Exhibit 99.2
SUPPLEMENTAL DISCLOSURE | |||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||
TABLE OF CONTENTS | |||||
Page | |||||
Glossary of Terms | 1 | ||||
Results Overview | 3 | ||||
Financial Summary | |||||
Consolidated Balance Sheets | 5 | ||||
Consolidated Statements of Operations | 6 | ||||
EBITDA | 7 | ||||
Funds From Operations (FFO) | 8 | ||||
Supplemental Balance Sheet Detail | 9 | ||||
NOI Detail, Operating Ratios, Supplemental Statement of Operations Detail and Additional Disclosures | 10 | ||||
Same Property NOI Analysis | 11 | ||||
Capital Expenditures | 12 | ||||
Capitalization, Liquidity & Debt Ratios | 13 | ||||
Debt Overview | 14 | ||||
Summary of Outstanding Debt | 15 | ||||
Unsecured OP Notes Covenant Disclosure | 17 | ||||
Unsecured Credit Facility Covenant Disclosure | 18 | ||||
Investment Summary | |||||
Acquisitions | 20 | ||||
Dispositions | 21 | ||||
Anchor Space Repositioning Summary | 22 | ||||
Outparcel Development & New Development Summary | 24 | ||||
Redevelopment Summary | 25 | ||||
Future Redevelopment Opportunities | 26 | ||||
Portfolio Summary | |||||
Portfolio Overview | 28 | ||||
Top Forty Retailers Ranked by ABR | 29 | ||||
New & Renewal Lease Summary | 30 | ||||
New Lease Net Effective Rent | 31 | ||||
Lease Expiration Schedule | 32 | ||||
Properties by Largest US MSAs | 33 | ||||
Largest MSAs by ABR | 35 | ||||
Properties by State | 38 | ||||
Property List | 39 | ||||
Guidance | |||||
Guidance & Additional Disclosures | 51 | ||||
Note: Financial information is unaudited. | |||||
For additional information, please visit www.brixmor.com, follow Brixmor on Twitter at www.twitter.com/Brixmor or find Brixmor on LinkedIn at www.linkedin.com/company/brixmor. | |||||
This Supplemental Disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company’s expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. | |||||
Supplemental Disclosure - Three Months Ended September 30, 2016 |
GLOSSARY OF TERMS | ||||
Term | Definition | |||
Anchor Spaces | Spaces equal to or greater than 10,000 SF of GLA. | |||
Anchor Space Repositioning | Anchor leasing that is primarily focused on reconfiguring or remerchandising existing space with minimal work required outside of normal tenant | |||
improvement costs. | ||||
Annualized Base Rent or "ABR" | As of a specified date, monthly base rent as of such date, under leases which have been signed or commenced as of the specified date multiplied | |||
by 12. Annualized base rent (i) excludes tenant reimbursements or expenses borne by the tenants, such as the expenses for real estate taxes and | ||||
insurance and common area and other operating expenses, (ii) does not reflect amounts due per percentage rent lease terms, (iii) is calculated on a | ||||
cash basis and differs from how rent is calculated in accordance with generally accepted accounting principles in the United States of America (“GAAP”) | ||||
for purposes of financial statements and (iv) does not include any ancillary income. | ||||
ABR per SF or "ABR/SF" | ABR divided by leased GLA, excluding the GLA of lessee owned leasehold improvements. | |||
Billed GLA | Aggregate GLA for spaces where the tenant has commenced the payment of rent. | |||
Development Stabilization | Development projects are deemed stabilized upon the earlier of (i) percent billed reaching 90% or (ii) one year following the property being placed | |||
in service. | ||||
EBITDA, Adjusted EBITDA & Cash Adjusted EBITDA | EBITDA, Adjusted EBITDA & Cash Adjusted EBITDA are supplemental, non-GAAP performance measures. Please see below for more information on the | |||
limitations of non-GAAP performance measures. A reconciliation of EBITDA to net income is provided herein. | ||||
EBITDA is calculated as the sum of net income (loss) in accordance with GAAP before interest expense, federal and state taxes, and depreciation and | ||||
amortization. Adjusted EBITDA represents EBITDA as adjusted for (i) transaction expenses, (ii) gain (loss) on disposition of operating properties, | ||||
(iii) impairment of real estate assets and real estate equity investments, (iv) gain (loss) on disposition of unconsolidated joint ventures, (v) gain (loss) on | ||||
extinguishment of debt, and (vi) other items that are not indicative of the Company's operating performance. Cash Adjusted EBITDA represents Adjusted | ||||
EBITDA adjusted for straight-line rental income, amortization of above- and below-market rent and tenant inducements and straight-line ground | ||||
rent expense. EBITDA, Adjusted EBITDA & Cash Adjusted EBITDA include unconsolidated joint venture, Montecito Marketplace, at pro rata share. | ||||
Gross Leasable Area or "GLA" | Represents the total amount of property square footage that can generate income by being leased to tenants. | |||
Leased GLA | Aggregate GLA of all leases executed as of a given date, including those which the tenant has not yet opened for business and/or has not yet | |||
commenced the payment of rent. | ||||
LIBOR | London Interbank Offered Rate. | |||
Metropolitan Statistical Area or "MSA" | Defined by the United States Office of Management and Budget as a region associated with at least one urbanized area that has a population of at | |||
least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and | ||||
economic integration with the central county or counties as measured through commuting. | ||||
NAREIT | National Association of Real Estate Investment Trusts. | |||
NAREIT Funds From Operations (“FFO") | NAREIT FFO is a supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance | |||
measures. A reconciliation of NAREIT FFO to net income is provided herein. | ||||
NAREIT defines FFO as net income (loss) in accordance with GAAP excluding (i) gain (loss) on disposition of operating properties, and (ii) extraordinary | ||||
items, plus (iii) depreciation and amortization of operating properties, (iv) impairment of operating properties and real estate equity investments, and | ||||
(v) after adjustments for joint ventures calculated to reflect funds from operations on the same basis. | ||||
Net Effective Rent | Average annualized base rent over the lease term adjusted for tenant incentive / allowance, tenant specific landlord work, third party leasing | |||
commissions and rent concessions | ||||
Net Operating Income or "NOI" | NOI is a supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures. | |||
A reconciliation of NOI to net income is provided herein. | ||||
Calculated as total property revenues in accordance with GAAP (base rent, ancillary and other, expense reimbursements, and percentage rents) less | ||||
direct property operating expenses (operating costs, real estate taxes and provision for doubtful accounts). NOI excludes corporate level income | ||||
(including management, transaction, and other fees), lease termination fees, straight-line rental income, amortization of above- and below-market rent | ||||
and tenant inducements, straight-line ground rent expense and the Company's unconsolidated joint venture, Montecito Marketplace at pro rata share. | ||||
NOI Yield | Calculated as projected incremental NOI over the third party costs of a given project. | |||
Non-controlling Interests | Relate to the portion of Brixmor Operating Partnership LP ("OP”), a consolidated subsidiary, held by the non-controlling interest holders. As of September | |||
30, 2016, the Company, through its 100% ownership of BPG Subsidiary, Inc., owns 99.88% of the OP. The remaining 0.12% is held by the Parent | ||||
Company’s current and former management. | ||||
Non-owned Major Tenant | Also known as shadow anchor. Includes tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within | |||
or immediately adjacent to a shopping center, appear to the consumer as another retail tenant of the shopping center and, as a result, attract additional | ||||
customer traffic to the center. | ||||
Percent Billed | Refers to the percentage of GLA with tenants currently paying rent. | |||
Percent Leased | Refers to the percentage of GLA leased, including the aggregate GLA of all leases executed as of a given date, including those which the tenant has | |||
not yet opened for business and/or has not yet commenced the payment of rent. | ||||
PSF | Per square foot of GLA. | |||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 1 |
Redevelopment Properties | Larger scale projects that typically involve new construction, reconfiguration or demolition of a portion of the shopping center to accommodate | |||
new retailers. | ||||
Rent Spread | Represents percentage change in cash ABR/SF in the first year of the new lease relative to cash ABR/SF in the last year of the old lease. Rent spreads | |||
are presented only for leases deemed comparable. Non-comparable leases include new leases signed on units that have been vacant for longer than | ||||
12 months and leases signed on first generation space. | ||||
Renewal Rent Spread | Includes leases renewed with the same tenant in the same location to extend the term of expiring leases. | |||
Option Rent Spread | Includes renewal options exercised by tenants in the same location to extend the term of expiring leases. | |||
Total Rent Spread | Combined spreads for new, renewal and option leases. | |||
Same Property Net Operating Income | Same property NOI is a supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP | |||
or Same Property NOI | performance measures. A reconciliation of same property NOI to net income is provided herein. | |||
Calculated (using properties owned for the entirety of both periods excluding properties under development or pending stabilization), as rental income | ||||
(base rent, percentage rents, expense reimbursements and other property income) less rental operating expenses (operating costs, real estate taxes and | ||||
provision for doubtful accounts). Same property NOI includes unconsolidated joint venture, Montecito Marketplace, at pro rata share. Same property | ||||
NOI excludes corporate level income (including management, transaction and other fees), lease termination fees, straight-line rental income, | ||||
amortization of above- and below-market rent and tenant inducements, straight-line ground rent expense and income / expense associated with | ||||
the captive insurance entity. | ||||
Small Shop Spaces | Spaces of less than 10,000 SF of GLA. | |||
Straight-line Rent | Non-cash revenue related to GAAP requirement to average the tenant's contractual rent payments over the life of the lease, regardless of the actual | |||
cash collected in the period. | ||||
Year Built | Year of most recent anchor space repositioning / redevelopment or year built if no anchor space repositioning or re/development has occurred. | |||
Non-GAAP Performance Measures | ||||
The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered | ||||
as supplemental financial results presented in accordance with GAAP. | ||||
Non-GAAP performance measures should not be considered as alternatives to or more meaningful than net income (determined in accordance with GAAP) or other GAAP financial measures, as | ||||
indicators of financial performance and are not alternatives to cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity. | ||||
Computation of non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures | ||||
presented by such other REITs. Investors are cautioned that items excluded from non-GAAP performance measures are significant components in understanding and addressing financial | ||||
performance. | ||||
The Company believes that the non-GAAP measures it presents are useful to investors for the following reasons: | ||||
• NAREIT FFO | NAREIT FFO assists investors in analyzing Brixmor’s comparative operating and financial performance because, by excluding gains and losses related | |||
to dispositions of previously depreciated operating properties, real estate-related depreciation and amortization of continuing operations and | ||||
unconsolidated joint ventures and impairment of operating properties (which can vary among owners of properties in similar condition based on historical | ||||
cost accounting and useful life estimates), investors can compare the operating performance of a company’s real estate between periods or as | ||||
compared to different companies. | ||||
• EBITDA, Adjusted EBITDA & Cash Adjusted EBITDA | EBITDA, Adjusted EBITDA & Cash Adjusted EBITDA are utilized in various financial ratios as a measure of Brixmor's operational performance because EBITDA, | |||
Adjusted EBITDA & Cash Adjusted EBITDA exclude various items that do not relate to or are not indicative of its operating performance. Accordingly, | ||||
the use of EBITDA, Adjusted EBITDA & Cash Adjusted EBITDA in various ratios provides a meaningful performance measure as it relates to its ability to | ||||
meet various coverage tests for the stated period. | ||||
• Same Property NOI | Same property NOI includes only the net operating income of properties owned and stabilized for the full period presented, which eliminates disparities in | |||
net income due to the acquisition, disposition or stabilization of development properties during the period presented, and therefore, provides a more | ||||
consistent metric for comparing the performance of properties. Management uses same property NOI to review operating results for comparative | ||||
purposes with respect to previous periods or forecasts, and also to evaluate future prospects. | ||||
In addition, the Company presents these supplemental non-GAAP performance measures because the Company believes that these measures are helpful to and frequently used by securities | ||||
analysts, investors and other interested parties in the evaluation of REITs. | ||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 2 |
RESULTS OVERVIEW | |||||||||||||||||||||||
Unaudited, dollars in thousands except per share and per square foot amounts | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
Summary Financial Results | 9/30/16 | 9/30/15 | 9/30/16 | 9/30/2015 | |||||||||||||||||||
Total revenues (page 6) | $ | 318,577 | $ | 313,025 | $ | 951,738 | $ | 940,429 | |||||||||||||||
Net income attributable to common stockholders (page 6) | 57,492 | 53,773 | 182,425 | 138,308 | |||||||||||||||||||
Net income attributable to common stockholders - per diluted share (page 6) | 0.19 | 0.18 | 0.61 | 0.46 | |||||||||||||||||||
Adjusted EBITDA (page 7) | 216,453 | 215,596 | 654,503 | 644,567 | |||||||||||||||||||
Cash adjusted EBITDA (page 7) | 204,117 | 201,139 | 616,874 | 596,328 | |||||||||||||||||||
NAREIT FFO (page 8) | 154,919 | 156,195 | 468,926 | 444,401 | |||||||||||||||||||
NAREIT FFO per share/OP Unit - diluted (page 8) | 0.51 | 0.51 | 1.54 | 1.46 | |||||||||||||||||||
Items that impact FFO comparability, net per share (page 8) | (0.01 | ) | 0.01 | (0.03 | ) | (0.02 | ) | ||||||||||||||||
Dividends declared per share/OP Unit (page 8) | 0.245 | 0.225 | 0.735 | 0.675 | |||||||||||||||||||
Share/OP Unit dividend payout ratio (as % of NAREIT FFO) (page 8) | 48.2 | % | 43.8 | % | 47.8 | % | 46.2 | % | |||||||||||||||
NOI (page 10) | 223,796 | 221,287 | 670,772 | 654,173 | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
Summary Operating and Financial Ratios | 9/30/16 | 6/30/16 | 3/31/16 | 12/31/15 | 9/30/15 | ||||||||||||||||||
NOI margin (page 10) | 73.4 | % | 76.1 | % | 72.9 | % | 72.1 | % | 74.6 | % | |||||||||||||
Same property NOI (page 11) (1) (2) | 2.0 | % | 3.5 | % | 2.8 | % | n/a | 3.6 | % | ||||||||||||||
Fixed charge coverage (page 13) | 3.4x | 3.5x | 3.6x | 3.3x | 3.1x | ||||||||||||||||||
Net principal debt to adjusted EBITDA (GAAP) (page 13) | 6.7x | 6.7x | 6.6x | 6.7x | 6.8x | ||||||||||||||||||
Net principal debt to adjusted EBITDA (cash) (page 13) | 7.1x | 7.1x | 7.0x | 7.3x | 7.3x | ||||||||||||||||||
Outstanding Classes of Stock and Partnership Units | At 9/30/16 | At 6/30/16 | At 3/31/16 | At 12/31/15 | At 9/30/15 | ||||||||||||||||||
Common shares outstanding (page 13) | 304,321 | 301,099 | 299,248 | 299,138 | 298,489 | ||||||||||||||||||
Exchangeable OP Units held by non-controlling interests (page 13) | 378 | 3,593 | 5,354 | 5,182 | 5,798 | ||||||||||||||||||
Total | 304,699 | 304,692 | 304,602 | 304,320 | 304,287 | ||||||||||||||||||
Summary Portfolio Statistics (3) | At 9/30/16 | At 6/30/16 | At 3/31/16 | At 12/31/15 | At 9/30/15 | ||||||||||||||||||
Number of properties (page 28) | 514 | 516 | 518 | 518 | 519 | ||||||||||||||||||
Percent billed (page 28) | 90.6 | % | 90.6 | % | 90.4 | % | 91.0 | % | 90.9 | % | |||||||||||||
Percent leased (page 28) | 92.6 | % | 92.8 | % | 92.4 | % | 92.6 | % | 92.6 | % | |||||||||||||
ABR / SF (page 28) | $ | 12.90 | $ | 12.85 | $ | 12.85 | $ | 12.76 | $ | 12.68 | |||||||||||||
Total - new, renewal & option rent spread (page 27) | 10.9 | % | 12.1 | % | 10.9 | % | 14.8 | % | 15.2 | % | |||||||||||||
New & renewal rent spread (page 27) | 14.7 | % | 15.6 | % | 16.3 | % | 18.4 | % | 22.2 | % | |||||||||||||
(1) The Company did not report same property NOI for the quarter ended December 31, 2015. Same property NOI for the twelve months ended December 31, 2015 was 3.2%. The information | |||||||||||||||||||||||
presented for quarter ended September 30, 2015 is as originally reported by the Company. As disclosed by the Company on February 8, 2016, in connection with an Audit Committee review, | |||||||||||||||||||||||
a forensic accounting firm assisting the Audit Committee determined that the quarterly same property NOI percentage for September 30, 2015 was 3.3%. | |||||||||||||||||||||||
(2) Includes unconsolidated joint venture, Montecito Marketplace, at pro rata share. | |||||||||||||||||||||||
(3) Includes unconsolidated joint venture, Montecito Marketplace, at 100%. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 3 |
FINANCIAL SUMMARY | |||||||||||||||
Supplemental Disclosure Three Months Ended September 30, 2016 | |||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
Unaudited, dollars in thousands, except share information | ||||||||||||
9/30/16 | 12/31/15 | |||||||||||
Assets | ||||||||||||
Real estate | ||||||||||||
Land | $ | 2,004,264 | $ | 2,011,947 | ||||||||
Buildings and tenant improvements | 8,012,060 | 7,976,529 | ||||||||||
Construction in process | 98,573 | 66,797 | ||||||||||
Lease intangibles | 845,093 | 877,577 | ||||||||||
10,959,990 | 10,932,850 | |||||||||||
Accumulated depreciation and amortization | (2,100,229 | ) | (1,880,685 | ) | ||||||||
Real estate, net | 8,859,761 | 9,052,165 | ||||||||||
Investments in and advances to unconsolidated joint ventures | 5,044 | 5,019 | ||||||||||
Cash and cash equivalents | 31,143 | 69,528 | ||||||||||
Restricted cash | 45,662 | 41,462 | ||||||||||
Marketable securities | 26,580 | 23,001 | ||||||||||
Receivables, net of allowance for doubtful accounts of $17,831 and $16,587 | 176,086 | 180,486 | ||||||||||
Deferred charges and prepaid expenses, net | 127,201 | 109,149 | ||||||||||
Other assets | 41,232 | 17,197 | ||||||||||
Total assets | $ | 9,312,709 | $ | 9,498,007 | ||||||||
Liabilities | ||||||||||||
Debt obligations, net | $ | 5,857,431 | $ | 5,974,266 | ||||||||
Accounts payable, accrued expenses and other liabilities | 566,744 | 603,439 | ||||||||||
Total liabilities | 6,424,175 | 6,577,705 | ||||||||||
Equity | ||||||||||||
Common stock, $0.01 par value; authorized 3,000,000,000 shares; | ||||||||||||
304,321,127 and 299,138,450 shares outstanding | 3,043 | 2,991 | ||||||||||
Additional paid in capital | 3,321,475 | 3,270,246 | ||||||||||
Accumulated other comprehensive loss | (15 | ) | (2,509 | ) | ||||||||
Distributions in excess of net income | (440,348 | ) | (400,945 | ) | ||||||||
Total stockholders' equity | 2,884,155 | 2,869,783 | ||||||||||
Non-controlling interests | 4,379 | 50,519 | ||||||||||
Total equity | 2,888,534 | 2,920,302 | ||||||||||
Total liabilities and equity | $ | 9,312,709 | $ | 9,498,007 |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 5 |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
Unaudited, dollars in thousands, except per share amounts | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
9/30/16 | 9/30/15 | 9/30/16 | 9/30/15 | ||||||||||||||||
Revenues | |||||||||||||||||||
Rental income | $ | 247,859 | $ | 245,829 | $ | 744,580 | $ | 733,429 | |||||||||||
Expense reimbursements | 69,469 | 65,304 | 200,944 | 200,570 | |||||||||||||||
Other revenues | 1,249 | 1,892 | 6,214 | 6,430 | |||||||||||||||
Total revenues | 318,577 | 313,025 | 951,738 | 940,429 | |||||||||||||||
Operating expenses | |||||||||||||||||||
Operating costs | 31,041 | 27,952 | 97,507 | 93,779 | |||||||||||||||
Real estate taxes | 47,812 | 45,472 | 130,886 | 133,635 | |||||||||||||||
Depreciation and amortization | 98,337 | 102,439 | 294,634 | 315,424 | |||||||||||||||
Provision for doubtful accounts | 2,218 | 1,953 | 6,579 | 6,973 | |||||||||||||||
Impairment of real estate assets | 1,971 | — | 1,971 | 807 | |||||||||||||||
General and administrative | 21,787 | 22,030 | 69,709 | 73,030 | |||||||||||||||
Total operating expenses | 203,166 | 199,846 | 601,286 | 623,648 | |||||||||||||||
Other income (expense) | |||||||||||||||||||
Dividends and interest | 89 | 57 | 481 | 241 | |||||||||||||||
Interest expense | (57,855 | ) | (61,567 | ) | (171,482 | ) | (186,289 | ) | |||||||||||
Gain on sale of real estate assets | 2,450 | — | 10,232 | 9,224 | |||||||||||||||
Gain (loss) on extinguishment of debt, net | (1,042 | ) | 137 | (949 | ) | 922 | |||||||||||||
Other | (1,370 | ) | 2,880 | (4,258 | ) | (115 | ) | ||||||||||||
Total other expense | (57,728 | ) | (58,493 | ) | (165,976 | ) | (176,017 | ) | |||||||||||
Income before equity in income of unconsolidated joint ventures | 57,683 | 54,686 | 184,476 | 140,764 | |||||||||||||||
Equity in income of unconsolidated joint ventures | 122 | 133 | 348 | 358 | |||||||||||||||
Net income | 57,805 | 54,819 | 184,824 | 141,122 | |||||||||||||||
Net (income) attributable to non-controlling interests | (313 | ) | (1,046 | ) | (2,399 | ) | (2,814 | ) | |||||||||||
Net income attributable to common stockholders | $ | 57,492 | $ | 53,773 | $ | 182,425 | $ | 138,308 | |||||||||||
Per common share: | |||||||||||||||||||
Net income attributable to common stockholders: | |||||||||||||||||||
Basic | $ | 0.19 | $ | 0.18 | $ | 0.61 | $ | 0.46 | |||||||||||
Diluted | $ | 0.19 | $ | 0.18 | $ | 0.61 | $ | 0.46 | |||||||||||
Weighted average shares: | |||||||||||||||||||
Basic | 303,013 | 298,464 | 300,697 | 297,714 | |||||||||||||||
Diluted | 303,521 | 298,936 | 301,146 | 304,706 |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 6 |
EBITDA | |||||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
9/30/16 | 9/30/15 | 9/30/16 | 9/30/15 | ||||||||||||||||||
Net income | $ | 57,805 | $ | 54,819 | $ | 184,824 | $ | 141,122 | |||||||||||||
Interest expense - continuing operations | 57,855 | 61,567 | 171,482 | 186,289 | |||||||||||||||||
Interest expense - unconsolidated joint ventures | 42 | 43 | 126 | 129 | |||||||||||||||||
Federal and state taxes | 815 | (3,151 | ) | 2,604 | (1,085 | ) | |||||||||||||||
Depreciation and amortization - continuing operations | 98,337 | 102,439 | 294,634 | 315,424 | |||||||||||||||||
Depreciation and amortization - unconsolidated joint ventures | 23 | 16 | 68 | 59 | |||||||||||||||||
EBITDA | $ | 214,877 | $ | 215,733 | $ | 653,738 | $ | 641,938 | |||||||||||||
EBITDA | $ | 214,877 | $ | 215,733 | $ | 653,738 | $ | 641,938 | |||||||||||||
Gain on disposition of operating properties | (2,450 | ) | — | (10,232 | ) | (9,224 | ) | ||||||||||||||
(Gain) loss on extinguishment of debt, net | 1,042 | (137 | ) | 949 | (922 | ) | |||||||||||||||
Impairment of real estate assets | 1,971 | — | 1,971 | 807 | |||||||||||||||||
Litigation and other non-routine legal expenses | 614 | — | 958 | — | |||||||||||||||||
Shareholder equity offering expenses | 314 | — | 764 | 606 | |||||||||||||||||
Transaction expenses | 85 | — | — | 296 | — | 1,487 | |||||||||||||||
Executive equity based compensation (1) | — | — | 88 | — | |||||||||||||||||
Executive severance expenses | — | — | 2,260 | — | |||||||||||||||||
Audit committee review expenses | — | — | 3,711 | — | |||||||||||||||||
Non-recurring charge related to pre-IPO compensation programs | — | — | — | 9,875 | |||||||||||||||||
Total adjustments | 1,576 | (137 | ) | 765 | 2,629 | ||||||||||||||||
Adjusted EBITDA | 216,453 | 215,596 | 654,503 | 644,567 | |||||||||||||||||
Straight-line rental income, net (2) | (3,324 | ) | (4,508 | ) | (9,838 | ) | (13,814 | ) | |||||||||||||
