SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | |
FORM 10-K | |
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2004 | |
OR | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________ |
Commission file number 001-13499 |
EQUITY ONE, INC. |
(Exact name of Registrant as specified in its charter) |
Maryland | 52-1794271 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1696 N.E. Miami Gardens Drive, North Miami Beach, FL | 33179 |
(Address of principal executive office) | (Zip code) |
Registrant’s telephone number, including area code: (305) 947-1664 |
Securities registered pursuant to Section 12(b) of the Act: |
Common Stock, $0.01 Par Value | New York Stock Exchange | |
(Title of each class) | (Name of exchange on which registered) |
None |
Securities registered pursuant to Section 12(g) of the Act: |
Part I | |||
Item 1. | Business | 4 | |
Item 2. | Properties | 16 | |
Item 3. | Legal Proceedings | 32 | |
Item 4. | Submission of Matters to a Vote of Security Holders | 32 | |
Part II | |||
Item5. | Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 33 | |
Item 6. | Selected Financial Data | 34 | |
Item7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 36 | |
Item 7A. | Quantitative and Qualitative Disclosures about Market Risk | 56 | |
Item 8. | Financial Statements and Supplementary Data | 58 | |
Item9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 58 | |
Item 9A. | Controls and Procedures | 58 | |
Item 9B. | Other information | 58 | |
Part III | |||
Item10. | Directors and Executive Officers of the Registrant | 59 | |
Item 11. | Executive Compensation | 59 | |
Item 12. | Security Ownership of Certain Beneficial Owners and Management | 59 | |
Item13. | Certain Relationships and Related Transactions | 59 | |
Item 14. | Principal Accountant Fees and Services | 59 | |
Part IV | |||
Item15. | Exhibits and Financial Statement Schedules | 60 | |
Signatures | 64 | ||
- general economic conditions, and the effect of these conditions on rental rates in the markets where our shopping centers are located;
- risks that tenants will not remain in occupancy or pay rent;
- interest rate levels and the availability of financing;
- potential environmental liability and other risks associated with the ownership, development and acquisition of shopping center properties;
- greater than anticipated construction or operating costs;
- inflationary and other general economic trends;
- the effects of hurricanes and other natural disasters;
- management’s ability to successfully combine and integrate the properties and operations of separate companies that we have acquired in the past or may acquire in the future; and
- other risks detailed from time to time in the reports filed by us with the Securities and Exchange Commission.
- maximize the value of our existing shopping centers by leasing and re-leasing those properties to credit worthy tenants, at higher rental rates and by renovating and redeveloping those properties to make them more attractive to such tenants;
- acquire and develop additional neighborhood and community shopping centers in high growth, high density metropolitan areas that are primarily anchored by supermarkets or other necessity-oriented retailers;
- sell or dispose of properties that do not meet our investment criteria, asset type or geographic focus;
- consider alternative strategies and other lines of business that complement our existing business, leverage our strengths and expertise or utilize our existing portfolio of properties; and
- capitalize on our substantial asset base to effectively access capital to fund our growth.
- the location, construction quality, design and visibility of the property;
- economic, demographic, regulatory and zoning conditions in the property’s local and regional market;
- the tenants’ gross sales per square foot measured against industry standards, and the rent payable by the tenants;
- competition from comparable retail properties in the market area and the possibility of future competition;
- the current and projected cash flow of the property and the potential to increase that cash flow;
- the potential to complete a strategic renovation, expansion or re-tenanting of the property;
- the property’s current expense structure and the potential to increase operating margins; and
- the potential for capital appreciation of the property.
- Site Selection: Our development projects are typically located in metropolitan areas that have strong demographic features, such as being densely populated, having higher than average household income or having projected future growth. In addition, we typically select sites within our target markets that are well situated near transportation arteries.
- Pre-Leasing: We typically do not initiate construction of our development projects until we have secured a leasing commitment from an anchor tenant.
- Financing:We typically fund development costs from operating cash flow and our revolving credit facility. This provides us the flexibility to control the pace of development without delays due to outside financing needs.
- An increase in the occupancy rate in our core shopping center portfolio to 94.9% from 91.6% at December 31, 2003;
- Achievement of a 3.8% increase in same property net operating income, or NOI, excluding termination fees, and an overall NOI margin of 73.7%;
- An increase in the rental rate by 4.5% to $13.96 per square foot on 362 lease renewals aggregating 797,000 square feet; and
- The execution of 418 new leases totaling 1.6 million square feet at an average rental rate of $10.53 per square foot.
- Shopping Centers Anchored by Supermarkets or Necessity-Oriented Retailers. As of December 31, 2004, shopping centers anchored by supermarkets or other necessity retailers such as drug stores or discount retail stores accounted for over 99% of our total annualized minimum rent. We believe that supermarkets and other necessity-oriented retailers are more resistant to economic downturns by the nature of their businesses and generate frequent consumer traffic through our shopping centers. This traffic enhances the quality, appeal and longevity of our shopping centers and benefits our other tenants.
- Attractive Locations in High-Growth Areas. Our portfolio of properties is concentrated in high-density areas that are experiencing high population growth such as Florida, Texas and Georgia. As of December 31, 2004, these states constitute 46.7%, 15.1% and 13.9% of our retail property gross leasable area, respectively. The strong demographics of these and our other markets provide our properties with a growing supply of shoppers and increasing demand for the goods and services of our tenants.
- Diverse Tenant Base.As of December 31, 2004, no single tenant represented more than 10.0% of our annualized minimum rent and only Publix, at 8.3%, represented more than 5% of such rent. As of December 31, 2004, we had over 3,300 leases with tenants, including national and regional supermarket chains, drug stores, discount retail stores, other nationally or regionally known stores, a variety of other regional and local retailers and a number of local service providers such as doctors, dentists, hair salons, restaurants and others. We believe that this diversity of tenants enables us to generate more stable cash flows over time and limits our exposure to the financial conditions of any particular tenant.
- Seasoned Management Team. Our senior executives and managers average more than 20 years of experience in the acquisition, management, leasing, finance, development and construction of real estate or retail properties. In particular, we believe that our in-depth market knowledge and the long-term tenant relationships developed by our senior management team provide us with a key competitive advantage.
- Property Acquisition Strengths.We believe we have certain competitive advantages which enhance our ability to capitalize on acquisition opportunities, including our long standing relationships with bankers, brokers, tenants and institutional and other real estate owners in our current target markets; our access to capital; our ability to offer cash and tax advantaged structures to sellers; and our demonstrated ability to conduct a rapid, efficient and effective due diligence investigation of the property, portfolio or company.
- Strong Relationship with Tenants. We believe we have cultivated strong relationships with supermarket and other anchor tenants, which, in combination with our in-depth knowledge of our primary markets, have contributed substantially to our success in identifying, acquiring and operating our properties.
If a stockholder defaults on any of its obligations under these pledge agreements or the related loan documents, these banks may have the right to sell the pledged shares in one or more public or private sales that could cause our stock price to decline. Many of the occurrences that could result in a foreclosure of the pledged shares are out of our control and are unrelated to our operations. Some of the occurrences that may constitute such an event of default include:
- the stockholder’s failure to make a payment of principal or interest when due;
- 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 shall be reduced or is likely to be reduced (for example, the price of our common stock declines).
Property | Year Acquired | GLA(Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec. 31, 2004 | Anchor Stores and Certain Tenants(3) | ||
ALABAMA (2 properties) | |||||||||
Madison Centre Madison | 2003 | 64,837 | 13 | $ 629,306 | $ 9.71 | 100.0% | Publix, Rite Aid | ||
West Gate Plaza Mobile | 2003 | 64,378 | 9 | 435,856 | 6.99 | 96.9% | Winn Dixie, Rite Aid | ||
Subtotal Alabama Properties (2 properties) | 129,215 | 22 | 1,065,162 | 8.37 | 98.5% | ||||
ARIZONA (2 properties) | |||||||||
Big Curve Yuma | 2001 | 126,402 | 33 | 1,176,556 | 9.76 | 95.3% | Albertsons(4), Miller’s Outpost | ||
Park Northern Phoenix | 2001 | 126,852 | 25 | 804,115 | 6.62 | 95.8% | Safeway, Bealls, Chuck E Cheese, Life Skills Center | ||
Subtotal Arizona Properties (2 properties) | 253,254 | 58 | 1,980,671 | 8.18 | 95.6% | ||||
FLORIDA (75 properties) | |||||||||
North Florida (13 properties) | |||||||||
Atlantic Village Atlantic Beach | 1995 | 100,559 | 26 | 987,161 | 10.24 | 95.9% | Publix, Jo-Ann Fabrics | ||
Beauclerc Village Jacksonville | 1998 | 70,429 | 11 | 475,452 | 7.76 | 86.9% | Big Lots, Goodwill, Bealls Outlet | ||
Commonwealth Jacksonville | 1994 | 81,467 | 16 | 650,196 | 8.35 | 95.6% | Winn-Dixie/Save Rite | ||
Forest Village Tallahassee | 2000 | 71,526 | 17 | 703,187 | 10.47 | 93.9% | Publix | ||
Fort Caroline Jacksonville | 1994 | 74,546 | 13 | 445,446 | 7.41 | 80.7% | Winn-Dixie | ||
Mandarin Landing Jacksonville | 1999 | 141,565 | 37 | 1,288,783 | 9.94 | 91.6% | Publix, Office Depot | ||
Medical & Merchants Jacksonville | 2004 | 152,761 | 19 | 1,737,704 | 11.84 | 96.1% | Publix, Memorial Health Group, Blockbuster | ||
Middle Beach Jacksonville | 2003 | 69,277 | 9 | 656,338 | 9.47 | 100.0% | Publix, Movie Gallery | ||
Monument Point Jacksonville | 1997 | 75,128 | 12 | 504,318 | 6.71 | 100.0% | Winn-Dixie, CVS Pharmacy | ||
Oak Hill Jacksonville | 1995 | 78,492 | 19 | 550,003 | 7.01 | 100.0% | Publix, Walgreens* | ||
Parkmore Plaza Milton | 2003 | 159,067 | 13 | 696,530 | 4.47 | 97.9% | Wal-Mart* (Bealls), Big Lots | ||
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec. 31, 2004 | Anchor Stores and Certain Tenants(3) | ||
Pensacola Plaza Pensacola | 1986 | 56,098 | 3 | $ 218,988 | $ 4.27 | 91.4% | FoodWorld | ||
South Beach Regional Jacksonville Beach | 2003 | 289,964 | 51 | 2,506,393 | 9.24 | 93.6% | Food Lion, Home Depot, Stein Mart, Bealls | ||
Central Florida (10 properties) | |||||||||
Alafaya Commons Orlando | 2003 | 123,133 | 29 | 1,430,680 | 11.82 | 98.3% | Publix, Blockbuster | ||
Conway Crossing Orlando | 2003 | 76,321 | 18 | 891,873 | 11.69 | 100.0% | Publix | ||
Shoppes of Eastwood Orlando | 2002 | 69,037 | 13 | 783,337 | 11.35 | 100.0% | Publix | ||
Hunters Creek Orlando | 2003 | 68,032 | 9 | 738,780 | 10.86 | 100.0% | Winn-Dixie | ||
Kirkman Shoppes Orlando | 2001 | 88,820 | 30 | 1,407,447 | 16.08 | 98.6% | CVS Pharmacy | ||
Lake Mary Orlando | 1988 | 342,384 | 87 | 3,700,511 | 11.18 | 96.6% | Albertsons, Kmart, Lifestyle Fitness, Sun Star Theatres | ||
Park Promenade Orlando | 1999 | 125,818 | 26 | 1,097,491 | 8.91 | 97.9% | Publix, Orange County Library, Blockbuster, Goodwill | ||
Town & Country Kissimmee | 2003 | 72,043 | 13 | 457,800 | 6.61 | 96.1% | Albertsons | ||
Unigold Winter Park | 2003 | 117,527 | 25 | 1,254,663 | 10.68 | 100.0% | Winn-Dixie, Blockbuster | ||
Walden Woods Park City | 2003 | 75,874 | 13 | 521,490 | 6.87 | 100.0% | Walgreens, Dollar Tree, Aaron Rents, Dollar General | ||
Florida West Coast (18 properties) | |||||||||
Bay Pointe Plaza St. Petersburg | 2003 | 103,986 | 24 | 870,351 | 9.35 | 89.5% | Publix, CVS Pharmacy* (Bealls Outlet), West Marine | ||
Carrollwood Tampa | 2003 | 94,203 | 36 | 929,272 | 11.23 | 87.8% | Publix, CVS Pharmacy | ||
Charlotte Square Port Charlotte | 2003 | 96,188 | 27 | 701,764 | 7.78 | 93.8% | Publix, Pet Supermarket | ||
Chelsea Place New Port Richey | 2003 | 81,144 | 18 | 900,926 | 11.10 | 100.0% | Publix, CVS Pharmacy | ||
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec. 31, 2004 | Anchor Stores and Certain Tenants(3) | ||
Lake St. Charles Tampa | 2001 | 57,015 | 8 | $ 561,145 | $ 9.84 | 100.0% | Kash N’ Karry | ||
Lutz Lake Lutz | 2003 | 64,985 | 15 | 896,840 | 13.80 | 100.0% | Publix | ||
Marco Town Center Marco Island | 2001 | 109,830 | 45 | 1,765,744 | 16.68 | 96.4% | Publix, West Marine | ||
Mariners Crossing Spring Hill | 2001 | 85,507 | 16 | 678,688 | 8.26 | 96.1% | Kash N’ Karry | ||
North River Village** Ellenton | 2003 | 177,128 | 16 | 1,292,196 | 7.30 | 100.0% | Publix, Kmart, Walgreens*, (Dollar Tree), Bealls Outlet | ||
Pavillion Naples | 2004 | 167,745 | 42 | 2,134,358 | 13.96 | 91.2% | Publix, Pavillion 6 Theatre, Anthony’s | ||
Regency Crossing Port Richey | 2003 | 85,864 | 25 | 787,753 | 10.52 | 87.2% | Publix | ||
Ross Plaza Tampa | 2001 | 85,359 | 20 | 859,609 | 10.38 | 97.0% | Ross Dress for Less | ||
Seven Hills Spring Hill | 2003 | 64,590 | 12 | 632,082 | 9.79 | 100.0% | Publix | ||
Shoppes of North Port North Port | 2000 | 84,705 | 22 | 839,070 | 9.91 | 100.0% | Publix, Bealls Outlet | ||
Skipper Palms Tampa | 2001 | 88,000 | 17 | 699,349 | 8.55 | 92.2% | Winn-Dixie | ||
Summerlin Square Fort Myers | 1998 | 109,156 | 28 | 982,784 | 9.97 | 90.3% | Winn-Dixie, CVS Pharmacy, West Marine | ||
Venice Plaza Venice | 2003 | 157,940 | 16 | 689,870 | 5.50 | 79.4% | Kash N Karry, TJ Maxx, Blockbuster | ||
Venice Shopping Center Venice | 2004 | 111,934 | 15 | 517,961 | 5.06 | 91.4% | Publix, Beall’s Outlet, Dollar Tree, Wachovia Bank | ||
Florida Treasure Coast (8 properties) | |||||||||
Bluff Square Jupiter | 2001 | 132,395 | 48 | 1,569,698 | 12.08 | 98.2% | Publix, Walgreens | ||
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec.31, 2004 | Anchor Stores and Certain Tenants(3) | ||
Cashmere Corners Port St. Lucie | 2001 | 89,234 | 18 | $ 724,851 | $ 8.12 | 100.0% | Albertsons | ||
Jonathan’s Landing Jupiter | 2001 | 26,820 | 12 | 499,995 | 18.64 | 100.0% | Albertsons(4), Blockbuster | ||
New Smyrna Beach Regional New Smyrna Beach | 2003 | 118,451 | 34 | 1,160,260 | 10.09 | 97.1% | Publix, Walgreens* (Bealls Outlet), Bealls Home Outlet | ||
Old King Commons Palm Coast | 2003 | 84,759 | 19 | 680,832 | 8.03 | 100.0% | Wal-Mart*(Beall’s Outlet) | ||
Ryanwood Vero Beach | 2001 | 114,925 | 32 | 1,111,934 | 9.75 | 99.2% | Publix, Bealls Outlet, Books-A-Million | ||
Salerno Village Stuart | 2002 | 79,903 | 21 | 750,145 | 10.30 | 91.2% | Winn Dixie, CVS Pharmacy | ||
Treasure Coast Vero Beach | 2003 | 133,781 | 25 | 1,096,018 | 8.67 | 94.5% | Winn Dixie, TJ Maxx | ||
South Florida/Atlantic Coast (26 properties) | |||||||||
Bird Ludlum Miami | 1994 | 192,282 | 46 | 2,811,355 | 15.12 | 96.7% | Winn-Dixie, CVS Pharmacy, Blockbuster, Goodwill | ||
Boca Village Boca Raton | 2001 | 93,428 | 22 | 1,443,814 | 15.45 | 100.0% | Publix, CVS Pharmacy | ||
Boynton Plaza Boynton Beach | 2001 | 99,324 | 29 | 1,097,800 | 11.05 | 100.0% | Publix, CVS Pharmacy, Hollywood Video | ||
Countryside Shops Cooper City | 2003 | 179,561 | 46 | 2,286,979 | 12.74 | 100.0% | Publix, CVS Pharmacy, Stein Mart | ||
Crossroads Square Pembroke Pines | 2001 | 270,206 | 27 | 2,049,051 | 7.76 | 97.7% | Lowe’s, CVS Pharmacy, Goodyear | ||
El Novillo Miami Beach | 2001 | 10,000 | 1 | 154,891 | 15.49 | 100.0% | Jumbo Buffet | ||
Greenwood Palm Springs | 2003 | 132,325 | 36 | 1,457,795 | 12.01 | 91.7% | Publix, Bealls, World Savings Bank | ||
Lago Mar Miami | 2003 | 82,613 | 21 | 983,986 | 12.24 | 97.3% | Publix, Blockbuster | ||
Lantana Village Lantana | 1998 | 181,780 | 27 | 1,212,107 | 6.90 | 96.7% | Winn-Dixie, Kmart, Rite Aid* (Dollar Store), Hollywood Video | ||
Meadows Miami | 2002 | 75,524 | 20 | 933,600 | 12.36 | 100.0% | Publix | ||
Oakbrook Square Palm Beach Gardens, FL | 2004 | 212,074 | 30 | 2,561,097 | 13.39 | 90.2% | Publix, CVS Pharmacy, Homegoods, Stein Mart | ||
Pine Island Davie | 1999 | 254,907 | 47 | 2,565,392 | 10.06 | 100.0% | Publix, Home Depot Expo, Bealls Outlet | ||
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants (1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec.31, 2004 | Anchor Stores and Certain Tenants(3) | |
Pine Ridge Square Coral Springs | 2003 | 117,399 | 35 | $ 1,551,653 | $ 13.42 | 98.5% | Fresh Market, Bed Bath & Beyond, Off Main Furniture, Blockbuster | |
Plaza Alegre Miami | 2003 | 91,611 | 21 | 1,289,833 | 14.66 | 96.1% | Publix, Goodwill, Blockbuster | |
Point Royale Miami | 1995 | 209,863 | 25 | 1,303,036 | 6.58 | 94.3% | Winn-Dixie, Best Buy, CVS Pharmacy* (Anna’s Linens) | |
Prosperity Center Palm Beach Gardens | 2001 | 122,106 | 9 | 1,899,706 | 15.56 | 100.0% | Office Depot, Barnes & Noble, Bed Bath & Beyond, Carmine’s, TJ Maxx | |
Ridge Plaza Davie | 1999 | 155,204 | 29 | 1,436,526 | 9.38 | 98.7% | AMC Theatre, Kabooms, Wachovia* (United Collection), Uncle Funny’s, Round Up | |
Riverside Square Coral Springs | 2003 | 107,941 | 36 | 1,430,126 | 13.64 | 97.1% | Publix, Tuesday Morning | |
Sawgrass Promenade Deerfield Beach | 2001 | 107,092 | 29 | 1,056,918 | 10.83 | 91.1% | Publix, Walgreens, Blockbuster | |
Sheridan Plaza Hollywood | 2003 | 455,843 | 66 | 5,538,914 | 14.02 | 86.7% | Publix, Ross Dress For Less, Bed Bath & Beyond, Office Depot, AMC Theater, CVS Pharmacy, Blockbuster | |
Shoppes of Ibis West Palm Beach | 2002 | 79,420 | 18 | 1,009,077 | 12.71 | 100.0% | Publix | |
Shoppes of Silverlakes Pembroke Pines | 2003 | 126,788 | 40 | 2,088,700 | 16.63 | 99.1% | Publix, Blockbuster | |
Shops at Skylake North Miami Beach | 1997 | 219,199 | 47 | 3,436,021 | 15.75 | 99.5% | Publix, Goodwill, LA Fitness, Blockbuster | |
Tamarac Town Square Tamarac | 2003 | 127,635 | 39 | 1,190,819 | 10.69 | 87.3% | Publix | |
West Lakes Plaza Miami | 1996 | 100,747 | 27 | 1,115,111 | 11.07 | 100.0% | Winn-Dixie, Navarro Pharmacy | |
Westport Plaza Davie | 2004 | 36,212 | 5 | 606,257 | 16.74 | 100.0% | Publix, Blockbuster | |
Subtotal Florida Properties (75 properties) | 9,026,499 | 1,898 | 92,548,627 | 10.75 | 95.5% | |||
GEORGIA (23 properties) | ||||||||
Atlanta Area (18 properties) | ||||||||
BridgeMill Canton | 2004 | 89,102 | 30 | 1,236,146 | 14.91 | 93.0% | Publix | |
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec.31, 2004 | Anchor Stores and Certain Tenants(3) | |
Butler Creek Acworth | 2003 | 95,597 | 19 | $ 997,302 | $ 10.76 | 97.0% | Kroger | |
Chastain Square Atlanta | 2003 | 91,637 | 28 | 1,435,174 | 16.23 | 96.5% | Publix | |
Commerce Crossing Commerce | 2003 | 100,668 | 10 | 391,633 | 4.09 | 95.0% | Ingles, Wal-Mart* | |
Douglas Commons Douglasville | 2003 | 97,027 | 18 | 952,040 | 9.96 | 98.6% | Kroger | |
Fairview Oaks Ellenwood | 2003 | 77,052 | 13 | 868,611 | 11.27 | 100.0% | Kroger, Blockbuster | |
Grassland Crossing Alpharetta | 2003 | 90,906 | 14 | 977,523 | 11.53 | 93.3% | Kroger | |
Hamilton Ridge Buford | 2003 | 89,496 | 21 | 1,114,761 | 12.92 | 96.4% | Kroger | |
Mableton Crossing Mableton | 2003 | 86,819 | 16 | 848,278 | 10.23 | 95.5% | Kroger | |
MaclandPointe Marietta | 2003 | 79,699 | 17 | 777,743 | 9.76 | 100.0% | Publix | |
Market Place Norcross | 2003 | 77,706 | 23 | 704,642 | 9.45 | 96.0% | Peachtree Cinema | |
Paulding Commons Dallas | 2003 | 192,391 | 31 | 1,527,759 | 8.08 | 98.3% | Kroger, Kmart | |
Powers Ferry Plaza Marietta | 2003 | 86,473 | 25 | 805,528 | 10.66 | 87.4% | Micro Center | |
Presidential Markets Snellville | 2003 | 396,408 | 35 | 3,906,192 | 9.95 | 99.0% | Publix, Bed Bath & Beyond, GAP, TJ Maxx, Shoe Carnival, Borders, Ross Dress for Less, Marshalls, Carmike Cinema, Office Depot | |
Shops of Huntcrest Lawrenceville | 2003 | 97,040 | 26 | 1,281,768 | 13.42 | 98.5% | Publix | |
Wesley Chapel Crossing Decatur | 2003 | 170,792 | 25 | 1,082,828 | 6.55 | 96.8% | Ingels, Wal-Mart*, CVS Pharmacy | |
West Towne Square Rome | 2003 | 89,596 | 18 | 458,085 | 5.77 | 88.6% | Big Lots, Eckerd* | |
Williamsburg @ Dunwoody Dunwoody | 2003 | 44,928 | 27 | 788,899 | 17.56 | 100.0% | ||
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec.31, 2004 | Anchor Stores and Certain Tenants(3) | |
Central Georgia (3 Properties) | ||||||||
Daniel Village Augusta | 2003 | 171,932 | 39 | $1,303,273 | $ 7.90 | 95.9% | Bi-Lo, Eckerd*, St. Joseph Home Health Care | |
Spalding Village Griffin | 2003 | 235,318 | 28 | 1,095,659 | 7.72 | 60.3% | Kroger, JC Penney, Blockbuster | |
Walton Plaza Augusta | 2003 | 43,460 | 8 | 414,611 | 9.54 | 100.0% | Harris Teeter* (Omni Fitness) | |
South Georgia (2 properties) | ||||||||
Colony Square Fitzgerald | 2003 | 50,000 | 8 | 270,460 | 6.47 | 83.6% | Food Lion | |
McAlpin Square Savannah | 2003 | 176,807 | 27 | 1,215,528 | 7.39 | 93.0% | Kroger, US Post Office, Big Lots, In Fashion Menswear Outlet | |
Subtotal Georgia Properties (23 properties) | 2,730,854 | 506 | 24,454,443 | 9.63 | 93.0% | |||
KENTUCKY (1 property) | ||||||||
Scottsville Square Bowling Green | 2003 | 38,450 | 12 | 106,563 | 6.66 | 41.6% | Hancock Fabrics, Zap Zone | |
Subtotal Kentucky Properties (1 property) | 38,450 | 12 | 106,563 | 6.66 | 41.6% | |||
LOUISIANA (14 properties) | ||||||||
Ambassador Row Lafayette | 2003 | 193,978 | 25 | 1,488,958 | 7.99 | 96.1% | Hobby Lobby*, Conn’s Appliances, Big Lots, Chuck E. Cheese | |
Ambassador Row Courtyard Lafayette, LA | 2003 | 146,697 | 24 | 1,280,700 | 9.33 | 93.5% | Marshalls, Bed Bath & Beyond, Hancock Fabrics, Tuesday Morning | |
Bluebonnet Village Baton Rouge | 2003 | 90,215 | 20 | 719,656 | 8.10 | 98.4% | Matherne’s | |
The Boulevard Lafayette | 2003 | 68,012 | 15 | 474,894 | 7.21 | 96.8% | Piccadilly, Harbor Freight Tools | |
Country Club Plaza Slidell | 2003 | 64,686 | 11 | 358,364 | 5.86 | 94.6% | Winn-Dixie, Dollar General | |
The Crossing Slidell | 2003 | 113,989 | 15 | 626,634 | 5.65 | 97.4% | Save A Center, A-1 Home Appliance, Piccadilly | |
Elmwood Oaks Hanahan | 2003 | 133,995 | 9 | 1,241,383 | 9.97 | 92.9% | Wal-Mart* (Academy Sports, Dollar Tree), Advance Auto* (Goodwill) | |
Grand Marche (ground lease) Lafayette | 2003 | 200,585 | 1 | 27,500 | 0.14 | 100.0% | Academy Sports, JoAnn Fabrics | |
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec.31, 2004 | Anchor Stores and Certain Tenants(3) | |
Plaza Acadienne Eunice | 2003 | 105,419 | 8 | $ 356,565 | $ 3.52 | 96.2% | Super 1 Store, Fred’s, Howard Brothers* | |
Sherwood South Baton Rouge | 2003 | 77,107 | 10 | 463,239 | 6.15 | 97.7% | Piggly Wiggly*, Burke’s Outlet, Harbor Freight Tools, Blockbuster | |
Siegen Village Baton Rouge | 2003 | 170,416 | 20 | 1,435,854 | 8.43 | 100.0% | Office Depot, Big Lots, Dollar Tree, Stage, Party City | |
Tarpon Heights Galliano | 2003 | 56,605 | 10 | 247,551 | 4.75 | 92.0% | CVS Pharmacy, Stage, Dollar General | |
Village at Northshore Slidell | 2003 | 144,638 | 13 | 1,231,110 | 8.50 | 100.0% | Marshalls, Dollar Tree, Kirschman’s, Bed Bath & Beyond, Office Depot | |
Wal-Mart Mathews | 2003 | 54,223 | 1 | 157,500 | 2.90 | 100.0% | Wal-Mart | |
Subtotal Louisiana Properties (14 properties) | 1,620,565 | 182 | 10,108,908 | 6.42 | 97.1% | |||
MASSACHUSETTS (6 properties) | ||||||||
Cambridge Star Market Cambridge | 2004 | 66,108 | 1 | 1,580,298 | 23.90 | 100.0% | Star Market | |
Medford Shaw’s Supermarket Medford | 2004 | 60,356 | 1 | 1,289,593 | 21.37 | 100.0% | Shaw’s | |
Plymouth Shaw’s Supermarket Plymouth | 2004 | 59,726 | 1 | 943,312 | 15.79 | 100.0% | Shaw’s | |
Quincy Star Market Quincy | 2004 | 100,741 | 1 | 1,554,592 | 15.43 | 100.0% | Star Market | |
Swampscott Swampscott | 2004 | 35,907 | 1 | 754,047 | 21.00 | 100.0% | Whole Foods | |
West Roxbury Shaw’s Plaza West Roxbury | 2004 | 68,141 | 7 | 1,403,232 | 21.06 | 97.8% | Shaw’s | |
Subtotal Massachusetts Properties (6 properties) | 390,979 | 12 | 7,525,074 | 19.32 | 99.6% | |||
MISSISSIPPI (1 property) | ||||||||
Shipyard Plaza Pascagoula | 2003 | 66,857 | 7 | 385,404 | 5.76 | 100.0% | Rite Aid, Big Lots | |
Subtotal Mississippi Properties (1 property) | 66,857 | 7 | 385,404 | 5.76 | 100.0% | |||
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec.31, 2004 | Anchor Stores and Certain Tenants(3) | |
NORTH CAROLINA (12 properties) | ||||||||
Centre Pointe Plaza Asheville | 2003 | 163,642 | 23 | $ 839,263 | $ 5.36 | 95.7% | Wal-Mart*, (Belk’s, Goody’s), Dollar Tree | |
Chestnut Square Brevard | 2003 | 39,640 | 7 | 212,120 | 6.38 | 83.9% | Food Lion*, Eckerd*, (Dollar General) | |
Galleria Wrightsville Beach | 2003 | 92,114 | 38 | 839,275 | 9.57 | 95.2% | Harris Teeter, Eckerd | |
Parkwest Crossing Durham | 2003 | 85,602 | 17 | 877,228 | 10.25 | 100.0% | Food Lion | |
Plaza North Hendersonville | 2003 | 47,240 | 9 | 326,263 | 7.09 | 97.5% | Bi-Lo*, CVS Pharmacy | |
Providence Square Charlotte | 2003 | 85,930 | 25 | 605,954 | 8.22 | 85.8% | Harris Teeter*, Eckerd | |
Riverview Shopping Center Durham | 2003 | 127,498 | 12 | 860,544 | 7.36 | 91.8% | Kroger, Upchurch Drugs, Blockbuster | |
Salisbury Marketplace Salisbury | 2003 | 79,732 | 20 | 746,684 | 9.97 | 93.9% | Food Lion | |
Shelby Plaza Shelby | 2003 | 103,200 | 8 | 324,589 | 3.15 | 100.0% | Big Lots, Aaron Rents*, (Hancock Fabrics) | |
Stanley Market Place Stanley | 2003 | 40,400 | 3 | 221,082 | 5.47 | 100.0% | Winn-Dixie, Family Dollar | |
Thomasville Commons Thomasville | 2003 | 148,754 | 13 | 890,838 | 5.99 | 100.0% | Ingles, Kmart, CVS Pharmacy | |
Willowdale Shopping Center Durham | 2003 | 121,376 | 28 | 1,323,098 | 11.49 | 94.9% | Harris Teeter, Carmike Cinemas, Eckerd* (Family Dollar) | |
Subtotal North Carolina Properties (12 properties) | 1,135,128 | 203 | 8,066,938 | 7.45 | 95.3% | |||
SOUTH CAROLINA (8 properties) | ||||||||
Belfair Towne Village Bluffton | 2003 | 125,389 | 29 | 1,757,746 | 14.02 | 100.0% | Kroger, Blockbuster | |
Lancaster Plaza Lancaster | 2003 | 77,400 | 4 | 102,000 | 1.44 | 91.5% | Bi-Lo | |
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec.31, 2004 | Anchor Stores and Certain Tenants(3) | |
Lancaster Shopping Center Lancaster | 2003 | 29,047 | 2 | $ 30,012 | $ 6.00 | 17.2% | ||
North Village Center Durham | 2003 | 60,356 | 14 | 483,327 | 8.28 | 96.8% | Bi-Lo, Dollar General, Gold’s Gym | |
Sparkleberry Columbia | 2004 | 339,051 | 25 | 3,722,411 | 11.16 | 98.4% | Kroger, Kohl’s, Ross Dress for Less, Circuit City, Bed Bath & Beyond | |
Spring Valley Columbia | 2003 | 75,415 | 17 | 655,011 | 9.07 | 95.8% | Bi-Lo, Eckerd | |
Windy Hill North Myrtle Beach | 2004 | 64,465 | 2 | 354,199 | 5.49 | 100.0% | Rose’s Store, Family Dollar Store | |
Woodruff Greenville | 2003 | 68,055 | 10 | 673,760 | 10.03 | 98.7% | Publix, Blockbuster | |
Subtotal South Carolina Properties (8 properties) | 839,178 | 103 | 7,778,466 | 9.76 | 95.0% | |||
TENNESSEE (1 property) | ||||||||
Smyrna Village Smyrna | 2003 | 83,334 | 12 | 636,713 | 8.20 | 93.1% | Kroger | |
Subtotal Tennessee properties (1 property) | 83,334 | 12 | 636,713 | 8.20 | 93.1% | |||
TEXAS (32 properties) | ||||||||
Houston (17 properties) | ||||||||
Barker Cypress Houston | 2001 | 66,945 | 17 | 797,079 | 12.56 | 94.8% | H.E.B. | |
Beechcrest Houston | 2001 | 90,647 | 15 | 800,223 | 8.83 | 100.0% | Randall’s* (Viet Ho), Walgreens* | |
Benchmark Crossing Houston | 2001 | 58,384 | 5 | 731,694 | 12.53 | 100.0% | Bally’s Fitness | |
Bissonnet Houston | 2001 | 15,542 | 8 | 187,047 | 16.35 | 73.6% | Kroger (4),Blockbuster | |
Colony Plaza Sugarland | 2001 | 26,513 | 15 | 493,241 | 18.60 | 100.0% | (Velocity Sports) | |
Copperfield Houston | 2004 | 133,984 | 33 | 1,553,208 | 12.15 | 95.4% | JoAnn Fabrics, Dollar Tree, 24 Hour Fitness | |
Forestwood Houston | 2002 | 88,760 | 16 | 1,003,291 | 11.30 | 100.0% | Kroger, Blockbuster | |
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec.31, 2004 | Anchor Stores and Certain Tenants(3) | |
Grogan’s Mill The Woodlands | 2001 | 118,493 | 26 | $1,405,611 | $ 12.18 | 97.4% | Randall’s* (99¢ Store), Petco, Blockbuster | |
Hedwig Houston | 2001 | 69,504 | 13 | 822,266 | 15.01 | 78.8% | Ross Dress For Less | |
Highland Square Sugarland | 2001 | 64,171 | 28 | 1,031,374 | 17.12 | 93.9% | ||
Market at First Colony Houston | 2001 | 107,301 | 35 | 1,704,860 | 16.19 | 98.1% | Kroger, TJ Maxx, CVS Pharmacy | |
Mason Park Katy | 2001 | 160,047 | 39 | 1,436,050 | 12.19 | 73.6% | Kroger, Walgreens* (Eloise Collectibles), Palais Royal, Petco | |
Mission Bend Houston | 2001 | 131,575 | 27 | 1,060,605 | 8.83 | 91.3% | Randall’s, Remarkable Furniture | |
Spring ShadowsHouston | 2001 | 106,995 | 18 | 990,549 | 9.64 | 96.1% | H.E.B. | |
Steeplechase Jersey Village | 2001 | 105,152 | 25 | 1,143,051 | 11.22 | 96.9% | Randall’s | |
Wal-Mart Stores, Inc. Marble Falls | 2003 | 53,571 | 1 | 175,350 | 3.27 | 100.0% | Wal-Mart* (Sutherland Lumber) | |
Westgate Houston | 2004 | 298,354 | 25 | 3,504,429 | 11.75 | 100.0% | H.E.B., Kohl’s, Oshman’s Sporting Goods, Office Max, Pier One Imports | |
Dallas (12 properties) | ||||||||
Creekside Arlington | 2004 | 101,016 | 17 | 1,126,724 | 12.04 | 100.0% | Kroger, Hollywood Video | |
DeSoto Shopping Center Desoto | 2004 | 69,090 | 5 | 658,180 | 9.53 | 100.0% | Tom Thumb, Blockbuster | |
Green Oaks Arlington | 2001 | 65,091 | 34 | 584,268 | 10.99 | 81.7% | Kroger | |
Melbourne Plaza(5) Hurst | 2001 | 47,517 | 18 | 487,676 | 11.51 | 89.2% | ||
Minyard’s Garland | 2001 | 65,295 | 2 | 399,648 | 6.12 | 100.0% | Minyards/Sack N Save | |
Parkwood Plano | 2001 | 81,590 | 20 | 1,049,134 | 13.22 | 97.2% | Albertsons, Planet Pizza | |
Richwood Richardson | 2001 | 54,871 | 27 | 685,926 | 12.53 | 99.8% | Albertsons(4) , Blockbuster | |
Rosemeade Park Carrolton | 2001 | 51,231 | 18 | 299,512 | 13.07 | 44.7% | Blockbuster | |
Southlake Village Southlake | 2004 | 118,092 | 22 | 1,426,340 | 12.74 | 94.8% | Kroger | |
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec.31, 2004 | Anchor Stores and Certain Tenants(3) | |
Sterling Plaza Irving | 2001 | 65,765 | 16 | $ 906,281 | $ 14.25 | 96.7% | Bank One, Irving City Library, 99 Cent Only Store | |
Townsend Desoto | 2001 | 146,953 | 38 | 1,073,088 | 8.81 | 82.9% | Albertsons(4), Bealls, Victory Gym, Dollar General | |
Village by the Park Arlington | 2001 | 44,523 | 10 | 624,492 | 16.25 | 86.3% | Petco, Movie Trading | |
San Antonio (3 properties) | ||||||||
Bandera Festival San Antonio, TX | 2001 | 195,438 | 38 | 1,453,567 | 8.12 | 91.5% | Bealls, Big Lots, Burke’s Outlet, Dollar Tree, FWL Furniture | |
Blanco Village San Antonio | 2002 | 108,325 | 16 | 1,704,543 | 15.74 | 100.0% | H.E.B. | |
Wurzbach San Antonio | 2001 | 59,771 | 3 | 181,617 | 3.04 | 100.0% | Albertsons* | |
Subtotal Texas Properties (32 properties) | 2,970,506 | 630 | 31,590,924 | 11.41 | 93.2% | |||
VIRGINIA (2 properties) | ||||||||
Smyth Valley Crossing Marion | 2003 | 126,841 | 14 | 747,810 | 5.90 | 100.0% | Ingles, Wal-Mart | |
Waterlick Plaza Lynchburg | 2003 | 98,694 | 24 | 746,405 | 7.96 | 95.1% | Kroger, CVS Pharmacy, Dollar Tree | |
Subtotal Virginia Properties (2 properties) | 225,535 | 38 | 1,494,215 | 6.77 | 97.8% | |||
Total/Weighted Average Core Shopping Center Portfolio (179 properties) | 19,510,354 | 3,683 | 187,742,108 | 10.14 | 94.9% | |||
DEVELOPMENTS AND REDEVELOPMENTS (6) | ||||||||
CVS Plaza(5) Miami, FL | 2004 | 29,204 | 9 | 344,280 | 16.08 | 73.3% | CVS Pharmacy | |
Eustis Square Eustis, FL | 1993 | 126,791 | 27 | 563,736 | 5.73 | 77.6% | Save-a-Lot, Accent Marketing Services, Fred’s | |
Homestead Gas Station Homestead, FL | 2004 | 2,136 | 1 | 41,352 | 19.36 | 100.0% | ||
Shops atSt. Lucie(6) Port St. Lucie, FL | Develop-ment | 4.0 acres | — | N/A | N/A | — | ||
Waterstone(7) Homestead, FL | Develop-ment | 12.0 acres | — | N/A | N/A | — | ||
Property | Year Acquired | GLA (Sq. Ft.) at Dec. 31, 2004 | Number of Tenants(1) | Annualized Minimum Rent as of December 31, 2004(2) | Average Minimum Rent Per Leased Sq. Ft. at Dec. 31, 2004 | Percent Leased at Dec.31, 2004 | Anchor Stores and Certain Tenants(3) | |
Westridge McDonough, GA | 2005 Dev. | 13.5 acres | — | N/A | — | — | ||
Total Developments & Redevelopments (6) | 158,131 | 37 | 949,368 | 7.79 | 77.1% | |||
Total Retail Properties (185 properties) | 19,668,485 | 3,720 | 188,691,476 | $10.12 | 94.8% | |||
Other Properties (3) | ||||||||
4101 South I-85 Industrial Charlotte, NC | 2003 | 188,513 | 9 | 413,743 | — | 81.7% | ||
Pinhook Office Building Layayette, LA | 2003 | 4,406 | 2 | 19,648 | — | 49.5% | ||
Mandarin Mini storage(9) Jacksonville, FL | 1994 | 52,880 | 534 | N/A | — | 97.0% | ||
Grand Total(188 properties) | 19,914,284 | 4,265 | $189,124,857 | — | 94.6% | |||
