659 | ) | ||||||||||||||||||||||||
Other comprehensive income adjustment | — | — | — | — | — | (1,303 | ) | (1,303 | ) | — | (1,303 | ) | ||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2010 | 102,327 | $ | 1,023 | $ | 1,391,762 | $ | (105,309 | ) | $ | — | $ | (1,569 | ) | $ | 1,285,907 | $ | 3,934 | $ | 1,289,841 | |||||||||||||||||
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Consolidated Statements of Cash Flows
For the years ended December 31, 2010, 2009 and 2008
(In thousands)
2010 | 2009 | 2008 | ||||||||||
OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 24,419 | $ | 81,375 | $ | 35,008 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities, net of effects of acquisitions and disposals: | ||||||||||||
Straight line rent adjustment | (2,233 | ) | (1,383 | ) | (829 | ) | ||||||
Accretion of below market lease intangibles | (7,487 | ) | (6,775 | ) | (3,708 | ) | ||||||
Equity in loss (income) in unconsolidated joint ventures | 116 | 88 | (108 | ) | ||||||||
Amortization of premium on investments held for sale | — | (257 | ) | (413 | ) | |||||||
Gain on acquisition of DIM Vastgoed | — | (27,501 | ) | — | ||||||||
Income tax (benefit) provision of taxable REIT subsidiaries | (3,765 | ) | (5,017 | ) | 1,045 | |||||||
Provision for losses on accounts receivable | 2,429 | 4,624 | 2,214 | |||||||||
Amortization (accretion) of discount (premium) on notes payable, net | 2,817 | 2,224 | (1,900 | ) | ||||||||
Amortization of deferred financing fees | 1,924 | 1,503 | 1,629 | |||||||||
Depreciation and amortization | 69,077 | 63,845 | 46,406 | |||||||||
Share-based compensation expense | 6,551 | 7,911 | 6,428 | |||||||||
Operating distributions from joint venture | — | 265 | 169 | |||||||||
(Gain) loss on sale of securities | (366 | ) | (6,362 | ) | — | |||||||
Amortization of derivatives | 63 | 137 | (29 | ) | ||||||||
Gain on disposal of income producing properties | (2,511 | ) | (7,126 | ) | (20,985 | ) | ||||||
Impairment loss | 687 | 368 | 37,543 | |||||||||
Gain on extinguishment of debt | (63 | ) | (12,345 | ) | (6,473 | ) | ||||||
Changes in assets and liabilities: | ||||||||||||
Accounts and other receivables | (7,497 | ) | (1,375 | ) | (264 | ) | ||||||
Other assets | (7,903 | ) | (1,162 | ) | 1,395 | |||||||
Accounts payable and accrued expenses | (6,522 | ) | 4,250 | (7,128 | ) | |||||||
Tenant security deposits | (273 | ) | (653 | ) | (777 | ) | ||||||
Other liabilities | 2,099 | (340 | ) | (2,704 | ) | |||||||
Net cash provided by operating activities | 71,562 | 96,294 | 86,519 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||
Acquisition of income producing properties | (108,096 | ) | (109,582 | ) | — | |||||||
Additions to income producing properties | (9,857 | ) | (9,872 | ) | (9,714 | ) | ||||||
Additions to construction in progress | (9,914 | ) | (11,809 | ) | (30,447 | ) | ||||||
Additions to and purchases of land held for development | (1,337 | ) | (26,920 | ) | (87 | ) | ||||||
Proceeds from disposal of real estate and rental properties | 4,317 | 15,870 | 191,905 | |||||||||
Change in cash held in escrow | — | — | 54,460 | |||||||||
Increase in deferred leasing costs and lease intangibles | (4,761 | ) | (6,030 | ) | (5,936 | ) | ||||||
Advances to joint ventures | (33,417 | ) | 164 | (265 | ) | |||||||
Investment in consolidated subsidiary | (13,437 | ) | (956 | ) | — | |||||||
Investment in joint ventures | (13,927 | ) | (400 | ) | (17,178 | ) | ||||||
Additions to notes receivable | — | — | (3 | ) | ||||||||
Distributions of capital from joint ventures | 345 | 107 | 2,966 | |||||||||
Proceeds from repayment of notes receivable | — | — | 22 | |||||||||
Proceeds from sale of securities | 841 | 152,008 | 250 | |||||||||
Purchase of securities | — | (10,867 | ) | (134,667 | ) | |||||||
Net cash (used in) provided by investing activities | (189,243 | ) | (8,287 | ) | 51,306 | |||||||
FINANCING ACTIVITIES: | ||||||||||||
Repayments of mortgage notes payable | (74,757 | ) | (81,737 | ) | (78,316 | ) | ||||||
Net repayments under revolving credit facilities | — | (36,770 | ) | (1,500 | ) | |||||||
Borrowing under mortgage notes | — | — | 65,000 | |||||||||
Proceeds from senior debt borrowings | — | 247,838 | — | |||||||||
Repayment of senior debt borrowings | — | (203,482 | ) | (81,518 | ) | |||||||
Proceeds from issuance of common stock | 270,698 | 132,488 | 57,102 | |||||||||
Repurchase of common stock | — | (5,423 | ) | — | ||||||||
Payment of deferred financing costs | (967 | ) | (1,887 | ) | (2,778 | ) | ||||||
Stock issuance cost | (3,319 | ) | (4,266 | ) | (2,161 | ) | ||||||
Dividends paid to stockholders | (83,611 | ) | (94,010 | ) | (89,612 | ) | ||||||
Net cash provided by (used in) financing activities | 108,044 | (47,249 | ) | (133,783 | ) | |||||||
Net (decrease) increase in cash and cash equivalents | (9,637 | ) | 40,758 | 4,042 | ||||||||
Cash and cash equivalents obtained through acquisition | — | 1,857 | — | |||||||||
Cash and cash equivalents at beginning of the year | 47,970 | 5,355 | 1,313 | |||||||||
Cash and cash equivalents at end of the year | $ | 38,333 | $ | 47,970 | $ | 5,355 | ||||||
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Consolidated Statements of Cash Flows
For the years ended December 31, 2010, 2009 and 2008
(In thousands)
2010 | 2009 | 2008 | ||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid for interest (net of capitalized interest of $2.2 million, $1.4 million and $2.9 million in 2010, 2009 and 2008, respectively) | $ | 75,747 | $ | 71,202 | $ | 65,413 | ||||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||
Change in unrealized holding gain (loss) on securities | $ | 14 | $ | 11,030 | $ | (36,562 | ) | |||||
The Company acquired upon acquisition of certain rental properties: | ||||||||||||
Income producing properties | $ | 193,661 | $ | 102,266 | ||||||||
Intangible and other assets | 24,998 | 20,033 | ||||||||||
Intangible and other liabilities | (50,946 | ) | (12,717 | ) | ||||||||
Assumption of mortgage notes payable | (56,742 | ) | — | |||||||||
Noncontrolling interest in Canyon Trials Towne Center | (2,875 | ) | — | |||||||||
Cash paid for rental properties | 108,096 | 109,582 | ||||||||||
The Company issued senior unsecured notes: | ||||||||||||
Face value of notes | $ | — | $ | 250,000 | ||||||||
Discount | — | (2,160 | ) | |||||||||
Cash received | — | 247,840 | ||||||||||
Net cash paid for the acquisition of DIM is as follows: | — | — | ||||||||||
Income producing properties | $ | — | $ | 387,325 | ||||||||
Intangible and other assets | — | 47,126 | ||||||||||
Intangible and other liabilities | — | (90,481 | ) | |||||||||
Assumption of mortgage notes payable | — | (230,969 | ) | |||||||||
Net noncash assets acquired | — | 113,001 | ||||||||||
Previous equity interest | — | (36,124 | ) | |||||||||
Issuance Equity One common stock (866,373 shares) | — | (12,234 | ) | |||||||||
Contingent consideration | — | (323 | ) | |||||||||
Noncontrolling interest in DIM | — | (25,795 | ) | |||||||||
Gain on acquisition of DIM Vastgoed | — | (39,560 | ) | |||||||||
Cash acquired | — | 1,857 | ||||||||||
Net cash paid for acquisitions | $ | — | $ | 822 | ||||||||
(Concluded) |
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FOR THE YEARS ENDED DECEMBER 31, 2010, 2009 AND 2008
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Buildings | 30-40 years | |
Buildings and Land Improvements | 5-40 years | |
Tenant improvements | Lesser of minimum lease term or economic useful life | |
Furniture and Equipment | 5-7 years |
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• | historical project performance, including current occupancy, projected capitalization rates and net operating income; | ||
• | competitors’ presence and their actions; | ||
• | property specific attributes such as location desirability, anchor tenants and demographics; | ||
• | current local market economic and demographic conditions; and | ||
• | future expected capital expenditures and the period of time before net operating income is stabilized. |
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2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
Restricted stock expense | $ | 4,194 | $ | 5,108 | $ | 4,424 | ||||||
Stock option expense | 2,347 | 2,790 | 1,989 | |||||||||
Employee stock purchase plan discount | 10 | 13 | 15 | |||||||||
Total expense | 6,551 | 7,911 | 6,428 | |||||||||
Less amount capitalized | (54 | ) | (152 | ) | (323 | ) | ||||||
Net share-based compensation expense | $ | 6,497 | $ | 7,759 | $ | 6,105 | ||||||
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December 31, | ||||||||
2010 | 2009 | |||||||
(thousands) | ||||||||
Land and land improvements | $ | 1,100,279 | $ | 1,010,166 | ||||
Building and building improvements | 1,456,806 | 1,351,318 | ||||||
Tenant improvements | 86,786 | 71,947 | ||||||
2,643,871 | 2,433,431 | |||||||
Less: accumulated depreciation | (288,613 | ) | (240,172 | ) | ||||
Income producing property, net | $ | 2,355,258 | $ | 2,193,259 | ||||
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Purchase | Mortgage | |||||||||||||||||
Date Purchased | Property Name | City | State | Square Feet | Price | Assumed | ||||||||||||
(in thousands) | ||||||||||||||||||
December 23, 2010 | Canyon Trails Towne Center(1) | Goodyear | AZ | 211,581 | $ | 29,000 | $ | — | ||||||||||
September 22, 2010 | 1175 Third Avenue | New York | NY | 25,350 | 21,000 | 7,475 | ||||||||||||
September 2, 2010 | Country Walk Plaza | Miami | FL | 100,686 | 27,750 | 13,500 | ||||||||||||
August 31, 2010 | Pablo Plaza | Jacksonville | FL | 151,238 | 19,338 | 7,515 | ||||||||||||
August 31, 2010 | West Bird Plaza | Miami | FL | 99,864 | 17,550 | 8,455 | ||||||||||||
April 15, 2010 | Veranda Shoppes | Plantation | FL | 44,888 | 11,675 | — | ||||||||||||
March 31, 2010 | Copps Hill Plaza | Ridgefield | CT | 184,528 | 33,400 | 19,797 | ||||||||||||
March 19, 2010 | Gateway Plaza at Aventura | Aventura | FL | 29,800 | 8,000 | — | ||||||||||||
Total | $ | 167,713 | $ | 56,742 | ||||||||||||||
(1) | We own a 90% interest through a consolidated joint venture. |
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Acquisition Date Fair Value(1) | ||||
(In thousands) | ||||
Previous equity interest | $ | 36,945 | ||
Value of our common stock exchange (866,373 shares) | 12,234 | |||
Contingent consideration | 323 | |||
Total | $ | 49,502 | ||
(1) | Excludes effect of 2010 closing. |
Fair Values | ||||
(In thousands) | ||||
Income producing properties | $ | 387,325 | ||
Cash and cash equivalents | 1,857 | |||
Accounts and other receivables | 1,809 | |||
Intangible assets | 42,267 | |||
Other assets | 3,050 | |||
Total assets acquired | $ | 436,308 | ||
Mortgage notes payable | $ | 230,969 | ||
Secured revolving credit facility | 1,270 | |||
Accounts payable and accrued expenses | 1,081 | |||
Tenant security deposits | 926 | |||
Below-market leases | 31,584 | |||
Deferred tax liability | 53,530 | |||
Other liabilities | 2,090 | |||
Total liabilities assumed | $ | 321,450 | ||
Net assets acquired | $ | 114,858 | ||
Noncontrolling interest in DIM at closing | $ | 25,795 | ||
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(In thousands) | ||||
Period from January 14, 2009 | ||||
through December 31, 2009 | ||||
Revenues | $ | 40,831 | ||
Property operating expenses | 10,852 | |||
Rental property depreciation and amortization expense | 17,660 | |||
General and administrative expense | 3,196 | |||
Investment income | 6 | |||
Interest expense | 19,599 | |||
Amortization of deferred financing fees | 41 | |||
Other income | — | |||
Income tax benefit | 3,470 | |||
Net loss | (7,041 | ) | ||
Noncontrolling interest’s share | 2,442 | |||
Our share of the net loss | $ | (4,599 | ) | |
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December 31, | ||||||||
2010 | 2009 | |||||||
(in thousands) | ||||||||
Tenants | $ | 18,038 | $ | 13,132 | ||||
Other | 2,008 | 1,126 | ||||||
Allowance for doubtful accounts | (4,865 | ) | (4,452 | ) | ||||
Total accounts and other receivables, net | $ | 15,181 | $ | 9,806 | ||||
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Investment Balance | ||||||||||||||||||||
December 31, 2010 | December 31, 2009 | |||||||||||||||||||
Joint Venture | Number of Properties | Location | Ownership | (In thousands) | ||||||||||||||||
GRI-EQY I, LLC | 10 | GA, SC, FL | 10.0 | % | $ | 7,046 | $ | 8,271 | ||||||||||||
G&I Investment South Florida Portfolio, LLC | 3 | FL | 20.0 | % | 3,109 | 2,947 | ||||||||||||||
Madison 2260, Realty, LLC(1) | 1 | NY | 8.6 | % | 1,066 | — | ||||||||||||||
Madison 1235, Realty, LLC(1) | 1 | NY | 20.1 | % | 1,000 | — | ||||||||||||||
Talega Village Center JV, LLC(1)(2) | 1 | CA | 50.5 | % | 3,916 | — | ||||||||||||||
Vernola Marketplace JV, LLC(1)(2) | 1 | CA | 50.5 | % | 8,127 | — | ||||||||||||||
Total | 24,264 | 11,218 | ||||||||||||||||||
Advances to unconsolidated joint ventures (3) | 35,472 | 306 | ||||||||||||||||||
Investments in and advances to unconsolidated joint ventures | $ | 59,736 | $ | 11,524 | ||||||||||||||||
(1) | Ownership interest was acquired in 2010. | |
(2) | Our effective interest in the Talega and Vernola JV’s is 48%, respectively, when considering the 5% noncontrolling interest held by Vestar. | |
(3) | Included in this amount in 2010 is the $35.0 million bridge loan to the Rockwood JVs. |
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December 31, 2010 | December 31, 2009 | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Fair | Realized | Unrealized Gain | Fair | Realized | Unrealized Gain | |||||||||||||||||||
Investment | Value | Gain (Loss) | (Loss) | Value | Gain (Loss) | (Loss) | ||||||||||||||||||
Equity securities | $ | — | $ | 367 | $ | — | $ | 820 | $ | — | $ | 345 |
Year Ended December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Balance at January 1 | $ | 11,477 | $ | 11,845 | ||||
Impairment | (687 | ) | (368 | ) | ||||
Balance at December 31 | $ | 10,790 | $ | 11,477 | ||||
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December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Lease intangible assets, net | $ | 60,603 | $ | 53,526 | ||||
Leasing commissions, net | 23,124 | 19,619 | ||||||
Deposits and escrow impounds | 17,964 | 10,642 | ||||||
Straight-line rent receivable, net | 17,186 | 15,034 | ||||||
Deferred financing fees, net | 5,998 | 6,963 | ||||||
Prepaid and other assets | 1,413 | 1,125 | ||||||
Furniture and equipment, net | 1,408 | 1,689 | ||||||
Total other assets | $ | 127,696 | $ | 108,598 | ||||
December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Lease intangible assets: | ||||||||
Above-market leases | $ | 11,016 | $ | 6,566 | ||||
In-place lease interests | 76,669 | 63,527 | ||||||
Lease origination costs | 4,217 | 4,122 | ||||||
Lease incentives | 1,602 | 963 | ||||||
Total intangibles | 93,504 | 75,178 | ||||||
Accumulated amortization: | ||||||||
Above-market leases | $ | 4,016 | $ | 2,911 | ||||
In-place lease interests | 25,858 | 16,246 | ||||||
Lease origination costs | 2,728 | 2,407 | ||||||
Lease incentives | 299 | 88 | ||||||
Total accumulated amortization | 32,901 | 21,652 | ||||||
Lease intangible assets, net | $ | 60,603 | $ | 53,526 | ||||
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December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Mortgage Notes Payable | ||||||||
Fixed rate mortgage loans | $ | 533,660 | $ | 551,647 | ||||
Unamortized discount, net | (19,168 | ) | (22,754 | ) | ||||
Total | $ | 514,492 | $ | 528,893 | ||||
Weighted-average interest rate of fixed rate mortgage notes | 6.26 | % | 6.58 | % |
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December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Unsecured Senior Notes Payable | ||||||||
7.84% Senior Notes, due 1/23/12 | $ | 10,000 | $ | 10,000 | ||||
6.25% senior notes, due 12/15/14 | 250,000 | 250,000 | ||||||
5.375% Senior Notes, due 10/15/15 | 107,505 | 107,505 | ||||||
6.0% Senior Notes, due 9/15/16 | 105,230 | 105,230 | ||||||
6.25% Senior Notes, due 1/15/17 | 101,403 | 101,403 | ||||||
6.0% Senior Notes, due 9/15/17 | 116,998 | 116,998 | ||||||
Total Unsecured Senior Notes | 691,136 | 691,136 | ||||||
Unamortized discount, net | (2,755 | ) | (3,138 | ) | ||||
Total | $ | 688,381 | $ | 687,998 | ||||
Weighted-average interest rate, net of discount adjustment | 6.06 | % | 6.06 | % |
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Year Ending December 31, | Amount | |||
(In thousands) | ||||
2011 | $ | 79,336 | ||
2012 | 67,431 | |||
2013 | 81,466 | |||
2014 | 285,852 | |||
2015 | 197,352 | |||
Thereafter | 513,359 | |||
Total | $ | 1,224,796 | ||
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Years Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
(Estimated) | (Actual) | (Actual) | ||||||||||
(In thousands) | ||||||||||||
GAAP net income attributable to Equity One | $ | 25,112 | $ | 83,817 | $ | 35,008 | ||||||
Net (income) loss attributable to taxable REIT subsidiaries(1) | 7,842 | (20,160 | ) | 28,820 | ||||||||
GAAP net income from REIT operations | 32,954 | 63,657 | 63,828 | |||||||||
Book/tax difference for depreciation | 3,236 | 2,913 | 3,178 | |||||||||
Book/tax difference on sale of property | (1,418 | ) | (4,402 | ) | (9,687 | ) | ||||||
Book/tax difference on exercise of stock options and restricted shares | 3,724 | 2,017 | 1,550 | |||||||||
Book/tax difference for interest expense | (180 | ) | 985 | (560 | ) | |||||||
Deferred/prepaid/above and below-market rents, net | (1,217 | ) | (1,970 | ) | (2,424 | ) | ||||||
GAAP impairment loss | 687 | 369 | 2,367 | |||||||||
Subpart F income from foreign taxable REIT subsidiary | — | — | 5,488 | |||||||||
Deferred gain on extinguishment of debt | — | (4,872 | ) | — | ||||||||
Book/tax difference for amortization | 842 | (7,474 | ) | — | ||||||||
Book/tax difference for acquisition costs | 6,817 | — | — | |||||||||
Other book/tax differences, net | (1,904 | ) | (3,176 | ) | 595 | |||||||
Adjusted taxable income subject to 90% dividend requirements | $ | 43,541 | $ | 48,047 | $ | 64,335 | ||||||
(1) | 2009 includes gain on acquisition of controlling interest in subsidiary of $27.5 million, related to the consolidation of DIM and 2008 includes an impairment loss on available-for-sale securities of $32.8 million. |
Years Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Dividend paid per share | $ | 0.88 | $ | 1.12 | $ | 1.20 | ||||||
Ordinary income | 50.74 | % | 47.92 | % | 56.50 | % | ||||||
Return of capital | 47.08 | % | 48.68 | % | 28.51 | % | ||||||
Capital gains | 2.18 | % | 3.40 | % | 14.99 | % |
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Years Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
U.S. income (loss) before income taxes | $ | (9,265 | ) | $ | (8,327 | ) | $ | (503 | ) | |||
Foreign income (loss) before income taxes | (2,342 | ) | 23,470 | (27,302 | ) | |||||||
Total income (loss) before income taxes | (11,607 | ) | 15,143 | (27,805 | ) | |||||||
Less benefit (provision ) for income taxes: | ||||||||||||
Current federal and state | 430 | 90 | (125 | ) | ||||||||
Deferred federal and state | 3,335 | 4,927 | (890 | ) | ||||||||
Total tax benefit (provision) | $ | 3,765 | $ | 5,017 | $ | (1,015 | ) | |||||
Net income (loss) from taxable REIT subsidiaries | $ | (7,842 | ) | $ | 20,160 | $ | (28,820 | ) | ||||
Years Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
Federal (provision) benefit at statutory tax rate (35%/34%) | $ | 4,040 | $ | (5,043 | ) | $ | 9,454 | |||||
State taxes, net of federal benefit | 406 | 392 | 19 | |||||||||
Participation exemption | — | — | (8,072 | ) | ||||||||
Gain on acquisition of DIM | — | 7,013 | — | |||||||||
Foreign tax rate differential | (48 | ) | 2,224 | (1,092 | ) | |||||||
Other | (622 | ) | (721 | ) | (65 | ) | ||||||
Valuation allowance (increase) decrease | (11 | ) | 1,152 | (1,259 | ) | |||||||
Total tax benefit (provision) | $ | 3,765 | $ | 5,017 | $ | (1,015 | ) | |||||
Years Ended December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Deferred tax assets: | ||||||||
Disallowed interest | $ | 3,567 | $ | 3,040 | ||||
Net operating loss | 8,471 | 6,331 | ||||||
Other | 443 | 605 | ||||||
Valuation allowance | (195 | ) | (183 | ) | ||||
Total deferred tax assets | 12,286 | 9,793 | ||||||
Deferred tax liabilities: | ||||||||
Other real estate investments | (48,871 | ) | (48,663 | ) | ||||
Mortgage revaluation | (9,327 | ) | (10,795 | ) | ||||
Other | (611 | ) | (394 | ) | ||||
Total deferred tax liabilities | (58,809 | ) | (59,852 | ) | ||||
Net deferred tax liability | $ | (46,523 | ) | $ | (50,059 | ) | ||
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December 31, | ||||||||
2010 | 2009 | |||||||
(in thousands) | ||||||||
Lease intangible liabilities, net | $ | 90,428 | $ | 49,922 | ||||
Prepaid rent | 6,436 | 4,282 | ||||||
Other | 107 | 33 | ||||||
Total other liabilities | $ | 96,971 | $ | 54,237 | ||||
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Year Ended December 31, | ||||||||
2010 | 2009 | |||||||
(In thousands) | ||||||||
Net income attributable to Equity One, Inc. | $ | 25,112 | $ | 83,817 | ||||
Increase in our paid-in-capital for purchases of DIM ordinary shares totaling 2,637,488 and 5,367,817 for the years ended December 31, 2010 and 2009, respectively | 7,562 | 16 | ||||||
Net transfers from noncontrolling interest | 7,562 | 16 | ||||||
Change from net income attributable to Equity One, Inc. and transfers from noncontrolling interest | $ | 32,674 | $ | 83,833 | ||||
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Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
Income from continuing operations | $ | 22,010 | $ | 73,239 | $ | 33,983 | ||||||
Net loss attributable to noncontrolling interests | 693 | 2,442 | — | |||||||||
Income from continuing operations attributable to Equity One, Inc. | 22,703 | 75,681 | 33,983 | |||||||||
Allocation of continuing income to restricted share awards | (280 | ) | (540 | ) | (575 | ) | ||||||
Income from continuing operations attributable to common stockholders | 22,423 | 75,141 | 33,408 | |||||||||
Income from discontinued operations attributable to common stockholders | 2,409 | 8,136 | 1,025 | |||||||||
Allocation of discontinued income to restricted share awards | (9 | ) | (47 | ) | (7 | ) | ||||||
Income from discontinued operations attributable to common stockholders | 2,400 | 8,089 | 1,018 | |||||||||
Net income available to common stockholders | $ | 24,823 | $ | 83,230 | $ | 34,426 | ||||||
Weighted Average Shares Outstanding — Basic | 91,536 | 83,290 | 74,075 | |||||||||
Basic earnings per share attributable to the common stockholders: | ||||||||||||
Basic earnings per share from continuing operations | $ | 0.24 | $ | 0.90 | $ | 0.45 | ||||||
Basic earnings per share from discontinued operations | 0.03 | 0.10 | 0.01 | |||||||||
Earnings per common share — Basic | $ | 0.27 | $ | 1.00 | $ | 0.46 | ||||||
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Year Ended December 31, | |||||||||||||
2010 | 2009 | 2008 | |||||||||||
(In thousands) | |||||||||||||
Income from continuing operations | $ | 22,010 | $ | 73,239 | $ | 33,983 | |||||||
Net loss attributable to noncontrolling interests | 693 | 2,442 | — | ||||||||||
Income from continuing operations attributable to Equity One, Inc. | 22,703 | 75,681 | 33,983 | ||||||||||
Allocation of continuing income to restricted share awards | (280 | ) | (540 | ) | (575 | ) | |||||||
Allocation of earnings associated with DIM contingent shares | (91 | ) | (634 | ) | — | ||||||||
Income from continuing operations attributable to common stockholders | 22,332 | 74,507 | 33,408 | ||||||||||
Income from discontinued operations attributable to common stockholders | 2,409 | 8,136 | 1,025 | ||||||||||
Allocation of discontinued income to restricted share awards | (9 | ) | (47 | ) | (7 | ) | |||||||
Income from discontinued operations attributable to common stockholders | 2,400 | 8,089 | 1,018 | ||||||||||
Net income available to common stockholders | $ | 24,732 | $ | 82,596 | $ | 34,426 | |||||||
Weighted Average Shares Outstanding — Basic: | 91,536 | 83,290 | 74,075 | ||||||||||
Stock options using the treasury method | 102 | 51 | 23 | ||||||||||
Contingent shares to be issued for DIM stock | 72 | 516 | — | ||||||||||
Weighted Average Shares Outstanding — Diluted | 91,710 | 83,857 | 74,098 | ||||||||||
Diluted earnings per share attributable to common stockholders: | |||||||||||||
Diluted earnings per share from continuing operations | $ | 0.24 | $ | 0.89 | $ | 0.45 | |||||||
Diluted earnings per share from discontinued operations | 0.03 | 0.10 | 0.01 | ||||||||||
Earnings per common share — Diluted | $ | 0.27 | $ | 0.98 | $ | 0.46 | �� | ||||||
Note: Diluted EPS for the year ended December 31, 2009 does not foot due to the rounding of the individual calculations. |
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Year Ended December 31, | ||||||||||||||||||||||||
2010 | 2009 | 2008 | ||||||||||||||||||||||
Weighted-Average | Weighted-Average | Weighted-Average | ||||||||||||||||||||||
Shares Under Option | Exercise Price | Shares Under Option | Exercise Price | Shares Under Option | Exercise Price | |||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||
Outstanding at the beginning of the year | 2,762 | $ | 21.28 | 2,475 | $ | 23.32 | 2,325 | $ | 23.85 | |||||||||||||||
Granted | 609 | 18.56 | 780 | 13.37 | 711 | 20.84 | ||||||||||||||||||
Exercised | — | — | (179 | ) | 12.23 | (150 | ) | 16.09 | ||||||||||||||||
Forfeited or expired | (25 | ) | 28.05 | (314 | ) | 22.90 | (411 | ) | 24.99 | |||||||||||||||
Outstanding at the end of the year | 3,346 | $ | 20.73 | 2,762 | $ | 21.28 | 2,475 | $ | 23.32 | |||||||||||||||
Exercisable at the end of year | 2,157 | $ | 22.62 | 1,479 | $ | 23.60 | 922 | $ | 24.26 | |||||||||||||||
Weighted average fair value of options granted during the year | $ | 3.43 | $ | 1.26 | $ | 2.14 | ||||||||||||||||||
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Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Dividend yield | 4.4% - 4.8 | % | 5.4% - 10.4 | % | 4.9% - 7.2 | % | ||||||
Risk-free interest rate | 1.9% - 2.9 | % | 2.0% - 3.0 | % | 1.7% - 3.4 | % | ||||||
Expected option life (years) | 5.75 - 6.5 | 5.8 - 7.0 | 5.8 - 6.3 | |||||||||
Expected volatility | 28.6% - 30.7 | % | 25.8% - 29.2 | % | 21.0% - 23.2 | % |
Unvested | Weighted-Average | |||||||
Shares | Price | |||||||
(In thousands) | ||||||||
Unvested at December 31, 2009 | 263 | $ | 21.51 | |||||
Granted | 1,117 | 16.76 | ||||||
Vested | (123 | ) | 23.56 | |||||
Forfeited | (10 | ) | 13.85 | |||||
Unvested at December 31, 2010 | 1,247 | $ | 17.11 | |||||
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Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
Non-rental legal settlements | $ | 504 | $ | — | $ | — | ||||||
Related party income | 10 | 154 | 135 | |||||||||
Miscellaneous income | 107 | 231 | 36 | |||||||||
Casualty insurance settlement | 27 | 1,073 | — | |||||||||
Forfeited deposits | — | 45 | 203 | |||||||||
Easement income | — | — | 593 | |||||||||
$ | 648 | $ | 1,503 | $ | 967 | |||||||
2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
Rental revenue | $ | 135 | $ | 1,121 | $ | 2,020 | ||||||
Expenses | �� | |||||||||||
Property operating expenses | (22 | ) | 49 | 235 | ||||||||
Rental property depreciation and amortization | 5 | 63 | 157 | |||||||||
Other income and expense | — | — | 46 | |||||||||
Operations of income producing properties sold | 152 | 1,009 | 1,582 | |||||||||
Gain on disposal of income producing property | 2,257 | 7,127 | (557 | ) | ||||||||
Income from discontinued operations | $ | 2,409 | $ | 8,136 | $ | 1,025 | ||||||
Year Ending | Amount | |||
(In thousands) | ||||
2011 | $ | 199,302 | ||
2012 | 171,961 | |||
2013 | 143,999 | |||
2014 | 117,566 | |||
2015 | 96,450 | |||
Thereafter | 336,927 | |||
Total | $ | 1,066,205 | ||
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Year Ending | Amount | |||
(In thousands) | ||||
2011 | $ | 499 | ||
2012 | 765 | |||
2013 | 693 | |||
2014 | 693 | |||
2015 | 663 | |||
Thereafter | 4,158 | |||
Total | $ | 7,471 | ||
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• | Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access. | ||
• | Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. | ||
• | Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. |
Fair Value Measurements | ||||||||
(In thousands) | ||||||||
Level 1 | Level 2 | |||||||
Available for sale securities | $ | 820 | $ | — | ||||
Long term incentive plan | $ | — | $ | 743 | ||||
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Combined | Non- | |||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Guarantor | Eliminating | ||||||||||||||||
As of December 31, 2010 | Inc. | Subsidiaries | Subsidiaries | Entries | Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 1,051,572 | $ | 545,602 | $ | 833,045 | $ | (91 | ) | $ | 2,430,128 | |||||||||
Investment in affiliates | 628,310 | — | — | (628,310 | ) | — | ||||||||||||||
Other assets | 198,010 | 46,873 | 161,653 | (154,800 | ) | 251,736 | ||||||||||||||
Total Assets | $ | 1,877,892 | $ | 592,475 | $ | 994,698 | $ | (783,201 | ) | $ | 2,681,864 | |||||||||
LIABILITIES | ||||||||||||||||||||
Mortgage notes payable | $ | 71,019 | $ | 34,349 | $ | 572,914 | $ | (144,622 | ) | $ | 533,660 | |||||||||
Unsecured senior notes payable | 691,136 | — | — | — | 691,136 | |||||||||||||||
Unamortized/unaccreted (discount)/ premium on notes payable | (1,938 | ) | 469 | (20,454 | ) | — | (21,923 | ) | ||||||||||||
Other liabilities | 31,647 | 50,610 | 113,298 | (10,269 | ) | 185,286 | ||||||||||||||
Total Liabilities | 791,864 | 85,428 | 665,758 | (154,891 | ) | 1,388,159 | ||||||||||||||
Redeemable noncontrolling interests | — | — | — | 3,864 | 3,864 | |||||||||||||||
STOCKHOLDERS’ EQUITY | 1,086,028 | 507,047 | 328,940 | (632,174 | ) | 1,289,841 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,877,892 | $ | 592,475 | $ | 994,698 | $ | (783,201 | ) | $ | 2,681,864 | |||||||||
Combined | Non- | |||||||||||||||||||
Condensed Consolidating Balance Sheet | Equity One, | Guarantor | Guarantor | |||||||||||||||||
As of December 31, 2009 | Inc. | Subsidiaries | Subsidiaries | Eliminating Entries | Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Properties, net | $ | 1,007,214 | $ | 272,205 | $ | 982,706 | $ | — | $ | 2,262,125 | ||||||||||
Investment in affiliates | 628,310 | — | — | (628,310 | ) | — | ||||||||||||||
Other assets | 185,166 | 18,903 | 133,343 | (147,217 | ) | 190,195 | ||||||||||||||
Total Assets | $ | 1,820,690 | $ | 291,108 | $ | 1,116,049 | $ | (775,527 | ) | $ | 2,452,320 | |||||||||
LIABILITIES | ||||||||||||||||||||
Mortgage notes payable | $ | 55,060 | $ | 44,054 | $ | 597,461 | $ | (144,928 | ) | $ | 551,647 | |||||||||
Unsecured revolving credit facilities | — | — | 820 | (820 | ) | — | ||||||||||||||
Unsecured senior notes payable | 691,136 | — | — | — | 691,136 | |||||||||||||||
Unamortized/unaccreted (discount)/ premium on notes payable | (2,638 | ) | 13 | (23,267 | ) | — | (25,892 | ) | ||||||||||||
Other liabilities | 27,983 | 6,488 | 113,725 | (1,469 | ) | 146,727 | ||||||||||||||
Total Liabilities | 771,541 | 50,555 | 688,739 | (147,217 | ) | 1,363,618 | ||||||||||||||
Redeemable noncontrolling interest | — | — | — | 989 | 989 | |||||||||||||||
STOCKHOLDERS’ EQUITY | 1,049,149 | 240,553 | 427,310 | (629,299 | ) | 1,087,713 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,820,690 | $ | 291,108 | $ | 1,116,049 | $ | (775,527 | ) | $ | 2,452,320 | |||||||||
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Condensed Consolidating Statement of Income | Combined | Non- | ||||||||||||||||||
for the year ended | Equity One | Guarantor | Guarantor | Eliminating | ||||||||||||||||
December 31, 2010 | Inc. | Subsidiaries | Subsidiaries | Entries | Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
REVENUE: | ||||||||||||||||||||
Minimum rent | $ | 101,020 | $ | 51,362 | $ | 69,250 | $ | — | $ | 221,632 | ||||||||||
Expense recoveries | 25,771 | 17,002 | 17,577 | — | 60,350 | |||||||||||||||
Percentage rent | 512 | 386 | 787 | — | 1,685 | |||||||||||||||
Management and leasing services | 24 | 1,533 | — | — | 1,557 | |||||||||||||||
Total revenue | 127,327 | 70,283 | 87,614 | — | 285,224 | |||||||||||||||
EQUITY IN SUBSIDIARIES’ EARNINGS | 34,060 | — | — | (34,060 | ) | — | ||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Property operating | 35,836 | 18,745 | 24,271 | — | 78,852 | |||||||||||||||
Rental property depreciation and amortization | 26,180 | 15,433 | 25,726 | — | 67,339 | |||||||||||||||
General and administrative | 35,001 | 3,783 | 3,257 | — | 42,041 | |||||||||||||||
Total costs and expenses | 97,017 | 37,961 | 53,254 | — | 188,232 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 64,370 | 32,322 | 34,360 | (34,060 | ) | 96,992 | ||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||
Investment income | 5,430 | 35 | 21 | (4,549 | ) | 937 | ||||||||||||||
Equity in loss in unconsolidated joint ventures | — | (116 | ) | — | — | (116 | ) | |||||||||||||
Other income | 603 | — | 45 | — | 648 | |||||||||||||||
Interest expense | (46,750 | ) | (1,697 | ) | (34,024 | ) | 4,549 | (77,922 | ) | |||||||||||
Amortization of deferred financing fees | (1,690 | ) | (69 | ) | (165 | ) | — | (1,924 | ) | |||||||||||
Gain on sale of real estate | 254 | — | — | — | 254 | |||||||||||||||
Gain on extinguishment of debt | 58 | 5 | — | — | 63 | |||||||||||||||
Impairment loss | (214 | ) | (311 | ) | (162 | ) | — | (687 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 22,061 | 30,169 | 75 | (34,060 | ) | 18,245 | ||||||||||||||
Income tax (provision) benefit of taxable REIT subsidiaries | (198 | ) | 610 | 3,353 | — | 3,765 | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 21,863 | 30,779 | 3,428 | (34,060 | ) | 22,010 | ||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||
Operations of income producing properties sold or held for sale | 138 | 11 | 3 | — | 152 | |||||||||||||||
Gain on disposal of income producing property | 2,418 | — | (161 | ) | — | 2,257 | ||||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 2,556 | 11 | (158 | ) | — | 2,409 | ||||||||||||||
NET INCOME | 24,419 | 30,790 | 3,270 | (34,060 | ) | 24,419 | ||||||||||||||
Net loss attributable to noncontrolling interests | 693 | — | — | — | 693 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 25,112 | $ | 30,790 | $ | 3,270 | $ | (34,060 | ) | $ | 25,112 | |||||||||
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Condensed Consolidating Statement of Income | Combined | Non- | ||||||||||||||||||
for the year ended | Equity One | Guarantor | Guarantor | Eliminating | ||||||||||||||||
December 31, 2009 | Inc. | Subsidiaries | Subsidiaries | Entries | Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
REVENUE: | ||||||||||||||||||||
Minimum rent | $ | 100,332 | $ | 42,433 | $ | 67,092 | $ | — | $ | 209,857 | ||||||||||
Expense recoveries | 26,846 | 13,801 | 17,314 | — | 57,961 | |||||||||||||||
Percentage rent | 588 | 417 | 674 | — | 1,679 | |||||||||||||||
Management and leasing services | 195 | 1,480 | — | — | 1,675 | |||||||||||||||
Total revenue | 127,961 | 58,131 | 85,080 | — | 271,172 | |||||||||||||||
EQUITY IN SUBSIDIARIES’ EARNINGS | 52,085 | — | — | (52,085 | ) | — | ||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Property operating | 36,946 | 15,861 | 25,263 | — | 78,070 | |||||||||||||||
Rental property depreciation and amortization | 25,221 | 10,540 | 26,361 | — | 62,122 | |||||||||||||||
General and administrative | 30,995 | 3,537 | 4,303 | — | 38,835 | |||||||||||||||
Total costs and expenses | 93,162 | 29,938 | 55,927 | — | 179,027 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 86,884 | 28,193 | 29,153 | (52,085 | ) | 92,145 | ||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||
Investment income | 11,282 | 15 | 12 | (1,155 | ) | 10,154 | ||||||||||||||
Equity in loss in unconsolidated joint ventures | — | (88 | ) | — | — | (88 | ) | |||||||||||||
Other income | 1,503 | — | — | — | 1,503 | |||||||||||||||
Interest expense | (34,407 | ) | (6,719 | ) | (33,454 | ) | 1,130 | (73,450 | ) | |||||||||||
Amortization of deferred financing fees | (1,234 | ) | (103 | ) | (208 | ) | 25 | (1,520 | ) | |||||||||||
Gain on acquisition of controlling interest in subsidiary | — | — | 27,501 | — | 27,501 | |||||||||||||||
Gain on extinguishment of debt | 12,286 | 59 | — | — | 12,345 | |||||||||||||||
Impairment loss | (369 | ) | 1 | — | — | (368 | ) | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 75,945 | 21,358 | 23,004 | (52,085 | ) | 68,222 | ||||||||||||||
Income tax benefit of taxable REIT subsidiaries | — | 1,547 | 3,470 | — | 5,017 | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 75,945 | 22,905 | 26,474 | (52,085 | ) | 73,239 | ||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||
Operations of income producing properties sold or held for sale | 797 | 192 | 20 | — | 1,009 | |||||||||||||||
Gain on disposal of income producing property | 4,633 | 2,494 | — | — | 7,127 | |||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 5,430 | 2,686 | 20 | — | 8,136 | |||||||||||||||
NET INCOME | 81,375 | 25,591 | 26,494 | (52,085 | ) | 81,375 | ||||||||||||||
Net loss attributable to noncontrolling interests | 2,442 | — | — | — | 2,442 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 83,817 | $ | 25,591 | $ | 26,494 | $ | (52,085 | ) | $ | 83,817 | |||||||||
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Condensed Consolidating Statement of Income | Combined | Non- | ||||||||||||||||||
for the year ended | Equity One | Guarantor | Guarantor | |||||||||||||||||
December 31, 2008 | Inc. | Subsidiaries | Subsidiaries | Eliminating Entries | Consolidated | |||||||||||||||
(In thousands) | ||||||||||||||||||||
REVENUE: | ||||||||||||||||||||
Minimum rent | $ | 101,250 | $ | 43,975 | $ | 36,573 | $ | — | $ | 181,798 | ||||||||||
Expense recoveries | 26,145 | 13,842 | 11,766 | — | 51,753 | |||||||||||||||
Percentage rent | 779 | 466 | 656 | — | 1,901 | |||||||||||||||
Management and leasing services | — | 1,789 | — | — | 1,789 | |||||||||||||||
Total revenue | 128,174 | 60,072 | 48,995 | — | 237,241 | |||||||||||||||
EQUITY IN SUBSIDIARIES’ EARNINGS | 24,106 | — | — | (24,106 | ) | — | ||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Property operating | 32,621 | 16,259 | 15,310 | — | 64,190 | |||||||||||||||
Rental property depreciation and amortization | 25,656 | 10,488 | 9,285 | — | 45,429 | |||||||||||||||
General and administrative | 26,610 | 4,892 | 455 | — | 31,957 | |||||||||||||||
Total costs and expenses | 84,887 | 31,639 | 25,050 | — | 141,576 | |||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 67,393 | 28,433 | 23,945 | (24,106 | ) | 95,665 | ||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||
Investment income | 4,104 | 37 | 6,079 | — | 10,220 | |||||||||||||||
Equity in income in unconsolidated joint ventures | — | 108 | — | — | 108 | |||||||||||||||
Other income | 752 | — | 215 | — | 967 | |||||||||||||||
Interest expense | (41,393 | ) | (8,196 | ) | (11,262 | ) | — | (60,851 | ) | |||||||||||
Amortization of deferred financing fees | (1,430 | ) | (103 | ) | (96 | ) | — | (1,629 | ) | |||||||||||
Gain on sale of real estate | 204 | 13,916 | 7,422 | — | 21,542 | |||||||||||||||
Gain on extinguishment of debt | 6,473 | — | — | — | 6,473 | |||||||||||||||
Impairment loss | (2,249 | ) | (2,457 | ) | (32,791 | ) | — | (37,497 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 33,854 | 31,738 | (6,488 | ) | (24,106 | ) | 34,998 | |||||||||||||
Income tax provision of taxable REIT subsidiaries | — | (1,015 | ) | — | (1,015 | ) | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 33,854 | 30,723 | (6,488 | ) | (24,106 | ) | 33,983 | |||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||
Operations of income producing properties sold or held for sale | 1,154 | 384 | 44 | — | 1,582 | |||||||||||||||
Loss on disposal of income producing properties | — | — | (557 | ) | — | (557 | ) | |||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 1,154 | 384 | (513 | ) | — | 1,025 | ||||||||||||||
NET INCOME | 35,008 | 31,107 | (7,001 | ) | (24,106 | ) | 35,008 | |||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | — | |||||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 35,008 | $ | 31,107 | $ | (7,001 | ) | $ | (24,106 | ) | $ | 35,008 | ||||||||
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Condensed Consolidating Statement of Cash Flows | Combined | Non- | ||||||||||||||
for the year ended | Equity One, | Guarantor | Guarantor | |||||||||||||
December 31, 2010 | Inc. | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||
(In thousands) | ||||||||||||||||
Net cash (used in) provided by operating activities | $ | (65,006 | ) | $ | 35,441 | $ | 101,127 | $ | 71,562 | |||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Acquisition of income producing properties | (48,691 | ) | (11,855 | ) | (47,550 | ) | (108,096 | ) | ||||||||