Amortization of above- and below-market rent and tenant inducements, net (3) | (9,090 | ) | (9,938 | ) | (28,766 | ) | (34,391 | ) | |||||||||||||
Straight-line ground rent expense (income) (4) | 78 | (11 | ) | 975 | (34 | ) | |||||||||||||||
Total adjustments | (12,336 | ) | (14,457 | ) | (37,629 | ) | (48,239 | ) | |||||||||||||
Cash adjusted EBITDA | $ | 204,117 | $ | 201,139 | $ | 616,874 | $ | 596,328 | |||||||||||||
(1) Represents equity based compensation expense associated with executive departures for the nine months ended September 30, 2016. | |||||||||||||||||||||
(2) Includes unconsolidated joint venture Montecito Marketplace straight-line rental income of $10 and $5 at pro rata share for the three and nine months ended September 30, 2016, | |||||||||||||||||||||
respectively; and straight-line rental expense of $5 and $8 at pro rata share for the three and nine months ended September 30, 2015, respectively. | |||||||||||||||||||||
(3) Includes unconsolidated joint venture Montecito Marketplace amortization of above- and below-market rent and tenant inducements of $7 and $22 at pro rata share for the three and nine | |||||||||||||||||||||
months ended September 30, 2016, respectively; and $8 and $24 at pro rata share for the three and nine months ended September 30, 2015, respectively. | |||||||||||||||||||||
(4) Straight-line ground rent expense (income) is included in Operating costs on the Consolidated Statements of Operations. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 7 |
FUNDS FROM OPERATIONS (FFO) | ||||||||||||||||||||
Unaudited, dollars in thousands, except per share amounts | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
9/30/16 | 9/30/15 | 9/30/16 | 9/30/15 | |||||||||||||||||
Net income | $ | 57,805 | $ | 54,819 | $ | 184,824 | $ | 141,122 | ||||||||||||
Gain on disposition of operating properties | (2,450 | ) | — | (10,232 | ) | (9,224 | ) | |||||||||||||
Depreciation and amortization- real estate related- continuing operations | 97,570 | 101,360 | 292,295 | 311,637 | ||||||||||||||||
Depreciation and amortization- real estate related- unconsolidated joint ventures | 23 | 16 | 68 | 59 | ||||||||||||||||
Impairment of real estate assets | 1,971 | — | 1,971 | 807 | ||||||||||||||||
NAREIT FFO | $ | 154,919 | $ | 156,195 | $ | 468,926 | $ | 444,401 | ||||||||||||
NAREIT FFO per share/OP Unit - diluted | $ | 0.51 | $ | 0.51 | $ | 1.54 | $ | 1.46 | ||||||||||||
Weighted average shares/OP Units outstanding - basic and diluted (1) | 305,167 | 304,752 | 305,026 | 304,716 | ||||||||||||||||
Items that impact FFO comparability | ||||||||||||||||||||
Litigation and other non-routine legal expenses | $ | (614 | ) | $ | — | $ | (958 | ) | $ | — | ||||||||||
Shareholder equity offering expenses | (314 | ) | — | (764 | ) | (606 | ) | |||||||||||||
Transaction expenses | (85 | ) | — | — | (296 | ) | (1,487 | ) | ||||||||||||
Executive equity based compensation (2) | — | — | (88 | ) | — | |||||||||||||||
Executive severance expenses | — | — | (2,260 | ) | — | |||||||||||||||
Audit committee review expenses | — | — | (3,711 | ) | — | |||||||||||||||
Non-recurring charge related to pre-IPO compensation programs | — | — | — | (9,875 | ) | |||||||||||||||
Adjustment of tax reserves for pre-IPO transactions | — | 3,949 | — | 3,949 | ||||||||||||||||
Gain (loss) on extinguishment of debt, net | (1,042 | ) | 137 | (949 | ) | 922 | ||||||||||||||
Total items that impact FFO comparability | $ | (2,055 | ) | $ | 4,086 | $ | (9,026 | ) | $ | (7,097 | ) | |||||||||
Items that impact FFO comparability, net per share | $ | (0.01 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.02 | ) | |||||||||
Additional Disclosures | ||||||||||||||||||||
Straight-line rental income, net (3) | $ | 3,324 | $ | 4,508 | $ | 9,838 | $ | 13,814 | ||||||||||||
Amortization of above- and below-market rent and tenant inducements, net (4) | 9,090 | 9,938 | 28,766 | 34,391 | ||||||||||||||||
Straight-line ground rent (expense) income (5) | (78 | ) | 11 | (975 | ) | 34 | ||||||||||||||
Dividends declared per share/OP Unit | $ | 0.245 | $ | 0.225 | $ | 0.735 | $ | 0.675 | ||||||||||||
Shares/OP Unit dividends declared | $ | 74,651 | $ | 68,464 | $ | 223,932 | $ | 205,398 | ||||||||||||
Share/OP Unit dividend payout ratio (as % of NAREIT FFO) | 48.2 | % | 43.8 | % | 47.8 | % | 46.2 | % | ||||||||||||
(1) Basic and diluted shares/OP Units outstanding reflects an assumed conversion of vested OP Units to common stock of the Company and the vesting of certain equity awards. | ||||||||||||||||||||
(2) Represents equity based compensation expense associated with executive departures for the nine months ended September 30, 2016. | ||||||||||||||||||||
(3) Includes unconsolidated joint venture Montecito Marketplace straight-line rental income of $10 and $5 at pro rata share for the three and nine months ended September 30, 2016, | ||||||||||||||||||||
respectively; and straight-line rental expense of $5 and $8 at pro rata share for the three and nine months ended September 30, 2015, respectively. | ||||||||||||||||||||
(4) Includes unconsolidated joint venture Montecito Marketplace amortization of above- and below-market rent and tenant inducements of $7 and $22 at pro rata share for the three and nine | ||||||||||||||||||||
months ended September 30, 2016, respectively; and $8 and $24 at pro rata share for the three and nine months ended September 30, 2015, respectively. | ||||||||||||||||||||
(5) Straight-line ground rent (expense) income is included in Operating costs on the Consolidated Statements of Operations. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 8 |
SUPPLEMENTAL BALANCE SHEET DETAIL | |||||||||||
Unaudited, dollars in thousands | |||||||||||
9/30/16 | 12/31/15 | ||||||||||
Receivables, net | |||||||||||
Straight-line rent receivable | $ | 98,428 | $ | 87,417 | |||||||
Tenant receivables | 89,869 | 100,769 | |||||||||
Allowance for doubtful accounts | (17,831 | ) | (16,587 | ) | |||||||
Other | 5,620 | 8,887 | |||||||||
Total receivables, net | $ | 176,086 | $ | 180,486 | |||||||
Deferred charges and prepaid expenses, net | |||||||||||
Deferred charges, net | $ | 98,734 | $ | 88,998 | |||||||
Prepaid expenses, net | 28,467 | 20,151 | |||||||||
Total deferred charges and prepaid expenses, net | $ | 127,201 | $ | 109,149 | |||||||
Other assets | |||||||||||
Furniture, fixtures and leasehold improvements, net | $ | 13,362 | $ | 15,148 | |||||||
Real estate assets held for sale | 24,106 | — | |||||||||
Other | 3,764 | 2,049 | |||||||||
Total other assets | $ | 41,232 | $ | 17,197 | |||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Accounts payable and accrued expenses | $ | 211,334 | $ | 213,964 | |||||||
Dividends payable | 75,776 | 75,973 | |||||||||
Below market leases, net | 232,624 | 268,573 | |||||||||
Other | 47,010 | 44,929 | |||||||||
Total accounts payable, accrued expenses and other liabilities | $ | 566,744 | $ | 603,439 |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 9 |
NOI DETAIL, SUPPLEMENTAL STATEMENT OF OPERATIONS DETAIL, OPERATING RATIOS & ADDITIONAL DISCLOSURES | |||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
9/30/16 | 9/30/15 | 9/30/16 | 9/30/15 | ||||||||||||||||
Net Operating Income Detail (1)(2) | |||||||||||||||||||
Base rent | $ | 229,785 | $ | 224,912 | $ | 686,208 | $ | 669,917 | |||||||||||
Ancillary and other | 4,503 | 4,926 | 12,258 | 13,057 | |||||||||||||||
Expense reimbursements | 69,469 | 65,304 | 200,944 | 200,570 | |||||||||||||||
Percentage rents | 1,032 | 1,533 | 5,359 | 5,050 | |||||||||||||||
Operating costs | (30,963 | ) | (27,963 | ) | (96,532 | ) | (93,813 | ) | |||||||||||
Real estate taxes | (47,812 | ) | (45,472 | ) | (130,886 | ) | (133,635 | ) | |||||||||||
Provision for doubtful accounts | (2,218 | ) | (1,953 | ) | (6,579 | ) | (6,973 | ) | |||||||||||
Net operating income | $ | 223,796 | $ | 221,287 | $ | 670,772 | $ | 654,173 | |||||||||||
Operating Ratios | |||||||||||||||||||
NOI margin (NOI / total revenues) | 73.4 | % | 74.6 | % | 74.1 | % | 73.6 | % | |||||||||||
Expense recovery ratio (expense reimbursements / (operating costs + real estate taxes)) | 88.2 | % | 88.9 | % | 88.4 | % | 88.2 | % | |||||||||||
Reconciliation of net operating income to net income attributable to common stockholders | |||||||||||||||||||
Net operating income | $ | 223,796 | $ | 221,287 | $ | 670,772 | $ | 654,173 | |||||||||||
Lease termination fees | 1,174 | 1,548 | 7,537 | 2,266 | |||||||||||||||
Straight-line rental income, net | 3,314 | 4,513 | 9,833 | 13,822 | |||||||||||||||
Amortization of above- and below-market rent and tenant inducements, net | 9,083 | 9,930 | 28,744 | 34,367 | |||||||||||||||
Fee income | 217 | 359 | 855 | 1,380 | |||||||||||||||
Straight-line ground rent (expense) income (3) | (78 | ) | 11 | (975 | ) | 34 | |||||||||||||
Depreciation and amortization | (98,337 | ) | (102,439 | ) | (294,634 | ) | (315,424 | ) | |||||||||||
Impairment of real estate assets | (1,971 | ) | — | (1,971 | ) | (807 | ) | ||||||||||||
General and administrative | (21,787 | ) | (22,030 | ) | (69,709 | ) | (73,030 | ) | |||||||||||
Total other expense | (57,728 | ) | (58,493 | ) | (165,976 | ) | (176,017 | ) | |||||||||||
Equity in income of unconsolidated joint ventures | 122 | 133 | 348 | 358 | |||||||||||||||
Net income attributable to non-controlling interests | (313 | ) | (1,046 | ) | (2,399 | ) | (2,814 | ) | |||||||||||
Net income attributable to common stockholders | $ | 57,492 | $ | 53,773 | $ | 182,425 | $ | 138,308 | |||||||||||
Supplemental Statement of Operations Detail | |||||||||||||||||||
Rental income | |||||||||||||||||||
Base rent | $ | 229,785 | $ | 224,912 | $ | 686,208 | $ | 669,917 | |||||||||||
Lease termination fees | 1,174 | 1,548 | 7,537 | 2,266 | |||||||||||||||
Straight-line rental income, net | 3,314 | 4,513 | 9,833 | 13,822 | |||||||||||||||
Amortization of above- and below-market rent and tenant inducements, net | 9,083 | 9,930 | 28,744 | 34,367 | |||||||||||||||
Ancillary and other | 4,503 | 4,926 | 12,258 | 13,057 | |||||||||||||||
Total rental income | $ | 247,859 | $ | 245,829 | $ | 744,580 | $ | 733,429 | |||||||||||
Other revenues | |||||||||||||||||||
Percentage rents | $ | 1,032 | $ | 1,533 | $ | 5,359 | $ | 5,050 | |||||||||||
Fee income | 217 | 359 | 855 | 1,380 | |||||||||||||||
Total other revenues | $ | 1,249 | $ | 1,892 | $ | 6,214 | $ | 6,430 | |||||||||||
Other (income) expense | |||||||||||||||||||
Interest expense | |||||||||||||||||||
Mortgage, note and other interest | $ | 46,959 | $ | 51,589 | $ | 137,023 | $ | 158,630 | |||||||||||
Unsecured credit facility and term loan interest | 12,564 | 12,600 | 41,180 | 37,526 | |||||||||||||||
Capitalized interest | (749 | ) | (656 | ) | (1,918 | ) | (2,131 | ) | |||||||||||
Deferred financing cost amortization | 1,939 | 2,146 | 5,827 | 6,236 | |||||||||||||||
Debt (premium) discount amortization, net | (2,858 | ) | (4,112 | ) | (10,630 | ) | (13,972 | ) | |||||||||||
Total interest expense | $ | 57,855 | $ | 61,567 | $ | 171,482 | $ | 186,289 | |||||||||||
Other | |||||||||||||||||||
Federal and state taxes | $ | 815 | $ | (3,151 | ) | $ | 2,604 | $ | (1,085 | ) | |||||||||
Other | 555 | 271 | 1,654 | 1,200 | |||||||||||||||
Total other | $ | 1,370 | $ | (2,880 | ) | $ | 4,258 | $ | 115 | ||||||||||
Additional G&A Disclosures | |||||||||||||||||||
Equity based compensation (4) | 3,463 | 3,811 | 8,041 | 19,359 | |||||||||||||||
Capitalized direct leasing compensation costs | 3,648 | 3,666 | 11,460 | 11,231 | |||||||||||||||
Capitalized direct construction compensation costs | 1,724 | 1,552 | 4,841 | 4,602 | |||||||||||||||
(1) NOI excludes unconsolidated joint venture Montecito Marketplace NOI of $184 and $552 at pro rata share for the three and nine months ended September 30, 2016, respectively. | |||||||||||||||||||
(2) NOI excludes lease termination fees, straight-line rental income, above- and below-market rent and tenant inducement amortization, and straight-line ground rent expenses. | |||||||||||||||||||
(3) Straight-line ground rent (expense) income is included in Operating costs on the Consolidated Statements of Operations. | |||||||||||||||||||
(4) Includes non-cash equity based compensation amortization, including expense associated with the executive departures of $88 for the nine months ended September 30, 2016 and a non-recurring charge related to pre-IPO compensation programs of $9,875 for the nine months ended September 30, 2015. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 10 |
SAME PROPERTY NOI ANALYSIS & RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||||||||||||||||||
Unaudited, dollars in thousands | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
9/30/16 | 9/30/15 | Change | 9/30/16 | 9/30/15 | Change | |||||||||||||||||||
Same Property NOI Analysis (1) | ||||||||||||||||||||||||
Number of properties | 514 | 514 | — | 512 | 512 | — | ||||||||||||||||||
Percent billed | 90.6 | % | 90.9 | % | (0.3%) | 90.6 | % | 90.9 | % | (0.3%) | ||||||||||||||
Percent leased | 92.6 | % | 92.5 | % | 0.1% | 92.6 | % | 92.5 | % | 0.1% | ||||||||||||||
Revenues | ||||||||||||||||||||||||
Base rent | $ | 229,585 | $ | 224,100 | $ | 681,672 | $ | 665,299 | ||||||||||||||||
Ancillary and other | 4,494 | 4,899 | 12,210 | 12,975 | ||||||||||||||||||||
Expense reimbursements | 69,483 | 65,154 | 199,963 | 199,799 | ||||||||||||||||||||
Percentage rents | 1,043 | 1,535 | 5,336 | 5,082 | ||||||||||||||||||||
304,605 | 295,688 | 3.0% | 899,181 | 883,155 | 1.8% | |||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Operating costs | (31,107 | ) | (29,210 | ) | (96,355 | ) | (94,758 | ) | ||||||||||||||||
Real estate taxes | (47,743 | ) | (45,318 | ) | (130,018 | ) | (133,071 | ) | ||||||||||||||||
Provision for doubtful accounts | (2,171 | ) | (1,973 | ) | (6,564 | ) | (6,858 | ) | ||||||||||||||||
(81,021 | ) | (76,501 | ) | 5.9% | (232,937 | ) | (234,687 | ) | (0.7%) | |||||||||||||||
Same property NOI | $ | 223,584 | $ | 219,187 | 2.0% | $ | 666,244 | $ | 648,468 | 2.7% | ||||||||||||||
Same property NOI excluding redevelopments (2) | $ | 214,634 | $ | 210,210 | 2.1% | $ | 639,633 | $ | 622,476 | 2.8% | ||||||||||||||
NOI margin | 73.4 | % | 74.1 | % | (0.7%) | 74.1 | % | 73.4 | % | 0.7% | ||||||||||||||
Expense recovery ratio | 88.1 | % | 87.4 | % | 0.7% | 88.3 | % | 87.7 | % | 0.6% | ||||||||||||||
Percent contribution to same property NOI growth: | ||||||||||||||||||||||||
Change | Percent Contribution | Change | Percent Contribution | |||||||||||||||||||||
Base rent | $ | 5,485 | 2.5% | $ | 16,373 | 2.6% | ||||||||||||||||||
Ancillary and other | (405 | ) | (0.2%) | (765 | ) | (0.1%) | ||||||||||||||||||
Net recoveries | 7 | 0.0% | 1,620 | 0.2% | ||||||||||||||||||||
Percentage rents | (492 | ) | (0.2%) | 254 | 0.0% | |||||||||||||||||||
Provision for doubtful accounts | (198 | ) | (0.1%) | 294 | 0.0% | |||||||||||||||||||
2.0% | 2.7% | |||||||||||||||||||||||
Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI | ||||||||||||||||||||||||
Same property NOI (1) | $ | 223,584 | $ | 219,187 | $ | 666,244 | $ | 648,468 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||||||
Non-same property NOI | 396 | 2,301 | 5,080 | 6,272 | ||||||||||||||||||||
Lease termination fees | 1,174 | 1,548 | 7,537 | 2,266 | ||||||||||||||||||||
Straight-line rental income, net | 3,314 | 4,513 | 9,833 | 13,822 | ||||||||||||||||||||
Amortization of above- and below-market rent and tenant inducements, net | 9,083 | 9,930 | 28,744 | 34,367 | ||||||||||||||||||||
Fee Income | 217 | 359 | 855 | 1,380 | ||||||||||||||||||||
Straight-line ground rent (expense) income | (78 | ) | 11 | (975 | ) | 34 | ||||||||||||||||||
Depreciation and amortization | (98,337 | ) | (102,439 | ) | (294,634 | ) | (315,424 | ) | ||||||||||||||||
Impairment of real estate assets | (1,971 | ) | — | (1,971 | ) | (807 | ) | |||||||||||||||||
General and administrative | (21,787 | ) | (22,030 | ) | (69,709 | ) | (73,030 | ) | ||||||||||||||||
Total other expense | (57,728 | ) | (58,493 | ) | (165,976 | ) | (176,017 | ) | ||||||||||||||||
Equity in income of unconsolidated joint ventures | 122 | 133 | 348 | 358 | ||||||||||||||||||||
Pro rata share of same property NOI of unconsolidated joint ventures | (184 | ) | (201 | ) | (552 | ) | (567 | ) | ||||||||||||||||
Net income attributable to non-controlling interests | (313 | ) | (1,046 | ) | (2,399 | ) | (2,814 | ) | ||||||||||||||||
Net income attributable to common stockholders | $ | 57,492 | $ | 53,773 | $ | 182,425 | $ | 138,308 | ||||||||||||||||
(1) Includes unconsolidated joint venture, Montecito Marketplace, at pro rata share, except for number of properties, percent billed and percent leased which are at 100%. | ||||||||||||||||||||||||
(2) Excludes eight redevelopment properties. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 11 |
CAPITAL EXPENDITURES | |||||||||||
Unaudited, dollars in thousands | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||
9/30/16 | 9/30/16 | ||||||||||
Leasing related: | |||||||||||
Anchor space repositioning and redevelopment | $ | 28,732 | $ | 72,936 | |||||||
Tenant improvements and tenant inducements | 16,057 | 48,877 | |||||||||
External leasing commissions | 1,928 | 5,892 | |||||||||
46,717 | 127,705 | ||||||||||
New development | 516 | 672 | |||||||||
Maintenance capital expenditures | 6,458 | 10,664 | |||||||||
$ | 53,691 | $ | 139,041 |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 12 |
CAPITALIZATION, LIQUIDITY & DEBT RATIOS | |||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||
9/30/16 | 12/31/15 | ||||||||||||||
Equity Capitalization: | |||||||||||||||
Common shares outstanding | 304,321 | 299,138 | |||||||||||||
Exchangeable OP Units held by non-controlling interests | 378 | 5,182 | |||||||||||||
304,699 | 304,320 | ||||||||||||||
Common share price | $ | 27.79 | $ | 25.82 | |||||||||||
Total equity capitalization | $ | 8,467,585 | $ | 7,857,542 | |||||||||||
Debt: | |||||||||||||||
Revolving credit facility | $ | 92,000 | $ | 416,000 | |||||||||||
Term loans | 2,100,000 | 2,100,000 | |||||||||||||
Unsecured notes | 2,318,453 | 1,218,453 | |||||||||||||
Secured mortgages | 1,360,845 | 2,226,763 | |||||||||||||
Total principal debt | 5,871,298 | 5,961,216 | |||||||||||||
Add: Net unamortized premium | 18,029 | 35,832 | |||||||||||||
Less: Deferred financing fees | (31,896 | ) | (22,782 | ) | |||||||||||
Total debt | 5,857,431 | 5,974,266 | |||||||||||||
Less: cash, cash equivalents and restricted cash | (76,805 | ) | (110,990 | ) | |||||||||||
Net debt | $ | 5,780,626 | $ | 5,863,276 | |||||||||||
Total market capitalization: | $ | 14,248,211 | $ | 13,720,818 | |||||||||||
Liquidity: | |||||||||||||||
Cash and cash equivalents and restricted cash | $ | 76,805 | $ | 110,990 | |||||||||||
Available under unsecured credit facility | 1,158,000 | 834,000 | |||||||||||||
$ | 1,234,805 | $ | 944,990 | ||||||||||||
Ratios: | |||||||||||||||
Principal debt to total market capitalization | 41.2 | % | 43.4 | % | |||||||||||
Principal debt to total assets, before depreciation | 51.4 | % | 52.4 | % | |||||||||||
Secured principal debt to total assets, before depreciation | 11.9 | % | 19.6 | % | |||||||||||
Net principal debt to adjusted EBITDA (GAAP) | 6.7x | 6.7x | |||||||||||||
Net principal debt to adjusted EBITDA (cash) | 7.1x | 7.3x | |||||||||||||
Unencumbered assets to unsecured debt | 1.9x | 1.9x | |||||||||||||
Interest coverage (adjusted EBITDA / interest expense) | 3.7x | 3.7x | |||||||||||||
Debt service coverage (adjusted EBITDA / (interest expense + scheduled principal payments)) | 3.4x | 3.3x | |||||||||||||
Fixed charge coverage (adjusted EBITDA / (interest expense + scheduled principal payments + preferred dividends)) | 3.4x | 3.3x | |||||||||||||
9/30/2016 | |||||||||||||||
Percentage of total debt: | |||||||||||||||
Fixed | 88.2 | % | |||||||||||||
Variable | 11.8 | % | |||||||||||||
Unencumbered summary: | |||||||||||||||
Percent of properties | 72.1 | % | |||||||||||||
Percent of ABR | 75.3 | % | |||||||||||||
Percent of NOI | 75.5 | % | |||||||||||||
Weighted average maturity (years): | |||||||||||||||
Fixed | 5.22 | ||||||||||||||
Variable | 2.65 | ||||||||||||||
Total | 4.91 | ||||||||||||||
Credit Ratings & Outlook: | |||||||||||||||
Fitch Ratings | BBB- | Stable | |||||||||||||
Moody's Investors Service | Baa3 | Negative | |||||||||||||
Standard & Poor's Ratings Services | BBB- | Negative | |||||||||||||
Excludes unconsolidated joint venture, Montecito Marketplace. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 13 |
DEBT OVERVIEW | |||||||||||||||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||||||||||||||
Maturity Schedule - Debt obligations | Weighted Avg Stated Interest Rate on Scheduled Maturities | ||||||||||||||||||||||||||||||
Year | Scheduled Amortization | Scheduled Maturities | Total | ||||||||||||||||||||||||||||
2016 | $ | 5,673 | $ | 6,109 | $ | 11,782 | 5.78 | % | |||||||||||||||||||||||
2017 | 21,842 | 327,817 | 349,659 | 6.43 | % | ||||||||||||||||||||||||||
2018 | 19,476 | 1,000,000 | 1,019,476 | 2.19 | % | ||||||||||||||||||||||||||
2019 | 20,126 | 600,000 | 620,126 | 1.96 | % | ||||||||||||||||||||||||||
2020 | 15,212 | 843,365 | 858,577 | 5.68 | % | ||||||||||||||||||||||||||
2021 | — | 686,225 | 686,225 | 3.29 | % | ||||||||||||||||||||||||||
2022 | — | 500,000 | 500,000 | 3.88 | % | ||||||||||||||||||||||||||
2023 | — | 500,000 | 500,000 | 3.25 | % | ||||||||||||||||||||||||||
2024 | — | 7,000 | 7,000 | 4.40 | % | ||||||||||||||||||||||||||
2025 | — | 700,000 | 700,000 | 3.85 | % | ||||||||||||||||||||||||||
2026+ | — | 618,453 | 618,453 | 4.22 | % | ||||||||||||||||||||||||||
Total Debt Maturities (1) | $ | 82,329 | $ | 5,788,969 | $ | 5,871,298 | 3.71 | % | |||||||||||||||||||||||
Net unamortized discount on notes | (9,403 | ) | |||||||||||||||||||||||||||||
Net unamortized premiums on mortgages | 27,432 | ||||||||||||||||||||||||||||||
Deferred financing costs | (31,896 | ) | |||||||||||||||||||||||||||||
Debt obligations, net | $ | 5,857,431 | |||||||||||||||||||||||||||||
Detailed Maturity Schedule - Debt obligations | |||||||||||||||||||||||||||||||
Fixed Rate Secured Mortgages | Fixed Rate Unsecured Notes (2) | Variable Rate Unsecured Credit Facility / Fixed Rate Unsecured Credit Facility (2) | |||||||||||||||||||||||||||||
Year | Scheduled Amortization | Scheduled Maturities | Weighted Avg Stated Interest Rate on Scheduled Maturities | Scheduled Maturities | Weighted Avg Stated Interest Rate on Scheduled Maturities | Scheduled Maturities | Weighted Avg Stated Interest Rate on Scheduled Maturities | ||||||||||||||||||||||||
2016 | $ | 5,673 | $ | 6,109 | 5.78 | % | $ | — | — | $ | — | — | |||||||||||||||||||
2017 | 21,842 | 327,817 | 6.43 | % | — | — | — | — | |||||||||||||||||||||||
2018 | 19,476 | — | — | — | — | 1,000,000 | 2.19 | % | |||||||||||||||||||||||
2019 | �� | 20,126 | — | — | — | — | 600,000 | 1.96 | % | ||||||||||||||||||||||
2020 | 15,212 | 751,365 | 6.17 | % | — | — | 92,000 | 1.76 | % | ||||||||||||||||||||||
2021 | — | 186,225 | 6.24 | % | — | — | 500,000 | 2.19 | % | ||||||||||||||||||||||
2022 | — | — | — | 500,000 | 3.88 | % | — | — | |||||||||||||||||||||||
2023 | — | — | — | 500,000 | 3.25 | % | — | — | |||||||||||||||||||||||
2024 | — | 7,000 | 4.40 | % | — | — | — | — | |||||||||||||||||||||||
2025 | — | — | — | 700,000 | 3.85 | % | — | — | |||||||||||||||||||||||
2026+ | — | — | — | 618,453 | 4.22 | % | — | — | |||||||||||||||||||||||
Total Debt Maturities | $ | 82,329 | $ | 1,278,516 | 6.05 | % | $ | 2,318,453 | 3.82 | % | $ | 2,192,000 | 2.11 | % | |||||||||||||||||
(1) Excludes unconsolidated joint venture, Montecito Marketplace, debt obligations of $2,837 at pro rata share. | |||||||||||||||||||||||||||||||
(2) No scheduled amortization until maturity dates. | |||||||||||||||||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 14 |
SUMMARY OF OUTSTANDING DEBT | |||||||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||||||
Number of | Outstanding | Stated | Maturity | Percent of | |||||||||||||||||||
Loan / Property Name | MSA | Properties | Balance | Interest Rate | Date | Total Indebtedness | |||||||||||||||||
FIXED RATE DEBT: | |||||||||||||||||||||||
Secured Mortgages | |||||||||||||||||||||||
Dublin Village * | Dublin, GA | 1 | $ | 6,129 | 5.78 | % | 12/11/16 | 0.10 | % | ||||||||||||||
Conyers Plaza I * | Atlanta-Sandy Springs-Roswell, GA | 1 | 10,800 | 5.77 | % | 1/1/17 | 0.18 | % | |||||||||||||||
Freshwater - Stateline Plaza | Hartford-West Hartford-East Hartford, CT | 1 | 17,519 | 8.00 | % | 2/1/17 | 0.30 | % | |||||||||||||||
Greensboro Village | Nashville-Davidson--Murfreesboro--Franklin, TN | 1 | 8,598 | 5.52 | % | 2/11/17 | 0.15 | % | |||||||||||||||
LP - JPM 300 | — | 18 | 286,104 | 6.38 | % | 9/1/17 | 4.87 | % | |||||||||||||||
Whitaker Square | Winston-Salem, NC | 1 | 8,904 | 6.32 | % | 12/1/17 | 0.15 | % | |||||||||||||||
Christmas Tree Plaza | New Haven-Milford, CT | 1 | 1,979 | 7.89 | % | 5/11/18 | 0.03 | % | |||||||||||||||
LP - JPM CMBS | — | 71 | 446,977 | 6.27 | % | 8/1/20 | 7.61 | % | |||||||||||||||
Monroe ShopRite Plaza | New York-Newark-Jersey City, NY-NJ-PA | 1 | 8,236 | 6.50 | % | 8/1/20 | 0.14 | % | |||||||||||||||
Bethel Park Shopping Center | Pittsburgh, PA | 1 | 9,556 | 6.50 | % | 8/1/20 | 0.16 | % | |||||||||||||||
Ivyridge | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1 | 13,331 | 6.50 | % | 8/1/20 | 0.23 | % | |||||||||||||||
Roosevelt Mall | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1 | 47,523 | 6.50 | % | 8/1/20 | 0.81 | % | |||||||||||||||
Inland (Brixmor/IA, LLC) - Pool A | — | 9 | 98,741 | 5.91 | % | 12/6/20 | 1.68 | % | |||||||||||||||
Inland (Brixmor/IA, LLC) - Pool B | — | 8 | 90,436 | 5.91 | % | 12/6/20 | 1.54 | % | |||||||||||||||
Inland (Brixmor/IA, LLC) - Pool C | — | 7 | 96,875 | 5.91 | % | 12/31/20 | 1.65 | % | |||||||||||||||
REIT 20 LP 51 A | — | 4 | 46,905 | 6.24 | % | 1/6/21 | 0.80 | % | |||||||||||||||
REIT 20 LP 45 B | — | 4 | 42,172 | 6.24 | % | 1/6/21 | 0.72 | % | |||||||||||||||
REIT 20 LP 42 C | — | 4 | 39,424 | 6.24 | % | 1/6/21 | 0.67 | % | |||||||||||||||
REIT 20 LP 37 D | — | 3 | 34,045 | 6.24 | % | 1/6/21 | 0.58 | % | |||||||||||||||
REIT 20 LP 43 E | — | 4 | 39,591 | 6.24 | % | 1/6/21 | 0.67 | % | |||||||||||||||
Larchmont Centre | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1 | 7,000 | 4.40 | % | 3/1/24 | 0.12 | % | |||||||||||||||
TOTAL FIXED RATE SECURED MORTGAGES | 1,360,845 | 23.16 | % | ||||||||||||||||||||
Unsecured Credit Facility | |||||||||||||||||||||||
Term Loan Facility- Tranche A (1)(2) | — | — | $ | 1,000,000 | 2.19 | % | 7/31/18 | 17.03 | % | ||||||||||||||
Term Loan Facility- Tranche B (1)(3) | — | — | 500,000 | 2.19 | % | 7/31/21 | 8.52 | % | |||||||||||||||
TOTAL FIXED RATE UNSECURED CREDIT FACILITY | 1,500,000 | 25.55 | % | ||||||||||||||||||||
Unsecured Notes | |||||||||||||||||||||||
3.88%, 2022 Brixmor OP Notes | — | — | $ | 500,000 | 3.88 | % | 8/15/22 | 8.52 | % | ||||||||||||||
3.25%, 2023 Brixmor OP Notes | — | — | 500,000 | 3.25 | % | 9/15/23 | 8.52 | % | |||||||||||||||
3.85%, 2025 Brixmor OP Notes | — | — | 700,000 | 3.85 | % | 2/28/25 | 11.92 | % | |||||||||||||||
4.13%, 2026 Brixmor OP Notes | — | — | 600,000 | 4.13 | % | 6/15/26 | 10.22 | % | |||||||||||||||
7.97%, 2026 Brixmor LLC Notes | — | — | 694 | 7.97 | % | 8/14/26 | 0.01 | % | |||||||||||||||
7.65%, 2026 Brixmor LLC Notes | — | — | 6,100 | 7.65 | % | 11/2/26 | 0.10 | % | |||||||||||||||
7.68%, 2026 Brixmor LLC Notes I | — | — | 748 | 7.68 | % | 11/2/26 | 0.01 | % | |||||||||||||||
6.90%, 2028 Brixmor LLC Notes I | — | — | 2,222 | 6.90 | % | 2/15/28 | 0.04 | % | |||||||||||||||
6.90%, 2028 Brixmor LLC Notes II | — | — | 5,486 | 6.90 | % | 2/15/28 | 0.09 | % | |||||||||||||||
7.50%, 2029 Brixmor LLC Notes | — | — | 3,203 | 7.50 | % | 7/30/29 | 0.05 | % | |||||||||||||||
TOTAL FIXED RATE UNSECURED NOTES | 2,318,453 | 39.48 | % | ||||||||||||||||||||
TOTAL FIXED RATE DEBT | $ | 5,179,298 | 88.21 | % | |||||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 15 |
SUMMARY OF OUTSTANDING DEBT | |||||||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||||||
Number of | Outstanding | Stated | Maturity | Percent of | |||||||||||||||||||
Loan / Property Name | MSA | Properties | Balance | Interest Rate | Date | Total Indebtedness | |||||||||||||||||
VARIABLE RATE DEBT: | |||||||||||||||||||||||
Unsecured Credit Facility | |||||||||||||||||||||||
Revolving Credit Facility - L+120bps | — | — | $ | 92,000 | 1.76 | % | 7/31/20 | 1.57 | % | ||||||||||||||
Term Loan Facility - L+140bps (4) | — | — | 600,000 | 1.96 | % | 3/18/19 | 10.22 | % | |||||||||||||||
TOTAL VARIABLE RATE UNSECURED CREDIT FACILITY | 692,000 | 11.79 | % | ||||||||||||||||||||
TOTAL VARIABLE RATE DEBT | $ | 692,000 | 11.79 | % | |||||||||||||||||||
TOTAL DEBT OBLIGATIONS | $ | 5,871,298 | 100.00 | % | |||||||||||||||||||
Net unamortized discount on notes | (9,403 | ) | |||||||||||||||||||||
Net unamortized premiums on mortgages | 27,432 | ||||||||||||||||||||||
Deferred financing costs | (31,896 | ) | |||||||||||||||||||||
DEBT OBLIGATIONS, NET | $ | 5,857,431 | |||||||||||||||||||||
* Indicates property is part of a larger shopping center. | |||||||||||||||||||||||
(1) Term loan facility was swapped from 1 month Libor to fixed at a combined rate of 0.844% (plus a spread of 135bps) through October 3, 2016. | |||||||||||||||||||||||
(2) Effective November 1, 2016, $300,000 of the Term Loan Facility - Tranche A is swapped from 1 month Libor to a fixed rate of 0.8165% (plus a spread of 135bps) through July 31, 2018. | |||||||||||||||||||||||
(3) Effective November 1, 2016, $500,000 of the Term Loan Facility - Tranche B is swapped from 1 month Libor to a fixed rate of 1.113% (plus a spread of 135bps) through July 30, 2021. | |||||||||||||||||||||||
(4) Effective November 1, 2016, $400,000 of the term loan is swapped from 1 month Libor to a fixed rate of 0.878% (plus a spread of 140bps) through March 18, 2019. Additionally, $200,000 of the term loan is swapped from 1 month Libor to fixed at a combined | |||||||||||||||||||||||
rate of 0.818 % (plus a spread of 140bps) through July 31, 2018. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 16 |
UNSECURED OP NOTES COVENANT DISCLOSURE | |||||||||||||
Unaudited, dollars in thousands | |||||||||||||
Covenants | As of 9/30/16 | ||||||||||||
I. Aggregate debt test | < 65% | 52.1 | % | ||||||||||
Total Debt | 5,857,431 | ||||||||||||
Total Assets | 11,236,594 | ||||||||||||
II. Secured debt test | < 40% | 12.4 | % | ||||||||||
Total Secured Debt | 1,387,779 | ||||||||||||
Total Assets | 11,236,594 | ||||||||||||
III. Unencumbered asset ratio | > 150% | 189.7 | % | ||||||||||
Total Unencumbered Assets | 8,478,855 | ||||||||||||
Unsecured Debt | 4,469,652 | ||||||||||||
IV. Debt service test | > 1.5x | 3.9x | |||||||||||
Consolidated EBITDA | 866,282 | ||||||||||||
Annual Debt Service Charge | 223,402 | ||||||||||||
Definitions for unsecured notes covenants: | |||||||||||||
Debt: | Debt means, with respect to any person, any: | ||||||||||||
• indebtedness of such person in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments, | |||||||||||||
• indebtedness secured by any Lien on any property or asset owned by such person, but only to the extent of the lesser of (a) the amount of indebtedness | |||||||||||||
so secured and (b) the fair market value (determined in good faith by the Operating Partnership) of the property subject to such Lien, | |||||||||||||
• reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred | |||||||||||||
and unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable, or | |||||||||||||
• any lease of property by such person as lessee which is required to be reflected on such person’s balance sheet as a capitalized lease in accordance | |||||||||||||
with GAAP; | |||||||||||||
in the case of items of indebtedness under (i) through (iii) above to the extent that any such items (other than letters of credit) would appear as liabilities | |||||||||||||
on such person’s balance sheet in accordance with GAAP; provided, however, that the term “Debt” will (1) include, to the extent not otherwise included, | |||||||||||||
any non-contingent obligation of such person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the | |||||||||||||
ordinary course of business), Debt of the types referred to above of another person, other than obligations to be liable for the Debt of another person solely | |||||||||||||
as a result of non-recourse carveouts (it being understood that Debt shall be deemed to be incurred by such person whenever such person shall create, | |||||||||||||
assume, guarantee or otherwise become liable in respect thereof) and (2) exclude any such indebtedness (or obligation referenced in clause (1) above) | |||||||||||||
�� | that has been the subject of an “in substance” defeasance in accordance with GAAP and Intercompany Indebtedness that is subordinate in right of | ||||||||||||
payment to the notes (or an obligation to be liable for, or to pay, Intercompany Indebtedness that is subordinate in right of payment to the notes). | |||||||||||||
Total Assets: | The sum of, without duplication: (i) Undepreciated Real Estate Assets and (ii) all other assets (excluding accounts receivable and non-real estate intangibles) | ||||||||||||
of Brixmor OP and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. | |||||||||||||
Total Unencumbered Assets: | The sum of, without duplication: (i) those Undepreciated Real Estate Assets which are not subject to a Lien securing Debt; and (ii) all other assets (excluding | ||||||||||||
accounts receivable and non-real estate intangibles) of us and our Subsidiaries not subject to a Lien securing Debt, all determined on a consolidated basis | |||||||||||||
in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for | |||||||||||||
purposes of the covenant set forth above in “Certain Covenants—Maintenance of Total Unencumbered Assets,” all investments in unconsolidated limited | |||||||||||||
partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets. | |||||||||||||
Unsecured Debt: | Debt of Brixmor OP or any of its Subsidiaries which is not secured by a Lien on any property or assets of Brixmor OP or any of its Subsidiaries. | ||||||||||||
Consolidated EBITDA: | For any period means Consolidated Net Income of Brixmor OP and its Subsidiaries for such period, plus amounts which have been deducted and minus | ||||||||||||
amounts which have been added for, without duplication: (i) interest expense on Debt; (ii) provision for taxes based on income; (iii) amortization of debt | |||||||||||||
discount, premium and deferred financing costs; (iv) the income or expense attributable to transactions involving derivative instruments that do not qualify | |||||||||||||
for hedge accounting in accordance with GAAP; (v) impairment losses and gains on sales or other dispositions of properties and other investments; | |||||||||||||
(vi) depreciation and amortization; (vii) net amount of extraordinary items or non-recurring items, as may be determined by us in good faith; | |||||||||||||
(viii) amortization of deferred charges; (ix) gains or losses on early extinguishment of debt; and (x) noncontrolling interests; all determined on a | |||||||||||||
consolidated basis in accordance with GAAP. | |||||||||||||
Annual Debt Service Charge: | For any period, the interest expense of Brixmor OP and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. | ||||||||||||
Note: For full detailed descriptions of the unsecured OP notes covenant calculations and definitions of capitalized terms please refer to the Prospectus Supplements filed by the OP with the | |||||||||||||
Securities and Exchange Commission on January 15, 2015, August 3, 2015, June 6, 2016, and August 17, 2016 and the notes and indenture incorporated therein by reference. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 17 |
UNSECURED CREDIT FACILITY COVENANT DISCLOSURE | |||||||||||||
Unaudited, dollars in thousands | |||||||||||||
Covenants | As of 9/30/16 | ||||||||||||
I. Leverage ratio | < 60% | 42.3 | % | ||||||||||
Total Outstanding Indebtedness | 5,874,135 | ||||||||||||
Balance Sheet Cash | 78,606 | ||||||||||||
Total Asset Value | 13,691,384 | ||||||||||||
II. Secured leverage ratio | < 40% | 9.4 | % | ||||||||||
Total Secured Indebtedness | 1,363,682 | ||||||||||||
Balance Sheet Cash | 78,606 | ||||||||||||
Total Asset Value | 13,691,384 | ||||||||||||
III. Unsecured leverage ratio | < 60% | 43.3 | % | ||||||||||
Total Unsecured Indebtedness | 4,510,453 | ||||||||||||
Unrestricted Cash | 32,944 | ||||||||||||
Unencumbered Asset Value | 10,330,102 | ||||||||||||
IV. Fixed charge coverage ratio | > 1.5x | 3.6x | |||||||||||
Total Net Operating Income | 922,036 | ||||||||||||
Capital Expenditure Reserve | 12,944 | ||||||||||||
Fixed Charges | 249,959 | ||||||||||||
Definitions for line of credit covenants: | |||||||||||||
Total Outstanding Indebtedness: | Total Indebtedness including capital leases, financing liabilities, redeemable non-controlling interests, letters of credit, guarantee obligations, and the Company's applicable share of joint venture Indebtedness. | ||||||||||||
Balance Sheet Cash: | Cash and cash equivalents, Restricted cash, and certain Marketable securities. | ||||||||||||
Total Asset Value: | An amount equal to the sum of the following for the Company and the Company's applicable share of its joint ventures: (i) Net Operating Income from Stabilized Projects for the most recent six months annualized divided by 6.75%, (ii) the amount of Management Fees received by the Company for the most recent six months annualized divided by 6.75%, (iii) Acquisition Assets valued at the higher of their capitalization value (Net Operating Income for the most recent six months annualized divided by 6.75%) or acquisition cost, (iv) undepreciated Book Value of Land, (v) undepreciated Book Value of Assets Under Development, (vi) undepreciated Book Value of Non-Stabilized Projects, (vii) value of Mezzanine Debt Investments, (viii) value of all First Mortgage Receivables. The aggregate contributions to Total Asset Value from items (v), (vi), and (vii) above shall not exceed 35% of Total Asset Value. | ||||||||||||
Total Secured Indebtedness: | All indebtedness that is secured by a lien on any asset. | ||||||||||||
Total Unsecured Indebtedness: | All Indebtedness that is not Secured Indebtedness. | ||||||||||||
Unrestricted Cash: | Cash and cash equivalents, and certain marketable securities but excluding restricted cash. | ||||||||||||
Unencumbered Asset Value: | Total Asset Value from Unencumbered Assets. | ||||||||||||
Unencumbered Assets: | Any acquisition asset, land, operating property and any asset under development located in the Unites States which, as of any date of determination is not subject to any liens, claims, or restrictions on transferability or assignability of any kind other than (i) permitted encumbrances or liens in favor of the administrative agent and (ii) customary restrictions on transferability that result in a change of control or that trigger a right of first offer or right of first refusal. | ||||||||||||
Total Net Operating Income: | For the Company and the Company's applicable share of its joint ventures, as determined in accordance with GAAP, an amount equal to (i) the aggregate rental income and other revenues from the operation of all real estate assets, including from straight-lined rent and amortization of above- and below-market leases minus (ii) all expenses and other charges incurred in connection with the operation of such real estate assets but excluding the payment of or provision for debt service charges, income taxes, capital expenses, depreciation, amortization and other non-cash expenses. | ||||||||||||
Fixed Charges: | For any period, the sum of (i) total interest expense, (ii) all scheduled principal payments due on account of total outstanding indebtedness (excluding balloon payments) and (iii) all dividends payable on account of preferred stock or preferred operating partnership units of the borrower or any other person in the consolidated group. | ||||||||||||
Capital Expenditure Reserve: | For any Operating Property, an amount equal to (i) $0.15 multiplied by (ii) the number of square feet of such Operating Property. | ||||||||||||
Note: For full detailed descriptions of the unsecured credit facility covenant calculations and definitions of capitalized terms please refer to the Amended Revolving Credit and Term Loan Agreement, dated as of July 25, 2016 filed as Exhibit 10.5 to Form 10-Q, filed with the Securities and Exchanged Commission on July 25, 2016 |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 18 |
INVESTMENT SUMMARY | |||||||||||||||
Supplemental Disclosure Three Months Ended September 30, 2016 | |||||||||||||||
ACQUISITIONS | ||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||
Property Name | MSA | Purchase Date | Purchase Amount | GLA / Acres | Percent Leased | ABR/ SF | Major Tenants | |||||||||||||
Three Months Ended March 31, 2016 | ||||||||||||||||||||
Land adjacent to Western Village | Cincinnati, OH-KY-IN | 1/15/16 | $ | 50 | 0.13 acres | — | — | — | ||||||||||||
Outparcel at Dickson City Crossings | Scranton--Wilkes-Barre--Hazleton, PA | 1/15/16 | 1,020 | 1.8 acres | — | — | — | |||||||||||||
Land at Keith Bridge Commons | Atlanta-Sandy Springs-Roswell, GA | 1/29/16 | 100 | 0.32 acres | — | — | — | |||||||||||||
1,170 | 2.25 acres | |||||||||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||||||
Building at Rose Pavilion | Pleasanton, CA | 9/22/16 | $ | 6,733 | 28,530 | — | — | — | ||||||||||||
6,733 | 28,530 | |||||||||||||||||||
TOTAL - NINE MONTHS ENDED 9/30/16 | $ | 7,903 | 28,530 | |||||||||||||||||
/ 2.25 acres | ||||||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 20 |
DISPOSITIONS | ||||||||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||||||||
Property Name | MSA | Sale Date | Sale Amount | Gain / (Impairment) | GLA / Acres | Percent Leased | ABR/ SF | |||||||||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||||||||||||
Congress Crossing | Athens, TN | 4/27/16 | $ | 11,400 | $ | 4,159 | 180,305 | 97.6 | % | $ | 7.00 | |||||||||||||||
Outparcel building at Plymouth Plaza | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 5/4/16 | 4,375 | 1,926 | 3,800 | 100.0 | % | 55.25 | ||||||||||||||||||
Apopka Commons | Orlando-Kissimmee-Sanford, FL | 5/27/16 | 5,475 | 1,697 | 42,507 | 81.3 | % | 13.32 | ||||||||||||||||||
21,250 | 7,782 | 226,612 | ||||||||||||||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||||||||||||
Jacksonian Plaza | Jackson, MS | 7/21/16 | $ | 5,700 | $ | 2,450 | 73,041 | 100.0 | % | $ | 7.86 | |||||||||||||||
Inwood Forest | Houston-The Woodlands-Sugar Land, TX | 9/9/16 | 5,100 | (51 | ) | 77,553 | 98.1 | % | 8.82 | |||||||||||||||||
10,800 | 2,399 | 150,594 | ||||||||||||||||||||||||
TOTAL - NINE MONTHS ENDED 9/30/16 | $ | 32,050 | $ | 10,181 | 377,206 |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 21 |
ANCHOR SPACE REPOSITIONING SUMMARY | ||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||
Property Name | MSA | Description | ||||||||||||||||||
IN PROCESS ANCHOR SPACE REPOSITIONINGS | ||||||||||||||||||||
1 | Pointe Orlando | Orlando-Kissimmee-Sanford, FL | Remerchandise ten small shop spaces with a 48K SF Main Event | |||||||||||||||||
2 | Wilmington Island | Savannah, GA | Reconfigure junior anchor and small shop space to accommodate expansion of existing Kroger to 75K SF prototype store and addition of Kroger fuel center | |||||||||||||||||
3 | Jeffersontown Commons | Louisville/Jefferson County, KY-IN | Remerchandise former daycare and adjacent anchor vacancy with a 31K SF Savers | |||||||||||||||||
4 | Stony Brook I & II | Louisville/Jefferson County, KY-IN | Reconfigure approximately 15K of small shop space to accommodate expansion of existing Kroger to 116K SF Kroger Marketplace | |||||||||||||||||
5 | Points West Plaza | Boston-Cambridge-Newton, MA-NH | Combine two adjacent small shop vacancies for a 15K SF Citi Trends and remerchandise former Pay/Half with an 11K SF L&M Bargain | |||||||||||||||||
6 | Marketplace @ 42 | Minneapolis-St. Paul-Bloomington, MN-WI | Remerchandise former Rainbow Foods with a 32K SF Fresh Thyme Farmers Market and a 21K SF Marshalls | |||||||||||||||||
7 | Crossroads Centre | St. Louis, MO-IL | Remerchandise former Hobby Lobby with a 23K SF Ruler Foods (Kroger) and a 37K SF Sky Zone | |||||||||||||||||
8 | College Plaza | New York-Newark-Jersey City, NY-NJ-PA | Remerchandise former Rite Aid with an 18K SF A.C. Moore | |||||||||||||||||
9 | Highridge Plaza | New York-Newark-Jersey City, NY-NJ-PA | Remerchandise former A&P with a 42K SF H-Mart grocer | |||||||||||||||||
10 | Mamaroneck Centre | New York-Newark-Jersey City, NY-NJ-PA | Remerchandise former A&P with a 12K SF CVS and a 13K SF specialty grocer | |||||||||||||||||
11 | Southland Shopping Center (1) | Cleveland-Elyria, OH | Combine former Petco (relocated within center) and adjacent underutilized small shop vacancies to accommodate a 28K SF Aspire Fitness | |||||||||||||||||
12 | Cross Keys Commons (1) | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Remerchandise former Party City with an 11K SF ULTA | |||||||||||||||||
13 | Ivyridge | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Remerchandise former A&P with a 47K SF Target | |||||||||||||||||
14 | Island Plaza | Charleston-North Charleston, SC | Relocate and expand existing Tuesday Morning to 27K SF and remerchandise former Tuesday Morning with a 6K SF small shop space | |||||||||||||||||
15 | Northtown Plaza | Houston-The Woodlands-Sugar Land, TX | Combine former Anna's Linens and RadioShack for a 16K SF dd's Discounts (Ross Dress for Less) | |||||||||||||||||
Number of Projects | Expected Total Project Costs | Costs to Date | Expected NOI Yield | |||||||||||||||||
Total In Process | 15 | $ | 33,200 | $ | 18,248 | 10% - 12% | ||||||||||||||
COMPLETED ANCHOR SPACE REPOSITIONINGS - NINE MONTHS ENDED 9/30/16 | ||||||||||||||||||||
1 | Glendale Galleria (2) | Phoenix-Mesa-Scottsdale, AZ | Remerchandise former Smashing Buys with a 37K SF LA Fitness | |||||||||||||||||
2 | Gateway Plaza | Los Angeles-Long Beach-Anaheim, CA | Remerchandise former CVS with a 15K SF Party City | |||||||||||||||||
3 | Ocean View Plaza (2) | Los Angeles-Long Beach-Anaheim, CA | Remerchandise former Fitness Elite for Women with an 18K SF Crunch Fitness | |||||||||||||||||
4 | California Oaks Center | Riverside-San Bernardino-Ontario, CA | Remerchandise former Ralphs with a 19K SF Barons Market | |||||||||||||||||
5 | Lompoc Center (2) | Santa Maria-Santa Barbara, CA | Remerchandise and expand former Pier One with a 16K SF Harbor Freight Tools | |||||||||||||||||
6 | Superior Marketplace | Boulder, CO | Reconfigure anchor vacancy with a 19K SF Party City and an 11K SF ULTA | |||||||||||||||||
7 | Arapahoe Crossings | Denver-Aurora-Lakewood, CO | Remerchandise former Marshalls and former OfficeMax with a 31K SF Stein Mart and a 24K SF buybuy BABY | |||||||||||||||||
8 | Regency Park Shopping Center | Jacksonville, FL | Remerchandise anchor vacancy with a 40K SF Ollie's Bargain Outlet | |||||||||||||||||
9 | The Shoppes at Southside (2) | Jacksonville, FL | Remerchandise former Sports Authority with a 40K SF Restoration Hardware Outlet | |||||||||||||||||
10 | Seminole Plaza (2) | Tampa-St. Petersburg-Clearwater, FL | Remerchandise and expand former Deals with a 21K SF Bealls Outlet | |||||||||||||||||
11 | Rivercrest Shopping Center | Chicago-Naperville-Elgin, IL-IN-WI | Addition of a 9K SF Five Below in former Kmart, in conjunction with previous remerchandising with Ross Dress for Less and Party City | |||||||||||||||||
12 | Tinley Park Plaza | Chicago-Naperville-Elgin, IL-IN-WI | Remerchandise former Staples with a 23K SF Planet Fitness | |||||||||||||||||
13 | Westlane Shopping Center | Indianapolis-Carmel-Anderson, IN | Remerchandise former Marsh Supermarket with a 17K SF Save-A-Lot and a 12K SF Citi Trends | |||||||||||||||||
14 | Delta Center | Lansing-East Lansing, MI | Remerchandise former Party City with expansion of existing Men's Wearhouse to a 10K SF Destination XL | |||||||||||||||||
15 | County Line Plaza (2) | Jackson, MS | Remerchandise and expand former Office Depot with a 50K SF Burlington Stores and a 25K SF Burke's Outlet | |||||||||||||||||
16 | Clocktower Place | St. Louis, MO-IL | Relocation and rightsize of existing regional furniture store to 30K SF in former Office Depot and replace with a 16K SF K&G Fashion Superstore | |||||||||||||||||
17 | Willow Springs Plaza (2) | Manchester-Nashua, NH | Remerchandise former Namco Pools with a 33K SF New Hampshire Liquor and Wine Outlet | |||||||||||||||||
18 | McMullen Creek Market | Charlotte-Concord-Gastonia, NC-SC | Reconfigure 25K SF Staples and adjacent vacant junior anchor with a 45K SF Walmart Neighborhood Market and relocation of existing 6K SF Lebo's Footwear to enable rightsizing of Staples to 13K SF | |||||||||||||||||
19 | Crown Point | Columbus, OH | Remerchandise former Lombard's Furniture and adjacent small shop vacancy with a 21K SF Planet Fitness | |||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 22 |
ANCHOR SPACE REPOSITIONING SUMMARY | ||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||
Property Name | MSA | Description | ||||||||||||||||||
COMPLETED ANCHOR SPACE REPOSITIONINGS - NINE MONTHS ENDED 9/30/16 (continued) | ||||||||||||||||||||
20 | The Commons at Wolfcreek | Memphis, TN-MS-AR | Remerchandise former OfficeMax with a 15K SF DSW and a 9K SF Five Below | |||||||||||||||||
21 | Five Points (2) | Corpus Christi, TX | Reconfigure anchor vacancy with a 17K SF Harbor Freight Tools and 7K SF of small shop space | |||||||||||||||||
22 | Bardin Place Center (2) | Dallas-Fort Worth-Arlington, TX | Reconfigure former Sports Authority and adjacent small shop space with an 86K SF WinCo Foods | |||||||||||||||||
23 | Preston Park | Dallas-Fort Worth-Arlington, TX | Remerchandise former Minyard Sun Fresh Market with a 53K SF Kroger | |||||||||||||||||
24 | Webb Royal Plaza | Dallas-Fort Worth-Arlington, TX | Remerchandise former grocer with a 35K SF El Rio Grande Latin Market | |||||||||||||||||
Number of Projects | Total Costs | Expected NOI Yield | ||||||||||||||||||
Total Completed | 24 | $ | 39,660 | 12 | % | |||||||||||||||
(1) Indicates project added to In Process pipeline during the three months ended September 30, 2016. | ||||||||||||||||||||
(2) Indicates project completed during the three months ended September 30, 2016. | ||||||||||||||||||||
The Anchor Space Repositioning projects listed above are actively being worked on by the Company and reflect projects in which leases have been executed with the tenant(s) listed in the project descriptions. There is no guarantee that the Company will | ||||||||||||||||||||
complete any or all of these projects or that the expected total project costs or expected NOI yields will be the amounts shown. The expected total project costs and expected NOI yields are management's best estimates based on current information | ||||||||||||||||||||
and may change over time. For more information, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. | ||||||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 23 |
OUTPARCEL DEVELOPMENT & NEW DEVELOPMENT SUMMARY | |||||||||||||||||||||
Dollars in thousands | |||||||||||||||||||||
Expected | |||||||||||||||||||||
Stabilization | Total | Costs | Expected | ||||||||||||||||||
Property Name | MSA | Project Description | Quarter | Project Cost | to Date | NOI Yield | |||||||||||||||
OUTPARCEL DEVELOPMENTS: | |||||||||||||||||||||
IN PROCESS OUTPARCEL DEVELOPMENTS | |||||||||||||||||||||
1 | Mira Mesa Mall | San Diego-Carlsbad, CA | Construction of a 3K SF Habit Burger Grill outparcel | Dec-16 | $ | 1,000 | $ | 281 | 21 | % | |||||||||||
2 | Coastal Way - Coastal Landing | Tampa-St. Petersburg-Clearwater, FL | Construction of a 3K SF Visionworks, a 2K SF Chipotle and a 1K SF Jimmy John's outparcels | Dec-16 | 2,500 | 1,466 | 11 | % | |||||||||||||
3 | Tinley Park Plaza | Chicago-Naperville-Elgin, IL-IN-WI | Reconfigure 8K SF outparcel space with a 3K SF Blaze Pizza, a 3K SF Noodles & Company and 2K SF of additional retail space | Dec-16 | 2,900 | 2,486 | 13 | % | |||||||||||||
4 | College Plaza | New York-Newark-Jersey City, NY-NJ-PA | Construction of a 4K SF Panera Bread outparcel with drive-thru | Dec-16 | 1,000 | 937 | 19 | % | |||||||||||||
5 | Florence Plaza - Florence Square | Cincinnati, OH-KY-IN | Construction of a 4K SF First Watch outparcel | Dec-16 | 2,000 | 1,614 | 12 | % | |||||||||||||
6 | The Commons at Wolfcreek | Memphis, TN-MS-AR | Construction of an 11K SF outparcel with a 5K SF AT&T and three additional small shop retailers | Dec-16 | 2,900 | 2,001 | 12 | % | |||||||||||||
7 | Galleria Commons | Las Vegas-Henderson-Paradise, NV | Construction of a 3K SF Corner Bakery Café outparcel | Mar-17 | 700 | 148 | 19 | % | |||||||||||||
8 | Miracle Mile Shopping Plaza | Toledo, OH | Construction of a 7K SF DaVita Dialysis outparcel | Mar-17 | 1,300 | 163 | 9 | % | |||||||||||||
9 | Pilgrim Gardens | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Construction of a 2K SF Moe's Southwest Grill outparcel | Mar-17 | 400 | 76 | 26 | % | |||||||||||||
10 | The Centre at Navarro | Victoria, TX | Construction of an 18K SF Aldi outparcel | Mar-17 | 400 | 112 | 39 | % | |||||||||||||
11 | Century Plaza Shopping Center | Miami-Fort Lauderdale-West Palm Beach, FL | Demolition of existing retail space, construction of a 13K SF CVS outparcel with drive-thru and site improvements | Jun-18 | 3,700 | 649 | 12 | % | |||||||||||||
TOTAL IN PROCESS OUTPARCEL DEVELOPMENT ACTIVITIES / WEIGHTED AVERAGE | $ | 18,800 | $ | 9,933 | 14 | % | |||||||||||||||
COMPLETED OUTPARCEL DEVELOPMENTS - NINE MONTHS ENDED 9/30/16 | |||||||||||||||||||||
1 | Arbor - Broadway Faire | Fresno, CA | Reconfigure former outparcel building for a 6K SF Buffalo Wild Wings | Mar-16 | $ | 275 | 62 | % | |||||||||||||
2 | Westgate | Dublin, GA | Construction of a 2K SF Dunkin' Donuts / Baskin-Robbins outparcel | Mar-16 | 326 | 16 | % | ||||||||||||||
3 | Wadsworth Crossings | Cleveland-Elyria, OH | Construction of a 4K SF Mattress Firm outparcel | Mar-16 | 1,614 | 12 | % | ||||||||||||||
4 | Wynnewood Village | Dallas-Fort Worth-Arlington, TX | Construction of a 3K SF Popeyes Louisiana Kitchen outparcel | Mar-16 | 553 | 16 | % | ||||||||||||||
5 | Puente Hills Town Center (1) | Los Angeles-Long Beach-Anaheim, CA | Reconfigure former freestanding Barnes & Noble with a 3K SF Habit Burger Grill, a 3K SF Pacific Fish Grill and two additional small shop retailers | Sep-16 | 2,421 | 12 | % | ||||||||||||||
6 | Briggsmore Plaza (1) | Modesto, CA | Construction of a 3K SF Taco Bell outparcel | Sep-16 | 622 | 15 | % | ||||||||||||||
7 | Haymarket Mall (1) | Des Moines-West Des Moines, IA | Construction of a 3K SF Chick-fil-A outparcel | Sep-16 | 70 | 140 | % | ||||||||||||||
8 | Warren Plaza (1) | Dubuque, IA | Construction of a 5K SF Chick-fil-A outparcel | Sep-16 | 60 | 42 | % | ||||||||||||||
TOTAL COMPLETED OUTPARCEL DEVELOPMENT ACTIVITIES / WEIGHTED AVERAGE | $ | 5,941 | 17 | % | |||||||||||||||||
NEW DEVELOPMENTS: | |||||||||||||||||||||
IN PROCESS NEW DEVELOPMENTS | |||||||||||||||||||||
1 | The Shops at Riverhead | New York-Newark-Jersey City, NY-NJ-PA | Construction of a 42K SF Marshalls / HomeGoods combo store, an 18K SF PetSmart, a 10K SF ULTA and additional junior anchor spaces adjacent to an existing non-owned Costco | Mar-18 | $ | 19,300 | $ | 4,563 | 11 | % | |||||||||||
(1) Indicates project completed during the three months ended September 30, 2016. | |||||||||||||||||||||
The projects listed above are actively being worked on by the Company and reflect projects in which leases have been executed with the tenant(s) listed in the project descriptions. There is no guarantee that the Company will complete any or all of these | |||||||||||||||||||||
opportunities, that the expected total project cost or expected NOI yield will be the amounts shown or that stabilization will occur as anticipated. The expected total project costs, expected NOI yields and anticipated stabilization dates are management's | |||||||||||||||||||||
best estimates based on current information and may change over time. For more information, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 24 |
REDEVELOPMENT SUMMARY | ||||||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||||||
Expected | ||||||||||||||||||||||||
Property | Stabilization | Total | Costs | Expected | ||||||||||||||||||||
Property Name | MSA | Project Description | Acreage | Quarter | Project Cost | to Date | NOI Yield | |||||||||||||||||
REDEVELOPMENTS: | ||||||||||||||||||||||||
IN PROCESS REDEVELOPMENTS | ||||||||||||||||||||||||
1 | Bay Pointe Plaza | Tampa-St. Petersburg-Clearwater, FL | Redevelopment of existing Publix with a 54K SF prototype with drive-thru pharmacy and remerchandise vacant endcap with a 9K SF Pet Supermarket, as well as property improvements including the addition of seating areas, façade renovations and LED initiatives | 10 | Dec-16 | $ | 7,400 | $ | 5,755 | 10 | % | |||||||||||||
2 | Rose Pavilion (1) | San Francisco-Oakland-Hayward, CA | Redevelopment of recently acquired former CVS with a 29K SF Total Wine & More and redevelopment of existing retail space with a 13K SF Trader Joe’s and additional small shop space, as well as full shopping center upgrades, including common area enhancements and façade renovations | 27 | Dec-17 | 14,400 | 7,178 | 10 | % | |||||||||||||||
3 | Gateway Plaza - Vallejo (2) | Vallejo-Fairfield, CA | Redevelopment of former CVS and adjacent 2.4 acres with a 16K SF DSW and a 10K SF ULTA replacing the former CVS and construction of a 4K SF Panera Bread outparcel with drive-thru | 53 | Dec-17 | 8,700 | 5,050 | 8 | % | |||||||||||||||
4 | Park Shore Plaza (1) | Naples-Immokalee-Marco Island, FL | Redevelopment and densification of center including replacing former Kmart and YouFit Health Club with a 60K SF Burlington Stores, a 27K SF Saks OFF Fifth, a 19K SF Party City and an additional 16K SF junior anchor; construction of additional small shop space including restaurant outparcels with potential for outdoor patio areas; and shopping center upgrades, including courtyard enhancements and façade renovations | 22 | Dec-17 | 20,800 | 15,036 | 11 | % | |||||||||||||||
5 | Erie Canal Centre (1) | Syracuse, NY | Redevelopment of former Kmart and other vacant anchor space with a 50K SF SF Dick’s Sporting Goods and 65K SF of additional junior anchor space, potential construction of 8K SF of small shop space, and full shopping center upgrades, including façade renovations, common area and parking field enhancements | 11 | Dec-17 | 11,300 | 7,946 | 9 | % | |||||||||||||||
6 | Preston Ridge (1) | Dallas-Fort Worth-Arlington, TX | Remerchandise and expand former Gatti-Town Pizza with a 33K SF Nordstrom Rack, a 29K SF Saks OFF Fifth and a 6K SF J Crew Mercantile, reconfigure existing shop space for restaurant use, and shopping center upgrades including common area enhancements | 131 | Dec-17 | 9,500 | 4,384 | 9 | % | |||||||||||||||
7 | Maple Village (1) | Ann Arbor, MI | Redevelopment of center including replacing former Kmart with a 34K SF Stein Mart, a 22K SF Sierra Trading Post, a 20K SF HomeGoods and a 21K SF junior anchor; construction of outparcel retail building; and full shopping center upgrades, including common area enhancements and façade renovations | 31 | Jun-18 | 26,800 | 10,575 | 9 | % | |||||||||||||||
8 | Green Acres (2) | Saginaw, MI | Redevelopment of existing Kroger and adjacent underutilized spaces for a 106K SF Kroger Marketplace and an additional 14K SF of retail space, as well as reconfiguration of remaining small shop space and common area enhancements | 28 | Dec-18 | 4,900 | 248 | 10 | % | |||||||||||||||
TOTAL IN PROCESS REDEVELOPMENT ACTIVITIES / WEIGHTED AVERAGE | 312 | $ | 103,800 | $ | 56,172 | 10 | % | |||||||||||||||||
(1) Indicates projects moved to in process redevelopment pipeline from anchor space repositioning pipeline during the three months ended September 30, 2016 primarily due to expanded project scope. | ||||||||||||||||||||||||
(2) Indicates project added to in process pipeline during the three months ended September 30, 2016. | ||||||||||||||||||||||||
The projects listed above are actively being worked on by the Company and reflect projects in which leases have been executed with the tenant(s) listed in the project descriptions. There is no guarantee that the Company will complete any or all of these | ||||||||||||||||||||||||
opportunities, that the expected total project cost or expected NOI yield will be the amounts shown or that stabilization will occur as anticipated. The expected total project costs, expected NOI yields and anticipated stabilization dates are management's | ||||||||||||||||||||||||
best estimates based on current information and may change over time. For more information, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 25 |
FUTURE REDEVELOPMENT OPPORTUNITIES | ||||||||
Property Name | MSA | Project Description | ||||||
MAJOR REDEVELOPMENTS | ||||||||
1 | University Mall | Sacramento--Roseville--Arden-Arcade, CA | Extensive repositioning and reconfiguration with experiential retailers, densification of site, potential residential component | |||||
2 | Mira Mesa Mall | San Diego-Carlsbad, CA | Redevelopment of existing anchor space for multiple retailers and/or entertainment users, potential outparcel development | |||||
3 | Mall at 163rd Street | Miami-Fort Lauderdale-West Palm Beach, FL | Extensive redevelopment and repositioning of shopping center, densification of site, reconfiguration of existing retail space | |||||
4 | Miami Gardens | Miami-Fort Lauderdale-West Palm Beach, FL | Redevelopment of existing anchor space for multiple retailers and/or entertainment users, potential outparcel development | |||||
5 | Dolphin Village | Tampa-St. Petersburg-Clearwater, FL | Remerchandise with experiential retailers, addition of a new anchor prototype, reconfiguration of existing space for new junior anchors and outparcel development | |||||
6 | Roosevelt Mall | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Extensive repositioning and reconfiguration, including vertical component, multiple densification opportunities, including potential residential component | |||||
7 | Village at Newtown | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Redevelopment and repositioning of shopping center, densification of site | |||||
8 | Market Plaza | Dallas-Fort Worth-Arlington, TX | Extensive redevelopment and repositioning of shopping center, remerchandise with multiple retailers | |||||
9 | Wynnewood Village | Dallas-Fort Worth-Arlington, TX | Redevelopment and reconfiguration of existing anchor and inline space, densification of site | |||||
10 | Spring Mall | Milwaukee-Waukesha-West Allis, WI | Extensive redevelopment to reorient the center, with potential outparcel development | |||||
MINOR REDEVELOPMENTS | ||||||||
1 | Arapahoe Crossings | Denver-Aurora-Lakewood, CO | Repurpose, assemble and reposition to create footprint for national tenant merchandise mix | |||||
2 | Northgate Shopping Center | Deltona-Daytona Beach-Ormond Beach, FL | Redevelopment of existing anchor space for multiple retailers, potential outparcel development | |||||
3 | Venetian Isle Shopping Ctr | Miami-Fort Lauderdale-West Palm Beach, FL | Redevelopment of existing anchor space for new anchor prototype, potential outparcel development | |||||
4 | Freedom Square | Naples-Immokalee-Marco Island, FL | Redevelopment of existing anchor space for multiple retailers and/or entertainment users, potential outparcel development | |||||
5 | Marco Town Center | Naples-Immokalee-Marco Island, FL | Remerchandise with experiential retailers, reconfiguration of common areas for community space | |||||
6 | Beneva Village Shoppes | North Port-Sarasota-Bradenton, FL | Addition of new anchor prototype, address obsolete space and outparcel development, enhancement of common areas | |||||
7 | Hunter's Creek Plaza | Orlando-Kissimmee-Sanford, FL | Reconfiguration of existing footprint to accommodate multiple new retailers, potential outparcel development | |||||
8 | Pointe Orlando | Orlando-Kissimmee-Sanford, FL | Redevelopment, densification and rebranding for multiple new retailers and/or entertainment users | |||||
9 | Tinley Park Plaza | Chicago-Naperville-Elgin, IL-IN-WI | Reconfiguration of existing footprint to accommodate multiple retailers, potential entertainment uses and outparcel development | |||||
10 | Speedway Super Center | Indianapolis-Carmel-Anderson, IN | Reconfiguration of existing footprint to accommodate multiple new anchors, rebranding of center, potential outparcel development | |||||
11 | Sagamore Park Centre | Lafayette-West Lafayette, IN | Expansion of anchor space, remerchandise existing in-line space | |||||
12 | Webster Square Shopping Center | Boston-Cambridge-Newton, MA-NH | Redevelopment of existing pad building to accommodate multiple new retailers | |||||
13 | Roseville Center | Minneapolis-St. Paul-Bloomington, MN-WI | Reconfigure and repurpose obsolete space with new merchandise mix | |||||
14 | Ellisville Square | St. Louis, MO-IL | Redevelopment of existing anchor space for multiple retailers, potential outparcel development | |||||
15 | Franklin Square | Charlotte-Concord-Gastonia, NC-SC | Redevelopment of existing anchor space for new anchor and in-line tenancy | |||||
16 | Devonshire Place | Raleigh, NC | Repurpose, assemble and reposition to create footprint for national retailers | |||||
17 | Hamilton Plaza | Trenton, NJ | Redevelopment of existing anchor space for multiple retailers, potential outparcel development | |||||
18 | ShopRite Supermarket | New York-Newark-Jersey City, NY-NJ-PA | Redevelopment of existing pad building to accommodate multiple new retailers | |||||
19 | Falcaro's Plaza | New York-Newark-Jersey City, NY-NJ-PA | Reorient and repurpose anchor space and additional building to leverage power corner location, densification of site | |||||
20 | Mamaroneck Centre | New York-Newark-Jersey City, NY-NJ-PA | Redevelopment of existing pad building to accommodate multiple new retailers | |||||
21 | Collegeville Shopping Center | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Redevelopment of existing anchor space for multiple retailers, potential outparcel development | |||||
22 | Marlton Crossing | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Redevelopment of oversized anchor, remerchandise with experiential retailers, densification of site | |||||
23 | The Commons at Wolfcreek | Memphis, TN-MS-AR | Redevelopment of existing anchor space for multiple anchor retailers, potential outparcel development | |||||
24 | Texas City Bay | Houston-The Woodlands-Sugar Land, TX | Redevelopment of vacant anchor space with combination of anchor and small shop space, densification of site | |||||
25 | Hanover Square | Richmond, VA | Redevelopment of existing anchor space for multiple retailers, potential outparcel development | |||||
The Company has identified the properties above as potential future reinvestment opportunities. Many of these opportunities are, or will soon be, in preliminary planning phases and as such, may not ultimately become active reinvestments. Proceeding with | ||||||||
these reinvestments could be subject to factors outside of the Company’s control which could delay, suspend or defer the expected opportunity or timing of execution. While the Company expects that these projects are the most likely to become active | ||||||||
reinvestments in the near-term, it should be noted that this list will fluctuate as projects become active, suspended or otherwise rescheduled. For more information, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K | ||||||||
for the year ended December 31, 2015. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 26 |
PORTFOLIO SUMMARY | ||||||||||||||
Supplemental Disclosure Three Months Ended September 30, 2016 | ||||||||||||||
Includes unconsolidated joint venture, Montecito Marketplace, at 100% |
PORTFOLIO OVERVIEW | ||||||||||||||||||||||||||||||
Dollars in thousands, except ABR per square foot | ||||||||||||||||||||||||||||||
As of: | ||||||||||||||||||||||||||||||
9/30/16 | 6/30/16 | 3/31/16 | 12/31/15 | 9/30/15 | ||||||||||||||||||||||||||
Number of properties | 514 | 516 | 518 | 518 | 519 | |||||||||||||||||||||||||
GLA | 86,295,214 | 86,446,148 | 86,669,873 | 86,615,572 | 86,696,827 | |||||||||||||||||||||||||
Percent billed | 90.6 | % | 90.6 | % | 90.4 | % | 91.0 | % | 90.9 | % | ||||||||||||||||||||
Percent leased | 92.6 | % | 92.8 | % | 92.4 | % | 92.6 | % | 92.6 | % | ||||||||||||||||||||
TOTAL ≥ 10,000 SF | 95.8 | % | 96.4 | % | 95.9 | % | 96.2 | % | 96.2 | % | ||||||||||||||||||||
TOTAL < 10,000 SF | 85.0 | % | 84.2 | % | 83.9 | % | 84.3 | % | 84.0 | % | ||||||||||||||||||||
ABR | $ | 953,696 | $ | 952,653 | $ | 951,163 | $ | 945,667 | $ | 939,293 | ||||||||||||||||||||
ABR/SF | $ | 12.90 | $ | 12.85 | $ | 12.85 | $ | 12.76 | $ | 12.68 | ||||||||||||||||||||
PORTFOLIO BY UNIT SIZE AS OF 9/30/16 | ||||||||||||||||||||||||||||||
Number of Units | GLA | Percent Billed | Percent Leased | Percent of Vacant GLA | ABR | ABR/SF | ||||||||||||||||||||||||
≥ 35,000 SF | 577 | 35,836,712 | 96.7 | % | 97.5 | % | 13.7 | % | $ | 276,584 | $ | 9.19 | ||||||||||||||||||
20,000 – 34,999 SF | 556 | 14,634,229 | 93.1 | % | 95.3 | % | 10.8 | % | 135,710 | 9.88 | ||||||||||||||||||||
10,000 - 19,999 SF | 753 | 10,260,937 | 87.5 | % | 90.3 | % | 15.5 | % | 116,348 | 12.88 | ||||||||||||||||||||
5,000 - 9,999 SF | 1,374 | 9,461,562 | 83.3 | % | 86.3 | % | 20.3 | % | 127,696 | 16.27 | ||||||||||||||||||||
< 5,000 SF | 7,763 | 16,101,774 | 81.1 | % | 84.2 | % | 39.7 | % | 297,358 | 22.48 | ||||||||||||||||||||
TOTAL | 11,023 | 86,295,214 | 90.6 | % | 92.6 | % | 100.0 | % | $ | 953,696 | $ | 12.90 | ||||||||||||||||||
TOTAL ≥ 10,000 SF | 1,886 | 60,731,878 | 94.3 | % | 95.8 | % | 40.0 | % | $ | 528,642 | $ | 10.00 | ||||||||||||||||||
TOTAL < 10,000 SF | 9,137 | 25,563,336 | 81.9 | % | 85.0 | % | 60.0 | % | 425,054 | 20.17 | ||||||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 28 |
TOP FORTY RETAILERS RANKED BY ABR | ||||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||||
Retailer | Owned Leases | Leased GLA | Percent of Total Portfolio GLA | Leased ABR | Percent of Portfolio Leased ABR | |||||||||||||||||
1 | The Kroger Co. (1) | 71 | 4,621,572 | 5.4 | % | $ | 31,806 | 3.3 | % | |||||||||||||
2 | The TJX Companies, Inc. (2) | 93 | 2,892,324 | 3.4 | % | 30,201 | 3.2 | % | ||||||||||||||
3 | Dollar Tree Stores, Inc. (3) | 167 | 1,867,255 | 2.2 | % | 18,690 | 2.0 | % | ||||||||||||||
4 | Ahold Delhaize (4) | 32 | 1,680,551 | 1.9 | % | 17,580 | 1.8 | % | ||||||||||||||
5 | Wal-Mart Stores, Inc. (5) | 29 | 3,548,000 | 4.1 | % | 16,904 | 1.8 | % | ||||||||||||||
6 | Publix Super Markets, Inc. | 39 | 1,802,591 | 2.1 | % | 16,681 | 1.7 | % | ||||||||||||||
7 | Albertsons Companies, Inc. (6) | 23 | 1,294,287 | 1.5 | % | 13,804 | 1.4 | % | ||||||||||||||
8 | Burlington Stores, Inc. | 19 | 1,405,122 | 1.6 | % | 10,776 | 1.1 | % | ||||||||||||||
9 | Bed Bath & Beyond Inc. (7) | 31 | 761,216 | 0.9 | % | 9,448 | 1.0 | % | ||||||||||||||
10 | PetSmart, Inc. (8) | 30 | 652,714 | 0.8 | % | 9,371 | 1.0 | % | ||||||||||||||
TOP 10 RETAILERS | 534 | 20,525,632 | 23.9 | % | 175,261 | 18.3 | % | |||||||||||||||
11 | Big Lots, Inc. | 46 | 1,527,517 | 1.8 | % | 9,368 | 1.0 | % | ||||||||||||||
12 | Ross Stores, Inc. (9) | 31 | 860,356 | 1.0 | % | 9,366 | 1.0 | % | ||||||||||||||
13 | Sears Holdings Corporation (10) | 22 | 2,058,756 | 2.4 | % | 9,102 | 1.0 | % | ||||||||||||||
14 | Best Buy Co., Inc. | 16 | 660,392 | 0.8 | % | 8,967 | 0.9 | % | ||||||||||||||
15 | Office Depot, Inc. (11) | 34 | 758,207 | 0.9 | % | 8,336 | 0.9 | % | ||||||||||||||
16 | PETCO Animal Supplies, Inc. (12) | 34 | 450,480 | 0.5 | % | 7,491 | 0.8 | % | ||||||||||||||
17 | Kohl's Corporation | 12 | 1,002,715 | 1.2 | % | 7,335 | 0.8 | % | ||||||||||||||
18 | Party City Corporation | 35 | 492,998 | 0.6 | % | 7,216 | 0.8 | % | ||||||||||||||
19 | DICK'S Sporting Goods, Inc. (13) | 13 | 542,121 | 0.6 | % | 6,962 | 0.7 | % | ||||||||||||||
20 | Staples, Inc. | 28 | 586,564 | 0.7 | % | 6,944 | 0.7 | % | ||||||||||||||
TOP 20 RETAILERS | 805 | 29,465,738 | 34.4 | % | 256,348 | 26.9 | % | |||||||||||||||
21 | L.A. Fitness International, LLC | 11 | 429,035 | 0.5 | % | 6,452 | 0.7 | % | ||||||||||||||
22 | Mattress Firm, Inc. (14) | 49 | 284,387 | 0.3 | % | 6,286 | 0.7 | % | ||||||||||||||
23 | Ascena Retail Group, Inc. (15) | 54 | 325,657 | 0.4 | % | 6,209 | 0.7 | % | ||||||||||||||
24 | Hobby Lobby Stores, Inc. | 15 | 918,619 | 1.1 | % | 5,950 | 0.6 | % | ||||||||||||||
25 | The Home Depot, Inc. | 8 | 799,388 | 0.9 | % | 5,755 | 0.6 | % | ||||||||||||||
26 | Michaels Stores, Inc. | 24 | 529,205 | 0.6 | % | 5,637 | 0.6 | % | ||||||||||||||
27 | Giant Eagle, Inc. | 7 | 555,560 | 0.6 | % | 5,591 | 0.6 | % | ||||||||||||||
28 | Southeastern Grocers (16) | 15 | 706,283 | 0.8 | % | 5,380 | 0.6 | % | ||||||||||||||
29 | H.E. Butt Grocery Company (17) | 7 | 419,204 | 0.5 | % | 5,262 | 0.6 | % | ||||||||||||||
30 | CVS Health | 23 | 309,120 | 0.4 | % | 5,016 | 0.5 | % | ||||||||||||||
31 | Walgreen Co. | 20 | 289,244 | 0.3 | % | 4,810 | 0.5 | % | ||||||||||||||
32 | ULTA Beauty (18) | 19 | 217,900 | 0.3 | % | 4,603 | 0.5 | % | ||||||||||||||
33 | Jo-Ann Stores, Inc. | 24 | 447,990 | 0.5 | % | 4,370 | 0.5 | % | ||||||||||||||
34 | Sally Beauty Holdings, Inc. | 115 | 193,775 | 0.2 | % | 4,254 | 0.4 | % | ||||||||||||||
35 | Gap, Inc. (19) | 16 | 257,085 | 0.3 | % | 4,205 | 0.4 | % | ||||||||||||||
36 | Payless ShoeSource | 66 | 202,647 | 0.2 | % | 4,151 | 0.4 | % | ||||||||||||||
37 | Beall's, Inc. (20) | 25 | 579,116 | 0.7 | % | 4,076 | 0.4 | % | ||||||||||||||
38 | DSW Inc. | 13 | 243,787 | 0.3 | % | 4,018 | 0.4 | % | ||||||||||||||
39 | Stein Mart, Inc. | 13 | 459,393 | 0.5 | % | 4,003 | 0.4 | % | ||||||||||||||
40 | Barnes & Noble, Inc. | 10 | 224,673 | 0.3 | % | 3,983 | 0.4 | % | ||||||||||||||
TOTAL TOP 40 RETAILERS | 1,339 | 37,857,806 | 44.1 | % | $ | 356,359 | 37.4 | % | ||||||||||||||
(1) Includes Kroger (55), Harris Teeter (3), King Soopers (3), Ralphs (2), Smith's (2), | (6) Includes Vons (4), Albertsons (3), Acme (3), Randalls (3), Tom Thumb (2), Dominick's (2), | (14) Includes Sleepy's (27) and Mattress Firm (22). | ||||||||||||||||||||
Pick ' N Save (2), Dillons (1), Food 4 Less (1) and Pay Less (1). | Shaw's (2), Jewel-Osco (1), Shop & Save Market (1), Star Market (1) and $.99 Only Store (1). | (15) Includes dressbarn (21), Catherines (11), Lane Bryant (8), | ||||||||||||||||||||
(2) Includes T.J. Maxx (48), Marshalls (35), HomeGoods (9) and Sierra Trading Post (1). | (7) Includes Bed Bath & Beyond (17), Harmon Face Values (6), Christmas Tree Shops (4), | Justice (7), maurices (6) and Ann Taylor (1). | ||||||||||||||||||||
Excludes Marshalls / HomeGoods at development property. | Cost Plus World Market (2) and buybuy BABY (2). | (16) Includes Winn-Dixie (9), BI-LO (3) and Harveys (3). | ||||||||||||||||||||
(3) Includes Dollar Tree (130), Family Dollar (35), Deals (1) and Dollar Stop (1). | (8) Excludes PetSmart at development property. | (17) Includes H-E-B (6) and Central Market (1). | ||||||||||||||||||||
(4) Includes Giant Food (9), Food Lion (8), Super Stop & Shop (7), Martin's Food Markets (2), | (9) Includes Ross Dress for Less (29) and dd's Discounts (2). | (18) Excludes ULTA at development property. | ||||||||||||||||||||
Hannaford (2), Bottom Dollar Food (1), ShopRite (1), Stop & Shop (1) and Tops (1). | (10) Includes Kmart (18), Sears (2), Sears Essentials (1) and Sears Outlet (1). | (19) Includes Old Navy (12), GAP Factory (2), GAP (1) and | ||||||||||||||||||||
(5) Includes Supercenters (14), Discount Stores (9), Walmart Neighborhood | (11) Includes Office Depot (18) and OfficeMax (16). | Banana Republic Factory (1). | ||||||||||||||||||||
Market (5) and Sam's Club (1). | (12) Includes PETCO (33) and Unleashed (1). | (20) Includes Beall's Outlet (12), Burke's Outlet (9), Burke's (2), | ||||||||||||||||||||
(13) Includes DICK'S Sporting Goods (10) and Golf Galaxy (3). | and Beall's Department Store (2). |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 29 |
NEW & RENEWAL LEASE SUMMARY | ||||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | ||||||||||||||||||||||||||||||||||||||||||||||
Tenant Improvements PSF (1) | Third Party Leasing Commissions PSF | Weighted Average Lease Term (years) | Comparable Only | |||||||||||||||||||||||||||||||||||||||||||
Leases | GLA | New ABR | New ABR/SF | Leases | GLA | New ABR/SF | Old ABR/SF | Rent Spread | ||||||||||||||||||||||||||||||||||||||
TOTAL - NEW, RENEWAL & OPTION | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 9/30/16 | 513 | 3,548,517 | $ | 41,899 | $ | 11.81 | $ | 5.02 | $ | 0.79 | 5.5 | 390 | 2,981,503 | $ | 11.38 | $ | 10.26 | 10.9 | % | |||||||||||||||||||||||||||
Three months ended 6/30/16 | 554 | 3,589,288 | 47,278 | 13.17 | 5.02 | 1.00 | 6.2 | 435 | 3,089,607 | 13.06 | 11.65 | 12.1 | % | |||||||||||||||||||||||||||||||||
Three months ended 3/31/16 | 497 | 3,571,385 | 47,678 | 13.35 | 5.24 | 0.65 | 5.9 | 396 | 3,125,180 | 13.17 | 11.88 | 10.9 | % | |||||||||||||||||||||||||||||||||
Three months ended 12/31/15 | 554 | 3,882,618 | 47,801 | 12.31 | 6.98 | 0.65 | 5.4 | 457 | 3,523,206 | 12.08 | 10.52 | 14.8 | % | |||||||||||||||||||||||||||||||||
TOTAL - TTM | 2,118 | 14,591,808 | $ | 184,656 | $ | 12.65 | $ | 5.60 | $ | 0.77 | 5.7 | 1,678 | 12,719,496 | $ | 12.42 | $ | 11.07 | 12.2 | % | |||||||||||||||||||||||||||
NEW & RENEWAL ONLY | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 9/30/16 | 420 | 2,042,244 | $ | 27,362 | $ | 13.40 | $ | 8.72 | $ | 1.38 | 5.9 | 297 | 1,475,230 | $ | 13.14 | $ | 11.46 | 14.7 | % | |||||||||||||||||||||||||||
Three months ended 6/30/16 | 467 | 2,066,939 | 32,408 | 15.68 | 8.73 | 1.74 | 7.1 | 348 | 1,567,258 | 16.25 | 14.06 | 15.6 | % | |||||||||||||||||||||||||||||||||
Three months ended 3/31/16 | 402 | 1,780,225 | 28,131 | 15.80 | 10.52 | 1.31 | 7.1 | 301 | 1,334,020 | 16.21 | 13.94 | 16.3 | % | |||||||||||||||||||||||||||||||||
Three months ended 12/31/15 | 465 | 2,459,283 | 35,472 | 14.42 | 10.99 | 1.03 | 5.7 | 368 | 2,099,871 | 14.40 | 12.16 | 18.4 | % | |||||||||||||||||||||||||||||||||
TOTAL - TTM | 1,754 | 8,348,691 | $ | 123,373 | $ | 14.78 | $ | 9.77 | $ | 1.35 | 6.4 | 1,314 | 6,476,379 | $ | 14.93 | $ | 12.83 | 16.4 | % | |||||||||||||||||||||||||||
NEW LEASES | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 9/30/16 | 191 | 834,401 | $ | 12,955 | $ | 15.53 | $ | 20.83 | $ | 3.37 | 8.4 | 68 | 267,387 | $ | 18.59 | $ | 14.73 | 26.2 | % | |||||||||||||||||||||||||||
Three months ended 6/30/16 | 209 | 893,212 | 14,079 | 15.76 | 19.52 | 3.86 | 8.9 | 90 | 393,531 | 18.16 | 14.56 | 24.7 | % | |||||||||||||||||||||||||||||||||
Three months ended 3/31/16 | 169 | 852,315 | 12,687 | 14.89 | 21.46 | 2.58 | 9.2 | 68 | 406,110 | 15.22 | 11.28 | 34.9 | % | |||||||||||||||||||||||||||||||||
Three months ended 12/31/15 | 163 | 759,377 | 12,054 | 15.87 | 25.44 | 3.27 | 8.5 | 66 | 399,965 | 17.03 | 13.11 | 29.9 | % | |||||||||||||||||||||||||||||||||
TOTAL - TTM | 732 | 3,339,305 | $ | 51,775 | $ | 15.50 | $ | 21.69 | $ | 3.28 | 8.8 | 292 | 1,466,993 | $ | 17.12 | $ | 13.29 | 28.8 | % | |||||||||||||||||||||||||||
RENEWAL LEASES | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 9/30/16 | 229 | 1,207,843 | $ | 14,407 | $ | 11.93 | $ | 0.35 | $ | — | 4.1 | 229 | 1,207,843 | $ | 11.93 | $ | 10.73 | 11.2 | % | |||||||||||||||||||||||||||
Three months ended 6/30/16 | 258 | 1,173,727 | 18,329 | 15.62 | 0.51 | 0.13 | 5.8 | 258 | 1,173,727 | 15.62 | 13.89 | 12.5 | % | |||||||||||||||||||||||||||||||||
Three months ended 3/31/16 | 233 | 927,910 | 15,444 | 16.64 | 0.46 | 0.14 | 5.1 | 233 | 927,910 | 16.64 | 15.11 | 10.1 | % | |||||||||||||||||||||||||||||||||
Three months ended 12/31/15 | 302 | 1,699,906 | 23,418 | 13.78 | 4.54 | 0.03 | 4.5 | 302 | 1,699,906 | 13.78 | 11.93 | 15.5 | % | |||||||||||||||||||||||||||||||||
TOTAL - TTM | 1,022 | 5,009,386 | $ | 71,598 | $ | 14.29 | $ | 1.83 | $ | 0.07 | 4.8 | 1,022 | 5,009,386 | $ | 14.29 | $ | 12.69 | 12.6 | % | |||||||||||||||||||||||||||
OPTION LEASES | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 9/30/16 | 93 | 1,506,273 | $ | 14,537 | $ | 9.65 | $ | — | $ | — | 5.0 | 93 | 1,506,273 | $ | 9.65 | $ | 9.09 | 6.2 | % | |||||||||||||||||||||||||||
Three months ended 6/30/16 | 87 | 1,522,349 | 14,870 | 9.77 | — | — | 5.0 | 87 | 1,522,349 | 9.77 | 9.18 | 6.4 | % | |||||||||||||||||||||||||||||||||
Three months ended 3/31/16 | 95 | 1,791,160 | 19,547 | 10.91 | — | — | 4.7 | 95 | 1,791,160 | 10.91 | 10.34 | 5.5 | % | |||||||||||||||||||||||||||||||||
Three months ended 12/31/15 | 89 | 1,423,335 | 12,329 | 8.66 | 0.04 | — | 4.9 | 89 | 1,423,335 | 8.66 | 8.10 | 6.9 | % | |||||||||||||||||||||||||||||||||
TOTAL - TTM | 364 | 6,243,117 | $ | 61,283 | $ | 9.82 | $ | 0.01 | $ | — | 4.9 | 364 | 6,243,117 | $ | 9.82 | $ | 9.25 | 6.2 | % | |||||||||||||||||||||||||||
LEASES BY ANCHOR AND SMALL SHOP | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended 9/30/16 | TTM Ended 9/30/16 | |||||||||||||||||||||||||||||||||||||||||||||
% of Leases | % of GLA | % of ABR | New ABR/SF | Rent Spread (2) | % of Leases | % of GLA | % of ABR | New ABR/SF | Rent Spread (2) | |||||||||||||||||||||||||||||||||||||
Anchor Leases (≥ 10,000 SF) | ||||||||||||||||||||||||||||||||||||||||||||||
Total - New, Renewal & Option | 14 | % | 66 | % | 45 | % | $ | 8.00 | 7.6 | % | 15 | % | 67 | % | 48 | % | $ | 9.12 | 10.2 | % | ||||||||||||||||||||||||||
New & Renewal Only | 8 | % | 51 | % | 31 | % | 8.10 | 12.2 | % | 10 | % | 51 | % | 36 | % | 10.23 | 17.4 | % | ||||||||||||||||||||||||||||
New Leases | 8 | % | 42 | % | 33 | % | 12.10 | 42.2 | % | 10 | % | 48 | % | 38 | % | 12.32 | 37.0 | % | ||||||||||||||||||||||||||||
Renewal Leases | 7 | % | 58 | % | 29 | % | 6.09 | 6.1 | % | 9 | % | 54 | % | 34 | % | 9.02 | 10.1 | % | ||||||||||||||||||||||||||||
Option Leases | 42 | % | 87 | % | 71 | % | 7.92 | 5.3 | % | 39 | % | 87 | % | 73 | % | 8.23 | 4.8 | % | ||||||||||||||||||||||||||||
Small Shop Leases (< 10,000 SF) | ||||||||||||||||||||||||||||||||||||||||||||||
Total - New, Renewal & Option | 86 | % | 34 | % | 55 | % | $ | 19.27 | 13.8 | % | 85 | % | 33 | % | 52 | % | $ | 19.68 | 14.5 | % | ||||||||||||||||||||||||||
New & Renewal Only | 92 | % | 49 | % | 69 | % | 18.95 | 15.6 | % | 90 | % | 49 | % | 64 | % | 19.59 | 15.9 | % | ||||||||||||||||||||||||||||
New Leases | 92 | % | 58 | % | 67 | % | 18.00 | 22.0 | % | 90 | % | 52 | % | 62 | % | 18.40 | 22.7 | % | ||||||||||||||||||||||||||||
Renewal Leases | 93 | % | 42 | % | 71 | % | 19.85 | 13.4 | % | 91 | % | 46 | % | 66 | % | 20.51 | 14.0 | % | ||||||||||||||||||||||||||||
Option Leases | 58 | % | 13 | % | 29 | % | 20.86 | 7.9 | % | 61 | % | 13 | % | 27 | % | 20.07 | 9.6 | % | ||||||||||||||||||||||||||||
(1) Excludes landlord work. | ||||||||||||||||||||||||||||||||||||||||||||||
(2) Comparable leases only. | ||||||||||||||||||||||||||||||||||||||||||||||
Includes development properties. Excludes leases executed for less than one year. | ||||||||||||||||||||||||||||||||||||||||||||||
ABR/SF includes the GLA of lessee owned leasehold improvements. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 30 |
NEW LEASE NET EFFECTIVE RENT | |||||||||||||||||||||||
Twelve Months Ended | Three Months Ended | ||||||||||||||||||||||
9/30/16 | 9/30/16 | 6/30/16 | 3/31/16 | 12/31/15 | |||||||||||||||||||
NEW LEASES | |||||||||||||||||||||||
Weighted average over lease term: | |||||||||||||||||||||||
Base rent | $ | 16.58 | $ | 16.62 | $ | 16.90 | $ | 15.63 | $ | 17.24 | |||||||||||||
TI/TA allowance | (2.48 | ) | (2.39 | ) | (2.29 | ) | (2.39 | ) | (2.90 | ) | |||||||||||||
Tenant specific landlord work | (0.24 | ) | (0.25 | ) | (0.25 | ) | (0.20 | ) | (0.26 | ) | |||||||||||||
Third party leasing commissions | (0.37 | ) | (0.39 | ) | (0.40 | ) | (0.30 | ) | (0.38 | ) | |||||||||||||
Rent concessions | — | — | — | — | — | ||||||||||||||||||
EQUIVALENT NET EFFECTIVE RENT | $ | 13.49 | $ | 13.59 | $ | 13.96 | $ | 12.74 | $ | 13.70 | |||||||||||||
Net effective rent / base rent | 81 | % | 82 | % | 83 | % | 82 | % | 79 | % | |||||||||||||
Weighted average term (years) | 8.8 | 8.4 | 8.9 | 9.2 | 8.5 | ||||||||||||||||||
PERCENT OF TOTAL EQUIVALENT NET EFFECTIVE RENT BY ANCHOR AND SMALL SHOP | |||||||||||||||||||||||
≥ 10,000 SF | 36 | % | 31 | % | 36 | % | 38 | % | 39 | % | |||||||||||||
< 10,000 SF | 64 | % | 69 | % | 64 | % | 62 | % | 61 | % | |||||||||||||
Includes development properties. | |||||||||||||||||||||||
ABR/SF includes the GLA of lessee owned leasehold improvements. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 31 |
LEASE EXPIRATION SCHEDULE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSUMES NO EXERCISE OF RENEWAL OPTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL PORTFOLIO | SPACES > 10,000 SF | SPACES < 10,000 SF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | % of | % of | ABR/SF | Number | % of | % of | ABR/SF | Number | % of | % of | ABR/SF | |||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Leased | Leased | In-Place | In-place | at | of | Leased | Leased | In-Place | In-place | at | of | Leased | Leased | In-Place | In-place | at | |||||||||||||||||||||||||||||||||||||||||||||||
Leases | GLA | GLA | ABR | ABR/SF | Expiration | Leases | GLA | GLA | ABR | ABR/SF | Expiration | Leases | GLA | GLA | ABR | ABR/SF | Expiration | |||||||||||||||||||||||||||||||||||||||||||||||
M-M | 359 | 996,230 | 1.2 | % | 1.5 | % | $ | 13.97 | $ | 13.97 | 14 | 252,673 | 0.4 | % | 0.5 | % | $ | 9.71 | $ | 9.71 | 345 | 743,557 | 3.4 | % | 2.7 | % | $ | 15.41 | $ | 15.41 | ||||||||||||||||||||||||||||||||||
2016 | 360 | 1,575,043 | 2.0 | % | 2.2 | % | 13.26 | 13.26 | 26 | 764,291 | 1.3 | % | 1.3 | % | 9.00 | 9.00 | 334 | 810,752 | 3.7 | % | 3.3 | % | 17.27 | 17.29 | ||||||||||||||||||||||||||||||||||||||||
2017 | 1,548 | 8,670,206 | 10.9 | % | 11.3 | % | 12.45 | 12.48 | 175 | 5,204,895 | 8.9 | % | 8.1 | % | 8.20 | 8.21 | 1,373 | 3,465,311 | 16.0 | % | 15.4 | % | 18.83 | 18.89 | ||||||||||||||||||||||||||||||||||||||||
2018 | 1,574 | 10,286,793 | 12.9 | % | 13.5 | % | 12.50 | 12.63 | 217 | 6,738,007 | 11.6 | % | 11.5 | % | 9.00 | 9.04 | 1,357 | 3,548,786 | 16.3 | % | 16.0 | % | 19.16 | 19.44 | ||||||||||||||||||||||||||||||||||||||||
2019 | 1,439 | 10,840,733 | 13.6 | % | 13.2 | % | 11.65 | 11.83 | 221 | 7,494,757 | 12.9 | % | 12.1 | % | 8.51 | 8.56 | 1,218 | 3,345,976 | 15.4 | % | 14.7 | % | 18.67 | 19.18 | ||||||||||||||||||||||||||||||||||||||||
2020 | 1,213 | 11,029,213 | 13.8 | % | 13.0 | % | 11.26 | 11.49 | 240 | 8,360,064 | 14.4 | % | 13.3 | % | 8.42 | 8.50 | 973 | 2,669,149 | 12.3 | % | 12.6 | % | 20.13 | 20.86 | ||||||||||||||||||||||||||||||||||||||||
2021 | 1,064 | 10,210,806 | 12.8 | % | 12.3 | % | 11.53 | 11.97 | 228 | 7,749,815 | 13.3 | % | 13.2 | % | 8.97 | 9.11 | 836 | 2,460,991 | 11.3 | % | 11.3 | % | 19.58 | 20.95 | ||||||||||||||||||||||||||||||||||||||||
2022 | 450 | 5,992,612 | 7.5 | % | 6.8 | % | 10.83 | 11.58 | 147 | 4,924,140 | 8.5 | % | 8.2 | % | 8.77 | 9.20 | 303 | 1,068,472 | 4.9 | % | 5.1 | % | 20.32 | 22.57 | ||||||||||||||||||||||||||||||||||||||||
2023 | 295 | 3,705,779 | 4.6 | % | 4.1 | % | 10.51 | 11.32 | 93 | 2,942,429 | 5.1 | % | 4.5 | % | 8.14 | 8.59 | 202 | 763,350 | 3.5 | % | 3.5 | % | 19.64 | 21.84 | ||||||||||||||||||||||||||||||||||||||||
2024 | 300 | 3,435,620 | 4.3 | % | 4.6 | % | 12.71 | 13.90 | 93 | 2,671,406 | 4.6 | % | 5.2 | % | 10.24 | 10.95 | 207 | 764,214 | 3.5 | % | 3.8 | % | 21.32 | 24.21 | ||||||||||||||||||||||||||||||||||||||||
2025+ | 885 | 13,148,324 | 16.5 | % | 17.5 | % | 12.68 | 14.24 | 311 | 11,066,671 | 19.0 | % | 22.3 | % | 10.64 | 11.69 | 574 | 2,081,653 | 9.6 | % | 11.5 | % | 23.52 | 27.80 | ||||||||||||||||||||||||||||||||||||||||
ASSUMES EXERCISE OF ALL RENEWAL OPTIONS (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL PORTFOLIO | SPACES > 10,000 SF | SPACES < 10,000 SF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | % of | % of | ABR/SF | Number | % of | % of | ABR/SF | Number | % of | % of | ABR/SF | |||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Leased | Leased | In-Place | In-place | at | of | Leased | Leased | In-Place | In-place | at | of | Leased | In-Place | In-place | at | ||||||||||||||||||||||||||||||||||||||||||||||||
Leases | GLA | GLA | ABR | ABR/SF | Expiration | Leases | GLA | GLA | ABR | ABR/SF | Expiration | Leases | GLA | GLA | ABR | ABR/SF | Expiration | |||||||||||||||||||||||||||||||||||||||||||||||
M-M | 359 | 996,230 | 1.2 | % | 1.5 | % | $ | 13.97 | $ | 13.97 | 14 | 252,673 | 0.4 | % | 0.5 | % | $ | 9.71 | $ | 9.71 | 345 | 743,557 | 3.4 | % | 2.7 | % | $ | 15.41 | $ | 15.41 | ||||||||||||||||||||||||||||||||||
2016 | 292 | 990,871 | 1.2 | % | 1.5 | % | 14.30 | 14.30 | 15 | 350,578 | 0.6 | % | 0.6 | % | 8.87 | 8.87 | 277 | 640,293 | 2.9 | % | 2.6 | % | 17.27 | 17.27 | ||||||||||||||||||||||||||||||||||||||||
2017 | 1,073 | 3,574,778 | 4.5 | % | 5.4 | % | 14.44 | 14.50 | 57 | 1,189,954 | 2.0 | % | 1.7 | % | 7.66 | 7.71 | 1,016 | 2,384,824 | 11.0 | % | 10.0 | % | 17.83 | 17.89 | ||||||||||||||||||||||||||||||||||||||||
2018 | 935 | 3,056,991 | 3.8 | % | 5.0 | % | 15.73 | 15.97 | 52 | 1,125,693 | 1.9 | % | 2.1 | % | 9.64 | 9.76 | 883 | 1,931,298 | 8.9 | % | 8.8 | % | 19.28 | 19.60 | ||||||||||||||||||||||||||||||||||||||||
2019 | 844 | 3,178,393 | 4.0 | % | 4.8 | % | 14.37 | 14.81 | 49 | 1,245,387 | 2.1 | % | 1.9 | % | 8.19 | 8.35 | 795 | 1,933,006 | 8.9 | % | 8.3 | % | 18.35 | 18.98 | ||||||||||||||||||||||||||||||||||||||||
2020 | 736 | 3,081,353 | 3.9 | % | 4.8 | % | 14.85 | 15.42 | 49 | 1,395,088 | 2.4 | % | 2.2 | % | 8.47 | 8.67 | 687 | 1,686,265 | 7.8 | % | 8.0 | % | 20.13 | 21.01 | ||||||||||||||||||||||||||||||||||||||||
2021 | 685 | 2,545,738 | 3.2 | % | 4.3 | % | 15.95 | 17.26 | 44 | 909,431 | 1.6 | % | 1.8 | % | 10.28 | 10.82 | 641 | 1,636,307 | 7.5 | % | �� | 7.4 | % | 19.11 | 20.84 | |||||||||||||||||||||||||||||||||||||||
2022 | 426 | 1,962,479 | 2.5 | % | 3.2 | % | 15.77 | 17.33 | 41 | 843,001 | 1.4 | % | 1.6 | % | 9.76 | 10.61 | 385 | 1,119,478 | 5.2 | % | 5.3 | % | 20.29 | 22.39 | ||||||||||||||||||||||||||||||||||||||||
2023 | 438 | 2,355,418 | 2.9 | % | 3.5 | % | 14.14 | 15.62 | 49 | 1,148,821 | 2.0 | % | 1.8 | % | 8.47 | 9.35 | 389 | 1,206,597 | 5.6 | % | 5.5 | % | 19.54 | 21.59 | ||||||||||||||||||||||||||||||||||||||||
2024 | 409 | 2,580,009 | 3.2 | % | 3.4 | % | 12.45 | 13.89 | 51 | 1,514,437 | 2.6 | % | 2.2 | % | 7.64 | 8.35 | 358 | 1,065,572 | 4.9 | % | 4.8 | % | 19.29 | 21.76 | ||||||||||||||||||||||||||||||||||||||||
2025+ | 3,290 | 55,569,099 | 69.6 | % | 62.6 | % | 10.75 | 15.66 | 1,344 | 48,194,085 | 82.9 | % | 83.7 | % | 9.18 | 13.92 | 1,946 | 7,375,014 | 34.0 | % | 36.5 | % | 21.05 | 27.05 | ||||||||||||||||||||||||||||||||||||||||
(1) ABR for leases whose future option rent is based on fair market value or CPI is reported as the ABR for the last year of the current lease term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ABR/SF includes the GLA of lessee owned leasehold improvements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASE RETENTION RATE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By Count | By GLA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve Months Ended 9/30/16 | 78.6% | 84.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 32 |
PROPERTIES BY LARGEST US MSAs | |||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest US MSAs by 2015 Population | Properties | GLA | Billed | Leased | ABR | ABR / SF | Properties | of GLA | of ABR | ||||||||||||||||||||||||||
1 | New York-Newark-Jersey City, NY-NJ-PA | 30 | 3,633,095 | 88.8 | % | 91.5 | % | $ | 64,157 | $ | 19.52 | 5.8 | % | 4.2 | % | 6.7 | % | ||||||||||||||||||
2 | Los Angeles-Long Beach-Anaheim, CA | 9 | 1,684,984 | 98.2 | % | 99.2 | % | 29,268 | 19.22 | 1.8 | % | 2.0 | % | 3.1 | % | ||||||||||||||||||||
3 | Chicago-Naperville-Elgin, IL-IN-WI | 16 | 4,020,459 | 90.3 | % | 91.4 | % | 45,680 | 12.96 | 3.1 | % | 4.7 | % | 4.8 | % | ||||||||||||||||||||
4 | Dallas-Fort Worth-Arlington, TX | 16 | 3,088,797 | 91.1 | % | 94.2 | % | 43,609 | 15.16 | 3.1 | % | 3.6 | % | 4.6 | % | ||||||||||||||||||||
5 | Houston-The Woodlands-Sugar Land, TX | 36 | 4,530,424 | 89.0 | % | 91.3 | % | 46,620 | 11.74 | 7.0 | % | 5.2 | % | 4.9 | % | ||||||||||||||||||||
6 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 3 | 451,260 | 98.3 | % | 99.7 | % | 5,001 | 11.11 | 0.6 | % | 0.5 | % | 0.5 | % | ||||||||||||||||||||
7 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 28 | 4,307,425 | 92.2 | % | 94.4 | % | 55,966 | 15.67 | 5.4 | % | 5.0 | % | 5.9 | % | ||||||||||||||||||||
8 | Miami-Fort Lauderdale-West Palm Beach, FL | 10 | 1,693,416 | 88.1 | % | 90.1 | % | 20,510 | 14.00 | 1.9 | % | 2.0 | % | 2.2 | % | ||||||||||||||||||||
9 | Atlanta-Sandy Springs-Roswell, GA | 25 | 3,663,048 | 89.8 | % | 91.4 | % | 35,463 | 10.90 | 4.9 | % | 4.2 | % | 3.7 | % | ||||||||||||||||||||
10 | Boston-Cambridge-Newton, MA-NH | 6 | 710,309 | 85.8 | % | 89.2 | % | 8,056 | 13.02 | 1.2 | % | 0.8 | % | 0.8 | % | ||||||||||||||||||||
Top 10 Largest US MSAs by Population | 179 | 27,783,217 | 90.6 | % | 92.7 | % | 354,330 | 14.44 | 34.8 | % | 32.2 | % | 37.2 | % | |||||||||||||||||||||
11 | San Francisco-Oakland-Hayward, CA | 2 | 478,046 | 94.0 | % | 96.9 | % | 9,019 | 24.58 | 0.4 | % | 0.6 | % | 0.9 | % | ||||||||||||||||||||
12 | Phoenix-Mesa-Scottsdale, AZ | 1 | 119,525 | 39.3 | % | 70.3 | % | 1,097 | 13.05 | 0.2 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||
13 | Riverside-San Bernardino-Ontario, CA | 4 | 537,088 | 92.5 | % | 97.5 | % | 7,102 | 15.13 | 0.8 | % | 0.6 | % | 0.7 | % | ||||||||||||||||||||
14 | Detroit-Warren-Dearborn, MI | 9 | 1,600,883 | 90.8 | % | 92.8 | % | 17,135 | 12.43 | 1.8 | % | 1.9 | % | 1.8 | % | ||||||||||||||||||||
15 | Seattle-Tacoma-Bellevue, WA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
16 | Minneapolis-St. Paul-Bloomington, MN-WI | 8 | 1,179,623 | 88.4 | % | 91.0 | % | 13,286 | 13.19 | 1.6 | % | 1.4 | % | 1.4 | % | ||||||||||||||||||||
17 | San Diego-Carlsbad, CA | 2 | 507,394 | 96.4 | % | 97.3 | % | 9,152 | 19.15 | 0.4 | % | 0.6 | % | 1.0 | % | ||||||||||||||||||||
18 | Tampa-St. Petersburg-Clearwater, FL | 15 | 2,401,903 | 92.3 | % | 94.4 | % | 27,974 | 13.36 | 2.9 | % | 2.8 | % | 2.9 | % | ||||||||||||||||||||
19 | Denver-Aurora-Lakewood, CO | 5 | 1,192,781 | 97.3 | % | 97.7 | % | 14,867 | 12.83 | 1.0 | % | 1.4 | % | 1.6 | % | ||||||||||||||||||||
20 | St. Louis, MO-IL | 4 | 658,665 | 74.8 | % | 86.0 | % | 4,957 | 8.80 | 0.8 | % | 0.8 | % | 0.5 | % | ||||||||||||||||||||
Top 20 Largest US MSAs by Population | 229 | 36,459,125 | 90.6 | % | 92.9 | % | 458,919 | 14.28 | 44.7 | % | 42.4 | % | 48.1 | % | |||||||||||||||||||||
21 | Baltimore-Columbia-Towson, MD | 1 | 218,862 | 100.0 | % | 100.0 | % | 2,636 | 12.04 | 0.2 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||||
22 | Charlotte-Concord-Gastonia, NC-SC | 6 | 1,708,512 | 89.9 | % | 90.3 | % | 14,402 | 10.23 | 1.1 | % | 2.0 | % | 1.5 | % | ||||||||||||||||||||
23 | Portland-Vancouver-Hillsboro, OR-WA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
24 | Orlando-Kissimmee-Sanford, FL | 6 | 963,156 | 89.4 | % | 95.1 | % | 15,562 | 17.33 | 1.1 | % | 1.1 | % | 1.6 | % | ||||||||||||||||||||
25 | San Antonio-New Braunfels, TX | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
26 | Pittsburgh, PA | 1 | 199,079 | 100.0 | % | 100.0 | % | 1,914 | 10.66 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||||
27 | Sacramento--Roseville--Arden-Arcade, CA | 1 | 103,695 | 95.3 | % | 95.3 | % | 1,825 | 18.48 | 0.2 | % | 0.1 | % | 0.2 | % | ||||||||||||||||||||
28 | Cincinnati, OH-KY-IN | 7 | 1,931,880 | 96.4 | % | 96.9 | % | 21,374 | 14.37 | 1.3 | % | 2.2 | % | 2.2 | % | ||||||||||||||||||||
29 | Las Vegas-Henderson-Paradise, NV | 3 | 613,061 | 93.2 | % | 95.4 | % | 8,322 | 16.12 | 0.6 | % | 0.7 | % | 0.9 | % | ||||||||||||||||||||
30 | Kansas City, MO-KS | 4 | 602,466 | 90.8 | % | 92.8 | % | 4,435 | 8.07 | 0.8 | % | 0.7 | % | 0.5 | % | ||||||||||||||||||||
31 | Cleveland-Elyria, OH | 7 | 1,447,769 | 93.0 | % | 94.8 | % | 15,126 | 11.07 | 1.3 | % | 1.7 | % | 1.6 | % | ||||||||||||||||||||
32 | Columbus, OH | 4 | 449,488 | 86.6 | % | 90.3 | % | 3,988 | 10.32 | 0.8 | % | 0.5 | % | 0.4 | % | ||||||||||||||||||||
33 | Austin-Round Rock, TX | 1 | 169,552 | 83.0 | % | 100.0 | % | 1,819 | 10.73 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||||
34 | Indianapolis-Carmel-Anderson, IN | 4 | 881,418 | 80.4 | % | 81.8 | % | 6,372 | 8.87 | 0.8 | % | 1.0 | % | 0.7 | % | ||||||||||||||||||||
35 | San Jose-Sunnyvale-Santa Clara, CA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
36 | Nashville-Davidson--Murfreesboro--Franklin, TN | 7 | 1,279,571 | 93.1 | % | 94.3 | % | 13,107 | 10.92 | 1.3 | % | 1.5 | % | 1.4 | % | ||||||||||||||||||||
37 | Virginia Beach-Norfolk-Newport News, VA-NC | 2 | 205,257 | 96.9 | % | 97.7 | % | 3,354 | 16.85 | 0.4 | % | 0.2 | % | 0.4 | % | ||||||||||||||||||||
38 | Providence-Warwick, RI-MA | 1 | 148,126 | 83.8 | % | 83.8 | % | 1,356 | 10.92 | 0.2 | % | 0.2 | % | 0.1 | % | ||||||||||||||||||||
39 | Milwaukee-Waukesha-West Allis, WI | 4 | 710,327 | 89.3 | % | 90.1 | % | 6,587 | 10.29 | 0.8 | % | 0.8 | % | 0.7 | % | ||||||||||||||||||||
40 | Jacksonville, FL | 5 | 827,508 | 82.9 | % | 84.3 | % | 8,254 | 12.30 | 1.0 | % | 1.0 | % | 0.9 | % | ||||||||||||||||||||
41 | Oklahoma City, OK | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
42 | Memphis, TN-MS-AR | 1 | 660,013 | 82.5 | % | 83.4 | % | 7,635 | 14.36 | 0.2 | % | 0.8 | % | 0.8 | % |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 33 |
PROPERTIES BY LARGEST US MSAs | |||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest US MSAs by 2015 Population | Properties | GLA | Billed | Leased | ABR | ABR / SF | Properties | of GLA | of ABR | ||||||||||||||||||||||||||
43 | Louisville/Jefferson County, KY-IN | 4 | 707,728 | 94.8 | % | 97.1 | % | 7,118 | 10.64 | 0.8 | % | 0.8 | % | 0.7 | % | ||||||||||||||||||||
44 | Raleigh, NC | 2 | 291,027 | 71.4 | % | 71.4 | % | 2,766 | 13.46 | 0.4 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||||
45 | Richmond, VA | 2 | 215,897 | 95.7 | % | 96.1 | % | 2,893 | 13.95 | 0.4 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||||
46 | New Orleans-Metairie, LA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
47 | Hartford-West Hartford-East Hartford, CT | 4 | 891,680 | 93.7 | % | 94.6 | % | 11,697 | 16.54 | 0.8 | % | 1.0 | % | 1.2 | % | ||||||||||||||||||||
48 | Salt Lake City, UT | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
49 | Birmingham-Hoover, AL | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
50 | Buffalo-Cheektowaga-Niagara Falls, NY | 1 | 95,544 | 100.0 | % | 100.0 | % | 1,442 | 15.48 | 0.2 | % | 0.1 | % | 0.2 | % | ||||||||||||||||||||
Top 50 Largest US MSAs by Population | 307 | 51,780,741 | 90.6 | % | 92.7 | % | 622,903 | 13.73 | 59.8 | % | 60.1 | % | 65.4 | % | |||||||||||||||||||||
MSAs Ranked 51 - 100 by Population | 66 | 11,508,186 | 89.9 | % | 91.1 | % | 116,999 | 12.34 | 12.8 | % | 13.3 | % | 12.2 | % | |||||||||||||||||||||
Other MSAs | 141 | 23,006,287 | 91.1 | % | 93.1 | % | 213,794 | 11.21 | 27.4 | % | 26.6 | % | 22.4 | % | |||||||||||||||||||||
TOTAL | 514 | 86,295,214 | 90.6 | % | 92.6 | % | $ | 953,696 | $ | 12.90 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 34 |
LARGEST MSAs BY ABR | |||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest MSAs by ABR | MSA Rank | Properties | GLA | Billed | Leased | ABR | ABR / SF | Properties | of GLA | of ABR | |||||||||||||||||||||||||
1 | New York-Newark-Jersey City, NY-NJ-PA | 1 | 30 | 3,633,095 | 88.8 | % | 91.5 | % | $ | 64,157 | $ | 19.52 | 5.8 | % | 4.2 | % | 6.7 | % | |||||||||||||||||
2 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 7 | 28 | 4,307,425 | 92.2 | % | 94.4 | % | 55,966 | 15.67 | 5.4 | % | 5.0 | % | 5.9 | % | |||||||||||||||||||
3 | Houston-The Woodlands-Sugar Land, TX | 5 | 36 | 4,530,424 | 89.0 | % | 91.3 | % | 46,620 | 11.74 | 7.0 | % | 5.2 | % | 4.9 | % | |||||||||||||||||||
4 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | 16 | 4,020,459 | 90.3 | % | 91.4 | % | 45,680 | 12.96 | 3.1 | % | 4.7 | % | 4.8 | % | |||||||||||||||||||
5 | Dallas-Fort Worth-Arlington, TX | 4 | 16 | 3,088,797 | 91.1 | % | 94.2 | % | 43,609 | 15.16 | 3.1 | % | 3.6 | % | 4.6 | % | |||||||||||||||||||
6 | Atlanta-Sandy Springs-Roswell, GA | 9 | 25 | 3,663,048 | 89.8 | % | 91.4 | % | 35,463 | 10.90 | 4.9 | % | 4.2 | % | 3.7 | % | |||||||||||||||||||
7 | Los Angeles-Long Beach-Anaheim, CA | 2 | 9 | 1,684,984 | 98.2 | % | 99.2 | % | 29,268 | 19.22 | 1.8 | % | 2.0 | % | 3.1 | % | |||||||||||||||||||
8 | Tampa-St. Petersburg-Clearwater, FL | 18 | 15 | 2,401,903 | 92.3 | % | 94.4 | % | 27,974 | 13.36 | 2.9 | % | 2.8 | % | 2.9 | % | |||||||||||||||||||
9 | Cincinnati, OH-KY-IN | 28 | 7 | 1,931,880 | 96.4 | % | 96.9 | % | 21,374 | 14.37 | 1.4 | % | 2.2 | % | 2.2 | % | |||||||||||||||||||
10 | Miami-Fort Lauderdale-West Palm Beach, FL | 8 | 10 | 1,693,416 | 88.1 | % | 90.1 | % | 20,510 | 14.00 | 1.9 | % | 2.0 | % | 2.2 | % | |||||||||||||||||||
10 Largest MSAs by ABR | — | 192 | 30,955,431 | 91.1 | % | 93.0 | % | 390,621 | 14.44 | 37.3 | % | 35.9 | % | 41.0 | % | ||||||||||||||||||||
11 | Detroit-Warren-Dearborn, MI | 14 | 9 | 1,600,883 | 90.8 | % | 92.8 | % | 17,135 | 12.43 | 1.8 | % | 1.9 | % | 1.8 | % | |||||||||||||||||||
12 | Orlando-Kissimmee-Sanford, FL | 24 | 6 | 963,156 | 89.4 | % | 95.1 | % | 15,562 | 17.33 | 1.2 | % | 1.1 | % | 1.6 | % | |||||||||||||||||||
13 | Cleveland-Elyria, OH | 31 | 7 | 1,447,769 | 93.0 | % | 94.8 | % | 15,126 | 11.07 | 1.4 | % | 1.7 | % | 1.6 | % | |||||||||||||||||||
14 | Denver-Aurora-Lakewood, CO | 19 | 5 | 1,192,781 | 97.3 | % | 97.7 | % | 14,867 | 12.83 | 1.0 | % | 1.4 | % | 1.6 | % | |||||||||||||||||||
15 | Charlotte-Concord-Gastonia, NC-SC | 22 | 6 | 1,708,512 | 89.9 | % | 90.3 | % | 14,402 | 10.23 | 1.2 | % | 2.0 | % | 1.5 | % | |||||||||||||||||||
16 | Allentown-Bethlehem-Easton, PA-NJ | 69 | 5 | 1,298,479 | 93.2 | % | 93.6 | % | 13,375 | 13.24 | 1.0 | % | 1.5 | % | 1.4 | % | |||||||||||||||||||
17 | Minneapolis-St. Paul-Bloomington, MN-WI | 16 | 8 | 1,179,623 | 88.4 | % | 91.0 | % | 13,286 | 13.19 | 1.6 | % | 1.4 | % | 1.4 | % | |||||||||||||||||||
18 | Nashville-Davidson--Murfreesboro--Franklin, TN | 36 | 7 | 1,279,571 | 93.1 | % | 94.3 | % | 13,107 | 10.92 | 1.4 | % | 1.5 | % | 1.4 | % | |||||||||||||||||||
19 | Hartford-West Hartford-East Hartford, CT | 47 | 4 | 891,680 | 93.7 | % | 94.6 | % | 11,697 | 16.54 | 0.8 | % | 1.0 | % | 1.2 | % | |||||||||||||||||||
20 | Oxnard-Thousand Oaks-Ventura, CA | 66 | 3 | 677,512 | 98.1 | % | 98.9 | % | 10,836 | 16.51 | 0.6 | % | 0.8 | % | 1.1 | % | |||||||||||||||||||
20 Largest MSAs by ABR | — | 252 | 43,195,397 | 91.4 | % | 93.3 | % | 530,014 | 14.01 | 49.3 | % | 50.2 | % | 55.6 | % | ||||||||||||||||||||
21 | Naples-Immokalee-Marco Island, FL | 148 | 4 | 771,980 | 89.9 | % | 94.1 | % | 10,755 | 14.99 | 0.8 | % | 0.9 | % | 1.1 | % | |||||||||||||||||||
22 | Binghamton, NY | 189 | 4 | 751,207 | 99.1 | % | 99.1 | % | 9,886 | 13.28 | 0.8 | % | 0.9 | % | 1.0 | % | |||||||||||||||||||
23 | San Diego-Carlsbad, CA | 17 | 2 | 507,394 | 96.4 | % | 97.3 | % | 9,152 | 19.15 | 0.4 | % | 0.6 | % | 1.0 | % | |||||||||||||||||||
24 | San Francisco-Oakland-Hayward, CA | 11 | 2 | 478,046 | 94.0 | % | 96.9 | % | 9,019 | 24.58 | 0.4 | % | 0.6 | % | 0.9 | % | |||||||||||||||||||
25 | Vallejo-Fairfield, CA | 121 | 1 | 525,067 | 87.6 | % | 93.3 | % | 8,559 | 17.70 | 0.2 | % | 0.6 | % | 0.9 | % | |||||||||||||||||||
26 | Las Vegas-Henderson-Paradise, NV | 29 | 3 | 613,061 | 93.2 | % | 95.4 | % | 8,322 | 16.12 | 0.6 | % | 0.7 | % | 0.9 | % | |||||||||||||||||||
27 | Jacksonville, FL | 40 | 5 | 827,508 | 82.9 | % | 84.3 | % | 8,254 | 12.30 | 1.0 | % | 1.0 | % | 0.9 | % | |||||||||||||||||||
28 | Boston-Cambridge-Newton, MA-NH | 10 | 6 | 710,309 | 85.8 | % | 89.2 | % | 8,056 | 13.02 | 1.2 | % | 0.8 | % | 0.8 | % | |||||||||||||||||||
29 | Memphis, TN-MS-AR | 42 | 1 | 660,013 | 82.5 | % | 83.4 | % | 7,635 | 14.36 | 0.2 | % | 0.8 | % | 0.8 | % | |||||||||||||||||||
30 | Fresno, CA | 56 | 2 | 436,334 | 98.7 | % | 98.7 | % | 7,628 | 17.71 | 0.4 | % | 0.5 | % | 0.8 | % | |||||||||||||||||||
31 | New Haven-Milford, CT | 65 | 6 | 571,463 | 89.9 | % | 90.2 | % | 7,134 | 13.84 | 1.2 | % | 0.7 | % | 0.7 | % | |||||||||||||||||||
32 | Louisville/Jefferson County, KY-IN | 43 | 4 | 707,728 | 94.8 | % | 97.1 | % | 7,118 | 10.64 | 0.8 | % | 0.8 | % | 0.7 | % | |||||||||||||||||||
33 | Riverside-San Bernardino-Ontario, CA | 13 | 4 | 537,088 | 92.5 | % | 97.5 | % | 7,102 | 15.13 | 0.8 | % | 0.6 | % | 0.7 | % | |||||||||||||||||||
34 | Port St. Lucie, FL | 113 | 5 | 628,830 | 77.6 | % | 79.1 | % | 7,086 | 14.25 | 1.0 | % | 0.7 | % | 0.7 | % | |||||||||||||||||||
35 | Norwich-New London, CT | 175 | 2 | 433,532 | 97.1 | % | 97.1 | % | 6,994 | 16.61 | 0.4 | % | 0.5 | % | 0.7 | % | |||||||||||||||||||
36 | Milwaukee-Waukesha-West Allis, WI | 39 | 4 | 710,327 | 89.3 | % | 90.1 | % | 6,587 | 10.29 | 0.8 | % | 0.8 | % | 0.7 | % | |||||||||||||||||||
37 | Indianapolis-Carmel-Anderson, IN | 34 | 4 | 881,418 | 80.4 | % | 81.8 | % | 6,372 | 8.87 | 0.8 | % | 1.0 | % | 0.7 | % | |||||||||||||||||||
38 | Worcester, MA-CT | 58 | 4 | 589,104 | 83.1 | % | 84.3 | % | 5,795 | 13.49 | 0.8 | % | 0.7 | % | 0.6 | % | |||||||||||||||||||
39 | Wilmington, NC | 171 | 2 | 379,107 | 89.8 | % | 98.1 | % | 5,398 | 14.67 | 0.4 | % | 0.4 | % | 0.6 | % | |||||||||||||||||||
40 | Springfield, MA | 88 | 3 | 450,701 | 97.4 | % | 97.4 | % | 5,393 | 14.49 | 0.6 | % | 0.5 | % | 0.6 | % |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 35 |
LARGEST MSAs BY ABR | |||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest MSAs by ABR | MSA Rank | Properties | GLA | Billed | Leased | ABR | ABR / SF | Properties | of GLA | of ABR | |||||||||||||||||||||||||
41 | Scranton--Wilkes-Barre--Hazleton, PA | 97 | 2 | 620,309 | 97.7 | % | 97.7 | % | 5,278 | 19.58 | 0.4 | % | 0.7 | % | 0.6 | % | |||||||||||||||||||
42 | Dayton, OH | 72 | 3 | 534,401 | 96.0 | % | 97.3 | % | 5,197 | 12.26 | 0.6 | % | 0.6 | % | 0.5 | % | |||||||||||||||||||
43 | College Station-Bryan, TX | 187 | 4 | 491,463 | 95.7 | % | 96.0 | % | 5,170 | 13.14 | 0.8 | % | 0.6 | % | 0.5 | % | |||||||||||||||||||
44 | North Port-Sarasota-Bradenton, FL | 73 | 4 | 556,862 | 89.9 | % | 94.0 | % | 5,111 | 9.84 | 0.8 | % | 0.6 | % | 0.5 | % | |||||||||||||||||||
45 | Corpus Christi, TX | 114 | 4 | 565,070 | 89.7 | % | 91.6 | % | 5,096 | 11.82 | 0.8 | % | 0.7 | % | 0.5 | % | |||||||||||||||||||
46 | Ann Arbor, MI | 147 | 3 | 657,713 | 78.9 | % | 92.9 | % | 5,072 | 11.06 | 0.6 | % | 0.8 | % | 0.5 | % | |||||||||||||||||||
47 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 6 | 3 | 451,260 | 98.3 | % | 99.7 | % | 5,001 | 11.11 | 0.6 | % | 0.5 | % | 0.5 | % | |||||||||||||||||||
48 | Greensboro-High Point, NC | 74 | 1 | 406,768 | 100.0 | % | 100.0 | % | 4,994 | 14.36 | 0.2 | % | 0.5 | % | 0.5 | % | |||||||||||||||||||
49 | Winston-Salem, NC | 83 | 3 | 438,898 | 90.7 | % | 92.2 | % | 4,987 | 12.72 | 0.6 | % | 0.5 | % | 0.5 | % | |||||||||||||||||||
50 | St. Louis, MO-IL | 20 | 4 | 658,665 | 74.8 | % | 86.0 | % | 4,957 | 8.80 | 0.8 | % | 0.8 | % | 0.5 | % | |||||||||||||||||||
50 Largest MSAs by ABR | — | 351 | 60,747,023 | 90.9 | % | 93.0 | % | 733,122 | 13.90 | 69.1 | % | 70.6 | % | 76.5 | % | ||||||||||||||||||||
51 | Kansas City, MO-KS | 30 | 4 | 602,466 | 90.8 | % | 92.8 | % | 4,435 | 8.07 | 0.7 | % | 0.7 | % | 0.5 | % | |||||||||||||||||||
52 | Manchester-Nashua, NH | 132 | 2 | 348,189 | 97.3 | % | 97.3 | % | 4,261 | 20.40 | 0.4 | % | 0.4 | % | 0.4 | % | |||||||||||||||||||
53 | Columbus, OH | 32 | 4 | 449,488 | 86.6 | % | 90.3 | % | 3,988 | 10.32 | 0.7 | % | 0.5 | % | 0.4 | % | |||||||||||||||||||
54 | Roanoke, VA | 159 | 4 | 522,010 | 92.0 | % | 92.5 | % | 3,966 | 9.36 | 0.7 | % | 0.6 | % | 0.4 | % | |||||||||||||||||||
55 | Pittsfield, MA | 320 | 1 | 442,354 | 96.9 | % | 96.9 | % | 3,857 | 20.89 | 0.2 | % | 0.5 | % | 0.4 | % | |||||||||||||||||||
56 | Boulder, CO | 156 | 1 | 279,189 | 81.8 | % | 81.8 | % | 3,838 | 16.80 | 0.2 | % | 0.3 | % | 0.4 | % | |||||||||||||||||||
57 | Mobile, AL | 127 | 1 | 606,731 | 88.5 | % | 88.5 | % | 3,657 | 10.13 | 0.2 | % | 0.7 | % | 0.4 | % | |||||||||||||||||||
58 | Charleston-North Charleston, SC | 75 | 3 | 556,809 | 75.3 | % | 77.6 | % | 3,573 | 8.46 | 0.5 | % | 0.6 | % | 0.4 | % | |||||||||||||||||||
59 | Jackson, MS | 94 | 2 | 333,275 | 96.3 | % | 96.3 | % | 3,496 | 11.09 | 0.4 | % | 0.4 | % | 0.4 | % | |||||||||||||||||||
60 | Spartanburg, SC | 153 | 1 | 360,277 | 84.6 | % | 87.7 | % | 3,479 | 11.59 | 0.2 | % | 0.4 | % | 0.4 | % | |||||||||||||||||||
61 | Greenville-Anderson-Mauldin, SC | 63 | 2 | 220,723 | 98.9 | % | 99.4 | % | 3,477 | 15.84 | 0.4 | % | 0.3 | % | 0.4 | % | |||||||||||||||||||
62 | Toledo, OH | 91 | 2 | 606,407 | 74.4 | % | 82.8 | % | 3,447 | 8.70 | 0.4 | % | 0.7 | % | 0.4 | % | |||||||||||||||||||
63 | Atlantic City-Hammonton, NJ | 173 | 1 | 179,199 | 97.9 | % | 100.0 | % | 3,368 | 18.79 | 0.2 | % | 0.2 | % | 0.4 | % | |||||||||||||||||||
64 | Virginia Beach-Norfolk-Newport News, VA-NC | 37 | 2 | 205,257 | 96.9 | % | 97.7 | % | 3,354 | 16.85 | 0.4 | % | 0.2 | % | 0.4 | % | |||||||||||||||||||
65 | Bakersfield, CA | 61 | 1 | 240,328 | 99.9 | % | 99.9 | % | 3,354 | 14.22 | 0.2 | % | 0.3 | % | 0.4 | % | |||||||||||||||||||
66 | Saginaw, MI | 226 | 2 | 432,508 | 86.3 | % | 94.2 | % | 3,305 | 11.54 | 0.4 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
67 | Panama City, FL | 221 | 2 | 397,512 | 91.4 | % | 92.3 | % | 3,280 | 8.94 | 0.4 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
68 | Hilton Head Island-Bluffton-Beaufort, SC | 212 | 2 | 230,352 | 94.5 | % | 95.2 | % | 2,999 | 13.68 | 0.4 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
69 | Greenville, NC | 237 | 1 | 233,153 | 96.2 | % | 96.2 | % | 2,942 | 13.12 | 0.2 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
70 | Elkhart-Goshen, IN | 218 | 2 | 445,534 | 96.4 | % | 96.4 | % | 2,897 | 10.97 | 0.4 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
71 | Richmond, VA | 45 | 2 | 215,897 | 95.7 | % | 96.1 | % | 2,893 | 13.95 | 0.4 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
72 | Traverse City, MI | 284 | 1 | 411,758 | 98.8 | % | 100.0 | % | 2,870 | 26.60 | 0.2 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
73 | Lafayette, LA | 108 | 3 | 433,211 | 95.6 | % | 96.6 | % | 2,862 | 6.84 | 0.5 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
74 | Lexington-Fayette, KY | 107 | 2 | 414,960 | 96.2 | % | 98.1 | % | 2,862 | 7.03 | 0.4 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
75 | Des Moines-West Des Moines, IA | 90 | 2 | 511,885 | 89.0 | % | 90.0 | % | 2,825 | 6.20 | 0.4 | % | 0.6 | % | 0.3 | % | |||||||||||||||||||
76 | Savannah, GA | 138 | 2 | 224,201 | 79.2 | % | 94.7 | % | 2,811 | 13.41 | 0.4 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
77 | Odessa, TX | 261 | 1 | 365,559 | 100.0 | % | 100.0 | % | 2,770 | 12.13 | 0.2 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||
78 | Raleigh, NC | 44 | 2 | 291,027 | 71.4 | % | 71.4 | % | 2,766 | 13.46 | 0.3 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
79 | Tullahoma-Manchester, TN | 377 | 3 | 433,744 | 94.4 | % | 94.8 | % | 2,729 | 6.64 | 0.5 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
80 | Blacksburg-Christiansburg-Radford, VA | 231 | 1 | 180,220 | 91.9 | % | 100.0 | % | 2,655 | 14.98 | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
81 | Baltimore-Columbia-Towson, MD | 21 | 1 | 218,862 | 100.0 | % | 100.0 | % | 2,636 | 12.04 | 0.2 | % | 0.3 | % | 0.3 | % |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 36 |
LARGEST MSAs BY ABR | |||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest MSAs by ABR | MSA Rank | Properties | GLA | Billed | Leased | ABR | ABR / SF | Properties | of GLA | of ABR | |||||||||||||||||||||||||
82 | Lancaster, PA | 103 | 3 | 236,006 | 98.3 | % | 98.3 | % | 2,525 | 10.88 | 0.5 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
83 | Bridgeport-Stamford-Norwalk, CT | 57 | 1 | 161,075 | 87.6 | % | 88.0 | % | 2,461 | 17.37 | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
84 | Chattanooga, TN-GA | 101 | 2 | 339,426 | 95.3 | % | 95.3 | % | 2,412 | 8.09 | 0.3 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||
85 | Merced, CA | 178 | 1 | 147,557 | 98.0 | % | 100.0 | % | 2,390 | 16.20 | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
86 | Fort Wayne, IN | 125 | 2 | 253,951 | 78.7 | % | 78.7 | % | 2,364 | 13.89 | 0.3 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
87 | Dover, DE | 240 | 1 | 191,974 | 100.0 | % | 100.0 | % | 2,341 | 12.19 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
88 | Corning, NY | 389 | 1 | 253,335 | 100.0 | % | 100.0 | % | 2,100 | 8.29 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
89 | Duluth, MN-WI | 168 | 1 | 182,969 | 88.9 | % | 98.6 | % | 2,079 | 11.53 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
90 | Concord, NH | 287 | 1 | 182,887 | 100.0 | % | 100.0 | % | 1,994 | 11.16 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
91 | Rutland, VT | 528 | 1 | 224,514 | 98.2 | % | 98.6 | % | 1,958 | 8.85 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
92 | Portland-South Portland, ME | 104 | 1 | 287,513 | 99.3 | % | 99.3 | % | 1,957 | 16.70 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
93 | Santa Maria-Santa Barbara, CA | 117 | 1 | 179,549 | 100.0 | % | 100.0 | % | 1,952 | 11.72 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
94 | Altoona, PA | 326 | 1 | 278,586 | 79.7 | % | 79.7 | % | 1,943 | 8.75 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
95 | Pittsburgh, PA | 26 | 1 | 199,079 | 100.0 | % | 100.0 | % | 1,914 | 10.66 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
96 | Hickory-Lenoir-Morganton, NC | 145 | 2 | 295,970 | 75.7 | % | 78.3 | % | 1,911 | 8.25 | 0.3 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
97 | Sacramento--Roseville--Arden-Arcade, CA | 27 | 1 | 103,695 | 95.3 | % | 95.3 | % | 1,825 | 18.48 | 0.2 | % | 0.1 | % | 0.2 | % | |||||||||||||||||||
98 | York-Hanover, PA | 120 | 1 | 153,088 | 93.3 | % | 93.3 | % | 1,822 | 13.02 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
99 | Austin-Round Rock, TX | 33 | 1 | 169,552 | 83.0 | % | 100.0 | % | 1,819 | 10.73 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
100 | Springfield, IL | 211 | 2 | 178,494 | 87.2 | % | 88.5 | % | 1,804 | 11.41 | 0.3 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
100 Largest MSAs by ABR | — | 436 | 76,159,328 | 90.9 | % | 93.0 | % | 874,345 | 13.40 | 84.9 | % | 88.5 | % | 91.6 | % | ||||||||||||||||||||
Other MSAs | — | 78 | 10,135,886 | 88.4 | % | 89.7 | % | 79,351 | 9.15 | 15.1 | % | 11.5 | % | 8.4 | % | ||||||||||||||||||||
TOTAL | — | 514 | 86,295,214 | 90.6 | % | 92.6 | % | $ | 953,696 | $ | 12.90 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 37 |
PROPERTIES BY STATE | |||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||
State | Properties | GLA | Billed | Leased | ABR | ABR / SF | Properties | of GLA | of ABR | ||||||||||||||||||||||||
1 | Texas | 65 | 9,483,456 | 90.4 | % | 93.1 | % | $ | 107,339 | $ | 12.93 | 12.6 | % | 11.0 | % | 11.3 | % | ||||||||||||||||
2 | Florida | 57 | 8,989,605 | 88.8 | % | 91.3 | % | 105,769 | 13.36 | 11.1 | % | 10.4 | % | 11.1 | % | ||||||||||||||||||
3 | California | 29 | 5,808,192 | 96.3 | % | 98.0 | % | 93,197 | 17.71 | 5.6 | % | 6.7 | % | 9.8 | % | ||||||||||||||||||
4 | Pennsylvania | 36 | 5,959,257 | 92.6 | % | 93.9 | % | 67,090 | 14.31 | 7.0 | % | 6.9 | % | 7.0 | % | ||||||||||||||||||
5 | New York | 33 | 4,340,537 | 89.4 | % | 91.6 | % | 65,047 | 16.76 | 6.4 | % | 5.0 | % | 6.8 | % | ||||||||||||||||||
6 | Illinois | 24 | 4,856,726 | 88.9 | % | 91.6 | % | 52,156 | 12.15 | 4.7 | % | 5.7 | % | 5.5 | % | ||||||||||||||||||
7 | Georgia | 37 | 5,264,566 | 87.8 | % | 89.7 | % | 46,247 | 10.01 | 7.2 | % | 6.1 | % | 4.8 | % | ||||||||||||||||||
8 | Ohio | 24 | 4,530,150 | 90.8 | % | 93.2 | % | 44,005 | 11.75 | 4.7 | % | 5.2 | % | 4.6 | % | ||||||||||||||||||
9 | New Jersey | 18 | 3,088,230 | 90.9 | % | 92.1 | % | 41,745 | 15.60 | 3.5 | % | 3.6 | % | 4.4 | % | ||||||||||||||||||
10 | North Carolina | 21 | 4,326,381 | 88.7 | % | 90.3 | % | 40,727 | 11.15 | 4.1 | % | 5.0 | % | 4.3 | % | ||||||||||||||||||
11 | Michigan | 19 | 3,660,577 | 88.5 | % | 93.1 | % | 33,641 | 12.39 | 3.7 | % | 4.2 | % | 3.5 | % | ||||||||||||||||||
12 | Connecticut | 15 | 2,260,206 | 92.7 | % | 93.1 | % | 30,104 | 15.29 | 2.9 | % | 2.6 | % | 3.2 | % | ||||||||||||||||||
13 | Tennessee | 15 | 3,063,908 | 90.9 | % | 91.7 | % | 28,391 | 10.65 | 2.9 | % | 3.6 | % | 3.0 | % | ||||||||||||||||||
14 | Kentucky | 12 | 2,600,414 | 97.3 | % | 98.4 | % | 22,742 | 9.46 | 2.3 | % | 3.1 | % | 2.4 | % | ||||||||||||||||||
15 | Massachusetts | 11 | 1,873,814 | 92.7 | % | 93.4 | % | 20,942 | 15.25 | 2.1 | % | 2.2 | % | 2.2 | % | ||||||||||||||||||
16 | Colorado | 6 | 1,471,970 | 94.4 | % | 94.7 | % | 18,705 | 13.48 | 1.2 | % | 1.7 | % | 2.0 | % | ||||||||||||||||||
17 | Minnesota | 10 | 1,471,078 | 87.4 | % | 90.7 | % | 15,845 | 12.65 | 1.9 | % | 1.7 | % | 1.7 | % | ||||||||||||||||||
18 | Indiana | 12 | 1,963,275 | 85.2 | % | 86.4 | % | 15,274 | 10.19 | 2.3 | % | 2.3 | % | 1.6 | % | ||||||||||||||||||
19 | Virginia | 11 | 1,446,508 | 90.1 | % | 92.0 | % | 14,992 | 11.83 | 2.1 | % | 1.7 | % | 1.6 | % | ||||||||||||||||||
20 | South Carolina | 8 | 1,368,161 | 84.8 | % | 86.7 | % | 13,528 | 11.65 | 1.6 | % | 1.6 | % | 1.4 | % | ||||||||||||||||||
21 | Maryland | 5 | 776,427 | 100.0 | % | 100.0 | % | 10,091 | 13.05 | 1.0 | % | 0.9 | % | 1.1 | % | ||||||||||||||||||
22 | Nevada | 3 | 613,061 | 93.2 | % | 95.4 | % | 8,322 | 16.12 | 0.6 | % | 0.7 | % | 0.9 | % | ||||||||||||||||||
23 | New Hampshire | 5 | 772,770 | 87.3 | % | 89.7 | % | 7,805 | 14.35 | 1.0 | % | 0.9 | % | 0.8 | % | ||||||||||||||||||
24 | Wisconsin | 5 | 760,882 | 88.5 | % | 89.7 | % | 7,084 | 10.38 | 1.0 | % | 0.9 | % | 0.7 | % | ||||||||||||||||||
25 | Alabama | 4 | 984,573 | 91.9 | % | 92.1 | % | 7,042 | 9.63 | 0.8 | % | 1.1 | % | 0.7 | % | ||||||||||||||||||
26 | Missouri | 6 | 862,861 | 86.9 | % | 87.8 | % | 6,116 | 8.21 | 1.1 | % | 1.0 | % | 0.6 | % | ||||||||||||||||||
27 | Iowa | 4 | 721,937 | 88.6 | % | 89.6 | % | 4,084 | 6.36 | 0.8 | % | 0.8 | % | 0.4 | % | ||||||||||||||||||
28 | Louisiana | 4 | 612,250 | 96.2 | % | 97.0 | % | 3,955 | 6.66 | 0.8 | % | 0.7 | % | 0.4 | % | ||||||||||||||||||
29 | Mississippi | 2 | 333,275 | 96.3 | % | 96.3 | % | 3,496 | 11.09 | 0.4 | % | 0.4 | % | 0.4 | % | ||||||||||||||||||
30 | Kansas | 2 | 367,779 | 92.1 | % | 94.4 | % | 3,095 | 11.47 | 0.4 | % | 0.4 | % | 0.3 | % | ||||||||||||||||||
31 | Arizona | 2 | 288,110 | 64.5 | % | 77.4 | % | 2,743 | 12.31 | 0.4 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||
32 | Delaware | 1 | 191,974 | 100.0 | % | 100.0 | % | 2,341 | 12.19 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||
33 | West Virginia | 2 | 251,500 | 97.2 | % | 97.2 | % | 2,007 | 8.21 | 0.4 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||
34 | Vermont | 1 | 224,514 | 98.2 | % | 98.6 | % | 1,958 | 8.85 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||
35 | Maine | 1 | 287,513 | 99.3 | % | 99.3 | % | 1,957 | 16.70 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||
36 | Oklahoma | 1 | 186,851 | 100.0 | % | 100.0 | % | 1,792 | 9.59 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||
37 | Rhode Island | 1 | 148,126 | 83.8 | % | 83.8 | % | 1,356 | 10.92 | 0.2 | % | 0.2 | % | 0.1 | % | ||||||||||||||||||
38 | New Mexico | 2 | 83,800 | 100.0 | % | 100.0 | % | 966 | 11.53 | 0.4 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||
TOTAL | 514 | 86,295,214 | 90.6 | % | 92.6 | % | $ | 953,696 | $ | 12.90 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 38 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
1 | Winchester Plaza | Huntsville | AL | Huntsville, AL | 2006 | 75,780 | 94.6 | % | $ | 907 | $ | 12.65 | Publix | — | |||||||||||||||||
2 | Springdale | Mobile | AL | Mobile, AL | 2004 | 606,731 | 88.5 | % | 3,657 | 10.13 | Sam's Club* | Belk, Big Lots, Burlington Stores, Marshalls, Michaels, Staples | |||||||||||||||||||
3 | Payton Park | Sylacauga | AL | Talladega-Sylacauga, AL | 1995 | 231,820 | 100.0 | % | 1,605 | 6.92 | Walmart Supercenter | Burke's Outlet | |||||||||||||||||||
4 | Shops of Tuscaloosa | Tuscaloosa | AL | Tuscaloosa, AL | 2005 | 70,242 | 94.4 | % | 873 | 13.16 | Publix | — | |||||||||||||||||||
5 | Glendale Galleria | Glendale | AZ | Phoenix-Mesa-Scottsdale, AZ | 2016 | 119,525 | 70.3 | % | 1,097 | 13.06 | — | LA Fitness, Sears Outlet | |||||||||||||||||||
6 | Northmall Centre | Tucson | AZ | Tucson, AZ | 1996 | 168,585 | 82.4 | % | 1,646 | 11.85 | Sam's Club* | CareMore, JC Penney Home Store, Stein Mart | |||||||||||||||||||
7 | Applegate Ranch Shopping Center | Atwater | CA | Merced, CA | 2006 | 147,557 | 100.0 | % | 2,390 | 16.20 | SuperTarget*, Walmart Supercenter* | Marshalls, Petco | |||||||||||||||||||
8 | Bakersfield Plaza | Bakersfield | CA | Bakersfield, CA | 2014 | 240,328 | 99.9 | % | 3,354 | 14.22 | Lassens Natural Foods & Vitamins | Burlington Stores, Ross Dress for Less | |||||||||||||||||||
9 | Carmen Plaza | Camarillo | CA | Oxnard-Thousand Oaks-Ventura, CA | 2000 | 129,173 | 94.4 | % | 2,023 | 17.53 | Trader Joe's* | 24 Hour Fitness, CVS, Michaels | |||||||||||||||||||
10 | Plaza Rio Vista | Cathedral | CA | Riverside-San Bernardino-Ontario, CA | 2005 | 67,621 | 93.7 | % | 1,124 | 17.74 | Stater Bros. | — | |||||||||||||||||||
11 | Clovis Commons | Clovis | CA | Fresno, CA | 2004 | 174,990 | 99.3 | % | 3,929 | 22.61 | — | Best Buy, Office Depot, PetSmart, T.J.Maxx | Target | ||||||||||||||||||
12 | Cudahy Plaza | Cudahy | CA | Los Angeles-Long Beach-Anaheim, CA | 1994 | 147,804 | 98.0 | % | 1,301 | 8.99 | — | Big Lots, Kmart | |||||||||||||||||||
13 | University Mall | Davis | CA | Sacramento--Roseville--Arden-Arcade, CA | 2011 | 103,695 | 95.3 | % | 1,825 | 18.48 | Trader Joe's | Forever 21, World Market | |||||||||||||||||||
14 | Felicita Plaza | Escondido | CA | San Diego-Carlsbad, CA | 2001 | 98,594 | 100.0 | % | 1,407 | 14.27 | Vons (Albertsons) | Chuze Fitness | |||||||||||||||||||
15 | Arbor - Broadway Faire | Fresno | CA | Fresno, CA | 1995 | 261,344 | 98.3 | % | 3,699 | 14.40 | Smart & Final Extra! | PetSmart, The Home Depot, United Artists Theatres | |||||||||||||||||||
16 | Lompoc Center | Lompoc | CA | Santa Maria-Santa Barbara, CA | 2016 | 179,549 | 100.0 | % | 1,952 | 11.72 | Vons (Albertsons) | Harbor Freight Tools, Marshalls, Michaels, Staples | |||||||||||||||||||
17 | Briggsmore Plaza | Modesto | CA | Modesto, CA | 1998 | 92,315 | 100.0 | % | 1,178 | 13.51 | Grocery Outlet | Fallas Paredes, Sears Outlet | |||||||||||||||||||
18 | Montebello Plaza | Montebello | CA | Los Angeles-Long Beach-Anaheim, CA | 2012 | 283,631 | 98.0 | % | 4,682 | 17.18 | Albertsons | 99¢ Only, Best Buy, CVS, Ross Dress for Less | |||||||||||||||||||
19 | California Oaks Center | Murrieta | CA | Riverside-San Bernardino-Ontario, CA | 2016 | 124,481 | 98.6 | % | 1,980 | 16.66 | Barons Market | Crunch Fitness, Dollar Tree | |||||||||||||||||||
20 | Esplanade Shopping Center | Oxnard | CA | Oxnard-Thousand Oaks-Ventura, CA | 2012 | 356,864 | 100.0 | % | 6,842 | 19.34 | Walmart Neighborhood Market | Bed Bath & Beyond, Dick's Sporting Goods, LA Fitness, Nordstrom Rack, T.J.Maxx | The Home Depot | ||||||||||||||||||
21 | Pacoima Center | Pacoima | CA | Los Angeles-Long Beach-Anaheim, CA | 1995 | 202,773 | 100.0 | % | 2,098 | 10.35 | Food 4 Less (Kroger) | Ross Dress for Less, Target | |||||||||||||||||||
22 | Paradise Plaza | Paradise | CA | Chico, CA | 1997 | 198,323 | 97.5 | % | 934 | 7.82 | Save Mart | Kmart | |||||||||||||||||||
23 | Metro 580 | Pleasanton | CA | San Francisco-Oakland-Hayward, CA | 2015 | 177,573 | 100.0 | % | 2,687 | 32.74 | — | Kohl's, Party City | Walmart | ||||||||||||||||||
24 | Rose Pavilion | Pleasanton | CA | San Francisco-Oakland-Hayward, CA | 2016 | 300,473 | 95.0 | % | 6,332 | 22.22 | 99 Ranch Market, Trader Joe's | Golfsmith, Macy's Home Store, Total Wine & More | |||||||||||||||||||
25 | Puente Hills Town Center | Rowland Heights | CA | Los Angeles-Long Beach-Anaheim, CA | 1984 | 258,685 | 99.0 | % | 5,546 | 21.65 | — | Marshalls, Michaels | |||||||||||||||||||
26 | San Bernardino Center | San Bernardino | CA | Riverside-San Bernardino-Ontario, CA | 2003 | 143,082 | 100.0 | % | 1,079 | 7.54 | — | Big Lots, Target | |||||||||||||||||||
27 | Ocean View Plaza | San Clemente | CA | Los Angeles-Long Beach-Anaheim, CA | 2016 | 169,963 | 100.0 | % | 4,691 | 27.60 | Ralphs (Kroger), Trader Joe's | Crunch Fitness, CVS | |||||||||||||||||||
28 | Mira Mesa Mall | San Diego | CA | San Diego-Carlsbad, CA | 2003 | 408,800 | 96.6 | % | 7,745 | 20.42 | Vons (Albertsons) | Bed Bath & Beyond, Marshalls, Mira Mesa Lanes | |||||||||||||||||||
29 | San Dimas Plaza | San Dimas | CA | Los Angeles-Long Beach-Anaheim, CA | 2013 | 164,757 | 99.3 | % | 3,561 | 21.77 | Smart & Final Extra! | Harbor Freight Tools, T.J.Maxx | Rite Aid | ||||||||||||||||||
30 | Bristol Plaza | Santa Ana | CA | Los Angeles-Long Beach-Anaheim, CA | 2003 | 111,403 | 100.0 | % | 2,879 | 26.37 | Trader Joe's | Big Lots, Petco, Rite Aid | |||||||||||||||||||
31 | Gateway Plaza | Santa Fe Springs | CA | Los Angeles-Long Beach-Anaheim, CA | 2016 | 289,268 | 100.0 | % | 3,525 | 23.70 | El Super, Walmart Supercenter | LA Fitness, Marshalls | Target | ||||||||||||||||||
32 | Santa Paula Center | Santa Paula | CA | Oxnard-Thousand Oaks-Ventura, CA | 1995 | 191,475 | 100.0 | % | 1,971 | 10.53 | Vons (Albertsons) | Big Lots, Heritage Hardware | |||||||||||||||||||
33 | Vail Ranch Center | Temecula | CA | Riverside-San Bernardino-Ontario, CA | 2003 | 201,904 | 96.3 | % | 2,919 | 20.28 | Stater Bros. | Rite Aid, Stein Mart | |||||||||||||||||||
34 | Country Hills Shopping Center | Torrance | CA | Los Angeles-Long Beach-Anaheim, CA | 1977 | 56,700 | 97.8 | % | 985 | 17.76 | Ralphs (Kroger) | — | |||||||||||||||||||
35 | Gateway Plaza - Vallejo | Vallejo | CA | Vallejo-Fairfield, CA | 2016 | 525,067 | 93.3 | % | 8,559 | 17.70 | Costco* | Bed Bath & Beyond, Century Theatres, DSW, Marshalls, Michaels, Office Max, Party City, Petco, Ross Dress for Less, Toys"R"Us, ULTA | Target | ||||||||||||||||||
36 | Arvada Plaza | Arvada | CO | Denver-Aurora-Lakewood, CO | 1994 | 95,236 | 100.0 | % | 722 | 7.58 | King Soopers (Kroger) | Arc | |||||||||||||||||||
37 | Arapahoe Crossings | Aurora | CO | Denver-Aurora-Lakewood, CO | 2016 | 466,356 | 99.4 | % | 6,307 | 13.61 | King Soopers (Kroger) | 2nd & Charles, AMC Theatres, Big Lots, buybuy BABY, Gordmans, Kohl's, Stein Mart | |||||||||||||||||||
38 | Aurora Plaza | Aurora | CO | Denver-Aurora-Lakewood, CO | 1996 | 178,491 | 98.1 | % | 1,517 | 8.98 | King Soopers (Kroger) | Cinema Latino, Gen-X | |||||||||||||||||||
39 | Villa Monaco | Denver | CO | Denver-Aurora-Lakewood, CO | 2013 | 122,139 | 91.5 | % | 1,571 | 14.06 | — | — | |||||||||||||||||||
40 | Superior Marketplace | Superior | CO | Boulder, CO | 2016 | 279,189 | 81.8 | % | 3,838 | 16.80 | Whole Foods Market, Costco*, SuperTarget* | Party City, T.J.Maxx, Ulta | |||||||||||||||||||
41 | Westminster City Center | Westminster | CO | Denver-Aurora-Lakewood, CO | 2014 | 330,559 | 96.6 | % | 4,750 | 14.87 | — | Babies"R"Us, Barnes & Noble, Gordmans, Jo-Ann Fabric & Craft Stores, Ross Dress for Less, Tile Shop, Ulta | |||||||||||||||||||
42 | Freshwater - Stateline Plaza | Enfield | CT | Hartford-West Hartford-East Hartford, CT | 2004 | 295,647 | 95.9 | % | 2,419 | 16.48 | Costco | Dick's Sporting Goods, Jo-Ann Fabric & Craft Stores, P.C. Richard & Son | The Home Depot | ||||||||||||||||||
43 | The Shoppes at Fox Run | Glastonbury | CT | Hartford-West Hartford-East Hartford, CT | 2012 | 106,364 | 91.4 | % | 2,386 | 24.55 | Whole Foods Market | Petco | |||||||||||||||||||
44 | Groton Square | Groton | CT | Norwich-New London, CT | 1987 | 196,802 | 96.8 | % | 2,605 | 13.68 | Super Stop & Shop (Ahold) | Kohl's | Walmart | ||||||||||||||||||
45 | Parkway Plaza | Hamden | CT | New Haven-Milford, CT | 2006 | 72,353 | 100.0 | % | 1,021 | 14.11 | PriceRite (Wakefern) | — | |||||||||||||||||||
46 | Killingly Plaza | Killingly | CT | Worcester, MA-CT | 1990 | 76,960 | 98.7 | % | 609 | 8.02 | — | Kohl's | |||||||||||||||||||
47 | The Manchester Collection | Manchester | CT | Hartford-West Hartford-East Hartford, CT | 2015 | 339,775 | 93.0 | % | 4,433 | 14.03 | Sam's Club*, Walmart Supercenter* | A.C. Moore, Ashley Furniture, Babies"R"Us, Bed Bath & Beyond, Big Bob's Flooring Outlet, DSW, Edge Fitness, Hobby Lobby, Men's Wearhouse, Plaza Aztec | Walmart | ||||||||||||||||||
48 | Chamberlain Plaza | Meriden | CT | New Haven-Milford, CT | 2004 | 54,302 | 100.0 | % | 592 | 10.90 | — | Dollar Tree, Savers |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 39 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
49 | Milford Center | Milford | CT | New Haven-Milford, CT | 1966 | 25,056 | 0.0 | % | — | — | — | — | |||||||||||||||||||
50 | Turnpike Plaza | Newington | CT | Hartford-West Hartford-East Hartford, CT | 2004 | 149,894 | 98.2 | % | 2,459 | 16.71 | Price Chopper | Dick's Sporting Goods | |||||||||||||||||||
51 | North Haven Crossing | North Haven | CT | New Haven-Milford, CT | 2015 | 103,865 | 90.5 | % | 1,673 | 17.80 | — | Barnes & Noble, Dollar Tree, DSW, Five Below, Lumber Liquidators, PetSmart | |||||||||||||||||||
52 | Christmas Tree Plaza | Orange | CT | New Haven-Milford, CT | 1996 | 132,791 | 95.1 | % | 1,643 | 13.01 | — | A.C. Moore, Christmas Tree Shops | |||||||||||||||||||
53 | Stratford Square | Stratford | CT | Bridgeport-Stamford-Norwalk, CT | 2015 | 161,075 | 88.0 | % | 2,461 | 17.37 | — | LA Fitness, Marshalls | |||||||||||||||||||
54 | Torrington Plaza | Torrington | CT | Torrington, CT | 1994 | 125,496 | 85.5 | % | 1,209 | 11.27 | — | Jo-Ann Fabric & Craft Stores, Staples, T.J.Maxx | |||||||||||||||||||
55 | Waterbury Plaza | Waterbury | CT | New Haven-Milford, CT | 2000 | 183,096 | 92.1 | % | 2,205 | 13.08 | Super Stop & Shop (Ahold) | Dollar Tree, Pretty Woman | Target | ||||||||||||||||||
56 | Waterford Commons | Waterford | CT | Norwich-New London, CT | 2004 | 236,730 | 97.4 | % | 4,389 | 19.04 | — | Babies"R"Us, Dick’s Sporting Goods, DSW, Michaels, Party City, Ulta | Best Buy | ||||||||||||||||||
57 | North Dover Center | Dover | DE | Dover, DE | 2013 | 191,974 | 100.0 | % | 2,341 | 12.19 | Acme (Albertsons) | Party City, Staples, T.J.Maxx, Toys"R"Us | |||||||||||||||||||
58 | Brooksville Square | Brooksville | FL | Tampa-St. Petersburg-Clearwater, FL | 2013 | 156,361 | 96.6 | % | 1,655 | 10.96 | Publix | Sears Outlet | |||||||||||||||||||
59 | Coastal Way - Coastal Landing | Brooksville | FL | Tampa-St. Petersburg-Clearwater, FL | 2008 | 374,598 | 97.2 | % | 3,539 | 16.45 | — | Bed Bath & Beyond, Belk, hhgregg, Marshalls, Michaels, Office Depot, Petco, Sears, Ulta | |||||||||||||||||||
60 | Midpoint Center | Cape Coral | FL | Cape Coral-Fort Myers, FL | 2002 | 75,386 | 100.0 | % | 1,008 | 13.37 | Publix | — | Target | ||||||||||||||||||
61 | Clearwater Mall | Clearwater | FL | Tampa-St. Petersburg-Clearwater, FL | 2012 | 300,929 | 98.7 | % | 6,383 | 22.63 | Costco*, SuperTarget* | hhgregg, Michaels, PetSmart, Ross Dress for Less | Lowe's | ||||||||||||||||||
62 | Coconut Creek Plaza | Coconut Creek | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2005 | 265,671 | 86.1 | % | 3,127 | 13.67 | Publix | Bealls Outlet, Big Lots, Off the Wall Trampoline, Planet Fitness, Rainbow | |||||||||||||||||||
63 | Century Plaza Shopping Center | Deerfield Beach | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2006 | 83,104 | 91.1 | % | 1,523 | 20.12 | — | Broward County Library | |||||||||||||||||||
64 | Northgate Shopping Center | DeLand | FL | Deltona-Daytona Beach-Ormond Beach, FL | 1993 | 186,396 | 98.7 | % | 1,334 | 7.25 | Publix | — | |||||||||||||||||||
65 | Eustis Village | Eustis | FL | Orlando-Kissimmee-Sanford, FL | 2002 | 156,927 | 96.9 | % | 1,739 | 11.44 | Publix | Bealls Outlet | |||||||||||||||||||
66 | First Street Village | Fort Meyers | FL | Cape Coral-Fort Myers, FL | 2006 | 54,926 | 97.3 | % | 795 | 14.88 | Publix | — | |||||||||||||||||||
67 | Sun Plaza | Ft. Walton Beach | FL | Crestview-Fort Walton Beach-Destin, FL | 2004 | 158,118 | 99.1 | % | 1,744 | 11.13 | Publix | Bealls Outlet, Books-A-Million, Office Depot, T.J.Maxx | |||||||||||||||||||
68 | Normandy Square | Jacksonville | FL | Jacksonville, FL | 1996 | 87,240 | 88.4 | % | 737 | 9.55 | Winn-Dixie (Southeastern Grocers) | Family Dollar | |||||||||||||||||||
69 | Regency Park Shopping Center | Jacksonville | FL | Jacksonville, FL | 2016 | 334,065 | 72.6 | % | 1,816 | 8.23 | — | American Signature Furniture, Bealls Outlet, Books-A-Million, Hard Knocks, Ollie's Bargain Outlet | |||||||||||||||||||
70 | The Shoppes at Southside | Jacksonville | FL | Jacksonville, FL | 2016 | 109,113 | 100.0 | % | 1,887 | 17.29 | — | Best Buy, David's Bridal, Restoration Hardware | |||||||||||||||||||
71 | Ventura Downs | Kissimmee | FL | Orlando-Kissimmee-Sanford, FL | 2005 | 98,191 | 98.6 | % | 1,277 | 13.19 | — | — | |||||||||||||||||||
72 | Marketplace at Wycliffe | Lake Worth | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2015 | 133,520 | 97.6 | % | 2,215 | 17.00 | Walmart Neighborhood Market | Walgreens | |||||||||||||||||||
73 | Venetian Isle Shopping Ctr | Lighthouse Point | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1992 | 182,314 | 95.6 | % | 1,865 | 11.02 | Publix | Dollar Tree, Petco, Staples, Tuesday Morning, T.J.Maxx | |||||||||||||||||||
74 | Marco Town Center | Marco Island | FL | Naples-Immokalee-Marco Island, FL | 2001 | 109,931 | 83.1 | % | 1,884 | 20.63 | Publix | — | |||||||||||||||||||
75 | Mall at 163rd Street | Miami | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2007 | 339,478 | 73.9 | % | 3,720 | 18.49 | Walmart Supercenter* | Citi Trends, Marshalls, Ross Dress for Less | |||||||||||||||||||
76 | Miami Gardens | Miami | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1996 | 244,719 | 98.8 | % | 2,547 | 10.54 | Winn-Dixie (Southeastern Grocers) | Ross Dress for Less | |||||||||||||||||||
77 | Freedom Square | Naples | FL | Naples-Immokalee-Marco Island, FL | 1995 | 211,839 | 100.0 | % | 1,928 | 9.10 | Publix | — | |||||||||||||||||||
78 | Naples Plaza | Naples | FL | Naples-Immokalee-Marco Island, FL | 2013 | 200,820 | 98.2 | % | 3,351 | 17.29 | Publix | Marshalls, Office Depot, PGA TOUR Superstore | |||||||||||||||||||
79 | Park Shore Plaza | Naples | FL | Naples-Immokalee-Marco Island, FL | 2016 | 249,390 | 90.6 | % | 3,592 | 16.29 | The Fresh Market | Big Lots, Burlington Stores, HomeGoods, Party City, Saks OFF Fifth | |||||||||||||||||||
80 | Chelsea Place | New Port Richey | FL | Tampa-St. Petersburg-Clearwater, FL | 1992 | 81,144 | 96.8 | % | 959 | 12.21 | Publix | Zone Fitness Club | |||||||||||||||||||
81 | Southgate Center | New Port Richey | FL | Tampa-St. Petersburg-Clearwater, FL | 2012 | 246,980 | 97.5 | % | 2,477 | 10.74 | Publix | Bealls Outlet, Big Lots, Lumber Liquidators, Old Time Pottery, Pet Supermarket, YouFit Health Club | |||||||||||||||||||
82 | Presidential Plaza West | North Lauderdale | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2006 | 88,306 | 88.3 | % | 810 | 10.39 | Sedano's | Family Dollar | |||||||||||||||||||
83 | Fashion Square | Orange Park | FL | Jacksonville, FL | 1996 | 36,029 | 64.3 | % | 446 | 24.92 | — | Miller's Orange Park Ale House, Ruby Tuesday, Samurai Japanese Steakhouse | |||||||||||||||||||
84 | Colonial Marketplace | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2014 | 141,069 | 99.4 | % | 2,385 | 17.01 | — | Burlington Stores, LA Fitness | Target | ||||||||||||||||||
85 | Conway Crossing | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2002 | 76,321 | 98.7 | % | 971 | 12.89 | Publix | — | |||||||||||||||||||
86 | Hunter's Creek Plaza | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 1998 | 73,204 | 93.4 | % | 1,026 | 15.00 | — | Office Depot | |||||||||||||||||||
87 | Pointe Orlando | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2016 | 417,444 | 91.8 | % | 8,164 | 22.36 | — | Main Event, Regal Cinemas | |||||||||||||||||||
88 | Martin Downs Town Center | Palm City | FL | Port St. Lucie, FL | 1996 | 64,546 | 95.7 | % | 727 | 11.77 | Publix | — | |||||||||||||||||||
89 | Martin Downs Village Center | Palm City | FL | Port St. Lucie, FL | 1987 | 154,964 | 86.3 | % | 2,442 | 18.26 | — | Coastal Care, Goodwill, Walgreens | |||||||||||||||||||
90 | 23rd Street Station | Panama City | FL | Panama City, FL | 1995 | 98,827 | 95.2 | % | 1,164 | 12.38 | Publix | — | |||||||||||||||||||
91 | Panama City Square | Panama City | FL | Panama City, FL | 2015 | 298,685 | 91.4 | % | 2,116 | 7.75 | Walmart Supercenter | Big Lots, Harbor Freight Tools, T.J.Maxx | |||||||||||||||||||
92 | Pensacola Square | Pensacola | FL | Pensacola-Ferry Pass-Brent, FL | 1995 | 142,767 | 89.5 | % | 1,166 | 9.13 | — | Bealls Outlet, Big Lots, Petland, Sears Home Appliance Showroom | Hobby Lobby | ||||||||||||||||||
93 | Shopper's Haven Shopping Ctr | Pompano Beach | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1998 | 206,791 | 98.5 | % | 2,716 | 13.76 | Winn-Dixie (Southeastern Grocers) | A.C. Moore, Bealls Outlet, Bed Bath & Beyond, Party City, YouFit Health Club | |||||||||||||||||||
94 | East Port Plaza | Port St. Lucie | FL | Port St. Lucie, FL | 1991 | 162,831 | 82.0 | % | 1,849 | 13.85 | Publix | Fortis Institute, Walgreens | |||||||||||||||||||
95 | Shoppes of Victoria Square | Port St. Lucie | FL | Port St. Lucie, FL | 1990 | 95,243 | 88.2 | % | 1,020 | 12.14 | Winn-Dixie (Southeastern Grocers) | Dollar Tree |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 40 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
96 | Lake St. Charles | Riverview | FL | Tampa-St. Petersburg-Clearwater, FL | 1999 | 57,015 | 95.4 | % | 557 | 10.24 | Winn-Dixie (Southeastern Grocers) | — | |||||||||||||||||||
97 | Cobblestone Village | Royal Palm Beach | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2005 | 39,404 | 83.8 | % | 604 | 18.29 | SuperTarget* | The Zoo Health Club | |||||||||||||||||||
98 | Beneva Village Shoppes | Sarasota | FL | North Port-Sarasota-Bradenton, FL | 1987 | 141,532 | 89.0 | % | 1,548 | 12.29 | Publix | Harbor Freight Tools, Walgreens | |||||||||||||||||||
99 | Sarasota Village | Sarasota | FL | North Port-Sarasota-Bradenton, FL | 2011 | 173,184 | 100.0 | % | 2,037 | 12.06 | Publix | Big Lots, Crunch Fitness, HomeGoods | |||||||||||||||||||
100 | Atlantic Plaza | Satellite Beach | FL | Palm Bay-Melbourne-Titusville, FL | 2008 | 130,845 | 70.3 | % | 1,190 | 12.93 | Publix | — | |||||||||||||||||||
101 | Seminole Plaza | Seminole | FL | Tampa-St. Petersburg-Clearwater, FL | 2016 | 156,579 | 95.4 | % | 1,194 | 7.99 | — | Bealls Outlet, Burlington Stores, T.J.Maxx | |||||||||||||||||||
102 | Cobblestone Village | St. Augustine | FL | Jacksonville, FL | 2015 | 261,061 | 94.2 | % | 3,368 | 13.69 | Publix | Bealls, Bed Bath & Beyond, Michaels, Party City, Petco | |||||||||||||||||||
103 | Dolphin Village | St. Pete Beach | FL | Tampa-St. Petersburg-Clearwater, FL | 1990 | 134,324 | 83.5 | % | 1,640 | 14.63 | Publix | CVS, Dollar Tree | |||||||||||||||||||
104 | Bay Pointe Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2016 | 95,560 | 98.3 | % | 1,181 | 12.57 | Publix | Bealls Outlet, Pet Supermarket | |||||||||||||||||||
105 | Rutland Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 149,562 | 95.9 | % | 1,256 | 8.75 | Winn-Dixie (Southeastern Grocers) | Bealls Outlet, Big Lots | |||||||||||||||||||
106 | Skyway Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 110,799 | 90.8 | % | 882 | 8.77 | — | Dollar Tree | |||||||||||||||||||
107 | Tyrone Gardens | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 1998 | 209,337 | 78.9 | % | 1,509 | 9.13 | Winn-Dixie (Southeastern Grocers) | Big Lots, Chuck E. Cheese’s | |||||||||||||||||||
108 | Downtown Publix | Stuart | FL | Port St. Lucie, FL | 2000 | 151,246 | 55.6 | % | 1,048 | 12.46 | Publix | Family Dollar | |||||||||||||||||||
109 | Sunrise Town Center | Sunrise | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1989 | 110,109 | 100.0 | % | 1,383 | 12.56 | Patel Brothers | Dollar Tree, LA Fitness | Walmart | ||||||||||||||||||
110 | Carrollwood Center | Tampa | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 92,258 | 91.8 | % | 1,373 | 16.22 | Publix | Rarehues | |||||||||||||||||||
111 | Ross Plaza | Tampa | FL | Tampa-St. Petersburg-Clearwater, FL | 1996 | 90,625 | 99.2 | % | 1,235 | 13.74 | — | Deal$, Ross Dress for Less, Lumber Liquidators | |||||||||||||||||||
112 | Tarpon Mall | Tarpon Springs | FL | Tampa-St. Petersburg-Clearwater, FL | 2003 | 145,832 | 97.6 | % | 2,134 | 14.99 | Publix | Petco, T.J.Maxx, Ulta | |||||||||||||||||||
113 | Venice Plaza | Venice | FL | North Port-Sarasota-Bradenton, FL | 1999 | 132,345 | 98.3 | % | 915 | 7.04 | Winn-Dixie (Southeastern Grocers) | Lumber Liquidators, Pet Supermarket, T.J.Maxx | |||||||||||||||||||
114 | Venice Shopping Center | Venice | FL | North Port-Sarasota-Bradenton, FL | 2000 | 109,801 | 85.9 | % | 611 | 6.48 | Publix | Bealls Outlet | |||||||||||||||||||
115 | Governors Towne Square | Acworth | GA | Atlanta-Sandy Springs-Roswell, GA | 2005 | 68,658 | 96.8 | % | 1,148 | 17.27 | Publix | — | |||||||||||||||||||
116 | Albany Plaza | Albany | GA | Albany, GA | 1995 | 114,169 | 75.1 | % | 542 | 6.32 | Harveys (Southeastern Grocers) | Big Lots, OK Beauty & Fashions Outlet | |||||||||||||||||||
117 | Mansell Crossing | Alpharetta | GA | Atlanta-Sandy Springs-Roswell, GA | 2015 | 332,364 | 98.6 | % | 5,057 | 19.25 | — | AMC Theatres, Barnes & Noble, DSW, Macy's Furniture Gallery, REI, Sports Authority, T.J.Maxx, Ulta | Toys"R"Us | ||||||||||||||||||
118 | Perlis Plaza | Americus | GA | Americus, GA | 1972 | 165,315 | 84.0 | % | 805 | 5.80 | — | Belk, Roses | |||||||||||||||||||
119 | Northeast Plaza | Atlanta | GA | Atlanta-Sandy Springs-Roswell, GA | 2015 | 442,201 | 88.6 | % | 4,377 | 11.32 | City Farmers Market | dd's Discounts (Ross), Goodwill | |||||||||||||||||||
120 | Augusta West Plaza | Augusta | GA | Augusta-Richmond County, GA-SC | 2006 | 207,823 | 68.3 | % | 1,073 | 7.56 | — | Burlington Stores, Dollar Tree | |||||||||||||||||||
121 | Sweetwater Village | Austell | GA | Atlanta-Sandy Springs-Roswell, GA | 1985 | 66,197 | 97.8 | % | 504 | 7.78 | Food Depot | Family Dollar | |||||||||||||||||||
122 | Vineyards at Chateau Elan | Braselton | GA | Atlanta-Sandy Springs-Roswell, GA | 2002 | 79,047 | 89.4 | % | 994 | 14.06 | Publix | — | |||||||||||||||||||
123 | Cedar Plaza | Cedartown | GA | Cedartown, GA | 1994 | 83,300 | 76.5 | % | 546 | 8.57 | Kroger | — | |||||||||||||||||||
124 | Conyers Plaza | Conyers | GA | Atlanta-Sandy Springs-Roswell, GA | 2001 | 171,374 | 98.4 | % | 2,006 | 11.90 | Walmart Supercenter* | Jo-Ann Fabric & Craft Stores, Mattress Firm, PetSmart, Value Village | The Home Depot | ||||||||||||||||||
125 | Cordele Square | Cordele | GA | Cordele, GA | 2002 | 127,953 | 87.3 | % | 742 | 6.64 | Harveys (Southeastern Grocers) | Belk, Citi Trends, Cordele Theatres | |||||||||||||||||||
126 | Covington Gallery | Covington | GA | Atlanta-Sandy Springs-Roswell, GA | 1991 | 174,857 | 94.3 | % | 1,060 | 6.43 | Ingles | Kmart | |||||||||||||||||||
127 | Salem Road Station | Covington | GA | Atlanta-Sandy Springs-Roswell, GA | 2000 | 67,270 | 94.5 | % | 751 | 11.81 | Publix | — | |||||||||||||||||||
128 | Keith Bridge Commons | Cumming | GA | Atlanta-Sandy Springs-Roswell, GA | 2002 | 94,886 | 87.3 | % | 1,102 | 13.31 | Kroger | Anytime Fitness | |||||||||||||||||||
129 | Northside | Dalton | GA | Dalton, GA | 2001 | 73,931 | 91.4 | % | 543 | 8.04 | Food City | Family Dollar | |||||||||||||||||||
130 | Cosby Station | Douglasville | GA | Atlanta-Sandy Springs-Roswell, GA | 1994 | 77,811 | 90.8 | % | 779 | 11.03 | Publix | — | |||||||||||||||||||
131 | Park Plaza | Douglasville | GA | Atlanta-Sandy Springs-Roswell, GA | 1986 | 46,494 | �� | 84.9 | % | 627 | 15.89 | Kroger* | — | ||||||||||||||||||
132 | Dublin Village | Dublin | GA | Dublin, GA | 2005 | 94,920 | 95.8 | % | 671 | 7.38 | Kroger | — | |||||||||||||||||||
133 | Westgate | Dublin | GA | Dublin, GA | 2004 | 113,138 | 94.0 | % | 677 | 6.60 | Harveys (Southeastern Grocers) | Bealls Outlet, Big Lots | The Home Depot | ||||||||||||||||||
134 | Venture Pointe | Duluth | GA | Atlanta-Sandy Springs-Roswell, GA | 2012 | 155,172 | 89.0 | % | 1,428 | 10.34 | — | American Signature Furniture, Ollie's Bargain Outlet, Studio Movie Grill | |||||||||||||||||||
135 | Banks Station | Fayetteville | GA | Atlanta-Sandy Springs-Roswell, GA | 2006 | 176,451 | 88.5 | % | 1,151 | 8.48 | Food Depot | Cinemark, Staples | |||||||||||||||||||
136 | Barrett Place | Kennesaw | GA | Atlanta-Sandy Springs-Roswell, GA | 1994 | 218,818 | 80.8 | % | 1,754 | 9.93 | — | Best Buy, Michaels, OfficeMax, PetSmart, The Furniture Mall | |||||||||||||||||||
137 | Shops of Huntcrest | Lawrenceville | GA | Atlanta-Sandy Springs-Roswell, GA | 2003 | 97,040 | 96.7 | % | 1,284 | 13.68 | Publix | — | |||||||||||||||||||
138 | Mableton Walk | Mableton | GA | Atlanta-Sandy Springs-Roswell, GA | 1994 | 105,884 | 81.7 | % | 1,109 | 12.82 | Publix | — | |||||||||||||||||||
139 | The Village at Mableton | Mableton | GA | Atlanta-Sandy Springs-Roswell, GA | 2015 | 239,013 | 91.6 | % | 1,073 | 5.05 | — | Dollar Tree, Kmart, Ollie's Bargain Outlet, Planet Fitness | |||||||||||||||||||
140 | North Park | Macon | GA | Macon, GA | 2013 | 216,795 | 98.8 | % | 1,371 | 6.40 | Kroger | Kmart | |||||||||||||||||||
141 | Marshalls at Eastlake | Marietta | GA | Atlanta-Sandy Springs-Roswell, GA | 1982 | 54,976 | 97.8 | % | 524 | 9.74 | — | Marshalls | |||||||||||||||||||
142 | New Chastain Corners | Marietta | GA | Atlanta-Sandy Springs-Roswell, GA | 2004 | 113,079 | 81.8 | % | 911 | 9.85 | Kroger | — | |||||||||||||||||||
143 | Pavilions at Eastlake | Marietta | GA | Atlanta-Sandy Springs-Roswell, GA | 1996 | 154,224 | 90.7 | % | 1,718 | 12.29 | Kroger | J. Christopher's | |||||||||||||||||||
144 | Perry Marketplace | Perry | GA | Warner Robins, GA | 2004 | 179,973 | 78.4 | % | 1,003 | 7.11 | Kroger | Ace Hardware, Bealls Outlet, Goody's | |||||||||||||||||||
145 | Creekwood Village | Rex | GA | Atlanta-Sandy Springs-Roswell, GA | 1990 | 69,778 | 88.5 | % | 510 | 8.26 | Food Depot | — | |||||||||||||||||||
146 | Shops of Riverdale | Riverdale | GA | Atlanta-Sandy Springs-Roswell, GA | 1995 | 16,808 | 82.2 | % | 268 | 19.41 | Walmart Supercenter* | — |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 41 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
147 | Holcomb Bridge Crossing | Roswell | GA | Atlanta-Sandy Springs-Roswell, GA | 1988 | 105,420 | 94.0 | % | 965 | 9.74 | — | PGA TOUR Superstore | |||||||||||||||||||
148 | Victory Square | Savannah | GA | Savannah, GA | 2007 | 122,739 | 95.4 | % | 1,733 | 15.16 | SuperTarget* | Citi Trends, Dollar Tree, Frank Theatres, Staples | The Home Depot | ||||||||||||||||||
149 | Stockbridge Village | Stockbridge | GA | Atlanta-Sandy Springs-Roswell, GA | 2008 | 188,135 | 90.2 | % | 2,582 | 15.22 | Kroger | — | |||||||||||||||||||
150 | Stone Mountain Festival | Stone Mountain | GA | Atlanta-Sandy Springs-Roswell, GA | 2006 | 347,091 | 97.2 | % | 1,781 | 5.28 | Walmart Supercenter | Hobby Lobby, NCG Cinemas | |||||||||||||||||||
151 | Wilmington Island | Wilmington Island | GA | Savannah, GA | 2016 | 101,462 | 93.9 | % | 1,078 | 11.32 | Kroger | — | |||||||||||||||||||
152 | Kimberly West Shopping Center | Davenport | IA | Davenport-Moline-Rock Island, IA-IL | 1987 | 113,713 | 89.0 | % | 631 | 6.24 | Hy-Vee | — | |||||||||||||||||||
153 | Haymarket Mall | Des Moines | IA | Des Moines-West Des Moines, IA | 2002 | 243,680 | 98.0 | % | 1,411 | 6.04 | — | Burlington Stores, Hobby Lobby | |||||||||||||||||||
154 | Haymarket Square | Des Moines | IA | Des Moines-West Des Moines, IA | 2002 | 268,205 | 82.7 | % | 1,414 | 6.38 | Price Chopper | Big Lots, Northern Tool + Equipment, Office Depot | |||||||||||||||||||
155 | Warren Plaza | Dubuque | IA | Dubuque, IA | 1993 | 96,339 | 88.2 | % | 628 | 7.39 | Hy-Vee | — | Target | ||||||||||||||||||
156 | Annex of Arlington | Arlington Heights | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2015 | 193,837 | 94.5 | % | 2,980 | 16.27 | Trader Joe's | Binny's Beverage Depot, Chuck E. Cheese's, hhgregg, Petco, Ulta | |||||||||||||||||||
157 | Ridge Plaza | Arlington Heights | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2000 | 151,643 | 90.5 | % | 2,008 | 14.64 | — | Savers, XSport Fitness | Kohl's | ||||||||||||||||||
158 | Bartonville Square | Bartonville | IL | Peoria, IL | 2001 | 61,678 | 95.2 | % | 323 | 5.84 | Kroger | — | |||||||||||||||||||
159 | Festival Center | Bradley | IL | Kankakee, IL | 2006 | 63,796 | 100.0 | % | 417 | 6.54 | — | Big Lots, Dollar General | |||||||||||||||||||
160 | Southfield Plaza | Bridgeview | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 198,331 | 90.8 | % | 1,866 | 10.36 | Shop & Save Market | Hobby Lobby, Walgreens | |||||||||||||||||||
161 | Commons of Chicago Ridge | Chicago Ridge | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 324,977 | 95.6 | % | 4,116 | 14.28 | — | Marshalls, Office Depot, The Home Depot, XSport Fitness | |||||||||||||||||||
162 | Rivercrest Shopping Center | Crestwood | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2016 | 547,531 | 94.7 | % | 6,235 | 13.06 | Ultra Foods | AMC, Best Buy, Five Below, Party City, PetSmart, Ross Dress for Less, T.J.Maxx | |||||||||||||||||||
163 | The Commons of Crystal Lake | Crystal Lake | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2015 | 273,060 | 86.3 | % | 2,363 | 10.02 | Jewel-Osco (Albertsons) | Burlington Stores | Hobby Lobby | ||||||||||||||||||
164 | Elk Grove Town Center | Elk Grove Village | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 131,794 | 98.6 | % | 2,104 | 16.18 | — | Walgreens | |||||||||||||||||||
165 | Crossroads Centre | Fairview Heights | IL | St. Louis, MO-IL | 2016 | 242,752 | 91.9 | % | 1,944 | 8.71 | Ruler Foods (Kroger) | Big Lots, Plato's Closet, Sky Zone, T.J.Maxx | |||||||||||||||||||
166 | Frankfort Crossing Shopping Center | Frankfort | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1992 | 114,534 | 96.3 | % | 1,428 | 12.94 | Jewel-Osco (Albertsons) | Ace Hardware | |||||||||||||||||||
167 | Freeport Plaza | Freeport | IL | Freeport, IL | 2000 | 87,846 | 88.3 | % | 503 | 6.49 | Cub Foods (Supervalu) | — | |||||||||||||||||||
168 | Westview Center | Hanover Park | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2015 | 326,422 | 93.0 | % | 2,677 | 9.12 | Tony's Finer Foods | Big Lots, LA Fitness, Sears Outlet | Value City | ||||||||||||||||||
169 | The Quentin Collection | Kildeer | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 171,530 | 97.3 | % | 2,779 | 16.65 | The Fresh Market | Best Buy, DSW, PetSmart, Stein Mart | |||||||||||||||||||
170 | Butterfield Square | Libertyville | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2013 | 106,755 | 98.8 | % | 1,586 | 15.04 | Sunset Foods | — | |||||||||||||||||||
171 | High Point Centre | Lombard | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1992 | 240,096 | 82.8 | % | 1,797 | 9.04 | Ultra Foods | Jo-Ann Fabric & Craft Stores, Office Depot, Pioneer Child Care | |||||||||||||||||||
172 | Long Meadow Commons | Mundelein | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1997 | 118,470 | 84.9 | % | 1,511 | 15.94 | Jewel-Osco | — | |||||||||||||||||||
173 | Westridge Court | Naperville | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2015 | 680,553 | 92.8 | % | 8,038 | 12.72 | — | Art Van Furniture, Big Lots, buybuy BABY, Cribs 2 College, Gordmans, hhgregg, Marshalls, Old Navy, Party City, Savers, Star Cinema Grill, Turk Furniture, Ulta | |||||||||||||||||||
174 | Sterling Bazaar | Peoria | IL | Peoria, IL | 1992 | 87,359 | 92.0 | % | 755 | 9.61 | Kroger | — | |||||||||||||||||||
175 | Rollins Crossing | Round Lake Beach | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 192,849 | 96.3 | % | 1,994 | 17.64 | — | LA Fitness, Regal Cinemas | |||||||||||||||||||
176 | Twin Oaks Shopping Center | Silvis | IL | Davenport-Moline-Rock Island, IA-IL | 1991 | 114,342 | 97.6 | % | 730 | 6.54 | Hy-Vee | Eye Surgeons Associates | |||||||||||||||||||
177 | Parkway Pointe | Springfield | IL | Springfield, IL | 1994 | 38,737 | 85.9 | % | 583 | 17.51 | ALDI* | dressbarn, Family Christian Stores, Shoe Carnival | Target, Walmart | ||||||||||||||||||
178 | Sangamon Center North | Springfield | IL | Springfield, IL | 1996 | 139,757 | 89.3 | % | 1,221 | 9.79 | Schnucks | U.S. Post Office | |||||||||||||||||||
179 | Tinley Park Plaza | Tinley Park | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2016 | 248,077 | 71.7 | % | 2,198 | 12.36 | Walt's Fine Foods | Planet Fitness, Tile Shop | |||||||||||||||||||
180 | Meridian Village | Carmel | IN | Indianapolis-Carmel-Anderson, IN | 1990 | 130,769 | 81.4 | % | 898 | 8.44 | — | Dollar Tree, Godby Home Furnishings, Ollie's Bargain Outlet | |||||||||||||||||||
181 | Columbus Center | Columbus | IN | Columbus, IN | 2005 | 143,050 | 93.9 | % | 1,510 | 11.25 | — | Big Lots, OfficeMax, T.J.Maxx | Target | ||||||||||||||||||
182 | Elkhart Plaza West | Elkhart | IN | Elkhart-Goshen, IN | 1997 | 81,651 | 91.2 | % | 574 | 30.94 | Martin's Super Market | CVS | |||||||||||||||||||
183 | Apple Glen Crossing | Fort Wayne | IN | Fort Wayne, IN | 2002 | 150,163 | 91.2 | % | 1,849 | 17.24 | Walmart Supercenter* | Best Buy, Dick's Sporting Goods, PetSmart | Kohl's | ||||||||||||||||||
184 | Market Centre | Goshen | IN | Elkhart-Goshen, IN | 1994 | 363,883 | 97.6 | % | 2,323 | 9.46 | Sam's Club | Walmart | |||||||||||||||||||
185 | Marwood Plaza | Indianapolis | IN | Indianapolis-Carmel-Anderson, IN | 1992 | 107,080 | 84.1 | % | 761 | 8.45 | Kroger | — | |||||||||||||||||||
186 | Westlane Shopping Center | Indianapolis | IN | Indianapolis-Carmel-Anderson, IN | 2016 | 71,602 | 100.0 | % | 653 | 9.12 | Save-A-Lot | Citi Trends | |||||||||||||||||||
187 | Valley View Plaza | Marion | IN | Marion, IN | 1997 | 29,974 | 83.0 | % | 336 | 13.51 | Walmart Supercenter* | Aaron's | |||||||||||||||||||
188 | Bittersweet Plaza | Mishawaka | IN | South Bend-Mishawaka, IN-MI | 2000 | 91,798 | 90.4 | % | 727 | 8.76 | Martin's Super Market | — | |||||||||||||||||||
189 | Lincoln Plaza | New Haven | IN | Fort Wayne, IN | 1968 | 103,788 | 60.7 | % | 515 | 8.18 | Kroger | — | |||||||||||||||||||
190 | Speedway Super Center | Speedway | IN | Indianapolis-Carmel-Anderson, IN | 2015 | 571,967 | 79.2 | % | 4,060 | 9.02 | Kroger | Kohl's, Oak Street Health Center, Petco, Sears Outlet, T.J.Maxx | |||||||||||||||||||
191 | Sagamore Park Centre | West Lafayette | IN | Lafayette-West Lafayette, IN | 2003 | 117,550 | 88.3 | % | 1,068 | 10.29 | Pay Less (Kroger) | — | |||||||||||||||||||
192 | Westchester Square | Lenexa | KS | Kansas City, MO-KS | 1987 | 155,518 | 93.3 | % | 1,332 | 9.18 | Hy-Vee | — | |||||||||||||||||||
193 | West Loop Shopping Center | Manhattan | KS | Manhattan, KS | 2013 | 212,261 | 95.1 | % | 1,763 | 14.13 | Dillons (Kroger) | Bellus Academy, Jo-Ann Fabric & Craft Stores, Marshalls | |||||||||||||||||||
194 | Green River Plaza | Campbellsville | KY | Campbellsville, KY | 1989 | 198,315 | 99.0 | % | 1,419 | 7.23 | Kroger | Burke's Outlet, Goody’s, JC Penney, Jo-Ann Fabric & Craft Stores, Tractor Supply Co. | |||||||||||||||||||
195 | North Dixie Plaza | Elizabethtown | KY | Elizabethtown-Fort Knox, KY | 1992 | 130,466 | 100.0 | % | 880 | 6.75 | — | — |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 42 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
196 | Florence Plaza - Florence Square | Florence | KY | Cincinnati, OH-KY-IN | 2015 | 686,286 | 98.7 | % | 7,256 | 13.44 | Kroger | Barnes & Noble, Burlington Stores, Harbor Freight Tools, Hobby Lobby, Old Navy, Ollie's Bargain Outlet, Staples, T.J.Maxx | |||||||||||||||||||
197 | Highland Commons | Glasgow | KY | Glasgow, KY | 1992 | 130,466 | 100.0 | % | 778 | 5.96 | Food Lion (Delhaize) | Kmart | |||||||||||||||||||
198 | Jeffersontown Commons | Jeffersontown | KY | Louisville/Jefferson County, KY-IN | 2016 | 208,374 | 94.8 | % | 1,771 | 9.45 | — | King Pin Lanes, Louisville Athletic Club, Savers | |||||||||||||||||||
199 | Mist Lake Plaza | Lexington | KY | Lexington-Fayette, KY | 1993 | 217,292 | 99.3 | % | 1,565 | 7.26 | — | Gabriel Brothers, Walmart | |||||||||||||||||||
200 | London Marketplace | London | KY | London, KY | 1994 | 169,032 | 99.1 | % | 1,118 | 6.68 | Kroger | Goody's, Kmart | |||||||||||||||||||
201 | Eastgate Shopping Center | Louisville | KY | Louisville/Jefferson County, KY-IN | 2002 | 174,947 | 100.0 | % | 1,945 | 11.12 | Kroger | Petco | |||||||||||||||||||
202 | Plainview Village | Louisville | KY | Louisville/Jefferson County, KY-IN | 1997 | 165,467 | 94.7 | % | 1,498 | 10.09 | Kroger | Annie's Attic, Tuesday Morning | |||||||||||||||||||
203 | Stony Brook I & II | Louisville | KY | Louisville/Jefferson County, KY-IN | 2016 | 158,940 | 99.4 | % | 1,904 | 12.05 | Kroger Marketplace | — | |||||||||||||||||||
204 | Towne Square North | Owensboro | KY | Owensboro, KY | 1988 | 163,161 | 100.0 | % | 1,311 | 8.04 | — | Books-A-Million, Hobby Lobby, Office Depot | |||||||||||||||||||
205 | Lexington Road Plaza | Versailles | KY | Lexington-Fayette, KY | 2007 | 197,668 | 96.7 | % | 1,297 | 6.78 | — | Kmart | |||||||||||||||||||
206 | Karam Shopping Center | Lafayette | LA | Lafayette, LA | 2015 | 100,120 | 88.4 | % | 313 | 3.54 | Super 1 Foods | dd's Discounts (Ross) | |||||||||||||||||||
207 | Iberia Plaza | New Iberia | LA | Lafayette, LA | 1992 | 131,731 | 99.9 | % | 956 | 7.26 | Super 1 Foods | — | |||||||||||||||||||
208 | Lagniappe Village | New Iberia | LA | Lafayette, LA | 2010 | 201,360 | 98.5 | % | 1,593 | 8.03 | — | Big Lots, Citi Trends, Stage, T.J.Maxx | |||||||||||||||||||
209 | The Pines Shopping Center | Pineville | LA | Alexandria, LA | 1991 | 179,039 | 97.8 | % | 1,093 | 6.24 | Super 1 Foods | — | |||||||||||||||||||
210 | Points West Plaza | Brockton | MA | Boston-Cambridge-Newton, MA-NH | 2016 | 132,989 | 97.1 | % | 1,097 | 8.50 | PriceRite (Wakefern) | Citi Trends, L&M Bargain, Ocean State Job Lot | |||||||||||||||||||
211 | Burlington Square I, II & III | Burlington | MA | Boston-Cambridge-Newton, MA-NH | 1992 | 74,800 | 100.0 | % | 2,045 | 27.34 | — | Golf Galaxy, Pyara Aveda Spa & Salon, Staples | |||||||||||||||||||
212 | Chicopee Marketplace | Chicopee | MA | Springfield, MA | 2005 | 151,003 | 100.0 | % | 2,731 | 18.73 | Walmart Supercenter* | Marshalls, Party City, Staples | |||||||||||||||||||
213 | Holyoke Shopping Center | Holyoke | MA | Springfield, MA | 2000 | 195,795 | 94.6 | % | 1,498 | 11.81 | Super Stop & Shop (Ahold) | Jo-Ann Fabric & Craft Stores, Ocean State Job Lot | |||||||||||||||||||
214 | WaterTower Plaza | Leominster | MA | Worcester, MA-CT | 2000 | 282,591 | 89.7 | % | 3,085 | 12.17 | Shaw's (Albertsons) | Barnes & Noble, Michaels, Petco, Staples, T.J.Maxx | |||||||||||||||||||
215 | Lunenberg Crossing | Lunenburg | MA | Worcester, MA-CT | 1994 | 25,515 | 58.8 | % | 247 | 16.47 | Hannaford Bros. (Delhaize)* | — | Walmart | ||||||||||||||||||
216 | Lynn Marketplace | Lynn | MA | Boston-Cambridge-Newton, MA-NH | 1968 | 78,092 | 100.0 | % | 1,137 | 14.56 | Shaw's (Albertsons) | Rainbow | |||||||||||||||||||
217 | Webster Square Shopping Center | Marshfield | MA | Boston-Cambridge-Newton, MA-NH | 2005 | 182,734 | 98.7 | % | 2,227 | 12.35 | Star Market (Albertsons) | Marshalls, Ocean State Job Lot | |||||||||||||||||||
218 | Berkshire Crossing | Pittsfield | MA | Pittsfield, MA | 1994 | 442,354 | 96.9 | % | 3,857 | 20.89 | Market 32 | Barnes & Noble, Michaels, Staples, The Home Depot, Ulta, Walmart | |||||||||||||||||||
219 | Westgate Plaza | Westfield | MA | Springfield, MA | 1996 | 103,903 | 98.7 | % | 1,164 | 11.69 | — | Ocean State Job Lot, Staples, T.J.Maxx | |||||||||||||||||||
220 | Perkins Farm Marketplace | Worcester | MA | Worcester, MA-CT | 2015 | 204,038 | 74.7 | % | 1,854 | 21.75 | Super Stop & Shop (Ahold) | Citi Trends, Fallas Paredes | |||||||||||||||||||
221 | South Plaza Shopping Center | California | MD | California-Lexington Park, MD | 2005 | 92,335 | 100.0 | % | 1,802 | 19.52 | — | Best Buy, Old Navy, Petco, Ross Dress for Less | |||||||||||||||||||
222 | Campus Village Shoppes | College Park | MD | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1986 | 25,529 | 100.0 | % | 734 | 28.75 | — | — | |||||||||||||||||||
223 | Fox Run | Prince Frederick | MD | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1997 | 292,849 | 100.0 | % | 3,120 | 10.65 | Giant Food (Ahold) | Jo-Ann Fabric & Craft Stores, Kmart, Peebles | |||||||||||||||||||
224 | Liberty Plaza | Randallstown | MD | Baltimore-Columbia-Towson, MD | 2012 | 218,862 | 100.0 | % | 2,636 | 12.04 | Walmart Supercenter | Marshalls | |||||||||||||||||||
225 | Rising Sun Towne Centre | Rising Sun | MD | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2013 | 146,852 | 100.0 | % | 1,799 | 12.54 | Martin's Food (Ahold) | Big Lots | |||||||||||||||||||
226 | Pine Tree Shopping Center | Portland | ME | Portland-South Portland, ME | 1958 | 287,513 | 99.3 | % | 1,957 | 16.70 | — | Big Lots, Dollar Tree, Jo-Ann Fabric & Craft Stores, Lowe's | |||||||||||||||||||
227 | Maple Village | Ann Arbor | MI | Ann Arbor, MI | 2016 | 287,387 | 87.9 | % | 3,098 | 12.27 | Plum Market | Dunham's Sports, HomeGoods, Sierra Trading Post, Stein Mart | |||||||||||||||||||
228 | Grand Crossing | Brighton | MI | Detroit-Warren-Dearborn, MI | 2005 | 85,389 | 100.0 | % | 894 | 10.47 | VG's Food (SpartanNash) | ACE Hardware | |||||||||||||||||||
229 | Farmington Crossroads | Farmington | MI | Detroit-Warren-Dearborn, MI | 2013 | 79,068 | 100.0 | % | 806 | 10.19 | — | Dollar Tree, Ollie's Bargain Outlet, True Value | |||||||||||||||||||
230 | Silver Pointe Shopping Center | Fenton | MI | Flint, MI | 1996 | 160,943 | 87.5 | % | 1,797 | 12.75 | VG's Food (SpartanNash) | Dunham's Sports, Glik's | |||||||||||||||||||
231 | Cascade East | Grand Rapids | MI | Grand Rapids-Wyoming, MI | 1983 | 99,529 | 78.1 | % | 573 | 7.37 | D&W Fresh Market (SpartanNash) | — | |||||||||||||||||||
232 | Delta Center | Lansing | MI | Lansing-East Lansing, MI | 2016 | 186,246 | 96.1 | % | 1,486 | 8.30 | — | Bed Bath & Beyond, DXL Destination XL, Hobby Lobby, Planet Fitness | |||||||||||||||||||
233 | Lakes Crossing | Muskegon | MI | Muskegon, MI | 2011 | 110,997 | 84.9 | % | 1,403 | 16.28 | — | Jo-Ann Fabric & Craft Stores, Party City, Shoe Carnival, Ulta | Kohl's | ||||||||||||||||||
234 | Redford Plaza | Redford | MI | Detroit-Warren-Dearborn, MI | 1992 | 285,386 | 96.7 | % | 2,629 | 9.52 | Kroger | Ace Hardware, Burlington Stores, CW Price, Dollar Tree | |||||||||||||||||||
235 | Hampton Village Centre | Rochester Hills | MI | Detroit-Warren-Dearborn, MI | 2004 | 454,377 | 94.1 | % | 5,835 | 18.22 | — | Best Buy, DSW, Emagine Theatre, Kohl's, Old Navy, T.J.Maxx, Ulta | Target | ||||||||||||||||||
236 | Fashion Corners | Saginaw | MI | Saginaw, MI | 2004 | 184,735 | 100.0 | % | 1,836 | 9.94 | — | Bed Bath & Beyond, Best Buy, Dunham's Sports, Guitar Center, Harbor Freight Tools | |||||||||||||||||||
237 | Green Acres | Saginaw | MI | Saginaw, MI | 2016 | 247,773 | 89.9 | % | 1,469 | 14.43 | Kroger | Planet Fitness, Rite Aid | |||||||||||||||||||
238 | Hall Road Crossing | Shelby Township | MI | Detroit-Warren-Dearborn, MI | 1999 | 175,503 | 95.9 | % | 2,304 | 13.69 | — | Gander Mountain, Michaels, Old Navy, T.J.Maxx, Ulta | |||||||||||||||||||
239 | Southfield Plaza | Southfield | MI | Detroit-Warren-Dearborn, MI | 2015 | 101,724 | 98.8 | % | 1,152 | 11.46 | — | Party City, Planet Fitness | Burlington Stores | ||||||||||||||||||
240 | 18 Ryan | Sterling Heights | MI | Detroit-Warren-Dearborn, MI | 1997 | 101,709 | 100.0 | % | 1,468 | 14.43 | VG's Food (SpartanNash) | O'Reilly Auto Parts, Planet Fitness | |||||||||||||||||||
241 | Delco Plaza | Sterling Heights | MI | Detroit-Warren-Dearborn, MI | 1996 | 154,853 | 100.0 | % | 973 | 6.28 | — | Babies"R"Us, Bed Bath & Beyond, Dunham's Mega Sports | |||||||||||||||||||
242 | Grand Traverse Crossing | Traverse City | MI | Traverse City, MI | 1996 | 411,758 | 100.0 | % | 2,870 | 26.60 | Walmart Supercenter | Books-A-Million, PetSmart, Staples, The Home Depot, Toys"R"Us, Ulta | |||||||||||||||||||
243 | West Ridge | Westland | MI | Detroit-Warren-Dearborn, MI | 2015 | 162,874 | 56.7 | % | 1,074 | 11.63 | — | Bed Bath & Beyond, Party City, Petco | Burlington Stores, Target |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 43 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
244 | Roundtree Place | Ypsilanti | MI | Ann Arbor, MI | 1992 | 246,620 | 96.5 | % | 1,108 | 12.98 | Walmart Supercenter | Harbor Freight Tools, Ollie's Bargain Outlet | |||||||||||||||||||
245 | Washtenaw Fountain Plaza | Ypsilanti | MI | Ann Arbor, MI | 2005 | 123,706 | 97.6 | % | 866 | 7.17 | Save-A-Lot | Dollar Tree, Dunham's Sports, Planet Fitness | |||||||||||||||||||
246 | Southport Centre I - VI | Apple Valley | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1985 | 124,937 | 98.9 | % | 2,074 | 16.78 | SuperTarget* | Best Buy, Dollar Tree, Walgreens | |||||||||||||||||||
247 | Austin Town Center | Austin | MN | Austin, MN | 1999 | 108,486 | 73.7 | % | 480 | 7.39 | ALDI | Jo-Ann Fabric & Craft Stores | Target | ||||||||||||||||||
248 | Burning Tree Plaza | Duluth | MN | Duluth, MN-WI | 1987 | 182,969 | 98.6 | % | 2,079 | 11.53 | — | Best Buy, Dunham's Sports, Jo-Ann Fabric & Craft Stores, T.J.Maxx | |||||||||||||||||||
249 | Elk Park Center | Elk River | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1999 | 204,992 | 92.0 | % | 2,020 | 10.71 | Cub Foods (Jerry's Foods) | OfficeMax | |||||||||||||||||||
250 | Westwind Plaza | Minnetonka | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2007 | 87,942 | 95.0 | % | 1,389 | 16.62 | Cub Foods (Supervalu)* | — | |||||||||||||||||||
251 | Richfield Hub | Richfield | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2015 | 213,595 | 88.1 | % | 2,212 | 11.75 | Rainbow Foods (Jerry's Foods) | FLEX Academy, Marshalls, Michaels | |||||||||||||||||||
252 | Roseville Center | Roseville | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2000 | 69,537 | 57.2 | % | 628 | 15.79 | Cub Foods (Supervalu)* | Dollar Tree | |||||||||||||||||||
253 | Marketplace @ 42 | Savage | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2016 | 114,505 | 97.8 | % | 1,791 | 15.99 | Fresh Thyme Farmers Market | Marshalls | |||||||||||||||||||
254 | Sun Ray Shopping Center | St. Paul | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2013 | 291,020 | 91.3 | % | 2,470 | 12.36 | Cub Foods (Supervalu) | T.J.Maxx, Valu Thrift Store | |||||||||||||||||||
255 | White Bear Hills Shopping Center | White Bear Lake | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1996 | 73,095 | 98.4 | % | 702 | 9.76 | Festival Foods | Dollar Tree | |||||||||||||||||||
256 | Ellisville Square | Ellisville | MO | St. Louis, MO-IL | 2015 | 137,006 | 65.3 | % | 1,102 | 12.32 | — | Michaels, Party City | |||||||||||||||||||
257 | Clocktower Place | Florissant | MO | St. Louis, MO-IL | 2016 | 207,317 | 90.2 | % | 1,437 | 7.81 | ALDI | Florissant Furniture & Rug Gallery, K&G Fashion Superstore, Ross Dress for Less | |||||||||||||||||||
258 | Hub Shopping Center | Independence | MO | Kansas City, MO-KS | 1995 | 160,423 | 92.5 | % | 822 | 5.91 | Price Chopper | — | |||||||||||||||||||
259 | Watts Mill Plaza | Kansas City | MO | Kansas City, MO-KS | 1997 | 161,717 | 94.4 | % | 1,324 | 8.67 | Price Chopper | Ace Hardware | |||||||||||||||||||
260 | Liberty Corners | Liberty | MO | Kansas City, MO-KS | 1987 | 124,808 | 90.2 | % | 957 | 8.50 | Price Chopper | — | |||||||||||||||||||
261 | Maplewood Square | Maplewood | MO | St. Louis, MO-IL | 1998 | 71,590 | 93.6 | % | 474 | 7.08 | Shop 'n Save (Supervalu) | — | |||||||||||||||||||
262 | Clinton Crossing | Clinton | MS | Jackson, MS | 1990 | 112,148 | 100.0 | % | 1,083 | 10.17 | Kroger | — | |||||||||||||||||||
263 | County Line Plaza | Jackson | MS | Jackson, MS | 2016 | 221,127 | 94.5 | % | 2,413 | 11.55 | — | Burke's Outlet, Burlington Stores, Conn's, Kirkland's, Tuesday Morning | |||||||||||||||||||
264 | Devonshire Place | Cary | NC | Raleigh, NC | 2012 | 106,680 | 55.9 | % | 971 | 16.91 | — | Dollar Tree, Golf Galaxy, REI | |||||||||||||||||||
265 | McMullen Creek Market | Charlotte | NC | Charlotte-Concord-Gastonia, NC-SC | 2016 | 272,857 | 91.2 | % | 3,233 | 12.99 | Walmart Neighborhood Market | Burlington Stores, Dollar Tree, Rugged Wearhouse, Staples | |||||||||||||||||||
266 | The Commons at Chancellor Park | Charlotte | NC | Charlotte-Concord-Gastonia, NC-SC | 2015 | 348,604 | 83.5 | % | 1,651 | 8.91 | — | Big Lots, Gabe's, The Home Depot, Value City Furniture | |||||||||||||||||||
267 | Macon Plaza | Franklin | NC | — | 2001 | 92,787 | 94.1 | % | 472 | 10.46 | BI-LO (Southeastern Grocers) | Peebles | |||||||||||||||||||
268 | Garner Towne Square | Garner | NC | Raleigh, NC | 1997 | 184,347 | 80.3 | % | 1,795 | 12.12 | Kroger | OfficeMax, PetSmart | Target, The Home Depot | ||||||||||||||||||
269 | Franklin Square | Gastonia | NC | Charlotte-Concord-Gastonia, NC-SC | 2015 | 317,705 | 84.1 | % | 3,034 | 12.83 | Walmart Supercenter* | Bed Bath & Beyond, Best Buy, Dollar Tree, Michaels, Ross Dress for Less | |||||||||||||||||||
270 | Wendover Place | Greensboro | NC | Greensboro-High Point, NC | 2000 | 406,768 | 100.0 | % | 4,994 | 14.36 | — | Babies"R"Us, Christmas Tree Shops, Dick's Sporting Goods, Kohl's, Old Navy, PetSmart | Ross Dress for Less, Target | ||||||||||||||||||
271 | University Commons | Greenville | NC | Greenville, NC | 2014 | 233,153 | 96.2 | % | 2,942 | 13.12 | Harris Teeter (Kroger) | A.C. Moore, Barnes & Noble, Petco, T.J.Maxx | Target | ||||||||||||||||||
272 | Valley Crossing | Hickory | NC | Hickory-Lenoir-Morganton, NC | 2014 | 191,431 | 100.0 | % | 1,719 | 8.98 | — | Academy Sports + Outdoors, Dollar Tree, Fallas Paredes, Harbor Freight Tools, Ollie's Bargain Outlet | |||||||||||||||||||
273 | Kinston Pointe | Kinston | NC | Kinston, NC | 2001 | 250,580 | 100.0 | % | 941 | 3.76 | Walmart Supercenter | Dollar Tree | |||||||||||||||||||
274 | Magnolia Plaza | Morganton | NC | Hickory-Lenoir-Morganton, NC | 1990 | 104,539 | 38.6 | % | 192 | 4.76 | Ingles | — | |||||||||||||||||||
275 | Roxboro Square | Roxboro | NC | Durham-Chapel Hill, NC | 2005 | 97,226 | 93.1 | % | 1,371 | 15.15 | — | Person County Health & Human Services | |||||||||||||||||||
276 | Innes Street Market | Salisbury | NC | Charlotte-Concord-Gastonia, NC-SC | 2002 | 349,425 | 98.5 | % | 3,763 | 10.94 | Food Lion (Delhaize) | Lowe's, Marshalls, Old Navy, PetSmart, Staples, Tinseltown | |||||||||||||||||||
277 | Salisbury Marketplace | Salisbury | NC | Charlotte-Concord-Gastonia, NC-SC | 1987 | 79,732 | 72.7 | % | 623 | 10.75 | Food Lion (Delhaize) | Family Dollar | |||||||||||||||||||
278 | Crossroads | Statesville | NC | Charlotte-Concord-Gastonia, NC-SC | 1997 | 340,189 | 98.3 | % | 2,098 | 6.27 | Walmart Supercenter | Big Lots, Burkes Outlet, Tractor Supply | |||||||||||||||||||
279 | Anson Station | Wadesboro | NC | — | 1988 | 132,353 | 67.1 | % | 543 | 6.11 | Food Lion (Delhaize) | Peebles, Tractor Supply Co. | |||||||||||||||||||
280 | New Centre Market | Wilmington | NC | Wilmington, NC | 1998 | 143,762 | 97.5 | % | 1,983 | 14.55 | — | OfficeMax, PetSmart, Sportsmans Warehouse | