UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: June 30, 2004
(Date of earliest event reported)
Inland Western Retail Real Estate Trust, Inc.
(Exact name of registrant as specified in the charter)
Maryland | 333-103799 | 42-1579325 |
(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
2901 Butterfield Road
Oak Brook, Illinois 60523
(Address of Principal Executive Offices)
(630) 218-8000
(Registrant's telephone number including area code)
Not Applicable
(Former name or former address, if changed since last report)
Item 2. Acquisition or Disposition of Assets
Shoppes of Dallas, Dallas, Georgia
On July 2, 2004, we purchased a newly constructed shopping center known as Shoppes of Dallas, containing 70,610 gross leasable square feet. The center is located at Highway 381 and East Paulding Drive, in Dallas, Georgia.
We purchased this property from an unaffiliated third party. Our total acquisition cost was approximately $13,052,000. This amount may increase by additional costs which have not yet been finally determined. We expect any additional costs to be insignificant. Our acquisition cost was approximately $185 per square foot of leasable space.
We purchased this property with our own funds. However, we expect to place financing on the property at a later date.
We do not intend to make significant repairs and improvements to this property over the next few years. However, if we were to make any repairs or improvements, the tenants would be obligated to pay a substantial portion of any monies spent pursuant to the provisions of their respective leases.
One tenant, Publix, will lease more than 10% of the total gross leasable area of the property. The lease term will be determined in accordance with the tenant's lease commencement date. The lease with this tenant requires the tenant to pay base annual rent on a monthly basis as follows:
Base Rent | |||||
Approximate | Per Square | ||||
GLA Leased | % of Total | Foot Per | |||
Lessee | (Sq. Ft.) | GLA | Annum ($) | Lease | Term |
Publix | 44,840 | 64 | 10.25 | 20 | Years |
For federal income tax purposes, the depreciable basis in this property will be approximately $9,789,000. When we calculate depreciation expense for tax purposes, we will use the straight-line method. We depreciate buildings and improvements based upon estimated useful lives of 40 and 20 years, respectively.
Shoppes of Dallas was newly constructed in 2004. The property is currently in a leasing up phase and certain tenants have executed leases for retail space within the shopping center. In addition, the seller is funding the shortfall rent for certain tenants until the space is occupied. The following table sets forth certain information with respect to those leases:
Approximate GLA Leased | Current Annual | Base Rent Per Square Foot | ||
Lessee | (Sq. Ft.) | Lease Ends* | Rent ($) | Per Annum ($) |
Publix | 44,840 | 20 Years | 459,600 | 10.25 |
Subway | 1,200 | 22,800 | 19.00 | |
Verizon | 900 | 15,300 | 17.00 | |
Dry Clean USA | 1,200 | 26,400 | 22.00 | |
Dollar Train | 2,100 | 36,750 | 17.50 | |
Creative Tan | 1,200 | 24,000 | 20.00 | |
Great Clips | 1,200 | 26,400 | 22.00 | |
USA Nails | 1,200 | 28,800 | 24.00 | |
Ladies Fitness Express | 1,200 | 19,800 | 16.50 |
* Lease terms have not been determined at the time of this report.
In general, each tenant will pay its proportionate share of real estate taxes, insurance and common area maintenance costs, although the leases with some tenants may provide that the tenant's liability for such expenses is limited in some way, usually so that their liability for such expenses does not exceed a specified amount.
The Shops at Boardwalk, Kansas City, Missouri
On July 1, 2004, we purchased a newly constructed shopping center known as The Shops at Boardwalk, containing 122,413 gross leasable square feet. The center is located at North Boardwalk Avenue and Ambassador Drive in Kansas City, Missouri.
We purchased this property from an unaffiliated third party. Our total acquisition cost was approximately $36,642,000. This amount may increase by additional costs which have not yet been finally determined. We expect any additional costs to be insignificant. Our acquisition cost was approximately $299 per square foot of leasable space.