Additions to income producing properties | (3,692 | ) | (1,579 | ) | (4,586 | ) | (9,857 | ) | ||||||||
Additions to construction in progress | (5,443 | ) | (2,408 | ) | (2,063 | ) | (9,914 | ) | ||||||||
Additions to and purchases of land held for development | (1,337 | ) | — | — | (1,337 | ) | ||||||||||
Proceeds from disposal of real estate and rental properties | 3,308 | — | 1,009 | 4,317 | ||||||||||||
Increase in deferred leasing costs and lease intangibles | (2,814 | ) | (849 | ) | (1,098 | ) | (4,761 | ) | ||||||||
Advances to joint ventures | (33,417 | ) | — | — | (33,417 | ) | ||||||||||
Investment in consolidated subsidiary | (13,437 | ) | — | — | (13,437 | ) | ||||||||||
Investment in joint ventures | (13,927 | ) | — | — | (13,927 | ) | ||||||||||
Distributions of capital from joint ventures | 345 | — | — | 345 | ||||||||||||
Proceeds from sale of securities | 841 | — | — | 841 | ||||||||||||
Advances to subsidiaries, net | (64,185 | ) | 47,440 | 16,745 | — | |||||||||||
Net cash (used in) provided by investing activities | (182,449 | ) | 30,749 | (37,543 | ) | (189,243 | ) | |||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Repayment of mortgage notes payable | (13,517 | ) | (49,873 | ) | (11,367 | ) | (74,757 | ) | ||||||||
Proceeds from issuance of stock | 270,698 | — | — | 270,698 | ||||||||||||
Payment of deferred financing costs | (768 | ) | — | (199 | ) | (967 | ) | |||||||||
Stock issuance costs | (3,319 | ) | — | — | (3,319 | ) | ||||||||||
Dividends paid to stockholders | (83,611 | ) | — | — | (83,611 | ) | ||||||||||
Net cash provided by (used in) financing activities | 169,483 | (49,873 | ) | (11,566 | ) | 108,044 | ||||||||||
Net (decrease) increase in cash and cash equivalents | (77,972 | ) | 16,317 | 52,018 | (9,637 | ) | ||||||||||
Cash and cash equivalents at beginning of the year | 47,970 | — | — | 47,970 | ||||||||||||
Cash and cash equivalents at end of the year | $ | (30,002 | ) | $ | 16,317 | $ | 52,018 | $ | 38,333 | |||||||
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Combined | Non- | |||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Guarantor | |||||||||||||
for the year ended December 31, 2009 | Inc. | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||
Net cash provided by operating activities | $ | 19,990 | $ | 12,154 | $ | 64,150 | $ | 96,294 | ||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Acquisition of income producing properties | — | — | (109,582 | ) | (109,582 | ) | ||||||||||
Additions to income producing properties | (4,356 | ) | (7,669 | ) | 2,153 | (9,872 | ) | |||||||||
Additions to construction in progress | (4,527 | ) | (49 | ) | (7,233 | ) | (11,809 | ) | ||||||||
Additions to and purchases of land held for development | — | (26,920 | ) | — | (26,920 | ) | ||||||||||
Proceeds from disposal of real estate and rental properties | 11,837 | 3,144 | 889 | 15,870 | ||||||||||||
Increase in deferred leasing costs and lease intangibles | (2,582 | ) | (392 | ) | (3,056 | ) | (6,030 | ) | ||||||||
Advances to joint ventures | 164 | — | — | 164 | ||||||||||||
Investment in consolidated subsidiary | (956 | ) | — | — | (956 | ) | ||||||||||
Investment in joint ventures | (400 | ) | — | — | (400 | ) | ||||||||||
Distributions of capital from joint ventures | 107 | — | — | 107 | ||||||||||||
Proceeds from sale of securities | 152,008 | — | — | 152,008 | ||||||||||||
Purchase of securities | (10,867 | ) | — | — | (10,867 | ) | ||||||||||
Advances to subsidiaries, net | (104,601 | ) | (22,723 | ) | 127,324 | — | ||||||||||
Net cash provided by (used in) investing activities | 35,827 | (54,609 | ) | 10,495 | (8,287 | ) | ||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Repayments of mortgage notes payable | (2,467 | ) | (5,895 | ) | (73,375 | ) | (81,737 | ) | ||||||||
Net (repayments) borrowings under revolving credit facilities | (40,694 | ) | 5,194 | (1,270 | ) | (36,770 | ) | |||||||||
Proceeds from senior debt borrowings | — | 247,838 | — | 247,838 | ||||||||||||
Repayment from senior debt borrowings | (687 | ) | (202,795 | ) | — | (203,482 | ) | |||||||||
Proceeds from issuance of common stock | 132,488 | — | — | 132,488 | ||||||||||||
Repurchase of common stock | (5,423 | ) | — | — | (5,423 | ) | ||||||||||
Payment in deferred financing costs | — | (1,887 | ) | — | (1,887 | ) | ||||||||||
Stock issuance cost | (4,266 | ) | — | — | (4,266 | ) | ||||||||||
Dividends paid to stockholders | (94,010 | ) | — | — | (94,010 | ) | ||||||||||
Net cash (used in) provided by financing activities | (15,059 | ) | 42,455 | (74,645 | ) | (47,249 | ) | |||||||||
Net increase in cash and cash equivalents | 40,758 | — | — | 40,758 | ||||||||||||
Cash and cash equivalents obtained through acquisition | 1,857 | — | — | 1,857 | ||||||||||||
Cash and cash equivalents at beginning of the year | 5,355 | — | — | 5,355 | ||||||||||||
Cash and cash equivalents at end of the year | $ | 47,970 | $ | — | $ | — | $ | 47,970 | ||||||||
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Combined | Non- | |||||||||||||||
Condensed Consolidating Statement of Cash Flows | Equity One, | Guarantor | Guarantor | |||||||||||||
for the year ended December 31, 2008 | Inc. | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||
(In thousands) | ||||||||||||||||
Net cash (used in) provided by operating activities | $ | (15,888 | ) | $ | 72,178 | $ | 30,229 | $ | 86,519 | |||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Additions to income producing properties | (957 | ) | (5,551 | ) | (3,206 | ) | (9,714 | ) | ||||||||
Additions to and purchases of land held for development | — | (87 | ) | — | (87 | ) | ||||||||||
Additions to construction in progress | (5,820 | ) | (17,380 | ) | (7,247 | ) | (30,447 | ) | ||||||||
Proceeds from disposal of real estate and rental properties | 550 | 176,855 | 14,500 | 191,905 | ||||||||||||
Change in cash held in escrow | 54,460 | — | — | 54,460 | ||||||||||||
Investment in joint ventures | (4,410 | ) | (12,768 | ) | — | (17,178 | ) | |||||||||
Advances to joint ventures | (265 | ) | — | — | (265 | ) | ||||||||||
Distributions of capital from joint ventures | 2,966 | — | — | 2,966 | ||||||||||||
Increase in deferred leasing costs | (1,952 | ) | (2,575 | ) | (1,409 | ) | (5,936 | ) | ||||||||
Additions to notes receivable | (3 | ) | — | — | (3 | ) | ||||||||||
Proceeds from repayment of notes receivable | 13 | 4 | 5 | 22 | ||||||||||||
Proceeds from sale of securities | 250 | — | — | 250 | ||||||||||||
Purchase of securities | (134,667 | ) | — | — | (134,667 | ) | ||||||||||
Advances to affiliates | 176,346 | (177,064 | ) | 718 | — | |||||||||||
Net cash provided by (used in) investing activities | 86,511 | (38,566 | ) | 3,361 | 51,306 | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
Repayments of mortgage notes payable | (9,775 | ) | (33,612 | ) | (34,929 | ) | (78,316 | ) | ||||||||
Borrowings under mortgage notes | 65,000 | — | — | 65,000 | ||||||||||||
Net repayments under revolving credit facilities | (1,500 | ) | — | — | (1,500 | ) | ||||||||||
Repayment of senior debt | (81,518 | ) | — | — | (81,518 | ) | ||||||||||
Change in deferred financing costs | (4,117 | ) | — | 1,339 | (2,778 | ) | ||||||||||
Proceeds from issuance of common stock | 57,102 | — | — | 57,102 | ||||||||||||
Stock issuance cost | (2,161 | ) | — | — | (2,161 | ) | ||||||||||
Dividends paid to stockholders | (89,612 | ) | — | — | (89,612 | ) | ||||||||||
Net cash used in financing activities | (66,581 | ) | (33,612 | ) | (33,590 | ) | (133,783 | ) | ||||||||
Net increase in cash and cash equivalents | 4,042 | — | — | 4,042 | ||||||||||||
Cash and cash equivalents at beginning of the year | 1,313 | — | — | 1,313 | ||||||||||||
Cash and cash equivalents at end of the year | $ | 5,355 | $ | — | $ | — | $ | 5,355 | ||||||||
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First Quarter(1) | Second Quarter(1) | Third Quarter(1) | Fourth Quarter(1) | |||||||||||||
2010: | ||||||||||||||||
Total revenues | $ | 70,078 | $ | 71,284 | $ | 71,466 | $ | 72,396 | ||||||||
Income from continuing operations | $ | 4,743 | $ | 4,671 | $ | 5,132 | $ | 7,464 | ||||||||
Net income | $ | 4,795 | $ | 6,204 | $ | 5,147 | $ | 8,273 | ||||||||
Net income available to common shareholders | $ | 5,432 | $ | 6,214 | $ | 5,157 | $ | 8,309 | ||||||||
Basic per share data | ||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.05 | $ | 0.06 | $ | 0.08 | ||||||||
Net income | $ | 0.06 | $ | 0.07 | $ | 0.06 | $ | 0.09 | ||||||||
Diluted per share data | ||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.05 | $ | 0.05 | $ | 0.08 | ||||||||
Net income | $ | 0.06 | $ | 0.07 | $ | 0.06 | $ | 0.09 |
(1) | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. |
First Quarter(1) | Second Quarter(1) | Third Quarter(1) | Fourth Quarter(1) | |||||||||||||
2009: | ||||||||||||||||
Total revenues | $ | 68,906 | $ | 67,349 | $ | 66,714 | $ | 68,203 | ||||||||
Income from continuing operations | $ | 41,792 | $ | 10,921 | $ | 13,932 | $ | 6,594 | ||||||||
Net income | $ | 43,359 | $ | 14,851 | $ | 14,748 | $ | 8,417 | ||||||||
Net income available to common shareholders | $ | 43,836 | $ | 15,357 | $ | 15,318 | $ | 9,306 | ||||||||
Basic per share data | ||||||||||||||||
Income from continuing operations | $ | 0.55 | $ | 0.13 | $ | 0.17 | $ | 0.09 | ||||||||
Net income | $ | 0.57 | $ | 0.18 | $ | 0.18 | $ | 0.11 | ||||||||
Diluted per share data | ||||||||||||||||
Income from continuing operations | $ | 0.54 | $ | 0.13 | $ | 0.16 | $ | 0.08 | ||||||||
Net income | $ | 0.56 | $ | 0.18 | $ | 0.17 | $ | 0.10 |
(1) | Reclassified to reflect the reporting of discontinued operations. Note that the sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of the individual calculations. |
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Equity One, Inc.
Balance at | Adjustments to | Balance at end of | ||||||||||||||||||
beginning of period | Charged to expense | valuation accounts | Deductions | period | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended December 31, 2010: | ||||||||||||||||||||
Allowance for doubful accounts | $ | 4,452 | 2,429 | — | (2,016 | ) | $ | 4,865 | ||||||||||||
Allowance for deferred tax asset | $ | 183 | 12 | — | — | $ | 195 | |||||||||||||
Year Ended December 31, 2009: | ||||||||||||||||||||
Allowance for doubful accounts | $ | 3,076 | 4,624 | — | (3,248 | ) | $ | 4,452 | ||||||||||||
Allowance for deferred tax asset | $ | 1,334 | (1,151 | ) | — | $ | 183 | |||||||||||||
Year Ended December 31, 2008: | ||||||||||||||||||||
Allowance for doubful accounts | $ | 2,243 | 2,214 | — | (1,381 | ) | $ | 3,076 | ||||||||||||
Allowance for deferred tax asset | $ | 75 | 1,259 | — | — | $ | 1,334 | |||||||||||||
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December 31, 2010
Capitalized | GROSS AMOUNTS AT WHICH | |||||||||||||||||||||||||||||||||||||||
INITIAL COST TO COMPANY | Subsequent to | CARRIED AT CLOSE OF PERIOD | ||||||||||||||||||||||||||||||||||||||
Encum- | Building & | Acquisition or | Building & | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||||||
Property | Location | brances | Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Construction | Acquired | |||||||||||||||||||||||||||||
1175 Third Avenue | NY | $ | 7,426 | $ | 28,282 | $ | 22,115 | $ | — | $ | 28,282 | $ | 22,115 | $ | 50,397 | $ | (185 | ) | 1991 | 09/22/10 | ||||||||||||||||||||
2400 PGA | FL | — | 1,418 | — | 1 | 1,418 | 1 | 1,419 | (1 | ) | NA | 03/20/06 | ||||||||||||||||||||||||||||
4101 South I-85 Industrial | NC | — | 1,619 | 950 | 275 | 1,619 | 1,225 | 2,844 | (267 | ) | 1956,1963 | 02/12/03 | ||||||||||||||||||||||||||||
Alafaya Commons | FL | — | 6,858 | 10,720 | 1,302 | 6,858 | 12,022 | 18,880 | (2,269 | ) | 1987 | 02/12/03 | ||||||||||||||||||||||||||||
Alafaya Village | FL | 3,834 | 1,444 | 4,967 | 574 | 1,444 | 5,541 | 6,985 | (827 | ) | 1986 | 04/20/06 | ||||||||||||||||||||||||||||
Ambassador Row | LA | — | 3,880 | 10,570 | 1,189 | 3,880 | 11,759 | 15,639 | (2,188 | ) | 1980 | 02/12/03 | ||||||||||||||||||||||||||||
Ambassador Row Courtyard | LA | — | 3,110 | 9,208 | 2,306 | 3,110 | 11,514 | 14,624 | (2,521 | ) | 1986 | 02/12/03 | ||||||||||||||||||||||||||||
Atlantic Village | FL | — | 1,190 | 4,760 | 1,275 | 1,190 | 6,035 | 7,225 | (2,752 | ) | 1984 | 06/30/95 | ||||||||||||||||||||||||||||
Banco Popular Building | FL | — | 3,363 | 1,566 | 586 | 3,363 | 2,152 | 5,515 | (384 | ) | 1971 | 09/27/05 | ||||||||||||||||||||||||||||
Bay Pointe Plaza | FL | — | 4,655 | 5,870 | 152 | 4,655 | 6,022 | 10,677 | (1,256 | ) | 1984 | 02/12/03 | ||||||||||||||||||||||||||||
Beauclerc Village | FL | — | 651 | 2,242 | 1,426 | 651 | 3,668 | 4,319 | (1,502 | ) | 1962 | 05/15/98 | ||||||||||||||||||||||||||||
Belfair Towne Village | SC | 9,651 | 11,238 | 10,037 | 4,099 | 11,238 | 14,136 | 25,374 | (2,733 | ) | 2000 | 12/22/03 | ||||||||||||||||||||||||||||
Bird Ludlum | FL | 4,893 | 4,088 | 16,318 | 1,481 | 4,088 | 17,799 | 21,887 | (7,273 | ) | 1988 | 08/11/94 | ||||||||||||||||||||||||||||
Bluebonnet Village | LA | — | 2,290 | 4,168 | 2,044 | 2,290 | 6,212 | 8,502 | (1,079 | ) | 1983 | 02/12/03 | ||||||||||||||||||||||||||||
Bluffs Square Shoppes | FL | — | 3,232 | 9,917 | 341 | 3,232 | 10,258 | 13,490 | (3,317 | ) | 1986 | 08/15/00 | ||||||||||||||||||||||||||||
Boca Village | FL | 7,515 | 3,385 | 10,174 | 630 | 3,385 | 10,804 | 14,189 | (3,010 | ) | 1978 | 08/15/00 | ||||||||||||||||||||||||||||
Boynton Plaza | FL | — | 2,943 | 9,100 | 508 | 2,943 | 9,608 | 12,551 | (2,932 | ) | 1978 | 08/15/00 | ||||||||||||||||||||||||||||
Brawley Commons | NC | 6,712 | 4,206 | 11,556 | 69 | 4,206 | 11,625 | 15,831 | (643 | ) | 1997 | 12/31/08 | ||||||||||||||||||||||||||||
BridgeMill | GA | 8,111 | 8,593 | 6,310 | 656 | 8,593 | 6,966 | 15,559 | (1,560 | ) | 2000 | 11/13/03 | ||||||||||||||||||||||||||||
Brookside Plaza | CT | — | 2,291 | 26,260 | 5,595 | 2,291 | 31,855 | 34,146 | (4,429 | ) | 1985 | 01/12/06 | ||||||||||||||||||||||||||||
Buckhead Station | GA | 25,576 | 27,138 | 45,277 | 1,931 | 27,138 | 47,208 | 74,346 | (4,889 | ) | 1996 | 03/09/07 | ||||||||||||||||||||||||||||
Butler Creek | GA | — | 2,808 | 7,648 | 1,848 | 2,808 | 9,496 | 12,304 | (2,492 | ) | 1990 | 07/15/03 | ||||||||||||||||||||||||||||
Canyon Trails | AZ | — | 12,087 | 11,168 | — | 12,087 | 11,168 | 23,255 | (2 | ) | 2008 | 12/23/10 | ||||||||||||||||||||||||||||
Carolina Pavilion | NC | — | 22,043 | 69,563 | 1,893 | 22,043 | 71,456 | 93,499 | (4,651 | ) | 2002 | 12/31/08 | ||||||||||||||||||||||||||||
Carrollwood | FL | — | 2,756 | 6,553 | 1,070 | 2,756 | 7,623 | 10,379 | (1,684 | ) | 1970 | 02/12/03 | ||||||||||||||||||||||||||||
Cashmere Corners | FL | 4,376 | 1,947 | 5,707 | (86 | ) | 1,947 | 5,621 | 7,568 | (1,382 | ) | 2001 | 08/15/00 | |||||||||||||||||||||||||||
Centre Pointe Plaza | NC | — | 2,081 | 4,411 | 929 | 2,081 | 5,340 | 7,421 | (1,121 | ) | 1989 | 02/12/03 | ||||||||||||||||||||||||||||
Chapel Trail Plaza | FL | — | 3,641 | 5,777 | 3,020 | 3,641 | 8,797 | 12,438 | (1,369 | ) | 1996 | 05/10/06 | ||||||||||||||||||||||||||||
Charlotte Square | FL | — | 4,155 | 4,414 | 103 | 4,155 | 4,517 | 8,672 | (962 | ) | 1980 | 02/12/03 | ||||||||||||||||||||||||||||
Chastain Square | GA | 3,089 | 10,689 | 5,937 | 261 | 10,689 | 6,198 | 16,887 | (1,253 | ) | 1981 | 02/12/03 | ||||||||||||||||||||||||||||
Chelsea Place | FL | — | 2,591 | 6,491 | 1,159 | 2,591 | 7,650 | 10,241 | (1,499 | ) | 1992 | 02/12/03 | ||||||||||||||||||||||||||||
Chestnut Square | NC | — | 1,189 | 1,326 | 3,569 | 1,189 | 4,895 | 6,084 | (573 | ) | 1985 | 02/12/03 | ||||||||||||||||||||||||||||
Commerce Crossing | GA | — | 2,013 | 1,301 | 402 | 2,013 | 1,703 | 3,716 | (636 | ) | 1988 | 02/12/03 | ||||||||||||||||||||||||||||
Conway Crossing | FL | — | 2,615 | 5,818 | 1,929 | 2,615 | 7,747 | 10,362 | (1,538 | ) | 2002 | 02/12/03 | ||||||||||||||||||||||||||||
Copps Hill Plaza | CT | 19,364 | 14,146 | 24,626 | 52 | 14,146 | 24,678 | 38,824 | (723 | ) | 2002 | 03/31/10 | ||||||||||||||||||||||||||||
Coral Reef Shopping Center | FL | — | 16,464 | 4,376 | 1,515 | 17,479 | 4,876 | 22,355 | (567 | ) | 1968 | 09/01/06 | ||||||||||||||||||||||||||||
Country Club Plaza | LA | — | 1,294 | 2,060 | 14 | 1,294 | 2,074 | 3,368 | (417 | ) | 1982 | 02/12/03 | ||||||||||||||||||||||||||||
Country Walk Plaza | FL | 13,485 | 8,827 | 18,513 | — | 8,827 | 18,513 | 27,340 | (205 | ) | 1985 | 09/02/10 | ||||||||||||||||||||||||||||
Countryside Shops | FL | — | 11,343 | 13,853 | 3,220 | 11,343 | 17,073 | 28,416 | (3,340 | ) | 1986 | 02/12/03 | ||||||||||||||||||||||||||||
Crossroads Square | FL | — | 3,592 | 4,401 | 6,153 | 3,520 | 10,626 | 14,146 | (2,148 | ) | 1973 | 08/15/00 | ||||||||||||||||||||||||||||
CVS Plaza | FL | — | 657 | 2,803 | 1,314 | 657 | 4,117 | 4,774 | (689 | ) | 2004 | 07/23/99 | ||||||||||||||||||||||||||||
Daniel Village | GA | 3,377 | 3,439 | 8,352 | 107 | 3,439 | 8,459 | 11,898 | (1,702 | ) | 1956 | 02/12/03 | ||||||||||||||||||||||||||||
Dolphin Village | FL | — | 17,607 | 10,098 | 346 | 17,607 | 10,444 | 28,051 | (1,610 | ) | 1967 | 01/04/06 | ||||||||||||||||||||||||||||
Douglas Commons | GA | 4,023 | 3,681 | 7,588 | 221 | 3,681 | 7,809 | 11,490 | (1,567 | ) | 1988 | 02/12/03 | ||||||||||||||||||||||||||||
Dublin Village | GA | 6,705 | 2,573 | 6,774 | 2 | 2,573 | 6,776 | 9,349 | (374 | ) | 2005 | 12/31/08 | ||||||||||||||||||||||||||||
El Novillo | FL | — | 250 | 1,000 | 151 | 250 | 1,151 | 1,401 | (468 | ) | 1970 | 04/30/98 | ||||||||||||||||||||||||||||
Elmwood Oaks | LA | — | 4,088 | 8,221 | 683 | 4,088 | 8,904 | 12,992 | (1,914 | ) | 1989 | 02/12/03 | ||||||||||||||||||||||||||||
Eustis Village | FL | 13,095 | 6,842 | 13,072 | (19 | ) | 6,842 | 13,053 | 19,895 | (745 | ) | 2002 | 12/31/08 | |||||||||||||||||||||||||||
Fairview Oaks | GA | 3,808 | 1,929 | 6,187 | 1,600 | 1,929 | 7,787 | 9,716 | (1,508 | ) | 1997 | 02/12/03 | ||||||||||||||||||||||||||||
Forest Village | FL | 4,065 | 3,397 | 3,206 | 2,335 | 3,397 | 5,541 | 8,938 | (1,459 | ) | 2000 | 01/28/99 | ||||||||||||||||||||||||||||
Freehome Village | GA | 9,706 | 5,224 | 7,032 | (29 | ) | 5,224 | 7,003 | 12,227 | (379 | ) | 2003 | 12/31/08 | |||||||||||||||||||||||||||
Ft. Caroline | FL | — | 701 | 2,800 | 745 | 700 | 3,546 | 4,246 | (1,439 | ) | 1985 | 01/24/94 | ||||||||||||||||||||||||||||
Galleria | NC | — | 1,493 | 3,875 | 960 | 1,493 | 4,835 | 6,328 | (930 | ) | 1986 | 02/12/03 | ||||||||||||||||||||||||||||
Gateway Plaza at Aventura | FL | — | 2,301 | 5,529 | — | 2,301 | 5,529 | 7,830 | (172 | ) | 1991 | 03/19/10 | ||||||||||||||||||||||||||||
Glengary Shoppes | FL | 16,573 | 7,488 | 13,969 | 300 | 7,488 | 14,269 | 21,757 | (886 | ) | 1995 | 12/31/08 | ||||||||||||||||||||||||||||
Golden Park Village | GA | 7,204 | 3,423 | 6,968 | (8 | ) | 3,423 | 6,960 | 10,383 | (363 | ) | 2000 | 12/31/08 | |||||||||||||||||||||||||||
Governors Town Square | GA | 10,216 | 4,554 | 9,595 | 19 | 4,554 | 9,614 | 14,168 | (533 | ) | 2005 | 12/31/08 | ||||||||||||||||||||||||||||
Grand Marche | LA | — | 304 | — | — | 304 | — | 304 | — | 1969 | 02/12/03 | |||||||||||||||||||||||||||||
Grassland Crossing | GA | 4,574 | 3,656 | 7,885 | 634 | 3,656 | 8,519 | 12,175 | (1,678 | ) | 1996 | 02/12/03 | ||||||||||||||||||||||||||||
Grayson Village Shopping Ctr | GA | 9,635 | 3,658 | 7,640 | (8 | ) | 3,658 | 7,632 | 11,290 | (413 | ) | 2002 | 12/31/08 | |||||||||||||||||||||||||||
Greensboro Village Shopping Ct | TN | 9,652 | 2,682 | 9,397 | 15 | 2,682 | 9,412 | 12,094 | (550 | ) | 2005 | 12/31/08 | ||||||||||||||||||||||||||||
Greenwood | FL | — | 4,117 | 10,295 | 2,909 | 4,117 | 13,204 | 17,321 | (2,602 | ) | 1982 | 02/12/03 | ||||||||||||||||||||||||||||
Hairston Center | GA | — | 1,644 | 642 | 1 | 1,644 | 643 | 2,287 | (87 | ) | 2000 | 08/25/05 | ||||||||||||||||||||||||||||
Hamilton Ridge | GA | — | 5,612 | 7,167 | 1,462 | 5,612 | 8,629 | 14,241 | (1,881 | ) | 2002 | 12/18/03 | ||||||||||||||||||||||||||||
Hammocks Town Center | FL | 11,631 | 16,856 | 11,392 | 546 | 16,856 | 11,938 | 28,794 | (702 | ) | 1987 | 12/31/08 | ||||||||||||||||||||||||||||
Hampton Oaks | GA | — | 835 | — | 6,144 | 1,929 | 5,050 | 6,979 | (137 | ) | n/a | 11/30/06 | ||||||||||||||||||||||||||||
Homestead Gas Station | FL | — | 1,170 | — | 99 | 1,170 | 99 | 1,269 | (4 | ) | 1959 | 11/08/04 | ||||||||||||||||||||||||||||