(1) | Number of tenants includes both occupied and vacant units. |
(2) | Calculated by annualizing the tenant’s monthly base rent payment at December 31, 2004, excluding expense reimbursements, percentage rent payments and other charges. |
(3) | Includes supermarket tenants and certain other tenants, as well as, occupants that are on an adjacent or contiguous, separately owned parcel and do not pay any rent or expense recoveries. |
(4) | This tenant is on adjacent or contiguous, separately owned parcel. |
(5) | We are completing the lease up of the local space. |
(6) | This development property located in Port St. Lucie, Florida is a 4.0 acre site located adjacent to our Cashmere retail center. |
(7) | This development property is a 12.0 acre site located 25 miles south of Miami, Florida. We are developing a supermarket-anchored shopping center which we expect to complete in 2005. |
(8) | This development property is a 13.5 acre site located in Georgia and we expect to develop a supermarket-anchored center in 2006. |
(9) | There are 534 storage spaces available at this property. |
Supermarket Anchor Tenants | Other Anchor Tenants | Non-anchor Tenants | Total | ||||||||||
Leased GLA (sq. ft.) | 5,731,856 | 6,172,105 | 6,736,107 | 18,640,068 | |||||||||
Percentage of Total Leased GLA | 30.8 | % | 33.1 | % | 36.1 | % | 100.0 | % |
Supermarket Anchor Tenants | Other Anchor Tenants | Non-anchor Tenants | Total | ||||||||||
Annual Minimum Rent (“AMR”) | $ | 49,736,175 | $ | 41,625,823 | $ | 105,722,544 | $ | 197,084,542 | |||||
Percentage of Total AMR | 25.2 | % | 21.1 | % | 53.7 | % | 100.0 | % |
Tenant | Number of Leases | GLA (square feet) | Percent of Total GLA | Annualized Minimum Rent at December 31, 2004 | Percent of Aggregate Annualized Minimum Rent | Average Annual Minimum Rent per Square Foot | ||||||
Publix | 49 | 2,183,532 | 11.1% | $ 15,722,674 | 8.3% | $ 7.20 | ||||||
Kroger | 17 | 962,697 | 4.9% | 7,998,271 | 4.2% | 8.31 | ||||||
Albertsons/Shaw’s | 9 | 570,286 | 2.9% | 7,567,853 | 4.0% | 13.27 | ||||||
Winn-Dixie | 16 | 730,442 | 3.7% | 5,059,331 | 2.7% | 6.93 | ||||||
Wal-Mart | 9 | 646,682 | 3.3% | 2,940,519 | 1.6% | 4.55 | ||||||
H.E. Butt Grocery | 4 | 256,262 | 1.3% | 2,775,355 | 1.5% | 10.83 | ||||||
Blockbuster | 29 | 170,092 | 0.9% | 2,673,625 | 1.4% | 15.72 | ||||||
CVS Pharmacy | 23 | 235,345 | 1.2% | 2,348,791 | 1.2% | 9.98 | ||||||
Kmart | 5 | 438,458 | 2.2% | 2,289,616 | 1.2% | 5.22 | ||||||
Bed Bath & Beyond | 7 | 227,689 | 1.2% | 2,192,531 | 1.2% | 9.63 | ||||||
Total top ten tenants | 168 | 6,421,485 | 32.6% | $ 51,568,566 | 27.3% | $ 8.03 | ||||||
All Tenants | ||||||||||||
Year | Number of Leases | GLA (square feet) | Percent of Total GLA | Annualized Minimum Rent at Expiration | Percent of Aggregate Annualized Minimum Rent at Expiration | Average Annual Minimum Rent per Square Foot at Expiration | ||||||
M-T-M | 127 | 380,432 | 1.9% | $ 3,463,399 | 1.8% | $ 9.10 | ||||||
2005 | 691 | 1,938,316 | 9.9% | 22,730,802 | 11.5% | 11.73 | ||||||
2006 | 680 | 2,075,952 | 10.6% | 25,662,979 | 13.0% | 12.36 | ||||||
2007 | 669 | 2,167,412 | 11.0% | 26,518,888 | 13.5% | 12.24 | ||||||
2008 | 403 | 1,589,331 | 8.1% | 18,978,322 | 9.6% | 11.94 | ||||||
2009 | 361 | 1,927,224 | 9.8% | 19,720,921 | 10.0% | 10.23 | ||||||
2010 | 101 | 746,460 | 3.8% | 7,683,332 | 3.9% | 10.29 | ||||||
2011 | 44 | 907,595 | 4.6% | 7,098,986 | 3.6% | 7.82 | ||||||
2012 | 42 | 791,701 | 4.0% | 7,190,214 | 3.6% | 9.08 | ||||||
2013 | 34 | 664,694 | 3.4% | 6,160,217 | 3.1% | 9.27 | ||||||
2014 | 35 | 769,089 | 3.9% | 6,443,268 | 3.3% | 8.38 | ||||||
Thereafter | 150 | 4,681,862 | 23.8% | 45,433,214 | 23.1% | 9.70 | ||||||
Sub-total/Average | 3,337 | 18,640,068 | 94.8% | 197,084,542 | 100.0% | 10.57 | ||||||
Vacant | 383 | 1,028,417 | 5.2% | N/A | N/A | N/A | ||||||
Total/Average | 3,720 | 19,668,485 | 100.0% | $197,084,542 | 100.0% | $ 10.02 | ||||||
Anchor Tenants (10,000 sq. ft. or greater) | ||||||||||||
Year | Number of Leases | GLA (square feet) | Percent of Total GLA | Annualized Minimum Rent at Expiration | Percent of Aggregate Annualized Minimum Rent at Expiration | Average Annual Minimum Rent per Square Foot at Expiration | ||||||
M-T-M | 6 | 141,085 | 1.1% | $ 573,314 | 0.6% | $ 4.06 | ||||||
2005 | 26 | 553,843 | 4.5% | 2,773,580 | 3.0% | 5.01 | ||||||
2006 | 29 | 720,839 | 5.9% | 4,492,384 | 4.9% | 6.23 | ||||||
2007 | 33 | 833,921 | 6.8% | 5,664,629 | 6.2% | 6.79 | ||||||
2008 | 28 | 723,738 | 5.9% | 4,595,611 | 5.0% | 6.35 | ||||||
2009 | 38 | 1,167,037 | 9.5% | 7,099,310 | 7.8% | 6.08 | ||||||
2010 | 23 | 536,441 | 4.4% | 4,113,636 | 4.5% | 7.67 | ||||||
2011 | 20 | 831,311 | 6.8% | 5,385,087 | 5.9% | 6.48 | ||||||
2012 | 19 | 702,701 | 5.7% | 5,167,199 | 5.7% | 7.35 | ||||||
2013 | 15 | 589,538 | 4.8% | 4,590,453 | 5.0% | 7.79 | ||||||
2014 | 15 | 684,976 | 5.6% | 4,689,677 | 5.1% | 6.85 | ||||||
Thereafter | 92 | 4,418,531 | 36.0% | 42,217,118 | 46.2% | 9.55 | ||||||
Sub-total/Average | 344 | 11,903,961 | 97.0% | 91,361,998 | 100.0% | 7.67 | ||||||
Vacant | 14 | 367,940 | 3.0% | N/A | N/A | N/A | ||||||
Total/Average | 358 | 12,271,901 | 100.0% | $ 91,361,998 | 100.0% | $ 7.44 | ||||||
Local Tenants (less than 10,000 sq. ft.) | ||||||||||||
Year | Number of Leases | GLA (square feet) | Percent of Total GLA | Annualized Minimum Rent at Expiration | Percent of Aggregate Annualized Minimum Rent at Expiration | Average Annual Minimum Rent per Square Foot at Expiration | ||||||
M-T-M | 121 | 239,347 | 3.2% | $ 2,890,085 | 2.7% | $ 12.07 | ||||||
2005 | 665 | 1,384,473 | 18.7% | 19,957,222 | 18.9% | 14.42 | ||||||
2006 | 651 | 1,355,113 | 18.3% | 21,170,595 | 20.0% | 15.62 | ||||||
2007 | 636 | 1,333,491 | 18.0% | 20,854,259 | 19.7% | 15.64 | ||||||
2008 | 375 | 865,593 | 11.7% | 14,382,711 | 13.6% | 16.62 | ||||||
2009 | 323 | 760,187 | 10.3% | 12,621,611 | 11.9% | 16.60 | ||||||
2010 | 78 | 210,019 | 2.8% | 3,569,696 | 3.4% | 17.00 | ||||||
2011 | 24 | 76,284 | 1.0% | 1,713,899 | 1.6% | 22.47 | ||||||
2012 | 23 | 89,000 | 1.2% | 2,023,015 | 1.9% | 22.73 | ||||||
2013 | 19 | 75,156 | 1.0% | 1,569,764 | 1.5% | 20.89 | ||||||
2014 | 20 | 84,113 | 1.1% | 1,753,591 | 1.7% | 20.85 | ||||||
Thereafter | 58 | 263,331 | 3.6% | 3,216,096 | 3.0% | 12.21 | ||||||
Sub-total/Average | 2,993 | 6,736,107 | 91.1% | 105,722,544 | 100.0% | 15.69 | ||||||
Vacant | 369 | 660,477 | 8.9% | N/A | N/A | N/A | ||||||
Total/Average | 3,362 | 7,396,584 | 100.0% | $105,722,544 | 100.0% | $ 14.29 | ||||||
High | Low | Distributions Declared | ||||||||
First Quarter, 2004 | $ | 19.65 | $ | 17.05 | $ | 0.28 | ||||
Second Quarter, 2004 | $ | 19.25 | $ | 15.78 | $ | 0.28 | ||||
Third Quarter, 2004 | $ | 19.99 | $ | 17.95 | $ | 0.28 | ||||
Fourth Quarter, 2004 | $ | 23.83 | $ | 20.08 | $ | 0.29 | ||||
High | Low | Distributions Declared | ||||||||
First Quarter, 2003 | $ | 15.30 | $ | 12.92 | $ | 0.27 | ||||
Second Quarter, 2003 | $ | 17.26 | $ | 15.32 | $ | 0.27 | ||||
Third Quarter, 2003 | $ | 17.82 | $ | 16.43 | $ | 0.28 | ||||
Fourth Quarter, 2003 | $ | 17.50 | $ | 16.40 | $ | 0.28 | ||||
Year Ended December 31, | |||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||
(in thousands other than per share, percentage and ratio data) | |||||||||||||||
Statement of Operations Data:(1) | |||||||||||||||
Total rental income | $ | 229,857 | $ | 180,295 | $ | 93,569 | $ | 74,454 | $ | 44,701 | |||||
Property operating expenses | 60,402 | 51,728 | 28,849 | 23,267 | 12,676 | ||||||||||
Rental property depreciation and amortization | 35,910 | 26,411 | 12,563 | 10,356 | 5,814 | ||||||||||
Litigation settlement | - | - | 2,067 | - | - | ||||||||||
General and administrative expenses | 16,601 | 11,046 | 6,648 | 3,553 | 2,559 | ||||||||||
Total operating expenses | 112,913 | 89,185 | 50,127 | 37,176 | 21,049 | ||||||||||
Interest expense | (46,413 | ) | (36,814 | ) | (20,889 | ) | (20,417 | ) | (12,216 | ) | |||||
Amortization of deferred financing fees | (1,370 | ) | (992 | ) | (759 | ) | (1,080 | ) | (242 | ) | |||||
Other income, net | 2,883 | 1,263 | 4,235 | 1,669 | 793 | ||||||||||
Minority interest | (576 | ) | (803 | ) | (101 | ) | (1,627 | ) | (603 | ) | |||||
Income from continuing operations | $ | 71,468 | $ | 53,764 | $ | 25,928 | $ | 15,823 | $ | 11,384 | |||||
Net income | $ | 97,804 | $ | 63,647 | $ | 39,934 | $ | 18,721 | $ | 12,555 | |||||
Basic earnings per share: | |||||||||||||||
Income from continuing operations | $ | 1.01 | $ | 0.90 | $ | 0.79 | $ | 0.70 | $ | 0.80 | |||||
Net income | $ | 1.39 | $ | 1.06 | $ | 1.22 | $ | 0.83 | $ | 0.88 | |||||
Diluted earnings per share: | |||||||||||||||
Income from continuing operations | $ | 1.00 | $ | 0.89 | $ | 0.78 | $ | 0.70 | $ | 0.79 | |||||
Net income | $ | 1.37 | $ | 1.05 | $ | 1.20 | $ | 0.83 | $ | 0.87 | |||||
Balance Sheet Data: | |||||||||||||||
Total rental properties, net of accumulated depreciation | $ | 1,873,687 | $ | 1,617,299 | $ | 678,431 | $ | 627,687 | $ | 483,699 | |||||
Total assets | 1,992,292 | 1,677,386 | 730,069 | 668,536 | 542,817 | ||||||||||
Mortgage notes payable | 495,056 | 459,103 | 332,143 | 345,047 | 280,396 | ||||||||||
Total liabilities | 1,059,507 | 834,162 | 375,969 | 386,400 | 317,392 | ||||||||||
Minority interest | 1,397 | 12,672 | 3,869 | 3,869 | 37,762 | ||||||||||
Shareholders’ equity | 931,388 | 830,552 | 350,231 | 278,267 | 187,663 | ||||||||||
Other Data: | |||||||||||||||
Funds from operations(2) | $ | 113,471 | $ | 89,870 | $ | 45,487 | $ | 29,848 | $ | 19,266 | |||||
Cash flows from: | |||||||||||||||
Operating activities | 113,110 | 78,262 | 45,613 | 28,214 | 20,293 | ||||||||||
Investing activities | (244,851 | ) | (326,160 | ) | (51,439 | ) | (42,435 | ) | (11,679 | ) | |||||
Financing activities | 135,897 | 245,920 | 7,864 | 12,780 | (6,694 | ) | |||||||||
GLA (square feet) at end of period | 19,914 | 19,883 | 8,530 | 8,637 | 3,169 | ||||||||||
Occupancy of core shopping center portfolio at end of period | 95% | 90% | 89% | 86% | 95% | ||||||||||
Dividends per share | $ | 1.13 | $ | 1.10 | $ | 1.08 | $ | 1.06 | $ | 1.10 | |||||
(continued | ) |
(1) | Reclassified to reflect the reporting of discontinued operations. |
(2) | We believe Funds From Operations (“FFO”) (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, in particular, REITs. Accounting for real estate assets using historical cost accounting under accounting principles generally accepted in the United States of America (“GAAP”) assumes that the value of real estate diminishes predictably over time. The National Association of Real Estate Investment Trusts (“NAREIT”) stated in its April 2002 White Paper on Funds from Operations “since real estate values…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.” |
Year Ended December 31, | ||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||
Net income | $ | 97,804 | $ | 63,647 | $ | 39,934 | $ | 18,721 | $ | 12,555 | ||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 37,023 | 28,007 | 13,810 | 11,665 | 6,534 | |||||||||||
(Gain) loss on disposal of income producing properties | (22,176 | ) | (3,083 | ) | (9,264 | ) | 609 | 63 | ||||||||
Minority interest | 623 | 803 | 101 | 99 | - | |||||||||||
Other Items: | ||||||||||||||||
Interest on convertible partnership units | - | 43 | 259 | 259 | 20 | |||||||||||
Deferred income tax (benefit) expense | - | - | - | (374 | ) | 1,071 | ||||||||||
Minority interest in CEFUS share of FFO adjustments | - | - | - | (1,369 | ) | (1,010 | ) | |||||||||
Pro-rata share of real estate depreciation from joint ventures | 197 | 453 | 647 | 238 | 33 | |||||||||||
Funds from operations | $ | 113,471 | $ | 89,870 | $ | 45,487 | $ | 29,848 | $ | 19,266 | ||||||
Year Ended December 31, | ||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||
Earnings per diluted share* | $ | 1.37 | $ | 1.05 | $ | 1.20 | $ | 0.83 | $ | 0.87 | ||||||
Adjustments: | �� | |||||||||||||||
Rental property depreciation and amortization, including discontinued operations | 0.52 | 0.45 | 0.41 | 0.52 | 0.45 | |||||||||||
(Gain) loss on disposal of income producing properties | (0.31 | ) | (0.05 | ) | (0.27 | ) | 0.03 | 0.01 | ||||||||
Other items: | ||||||||||||||||
Deferred income tax (benefit) expense | - | - | - | (0.02 | ) | 0.07 | ||||||||||
Minority interest in CEFUS share of FFO adjustments | - | - | - | (0.06 | ) | (0.07 | ) | |||||||||
Pro-rata share of real estate depreciation from joint ventures | - | 0.01 | 0.02 | 0.01 | - | |||||||||||
Funds from operations per diluted share | $ | 1.58 | $ | 1.46 | $ | 1.36 | $ | 1.31 | $ | 1.33 | ||||||
- We acquired 17 properties and three land parcels for aggregate consideration of approximately $317 million.
- We sold 14 properties for aggregate consideration of approximately $82.6 million, and also sold a property held by a joint venture.
- We completed the development of a drug store anchored shopping center containing 29,000 square feet of gross leasable area and added 46,000 square feet to an existing center, started development of a supermarket anchored center and have over 19 developments and redevelopments in various stages of work.
- During March of 2004, we raised $200 million in an offering of unsecured senior notes. The unsecured senior notes have a stated interest rate of 3.875% and mature in April of 2009. We swapped $100 million of these notes to a floating rate of 6-month LIBOR in arrears plus 0.4375%.
- We expanded our geographic diversity into the Boston, Massachusetts metropolitan area by acquiring six supermarket anchored centers, that aggregate 390,979 square feet of gross leaseable area for an aggregate consideration of approximately $120.0 million.
- We increased the base rental rate by 4.5% on 362 lease renewals aggregating 797,000 square feet to $13.96 per square foot. We executed 418 new leases totaling 1.6 million square feet at an average rate of $10.53 per square foot and increased our occupancy rate to 94.9% in the core shopping center portfolio.
Payments due by period | ||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||
Mortgage notes payable: | ||||||||||||||||
Scheduled amortization | $ | 130,944 | $ | 10,809 | $ | 22,321 | $ | 22,516 | $ | 75,298 | ||||||
Balloon payments | 364,112 | 30,079 | 27,622 | 64,436 | 241,975 | |||||||||||
Total mortgage obligations | 495,056 | 40,888 | 49,943 | 86,952 | 317,273 | |||||||||||
Unsecured revolving credit facilities | 147,000 | - | 147,000 | - | - | |||||||||||
Unsecured senior notes | 350,000 | - | 125,000 | 200,000 | 25,000 | |||||||||||
Capital leases | - | - | - | - | - | |||||||||||
Operating leases | 179 | 125 | 54 | - | - | |||||||||||
Development and redevelopment | 25,000 | 25,000 | - | - | - | |||||||||||
Total contractual obligations | $ | 1,017,235 | $ | 66,013 | $ | 321,997 | $ | 286,952 | $ | 342,273 | ||||||
Payments due by Period | ||||||||||||||||
Interest Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||
Mortgage notes | $ | 209,219 | $ | 35,430 | $ | 90,251 | $ | 56,020 | $ | 27,518 | ||||||
Unsecured senior notes(1) | 66,273 | 19,033 | 38,937 | 8,140 | 163 | |||||||||||
Unsecured revolving credit facilities(2) | 4,628 | 4,114 | 514 | - | - | |||||||||||
Total interest obligations | $ | 280,120 | $ | 58,577 | $ | 129,702 | $ | 64,160 | $ | 27,681 | ||||||
(1) | $100 million of the outstanding balance has been swapped to a floating interest rate based on the 6 month LIBOR in arrears, plus 0.4375%. The contractual and interest obligation for the unsecured senior notes do not reflect this interest rate swap. |
(2) | Interest on the unsecured revolving credit facility is variable; these amounts assume the weighted average interest rate remains the same as the rate at December 31, 2004 of 2.8%. |
We have entered into employment contracts with several of our key executives. These contracts provide for base pay, bonuses based on our results of operations, options and restricted stock grants and reimbursement of other various expenses.
- Letters of credit totaling $1.4 million have been provided as security for certain performance requirements; and
- We have committed to fund $25.0million, based on current plans and estimates, in order to complete pending development and redevelopment projects. These obligations, comprised principally of construction contracts, are generally due as the work is performed and are expected to be financed by our available credit facilities.
- The unconsolidated joint venture owns a parcel of land that is held for future development or sale. We are obligated to fund 50% of any working capital that is required (as determined jointly by us and our joint venture partner). The current obligations are a nominal amount to pay property taxes and other carrying costs. The joint venture currently has no outstanding debt obligations or contractual commitments and we have not guaranteed any obligations or retained any contingent interest in any assets.
For the year ended December 31, | ||||||||||
2004 | 2003 | Change | ||||||||
Total rental revenue | $ | 229,857 | $ | 180,295 | 27.5 | % | ||||
Property operating expenses | $ | 60,402 | $ | 51,728 | 16.8 | % | ||||
Rental property depreciation and amortization | $ | 35,910 | $ | 26,411 | 36.0 | % | ||||
General and administrative expenses | $ | 16,601 | $ | 11,046 | 50.3 | % | ||||
Interest expense | $ | 46,413 | $ | 36,814 | 26.1 | % | ||||
· | Properties acquired during 2004 increased rental revenue by approximately $15.9 million; |
· | The full year 2004 benefited from properties acquired during 2003 which increased rental revenue by approximately $18.3 million; |
· | The acquisition of IRT increased rental revenue by approximately $11.4 million; |
· | The completion of development and redevelopment properties increased rental revenue by $2.4 million; and |
· | Same property rental revenue increased by $1.5 million in 2004 due to higher occupancy at the centers and increases in rental rates. |
· | Properties acquired during 2004 increased operating expenses by approximately $3.6 million; |
· | Properties acquired during 2003 increased the full year 2004 operating expenses by $3.4 million; |
· | The acquisition of IRT increased operating expenses by approximately $1.3 million; |
· | The completion of development and redevelopment properties increased operating expenses by $594,000; and |
· | Same property operating expenses decreased by $165,000 as a result of lower property maintenance expenses. |
· | Properties acquired during 2004 increased depreciation and amortization by $2.9 million; |
· | Properties acquired during 2003 increased full year 2004 depreciation and amortization expense by $2.3 million; |
· | The acquisition of IRT increased depreciation and amortization expense by approximately $2.8 million; |
· | Completion of development and redevelopment properties increased depreciation and amortization by $1.2 million; and |
· | Same property depreciation and amortization increased by $276,000 related to leasing and tenant improvement amortization. |
· | An increase of $5.9 million attributable to the $200 million unsecured senior notes issued in March 2004; |
· | Interest incurred on the assumption of debt related to the acquisition of properties during 2004 increased interest by $1.8 million; |
· | Properties acquired during 2003, including the acquisition of IRT, increased interest expense by $2.9 million due to assumption of mortgage loans; |
· | Interest incurred on same properties decreased by $508,000 due to the repayment of certain existing mortgage notes; |
· | Interest on the revolving credit facilities decreased by $109,000 due to repayment of outstanding balances received from the proceeds upon the issuance of the senior notes and decreased borrowing activities; and |
· | Capitalized interest decreased due to the completion of development and redevelopment activities which increased interest expense by $618,000. |
For the year ended December 31, | ||||||||||
2003 | 2002 | % Change | ||||||||
Total rental revenue | $ | 180,295 | $ | 93,569 | 92.7 | % | ||||
Property operating expenses | $ | 51,728 | $ | 28,849 | 79.3 | % | ||||
Rental property depreciation and amortization | $ | 26,411 | $ | 12,563 | 110.2 | % | ||||
General and administrative expenses | $ | 11,046 | $ | 6,648 | 66.2 | % | ||||
Interest expense | $ | 36,814 | $ | 20,889 | 76.2 | % | ||||
· | The acquisition of IRT increased rental revenue by approximately $71.9 million; |
· | Properties acquired during 2003 increased rental revenue by approximately $6.9 million; |
· | Properties acquired during 2002 increased rental revenue by approximately $2.9 million; |
· | Same property rental revenue increased by approximately $3.0 million; and |
· | The completion of development and redevelopment properties increased rental revenue by approximately $2.0 million. |
· | The acquisition of IRT increased property operating expenses by approximately $13.9 million and property management expenses by $3.9 million as a result of managing a larger portfolio of properties; |
· | Properties acquired during 2003 increased operating expenses by approximately $2.1 million; |
· | Properties acquired during 2002 increased operating expenses by approximately $1.7 million; |
· | Same property operating expenses increased by approximately $754,000; and |
· | The completion of development and redevelopment properties increased operating expenses by $494,000. |
· | The acquisition of IRT increased depreciation and amortization by approximately $10.0 million; |
· | Properties acquired during 2003 increased depreciation and amortization by approximately $1.4 million; |
· | Properties acquired during 2002 increased depreciation and amortization by approximately $1.7 million; |
· | Same property depreciation and amortization increased by $100,000 related to leasing and tenant improvement amortization; and |
· | The completion of development and redevelopment properties increased depreciation and amortization by $535,000. |
· | An increase in interest expense of $14.6 million as a result of the assumption of mortgage loans and senior notes in the acquisition of IRT; |
· | An increase of $822,000 attributable to the debt related to the acquisition of properties during 2003; and |
· | An increase in revolving credit facility interest of $1.9 million primarily related to the acquisition of IRT. |
December 31, | |||||||
2004 | 2003 | ||||||
Mortgage Notes Payable | |||||||
Fixed rate mortgage loans | $ | 495,056 | $ | 459,103 | |||
Unamortized net premium on mortgage notes payable | 12,721 | 11,779 | |||||
Total | $ | 507,777 | $ | 470,882 | |||
December 31, | |||||||
2004 | 2003 | ||||||
Unsecured Senior Notes Payable | |||||||
7.77% Senior Notes, due 4/1/06 | $ | 50,000 | $ | 50,000 | |||
7.25% Senior Notes, due 8/15/07 | 75,000 | 75,000 | |||||
3.875% Senior Notes, due 4/15/09 | 200,000 | - | |||||
7.84% Senior Notes, due 1/23/12 | 25,000 | 25,000 | |||||
Fair value of interest rate swap | (2,739 | ) | - | ||||
Unamortized net premium on unsecured senior notes payable | 8,882 | 12,439 | |||||
Total | $ | 356,143 | $ | 162,439 | |||
December 31, | |||||||
2004 | 2003 | ||||||
Unsecured Revolving Credit Facilities | |||||||
Wells Fargo | $ | 147,000 | $ | 162,000 | |||
City National Bank | - | - | |||||
Total | $ | 147,000 | $ | 162,000 | |||
Property | Balance at December 31, 2004 | Interest Rate(1) | Maturity Date | Balance Due at Maturity | |||||
Fixed Rate Mortgage Debt | |||||||||
Lantana Village | $ 3,512 | 6.950% | 03/15/05 | $ 3,498 | |||||
Woodruff | 2,969 | 7.580% | 05/10/05 | 2,913 | |||||
Elmwood Oaks | 7,500 | 8.375% | 06/01/05 | 7,500 | |||||
Benchmark Crossing | 3,226 | 9.250% | 08/01/05 | 3,170 | |||||
Sterling Plaza | 3,874 | 8.750% | 09/01/05 | 3,794 | |||||
Townsend Square | 4,768 | 8.500% | 10/01/05 | 4,703 | |||||
Green Oaks | 2,937 | 8.375% | 11/01/05 | 2,861 | |||||
Melbourne Plaza | 1,698 | 8.375% | 11/01/05 | 1,654 | |||||
Walden Woods | 2,272 | 7.875% | 08/01/06 | 2,071 | |||||
Big Curve | 5,310 | 9.190% | 10/01/06 | 5,059 | |||||
Highland Square | 3,951 | 8.870% | 12/01/06 | 3,743 | |||||
Park Northern | 2,182 | 8.370% | 12/01/06 | 1,963 | |||||
Crossroads Square | 12,324 | 8.440% | 12/01/06 | 11,922 | |||||
Rosemeade | 3,109 | 8.295% | 12/01/07 | 2,864 | |||||
Colony Square | 2,976 | 7.540% | 01/01/08 | 2,834 | |||||
Parkwood | 6,110 | 7.280% | 01/01/08 | 5,805 | |||||
Richwood | 3,147 | 7.280% | 01/01/08 | 2,990 | |||||
Commonwealth | 2,636 | 7.000% | 02/15/08 | 2,217 | |||||
Mariners Crossing | 3,332 | 7.080% | 03/01/08 | 3,154 | |||||
Pine Island/Ridge Plaza | 24,582 | 6.910% | 07/01/08 | 23,104 | |||||
Forestwood | 7,128 | 5.070% | 01/01/09 | 6,406 | |||||
Shoppes of North Port | 4,008 | 6.650% | 02/08/09 | 3,526 | |||||
Prosperity Centre | 6,022 | 7.875% | 03/01/09 | 4,137 | |||||
Shoppes of Ibis | 5,687 | 6.730% | 09/01/09 | 4,680 | |||||
Tamarac Town Square | 6,122 | 9.190% | 10/01/09 | 5,583 | |||||
Park Promenade | 6,241 | 8.100% | 02/01/10 | 5,833 | |||||
Skipper Palms | 3,526 | 8.625% | 03/01/10 | 3,318 | |||||
Jonathan’s Landing | 2,868 | 8.050% | 05/01/10 | 2,639 | |||||
Bluff’s Square | 10,005 | 8.740% | 06/01/10 | 9,401 | |||||
Kirkman Shoppes | 9,448 | 8.740% | 06/01/10 | 8,878 | |||||
Ross Plaza | 6,589 | 8.740% | 06/01/10 | 6,192 | |||||
Boynton Plaza | 7,423 | 8.030% | 07/01/10 | 6,902 | |||||
Pointe Royale | 4,284 | 7.950% | 07/15/10 | 2,502 | |||||
Westgate | 29,625 | 4.880% | 07/31/10 | 26,702 | |||||
Shops at Skylake | 14,266 | 7.650% | 08/01/10 | 11,644 | |||||
Property | Balance at December 31, 2004 | Interest Rate(1) | Maturity Date | Balance Due at Maturity | |||||
Parkwest Crossing | $ 4,684 | 8.100% | 09/01/10 | $ 4,352 | |||||
Spalding Village | 10,231 | 8.190% | 09/01/10 | 7,932 | |||||
Minyards | 2,473 | 8.320% | 11/01/10 | 2,175 | |||||
Charlotte Square | 3,550 | 9.190% | 02/01/11 | 2,992 | |||||
Forest Village | 4,441 | 7.270% | 04/01/11 | 4,044 | |||||
Boca Village | 8,211 | 7.200% | 05/01/11 | 7,466 | |||||
MacLand Pointe | 5,798 | 7.250% | 05/01/11 | 5,267 | |||||
Pine Ridge Square | 7,273 | 7.020% | 05/01/11 | 6,579 | |||||
Sawgrass Promenade | 8,211 | 7.200% | 05/01/11 | 7,466 | |||||
Presidential Markets | 27,159 | 7.650% | 06/01/11 | 24,863 | |||||
Lake Mary | 24,282 | 7.250% | 11/01/11 | 21,973 | |||||
Lake St. Charles | 3,833 | 7.130% | 11/01/11 | 3,461 | |||||
Belfair Towne Village | 11,197 | 7.320% | 12/01/11 | 9,322 | |||||
Marco Town Center | 8,578 | 6.700% | 01/01/12 | 7,150 | |||||
Riverside Square | 7,589 | 9.190% | 03/01/12 | 6,458 | |||||
Sparkleberry Square | 6,655 | 6.170% | 11/30/12 | 5,374 | |||||
Cashmere | 5,141 | 5.880% | 11/01/12 | 4,084 | |||||
Eastwood | 6,126 | 5.880% | 11/01/12 | 4,866 | |||||
Meadows | 6,438 | 5.870% | 11/01/12 | 5,113 | |||||
Lutz Lake | 7,500 | 6.280% | 12/01/12 | 7,012 | |||||
Summerlin Square | 3,622 | 6.750% | 02/01/14 | - | |||||
Bird Ludlum | 9,690 | 7.680% | 02/15/15 | - | |||||
Treasure Coast | 4,532 | 8.000% | 04/01/15 | - | |||||
Shoppes of Silverlakes | 2,627 | 7.750% | 07/01/15 | - | |||||
Medford | 5,512 | 8.690% | 02/01/16 | - | |||||
Swampscott | 2,395 | 8.690% | 02/01/16 | - | |||||
Plymouth | 4,029 | 8.690% | 02/01/16 | - | |||||
Grassland Crossing | 5,827 | 7.870% | 12/01/16 | 2,601 | |||||
Mableton Crossing | 4,062 | 6.850% | 08/15/18 | 1,869 | |||||
Sparkleberry Square | 7,918 | 6.750% | 06/30/20 | - | |||||
BridgeMill | 9,395 | 7.940% | 05/05/21 | 3,761 | |||||
Westport Plaza | 4,876 | 7.490% | 08/24/23 | 1,340 | |||||
Chastain Square | 3,821 | 6.500% | 02/28/24 | - | |||||
Daniel Village | 4,177 | 6.500% | 02/28/24 | - | |||||
Douglas Commons | 4,976 | 6.500% | 02/28/24 | - | |||||
Fairview Oaks | 4,710 | 6.500% | 02/28/24 | - | |||||
Madison Centre | 3,821 | 6.500% | 02/28/24 | - | |||||
Paulding Commons | 6,487 | 6.500% | 02/28/24 | - | |||||
Siegen Village | 4,221 | 6.500% | 02/28/24 | - | |||||
Wesley Chapel Crossing | 3,331 | 6.500% | 02/28/24 | - | |||||
Total Fixed Rate Mortgage Debt (75 loans) | 495,056 | 7.26% | 5.81 years | $ 363,682 | |||||
(wtd.-avg. interest rate) | (wtd.-avg. maturity) | ||||||||
Fixed Rate Unsecured Senior Notes Payable | |||||||||
7.77% senior notes | 50,000 | 7.77% | 04/01/06 | $ 50,000 | |||||
7.25% senior notes | 75,000 | 7.25% | 08/15/07 | 75,000 | |||||
3.875% senior notes (2) | 200,000 | 3.875% | 04/15/09 | 200,000 | |||||
7.84% senior notes | 25,000 | 7.84% | 01/23/12 | 25,000 | |||||
Total Fixed Rate Unsecured Senior Notes Payable | 350,000 | 5.124 % | 3.74 years | $ 350,000 | |||||
(wtd.-avg. interest rate) | (wtd.-avg. maturity) | ||||||||
Unsecured Variable Rate Revolving Credit Facilities | |||||||||
Wells Fargo | 147,000 | 2.80% | 02/12/06 | $147,000 | |||||
City National Bank | - | LIBOR + 1% | 11/11/2005 | - | |||||
Total Unsecured Variable Rate Revolving Credit Facilities | 147,000 | $ 147,000 | |||||||
Total Debt | $ 992,056 | ||||||||
(1) | The rate in effect on December 31, 2004. |
(2) | $100 million of the outstanding balance has been swapped to a floating interest rate based on the 6 month LIBOR in arrears, plus 0.4375%. The indicated rate and weighted average rate for the unsecured senior notes do not reflect this interest rate swap. |
Secured Debt | Unsecured Debt | |||||||||||||||
Year Due | Scheduled Amortization | Balloon Payments | Revolving Credit Facilities | Senior Notes | Total | |||||||||||
2005 | $ | 10,809 | $ | 30,079 | $ | - | $ | - | $ | 40,888 | ||||||
2006 | 11,069 | 24,758 | 147,000 | 50,000 | 232,827 | |||||||||||
2007 | 11,252 | 2,864 | - | 75,000 | 89,116 | |||||||||||
2008 | 11,391 | 40,104 | - | - | 51,495 | |||||||||||
2009 | 11,125 | 24,332 | - | 200,000 | 235,457 | |||||||||||
2010 | 10,224 | 98,471 | - | - | 108,695 | |||||||||||
2011 | 8,489 | 93,433 | - | - | 101,922 | |||||||||||
2012 | 7,324 | 40,056 | - | 25,000 | 72,380 | |||||||||||
2013 | 7,020 | - | - | - | 7,020 | |||||||||||
2014 | 7,110 | 10,015 | - | - | 17,125 | |||||||||||
Thereafter | 35,131 | - | - | - | 35,131 | |||||||||||
Total | $ | 130,944 | $ | 364,112 | $ | 147,000 | $ | 350,000 | $ | 992,056 |
· | CVS Plaza in Miami, Florida where we are completing the lease up of the local space at a new 29,204 square foot drug store-anchored shopping center that we built across the street from our recently completed Publix supermarket-anchored Plaza Alegre shopping center; |
· | Shops at Skylake in North Miami Beach, Florida, where we are in the process of adding 29,000 square feet of retail and office space; |
· | Centre Pointe Plaza in Smithfield, North Carolina and Eustis Square in Eustis, Florida where we have reconfigured and redeveloped previously vacant anchor and other space and are completing the associated lease-up; and |
· | The development of two supermarket-anchored shopping centers, one in Homestead, Florida and the other in McDonough, Georgia, both on parcels of land we currently own. |
There has been no changes made during the quarter ended December 31, 2004 to the Company’s internal controls over financial reporting that have materially affected or is reasonably likely to materially affect controls.
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
(a) | (b) | (c) | |
Equity compensation plans approved by security holders(1) | 1,481,330 | $14.52 | 2,822,064 |
Equity compensation plans not approved by security holders | - | - | - |
Total | 1,481,330 | $14.52 | 2,822,064 |
(1) | Includes information related to our 1995 Stock Option Plan, 2000 Executive Incentive Compensation Plan, 1989 IRT Stock Option Plan and 1998 IRT Long-Term Incentive Plan. |
The other information required by this item is incorporated by reference from our definitive proxy statement to be filed within 120 days after the end of our fiscal year covered by this Form 10-K.
1. Financial Statements: | ||
Page | ||
Management Report on Internal Control Over Financial Reporting | F-1 | |
Report of Independent Registered Public Accounting Firm | F-2 | |
Report of Independent Registered Public Accounting Firm on Financial Reporting | F-4 | |
Consolidated Balance Sheets as of December 31, 2004 and 2003 | F-5 | |
Consolidated Statements of Operations for the years ended December 31, 2004, 2003 and 2002 | F-6 - F-7 | |
Consolidated Statements of Comprehensive Incomefor the years ended December 31, 2004, 2003 and 2002 | F-8 | |
Consolidated Statements of Stockholders’ Equityfor the years ended December 31, 2004, 2003 and 2002 | F-9 | |
Consolidated Statements of Cash Flows for the years ended December 31, 2004, 2003 and 2002 | F-10 - F-11 | |
Notes to the Consolidated Financial Statements | F-12 - F-36 | |
2. Financial statement schedules required to be filed | ||
Schedule III - Real Estate Investments and Accumulated Depreciation | F-37 | |
Schedules I, II, IV and V are not required to be filed. | ||
EXHIBIT NO. | DESCRIPTION |
3.1 | Composite Charter of the Company (Exhibit 3.1) (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. 1, dated March 26, 1996, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4) (4) |
4.3 | Supplemental Indenture No. 2, dated August 15, 1997, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4) (5) |
4.4 | 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) |
4.5 | 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) |
4.6 | Supplemental Indenture No. 5, dated February 12, 2003, between the Company and SunTrust Bank, as Trustee (Exhibit 4.1) (8) |
4.6 | Supplemental Indenture No. 6, dated April 23, 2004, between the Company and SunTrust Bank, as Trustee (Exhibit 4.2) (9) |
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) |
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. 4, dated March 26, 2004, between the Company and SunTrust Bank, as Trustee (Exhibit 4.1) (10) |
4.12 | Supplemental Indenture No. 5, dated April 23, 2004, between the Company and SunTrust Bank, as Trustee (Exhibit 4.1) (9) |
10.1 | Form of Indemnification Agreement |
10.2 | 1995 Stock Option Plan, as amended (11)* |
10.3 | Amended and Restated 2000 Executive Incentive Plan (Annex A) (12)* |
10.4 | Form of Stock Option Agreement for stock options awarded under the Amended and Restated 2000 Executive Incentive Plan (Exhibit 10.3) (21)* |
10.5 | Form of Restricted Stock Agreement for restricted stock awarded under the Amended and Restated 2000 Executive Incentive Plan (Exhibit 10.4) (21)* |
10.6 | IRT 1989 Stock Option Plan, assumed by the Company (13)* |
10.7 | IRT 1998 Long-Term Incentive Plan, assumed by the Company (14)* |
10.8 | 2004 Employee Stock Purchase Plan (Annex B) (12)* |
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) (15) |
10.10 | Stock Exchange Agreement dated May 18, 2001 among the Company, First Capital Realty Inc. and First Capital America Holding Corp (16) |
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) (15) |
10.12 | Subscription Agreement, dated October 4, 2000, made by Alony Hetz Properties & Investments, Ltd. (Exhibit 10.13) (17) |
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) (17) |
EXHIBIT NO. | DESCRIPTION |
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) (17) |
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. (18) |
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. (9) |
10.17 | Amended and Restated Employment Agreement dated effective as of January 1, 2002 between the Company and Chaim Katzman (Exhibit 10.1) (1)* |
10.18 | First Amendment to Amended and Restated Employment Agreement, dated September 1, 2003, with Chaim Katzman (Exhibit 10.1) (19)* |
10.19 | Amended and Restated Employment Agreement dated effective as of January 1, 2002 between the Company and Doron Valero (Exhibit 10.2) (1)* |
10.20 | First Amendment to Amended and Restated Employment Agreement, dated September 1, 2003, with Doron Valero (Exhibit 10.2) (19)* |
10.21 | Second Amended and Restated Employment Agreement, dated September 1, 2003, between the Company and Howard M. Sipzner (Exhibit 10.1) (20)* |
10.22 | Employment Letter, dated March 11, 2003, by and between Alan Merkur and the Company (Exhibit 10.5) (21)* |
10.23 | Employment Letter, dated March 24, 2003, by and between Arthur L. Gallagher and the Company (Exhibit 10.6) (21)* |
10.24 | Registration Rights Agreement, dated October 28, 2002, between the Company and certain Purchasers (Exhibit 99.3) (22) |
10.25 | Credit Agreement, dated February 7, 2003, among the Company, each of the financial institutions initially a signatory thereto; Commerzbank AG New York and Grand Cayman Branches, Keybank National Association and Southtrust Bank, as Documentary Agents; and Wells Fargo Bank, National Association, as Sole Lead Arranger and Administration Agent (Exhibit 10.1) (10) |
10.25 | Amendment No. 1 to Credit Agreement, dated as of March 18, 2004, among Equity One, Inc., Wells Fargo Bank, National Association, in its capacity as contractual representative of the lenders named therein (Exhibit 10.1) (23) |
10.26 | Amendment No. 2 to Credit Agreement, dated as of July 19, 2004, among Equity One, Inc., Wells Fargo Bank, National Association, in its capacity as contractual representative of the lenders named therein (Exhibit 10.1) (24) |
10.27 | Clarification Agreement and Protocol, dated as of January 1, 2004, among Equity One, Inc. and Gazit-Globe (1982), Ltd. (Exhibit 10.2) (23) |
12.1 | Ratios of Earnings to Fixed Charges |
21.1 | List of Subsidiaries of the Registrant |
23.1 | Consent of Deloitte & Touche 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 |
(1) | Previously filed as an exhibit to our Quarterly Report on Form 10-Q for the period ended June 30, 2002, and incorporated by reference herein. |
(2) | Previously filed as an exhibit to our Annual Report on Form 10-K for the period ended December 31, 2003, and incorporated by reference herein. |
(3) | Previously filed by IRT Property Company as an exhibit to IRT’s Annual Report on Form 10-K for the period ending December 31, 1995, and incorporated by reference herein. |
(4) | Previously filed by IRT Property Company as an exhibit to IRT’s Current Report on Form 8-K filed on March 26, 1996, and incorporated by reference herein. |
(5) | Previously filed by IRT Property Company as an exhibit to IRT’s Current Report on Form 8-K filed on August 13, 1997, and incorporated by reference herein. |
(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 for the period ended March 31, 2004, and incorporated by reference herein. |
(10) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 31, 2004, and incorporated by reference herein. |
(11) | Previously filed with our definitive Proxy Statement for the Annual Meeting of Stockholders held on June 30, 1999, and incorporated herein by reference. |
(12) | Previously filed with our definitive Proxy Statement for the Annual Meeting of Stockholders held on May 21, 2004, and incorporated herein by reference. |
(13) | 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 herein by reference. |
(14) | Previously filed by IRT Property Company with IRT’s definitive Proxy Statement for the Annual Meeting of Stockholders held on May 22, 1998, and incorporated herein by reference. |
(15) | Previously filed with our Registration Statement on Form S-11, as amended (Registration No. 333-3397), and incorporated herein by reference. |
(16) | Previously filed as Appendix A to our definitive Proxy Statement for the Special Meeting of Stockholders held on September 6, 2001 and incorporated herein by reference. |
(17) | Previously filed with our Annual Report Form 10-K/A filed on March 18, 2002, and incorporated herein by reference. |
(18) | Previously filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the period ended September 30, 2002, and incorporated by reference herein. |
(19) | Previously filed with our Quarterly Report on Form 10-Q for the period ended September 30, 2003, and incorporated by reference herein. |
(20) | Previously filed with our Current Report on Form 8-K filed on January 6, 2004, and incorporated by reference herein. |
(21) | Previously filed with our Current Report on Form 8-K filed on February 18, 2005, and incorporated by reference herein. |
(22) | Previously filed as Exhibit 2.1 to our Current Report on Form 8-K filed on October 30, 2002, and incorporated by reference herein. |
(23) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 16, 2004, and incorporated by reference herein. |
(24) | Previously filed as an exhibit to our Current Report on Form 8-K filed on July 26, 2004, and incorporated by reference herein. |
Date: March16, 2005 | EQUITY ONE, INC. |
By: /s/ Chaim Katzman Chaim Katzman | |
Chairman of the Board and Chief Executive Officer |
SIGNATURE | TITLE | DATE |
/s/Chaim Katzman | Chairman of the Board and | March 16, 2005 |
Chaim Katzman | Chief Executive Officer | |
(Principal Executive Officer) | ||
/s/ Doron Valero | President, Chief Operating Officer | March 16, 2005 |
Doron Valero | and Director | |
/s/ Howard M. Sipzner Howard M. Sipzner | Executive Vice President and Chief Financial Officer | March 16, 2005 |
(Principal Accounting and Financial Officer) | ||
/s/ Noam Ben Ozer | Director | March 16, 2005 |
Noam Ben Ozer | ||
/s/ Robert L. Cooney | Director | March 16, 2005 |
Robert L. Cooney | ||
/s/ Patrick L. Flinn | Director | March 16, 2005 |
Patrick L. Flinn | ||
/s/ Nathan Hetz | Director | March 16, 2005 |
Nathan Hetz | ||
/s/ Peter Linneman | Director | March 16, 2005 |
Peter Linneman | ||
/s/ Shaiy Pilpel | Director | March 16, 2005 |
Dr. Shaiy Pilpel | ||
/s/ Dori Segal | Director | March 16, 2005 |
Dori Segal | ||
EQUITY ONE, INC. AND SUBSIDIARIES |
TABLE OF CONTENTS |
Page | |
Management Report on Internal Control Over Financial Reporting | F-1 |
Report of Independent Registered Public Accounting Firm | F-2 |
Report of Independent Registered Public Accounting Firm | F-4 |
Consolidated Balance Sheets as of December 31, 2004 and 2003 | F-5 |
Consolidated Statements of Operations for the years ended December 31, 2004, 2003 and 2002 | F-6- F-7 |
Consolidated Statements of Comprehensive Income for the years ended December 31, 2004, 2003 and 2002 | F-8 |
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2004, 2003 and 2002 | F-9 |
Consolidated Statements of Cash Flows for the years ended December 31, 2004, 2003 and 2002 | F-10- F-11 |
Notes to the Consolidated Financial Statements | F-12- F-36 |
The management of Equity One, Inc. and subsidiaries (the Company) is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934, as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting, which requires the use of certain estimates and judgments, and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:
· 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.