We purchased this property with our own funds. However, we expect to place financing on the property at a later date.
We do not intend to make significant repairs and improvements to this property over the next few years. However, if we were to make any repairs or improvements, the tenants would be obligated to pay a substantial portion of any monies spent pursuant to the provisions of their respective leases.
One tenant, Borders Books, leases more than 10% of the total gross leasable area of the property. The lease with this tenant requires the tenant to pay base annual rent on a monthly basis as follows:
Base Rent | |||||
Approximate | Per Square | ||||
GLA Leased | % of Total | Foot Per | Lease | Term | |
Lessee | (Sq. Ft.) | GLA | Annum ($) | Beginning | To |
Borders Books | 19,001 | 16 | 13.95 | 08/03 | 07/08 |
For federal income tax purposes, the depreciable basis in this property will be approximately $27,500,000. When we calculate depreciation expense for tax purposes, we will use the straight-line method. We depreciate buildings and improvements based upon estimated useful lives of 40 and 20 years, respectively.
The Shops at Boardwalk was newly constructed during 2003 and 2004. The property is currently in a leasing up phase and certain tenants have executed leases for retail space within the shopping center. In addition, the seller is funding the shortfall rent for certain tenants until the space is occupied. The following table sets forth certain information with respect to those leases:
Approximate GLA Leased | Current Annual | Base Rent Per Square Foot | ||
Lessee | (Sq. Ft.) | Lease Ends | Rent ($) | Per Annum ($) |
Noggin Noodle | 2,390 | 07/05 | 62,140 | 26.00 |
Nextel Communications | 2,004 | 05/08 | 54,108 | 27.00 |
Electronic Boutique | 2,195 | 06/08 | 60,582 | 27.60 |
Coldwater Creek | 4,617 | 06/08 | 110,808 | 24.00 |
Jos. A. Banks | 4,200 | 07/08 | 92,400 | 22.00 |
Chicos | 2,735 | 07/08 | 68,375 | 25.00 |
Borders Books | 19,001 | 07/08 | 265,063 | 13.95 |
Planet Sub | 3,147 | 07/08 | 84,969 | 27.00 |
Claire's Boutique | 1,200 | 08/08 | 36,000 | 30.00 |
Maurices | 3,784 | 08/08 | 90,816 | 24.00 |
Select Comfort | 2,158 | 10/08 | 64,740 | 30.00 |
Archivers | 5,957 | 01/09 | 119,140 | 20.00 |
Hallmark Cards | 3,484 | 03/09 | 71,422 | 20.50 |
2nd Swing | 3,580 | 04/09 | 93,080 | 26.00 |
J. Jill | 4,085 | 07/13 | 122,550 | 30.00 |
Chipolte Mexican Grill | 2,801 | 07/13 | 78,428 | 28.00 |
Yankee Candle | 1,925 | 07/13 | 48,125 | 25.00 |
Red Star Tavern | 7,209 | 08/13 | 209,061 | 29.00 |
Christopher & Banks | 3,500 | 08/13 | 91,000 | 26.00 |
Kirklands | 4,935 | 01/14 | 108,570 | 22.00 |
Talbots | 4,501 | 01/16 | 117,026 | 26.00 |
In general, each tenant will pay its proportionate share of real estate taxes, insurance and common area maintenance costs, although the leases with some tenants may provide that the tenant's liability for such expenses is limited in some way, usually so that their liability for such expenses does not exceed a specified amount.
Shoppes of Prominence Point, Canton, Georgia
On June 30, 2004, we purchased a newly constructed shopping center known as Shoppes of Prominence Point, containing 88,058 gross leasable square feet. The center is located at Interstate 575 and State Route 5, in Canton, Georgia.
We purchased this property from an unaffiliated third party. Our total acquisition cost was approximately $18,099,000. This amount may increase by additional costs which have not yet been finally determined. We expect any additional costs to be insignificant. Our acquisition cost was approximately $206 per square foot of leasable space.
We purchased this property with our own funds. However, we expect to place financing on the property at a later date.
We do not intend to make significant repairs and improvements to this property over the next few years. However, if we were to make any repairs or improvements, the tenants would be obligated to pay a substantial portion of any monies spent pursuant to the provisions of their respective leases.
One tenant, Publix, leases more than 10% of the total gross leasable area of the property. The lease with this tenant requires the tenant to pay base annual rent on a monthly basis as follows:
Base Rent | |||||
Approximate | Per Square | ||||
GLA Leased | % of Total | Foot Per | Lease | Term | |
Lessee | (Sq. Ft.) | GLA | Annum ($) | Beginning | To |
Publix | 44,840 | 51 | 10.80 | 03/04 | 03/24 |
For federal income tax purposes, the depreciable basis in this property will be approximately $13,574,000. When we calculate depreciation expense for tax purposes, we will use the straight-line method. We depreciate buildings and improvements based upon estimated useful lives of 40 and 20 years, respectively.
Shoppes of Prominence Point was newly constructed in 2004. The property is currently leasing up the remaining vacancies and certain tenants have executed lease for retail space within the shopping center. In addition, the seller is funding the shortfall rent for certain tenants until the space is occupied. The following table sets forth certain information with respect to those leases:
Approximate GLA Leased | Current Annual | Base Rent Per Square Foot | ||
Lessee | (Sq. Ft.) | Lease Ends | Rent ($) | Per Annum ($) |
World Wireless | 1,050 | 03/07 | 21,000 | 20.00 |
World Dollar Store | 1,610 | 04/07 | 30,590 | 19.00 |
Curves | 1,400 | 04/07 | 27,300 | 19.50 |
Prominence Chiropractic | 1,400 | 07/07 | 26,600 | 19.00 |
Oceanside Tanning | 1,400 | 04/08 | 32,200 | 23.00 |
Bowen's TaeKwonDo Plus | 2,450 | 04/08 | 47,775 | 19.50 |
Blockbuster Video | 5,268 | 01/09 | 92,190 | 17.50 |
Lithia Nails | 1,050 | 04/09 | 25,200 | 24.00 |
Dry Clean USA | 1,400 | 04/09 | 33,600 | 24.00 |
Yoon Sushi Restaurant | 1,400 | 05/09 | 25,900 | 18.50 |
Corbets Company of GA | 1,400 | 05/09 | 30,800 | 22.00 |
Forsat Ventures, Inc. | 1,400 | 05/09 | 26,600 | 19.00 |
Mui Lan Restaurant | 2,100 | 05/09 | 40,950 | 19.50 |
Dos Palomas Restaurant | 3,450 | 04/10 | 67,275 | 19.50 |
Beef O'Brady's | 2,590 | 05/12 | 46,620 | 18.00 |
Publix | 44,840 | 03/24 | 484,272 | 10.80 |
In general, each tenant will pay its proportionate share of real estate taxes, insurance and common area maintenance costs, although the leases with some tenants may provide that the tenant's liability for such expenses is limited in some way, usually so that their liability for such expenses does not exceed a specified amount.
Davis Towne Crossing, North Richland Hills, Texas
On June 30, 2004, we purchased a newly constructed shopping center known as Davis Towne Crossing, containing 41,391 gross leasable square feet of which 4,000 is a ground lease. The center is located at Davis Boulevard and Precinct Line Road in North Richland Hills, Texas.
We purchased this property from an unaffiliated third party. Our total acquisition cost was approximately $9,755,000. This amount may increase by additional costs which have not yet been finally determined. We expect any additional costs to be insignificant. Our acquisition cost was approximately $236 per square foot of leasable space.
We purchased this property with our own funds. However, we expect to place financing on the property at a later date.
We do not intend to make significant repairs and improvements to this property over the next few years. However, if we were to make any repairs or improvements, the tenants would be obligated to pay a substantial portion of any monies spent pursuant to the provisions of their respective leases.
Two tenants, Lady USA Fitness and Cotton Patch Cafe', each lease more than 10% of the total gross leasable area of the property. The leases with these tenants require the tenant to pay base annual rent on a monthly basis as follows:
Base Rent | |||||
Approximate | Per Square | ||||
GLA Leased | % of Total | Foot Per | Lease | Term | |
Lessee | (Sq. Ft.) | GLA | Annum ($) | Beginning | To |
Lady USA Fitness | 6,000 | 15 | 17.00 | 10/03 | 10/08 |
Cotton Patch Cafe | 4,400 | 11 | 20.00 | 12/03 | 11/08 |
For federal income tax purposes, the depreciable basis in this property will be approximately $7,316,000. When we calculate depreciation expense for tax purposes, we will use the straight-line method. We depreciate buildings and improvements based upon estimated useful lives of 40 and 20 years, respectively.
Davis Towne Crossing was newly constructed during 2003 and 2004. The property is currently in a leasing up phase and certain tenants have executed leases for retail space within the shopping center. In addition, the seller is funding the shortfall rent for certain tenants until the space is occupied. The following table sets forth certain information with respect to those leases:
Approximate GLA Leased | Current Annual | Base Rent Per Square Foot | ||
Lessee | (Sq. Ft.) | Lease Ends | Rent ($) | Per Annum ($) |
H & R Block | 2,264 | 05/07 | 45,280 | 20.00 |
The Scrapbook Palace | 3,000 | 10/07 | 57,000 | 19.00 |
RadioShack | 2,400 | 08/08 | 48,000 | 20.00 |
Sport Clips | 1,440 | 08/08 | 28,800 | 20.00 |
EB Games | 1,500 | 09/08 | 31,500 | 21.00 |
Luxury Nails | 1,400 | 09/08 | 29,400 | 21.00 |
Friedman's Jewelers | 1,727 | 10/08 | 32,813 | 19.00 |
Lady USA Fitness | 6,000 | 10/08 | 102,000 | 17.00 |
Cotton Patch Cafe | 4,400 | 11/08 | 88,000 | 20.00 |
The UPS Store | 1,400 | 03/09 | 26,600 | 19.00 |
Payless Shoes | 3,000 | 07/13 | 54,000 | 18.00 |
Quiznos Subs | 1,600 | 11/13 | 30,400 | 19.00 |
Washington Mutual (Ground Lease) | 4,000 | 08/28 | 85,000 | N/A |
In general, each tenant will pay its proportionate share of real estate taxes, insurance and common area maintenance costs, although the leases with some tenants may provide that the tenant's liability for such expenses is limited in some way, usually so that their liability for such expenses does not exceed a specified amount.
Fullerton Metrocenter, Fullerton, California
On June 30, 2004, we purchased an existing shopping center known as Fullerton Metrocenter, containing 242,080 gross leasable square feet. The center is located at Harbor Boulevard and Orangethorpe Avenue, in Fullerton, California.
We purchased this property from an unaffiliated third party. Our total acquisition cost was approximately $51,275,000. This amount may increase by additional costs which have not yet been finally determined. We expect any additional costs to be insignificant. Our acquisition cost was approximately $212 per square foot of leasable space.
We purchased this property with our own funds. However, we expect to place financing on the property at a later date.
We do not intend to make significant repairs and improvements to this property over the next few years. However, if we were to make any repairs or improvements, the tenants would be obligated to pay a substantial portion of any monies spent pursuant to the provisions of their respective leases.
