Supplemental Information
for the Quarter Ended June 30, 2012
Basis of Presentation 
Background
Rouse is a publicly traded real estate investment trust (REIT) focused on the management, redevelopment, repositioning and acquisition of regional malls and the portfolio consists of 31 geographically diverse enclosed malls, encompassing approximately 22 million square feet in 19 states. On January 12, 2012, General Growth Properties, Inc. (NYSE: GGP) completed the spin-off of Rouse Properties, Inc. (NYSE: RSE) through the distribution of shares of Rouse common stock to holders of GGP common stock. On March 26, 2012, Rouse completed its rights offering and issued 13,333,333 shares of common stock for $200.0 million.
General Information
Unless the context indicates otherwise, references in the accompanying financial information (the "Supplemental") to the "Corporation", "Rouse", or the "Company" refer to Rouse Properties Inc. Additionally, where reference is made to "GAAP", this refers to accounting principles generally accepted in the United States.
Non-GAAP Measures
The Company makes reference to net operating income (“NOI”) and funds from operations (“FFO”). NOI is defined as operating revenues (minimum rents, including lease termination fees, tenant recoveries, overage rents, and other income) less property and related expenses (real estate taxes, repairs and maintenance, marketing, other property operating costs, and provision for doubtful accounts). FFO is defined as net income (loss) attributable to common stockholders in accordance with GAAP, excluding impairment write-downs on depreciable real estate, gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, plus real estate related depreciation and amortization.
In order to present operations in a manner most relevant to its future operations, Core FFO and Core NOI have been presented to exclude certain non-cash and non-comparable revenue and expenses. A reconciliation of NOI to Core NOI and FFO to Core FFO has been included in the "Reconciliation of Core NOI and Core FFO" schedule included within.
NOI, FFO and derivations thereof, are not alternatives to GAAP operating income (loss) or net income (loss) available to common stockholders. For reference, as an aid in understanding management's computation of NOI and FFO, a reconciliation of NOI to operating income and FFO to net income (loss) in accordance with GAAP has been included in the "Reconciliation of Non-GAAP to GAAP Financial Measures" schedule.
Table of Contents
|
| | |
| | | Page |
| Company Information | | |
| | | |
| Financial Overview | | |
| Consolidated and Combined Balance Sheets | | |
| Consolidated and Combined Statements of Operations and Comprehensive Loss | | |
| | | |
| Financial Schedules | | |
| Reconciliation of Core NOI and Core FFO - For the Three Month Period Ended | | |
| Reconciliation of Core NOI and Core FFO - For the Six Month Period Ended | | |
| Core NOI Summary | | |
| Reconciliation of Non-GAAP to GAAP Financial Measures | | |
| Mortgages, Notes and Loans Payable | | |
| Prepaid Expenses and Other Assets and Accounts Payable and Accrued Expenses | | |
| | | |
| Portfolio Operating Metrics | | |
| Key Operating Performance Indicators | | |
| Summary of Properties | | |
| Lease Expiration Schedule | | |
| Top Ten Tenants | | |
| Leasing Activity | | |
| | | |
| Glossary of Terms | | |
The presentation contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons. Readers are referred to the documents filed by Rouse Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in the Supplemental. The Company disclaims any obligation to update any forward-looking statements.
Company Information
Company Contacts
|
| | | |
| Andrew Silberfein | Chief Executive Officer | andrew.silberfein@rouseproperties.com | |
| Benjamin Schall | Chief Operating Officer | benjamin.schall@rouseproperties.com | |
| Rael Diamond | Chief Financial Officer | rael.diamond@rouseproperties.com | |
| Brian Harper | Executive Vice President, Leasing | brian.harper@rouseproperties.com | |
| Susan Elman | Executive Vice President, General Counsel | susan.elman@rouseproperties.com | |
| Brad Cohen/Nikki Sacks | ICR, Investor Relations and Communications | ir@rouseproperties.com | (212) 608-5108 |
Dividend
| |
| • | Current policy as of June 30, 2012. Quarterly dividend of $0.07 per share ($0.28 per share annualized). |
| |
| • | The Board of Directors declared a common stock dividend of $0.07 per share payable on October 29, 2012 to stockholders of record on October 15, 2012. |
Common Share Trading Statistics
|
| | | | | | | |
| | June 30, 2012 | | March 31, 2012 (1) |
| High | $ | 13.87 |
| | $ | 14.81 |
|
| Low | $ | 12.18 |
| | $ | 10.70 |
|
| Close | $ | 13.55 |
| | $ | 13.54 |
|
| Volume | 16,944,744 |
| | 30,825,189 |
|
(1) For the period January 12, 2012 through March 31, 2012 excludes trading on a when issued basis.
Shares Outstanding
|
| | | | | | | | | | | |
| | June 30, 2012 | | June 30, 2011 | | June 30, 2012 | | June 30, 2011 |
| Common shares outstanding | 49,225,133 |
| | 35,547,049 |
| | 49,225,133 |
| | 35,547,049 |
|
| Class B shares outstanding | 359,056 |
| | 359,056 |
| | 359,056 |
| | 359,056 |
|
| Total common shares outstanding | 49,584,189 |
| | 35,906,105 |
| | 49,584,189 |
| | 35,906,105 |
|
| Unexercised options | 1,652,486 |
| | — |
| | 1,652,486 |
| | — |
|
| Common shares outstanding - fully diluted | 51,236,675 |
| | 35,906,105 |
| | 51,236,675 |
| | 35,906,105 |
|
Weighted average common shares outstanding - basic (2) | 49,242,014 |
| | 35,906,105 |
| | 43,013,900 |
| | 35,906,105 |
|
Weighted average common shares outstanding - diluted (2) | 49,242,014 |
| | 35,906,105 |
| | 43,013,900 |
| | 35,906,105 |
|
(2) Calculated in accordance with GAAP for the three and six month periods ended June 30, 2012 and 2011.