Reasonable assurance is based on the premise that the cost of internal controls should not exceed the benefits derived. Reasonable assurance includes the understanding that there is a remote likelihood that material misstatements will not be prevented or detected in a timely manner. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2004. 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, 2004, the Company’s internal control over financial reporting is effective.
Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
The Company’s independent registered public accounting firm has issued an attestation report on our assessment of the Company’s internal control over financial reporting. This report appears on the following page of this Annual Report.
2004 | 2003 | ||||||
ASSETS | |||||||
PROPERTIES: | |||||||
Income producing | $ | 1,915,216 | $ | 1,594,579 | |||
Less: accumulated depreciation | (95,934 | ) | (66,406 | ) | |||
Income producing property, net | 1,819,282 | 1,528,173 | |||||
Construction in progress and land held for development | 41,759 | 74,686 | |||||
Property held for sale | 12,646 | 14,440 | |||||
Properties, net | 1,873,687 | 1,617,299 | |||||
CASH AND CASH EQUIVALENTS | 5,122 | 966 | |||||
ACCOUNTS AND OTHER RECEIVABLES, NET | 15,699 | 13,492 | |||||
SECURITIES | 35,756 | - | |||||
INVESTMENTS IN AND ADVANCES TO JOINT VENTURES | 273 | 2,861 | |||||
GOODWILL | 14,020 | 14,014 | |||||
OTHER ASSETS | 47,735 | 28,754 | |||||
TOTAL | $ | 1,992,292 | $ | 1,677,386 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
LIABILITIES: | |||||||
NOTES PAYABLE | |||||||
Mortgage notes payable | $ | 495,056 | $ | 459,103 | |||
Unsecured revolving credit facilities | 147,000 | 162,000 | |||||
Unsecured senior notes payable | 347,261 | 150,000 | |||||
989,317 | 771,103 | ||||||
Unamortized premium/discount on notes payable | 21,603 | 24,218 | |||||
Total notes payable | 1,010,920 | 795,321 | |||||
OTHER LIABILITIES | |||||||
Accounts payable and accrued expenses | 32,857 | 25,211 | |||||
Tenant security deposits | 8,559 | 7,706 | |||||
Other liabilities | 7,171 | 5,924 | |||||
Total liabilities | 1,059,507 | 834,162 | |||||
MINORITY INTEREST | 1,397 | 12,672 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
STOCKHOLDERS’ EQUITY: | |||||||
Preferred stock, $0.01 par value - 10,000 shares authorized but unissued | - | - | |||||
Common stock, $0.01 par value - 100,000 shares authorized, 73,597 and 69,353 shares issued and outstanding for 2004 and 2003, respectively | 736 | 694 | |||||
Additional paid-in capital | 920,616 | 843,678 | |||||
Retained earnings | 17,481 | - | |||||
Accumulated other comprehensive income (loss) | 4,633 | (122 | ) | ||||
Unamortized restricted stock compensation | (11,928 | ) | (10,091 | ) | |||
Notes receivable from issuance of common stock | (150 | ) | (3,607 | ) | |||
Total stockholders’ equity | 931,388 | 830,552 | |||||
TOTAL | $ | 1,992,292 | $ | 1,677,386 | |||
See accompanying notes to the consolidated financial statements. | |||||||
2004 | 2003 | 2002 | ||||
RENTAL REVENUE: | ||||||
Minimum rents | $ 175,588 | $ 137,284 | $ 68,705 | |||
Expense recoveries | 48,789 | 39,908 | 21,548 | |||
Termination fees | 3,536 | 1,363 | 1,911 | |||
Percentage rent payments | 1,944 | 1,740 | 1,405 | |||
Total rental revenue | 229,857 | 180,295 | 93,569 | |||
EXPENSES: | ||||||
Property operating expenses | 60,402 | 51,728 | 28,848 | |||
Rental property depreciation and amortization | 35,910 | 26,411 | 12,563 | |||
Litigation settlement | - | - | 2,067 | |||
General and administrative expenses | 16,601 | 11,046 | 6,649 | |||
Total costs and expenses | 112,913 | 89,185 | 50,127 | |||
INCOME BEFORE OTHER INCOME AND EXPENSE, MINORITY INTEREST AND DISCONTINUED OPERATIONS | 116,944 | 91,110 | 43,442 | |||
OTHER INCOME AND EXPENSE: | ||||||
Interest expense | (46,413 | ) | (36,814 | ) | (20,889 | ) |
Amortization of deferred financing fees | (1,370 | ) | (992 | ) | (759 | ) |
Investment income | 2,346 | 1,089 | 1,632 | |||
Other income | 537 | 687 | 1,083 | |||
(Loss) gain on extinguishment of debt | - | (513 | ) | 1,520 | ||
INCOME BEFORE MINORITY INTEREST AND DISCONTINUED OPERATIONS | 72,044 | 54,567 | 26,029 | |||
MINORITY INTEREST | (576 | ) | (803 | ) | (101 | ) |
INCOME FROM CONTINUING OPERATIONS | 71,468 | 53,764 | 25,928 | |||
DISCONTINUED OPERATIONS: | ||||||
Income from rental properties sold or held for sale | 4,273 | 6,800 | 4,742 | |||
Gain on disposal of income producing properties | 22,176 | 3,083 | 9,264 | |||
Minority interest | (113 | ) | - | - | ||
Total income from discontinued operations | 26,336 | 9,883 | 14,006 | |||
NET INCOME | $ 97,804 | $ 63,647 | $ 39,934 | |||
(continued | ) | |||||
2004 | 2003 | 2002 | |||||||
EARNINGS PER SHARE: | |||||||||
BASIC EARNINGS PER SHARE | |||||||||
Income from continuing operations | $ | 1.01 | $ | 0.90 | $ | 0.79 | |||
Income from discontinued operations | 0.38 | 0.16 | 0.43 | ||||||
Total basic earnings per share | $ | 1.39 | $ | 1.06 | $ | 1.22 | |||
NUMBER OF SHARES USED IN COMPUTING BASIC EARNINGS PER SHARE | 70,447 | 59,998 | 32,662 | ||||||
DILUTED EARNINGS PER SHARE | |||||||||
Income from continuing operations | $ | 1.00 | $ | 0.89 | $ | 0.78 | |||
Income from discontinued operations | 0.37 | 0.16 | 0.42 | ||||||
Total diluted earnings per share | $ | 1.37 | $ | 1.05 | $ | 1.20 | |||
NUMBER OF SHARES USED IN COMPUTING DILUTED EARNINGS PER SHARE | 72,036 | 61,665 | 33,443 | ||||||
(Concludedd | ) | ||||||||
See accompanying notes to the consolidated financial statements. |
2004 | 2003 | 2002 | ||||||||
NET INCOME | $ | 97,804 | $ | 63,647 | $ | 39,934 | ||||
OTHER COMPREHENSIVE INCOME (LOSS): | ||||||||||
Net unrealized holding gain (loss) on securities available for sale | 4,633 | 46 | (12 | ) | ||||||
Change in fair value of cash flow hedges | 122 | (122 | ) | - | ||||||
COMPREHENSIVE INCOME | $ | 102,559 | $ | 63,571 | $ | 39,922 | ||||
See accompanying notes to the consolidated financial statements. |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income/ (Loss) | Unamortized Restricted Stock Compensation | Notes Receivable from the Issuance of Common Stock | Total Stockholders’ Equity | ||||||||||||||||
BALANCE, JANUARY 1, 2002 | $ | 288 | $ | 283,619 | $ | 1,808 | $ | (34 | ) | $ | (1,836 | ) | $ | (5,578 | ) | $ | 278,267 | |||||
Issuance of common stock | 57 | 73,359 | - | - | (2,539 | ) | (1,534 | ) | 69,343 | |||||||||||||
Stock issuance cost | - | (1,528 | ) | - | - | - | - | (1,528 | ) | |||||||||||||
Net income | - | - | 39,934 | - | - | - | 39,934 | |||||||||||||||
Dividends paid | - | - | (35,773 | ) | - | - | - | (35,773 | ) | |||||||||||||
Net unrealized holding loss on securities available for sale | - | - | - | (12 | ) | - | - | (12 | ) | |||||||||||||
BALANCE, DECEMBER 31, 2002 | 345 | 355,450 | 5,969 | (46 | ) | (4,375 | ) | (7,112 | ) | 350,231 | ||||||||||||
Issuance of common stock: | ||||||||||||||||||||||
IRT transaction | 175 | 231,562 | - | - | - | - | 231,737 | |||||||||||||||
Other issuances | 174 | 259,445 | - | - | (5,716 | ) | 3,505 | 257,408 | ||||||||||||||
Stock issuance cost | - | (1,718 | ) | - | - | - | - | (1,718 | ) | |||||||||||||
Net income | - | - | 63,647 | - | - | - | 63,647 | |||||||||||||||
Dividends paid | - | (1,061 | ) | (69,616 | ) | - | - | - | (70,677 | ) | ||||||||||||
Change in fair value of cash flow hedges | - | - | - | (122 | ) | - | - | (122 | ) | |||||||||||||
Net unrealized holding gain on securities available for sale | - | - | - | 46 | - | - | 46 | |||||||||||||||
BALANCE, DECEMBER 31, 2003 | 694 | 843,678 | - | (122 | ) | (10,091 | ) | (3,607 | ) | 830,552 | ||||||||||||
Issuance of common stock | 42 | 77,853 | - | - | (1,837 | ) | - | 76,058 | ||||||||||||||
Stock issuance cost | - | (334 | ) | - | - | - | - | (334 | ) | |||||||||||||
Repayments of notes receivable from issuance of common stock | - | - | - | - | - | 3,457 | 3,457 | |||||||||||||||
Net income | - | - | 97,804 | - | - | - | 97,804 | |||||||||||||||
Dividends paid | - | (581 | ) | (80,323 | ) | - | - | - | (80,904 | ) | ||||||||||||
Changes in fair value of cash flow hedges | - | - | - | 122 | - | - | 122 | |||||||||||||||
Net unrealized holding gain on securities available for sale | - | - | - | 4,633 | - | - | 4,633 | |||||||||||||||
BALANCE, DECEMBER 31, 2004 | $ | 736 | $ | 920,616 | $ | 17,481 | $ | 4,633 | $ | (11,928 | ) | $ | (150 | ) | $ | 931,388 | ||||||
See accompanying notes to the consolidated financial statements. |
2004 | 2003 | 2002 | |||||||
OPERATING ACTIVITIES: | |||||||||
Net income | $ | 97,804 | $ | 63,647 | $ | 39,934 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Straight line rent adjustment | (3,835 | ) | (1,974 | ) | (636 | ) | |||
Provision for losses on accounts receivable | 199 | 582 | 524 | ||||||
Amortization of premium on notes payable | (4,958 | ) | (3,584 | ) | - | ||||
Amortization of deferred financing fees | 1,370 | 992 | 759 | ||||||
Amortization of deferred financing fees included in discontinued operations | 89 | 119 | 125 | ||||||
Rental property depreciation and amortization | 35,910 | 26,411 | 12,563 | ||||||
Depreciation and amortization included in discontinued operations | 1,113 | 1,596 | 1,247 | ||||||
Amortization of restricted stock | 5,163 | 2,833 | 1,579 | ||||||
Gain on disposal of real estate | (22,334 | ) | (3,083 | ) | (9,264 | ) | |||
Gain on sale of securities | (593 | ) | (9 | ) | (14 | ) | |||
Loss (gain) on debt extinguishment | - | 623 | (1,520 | ) | |||||
Equity in loss (income) of joint ventures | 46 | (500 | ) | (549 | ) | ||||
Minority interest in earnings of consolidated subsidiary | 689 | 803 | 101 | ||||||
Changes in assets and liabilities: | |||||||||
Accounts and other receivables | (2,406 | ) | (5,080 | ) | (3,152 | ) | |||
Other assets | (2,147 | ) | (2,969 | ) | 173 | ||||
Accounts payable and accrued expenses | 4,900 | (5,378 | ) | 2,548 | |||||
Tenant security deposits | 853 | 1,038 | 252 | ||||||
Other liabilities | 1,247 | 2,195 | 943 | ||||||
Net cash provided by operating activities | 113,110 | 78,262 | 45,613 | ||||||
INVESTING ACTIVITIES: | |||||||||
Additions to and purchases of rental property | (263,640 | ) | (151,630 | ) | (65,581 | ) | |||
Payment for construction in progress and land held for development | (25,771 | ) | (34,063 | ) | (13,876 | ) | |||
Proceeds from disposal of rental properties | 72,568 | 25,013 | 27,195 | ||||||
Decrease (increase) in cash held in escrow | - | 12,897 | (4,218 | ) | |||||
Proceeds from sales of joint venture interest | - | 2,230 | - | ||||||
Distributions received from joint ventures | 3,119 | 5,424 | 871 | ||||||
Increase in deferred leasing expenses | (6,668 | ) | (4,455 | ) | (1,660 | ) | |||
Proceeds from repayments of notes receivable | 6,090 | 5,074 | 5,068 | ||||||
Proceeds from sale of securities | 5,814 | 976 | 762 | ||||||
Cash used to purchase securities | (36,363 | ) | - | - | |||||
Cash used in the purchase of IRT | - | (189,382 | ) | - | |||||
Cash acquired in acquisitions | - | 1,756 | - | ||||||
Net cash used in investing activities | (244,851 | ) | (326,160 | ) | (51,439 | ) | |||
FINANCING ACTIVITIES: | |||||||||
Repayments of mortgage notes payable | (25,721 | ) | (63,586 | ) | (43,156 | ) | |||
Borrowings under mortgage notes payable | - | - | 25,850 | ||||||
Net (repayments) borrowings under revolving credit facilities | (15,000 | ) | 131,000 | (4,409 | ) | ||||
Increase in deferred financing expenses | (3,126 | ) | (888 | ) | (1,058 | ) | |||
Proceeds from stock subscription and issuance of common stock | 58,304 | 249,205 | 67,982 | ||||||
Proceeds from senior debt offering | 199,750 | - | - | ||||||
Stock issuance costs | (334 | ) | (1,718 | ) | (1,471 | ) | |||
Repayment of notes receivable from issuance of common stock | 3,457 | 3,505 | - | ||||||
Cash dividends paid to stockholders | (80,904 | ) | (70,677 | ) | (35,773 | ) | |||
Distributions to minority interest | (529 | ) | (921 | ) | (101 | ) | |||
Net cash provided by financing activities | 135,897 | 245,920 | 7,864 | ||||||
(continued | ) |
2004 | 2003 | 2002 | |||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | $ | 4,156 | $ | (1,978 | ) | $ | 2,038 | ||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 966 | 2,944 | 906 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 5,122 | $ | 966 | $ | 2,944 | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||
Cash paid for interest, net of amount capitalized | $ | 50,155 | $ | 36,703 | $ | 22,772 | |||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||||||
Change in unrealized holding gain (loss) on securities | $ | 4,633 | $ | 46 | $ | (12 | ) | ||
Change in fair value of hedges | $ | 122 | $ | (122 | ) | ||||
Conversion of operating partnership units | $ | 14,108 | $ | 2,880 | |||||
Issuance of restricted stock | $ | 5,624 | $ | 7,534 | $ | 3,900 | |||
Common stock issued for notes receivable | $ | 1,534 | |||||||
Note receivable from sale of property | $ | 9,355 | $ | 3,900 | |||||
The Company acquired and assumed mortgages on some of the rental property acquisitions: | |||||||||
Fair value of rental property | $ | 148,416 | $ | 101,692 | $ | 9,300 | |||
Assumption of mortgage notes payable | (61,674 | ) | (54,369 | ) | (6,097 | ) | |||
Fair value adjustment of mortgage notes payable | (2,697 | ) | (6,029 | ) | - | ||||
Cash paid for rental property | $ | 84,045 | $ | 41,294 | $ | 3,203 | |||
The Company issued senior unsecured notes: | |||||||||
Face value of notes | $ | 200,000 | |||||||
Discount | (250 | ) | |||||||
Cash received | $ | 199,750 | |||||||
The Company acquired all of the outstanding common stock of IRT for $763,047, including transaction costs: | |||||||||
Fair value of assets acquired, including goodwill | $ | 763,047 | |||||||
Assumption of liabilities, unsecured senior notes and mortgage notes payable | (319,598 | ) | |||||||
Fair value adjustment of unsecured senior notes and mortgage notes payable | (22,330 | ) | |||||||
Common stock issued | (231,737 | ) | |||||||
Cash paid for IRT acquisition, including transaction costs | $ | 189,382 | |||||||
(Concluded | ) | ||||||||
See accompanying notes to the consolidated financial statements. |
Land improvements | 40 years |
Buildings | 30-40 years |
Building improvements | 5-40 years |
Tenant improvements | Over the term of the related lease, which approximates the economic useful life |
Equipment | 5-7 years |
Years Ended December 31, | |||||||||||||
2004 | 2003 | 2002 | |||||||||||
Net Income | As reported | $ | 97,804 | $ | 63,647 | $ | 39,934 | ||||||
Add: | Stock based employee compensation expense included in reported net income | 5,163 | 2,833 | 1,579 | |||||||||
Deduct: | Total stock based employee compensation expense determined under fair value based method for all awards | (5,926 | ) | (3,729 | ) | (2,322 | ) | ||||||
Pro forma | $ | 97,041 | $ | 62,751 | $ | 39,191 | |||||||
Basic earnings per share | As reported | $ | 1.39 | $ | 1.06 | $ | 1.22 | ||||||
Pro forma | $ | 1.38 | $ | 1.05 | $ | 1.20 | |||||||
Diluted earnings per share | As reported | $ | 1.37 | $ | 1.05 | $ | 1.20 | ||||||
Pro forma | $ | 1.36 | $ | 1.03 | $ | 1.18 | |||||||
Composition in the consolidated balance sheets: | December 31, | ||||||
2004 | 2003 | ||||||
Land and land improvements | $ | 793,508 | $ | 654,654 | |||
Building and building improvements | 1,097,150 | 924,097 | |||||
Tenant improvements | 24,558 | 15,828 | |||||
1,915,216 | 1,594,579 | ||||||
Less: accumulated depreciation | (95,934 | ) | (66,406 | ) | |||
Income producing property, net | $ | 1,819,282 | $ | 1,528,173 | |||
Property | Location | Month Purchased | Square Feet/ Acres | Purchase Price |
Bluebonnet Out Parcel | Baton Rouge, LA | February | 0.9 acres | $ 500 |
Pavilion Shopping Center | Naples, FL | February | 167,745 | 24,200 |
Southlake Village | Southlake, TX | March | 118,092 | 17,475 |
Creekside Plaza | Arlington, TX | March | 101,016 | 14,025 |
Sparkleberry Square | Columbia, SC | March | 339,051 | 45,150 |
Venice Shopping Center | Venice, FL | March | 111,934 | 6,447 |
Windy Hill | N. Myrtle Beach, SC | April | 64,465 | 2,895 |
Hamilton Out Parcel | Buford, GA | April | 0.64 acres | 425 |
Medical & Merchants | Jacksonville, FL | May | 152,761 | 21,980 |
Westgate Marketplace | Houston, TX | June | 298,354 | 47,100 |
Boston portfolio (6 properties) | Boston, MA | October | 390,979 | 119,750 |
Homestead Gas Station | Homestead, FL | November | 0.66 acres | 1,150 |
DeSoto Shopping Center | DeSoto, TX | November | 69,090 | 8,180 |
Westport Plaza | Davie, FL | December | 36,212 | 7,200 |
Devaney Parcel | West Roxbury, MA | December | 0.33 acres | 475 |
$ 316,952 | ||||
2004 | 2003 | ||||||
Pro forma rental income | $ | 242,130 | $ | 205,325 | |||
Pro forma income from continuing operations | $ | 73,131 | $ | 58,342 | |||
Pro forma net income | $ | 99,580 | $ | 68,225 | |||
Pro forma earnings per share: | |||||||
Basic earnings per share: | |||||||
Income from continuing operations | $ | 1.03 | $ | 0.98 | |||
Diluted earnings per share: | |||||||
Income from continuing operations | $ | 1.02 | $ | 0.97 |
Composition in the consolidated balance sheets: | December 31, | |||
2004 | 2003 | |||
Tenants | $ 15,6788 | $ 13,9211 | ||
Other | 1,4211 | 7722 | ||
Allowance for doubtful accounts | (1,4000 | ) | (1,2011 | ) |
Total accounts and other receivables | $ 15,6999 | $ 13,4922 | ||
Entity | Location | Ownership | December 31, 2004 | December 31, 2003 | |||||||||
PG Partners* | Palm Beach Gardens, FL | 50.0 | % | $ | - | $ | 2,633 | ||||||
Parcel F, LLC | Palm Beach Gardens, FL | 50.0 | % | 273 | 228 | ||||||||
Investments in joint ventures | $ | 273 | $ | 2,861 | |||||||||
Condensed Balance Sheet | As of December 31, 2004 | As of December 31,2003 | |||||
Assets: | |||||||
Rental properties, net | $ | - | $ | 15,735 | |||
Land held for development | 1,073 | 953 | |||||
Cash and cash equivalents | - | - | |||||
Other assets | - | 457 | |||||
Total | $ | 1,073 | $ | 17,145 | |||
Liabilities and Ventures’ Equity: | |||||||
Mortgage notes | $ | - | $ | 12,878 | |||
Other liabilities | - | 90 | |||||
Ventures’ equity | 1,073 | 4,177 | |||||
Total | $ | 1,073 | $ | 17,145 | |||
Year Ended December 31, | ||||||||||
Condensed Statements of Operations | 2004 | 2003 | 2002 | |||||||
Revenues: | ||||||||||
Rental revenues | $ | 2,024 | $ | 5,313 | $ | 7,176 | ||||
Other revenues | 2 | 8 | 12 | |||||||
Total revenues | 2,026 | 5,321 | 7,188 | |||||||
Expenses: | ||||||||||
Operating expenses | 620 | 1,228 | 1,742 | |||||||
Interest expense | 970 | 2,058 | 2,932 | |||||||
Depreciation | 459 | 905 | 1,291 | |||||||
Other expense | 69 | 130 | 125 | |||||||
Total expense | 2,118 | 4,321 | 6,090 | |||||||
Net (loss) income | $ | (92 | ) | $ | 1,000 | $ | 1,098 | |||
The Company’s equity in (loss) income of joint ventures reported in | $ | (46 | ) | $ | 500 | $ | 549 | |||
Continuing operations | $ | - | $ | - | $ | - | ||||
Discontinued operations | $ | (46 | ) | $ | 500 | $ | 549 | |||
Composition in the consolidated balance sheets: | December 31, | ||||||
2004 | 2003 | ||||||
Notes receivable, bearing interest at 8.0% through 10.0% per annum, maturing from March 2006 through November 2010 | $ | 6,315 | $ | 3,050 | |||
Deposits and escrow impounds | 12,759 | 10,885 | |||||
Deferred financing fees, net | 4,633 | 3,130 | |||||
Leasing commissions and intangibles, net | 13,794 | 5,551 | |||||
Furniture and equipment, net | 3,174 | 2,974 | |||||
Prepaid and other assets | 7,060 | 3,164 | |||||
Total other assets | $ | 47,735 | $ | 28,754 | |||
December 31, | |||||||
2004 | 2003 | ||||||
Mortgage Notes Payable | |||||||
Fixed rate mortgage loans | $ | 495,056 | $ | 459,103 | |||
Unamortized net premium on mortgage notes payable | 12,721 | 11,779 | |||||
Total | $ | 507,777 | $ | 470,882 | |||
December 31, | |||||||
2004 | 2003 | ||||||
Unsecured Senior Notes Payable | |||||||
7.77% Senior Notes, due 4/1/06 | $ | 50,000 | $ | 50,000 | |||
7.25% Senior Notes, due 8/15/07 | 75,000 | 75,000 | |||||
3.875% Senior Notes, due 4/15/09 | 200,000 | - | |||||
7.84% Senior Notes, due 1/23/12 | 25,000 | 25,000 | |||||
Fair value of interest rate swap | (2,739 | ) | - | ||||
Unamortized net premium on unsecured senior notes payable | 8,882 | 12,439 | |||||
Total | $ | 356,143 | $ | 162,439 | |||
December 31, | |||||||
2004 | 2003 | ||||||
Unsecured Revolving Credit Facilities | |||||||
Wells Fargo | $ | 147,000 | $ | 162,000 | |||
City National Bank | - | - | |||||
Total | $ | 147,000 | $ | 162,000 | |||
Year ending December 31, | Amount | ||
2005 | $ 40,888 | ||
2006 | 232,827 | ||
2007 | 89,116 | ||
2008 | 51,495 | ||
2009 | 235,457 | ||
Thereafter | 342,273 | ||
Total | $992,056 | ||
8. | Financial Instruments - Derivatives and Hedging |
Condensed Balance Sheet | Equity One, Inc. | Guarantors Combined Subsidiaries | Non Guarantors | Eliminating Entries | Consolidated Equity One | |||||||||||
As of December 31, 2004 | ||||||||||||||||
ASSETS | ||||||||||||||||
Properties, net | $ | 490,627 | $ | 789,082 | $ | 593,978 | $ | - | $ | 1,873,687 | ||||||
Investment in affiliates | 435,752 | - | - | (435,752 | ) | - | ||||||||||
Other assets | 73,945 | 23,955 | 20,705 | - | 118,605 | |||||||||||
Total | $ | 1,000,324 | $ | 813,037 | $ | 614,683 | $ | (435,752 | ) | $ | 1,992,292 | |||||
LIABILITIES | ||||||||||||||||
Mortgage notes payable | $ | 71,591 | $ | 187,681 | $ | 235,784 | $ | - | $ | 495,056 | ||||||
Unsecured revolving credit facilities | 147,000 | - | - | - | 147,000 | |||||||||||
Unsecured senior notes, net | 347,261 | - | - | - | 347,261 | |||||||||||
Unamortized premium on notes payable | 9,546 | 9,408 | 2,649 | - | 21,603 | |||||||||||
Other liabilities | 20,526 | 18,027 | 10,034 | - | 48,587 | |||||||||||
Total liabilities | 595,240 | 215,116 | 248,467 | 1,059,507 | ||||||||||||
MINORITY INTEREST | - | - | - | 1,397 | 1,397 | |||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||
Total stockholders’ equity | 404,400 | 597,921 | 366,216 | (437,149 | ) | 931,388 | ||||||||||
Total | $ | 1,000,324 | $ | 813,037 | $ | 614,683 | $ | (435,752 | ) | $ | 1,992,292 | |||||
Guarantors | |||||||||||||||||||
Condensed Balance Sheet | Equity One, Inc. | Combined Subsidiaries | IRT Partners, LP | Non Guarantors | Eliminating Entries | Consolidated Equity One | |||||||||||||
As of December 31, 2003 | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Properties, net | $ | 526,136 | $ | 561,455 | $ | 187,132 | $ | 342,576 | $ | - | $ | 1,617,299 | |||||||
Investment in affiliates | 435,752 | - | - | - | (435,752 | ) | - | ||||||||||||
Other assets | 22,865 | 21,926 | 2,940 | 12,356 | - | 60,087 | |||||||||||||
Total | $ | 984,753 | $ | 583,381 | $ | 190,072 | $ | 354,932 | $ | (435,752 | ) | $ | 1,677,386 | ||||||
LIABILITIES | |||||||||||||||||||
Mortgage notes payable | $ | 74,726 | $ | 171,230 | $ | 34,400 | $ | 178,747 | $ | - | $ | 459,103 | |||||||
Unsecured revolving credit facilities | 162,000 | - | - | - | - | 162,000 | |||||||||||||
Unsecured senior notes, net | 150,000 | - | - | - | - | 150,000 | |||||||||||||
Unamortized premium on notes payable | 13,505 | 5,950 | 4,661 | 102 | - | 24,218 | |||||||||||||
Other liabilities | 13,000 | 15,522 | 1,780 | 8,539 | - | 38,841 | |||||||||||||
Total liabilities | 413,231 | 192,702 | 40,841 | 187,388 | - | 834,162 | |||||||||||||
MINORITY INTEREST | - | - | - | - | 12,672 | 12,672 | |||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Total stockholders’ equity | 571,522 | 390,679 | 149,231 | 167,544 | (448,424 | ) | 830,552 | ||||||||||||
Total | $ | 984,753 | $ | 583,381 | $ | 190,072 | $ | 354,932 | $ | (435,752 | ) | $ | 1,677,386 | ||||||
Condensed Statement of Operations | Equity One Inc. | Guarantors Combined Subsidiaries | Non Guarantors | Consolidated Equity One | |||||||||
For the Year Ended December 31, 2004 | |||||||||||||
RENTAL REVENUE: | |||||||||||||
Minimum rents | $ | 48,475 | $ | 80,437 | $ | 46,676 | $ | 175,588 | |||||
Expense recoveries | 11,450 | 23,890 | 13,449 | 48,789 | |||||||||
Termination fees | 217 | 375 | 2,944 | 3,536 | |||||||||
Percentage rent payments | 375 | 820 | 749 | 1,944 | |||||||||
Total rental revenue | 60,517 | 105,522 | 63,818 | 229,857 | |||||||||
COSTS AND EXPENSES: | |||||||||||||
Property operating expenses | 15,206 | 27,621 | 17,575 | 60,402 | |||||||||
Rental property depreciation and amortization | 9,698 | 16,698 | 9,514 | 35,910 | |||||||||
General and administrative expenses | 16,097 | 504 | - | 16,601 | |||||||||
Total costs and expenses | 41,001 | 44,823 | 27,089 | 112,913 | |||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE AND DISCONTINUED OPERATIONS | 19,516 | 60,699 | 36,729 | 116,944 | |||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||
Interest expense | (17,719 | ) | (13,040 | ) | (15,654 | ) | (46,413 | ) | |||||
Amortization of deferred financing fees | (1,035 | ) | (151 | ) | (184 | ) | (1,370 | ) | |||||
Investment income | 2,028 | 298 | 20 | 2,346 | |||||||||
Other income (expense) | 157 | 362 | 18 | 537 | |||||||||
Minority interest | - | (510 | ) | (66 | ) | (576 | ) | ||||||
INCOME FROM CONTINUING OPERATIONS | 2,947 | 47,658 | 20,863 | 71,468 | |||||||||
DISCONTINUED OPERATIONS | |||||||||||||
Income from rental properties sold or held for sale | 2,654 | 1,233 | 386 | 4,273 | |||||||||
Gain on disposal of income producing properties | 3,840 | 10,101 | 8,235 | 22,176 | |||||||||
Minority interest | - | (113 | ) | - | (113 | ) | |||||||
Total income from discontinued operations | 6,494 | 11,221 | 8,621 | 26,336 | |||||||||
NET INCOME | $ | 9,441 | $ | 58,879 | $ | 29,484 | $ | 97,804 | |||||
Guarantors | ||||||||||||||||
Condensed Statement of Operations | Equity One Inc. | Combined Subsidiaries | IRT Partners, LP | Non Guarantors | Consolidated Equity One | |||||||||||
For the Year Ended December 31, 2003 | ||||||||||||||||
RENTAL REVENUE: | ||||||||||||||||
Minimum rents | $ | 41,442 | $ | 47,548 | $ | 15,455 | $ | 32,839 | $ | 137,284 | ||||||
Expense recoveries | 10,026 | 14,091 | 4,647 | 11,144 | 39,908 | |||||||||||
Termination fees | 187 | 401 | 27 | 748 | 1,363 | |||||||||||
Percentage rent payments | 536 | 381 | 295 | 528 | 1,740 | |||||||||||
Total rental revenue | 52,191 | 62,421 | 20,424 | 45,259 | 180,295 | |||||||||||
COSTS AND EXPENSES: | ||||||||||||||||
Property operating expenses | 14,791 | 15,502 | 6,295 | 15,140 | 51,728 | |||||||||||
Rental property depreciation and amortization | 7,496 | 10,087 | 2,672 | 6,156 | 26,411 | |||||||||||
General and administrative expenses | 11,030 | - | 16 | - | 11,046 | |||||||||||
Total costs and expenses | 33,317 | 25,589 | 8,983 | 21,296 | 89,185 | |||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE AND DISCONTINUED OPERATIONS | 18,874 | 36,832 | 11,441 | 23,963 | 91,110 | |||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||
Interest expense | (12,080 | ) | (8,461 | ) | (2,161 | ) | (14,112 | ) | (36,814 | ) | ||||||
Amortization of deferred financing fees | (603 | ) | (195 | ) | (1 | ) | (193 | ) | (992 | ) | ||||||
Investment income | 386 | 611 | 72 | 20 | 1,089 | |||||||||||
Other income (expense) | 912 | (285 | ) | - | 60 | 687 | ||||||||||
Loss on extinguishment of debt | - | (513 | ) | - | - | (513 | ) | |||||||||
Minority interest | (139 | ) | 36 | (570 | ) | (130 | ) | (803 | ) | |||||||
INCOME FROM CONTINUING OPERATIONS | 7,350 | 28,025 | 8,781 | 9,608 | 53,764 | |||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
Income from operations of sold properties | 3,105 | 2,045 | 839 | 811 | 6,800 | |||||||||||
Gain on disposal of income producing properties | - | 2,613 | - | 470 | 3,083 | |||||||||||
Total income from discontinued operations | 3,105 | 4,658 | 839 | 1,281 | 9,883 | |||||||||||
NET INCOME | $ | 10,455 | $ | 32,683 | $ | 9,620 | $ | 10,889 | $ | 63,647 | ||||||
Property | Location | Month Sold | Square Feet/ Acres | Gross Sales Price | Gain (Loss) On Sale | |||||||||||
2004 Dispositions | ||||||||||||||||
Southwest Walgreens | Phoenix, AZ | February | 93,402 | $ | 6,650 | $ | 2,060 | |||||||||
Watson Central | Warner Robbins, GA | June | 227,747 | 6,000 | (483 | ) | ||||||||||
Plaza Del Rey | Miami, FL | July | 50,146 | 9,000 | 6,197 | |||||||||||
Forrest Gallery | Tullahoma, TN | July | 214,450 | 10,500 | 1,560 | |||||||||||
Epsilon | West Palm Beach, FL | August | 18,707 | 2,650 | 1,176 | |||||||||||
Millervillage | Baton Rouge, LA | September | 94,559 | 2,700 | 1,130 | |||||||||||
Plymouth Park (4 properties) | Irving, TX | September | 728,566 | 24,000 | 2,142 | |||||||||||
East Bay Plaza | Largo, FL | October | 85,426 | 5,600 | 4,037 | |||||||||||
Losco Corners | Jacksonville, FL | October | 8,700 | 1,650 | 571 | |||||||||||
Gulf Gate Plaza | Naples, FL | October | 204,551 | 10,000 | 2,370 | |||||||||||
City Centre (JV) | Palm Beach Gardens, FL | November | N/A | N/A | 578 | |||||||||||
Pinhook Plaza | Layfayette, LA | December | 194,725 | 3,805 | 838 | |||||||||||
Sale of income producing properties | 82,555 | 22,176 | ||||||||||||||
Miramar Outparcel | Miramar, FL | August | 2.0 acres | 1,500 | 158 | |||||||||||
Total for 2004 | $ | 84,055 | $ | 22,334 | ||||||||||||
For the Year Ended December 31, | ||||||||||
2004 | 2003 | 2002 | ||||||||
Rental Revenue | $ | 9,230 | $ | 13,616 | $ | 10,253 | ||||
Expenses | ||||||||||
Property operating expenses | 2,993 | 4,118 | 3,144 | |||||||
Rental property depreciation and amortization | 1,113 | 1,596 | 1,247 | |||||||
Interest expense | 716 | 1,372 | 1,479 | |||||||
Amortization of deferred financing fees | 89 | 119 | 125 | |||||||
Other | 46 | (389 | ) | (484 | ) | |||||
Income from properties sold or held for sale | $ | 4,273 | $ | 6,800 | $ | 4,742 | ||||
Common Stock | Options Exercised | Total | ||||
Board of Directors | 12 | * | 18 | 30 | ||
Officers | 184 | * | 386 | 570 | ||
Employees | 19 | * | 217 | 236 | ||
Exercise of OP units | 734 | - | 734 | |||
Dividend Reinvestment and Stock Purchase Plan | 2,674 | - | 2,674 | |||
Total | 3,623 | 621 | 4,244 | |||
2004 | 2003 | |||||||||||||||
Date | Per Share | Amount | Date | Per Share | Amount | |||||||||||
March 31 | $ | 0.28 | $ | 19,630 | March 31 | $ | 0.27 | $ | 16,130 | |||||||
June 30 | $ | 0.28 | 19,725 | June 30 | $ | 0.27 | 17,084 | |||||||||
September 30 | $ | 0.28 | 20,272 | September 30 | $ | 0.28 | 18,159 | |||||||||
December 31 | $ | 0.29 | 21,277 | December 31 | $ | 0.28 | 19,304 | |||||||||
Total | $ | 80,904 | Total | $ | 70,677 | |||||||||||
For the Year Ended December 31, 2004 | ||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | ||||||||
Net Income | $ | 97,804 | ||||||||
Basic EPS | ||||||||||
Income attributable to common stockholders | $ | 97,804 | 70,447 | $ | 1.39 | |||||
Effect of Dilutive Securities | ||||||||||
Walden Woods Village, Ltd. | 106 | 94 | ||||||||
Unvested restricted stock | - | 611 | ||||||||
Convertible partnership units | 517 | 520 | ||||||||
Stock options | - | 364 | ||||||||
623 | 1,589 | |||||||||
Diluted EPS | ||||||||||
Income attributable to common stockholdersassuming conversions | $ | 98,427 | 72,036 | $ | 1.37 | |||||
For the Year Ended December 31, 2003 | ||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | ||||||||
Net Income | $ | 63,647 | ||||||||
Basic EPS | ||||||||||
Income attributable to common stockholders | $ | 63,647 | 59,998 | $ | 1.06 | |||||
Effect of Dilutive Securities | ||||||||||
Walden Woods Village, Ltd. | 103 | 94 | ||||||||
Unvested restricted stock | - | 612 | ||||||||
Convertible partnership units | 700 | 648 | ||||||||
Stock options | - | 313 | ||||||||
803 | 1,667 | |||||||||
Diluted EPS | ||||||||||
Income attributable to common stockholdersassuming conversions | $ | 64,450 | 61,665 | $ | 1.05 | |||||
For the Year Ended December 31, 2002 | ||||||||||
Income (Numerator) | Shares (Denominator) | Per Share Amount | ||||||||
Net Income | $ | 39,934 | ||||||||
Basic EPS | ||||||||||
Income attributable to common stockholders | $ | 39,934 | 32,662 | $ | 1.22 | |||||
Effect of Dilutive Securities | ||||||||||
Walden Woods Village, Ltd. | 101 | 94 | ||||||||
Unvested restricted stock | - | 298 | ||||||||
Convertible partnership units | 259 | 262 | ||||||||
Stock options | - | 127 | ||||||||
360 | 781 | |||||||||
Diluted EPS | ||||||||||
Income attributable to common stockholdersassuming conversions | $ | 40,294 | 33,443 | $ | 1.20 | |||||
2004 | 2003 | 2002 | |||||||||||||||||
Stock Options | Weighted Average Exercise Price | Stock Options | Weighted Average Exercise Price | Stock Options | Weighted Average Exercise Price | ||||||||||||||
Outstanding at thebeginning of year | 1,701 | $ | 13.22 | 960 | $ | 11.78 | 625 | $ | 10.12 | ||||||||||
Granted | 400 | 17.17 | 860 | 14.44 | 509 | 13.25 | |||||||||||||
IRT options* | - | - | 827 | 11.17 | - | - | |||||||||||||
Forfeited | - | - | (51 | ) | - | - | - | ||||||||||||
Exercised | (620 | ) | 12.64 | (895 | ) | 10.96 | (174 | ) | 10.15 | ||||||||||
Outstanding at theend of year | 1,481 | $ | 14.52 | 1,701 | $ | 13.22 | 960 | $ | 11.78 | ||||||||||
Exercisable,end of year | 1,091 | $ | 13.57 | 708 | $ | 12.09 | 541 | $ | 11.78 | ||||||||||
Weighted average fair value of options granted during the year | $ | 1.45 | $ | 1.24 | $ | 1.69 | |||||||||||||
2004 | 2003 | 2002 | |||||
Dividend Yield | 6.5% | 6.5% - 7.0% | 7.9% | ||||
Risk-free interest rate | 4.3% | 1.2% - 4.3% | 4.3% | ||||
Expected option life (years) | 10 | 1-10 | 10 | ||||
Expected volatility | 16.0% | 16.5% - 25.0% | 24.0% | ||||
Options Outstanding | Options Exercisable | ||||||
Exercise Price | Number Outstanding | Weighted Average Remaining Contractual Life (in years) | Number Exercisable | ||||
$ 9.00 - 9.99 | 2 | 5.7 | 2 | ||||
$10.00 - 10.99 | 129 | 4.6 | 129 | ||||
$11.00 - 11.99 | 20 | 6.0 | 20 | ||||
$12.00 - 12.99 | 1 | 2.4 | 1 | ||||
$13.00 - 13.99 | 656 | 7.8 | 656 | ||||
$14.00 - 14.99 | 10 | 8.5 | 10 | ||||
$16.22 | 263 | 8.0 | 263 | ||||
$17.17 | 400 | 9.0 | 10 | ||||
1,481 | 1,091 | ||||||
Year Ending December 31, | Number of Shares | |
2005 | 324 | |
2006 | 288 | |
2007 | 77 | |
2008 | 4 | |
Total | 693 | |
Year Ending December 31, | Amount | ||
2005 | $ 169,202 | ||
2006 | 145,194 | ||
2007 | 122,669 | ||
2008 | 100,769 | ||
2009 | 82,684 | ||
Thereafter | 395,912 | ||
Total | $1,016,430 | ||
16. | Quarterly Financial Data (unaudited) |
First Quarter(1) | Second Quarter(1) | Third Quarter(1) | Fourth Quarter(1) | Total(2) | ||||||||||||
2004: | ||||||||||||||||
Total revenues | $ | 52,517 | $ | 55,769 | $ | 57,822 | $ | 63,749 | $ | 229,857 | ||||||
Incomefrom continuing operations | $ | 16,913 | $ | 16,768 | $ | 18,290 | $ | 19,497 | $ | 71,468 | ||||||
Net income | $ | 20,239 | $ | 18,535 | $ | 30,701 | $ | 28,329 | $ | 97,804 | ||||||
Basic per share data | ||||||||||||||||
Income from continuing operations | $ | 0.24 | $ | 0.25 | $ | 0.25 | $ | 0.27 | $ | 1.01 | ||||||
Net Income | $ | 0.29 | $ | 0.28 | $ | 0.43 | $ | 0.39 | $ | 1.39 | ||||||
Diluted per share data | ||||||||||||||||
Income from continuing operations | $ | 0.24 | $ | 0.24 | $ | 0.25 | $ | 0.27 | $ | 1.00 | ||||||
Net income | $ | 0.29 | $ | 0.26 | $ | 0.43 | $ | 0.39 | $ | 1.37 | ||||||
2003: | ||||||||||||||||
Total revenues | $ | 35,318 | $ | 45,713 | $ | 47,683 | $ | 51,581 | $ | 180,295 | ||||||
Income from continuing operations | $ | 10,534 | $ | 13,082 | $ | 14,326 | $ | 15,822 | $ | 53,764 | ||||||
Net income | $ | 12,344 | $ | 16,352 | $ | 17,249 | $ | 17,702 | $ | 63,647 | ||||||
Basic per share data | ||||||||||||||||
Income from continuing operations | $ | 0.18 | $ | 0.22 | $ | 0.23 | $ | 0.26 | $ | 0.89 | ||||||
Net Income | $ | 0.22 | $ | 0.27 | $ | 0.28 | $ | 0.29 | $ | 1.06 | ||||||
Diluted per share data | ||||||||||||||||
Income from continuing operations | $ | 0.18 | $ | 0.21 | $ | 0.24 | $ | 0.26 | $ | 0.89 | ||||||
Net income | $ | 0.22 | $ | 0.26 | $ | 0.28 | $ | 0.29 | $ | 1.05 | ||||||
(1) | Reclassified to reflect the reporting of discontinued operations. |
(2) | The sum of quarterly earnings per share amounts may differ from annual earnings per share. |
�� | GROSS AMOUNTS AT WHICH | |||||||||||||||||||||||||||||||||||
Initial cost to Company | Carried at Close of Period | |||||||||||||||||||||||||||||||||||
Property | Location | Encum-brances | Land | Building & Improvements | Capitalized Subsequent to Acquisition or Improvement | Land | Improvements | Total | Accumulated Depreciation | Date Acquired | Depreciable Life | |||||||||||||||||||||||||
Income Producing Properties | ||||||||||||||||||||||||||||||||||||
ALABAMA | ||||||||||||||||||||||||||||||||||||
Madison Centre | Madison | $ | 3,821 | $ | 1,424 | $ | 5,187 | $ | 31 | $ | 1,424 | $ | 5,218 | $ | 6,642 | ($366 | ) | February 12, 2003 | 40 | |||||||||||||||||
West Gate Plaza | Mobile | - | 1,288 | 3,162 | - | 1,288 | 3,162 | 4,450 | (148 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||||
ARIZONA | ||||||||||||||||||||||||||||||||||||
Big Curve | Yuma | 5,310 | 2,403 | 7,206 | 55 | 2,426 | 7,238 | 9,664 | (603 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||||
Park Northern | Phoenix | 2,182 | 1,058 | 3,176 | 430 | 1,068 | 3,596 | 4,664 | (344 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||||
FLORIDA | ||||||||||||||||||||||||||||||||||||
North Florida | ||||||||||||||||||||||||||||||||||||
Atlantic Village | Atlantic Beach | - | 1,190 | 4,760 | 1,005 | 1,190 | 5,765 | 6,955 | (1,697 | ) | June 30, 1995 | 40 | ||||||||||||||||||||||||
Beauclerc Village | Jacksonville | - | 560 | 2,242 | 842 | 651 | 2,993 | 3,644 | (669 | ) | May 15, 1998 | 40 | ||||||||||||||||||||||||
Commonwealth | Jacksonville | 2,636 | 730 | 2,920 | 1,458 | 730 | 4,378 | 5,108 | (1,277 | ) | February 28, 1994 | 40 | ||||||||||||||||||||||||
Forest Village | Tallahassee | 4,441 | 725 | 6,374 | 3,222 | 3,877 | 7,099 | (591 | ) | January 28, 1999 | 40 | |||||||||||||||||||||||||
Ft. Caroline | Jacksonville | - | 738 | 2,432 | 93 | 738 | 2,525 | 3,263 | (822 | ) | January 24, 1994 | 40 | ||||||||||||||||||||||||
Mandarin Mini | Jacksonville | - | 362 | 1,148 | 318 | 362 | 1,466 | 1,828 | (389 | ) | May 10, 1994 | 40 | ||||||||||||||||||||||||
Mandarin Landing | Jacksonville | - | 4,443 | 4,747 | 1,344 | 4,443 | 6,091 | 10,534 | (1,108 | ) | December 10, 1999 | 40 | ||||||||||||||||||||||||
Medical & Merchants | Jacksonville | - | 7,649 | 13,962 | 116 | 7,685 | 14,042 | 21,727 | (207 | ) | May 27, 2004 | 40 | ||||||||||||||||||||||||
Middle Beach Shopping Center | Panama City Beach | - | 2,159 | 5,542 | 52 | 2,195 | 5,558 | 7,753 | (155 | ) | December 23, 2003 | 40 | ||||||||||||||||||||||||
Monument Point | Jacksonville | - | 1,336 | 2,330 | 124 | 1,336 | 2,454 | 3,790 | (510 | ) | January 31, 1997 | 40 | ||||||||||||||||||||||||
Oak Hill | Jacksonville | - | 690 | 2,760 | 140 | 690 | 2,900 | 3,590 | (696 | ) | December 7, 1995 | 40 | ||||||||||||||||||||||||
Parkmore Plaza | Milton | - | 3,181 | 3,002 | 30 | 3,181 | 3,032 | 6,213 | (219 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||||
Pensacola Plaza | Pensacola | - | 1,122 | 990 | 24 | 1,122 | 1,014 | 2,136 | (70 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||||
South Beach | Jacksonville Beach | - | 5,799 | 23,102 | 90 | 9,545 | 19,446 | 28,991 | (1,005 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||||
Central Florida | ||||||||||||||||||||||||||||||||||||
Alafaya Commons | Orlando | - | 6,742 | 9,677 | 40 | 5,758 | 10,701 | 16,459 | (493 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||||
Conway Crossing | Orlando | - | 4,423 | 5,818 | 30 | 2,615 | 7,656 | 10,271 | (327 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||||
Shoppes of Eastwood | Orlando | 6,126 | 1,680 | 6,976 | 64 | 1,688 | 7,032 | 8,720 | (453 | ) | June 28, 2002 | 40 | ||||||||||||||||||||||||
Walden Woods | Plant City | 2,272 | 950 | 550 | 3,181 | 550 | 4,131 | 4,681 | (699 | ) | January 1, 1999 | 40 | ||||||||||||||||||||||||
Eustis Square | Eustis | - | 1,450 | 4,515 | 1,979 | 1,463 | 6,481 | 7,944 | (2,282 | ) | October 22, 1993 | 40 | ||||||||||||||||||||||||
Hunters Creek | Orlando | - | 2,035 | 5,445 | 15 | 1,562 | 5,933 | 7,495 | (195 | ) | September 23, 2003 | 40 | ||||||||||||||||||||||||
Kirkman Shoppes | Orlando | 9,448 | 3,237 | 9,714 | 99 | 3,222 | 9,828 | 13,050 | (1,301 | ) | August 15, 2000 | 33 | ||||||||||||||||||||||||
Lake Mary | Orlando | 24,282 | 5,578 | 13,878 | 6,181 | 7,092 | 18,545 | 25,637 | (3,790 | ) | November 9, 1995 | 40 | ||||||||||||||||||||||||
Park Promenade | Orlando | 6,241 | 2,810 | 6,444 | 490 | 2,810 | 6,934 | 9,744 | (1,171 | ) | January 31, 1999 | 40 | ||||||||||||||||||||||||
Town & Country | Kissimmee | - | 1,426 | 4,397 | 15 | 1,282 | 4,556 | 5,838 | (212 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||||
Unigold | Winter Park | - | 2,181 | 8,195 | 1,605 | 4,304 | 7,677 | 11,981 | (377 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||||
GROSS AMOUNTS ATWHICH | ||||||||||||||||||||||||||||||||||
Initial cost to Company | Carried at Close of Period | |||||||||||||||||||||||||||||||||
Property | Location | Encum-brances | Land | Building & Improvements | Capitalized Subsequent to Acquisition or Improvement | Land | Improvements | Total | Accumulated Depreciation | Date Acquired | Depreciable Life | |||||||||||||||||||||||
Florida West Coast | ||||||||||||||||||||||||||||||||||
Bay Pointe Plaza | St. Petersburg | - | 2,733 | 7,810 | 36 | 4,655 | 5,924 | 10,579 | (328 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Carrollwood | Tampa | - | 1,873 | 7,322 | 435 | 2,756 | 6,874 | 9,630 | (338 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Charlotte Square | Port Charlotte | 3,550 | 1,924 | 6,644 | 63 | 4,155 | 4,476 | 8,631 | (265 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Chelsea Place | New Port Richey | - | 3,708 | 6,491 | 7 | 2,591 | 7,615 | 10,206 | (333 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Lake St. Charles | Tampa | 3,833 | 1,256 | 3,768 | 12 | 1,268 | 3,768 | 5,036 | (309 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Lutz Lake | Lutz | 7,500 | 4,742 | 5,199 | 32 | 3,644 | 6,329 | 9,973 | (294 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Marco Town Center | Marco Island | 8,578 | 3,872 | 11,966 | 568 | 3,872 | 12,534 | 16,406 | (1,466 | ) | August 15, 2000 | 37 | ||||||||||||||||||||||
Mariners Crossing | Spring Hill | 3,332 | 1,110 | 4,447 | 29 | 1,110 | 4,476 | 5,586 | (491 | ) | September 12, 2000 | 40 | ||||||||||||||||||||||
Pavilion | Naples | - | 12,716 | 11,299 | 26 | 12,650 | 11,391 | 24,041 | (263 | ) | February 4, 2004 | 40 | ||||||||||||||||||||||
Regency Crossing | Port Richey | - | 1,752 | 6,754 | 8 | 1,982 | 6,532 | 8,514 | (312 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Ross Plaza | Tampa | 6,589 | 2,115 | 6,346 | 74 | 2,115 | 6,420 | 8,535 | (848 | ) | August 15, 2000 | 33 | ||||||||||||||||||||||
Seven Hills | Spring Hill | - | 1,556 | 5,167 | 3 | 2,167 | 4,559 | 6,726 | (227 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Shoppes of North Port | North Port | 4,008 | 1,452 | 5,807 | 54 | 1,452 | 5,861 | 7,313 | (596 | ) | December 5, 2000 | 40 | ||||||||||||||||||||||
Skipper Palms | Tampa | 3,526 | 1,302 | 3,940 | 20 | 1,315 | 3,947 | 5,262 | (345 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Summerlin Square | Fort Myers | 3,622 | 1,043 | 7,989 | 1,327 | 2,187 | 8,172 | 10,359 | (1,375 | ) | June 10, 1998 | 40 | ||||||||||||||||||||||
Venice Shopping Center | Venice | - | 3,836 | 2,562 | 38 | 3,857 | 2,579 | 6,436 | (54 | ) | March 31, 2004 | |||||||||||||||||||||||
Venice Plaza | Venice | - | 3,120 | 450 | 1,049 | 2,189 | 2,430 | 4,619 | (251 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Florida Treasure Coast | ||||||||||||||||||||||||||||||||||
Bluffs Square | Jupiter | 10,005 | 3,232 | 9,917 | 276 | 3,232 | 10,193 | 13,425 | (1,390 | ) | August 15, 2000 | 33 | ||||||||||||||||||||||
Cashmere Corners | Port St. Lucie | 5,141 | 1,436 | 5,530 | 136 | 1,435 | 5,667 | 7,102 | (547 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||
Jonathan's Landing | Jupiter | 2,868 | 1,145 | 3,442 | 1 | 1,146 | 3,442 | 4,588 | (399 | ) | August 15, 2000 | 37 | ||||||||||||||||||||||
New Smyrna Beach | New Smyrna Beach | - | 2,598 | 9,532 | 36 | 3,217 | 8,949 | 12,166 | (442 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Old King Commons | Palm Coast | - | 1,695 | 5,005 | 17 | 1,420 | 5,297 | 6,717 | (252 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Ryanwood | Vero Beach | - | 2,281 | 6,880 | 47 | 2,281 | 6,927 | 9,208 | (561 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||
Salerno Village | Stuart | - | 807 | 7,025 | 2,125 | 5,707 | 7,832 | (124 | ) | May 6, 2002 | 40 | |||||||||||||||||||||||
Treasure Coast | Vero Beach | 4,532 | 2,676 | 8,444 | 65 | 1,359 | 9,826 | 11,185 | (430 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
South Florida / Atlantic Coast | ||||||||||||||||||||||||||||||||||
Bird Ludlum | Miami | 9,690 | 4,080 | 16,318 | 673 | 4,088 | 16,983 | 21,071 | (4,450 | ) | August 11, 1994 | 40 | ||||||||||||||||||||||
Boca Village | Boca Raton | 8,211 | 3,385 | 10,174 | 247 | 3,385 | 10,421 | 13,806 | (1,224 | ) | August 15, 2000 | 37 | ||||||||||||||||||||||
Boynton Plaza | Boynton Beach | 7,423 | 2,943 | 9,100 | 251 | 2,943 | 9,351 | 12,294 | (1,240 | ) | August 15, 2000 | 33 | ||||||||||||||||||||||
Countryside Shops | Cooper City | - | 13,963 | 13,853 | 50 | 11,343 | 16,523 | 27,866 | (728 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Crossroads Square | Ft. Lauderdale | 12,324 | 6,674 | 4,405 | 8,046 | 8,492 | 10,633 | 19,125 | (567 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||
CVS Plaza | Miami | - | 727 | 3,090 | 1 | 727 | 3,091 | 3,818 | (40 | ) | July 23, 1999 | |||||||||||||||||||||||
GROSS AMOUNTS ATWHICH | ||||||||||||||||||||||||||||||||||
Initial cost to Company | Carried at Close of Period | |||||||||||||||||||||||||||||||||
Property | Location | Encum-brances | Land | Building & Improvements | Capitalized Subsequent to Acquisition or Improvement | Land | Improvements | Total | Accumulated Depreciation | Date Acquired | Depreciable Life | |||||||||||||||||||||||
El Novillo | Miami Beach | - | 250 | 1,000 | 151 | 250 | 1,151 | 1,401 | (314 | ) | April 30, 1998 | 40 | ||||||||||||||||||||||
Greenwood | Palm Springs | - | 6,646 | 10,295 | 34 | 4,117 | 12,858 | 16,975 | (552 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Homestead Gas Station | Homestead | - | 1,157 | - | - | 1,157 | - | 1,157 | - | |||||||||||||||||||||||||
Lago Mar | Miami | - | 5,020 | 6,609 | 206 | 4,216 | 7,619 | 11,835 | (336 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Lantana Village | Lantana | 3,511 | 1,350 | 7,978 | 833 | 1,350 | 8,811 | 10,161 | (1,374 | ) | January 6, 1998 | 40 | ||||||||||||||||||||||
Meadows | Miami | 6,438 | 2,303 | 6,670 | 92 | 2,304 | 6,761 | 9,065 | (469 | ) | May 23, 2002 | 40 | ||||||||||||||||||||||
Oakbrook | Palm Beach Gardens | - | 4,915 | 8,718 | 12,588 | 7,706 | 18,515 | 26,221 | (1,284 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||
Pine Island | Davie | 24,582 | 8,557 | 12,860 | 236 | 8,557 | 13,096 | 21,653 | (1,867 | ) | August 26, 1999 | 40 | ||||||||||||||||||||||
Pine Ridge Square | Coral Springs | 7,273 | 9,006 | 9,850 | 75 | 6,619 | 12,312 | 18,931 | (548 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Plaza Alegre | Miami | - | 1,550 | 9,191 | 803 | 2,000 | 9,544 | 11,544 | (661 | ) | February 26, 2002 | 40 | ||||||||||||||||||||||
Point Royale | Miami | 4,284 | 3,720 | 5,005 | 1,211 | 3,720 | 6,216 | 9,936 | (1,436 | ) | July 27, 1995 | 40 | ||||||||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 6,022 | 4,597 | 13,838 | 70 | 4,597 | 13,908 | 18,505 | (1,660 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||
Ridge Plaza | Davie | - | 3,905 | 7,450 | 654 | 3,905 | 8,104 | 12,009 | (1,239 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||
Riverside Square | Coral Springs | 7,589 | 7,202 | 8,260 | 117 | 6,423 | 9,156 | 15,579 | (422 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 8,211 | 3,280 | 9,351 | 242 | 3,280 | 9,593 | 12,873 | (1,378 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||
Sheridan | Hollywood | - | 39,408 | 36,241 | 81 | 38,888 | 36,842 | 75,730 | (1,397 | ) | July 14, 2003 | 40 | ||||||||||||||||||||||
Shoppes of Ibis | West Palm Beach | 5,687 | 3,001 | 6,299 | 25 | 3,002 | 6,323 | 9,325 | (405 | ) | July 10, 2002 | 40 | ||||||||||||||||||||||
Shops at Skylake | North Miami Beach | 14,266 | 7,630 | 26,537 | 13,192 | 20,975 | 34,167 | (2,077 | ) | August 19, 1997 | 40 | |||||||||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 2,627 | 12,072 | 10,131 | 36 | 10,306 | 11,933 | 22,239 | (527 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Tamarac Town Square | Tamarac | 6,122 | 2,504 | 7,874 | 126 | 4,742 | 5,762 | 10,504 | (318 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
West Lakes Plaza | Miami | - | 2,141 | 5,789 | 409 | 2,141 | 6,198 | 8,339 | (1,356 | ) | November 6, 1996 | 40 | ||||||||||||||||||||||
Westport Plaza | Davie | 4,876 | 3,595 | 3,446 | 0 | 3,595 | 3,446 | 7,041 | (9 | ) | December 17, 2004 | |||||||||||||||||||||||
GEORGIA | ||||||||||||||||||||||||||||||||||
Atlanta | ||||||||||||||||||||||||||||||||||
BridgeMill | Canton | 9,395 | 9,185 | 6,310 | 10 | 8,593 | 6,912 | 15,505 | (250 | ) | November 13, 2003 | 40 | ||||||||||||||||||||||
Butler Creek | Acworth | - | 4,520 | 7,648 | 32 | 2,810 | 9,390 | 12,200 | (489 | ) | July 15, 2003 | 40 | ||||||||||||||||||||||
Chastain Square | Atlanta | 3,821 | 10,053 | 6,573 | 92 | 10,689 | 6,029 | 16,718 | (311 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Commerce Crossing | Commerce | - | 2,013 | 1,301 | 27 | 2,013 | 1,328 | 3,341 | (65 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Douglas Commons | Douglasville | 4,976 | 3,506 | 7,797 | 93 | 3,681 | 7,715 | 11,396 | (387 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Fairview Oaks | Ellenwood | 4,710 | 3,526 | 6,187 | 1 | 1,929 | 7,785 | 9,714 | (335 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Grassland Crossing | Alpharetta | 5,827 | 4,227 | 7,885 | 82 | 3,656 | 8,538 | 12,194 | (385 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Hamilton Ridge | Buford | - | 6,530 | 7,167 | 46 | 5,148 | 8,595 | 13,743 | (283 | ) | December 18, 2003 | 40 | ||||||||||||||||||||||
Mableton Crossing | Mableton | 4,062 | 2,789 | 6,945 | 2 | 3,331 | 6,405 | 9,736 | (313 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Macland Pointe | Marietta | 5,798 | 1,900 | 6,388 | 56 | 3,462 | 4,882 | 8,344 | (269 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Market Place | Norcross | - | 1,474 | 2,410 | 1,943 | 1,667 | 4,160 | 5,827 | (219 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Paulding Commons | Dallas | 6,487 | 3,848 | 11,985 | 48 | 3,848 | 12,033 | 15,881 | (576 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
GROSS AMOUNTS ATWHICH | ||||||||||||||||||||||||||||||||||
Initial cost to Company | Carried at Close of Period | |||||||||||||||||||||||||||||||||
Property | Location | Encum-brances | Land | Building & Improvements | Capitalized Subsequent to Acquisition or Improvement | Land | Improvements | Total | Accumulated Depreciation | Date Acquired | Depreciable Life | |||||||||||||||||||||||
Powers Ferry Plaza | Marietta | - | 1,815 | 6,648 | 500 | 3,236 | 5,727 | 8,963 | (372 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Presidential Markets | Snellville | 27,159 | 20,608 | 29,931 | 17 | 21,761 | 28,795 | 50,556 | (1,307 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Shops of Huntcrest | Lawrenceville | - | 5,473 | 7,813 | 301 | 5,706 | 7,881 | 13,587 | (426 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Wesley Chapel Crossing | Decatur | 3,332 | 3,416 | 7,527 | 1 | 6,632 | 4,312 | 10,944 | (271 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
West Towne Square | Rome | - | 1,792 | 1,853 | 55 | 1,792 | 1,908 | 3,700 | (141 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Williamsburg @ Dunwoody | Dunwoody | - | 4,600 | 3,615 | 456 | 4,347 | 4,324 | 8,671 | (193 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Central Georgia | ||||||||||||||||||||||||||||||||||
Daniel Village | Augusta | 4,177 | 3,439 | 8,352 | 102 | 3,439 | 8,454 | 11,893 | (412 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Spalding Village | Griffin | 10,231 | 4,706 | 1,700 | 91 | 2,977 | 3,520 | 6,497 | (192 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Walton Plaza | Augusta | - | 869 | 2,827 | 23 | 869 | 2,850 | 3,719 | (139 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
South Georgia | ||||||||||||||||||||||||||||||||||
Colony Square | Fitzgerald | - | 1,000 | 1,085 | 18 | 1,000 | 1,103 | 2,103 | (58 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
McAlphin Square | Savannah | - | 3,536 | 6,963 | 122 | 3,536 | 7,085 | 10,621 | (361 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
KENTUCKY | ||||||||||||||||||||||||||||||||||
Scottsville Square | Bowling Green | - | 769 | 996 | 28 | 770 | 1,023 | 1,793 | (51 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
LOUISIANA | ||||||||||||||||||||||||||||||||||
Ambassador Row | Lafayette | - | 3,880 | 10,570 | 76 | 3,880 | 10,646 | 14,526 | (505 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Ambassador Row Courtyard | Lafayette | - | 3,110 | 9,208 | 47 | 2,310 | 10,055 | 12,365 | (479 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Bluebonnet Village | Baton Rouge | - | 1,404 | 4,281 | 187 | 1,940 | 3,932 | 5,872 | (213 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
The Boulevard | Lafayette | - | 1,360 | 1,675 | 304 | 1,360 | 1,979 | 3,339 | (101 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Country Club Plaza | Slidell | - | 1,294 | 2,060 | 73 | 1,294 | 2,133 | 3,427 | (112 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
The Crossing | Slidell | - | 2,280 | 3,650 | 58 | 1,591 | 4,397 | 5,988 | (205 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Elmwood Oaks | Harahan | 7,500 | 2,606 | 10,079 | 127 | 4,088 | 8,724 | 12,812 | (455 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Grand Marche | Lafayette | - | 304 | - | - | 304 | - | 304 | - | February 12, 2003 | 40 | |||||||||||||||||||||||
Pinhook Plaza | Lafayette | - | 34 | 22 | - | 34 | 22 | 56 | (2 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Plaza Acadienne | Eunice | - | 2,108 | 168 | 26 | 2,108 | 194 | 2,302 | (15 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Sherwood South | Baton Rouge | - | 1,543 | 2,412 | 33 | 918 | 3,070 | 3,988 | (129 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Siegen Village | Baton Rouge | 4,221 | 3,492 | 3,794 | 7,437 | 4,329 | 10,394 | 14,723 | (832 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Tarpon Heights | Galliano | - | 1,132 | 33 | 1,140 | 1,133 | 1,172 | 2,305 | (147 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Village at Northshore | Slidell | - | 2,893 | 7,897 | 1 | 1,034 | 9,757 | 10,791 | (410 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Wal-Mart Stores, Inc. | Mathews | - | 2,688 | - | - | 2,688 | - | 2,688 | - | February 12, 2003 | 40 | |||||||||||||||||||||||
GROSS AMOUNTS AT WHICH | ||||||||||||||||||||||||||||||||||
Initial cost to Company | Carried at Close of Period | |||||||||||||||||||||||||||||||||
Property | Location | Encum-brances | Land | Building & Improvements | Capitalized Subsequent to Acquisition or Improvement | Land | Improvements | Total | Accumulated Depreciation | Date Acquired | Depreciable Life | |||||||||||||||||||||||
MASSACHUSETTS | ||||||||||||||||||||||||||||||||||
Star's @ Cambridge | Boston | - | 11,356 | 13,853 | - | 11,356 | 13,853 | 25,209 | (104 | ) | October 7, 2004 | 40 | ||||||||||||||||||||||
Shaw's @ Medford | Boston | 5,512 | 7,862 | 11,389 | - | 7,862 | 11,389 | 19,251 | (85 | ) | October 7, 2004 | 40 | ||||||||||||||||||||||
Shaw's @ Plymouth | Boston | 4,029 | 4,916 | 12,198 | - | 4,916 | 12,198 | 17,114 | (91 | ) | October 7, 2004 | 40 | ||||||||||||||||||||||
Star's @ Qunicy | Boston | - | 6,121 | 18,444 | - | 6,121 | 18,444 | 24,565 | (140 | ) | October 7, 2004 | 40 | ||||||||||||||||||||||
Whole Foods @ Swampscott | Boston | 2,395 | 5,135 | 6,538 | - | 5,135 | 6,538 | 11,673 | (49 | ) | October 7, 2004 | 40 | ||||||||||||||||||||||
Shaw's @ West Roxbury | Boston | - | 8,757 | 13,588 | - | 8,757 | 13,588 | 22,345 | (104 | ) | October 7, 2004 | 40 | ||||||||||||||||||||||
MISSISSIPPI | ||||||||||||||||||||||||||||||||||
Shipyard Plaza | Pascagoula | - | 1,337 | 1,653 | - | 1,337 | 1,653 | 2,990 | (78 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
NORTH CAROLINA | ||||||||||||||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | - | 3,273 | 1,633 | 1,128 | 1,622 | 4,412 | 6,034 | (207 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Chestnut Square | Brevard | - | 793 | 1,326 | 8 | 517 | 1,610 | 2,127 | (70 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
The Galleria | Wrightsville Beach | - | 1,847 | 3,875 | 388 | 1,493 | 4,617 | 6,110 | (202 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Parkwest Crossing | Durham | 4,684 | 1,712 | 6,727 | 199 | 1,788 | 6,850 | 8,638 | (326 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Plaza North | Hendersonville | - | 945 | 1,887 | 33 | 758 | 2,107 | 2,865 | (97 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Providence Square | Charlotte | - | 1,719 | 2,575 | 16 | 1,112 | 3,198 | 4,310 | (141 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Riverview Shopping Center | Durham | - | 2,644 | 4,745 | 283 | 2,202 | 5,470 | 7,672 | (249 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Salisbury Marketplace | Salisbury | - | 1,652 | 6,395 | 427 | 3,118 | 5,356 | 8,474 | (274 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Shelby Plaza | Shelby | - | 2,061 | 338 | 40 | 868 | 1,571 | 2,439 | (47 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Stanley Market Place | Stanley | - | 808 | 669 | 72 | 396 | 1,153 | 1,549 | (44 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
4101 South I-85 Industrial | Charlotte | - | 2,127 | 950 | 76 | 1,619 | 1,534 | 3,153 | (72 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Thomasville Commons | Thomasville | - | 2,975 | 4,567 | 39 | 1,212 | 6,369 | 7,581 | (271 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Willowdale Shopping Center | Durham | - | 2,416 | 6,499 | 318 | 2,073 | 7,160 | 9,233 | (408 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
SOUTH CAROLINA | ||||||||||||||||||||||||||||||||||
Belfair Towne Village | Bluffton | 11,197 | 9,909 | 10,036 | 115 | 9,854 | 10,206 | 20,060 | (357 | ) | December 22, 2003 | 40 | ||||||||||||||||||||||
Woodruff | Greenville | 2,969 | 2,689 | 5,448 | 100 | 2,420 | 5,817 | 8,237 | (198 | ) | December 23, 2003 | 40 | ||||||||||||||||||||||
Lancaster Plaza | Lancaster | - | 317 | 153 | - | 317 | 153 | 470 | (11 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Lancaster Shopping Center | Lancaster | - | 48 | 32 | - | 48 | 32 | 80 | (8 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
North Village Center | Durham | - | 1,207 | 3,235 | 1,213 | 2,860 | 2,795 | 5,655 | (273 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Sparkleberry Square | Columbia | 14,573 | 11,774 | 32,979 | 131 | 11,774 | 33,110 | 44,884 | (620 | ) | March 31, 2004 | 40 | ||||||||||||||||||||||
Spring Valley | Columbia | - | 1,508 | 5,050 | 59 | 1,098 | 5,519 | 6,617 | (256 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Windy Hill | North Myrtle Beach | - | 830 | 1,906 | 18 | 833 | 1,921 | 2,754 | (36 | ) | April 8, 2004 | 40 | ||||||||||||||||||||||
GROSS AMOUNTS AT WHICH | ||||||||||||||||||||||||||||||||||
Initial cost to Company | Carried at Close of Period | |||||||||||||||||||||||||||||||||
Property | Location | Encum-brances | Land | Building & Improvements | Capitalized Subsequent to Acquisition or Improvement | Land | Improvements | Total | Accumulated Depreciation | Date Acquired | Depreciable Life | |||||||||||||||||||||||
TENNESSEE | ||||||||||||||||||||||||||||||||||
Smyrna Village | Smyrna | - | 1,667 | 4,694 | 217 | 1,503 | 5,075 | 6,578 | (242 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
TEXAS | ||||||||||||||||||||||||||||||||||
Houston | ||||||||||||||||||||||||||||||||||
Barker Cypress | Houston | - | 1,676 | 5,029 | 326 | 1,676 | 5,355 | 7,031 | (539 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||
Beechcrest | Houston | - | 1,408 | 4,291 | 21 | 1,408 | 4,312 | 5,720 | (513 | ) | August 15, 2000 | 37 | ||||||||||||||||||||||
Benchmark Crossing | Houston | 3,226 | 1,459 | 4,377 | 14 | 1,473 | 4,377 | 5,850 | (359 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Bissonnet | Houston | - | 445 | 1,335 | 5 | 450 | 1,335 | 1,785 | (110 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Colony Plaza | Sugarland | 2,976 | 970 | 2,909 | 25 | 979 | 2,925 | 3,904 | (241 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Copperfield | Houston | - | 2,689 | 2,605 | 2,767 | 2,689 | 5,372 | 8,061 | (543 | ) | August 15, 2000 | 34 | ||||||||||||||||||||||
Forestwood | Houston | 7,128 | 2,659 | 7,678 | 22 | 2,680 | 7,679 | 10,359 | (393 | ) | December 6, 2002 | 40 | ||||||||||||||||||||||
Grogan's Mill | The Woodlands | - | 3,117 | 9,373 | 36 | 3,117 | 9,409 | 12,526 | (1,097 | ) | August 15, 2000 | 37 | ||||||||||||||||||||||
Hedwig | Houston | - | 1,892 | 5,625 | 43 | 1,893 | 5,667 | 7,560 | (467 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Highland Square | Sugarland | 3,951 | 1,923 | 5,768 | 101 | 1,941 | 5,851 | 7,792 | (504 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Market at First Colony | Sugarland | - | 3,292 | 9,906 | 145 | 3,323 | 10,020 | 13,343 | (880 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Mason Park | Katy | - | 2,524 | 7,578 | 108 | 2,548 | 7,662 | 10,210 | (655 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Mission Bend | Houston | - | 2,514 | 7,854 | 278 | 2,514 | 8,132 | 10,646 | (1,009 | ) | August 15, 2000 | 37 | ||||||||||||||||||||||
Spring Shadows | Houston | - | 1,206 | 3,617 | 4,422 | 2,533 | 6,712 | 9,245 | (613 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||
Steeplechase | Jersey Village | - | 2,666 | 8,021 | 152 | 2,666 | 8,173 | 10,839 | (987 | ) | August 15, 2000 | 37 | ||||||||||||||||||||||
Wal-Mart Stores, Inc. | Marble Falls | - | 1,951 | - | - | 1,951 | - | 1,951 | - | February 12, 2003 | 40 | |||||||||||||||||||||||
Westgate | Houston | 29,625 | 12,611 | 32,151 | 97 | 12,708 | 32,151 | 44,859 | (470 | ) | June 1, 2004 | |||||||||||||||||||||||
Dallas | ||||||||||||||||||||||||||||||||||
Creekside Plaza | Arlington | - | 6,828 | 6,106 | 355 | 7,328 | 5,961 | 13,289 | (128 | ) | March 24, 2004 | 40 | ||||||||||||||||||||||
DeSoto Shopping Center | DeSoto | - | 3,130 | 4,978 | 9 | 3,139 | 4,978 | 8,117 | (21 | ) | November 12, 2004 | |||||||||||||||||||||||
Green Oaks | Arlington | 2,937 | 1,045 | 3,134 | 39 | 1,054 | 3,164 | 4,218 | (276 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Melbourne Plaza | Hurst | 1,698 | 932 | 2,796 | 50 | 941 | 2,837 | 3,778 | (249 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Minyards | Garland | 2,474 | 885 | 2,665 | - | 885 | 2,665 | 3,550 | (301 | ) | August 15, 2000 | 38 | ||||||||||||||||||||||
Parkwood | Plano | 6,110 | 2,222 | 6,668 | 90 | 2,286 | 6,694 | 8,980 | (565 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Richwood | Richardson | 3,147 | 1,170 | 3,512 | 85 | 1,208 | 3,559 | 4,767 | (304 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Rosemeade | Carrollton | 3,109 | 1,175 | 3,525 | 32 | 1,197 | 3,535 | 4,732 | (294 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Sterling Plaza | Irving | 3,873 | 1,834 | 5,504 | 216 | 1,834 | 5,720 | 7,554 | (671 | ) | August 15, 2000 | 37 | ||||||||||||||||||||||
Townsend Square | Desoto | 4,768 | 2,247 | 6,793 | 37 | 2,247 | 6,830 | 9,077 | (797 | ) | August 15, 2000 | 37 | ||||||||||||||||||||||
Village by the Park | Arlngton | - | 1,671 | 5,066 | 200 | 1,671 | 5,266 | 6,937 | (672 | ) | August 15, 2000 | 36 | ||||||||||||||||||||||
Village Center | Southlake | - | 6,882 | 10,400 | 30 | 6,912 | 10,400 | 17,312 | (217 | ) | March 24, 2004 | 40 | ||||||||||||||||||||||
GROSS AMOUNTS AT WHICH | ||||||||||||||||||||||||||||||||||
Initial cost to Company | Carried at Close of Period | |||||||||||||||||||||||||||||||||
Property | Location | Encum-brances | Land | Building & Improvements | Capitalized Subsequent to Acquisition or Improvement | Land | Improvements | Total | Accumulated Depreciation | Date Acquired | Depreciable Life | |||||||||||||||||||||||
San Antonio | ||||||||||||||||||||||||||||||||||
Bandera Festival | San Antonio | - | 2,629 | 3,111 | 6,773 | 2,708 | 9,805 | 12,513 | (877 | ) | September 21, 2001 | 40 | ||||||||||||||||||||||
Blanco Village | San Antonio | - | 5,723 | 10,559 | - | 5,723 | 10,559 | 16,282 | (702 | ) | May 10, 2002 | 40 | ||||||||||||||||||||||
Wurzbach | San Antonio | - | 389 | 1,226 | - | 389 | 1,226 | 1,615 | (137 | ) | August 15, 2000 | 40 | ||||||||||||||||||||||
VIRGINA | ||||||||||||||||||||||||||||||||||
Smyth Valley Crossing | Marion | - | 2,537 | 3,890 | 2 | 2,537 | 3,892 | 6,429 | (183 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Waterlick Plaza | Lynchburg | - | 1,974 | 3,796 | 1,037 | 1,974 | 4,833 | 6,807 | (243 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Corporate | - | - | - | 2,663 | - | 2,663 | 2,663 | (1,153 | ) | various | ||||||||||||||||||||||||
Total Income Producing Properties | 495,056 | 625,332 | 1,159,766 | 130,118 | 634,321 | 1,280,895 | 1,915,216 | (95,934 | ) | |||||||||||||||||||||||||
Land held for/under development | ||||||||||||||||||||||||||||||||||
ALABAMA | ||||||||||||||||||||||||||||||||||
West Gate Plaza | Mobile | - | - | 7 | - | 7 | 7 | February 12, 2003 | ||||||||||||||||||||||||||
FLORIDA | ||||||||||||||||||||||||||||||||||
North Florida | ||||||||||||||||||||||||||||||||||
Forest Village | Tallahassee | 1,600 | 99 | 1,600 | 99 | 1,699 | January 28, 1999 | |||||||||||||||||||||||||||
Fort Caroline | Jacksonville | 200 | 368 | 200 | 368 | 568 | January 24, 1994 | |||||||||||||||||||||||||||
Medical & Merchants | Jacksonville | 276 | 14 | 276 | 14 | 290 | May 27, 2004 | |||||||||||||||||||||||||||
Central Florida | ||||||||||||||||||||||||||||||||||
Walden Woods | Plant City | 522 | - | 522 | 522 | January 1, 1999 | ||||||||||||||||||||||||||||
Eustis Square | Eustis | 1 | - | 1 | 1 | October 22, 1993 | ||||||||||||||||||||||||||||
Florida West Coast | ||||||||||||||||||||||||||||||||||
Lake St. Charles Outparcel | Tampa | 206 | 12 | 206 | 12 | 218 | September 21, 2001 | |||||||||||||||||||||||||||
Mariners Crossing | Spring Hill | 401 | 105 | 401 | 105 | 506 | September 12, 2000 | |||||||||||||||||||||||||||
Seven Hills | Spring Hills | 4 | 4 | 4 | February 12, 2003 | |||||||||||||||||||||||||||||
Venice Plaza | Venice | 525 | - | 525 | 525 | February 12, 2003 | ||||||||||||||||||||||||||||
GROSS AMOUNTS AT WHICH | ||||||||||||||||||||||||||||||||||
Initial cost to Company | Carried at Close of Period | |||||||||||||||||||||||||||||||||
Property | Location | Encum-brances | Land | Building & Improvements | Capitalized Subsequent to Acquisition or Improvement | Land | Improvements | Total | Accumulated Depreciation | Date Acquired | Depreciable Life | |||||||||||||||||||||||
Florida Treasure Coast | ||||||||||||||||||||||||||||||||||
Cashmere Corners | Port St. Lucie | 386 | 103 | - | 489 | 489 | August 15, 2000 | |||||||||||||||||||||||||||
CashmereDev 2 | Port St. Lucie | 790 | 453 | - | 1,243 | 1,243 | August 15, 2000 | |||||||||||||||||||||||||||
Salerno Village | Stuart | 807 | 141 | - | 948 | 948 | May 6, 2002 | |||||||||||||||||||||||||||
South Florida / Atlantic Coast | ||||||||||||||||||||||||||||||||||
Coral Way /Drug Store | Miami | 988 | 757 | - | 1,745 | 1,745 | July 23, 1999 | |||||||||||||||||||||||||||
Crossroads Square | Ft. Lauderdale | 7 | - | 7 | 7 | September 21, 2001 | ||||||||||||||||||||||||||||
Homestead | Homestead | 1,811 | 4,047 | - | 5,858 | 5,858 | April 10, 1992 | |||||||||||||||||||||||||||
Oakbrook | Palm Beach Gardens | 200 | 604 | - | 804 | 804 | August 15, 2000 | |||||||||||||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 85 | - | 85 | 85 | August 15, 2000 | ||||||||||||||||||||||||||||
Sawgrass | Deerfield Beach | 500 | - | 31 | 500 | 31 | 531 | August 15, 2000 | ||||||||||||||||||||||||||
Shops at Skylake | North Miami Beach | 3,179 | 4,306 | - | 7,485 | 7,485 | August 19, 1997 | |||||||||||||||||||||||||||
Westport | Davie | 571 | - | 0 | 571 | 571 | December 17, 2004 | |||||||||||||||||||||||||||
Atlanta | ||||||||||||||||||||||||||||||||||
Hamilton Ridge | Buford | 444 | 427 | 17 | 444 | December 18, 2003 | ||||||||||||||||||||||||||||
Wesley Chapel | Atlanta | 1 | 1 | 1 | February 12, 2003 | |||||||||||||||||||||||||||||
VW Mall | McDonough | 2,073 | - | 2,073 | 2,073 | February 12, 2003 | ||||||||||||||||||||||||||||
GEORGIA | ||||||||||||||||||||||||||||||||||
Central Georgia | ||||||||||||||||||||||||||||||||||
Spalding Village | Griffin | 2,956 | - | 2,956 | 2,956 | February 12, 2003 | ||||||||||||||||||||||||||||
LOUISIANA | ||||||||||||||||||||||||||||||||||
Ambassador Row Courtyard | Lafayette | 1,385 | - | 1,385 | 1,385 | February 12, 2003 | ||||||||||||||||||||||||||||
Bluebonnet Village | Baton Rouge | 909 | 58 | 909 | 58 | 967 | February 12, 2003 | |||||||||||||||||||||||||||
MASSACHUSETTS | ||||||||||||||||||||||||||||||||||
Shaw's @ West Roxbury | Boston | 480 | - | 480 | - | 480 | October 7, 2004 | |||||||||||||||||||||||||||
NORTH CAROLINA | ||||||||||||||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1,088 | - | 1,088 | 1,088 | February 12, 2003 | ||||||||||||||||||||||||||||
Chestnut Square | Brevard | 177 | 177 | - | 177 | February 12, 2003 | ||||||||||||||||||||||||||||
- |
GROSS AMOUNTS AT WHICH | ||||||||||||||||||||||||||||||||||
Initial cost to Company | Carried at Close of Period | |||||||||||||||||||||||||||||||||
Property | Location | Encum-brances | Land | Building & Improvement | Capitalized Subsequent to Acquisition or Improvement | Land | Improvements | Total | Accumulated Depreciation | Date Acquired | Depreciable Life | |||||||||||||||||||||||
SOUTH CAROLINA | ||||||||||||||||||||||||||||||||||
Belfair Towne Village | Bluffton | 1,301 | 81 | 1,301 | 81 | 1,382 | December 22, 2003 | |||||||||||||||||||||||||||
Lancaster Shopping Center | 327 | 24 | 351 | 351 | February 12, 2003 | |||||||||||||||||||||||||||||
Windy Hill | North Myrtle Beach | 155 | 6 | 155 | 6 | 161 | April 8, 2004 | |||||||||||||||||||||||||||
TEXAS | ||||||||||||||||||||||||||||||||||
Houston | ||||||||||||||||||||||||||||||||||
Bissonnet | Houston | 103 | 9 | 103 | 9 | 112 | September 21, 2001 | |||||||||||||||||||||||||||
Copperfield | Houston | 1,089 | - | - | 1,089 | 1,089 | August 15, 2000 | |||||||||||||||||||||||||||
Texas CP Land, LP | Sugarland | 206 | 52 | 215 | 43 | 258 | September 21, 2001 | |||||||||||||||||||||||||||
Westgate | Houston | 700 | 11 | 700 | 11 | 711 | June 1, 2004 | |||||||||||||||||||||||||||
Dallas | ||||||||||||||||||||||||||||||||||
Creekside Plaza | Arlington | 600 | 12 | 600 | 12 | 612 | March 24, 2004 | |||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||
San Antonio | ||||||||||||||||||||||||||||||||||
Bandera Festival | San Antonio | 296 | - | 296 | 296 | September 21, 2001 | ||||||||||||||||||||||||||||
Blanco Village | San Antonio | 2,614 | 471 | - | 3,085 | 3,085 | May 10, 2002 | |||||||||||||||||||||||||||
Corporate | - | 25 | - | 25 | 25 | |||||||||||||||||||||||||||||
Total Land held for/under development | 8,208 | 12,679 | 20,872 | 8,821 | 32,938 | 41,759 | ||||||||||||||||||||||||||||
Property Held for Sale | ||||||||||||||||||||||||||||||||||
North River Village Center | Ellenton | - | 3,543 | 9,551 | - | 3,543 | 9,551 | 13,094 | (448 | ) | February 12, 2003 | 40 | ||||||||||||||||||||||
Total Property Held for Sale | 3,543 | 9,551 | - | 3,543 | 9,551 | 13,094 | (448 | ) | ||||||||||||||||||||||||||
Grand Total | $ | 495,056 | $ | 637,083 | $ | 1,181,996 | $ | 150,990 | $ | 646,685 | $ | 1,323,384 | $ | 1,970,069 | ($96,382 | ) | ||||||||||||||||||
EXHIBIT NO. | DESCRIPTION |
12.1 | Ratio of Earnings to Fixed Charges |
10.1 | Form of Indemnification Agreement |
21.1 | List of Subsidiaries of the Registrant |
23.1 | Consent of Deloitte & Touche 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 |