Hunters Creek | FL | — | 1,562 | 5,445 | 2,293 | 1,562 | 7,738 | 9,300 | (1,695 | ) | 1998 | 09/23/03 | ||||||||||||||||||||||||||||
Keith Bridge Commons | GA | 8,561 | 6,278 | 10,165 | 59 | 6,278 | 10,224 | 16,502 | (593 | ) | 2002 | 12/31/08 | ||||||||||||||||||||||||||||
Kirkman Shoppes | FL | — | 3,222 | 9,714 | 355 | 3,222 | 10,069 | 13,291 | (3,160 | ) | 1973 | 08/15/00 | ||||||||||||||||||||||||||||
Lago Mar | FL | — | 4,216 | 6,609 | 1,173 | 4,216 | 7,782 | 11,998 | (1,528 | ) | 1995 | 02/12/03 | ||||||||||||||||||||||||||||
Lake Mary | FL | 22,321 | 7,092 | 13,878 | 8,033 | 7,092 | 21,911 | 29,003 | (7,102 | ) | 1988 | 11/09/95 |
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Table of Contents
Capitalized | GROSS AMOUNTS AT WHICH | |||||||||||||||||||||||||||||||||||||||
INITIAL COST TO COMPANY | Subsequent to | CARRIED AT CLOSE OF PERIOD | ||||||||||||||||||||||||||||||||||||||
Encum- | Building & | Acquisition or | Building & | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||||||
Property | Location | brances | Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Construction | Acquired | |||||||||||||||||||||||||||||
Lake St. Charles | FL | 3,517 | 1,497 | 3,768 | 15 | 1,497 | 3,783 | 5,280 | (890 | ) | 1999 | 09/21/01 | ||||||||||||||||||||||||||||
Lancaster Plaza | SC | — | 317 | 153 | 1,458 | 317 | 1,611 | 1,928 | (168 | ) | 1971 | 02/12/03 | ||||||||||||||||||||||||||||
Lancaster Shopping Center | SC | — | 280 | 120 | 8 | 280 | 128 | 408 | (29 | ) | 1963 | 02/12/03 | ||||||||||||||||||||||||||||
Lantana Village | FL | — | 1,350 | 7,978 | 909 | 1,350 | 8,887 | 10,237 | (2,760 | ) | 1976 | 01/06/98 | ||||||||||||||||||||||||||||
Laurel Walk Apartments | NC | — | 2,065 | 4,491 | 123 | 2,065 | 4,614 | 6,679 | (575 | ) | 1985 | 10/31/05 | ||||||||||||||||||||||||||||
Loganville Town Center | GA | 9,897 | 3,442 | 8,800 | (3 | ) | 3,442 | 8,797 | 12,239 | (477 | ) | 1997 | 12/31/08 | |||||||||||||||||||||||||||
Lutz Lake | FL | 7,229 | 3,619 | 5,199 | 1,149 | 3,619 | 6,348 | 9,967 | (1,262 | ) | 2002 | 02/12/03 | ||||||||||||||||||||||||||||
Mableton Crossing | GA | 3,335 | 3,331 | 6,403 | 224 | 3,331 | 6,627 | 9,958 | (1,294 | ) | 1997 | 02/12/03 | ||||||||||||||||||||||||||||
Macland Pointe | GA | 5,311 | 3,462 | 4,814 | 106 | 3,462 | 4,920 | 8,382 | (992 | ) | 1992 | 02/12/03 | ||||||||||||||||||||||||||||
Madison Centre | AL | 3,089 | 1,424 | 5,187 | 33 | 1,424 | 5,220 | 6,644 | (1,528 | ) | 1997 | 02/12/03 | ||||||||||||||||||||||||||||
Magnolia Shoppes | FL | 14,260 | 7,176 | 10,886 | 225 | 7,176 | 11,111 | 18,287 | (650 | ) | 1998 | 12/31/08 | ||||||||||||||||||||||||||||
Mandarin Landing | FL | — | 4,443 | 4,747 | 10,036 | 4,443 | 14,783 | 19,226 | (2,863 | ) | 1976 | 12/10/99 | ||||||||||||||||||||||||||||
Mandarin Mini | FL | — | 362 | 1,148 | 318 | 362 | 1,466 | 1,828 | (612 | ) | 1982 | 05/10/94 | ||||||||||||||||||||||||||||
Marco Town Center | FL | 7,398 | 3,872 | 11,966 | 1,203 | 3,872 | 13,169 | 17,041 | (3,566 | ) | 2001 | 08/15/00 | ||||||||||||||||||||||||||||
Mariners Crossing | FL | — | 1,262 | 4,447 | 2,782 | 1,511 | 6,980 | 8,491 | (1,460 | ) | 1989 | 09/12/00 | ||||||||||||||||||||||||||||
Market Place | GA | — | 1,667 | 4,078 | 143 | 1,667 | 4,221 | 5,888 | (846 | ) | 1976 | 02/12/03 | ||||||||||||||||||||||||||||
McAlphin Square | GA | — | 3,536 | 6,963 | 338 | 3,536 | 7,301 | 10,837 | (1,657 | ) | 1979 | 02/12/03 | ||||||||||||||||||||||||||||
Meadows | FL | 5,479 | 2,304 | 6,670 | 125 | 2,304 | 6,795 | 9,099 | (1,545 | ) | 1997 | 05/23/02 | ||||||||||||||||||||||||||||
Medical & Merchants | FL | — | 10,323 | 12,174 | 71 | 10,323 | 12,244 | 22,567 | (2,223 | ) | 1993 | 05/27/04 | ||||||||||||||||||||||||||||
Middle Beach Shopping Center | FL | — | 2,195 | 5,542 | 8 | 2,195 | 5,550 | 7,745 | (986 | ) | 1994 | 12/23/03 | ||||||||||||||||||||||||||||
Midpoint Center | FL | 6,008 | 5,417 | 6,705 | 12 | 5,417 | 6,717 | 12,134 | (727 | ) | 2002 | 12/08/06 | ||||||||||||||||||||||||||||
Milestone Plaza | SC | — | 9,868 | 8,711 | 129 | 9,868 | 8,840 | 18,708 | (965 | ) | 1995 | 08/25/06 | ||||||||||||||||||||||||||||
North Village Center | SC | — | 2,860 | 2,774 | 55 | 2,860 | 2,829 | 5,689 | (944 | ) | 1984 | 02/12/03 | ||||||||||||||||||||||||||||
NSB Regional | FL | — | 3,217 | 8,896 | 98 | 3,217 | 8,994 | 12,211 | (1,819 | ) | 1987 | 02/12/03 | ||||||||||||||||||||||||||||
Oak Hill | FL | — | 690 | 2,760 | 830 | 690 | 3,590 | 4,280 | (1,180 | ) | 1985 | 12/07/95 | ||||||||||||||||||||||||||||
Oakbrook | FL | — | 7,706 | 16,079 | 3,779 | 7,706 | 19,858 | 27,564 | (4,656 | ) | 1974 | 08/15/00 | ||||||||||||||||||||||||||||
Oaktree Plaza | FL | — | 1,589 | 2,275 | 226 | 1,589 | 2,501 | 4,090 | (317 | ) | 1985 | 10/16/06 | ||||||||||||||||||||||||||||
Old Kings Commons | FL | — | 1,420 | 5,005 | 423 | 1,420 | 5,428 | 6,848 | (1,096 | ) | 1988 | 02/12/03 | ||||||||||||||||||||||||||||
Pablo Plaza | FL | 7,466 | 5,327 | 12,676 | 328 | 5,424 | 12,907 | 18,331 | (228 | ) | 1973 | 08/31/10 | ||||||||||||||||||||||||||||
Park Promenade | FL | — | 2,670 | 6,444 | 145 | 2,670 | 6,589 | 9,259 | (2,196 | ) | 1987 | 01/31/99 | ||||||||||||||||||||||||||||
Parkwest Crossing | NC | — | 1,788 | 6,727 | 183 | 1,788 | 6,910 | 8,698 | (1,432 | ) | 1990 | 02/12/03 | ||||||||||||||||||||||||||||
Paulding Commons | GA | 5,245 | 3,848 | 11,985 | 171 | 3,848 | 12,156 | 16,004 | (2,394 | ) | 1991 | 02/12/03 | ||||||||||||||||||||||||||||
Pavilion | FL | — | 10,827 | 11,299 | 2,964 | 10,827 | 14,263 | 25,090 | (2,856 | ) | 1982 | 02/04/04 | ||||||||||||||||||||||||||||
Piedmont Peachtree Crossing | GA | — | 34,338 | 17,992 | 836 | 34,338 | 18,828 | 53,166 | (2,655 | ) | 1978 | 03/06/06 | ||||||||||||||||||||||||||||
Pine Island | FL | — | 8,557 | 12,860 | 334 | 8,557 | 13,194 | 21,751 | (3,825 | ) | 1983 | 08/26/99 | ||||||||||||||||||||||||||||
Pine Ridge Square | FL | 6,636 | 6,528 | 9,850 | 2,532 | 6,528 | 12,382 | 18,910 | (2,520 | ) | 1986 | 02/12/03 | ||||||||||||||||||||||||||||
Plaza Acadienne | LA | — | 2,108 | 168 | 139 | 2,108 | 307 | 2,415 | (48 | ) | 1980 | 02/12/03 | ||||||||||||||||||||||||||||
Plaza Alegre | FL | — | 2,011 | 9,191 | 217 | 1,866 | 9,553 | 11,419 | (2,842 | ) | 2003 | 02/26/02 | ||||||||||||||||||||||||||||
Point Royale | FL | — | 3,720 | 5,005 | 3,225 | 4,784 | 7,166 | 11,950 | (2,638 | ) | 1970 | 07/27/95 | ||||||||||||||||||||||||||||
Powers Ferry Plaza | GA | — | 3,236 | 5,227 | 507 | 3,236 | 5,734 | 8,970 | (1,397 | ) | 1979 | 02/12/03 | ||||||||||||||||||||||||||||
Prosperity Centre | FL | — | 4,597 | 13,838 | 989 | 4,597 | 14,827 | 19,424 | (4,060 | ) | 1993 | 08/15/00 | ||||||||||||||||||||||||||||
Providence Square | NC | — | 1,112 | 2,575 | 704 | 1,112 | 3,279 | 4,391 | (698 | ) | 1973 | 02/12/03 | ||||||||||||||||||||||||||||
Quincy Star Market | MA | — | 6,121 | 18,444 | — | 6,121 | 18,444 | 24,565 | (3,099 | ) | 1965 | 10/07/04 | ||||||||||||||||||||||||||||
Regency Crossing | FL | — | 1,982 | 6,524 | 113 | 1,982 | 6,637 | 8,619 | (1,347 | ) | 1986 | 02/12/03 | ||||||||||||||||||||||||||||
Ridge Plaza | FL | — | 3,905 | 7,450 | 1,438 | 3,905 | 8,888 | 12,793 | (2,687 | ) | 1984 | 08/15/00 | ||||||||||||||||||||||||||||
River Green (land) | GA | — | 2,587 | — | 805 | 2,587 | 805 | 3,392 | — | n/a | 09/27/05 | |||||||||||||||||||||||||||||
Riverside Square | FL | 6,710 | 6,423 | 8,260 | 1,370 | 6,423 | 9,630 | 16,053 | (1,976 | ) | 1987 | 02/12/03 | ||||||||||||||||||||||||||||
Riverview Shopping Center | NC | — | 2,202 | 4,745 | 1,909 | 2,202 | 6,654 | 8,856 | (1,207 | ) | 1973 | 02/12/03 | ||||||||||||||||||||||||||||
Ross Plaza | FL | — | 2,115 | 6,346 | 818 | 2,115 | 7,164 | 9,279 | (2,218 | ) | 1984 | 08/15/00 | ||||||||||||||||||||||||||||
Ryanwood Square | FL | — | 2,281 | 6,880 | 1,051 | 2,608 | 7,604 | 10,212 | (1,753 | ) | 1987 | 08/15/00 | ||||||||||||||||||||||||||||
Salem Road Station | GA | 5,732 | 3,180 | 5,982 | (1 | ) | 3,180 | 5,981 | 9,161 | (319 | ) | 2000 | 12/31/08 | |||||||||||||||||||||||||||
Salerno Village Square | FL | — | 2,291 | 1,511 | 5,242 | 2,291 | 6,753 | 9,044 | (1,199 | ) | 1987 | 05/06/02 | ||||||||||||||||||||||||||||
Salisbury Marketplace | NC | — | 3,118 | 5,099 | 372 | 3,118 | 5,471 | 8,589 | (1,129 | ) | 1987 | 02/12/03 | ||||||||||||||||||||||||||||
Sawgrass Promenade | FL | 7,515 | 3,280 | 9,351 | 2,112 | 3,280 | 11,463 | 14,743 | (3,361 | ) | 1982 | 08/15/00 | ||||||||||||||||||||||||||||
Seven Hills | FL | — | 2,167 | 5,167 | 644 | 2,167 | 5,811 | 7,978 | (1,049 | ) | 1991 | 02/12/03 | ||||||||||||||||||||||||||||
Shaw’s at Medford | MA | — | 7,750 | 11,390 | — | 7,750 | 11,390 | 19,140 | (1,906 | ) | 1995 | 10/07/04 | ||||||||||||||||||||||||||||
Shaw’s at Plymouth | MA | — | 4,917 | 12,199 | — | 4,917 | 12,199 | 17,116 | (2,039 | ) | 1993 | 10/07/04 | ||||||||||||||||||||||||||||
Sheridan | FL | 63,288 | 38,888 | 36,241 | 5,581 | 38,888 | 41,822 | 80,710 | (8,075 | ) | 1973 | 07/14/03 | ||||||||||||||||||||||||||||
Sherwood South | LA | — | 746 | 2,412 | 1,032 | 746 | 3,444 | �� | 4,190 | (950 | ) | 1972 | 02/12/03 | |||||||||||||||||||||||||||
Shipyard Plaza | MS | — | 1,337 | 1,653 | 440 | 1,337 | 2,093 | 3,430 | (555 | ) | 1987 | 02/12/03 | ||||||||||||||||||||||||||||
Shoppes at Andros Isle | FL | — | 6,009 | 7,832 | 59 | 6,009 | 7,891 | 13,900 | (879 | ) | 2000 | 12/08/06 | ||||||||||||||||||||||||||||
Shoppes at Silverlakes | FL | 1,403 | 10,306 | 10,131 | 1,900 | 10,306 | 12,031 | 22,337 | (2,412 | ) | 1995 | 02/12/03 | ||||||||||||||||||||||||||||
Shoppes of Eastwood | FL | 5,215 | 1,688 | 6,976 | 78 | 1,688 | 7,054 | 8,742 | (1,557 | ) | 1999 | 06/28/02 | ||||||||||||||||||||||||||||
Shoppes of Jonathan’s Landing | FL | — | 1,146 | 3,442 | 102 | 1,146 | 3,544 | 4,690 | (970 | ) | 1997 | 08/15/00 | ||||||||||||||||||||||||||||
Shoppes of North Port | FL | — | 1,452 | 5,807 | 178 | 1,452 | 5,985 | 7,437 | (1,574 | ) | 1991 | 12/05/00 | ||||||||||||||||||||||||||||
Shops at Lake Tuscaloosa | AL | 7,010 | 2,438 | 8,888 | 8 | 2,438 | 8,896 | 11,334 | (468 | ) | 2003 | 12/31/08 | ||||||||||||||||||||||||||||
Shops at Skylake | FL | — | 15,226 | 7,206 | 24,272 | 15,226 | 31,478 | 46,704 | (6,717 | ) | 1999 | 08/19/97 | ||||||||||||||||||||||||||||
Shops of Huntcrest | GA | — | 5,706 | 7,641 | 145 | 5,706 | 7,786 | 13,492 | (1,603 | ) | 2003 | 02/12/03 | ||||||||||||||||||||||||||||
Siegen Village | LA | 3,413 | 4,329 | 9,691 | 147 | 4,329 | 9,838 | 14,167 | (2,403 | ) | 1988 | 02/12/03 | ||||||||||||||||||||||||||||
Smyth Valley Crossing | VA | — | 2,537 | 3,890 | 11 | 2,537 | 3,901 | 6,438 | (775 | ) | 1989 | 02/12/03 | ||||||||||||||||||||||||||||
South Beach | FL | — | 9,545 | 19,228 | 4,366 | 9,545 | 23,594 | 33,139 | (4,733 | ) | 1990 | 02/12/03 | ||||||||||||||||||||||||||||
South Plaza Shopping Center | MD | 16,518 | 4,868 | 14,527 | 3 | 4,868 | 14,530 | 19,398 | (821 | ) | 2005 | 12/31/08 | ||||||||||||||||||||||||||||
South Point | FL | 7,398 | 7,142 | 7,098 | 62 | 7,142 | 7,160 | 14,302 | (783 | ) | 2003 | 12/08/06 | ||||||||||||||||||||||||||||
Spalding Village | GA | — | 4,709 | 4,972 | 310 | 4,709 | 5,282 | 9,991 | (1,407 | ) | 1989 | 02/12/03 | ||||||||||||||||||||||||||||
St. Lucie Land | FL | — | 7,728 | — | 1,953 | 7,728 | 1,953 | 9,681 | — | n/a | 11/27/06 | |||||||||||||||||||||||||||||
Stanley Market Place | NC | — | 396 | 669 | 4,938 | 396 | 5,607 | 6,003 | (645 | ) | 1980 | 02/12/03 | ||||||||||||||||||||||||||||
Star’s at Cambridge | MA | — | 11,358 | 13,854 | — | 11,358 | 13,854 | 25,212 | (2,320 | ) | 1953 | 10/07/04 | ||||||||||||||||||||||||||||
Summerlin Square | FL | 1,510 | 2,187 | 7,989 | 332 | 2,187 | 8,321 | 10,508 | (2,700 | ) | 1986 | 06/10/98 | ||||||||||||||||||||||||||||
Sun Point | FL | — | 4,025 | 4,228 | 1,792 | 4,025 | 6,020 | 10,045 | (1,215 | ) | 1984 | 05/05/06 | ||||||||||||||||||||||||||||
Sunlake-Equity One LLC | FL | — | 9,861 | — | 31,537 | 16,467 | 24,931 | 41,398 | (770 | ) | 2010 | 02/01/05 | ||||||||||||||||||||||||||||
Sunrise Town Center | FL | 10,084 | 7,543 | 7,856 | 117 | 7,543 | 7,973 | 15,516 | (543 | ) | 1990 | 12/31/08 |
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Capitalized | GROSS AMOUNTS AT WHICH | |||||||||||||||||||||||||||||||||||||||
INITIAL COST TO COMPANY | Subsequent to | CARRIED AT CLOSE OF PERIOD | ||||||||||||||||||||||||||||||||||||||
Encum- | Building & | Acquisition or | Building & | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||||||
Property | Location | brances | Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Construction | Acquired | |||||||||||||||||||||||||||||
Tamarac Town Square | FL | — | 4,742 | 5,610 | 523 | 4,643 | 6,232 | 10,875 | (1,424 | ) | 1987 | 02/12/03 | ||||||||||||||||||||||||||||
Tarpon Heights | LA | — | 1,133 | 631 | 179 | 1,133 | 810 | 1,943 | (170 | ) | 1982 | 02/12/03 | ||||||||||||||||||||||||||||
TD Bank Skylake | FL | — | 2,041 | — | 307 | 2,064 | 284 | 2,348 | — | 12/17/09 | ||||||||||||||||||||||||||||||
The Boulevard | LA | — | 1,360 | 1,675 | 578 | 1,360 | 2,253 | 3,613 | (684 | ) | 1976 | 02/12/03 | ||||||||||||||||||||||||||||
The Crossing | LA | — | 1,591 | 3,650 | 796 | 1,591 | 4,446 | 6,037 | (874 | ) | 1988 | 02/12/03 | ||||||||||||||||||||||||||||
The Plaza at St. Lucie West | FL | — | 790 | 3,082 | 1,009 | 790 | 4,091 | 4,881 | (543 | ) | 08/15/00 | |||||||||||||||||||||||||||||
Thomasville Commons | NC | — | 1,212 | 4,567 | 1,783 | 1,212 | 6,350 | 7,562 | (1,218 | ) | 1991 | 02/12/03 | ||||||||||||||||||||||||||||
Town & Country | FL | — | 2,503 | 4,397 | 298 | 2,354 | 4,844 | 7,198 | (1,035 | ) | 1993 | 02/12/03 | ||||||||||||||||||||||||||||
Treasure Coast Plaza | FL | 2,359 | 1,359 | 9,728 | 2,171 | 1,359 | 11,899 | 13,258 | (2,336 | ) | 1983 | 02/12/03 | ||||||||||||||||||||||||||||
Unigold | FL | — | 4,304 | 6,413 | 1,440 | 4,304 | 7,853 | 12,157 | (1,760 | ) | 1987 | 02/12/03 | ||||||||||||||||||||||||||||
Union City Commons (land) | GA | — | 8,084 | — | 821 | 8,084 | 821 | 8,905 | — | n/a | 06/22/06 | |||||||||||||||||||||||||||||
Venice Plaza | FL | — | 2,755 | 450 | 3,339 | 2,755 | 3,789 | 6,544 | (1,205 | ) | 1971 | 02/12/03 | ||||||||||||||||||||||||||||
Venice Shopping Center | FL | — | 3,857 | 2,562 | 128 | 3,857 | 2,690 | 6,547 | (530 | ) | 1968 | 03/31/04 | ||||||||||||||||||||||||||||
Veranda Shoppes | FL | — | 3,775 | 6,142 | — | 3,775 | 6,142 | 9,917 | (148 | ) | 2007 | 04/15/10 | ||||||||||||||||||||||||||||
Village at Northshore | LA | — | 1,034 | 10,128 | (7 | ) | 1,034 | 10,121 | 11,155 | (2,048 | ) | 1988 | 02/12/03 | |||||||||||||||||||||||||||
Vineyards at Chateau Elan | GA | 9,662 | 3,493 | 10,553 | 47 | 3,493 | 10,600 | 14,093 | (606 | ) | 2002 | 12/31/08 | ||||||||||||||||||||||||||||
Walden Woods | FL | — | 950 | 3,780 | 1,563 | 950 | 5,343 | 6,293 | (2,425 | ) | 1985 | 01/01/99 | ||||||||||||||||||||||||||||
Walton Plaza | GA | — | 869 | 2,827 | 65 | 869 | 2,892 | 3,761 | (588 | ) | 1990 | 02/12/03 | ||||||||||||||||||||||||||||
Waterstone | FL | — | 1,422 | 7,508 | 406 | 1,422 | 7,914 | 9,336 | (1,111 | ) | 2005 | 04/10/92 | ||||||||||||||||||||||||||||
Webster Plaza | MA | 7,478 | 5,033 | 14,465 | 1,635 | 5,033 | 16,100 | 21,133 | (1,795 | ) | 1963 | 10/12/06 | ||||||||||||||||||||||||||||
Webster Plaza Solar Project | MA | — | — | — | 732 | — | 732 | 732 | (6 | ) | NA | |||||||||||||||||||||||||||||
Wesley Chapel Crossing | GA | 2,694 | 6,389 | 4,311 | 3,863 | 6,389 | 8,174 | 14,563 | (1,516 | ) | 1989 | 02/12/03 | ||||||||||||||||||||||||||||
West Bird Plaza | FL | 8,399 | 5,280 | 12,539 | 7 | 5,280 | 12,546 | 17,826 | (165 | ) | 1977 | 08/31/10 | ||||||||||||||||||||||||||||
West Lakes Plaza | FL | — | 2,141 | 5,789 | 601 | 2,141 | 6,390 | 8,531 | (2,297 | ) | 1984 | 11/06/96 | ||||||||||||||||||||||||||||
West Roxbury Shaw’s Plaza | MA | — | 9,207 | 13,588 | 1,938 | 9,207 | 15,526 | 24,733 | (2,502 | ) | 1973 | 10/07/04 | ||||||||||||||||||||||||||||
Westbury Land | NY | — | 27,481 | 3,537 | 5,363 | 27,481 | 8,900 | 36,381 | (105 | ) | 1963 | 11/16/09 | ||||||||||||||||||||||||||||
Westbury Plaza | NY | — | 37,853 | 58,273 | 356 | 37,853 | 58,629 | 96,482 | (1,896 | ) | 1993 | 10/29/09 | ||||||||||||||||||||||||||||
Westport Outparcels | FL | — | 1,347 | 1,010 | 5 | 1,347 | 1,015 | 2,362 | (114 | ) | 1990 | 09/14/06 | ||||||||||||||||||||||||||||
Westport Plaza | FL | 4,194 | 4,180 | 3,446 | 194 | 4,180 | 3,640 | 7,820 | (621 | ) | 2002 | 12/17/04 | ||||||||||||||||||||||||||||
Westridge | GA | — | 1,696 | 4,390 | 1,580 | 1,696 | 5,970 | 7,666 | (696 | ) | 2003 | 02/12/03 | ||||||||||||||||||||||||||||
Whitaker Square | NC | 9,646 | 2,017 | 9,431 | (4 | ) | 2,017 | 9,427 | 11,444 | (517 | ) | 1996 | 12/31/08 | |||||||||||||||||||||||||||
Whole Foods at Swampscott | MA | — | 5,139 | 6,539 | — | 5,139 | 6,539 | 11,678 | (1,090 | ) | 1967 | 10/07/04 | ||||||||||||||||||||||||||||
Williamsburg at Dunwoody | GA | — | 4,347 | 3,615 | 745 | 4,347 | 4,360 | 8,707 | (859 | ) | 1983 | 02/12/03 | ||||||||||||||||||||||||||||
Willowdale Shopping Center | NC | — | 1,322 | 6,078 | 967 | 1,322 | 7,045 | 8,367 | (1,743 | ) | 1986 | 02/12/03 | ||||||||||||||||||||||||||||
Wilmington Island Shopping Ctr | GA | 9,384 | 3,102 | 10,134 | (12 | ) | 3,102 | 10,122 | 13,224 | (522 | ) | 1983 | 12/31/08 | |||||||||||||||||||||||||||
Wilmington Island Shopping Ctr | AL | — | 2,109 | 8,667 | 37 | 2,109 | 8,704 | 10,813 | (931 | ) | 2006 | 02/28/05 | ||||||||||||||||||||||||||||
Windy Hill | SC | — | 987 | 1,906 | 603 | 987 | 2,509 | 3,496 | (393 | ) | 1968 | 04/08/04 | ||||||||||||||||||||||||||||
Woodruff | SC | — | 2,420 | 5,482 | 368 | 2,420 | 5,850 | 8,270 | (1,310 | ) | 1995 | 12/23/03 | ||||||||||||||||||||||||||||
Young Circle | FL | — | 13,409 | 8,895 | 370 | 13,409 | 9,265 | 22,674 | (1,333 | ) | 1962 | 05/19/05 | ||||||||||||||||||||||||||||
Corporate | FL | — | — | 125 | (5,011 | ) | — | (4,886 | ) | (4,886 | ) | (8 | ) | various | various | |||||||||||||||||||||||||
Grand Total | $ | 533,660 | $ | 964,289 | $ | 1,505,404 | $ | 249,048 | $ | 974,298 | $ | 1,744,443 | $ | 2,718,741 | $ | (288,613 | ) | |||||||||||||||||||||||
Buildings | 30 to 40 years | |
Buildings and Land Improvements | 5 to 40 years | |
Fixtures, equipment, leasehold and tenant improvements | Lesser of minimum lease term or economic useful life |
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Equity One, Inc.
REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION
2010 | 2009 | 2008 | ||||||||||
(In thousands) | ||||||||||||
Reconciliation of total real estate carrying value: | ||||||||||||
Balance at beginning of year | $ | 2,502,296 | $ | 1,974,884 | $ | 2,129,890 | ||||||
Additions during period: | ||||||||||||
Improvements | 23,945 | 21,224 | 38,850 | |||||||||
Acquisitions | 196,756 | 516,934 | 0 | |||||||||
Deductions during period: | ||||||||||||
Cost of real estate sold/written off | (4,256 | ) | (10,746 | ) | (193,856 | ) | ||||||
Balance at end of year | $ | 2,718,741 | $ | 2,502,296 | $ | 1,974,884 | ||||||
Reconciliation of accumulated depreciation: | ||||||||||||
Balance at beginning of year | $ | (240,172 | ) | $ | (196,151 | ) | $ | (172,651 | ) | |||
Depreciation expense | (50,995 | ) | (46,616 | ) | (39,071 | ) | ||||||
Cost of real estate sold/written off | 2,554 | 2,595 | 15,571 | |||||||||
Balance at end of year | $ | (288,613 | ) | $ | (240,172 | ) | $ | (196,151 | ) | |||
Aggregate cost for federal income tax purposes | $ | 1,936,534 | $ | 1,821,810 | $ | 1,436,618 | ||||||
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Equity One, Inc.
MORTGAGE LOANS ON REAL ESTATE
Periodic | Carrying | |||||||||||||||||||||||
Payment | Face Amount of | Amount of | ||||||||||||||||||||||
Type of Loan | Description | Location | Interest Rate | Final Maturity Date | Terms | Prior Liens | Mortgages | Mortgages | ||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Mortgage Loan | Shopping Center | California | 8 | % | 6/17/2011 | Interest only | — | $ | 11,667 | $ | 11,667 | |||||||||||||
Mortgage Loan | Shopping Center | California | 8 | % | 6/17/2011 | Interest only | — | 23,333 | 23,333 | |||||||||||||||
$ | 35,000 | $ | 35,000 | |||||||||||||||||||||
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EXHIBIT NO. | DESCRIPTION | |||
3.1 | Composite Charter of the Company | |||
12.1 | Ratio of Earnings to Fixed Charges | |||
21.1 | List of Subsidiaries of the Registrant | |||
23.1 | Consent of Ernst & Young LLP | |||
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002 |
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