Two tenants, Sportmart and Henry's Marketplace, each lease more than 10% of the total gross leasable area of the property. The leases with these tenants require the tenants to pay base annual rent on a monthly basis as follows:
Base Rent | |||||
Approximate | Per Square | ||||
GLA Leased | % of Total | Foot Per | Lease | Term | |
Lessee | (Sq. Ft.) | GLA | Annum ($) | Beginning | To |
Sportmart | 43,660 | 18 | 9.95 | 09/04 | 08/19 |
Henry's Marketplace (Wild Oats) | 28,092 | 12 | 16.89 | 10/88 | 02/06 |
For federal income tax purposes, the depreciable basis in this property will be approximately $38,456,000. When we calculate depreciation expense for tax purposes, we will use the straight-line method. We depreciate buildings and improvements based upon estimated useful lives of 40 and 20 years, respectively.
Fullerton Metrocenter was built in 1988. As of June 1, 2004, this property was 93% occupied, with a total 225,040 square feet leased to forty-one tenants. The following table sets forth certain information with respect to those leases:
Approximate GLA Leased | Current Annual | Base Rent Per Square Foot | ||
Lessee | (Sq. Ft.) | Lease Ends | Rent ($) | Per Annum ($) |
H & R Block | 5,250 | 09/04 | 141,816 | 27.01 |
Tip Top Nails | 900 | 01/05 | 36,468 | 40.52 |
Henry's Marketplace (Wild Oats) | 28,092 | 02/06 | 474,474 | 16.89 |
La Caffepia | 1,245 | 03/06 | 36,715 | 29.49 |
Washington Mutual | 1,550 | 05/06 | 36,036 | 23.10 |
Kentucky Fried Chicken | 2,304 | 05/06 | 100,800 | 43.75 |
AT & T Wireless Services | 2,775 | 10/06 | 75,980 | 27.38 |
Payless Shoes | 2,525 | 10/06 | 49,768 | 19.71 |
Jenny Craig | 1,900 | 02/07 | 53,656 | 28.24 |
Party America | 9,610 | 05/07 | 128,064 | 13.33 |
Adelphia Communications | 1,515 | 06/07 | 41,465 | 27.37 |
Quizno's Subs | 1,400 | 08/07 | 40,460 | 28.90 |
Brite Dental | 2,250 | 08/07 | 43,920 | 19.52 |
Lilacs Flowers and Gifts | 1,200 | 11/07 | 37,500 | 31.25 |
GameStop | 1,550 | 12/07 | 40,176 | 25.92 |
Ruby's Diner | 3,592 | 02/08 | 99,570 | 27.72 |
Pop's Unfinished Furniture | 6,650 | 04/08 | 101,745 | 15.30 |
Burger King | 2,874 | 04/08 | 130,968 | 45.57 |
Wherehouse Entertainment | 6,350 | 06/08 | 99,920 | 15.74 |
GMP Vitamin | 1,020 | 07/08 | 30,681 | 30.08 |
Beneficial Finance | 1,775 | 10/08 | 51,457 | 28.99 |
Fantastic Sams | 1,170 | 11/08 | 36,843 | 31.49 |
Beauty Avenue | 5,400 | 11/08 | 113,400 | 21.00 |
Jewelry Mart | 7,000 | 12/08 | 273,432 | 39.06 |
Tilly's | 6,040 | 12/08 | 132,276 | 21.90 |
RadioShack | 2,050 | 04/09 | 47,988 | 23.41 |
Sylvan Learning Center | 3,648 | 04/09 | 71,646 | 19.64 |
Miry Collection | 4,350 | 05/09 | 109,260 | 25.12 |
Vans | 1,650 | 07/09 | 46,348 | 28.09 |
Super Mex Restaurants | 7,084 | 10/09 | 160,240 | 22.62 |
Kim Sun Young Salon | 1,280 | 10/09 | 37,862 | 29.58 |
Metro Dry Cleaning | 1,950 | 11/09 | 53,898 | 27.64 |
Matsunoya | 2,900 | 06/10 | 70,932 | 24.46 |
Baskins-Robbins | 1,275 | 10/10 | 39,193 | 30.74 |
China Buffet | 10,828 | 11/10 | 184,617 | 17.05 |
First Bank and Trust | 8,800 | 02/13 | 201,256 | 22.87 |
Orange County Credit Union | 4,000 | 12/13 | 81,600 | 20.40 |
Big Island BBQ | 1,090 | 02/14 | 28,514 | 26.16 |
Avenue | 5,300 | 01/15 | 105,256 | 19.67 |
PETsMART | 19,238 | 02/19 | 278,544 | 14.48 |
Sportmart | 43,660 | 08/19 | 434,334 | 9.95 |
In general, each tenant will pay its proportionate share of real estate taxes, insurance and common area maintenance costs, although the leases with some tenants may provide that the tenant's liability for such expenses is limited in some way, usually so that their liability for such expenses does not exceed a specified amount.
Low Country Village Shopping Center, Bluffton, South Carolina
On June 30, 2004, we purchased a newly constructed shopping center known as Low Country Village Shopping Center, containing 76,376 gross leasable square feet (Phase I). We signed an agreement, subject to conditions, to purchase an additional 63,460 gross leasable square feet (Phase II) of construction estimated to be completed in 2004 for approximately $10,542,800. The center is located at Highway 278 and Foreman Hill Road in Bluffton, South Carolina.
We purchased this property from an unaffiliated third party. Our total acquisition cost was approximately $10,457,200 for Phase I. This amount may increase by additional costs which have not yet been finally determined. We expect any additional costs to be insignificant. Our acquisition cost was approximately $137 per square foot of leasable space for Phase I and $166 per square foot of leasable space for Phase II.
We purchased Phase I and intend to purchase Phase II with our own funds. However, we expect to place financing on both phases at a later date.
We do not intend to make significant repairs and improvements to this property over the next few years. However, if we were to make any repairs or improvements, the tenants would be obligated to pay a substantial portion of any monies spent pursuant to the provisions of their respective leases.
Three tenants, Ross Dress for Less, Michael's and PETsMART, will lease more than 10% of the total gross leasable area of the Phase I property. The lease term will be determined in accordance with the tenant's commencement date. The lease with this tenant requires the tenant to pay base annual rent on a monthly basis as follows:
Base Rent | |||||
Approximate | Phase I | Per Square | |||
GLA Leased | % of Total | Foot Per | Lease | Term | |
Lessee | (Sq. Ft.) | GLA | Annum ($) | Beginning | To |
Ross Dress for Less | 30,131 | 39 | 9.75 | 03/04 | 02/14 |
Michael's | 21,360 | 28 | 9.75 | 03/04 | 02/14 |
PETsMART | 19,107 | 25 | 12.95 | 03/04 | 02/19 |
For federal income tax purposes, the depreciable basis in this property will be approximately $15,750,000 for Phase I. When we calculate depreciation expense for tax purposes, we will use the straight-line method. We depreciate buildings and improvements based upon estimated useful lives of 40 and 20 years, respectively.
Low Country Village Shopping Center is newly constructed in 2004. As of June 1, 2004, Phase I was 99% occupied, with a total of 75,320 square feet leased to seven tenants. The property is currently in a leasing up phase for Phase II and certain tenants have executed lease for retail space within the shopping center. The following table sets forth certain information with respect to those leases:
Approximate GLA Leased | Current Annual | Base Rent Per Square Foot | ||
Lessee | (Sq. Ft.) | Lease Ends | Rent ($) | Per Annum ($) |
Phase I | ||||
Sports Clips | 1,100 | 05/09 | 19,250 | 17.50 |
Nail Salon | 1,100 | 05/09 | 18,700 | 17.00 |
Prime Communications (Cingular Wireless) | 1,122 | 05/09 | 22,440 | 20.00 |
Quizno's | 1,400 | 07/09 | 25,200 | 18.00 |
Ross Dress for Less | 30,131 | 02/14 | 293,777 | 9.75 |
Michael's | 21,360 | 02/14 | 208,260 | 9.75 |
PETsMART | 19,107 | 02/19 | 247,436 | 12.95 |
Phase II | ||||
Linens 'N Things | 25,080 | 07/14 | 244,530 | 9.75 |
Cost Plus World Market | 18,300 | 01/15 | 215,025 | 11.75 |
In general, each tenant will pay its proportionate share of real estate taxes, insurance and common area maintenance costs, although the leases with some tenants may provide that the tenant's liability for such expenses is limited in some way, usually so that their liability for such expenses does not exceed a specified amount.
Northgate North, Seattle, Washington
On June 30, 2004, we purchased a newly constructed shopping center known as Northgate North, containing 302,461 gross leasable square feet. The center is located at 302 Northeast Northgate Way in Seattle, Washington.
We purchased this property from an unaffiliated third party. Our total acquisition cost was approximately $48,455,000. This amount may increase by additional costs which have not yet been finally determined. We expect any additional costs to be insignificant. Our acquisition cost was approximately $160 per square foot of leasable space.
We purchased this property with our own funds. However, we expect to place financing on the property at a later date.
We do not intend to make significant repairs and improvements to this property over the next few years. However, if we were to make any repairs or improvements, the tenants would be obligated to pay a substantial portion of any monies spent pursuant to the provisions of their respective leases.
Two tenants, Target and Best Buy, each leases more than 10% of the total gross leasable area of the property. The leases with these tenants require the tenants to pay base annual rent on a monthly basis as follows:
Base Rent | |||||
Approximate | Per Square | ||||
GLA Leased | % of Total | Foot Per | Lease | Term | |
Lessee | (Sq. Ft.) | GLA | Annum ($) | Beginning | To |
Target | 147,582 | 49 | 4.34 | 10/00 | 10/25 |
Best Buy | 51,202 | 17 | 25.00 | 10/00 | 10/21 |
For federal income tax purposes, the depreciable basis in this property will be approximately $36,341,000. When we calculate depreciation expense for tax purposes, we will use the straight-line method. We depreciate buildings and improvements based upon estimated useful lives of 40 and 20 years, respectively.
Northgate North was constructed between 2000 and 2003. As of June 1, 2004, this property was 93% occupied, with a total 281,961 square feet leased to seven tenants. The following table sets forth certain information with respect to those leases:
Approximate GLA Leased | Current Annual | Base Rent Per Square Foot | ||
Lessee | (Sq. Ft.) | Lease Ends | Rent ($) | Per Annum ($) |
Qwest Wireless | 1,950 | 12/07 | 39,995 | 20.51 |
Quizno's | 1,315 | 07/12 | 40,634 | 30.90 |
Olive Garden | 8,296 | 10/12 | 204,994 | 24.71 |
Ross Dress for Less | 25,278 | 01/14 | 391,809 | 15.50 |
G.I. Joe's (Storage) | 1,968 | 05/18 | 11,808 | 6.00 |
G.I. Joe's | 44,370 | 12/18 | 532,440 | 12.00 |
Best Buy | 51,202 | 01/21 | 1,280,050 | 25.00 |
Target | 147,582 | 10/25 | 640,506 | 4.34 |
In general, each tenant will pay its proportionate share of real estate taxes, insurance and common area maintenance costs, although the leases with some tenants may provide that the tenant's liability for such expenses is limited in some way, usually so that their liability for such expenses does not exceed a specified amount.
Item 7. Financial Statements and Exhibits
- Financial Statements
To be subsequently filed for The Shops at Boardwalk, Davis Towne Crossing, Fullerton Metrocenter, Low Country Village, Northgate North. No financials will be filed for Shoppes of Dallas, and Shoppes of Prominence Point, as the properties were completed in 2004 and there were no significant operations prior to our acquisition and therefore, do not require financing statements to be filed under Rule 3-14.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INLAND WESTERN RETAIL REAL ESTATE TRUST, INC.
By:/s/ Lori J. Foust
Name: Lori J. Foust
Title: Principal Accounting Officer
Date: July 8, 2004