|
| | |
| Q2 2012 Supplemental Package | | 3 |
Financial Overview
Consolidated and Combined Balance Sheets
|
| | | | | | | | |
| (In thousands) |
| June 30, 2012 (Unaudited) |
| December 31, 2011 |
| |
|
|
|
|
| Assets: |
| |
|
| |
|
| Investment in real estate: |
| |
|
| |
|
| Land |
| $ | 315,779 |
|
| $ | 299,941 |
|
| Buildings and equipment |
| 1,212,035 |
|
| 1,162,541 |
|
| Less accumulated depreciation |
| (91,463 | ) |
| (72,620 | ) |
| Net investment in real estate |
| 1,436,351 |
|
| 1,389,862 |
|
| Cash and cash equivalents |
| 163,299 |
|
| 204 |
|
| Short term investment |
| 29,989 |
|
| — |
|
| Accounts receivable, net |
| 20,216 |
|
| 17,561 |
|
| Deferred expenses, net |
| 40,396 |
|
| 35,549 |
|
| Prepaid expenses and other assets |
| 147,333 |
|
| 140,348 |
|
| Total assets |
| $ | 1,837,584 |
|
| $ | 1,583,524 |
|
|
|
|
|
|
|
|
| Liabilities: |
| |
|
| |
|
| Mortgages, notes and loans payable |
| $ | 1,185,995 |
|
| $ | 1,059,684 |
|
| Accounts payable and accrued expenses |
| 86,470 |
|
| 97,512 |
|
| Total liabilities |
| 1,272,465 |
|
| 1,157,196 |
|
|
|
|
|
|
|
|
| Commitments and contingencies |
| — |
|
| — |
|
|
|
|
|
|
|
|
| Equity: |
| |
|
| |
|
Common stock (1) |
| 493 |
|
| — |
|
Class B common stock (2) |
| 4 |
|
| — |
|
| Additional paid-in capital |
| 594,314 |
|
| — |
|
| GGP Equity |
| — |
|
| 426,328 |
|
| Accumulated deficit |
| (29,738 | ) |
| — |
|
| Accumulated other comprehensive loss |
| (65 | ) |
| — |
|
| Total stockholders' equity |
| 565,008 |
|
| 426,328 |
|
| Noncontrolling interest |
| 111 |
|
| — |
|
| Total equity |
| 565,119 |
|
| 426,328 |
|
| Total liabilities and equity |
| $ | 1,837,584 |
|
| $ | 1,583,524 |
|
(1) Common stock: $0.01 par value; 500,000,000 shares authorized, 49,225,133 and 0 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively.
(2) Class B common stock: $0.01 par value; 1,000,000 shares authorized, 359,056 and 0 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively.
|
| | |
| Q2 2012 Supplemental Package | | 4 |
Financial Overview
Consolidated and Combined Statements of Operations and Comprehensive Loss
|
| | | | | | | | | | | | | | | |
| Three Months Ended |
| Six Months Ended |
| (In thousands, except per share amounts) | June 30, 2012 (Unaudited) |
| June 30, 2011 (Unaudited) |
| June 30, 2012 (Unaudited) |
| June 30, 2011 (Unaudited) |
| |
|
|
|
|
|
|
|
| Revenues: | |
|
| |
|
|
|
|
|
|
|
| Minimum rents | $ | 38,072 |
|
| $ | 36,554 |
|
| $ | 75,284 |
|
| $ | 74,956 |
|
| Tenant recoveries | 16,915 |
|
| 17,842 |
|
| 33,511 |
|
| 35,938 |
|
| Overage rents | 659 |
|
| 461 |
|
| 2,104 |
|
| 1,762 |
|
| Other | 1,303 |
|
| 1,398 |
|
| 2,458 |
|
| 2,698 |
|
| Total revenues | 56,949 |
|
| 56,255 |
|
| 113,357 |
|
| 115,354 |
|
| Expenses: | |
|
| |
|
| |
|
| |
|
| Real estate taxes | 5,575 |
|
| 6,089 |
|
| 11,565 |
|
| 12,114 |
|
| Property maintenance costs | 3,351 |
|
| 3,075 |
|
| 6,792 |
|
| 6,960 |
|
| Marketing | 660 |
|
| 808 |
|
| 1,121 |
|
| 1,574 |
|
| Other property operating costs | 14,992 |
|
| 13,555 |
|
| 29,391 |
|
| 27,591 |
|
| Provision for doubtful accounts | 451 |
|
| 302 |
|
| 714 |
|
| 512 |
|
| General and administrative | 5,240 |
|
| 3,197 |
|
| 10,384 |
|
| 5,726 |
|
| Depreciation and amortization | 16,773 |
|
| 19,518 |
|
| 35,047 |
|
| 38,486 |
|
| Other | 1,983 |
|
| (606 | ) |
| 6,442 |
|
| (78 | ) |
| Total expenses | 49,025 |
|
| 45,938 |
|
| 101,456 |
|
| 92,885 |
|
| Operating income | 7,924 |
|
| 10,317 |
|
| 11,901 |
|
| 22,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income | 8 |
|
| 7 |
|
| 9 |
|
| 8 |
|
| Interest expense | (23,699 | ) |
| (16,782 | ) |
| (53,688 | ) |
| (35,322 | ) |
| Loss before income taxes | (15,767 | ) |
| (6,458 | ) |
| (41,778 | ) |
| (12,845 | ) |
| Provision for income taxes | (173 | ) |
| (140 | ) |
| (239 | ) |
| (288 | ) |
| Net loss | $ | (15,940 | ) |
| $ | (6,598 | ) |
| $ | (42,017 | ) |
| $ | (13,133 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - Basic and Diluted (1) | $ | (0.32 | ) |
| $ | (0.18 | ) |
| $ | (0.98 | ) |
| $ | (0.37 | ) |
| | | | | | | | |
| Dividends declared per share | $ | 0.07 |
| | $ | — |
| | $ | 0.07 |
| | $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive loss: | |
|
| |
|
| |
|
| |
|
| Net loss | $ | (15,940 | ) |
| $ | (6,598 | ) |
| $ | (42,017 | ) |
| $ | (13,133 | ) |
| Other comprehensive gain (loss): | |
|
| |
|
| |
|
| |
|
| Net unrealized gain (loss) on financial instrument | 65 |
|
| — |
|
| (65 | ) |
| — |
|
| Comprehensive loss | $ | (15,875 | ) |
| $ | (6,598 | ) |
| $ | (42,082 | ) |
| $ | (13,133 | ) |
(1) Calculated using weighted average number of shares of 49,242,014 and 35,906,105 for the three months ended June 30, 2012 and 2011, respectively, and 43,013,900 and 35,906,105 for the six months
ended June 30, 2012 and 2011, respectively.
|
| | |
| Q2 2012 Supplemental Package | | 5 |
Financial Schedules
Reconciliation of Core NOI and Core FFO - For the Three Month Period Ended |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| June 30, 2012 |
| June 30, 2011 |
| (In thousands) |
| (Unaudited) |
| (Unaudited) |
|
| GAAP |
| Core Adjustments |
| Core NOI / FFO |
| GAAP |
| Core Adjustments |
| Core NOI / FFO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents (1) |
| $ | 38,072 |
|
| $ | 4,917 |
|
| $ | 42,989 |
|
| $ | 36,554 |
|
| $ | 5,120 |
|
| $ | 41,674 |
|
| Tenant recoveries |
| 16,915 |
|
| — |
|
| 16,915 |
|
| 17,842 |
|
| — |
|
| 17,842 |
|
| Overage rents |
| 659 |
|
| — |
|
| 659 |
|
| 461 |
|
| — |
|
| 461 |
|
| Other |
| 1,303 |
|
| — |
|
| 1,303 |
|
| 1,398 |
|
| — |
|
| 1,398 |
|
| Total revenues |
| 56,949 |
|
| 4,917 |
|
| 61,866 |
|
| 56,255 |
|
| 5,120 |
|
| 61,375 |
|
| Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Real estate taxes |
| 5,575 |
|
| — |
|
| 5,575 |
|
| 6,089 |
|
| — |
|
| 6,089 |
|
| Property maintenance costs |
| 3,351 |
|
| — |
|
| 3,351 |
|
| 3,075 |
|
| — |
|
| 3,075 |
|
| Marketing |
| 660 |
|
| — |
|
| 660 |
|
| 808 |
|
| — |
|
| 808 |
|
Other property operating costs (2) |
| 14,992 |
|
| (31 | ) |
| 14,961 |
|
| 13,555 |
|
| (31 | ) |
| 13,524 |
|
| Provision for doubtful accounts |
| 451 |
|
| — |
|
| 451 |
|
| 302 |
|
| — |
|
| 302 |
|
| Total operating expenses |
| 25,029 |
|
| (31 | ) |
| 24,998 |
|
| 23,829 |
|
| (31 | ) |
| 23,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net operating income |
| 31,920 |
|
| 4,948 |
|
| 36,868 |
|
| 32,426 |
|
| 5,151 |
|
| 37,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative (3) |
| 5,240 |
|
| — |
|
| 5,240 |
|
| 3,197 |
|
| — |
|
| 3,197 |
|
Other (4) |
| 1,983 |
|
| (1,983 | ) |
| — |
|
| (606 | ) |
| 606 |
|
| — |
|
| Subtotal |
| 24,697 |
|
| 6,931 |
|
| 31,628 |
|
| 29,835 |
|
| 4,545 |
|
| 34,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
| 8 |
|
| — |
|
| 8 |
|
| 7 |
|
| — |
|
| 7 |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
| Mark-to-market adjustments on debt |
| (2,661 | ) |
| 2,661 |
|
| — |
|
| (1,871 | ) |
| 1,871 |
|
| — |
|
| Write-off of market rate debt adjustments |
| — |
|
| — |
|
| — |
|
| 1,603 |
|
| (1,603 | ) |
| — |
|
| Amortization of deferred financing costs |
| (2,020 | ) |
| 2,020 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Write-off of deferred financing costs | | (1,780 | ) | | 1,780 |
| | — |
| | — |
| | — |
| | — |
|
| Debt extinguishment costs | | — |
| | — |
| | — |
| | (1,582 | ) | | 1,582 |
| | — |
|
| Interest on existing debt |
| (17,238 | ) |
| — |
|
| (17,238 | ) |
| (14,932 | ) |
| — |
|
| (14,932 | ) |
| Provision for income taxes |
| (173 | ) |
| 173 |
|
| — |
|
| (140 | ) |
| 140 |
|
| — |
|
| Funds from operations |
| $ | 833 |
|
| $ | 13,565 |
|
| $ | 14,398 |
|
| $ | 12,920 |
|
| $ | 6,535 |
|
| $ | 19,455 |
|
Funds from operations per share - basic and diluted (5) |
|
|
|
|
| $ | 0.29 |
|
|
|
|
|
| $ | 0.54 |
|
Funds from operations per share - normalized (6) |
|
|
|
|
| $ | 0.29 |
|
|
|
|
|
| $ | 0.39 |
|
(1) Core adjustments include amounts for straight-line rent of $(1,657) and $(1,683) and above / below market lease amortization of $6,574 and $6,803 for the
three months ended June 30, 2012 and 2011, respectively.
(2) Core adjustments include above / below market ground lease amortization of $31 for the three months ended June 30, 2012 and 2011.
(3) General and administrative costs include $243 of non-cash stock compensation expense.
(4) Core adjustments include non-comparable costs related to the spin-off from General Growth Properties and property acquisition costs
(5) Calculated using weighted average number of shares of 49,242,014 and 35,906,105 for the three months ended June 30, 2012 and 2011.
(6) Assumes all of the common shares were issued April 1; calculated using 49,584,189 common shares.
|
| | |
| Q2 2012 Supplemental Package | | 6 |
Financial Schedules
Reconciliation of Core NOI and Core FFO - For the Six Month Period Ended
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| June 30, 2012 |
| June 30, 2011 |
| (In thousands) |
| (Unaudited) |
| (Unaudited) |
|
| GAAP |
| Core Adjustments |
| Core NOI / FFO |
| GAAP |
| Core Adjustments |
| Core NOI / FFO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Minimum rents (1) |
| $ | 75,284 |
|
| $ | 9,853 |
|
| $ | 85,137 |
|
| $ | 74,956 |
|
| $ | 8,886 |
|
| $ | 83,842 |
|
| Tenant recoveries |
| 33,511 |
|
| — |
|
| 33,511 |
|
| 35,938 |
|
| — |
|
| 35,938 |
|
| Overage rents |
| 2,104 |
|
| — |
|
| 2,104 |
|
| 1,762 |
|
| — |
|
| 1,762 |
|
| Other |
| 2,458 |
|
| — |
|
| 2,458 |
|
| 2,698 |
|
| — |
|
| 2,698 |
|
| Total revenues |
| 113,357 |
|
| 9,853 |
|
| 123,210 |
|
| 115,354 |
|
| 8,886 |
|
| 124,240 |
|
| Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Real estate taxes |
| 11,565 |
|
| — |
|
| 11,565 |
|
| 12,114 |
|
| — |
|
| 12,114 |
|
| Property maintenance costs |
| 6,792 |
|
| — |
|
| 6,792 |
|
| 6,960 |
|
| — |
|
| 6,960 |
|
| Marketing |
| 1,121 |
|
| — |
|
| 1,121 |
|
| 1,574 |
|
| — |
|
| 1,574 |
|
Other property operating costs (2) |
| 29,391 |
|
| (62 | ) |
| 29,329 |
|
| 27,591 |
|
| (62 | ) |
| 27,529 |
|
| Provision for doubtful accounts |
| 714 |
|
| — |
|
| 714 |
|
| 512 |
|
| — |
|
| 512 |
|
| Total operating expenses |
| 49,583 |
|
| (62 | ) |
| 49,521 |
|
| 48,751 |
|
| (62 | ) |
| 48,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net operating income |
| 63,774 |
|
| 9,915 |
|
| 73,689 |
|
| 66,603 |
|
| 8,948 |
|
| 75,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative (3) |
| 10,384 |
|
| — |
|
| 10,384 |
|
| 5,726 |
|
| — |
|
| 5,726 |
|
Other (4) |
| 6,442 |
|
| (6,442 | ) |
| — |
|
| (78 | ) |
| 78 |
|
| — |
|
| Subtotal |
| 46,948 |
|
| 16,357 |
|
| 63,305 |
|
| 60,955 |
|
| 8,870 |
|
| 69,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
| 9 |
|
| — |
|
| 9 |
|
| 8 |
|
| — |
|
| 8 |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
| Mark-to-market adjustments on debt |
| (5,385 | ) |
| 5,385 |
|
| — |
|
| (3,670 | ) |
| 3,670 |
|
| — |
|
| Write-off of market rate debt adjustments |
| (8,957 | ) |
| 8,957 |
|
| — |
|
| 1,489 |
|
| (1,489 | ) |
| — |
|
| Amortization of deferred financing costs |
| (3,688 | ) |
| 3,688 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Write-off of deferred financing costs | | (1,780 | ) | | 1,780 |
| | — |
| | — |
| | — |
| | — |
|
| Debt extinguishment costs | | — |
| | — |
| | — |
| | (1,475 | ) | | 1,475 |
| | — |
|
| Interest on existing debt |
| (33,878 | ) |
| — |
|
| (33,878 | ) |
| (31,666 | ) |
| — |
|
| (31,666 | ) |
| Provision for income taxes |
| (239 | ) |
| 239 |
|
| — |
|
| (288 | ) |
| 288 |
|
| — |
|
| Funds from operations |
| $ | (6,970 | ) |
| $ | 36,406 |
|
| $ | 29,436 |
|
| $ | 25,353 |
|
| $ | 12,814 |
|
| $ | 38,167 |
|
Funds from operations per share - basic and diluted (5) |
|
|
|
|
| $ | 0.68 |
|
|
|
|
|
| $ | 1.06 |
|
Funds from operations per share - normalized (6) |
|
|
|
|
| $ | 0.59 |
|
|
|
|
|
| $ | 0.77 |
|
(1) Core adjustments include amounts for straight-line rent of $(3,156) and $(3,764) and above / below market lease amortization of $13,009 and $12,650 for
the six months ended June 30, 2012 and 2011, respectively.
(2) Core adjustments include above / below market ground lease amortization of $62 for the six months ended June 30, 2012 and 2011.
(3) General and administrative costs include $1,015 of non-cash stock compensation expense and $352 thousand of corporate allocation from GGP.
(4) Core adjustments include non-comparable costs related to the spin-off from General Growth Properties and property acquisition costs
(5) Calculated using weighted average number of shares of 43,013,900 and 35,906,105 for the six months ended June 30, 2012 and 2011.
(6) Assumes all of the common shares were issued January 1; calculated using 49,584,189 common shares.
|
| | |
| Q2 2012 Supplemental Package | | 7 |
Financial Schedules
Core NOI Summary
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Six Months Ended |
| (In thousands) | | June 30, 2012 (Unaudited) |
| June 30, 2011 (Unaudited) |
| June 30, 2012 (Unaudited) |
| June 30, 2011 (Unaudited) |
| | | | | | | | | |
| Net operating income | | $ | 31,920 |
| | $ | 32,426 |
| | $ | 63,774 |
| | $ | 66,603 |
|
| Add / (less) : | | | | | | | | |
| Straight line rent | | (1,657 | ) | | (1,683 | ) | | (3,156 | ) | | (3,764 | ) |
| Above and below market tenant leases, net | | 6,574 |
| | 6,803 |
| | 13,009 |
| | 12,650 |
|
| Above and below market ground rent expense, net | | 31 |
| | 31 |
| | 62 |
| | 62 |
|
| Core net operating income | | 36,868 |
| | 37,577 |
| | 73,689 |
| | 75,551 |
|
| Add / (less): | | | | | | | | |
| Acquisitions | | (1,253 | ) | | — |
| | (2,054 | ) | | — |
|
| Lease termination income and other | | (70 | ) | | (297 | ) | | (218 | ) | | (684 | ) |
Same property core net operating income (1) | | $ | 35,545 |
| | $ | 37,280 |
| | $ | 71,417 |
| | $ | 74,867 |
|
| Same property change % | | (4.65 | )% | | | | (4.61 | )% | | |
(1) Excludes acquisitions made during the six months ended June 30, 2012 and 2011 and lease termination income earned for the three and six months ended
June 30, 2012 and 2011.
|
| | |
| Q2 2012 Supplemental Package | | 8 |
Financial Schedules
Reconciliation of Non-GAAP to GAAP Financial Measures
|
| | | | | | | | | | | | | | | |
| Three Months Ended |
| Six Months Ended |
| (In thousands) | June 30, 2012 (Unaudited) |
| June 30, 2011 (Unaudited) |
| June 30, 2012 (Unaudited) |
| June 30, 2011 (Unaudited) |
|
|
|
|
|
|
|
|
| Reconciliation of NOI to GAAP Operating Income |
|
|
|
|
|
|
|
| NOI: | $ | 31,920 |
|
| $ | 32,426 |
|
| $ | 63,774 |
|
| $ | 66,603 |
|
| General and administrative | (5,240 | ) |
| (3,197 | ) |
| (10,384 | ) |
| (5,726 | ) |
| Other | (1,983 | ) |
| 606 |
|
| (6,442 | ) |
| 78 |
|
| Depreciation and amortization | (16,773 | ) |
| (19,518 | ) |
| (35,047 | ) |
| (38,486 | ) |
| Operating income | $ | 7,924 |
|
| $ | 10,317 |
|
| $ | 11,901 |
|
| $ | 22,469 |
|
|
|
|
|
|
|
|
|
| Reconciliation of FFO to GAAP Net Loss Attributable to Common Stockholders |
|
|
|
|
|
|
|
| FFO: | $ | 833 |
|
| $ | 12,920 |
|
| $ | (6,970 | ) |
| $ | 25,353 |
|
| Depreciation and amortization | (16,773 | ) |
| (19,518 | ) |
| (35,047 | ) |
| (38,486 | ) |
| Net loss attributable to common stockholders | $ | (15,940 | ) |
| $ | (6,598 | ) |
| $ | (42,017 | ) |
| $ | (13,133 | ) |
|
|
|
|
|
|
|
|
| Weighted average numbers of shares outstanding | 49,242,014 |
|
| 35,906,105 |
|
| 43,013,900 |
|
| 35,906,105 |
|
| Per Share | $ | (0.32 | ) |
| $ | (0.18 | ) |
| $ | (0.98 | ) |
| $ | (0.37 | ) |
|
|
|
|
|
|
|
|
Weighted average numbers of shares outstanding (normalized) (1) | 49,584,189 |
|
| 49,584,189 |
|
| 49,584,189 |
|
| 49,584,189 |
|
Per Share (normalized) (1) | $ | (0.32 | ) |
| $ | (0.13 | ) |
| $ | (0.85 | ) |
| $ | (0.26 | ) |
(1) Assumes all of the common shares were issued on April 1 for the three months ended June 30, 2012 and 2011 and on January 1 for the six months ended
June 30, 2012 and 2011.
|
| | |
| Q2 2012 Supplemental Package | | 9 |
Financial Schedules
Mortgages, Notes, and Loans Payable
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In thousands) | Maturity | | | | Outstanding Balance | | Balloon Payment at Maturity | | Amortization | |
| | Month | Year | | Rate | | | 2012 | 2013 | 2014 | 2015 | 2016 | After | Mortgage Details |
| Lakeland Square | Oct | 2013 | | 5.12 | % | | $ | 51,262 |
| | 49,647 |
| | 632 |
| 983 |
| — |
| — |
| — |
| — |
| Non-recourse / fixed |
West Valley Mall (1) | Jan | 2014 | | 3.43 |
| | 49,649 |
| | 46,164 |
| | 1,140 |
| 2,345 |
| — |
| — |
| — |
| — |
| Non-recourse / fixed |
Southland Mall (CA) (1) | Jan | 2014 | | 3.62 |
| | 74,630 |
| | 70,709 |
| | 1,096 |
| 2,825 |
| — |
| — |
| — |
| — |
| Non-recourse / fixed |
Newpark Mall (1) | Aug | 2014 | | 7.45 |
| | 64,260 |
| | 60,487 |
| | 709 |
| 1,886 |
| 1,178 |
| — |
| — |
| — |
| Non-recourse / fixed |
Steeplegate (1) | Aug | 2014 | | 4.94 |
| | 50,354 |
| | 46,718 |
| | 708 |
| 1,808 |
| 1,120 |
| — |
| — |
| — |
| Non-recourse / fixed |
| Valley Hills Mall | Mar | 2016 | | 4.73 |
| | 52,949 |
| | 46,302 |
| | 670 |
| 1,765 |
| 1,851 |
| 1,942 |
| 419 |
| — |
| Non-recourse / fixed |
Vista Ridge Mall (1) | Apr | 2016 | | 6.87 |
| | 74,811 |
| | 64,660 |
| | 990 |
| 2,552 |
| 2,733 |
| 2,926 |
| 950 |
| — |
| Non-recourse / fixed |
Collin Creek (1) | Jul | 2016 | | 6.78 |
| | 62,879 |
| | 54,423 |
| | 732 |
| 1,941 |
| 2,079 |
| 2,226 |
| 1,478 |
| — |
| Non-recourse / fixed |
Bayshore Mall (1) | Aug | 2016 | | 7.13 |
| | 29,009 |
| | 24,699 |
| | 358 |
| 931 |
| 999 |
| 1,073 |
| 949 |
| — |
| Non-recourse / fixed |
| Washington Park Mall | Aug | 2016 | | 5.35 |
| | 11,349 |
| | 9,988 |
| | 130 |
| 348 |
| 367 |
| 387 |
| 129 |
| — |
| Non-recourse / fixed |
Grand Traverse (1) | Feb | 2017 | | 5.02 |
| | 61,472 |
| | 57,181 |
| | 279 |
| 877 |
| 922 |
| 970 |
| 1,013 |
| 230 |
| Non-recourse / fixed |
Sikes Senter (1) | Jun | 2017 | | 5.20 |
| | 57,792 |
| | 48,194 |
| | 621 |
| 1,677 |
| 1,768 |
| 1,863 |
| 2,554 |
| 1,115 |
| Non-recourse / fixed |
| Knollwood Mall | Oct | 2017 | | 5.35 |
| | 37,717 |
| | 31,113 |
| | 386 |
| 1,051 |
| 1,109 |
| 1,171 |
| 1,615 |
| 1,272 |
| Non-recourse / fixed |
| The Boulevard Mall | Jul | 2018 | | 4.27 |
| | 99,378 |
| | 72,881 |
| | 1,406 |
| 3,647 |
| 3,808 |
| 3,977 |
| 5,279 |
| 8,380 |
| Non-recourse / fixed |
| Pierre Bossier | May | 2022 | | 4.94 |
| | 48,415 |
| | 39,858 |
| | 338 |
| 710 |
| 746 |
| 784 |
| 818 |
| 5,161 |
| Non-recourse / fixed |
| Southland Center (MI) | Jul | 2022 | | 5.09 |
| | 78,750 |
| | 65,085 |
| | 436 |
| 1,110 |
| 1,168 |
| 1,230 |
| 1,284 |
| 8,437 |
| Non-recourse / fixed |
| Total fixed rate debt | | | | 5.27 |
| | 904,676 |
| | 788,109 |
| | 10,631 |
| 26,456 |
| 19,848 |
| 18,549 |
| 16,488 |
| 24,595 |
|
|
| | | | | | | | | | | | | | | | |
|
Property Term Loan (1)(2) | Jan | 2015 | | 6.00 |
| | 325,074 |
| | 308,465 |
| | — |
| 2,159 |
| 11,560 |
| 2,890 |
| — |
| — |
| Recourse / floating |
Revolver (2)(3) | Jan | 2015 | | 6.00 |
| | — |
| | — |
| | — |
| — |
| — |
| — |
| — |
| — |
|
|
Subordinated credit facility (4) | Jun | 2015 | | 9.50 |
| | — |
| | — |
| | — |
| — |
| — |
| — |
| — |
| — |
|
|
| Total variable debt | | | | | | 325,074 |
| | 308,465 |
| | — |
| 2,159 |
| 11,560 |
| 2,890 |
| — |
| — |
|
|
| | | | | | | | | | | | | | | | |
|
| Total Debt Outstanding | | | | 5.48 | % | | $ | 1,229,750 |
| | 1,096,574 |
| | 10,631 |
| 28,615 |
| 31,408 |
| 21,439 |
| 16,488 |
| 24,595 |
|
|
| | | | | | | | | | | | | | | | | |
| Total Debt | | | | | | 1,229,750 |
| | | | | | | | | | |
| Market rate adjustment | | | | | | (43,755 | ) | | | | | | | | | | |
| Total Debt Outstanding | | | | | | $ | 1,185,995 |
| | | | | | | | | | |
(1) Prepayable without a penalty.
(2) LIBOR + 500 basis points. LIBOR is subject to a floor of 1.0%.
(3) $50 million line. As of August 13, 2012, the revolver is undrawn.
(4) $100 million line. LIBOR + 850 basis points. LIBOR is subject to floor of 1.0%. As of August 13, 2012, the subordinated credit facility is undrawn.
|
| | | | | | | | | | | | | | | | | | | | |
| (In thousands) | 2012 | 2013 | 2014 | 2015 | 2016 | After | Total |
| Balloon payment | $ | — |
| $ | 49,647 |
| $ | 224,078 |
| $ | 308,465 |
| 200,072 |
| $ | 314,312 |
| $ | 1,096,574 |
|
| Amortization | 10,631 |
| 28,615 |
| 31,408 |
| 21,439 |
| 16,488 |
| 24,595 |
| 133,176 |
|
| Debt maturity and amortization | $ | 10,631 |
| 78,262 |
| $ | 255,486 |
| $ | 329,904 |
| 216,560 |
| $ | 338,907 |
| $ | 1,229,750 |
|
| Weighted average interest rate of expiring debt | — |
| 5.12 | % | 4.89 | % | 6.00 | % | 6.31 | % | 4.91 | % | 5.48 | % |
|
| | |
| Q2 2012 Supplemental Package | | 10 |
Financial Schedules
Prepaid Expenses and Other Assets
|
| | | | | | | |
| (In thousands) | June 30, 2012 (Unaudited) |
| December 31, 2011 |
| | | | |
| Above-market tenant leases, net | $ | 102,596 |
| | $ | 116,675 |
|
| Security and escrow deposits | 36,816 |
| | 14,225 |
|
| Below-market ground leases, net | 1,968 |
| | 2,031 |
|
| Prepaid expenses | 2,563 |
| | 4,349 |
|
| Other | 3,390 |
| | 3,068 |
|
| Total prepaid expenses and other assets | $ | 147,333 |
| | $ | 140,348 |
|
Accounts Payable and Accrued Expenses
|
| | | | | | | |
| (In thousands) | June 30, 2012 (Unaudited) |
| December 31, 2011 |
| | | | |
| Below-market tenant leases, net | $ | 35,270 |
| | $ | 40,120 |
|
| Accounts payable and accrued expenses | 16,442 |
| | 28,454 |
|
| Accrued interest | 3,040 |
| | 4,065 |
|
| Accrued real estate taxes | 8,354 |
| | 6,553 |
|
| Deferred income | 2,593 |
| | 1,211 |
|
| Accrued payroll and other employee liabilities | 4,335 |
| | 76 |
|
| Construction payable | 6,475 |
| | 6,719 |
|
| Tenant and other deposits | 1,454 |
| | 1,424 |
|
| Conditional asset retirement obligation liability | 4,400 |
| | 4,252 |
|
| Other | 4,107 |
| | 4,638 |
|
| Total accounts payable and accrued expenses | $ | 86,470 |
| | $ | 97,512 |
|
|
| | |
| Q2 2012 Supplemental Package | | 11 |
Portfolio Operating Metrics
Key Operating Performance Indicators
As of June 30, 2012
|
| | | | | | | | | | | | | | | | | |
GLA Summary (1) |
| (In thousands) | | Number of Properties | | Mall and Freestanding GLA | | Anchor GLA (Rouse Owned) | | Anchor GLA (Tenant Owned) | | Total Area |
| Total Rouse Properties Portfolio | | 31 |
| | 9,619 |
| | 5,319 |
| | 6,824 |
| | 21,762 |
|
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Operating Metrics |
| | | | | | | In-Place Rent | | | | |
| | | % Leased (2) | | % Occupied (3) | | <10K SF (4) | | Tenant Sales (5) | | Occupancy Cost (6) |
| Total Rouse Properties Portfolio | | 88.4 | % | | 85.6 | % | | $ | 37.25 |
| | $ | 294 |
| | 12.7 | % |
(1) See Property Schedule on page 13 for individual details.
(2) Represents contractual obligations for space in regional malls and excludes traditional anchor stores.
(3) Represents tenants' physical or economic presence in regional malls and excludes traditional anchor stores.
(4) Weighted average rent of mall stores as of June 30, 2012. Rent is presented on a cash basis and consists of base minimum rent,
common area costs, and real estate taxes.
(5) Rolling twelve month tenant sales for mall stores less than 10,000 square feet.
(6) Represents tenants less than 10,000 square feet utilizing comparative tenant sales.
|
| | |
| Q2 2012 Supplemental Package | | 12 |
Portfolio Operating Metrics
Summary of Properties (1)
As of June 30, 2012
|
| | | | | | | | | | | | | | |
| Property Name | Location | Anchors | Mall and Freestanding GLA | Anchor GLA (Rouse Owned) | Anchor GLA (Tenant Owned) | Total GLA | % Leased | % Occupied |
| Animas Valley Mall | Farmington, NM | Dillard's, JCPenney, Sears | 275,201 |
| 188,817 |
| — |
| 464,018 |
| 92.5 | % | 91.2 | % |
| Bayshore Mall | Eureka, CA | Sears, Kohl's, Walmart | 375,541 |
| 87,939 |
| 132,319 |
| 595,799 |
| 71.6 |
| 70.8 |
|
| Birchwood Mall | Port Huron, MI | Sears, Younkers, Macy's, Target, JCPenney | 296,487 |
| 161,216 |
| 264,918 |
| 722,621 |
| 89.9 |
| 88.6 |
|
| Cache Valley Mall | Logan, UT | Dillard's, Dillard's Men's & Home, JCPenney | 353,866 |
| 145,832 |
| — |
| 499,698 |
| 92.8 |
| 91.1 |
|
| Chula Vista Center | Chula Vista, CA | Burlington Coat, JCPenney, Macy's, Sears | 319,575 |
| 163,232 |
| 392,500 |
| 875,307 |
| 89.6 |
| 85.2 |
|
| Collin Creek | Plano, TX | Dillard's, Sears, JCPenney, Macy's | 328,128 |
| 176,259 |
| 613,824 |
| 1,118,211 |
| 92.7 |
| 89.3 |
|
| Colony Square Mall | Zanesville, OH | Elder-Beerman, JCPenney, Sears | 290,647 |
| 148,881 |
| 58,997 |
| 498,525 |
| 80.8 |
| 76.3 |
|
| Gateway Mall | Springfield, OR | Kohl's, Sears, Target | 486,720 |
| 218,055 |
| 113,613 |
| 818,388 |
| 89.1 |
| 81.3 |
|
| Grand Traverse Mall | Traverse City, MI | JCPenney, Macy's, Target | 306,139 |
| — |
| 283,349 |
| 589,488 |
| 82.8 |
| 82.8 |
|
| Knollwood Mall | St. Louis Park, MN | Kohl's | 383,935 |
| 80,684 |
| — |
| 464,619 |
| 93.1 |
| 93.1 |
|
| Lakeland Square | Lakeland, FL | JCPenney, Dillard's, Sears, Macy's, Burlington Coat | 302,234 |
| 243,578 |
| 339,598 |
| 885,410 |
| 92.0 |
| 84.9 |
|
| Lansing Mall | Lansing, MI | JCPenney, Younkers, Macy's | 452,820 |
| 288,170 |
| 103,000 |
| 843,990 |
| 91.1 |
| 87.5 |
|
| Mall St. Vincent | Shreveport, LA | Dillard's, Sears | 184,284 |
| — |
| 348,000 |
| 532,284 |
| 92.2 |
| 87.3 |
|
| Newpark Mall | Newark, CA | Burlington Coat, JCPenney, Macy's, Sears | 372,493 |
| 405,004 |
| 335,870 |
| 1,113,367 |
| 92.2 |
| 89.0 |
|
| North Plains Mall | Clovis, NM | Beall's, Dillard's, JCPenney, Sears | 109,090 |
| 194,081 |
| — |
| 303,171 |
| 91.8 |
| 91.8 |
|
| Pierre Bossier Mall | Bossier City, LA | JCPenney, Sears, Dillard's, Virginia College | 230,335 |
| 35,012 |
| 346,892 |
| 612,239 |
| 95.7 |
| 88.4 |
|
| Sikes Senter | Wichita Falls, TX | Dillard's, JCPenney, Sears, Dillard's Men's and Home | 291,018 |
| 374,690 |
| — |
| 665,708 |
| 100.0 |
| 97.7 |
|
| Silver Lake Mall | Coeur D'Alene, ID | JCPenney, Macy's, Sears | 148,999 |
| 172,253 |
| — |
| 321,252 |
| 83.1 |
| 81.7 |
|
| Southland Center | Taylor, MI | JCPenney, Macy's | 320,935 |
| 290,660 |
| 292,377 |
| 903,972 |
| 95.4 |
| 87.7 |
|
| Southland Mall | Hayward, CA | JCPenney, Kohl's, Macy's, Sears | 530,717 |
| 445,896 |
| 292,000 |
| 1,268,613 |
| 83.9 |
| 78.2 |
|
| Spring Hill Mall | West Dundee, IL | Kohl's, Carson Pirie Scott, Sears, Macy's | 483,745 |
| 134,148 |
| 547,432 |
| 1,165,325 |
| 83.5 |
| 81.4 |
|
| Steeplegate Mall | Concord, NH | Bon Ton, JCPenney, Sears | 223,157 |
| 256,412 |
| — |
| 479,569 |
| 73.1 |
| 73.1 |
|
| The Boulevard Mall | Las Vegas, NV | JCPenney, Macy's, Sears | 390,471 |
| 391,097 |
| 396,939 |
| 1,178,507 |
| 74.9 |
| 74.4 |
|
| The Mall at Sierra Vista | Sierra Vista, AZ | Dillard's, Sears | 169,361 |
| — |
| 196,492 |
| 365,853 |
| 94.7 |
| 94.7 |
|
| Three Rivers Mall | Kelso, WA | JCPenney, Macy's, Sears | 226,244 |
| 193,233 |
| — |
| 419,477 |
| 85.4 |
| 85.4 |
|
| Valley Hills Mall | Hickory, NC | Belk, Dillard's, JCPenney, Sears | 322,032 |
| — |
| 611,516 |
| 933,548 |
| 89.6 |
| 88.9 |
|
| Vista Ridge Mall | Lewisville, TX | Dillard's, JCPenney, Macy's, Sears | 390,971 |
| — |
| 670,210 |
| 1,061,181 |
| 92.9 |
| 89.3 |
|
| Washington Park Mall | Bartlesville, OK | JCPenney, Sears, Dillard's | 162,400 |
| 122,894 |
| 71,402 |
| 356,696 |
| 97.4 |
| 95.4 |
|
| West Valley Mall | Tracy, CA | JCPenney, Macy's, Sears, Target | 536,608 |
| 236,454 |
| 111,836 |
| 884,898 |
| 86.6 |
| 85.8 |
|
| Westwood Mall | Jackson, MI | Elder-Beerman, Wal-Mart, JCPenney | 145,469 |
| 70,500 |
| 301,188 |
| 517,157 |
| 93.4 |
| 92.3 |
|
| White Mountain Mall | Rock Springs, WY | Herberger's, JCPenney | 209,123 |
| 94,482 |
| — |
| 303,605 |
| 98.4 |
| 96.7 |
|
| Total Rouse Portfolio | Count: 31 | | 9,618,745 |
| 5,319,479 |
| 6,824,272 |
| 21,762,496 |
| 88.4 | % | 85.6 | % |
(1) All properties are 100% owned by Rouse Properties.
|
| | |
| Q2 2012 Supplemental Package | | 13 |
Portfolio Operating Metrics
Lease Expiration Schedule (1,2,3)
As of June 30, 2012
|
| | | | | | | | | |
| Year | | Number of Expiring Leases | | Expiring GLA | | Expiring Rates ($ psf) |
| Specialty Leasing | | 558 | | 1,259,707 |
| | $ | 9.64 |
|
| Permanent Leasing | | | | | | |
| 2012 | | 138 | | 248,817 |
| | 39.89 |
|
| 2013 | | 316 | | 1,140,636 |
| | 29.36 |
|
| 2014 | | 330 | | 1,180,138 |
| | 29.20 |
|
| 2015 | | 223 | | 784,521 |
| | 32.28 |
|
| 2016 | | 189 | | 652,294 |
| | 35.27 |
|
| 2017 | | 176 | | 684,120 |
| | 36.97 |
|
| 2018 | | 71 | | 441,493 |
| | 34.03 |
|
| 2019 | | 54 | | 410,207 |
| | 27.59 |
|
| 2020 | | 33 | | 216,678 |
| | 26.01 |
|
| Subsequent | | 155 | | 1,488,818 |
| | 17.17 |
|
| Total Permanent Leasing | | 1,685 | | 7,247,722 |
| | $ | 28.73 |
|
| Total Leasing | | 2,243 | | 8,507,429 |
| | |
(1) Represents contractual obligations for space in regional malls and excludes traditional anchor stores.
(2) Excluded from the Expiring Rent and Expiring Rate are leases paying percent rent in lieu of base rent minimum.
(3) Includes Specialty Leasing license agreements with terms in excess of 12 months.
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| | |
| Q2 2012 Supplemental Package | | 14 |
Portfolio Operating Metrics
Top Ten Tenants
As of June 30, 2012
|
| | | | | | | | | | |
| | | | | | | | | Locations |
| Retail Portfolio | | Primary DBA | | Percent of Minimum Rent, Tenant Recoveries and Other | | Square Footage (000's) | | Total | | Rouse Owned |
| Foot Locker, Inc | | Champs Sports, Foot Locker, Lady Foot Locker, Kids Foot Locker, Footaction USA | | 3.9% | | 226 | | 49 | | 49 |
| Limited Brands, Inc. | | Bath & Body Works, Victoria's Secret | | 3.7 | | 229 | | 51 | | 51 |
| JCPenney Company, Inc | | JCPenney | | 2.5 | | 2,335 | | 26 | | 19 |
| Sears Holdings Corporation | | Sears | | 1.8 | | 3,089 | | 24 | | 12 |
| Cinemark USA, Inc. | | Cinemark | | 2.1 | | 298 | | 6 | | 6 |
| American Eagle Outfitters, Inc. | | Aerie, American Eagle Outfitters | | 2.2 | | 108 | | 20 | | 20 |
| Luxottica Retail North America, Inc. | | Lenscrafters, Pearle Vision, Pearle Vision Express, Sunglass Hut, Watch Station | | 1.7 | | 68 | | 33 | | 33 |
| Zales Corporation | | Gordon's Jewelers, Piercing Pagoda, Totally Pagoda, Zales Jewelers | | 1.9 | | 40 | | 38 | | 38 |
| Macy's Inc. | | Macy's | | 1.6 | | 2,096 | | 15 | | 4 |
| Sterling Jewelers, Inc. | | JB Robinson Jewelers, Kay Jewelers, Weisfields Jewelers | | 1.6 | | 38 | | 26 | | 26 |
| Totals | | | | 23.0% | | 8,527 | | 288 | | 258 |
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| | |
| Q2 2012 Supplemental Package | | 15 |
Portfolio Operating Metrics
Leasing Activity
As of June 30, 2012
|
| | | | | | | | |
| | TOTAL LEASING ACTIVITY (1) |
| New Leases | Number of Leases | Square Feet | Term | | Initial Rent PSF (2) | | Average Rent PSF (3) |
| Under 10,000 sq. ft. | 39 | 134,021 |
| 7.6 | | $23.03 | | $24.58 |
| Over 10,000 sq. ft. | 5 | 156,578 |
| 10.0 | | 10.14 | | 10.27 |
| Total New Leases | 44 | 290,599 |
| 8.9 | | 16.08 | | 16.87 |
| | | | | | | | |
| Renewal Leases | | | | | | | |
| Under 10,000 sq. ft. | 76 | 175,071 |
| 3.6 | | $36.15 | | $37.36 |
| Over 10,000 sq. ft. | 2 | 43,580 |
| 5.0 | | 17.07 | | 17.39 |
| Total Renewal Leases | 78 | 218,651 |
| 3.8 | | $32.35 | | $33.38 |
| | | | | | | | |
| Sub-Total | 122 | 509,250 |
| 6.7 | | 23.07 | | 23.96 |
| | | | | | | | |
| Percent in Lieu | 15 | 41,896 |
| n.a. | | n.a. | | n.a. |
| | | | | | | | |
| Total Q2 2012 | 137 | 551,146 |
| 6.7 | | $23.07 | | $23.96 |
| Total Q1 2012 | 60 | 230,545 |
| | | | | |
| Total 2012 | 197 | 781,691 |
| | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | SUITE TO SUITE - NEW & RENEWAL LEASE SPREAD (1) |
| | | | | | | | | | Initial Rent Spread | | Average Rent Spread |
| | Number of Leases | SF (In thousands) | Term | Initial Rent PSF (2) | Average Rent PSF (3) | | Expiring Rent PSF (4) | | $ | % | | $ | % |
| Total Q2 2012 | 91 | 334,607 |
| 6.0 | $ | 26.03 |
| $ | 26.97 |
|
| $ | 25.42 |
|
| $ | 0.61 |
| 2.4 | % |
| $ | 1.55 |
| 6.1 | % |
| | | | | | | | | | | | | | |
(1) Excluding anchors, percentage in lieu, and specialty leasing.
(2) Represents initial rent at time of rent commencement consisting of base minimum rent, common area costs, and real estate taxes.
(3) Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes.
(4) Represents expiring rent at end of lease consisting of base minimum rent, common area costs, and real estate taxes.
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| | |
| Q2 2012 Supplemental Package | | 16 |
Glossary of Terms
|
| |
| Gross Leasable Area (GLA) | Total gross leasable space at 100%. |
| Mall and Freestanding | Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores. |
| Anchor/Traditional Anchor | Department stores whose merchandise appeals to a broad range of shoppers. Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases that are generally lower than the rents charged to mall stores tenants. |
| Specialty Leasing | Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the Company with notice ranging from 30-60 days. |
| Leased Area | Leased area represents the sum of: (1) tenant occupied space lease and (2) all leases signed for currently vacant space and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the mall and Freestanding Area. |
| Occupied Area | Occupied area represents the sum of: (1) tenant occupied space under lease and (2) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retails locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area. |
| Tenant Sales | Rolling twelve month sales for mall stores less than 10,000 square feet. |
| Occupancy Cost | Ratio of total tenant charges to comparative sales for tenants less than 10,000 square feet. |
| In-Place Rent | Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes. |
| Expiring Rent | Represents rent at the end of the lease consisting of base minimum rent, common area costs, and real estate taxes. |
| Initial Rent | Represents initial rent at the beginning of the term consisting of base minimum rent, common area costs, and real estate taxes. |
| Average Rent | Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes. |
| Initial Rent Spread | Dollar spread between Initial Rent and Expiring Rent. |
| Average Rent Spread | Dollar spread between Average Rent and Expiring Rent. |
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| | |
| Q2 2012 Supplemental Package | | 17 |
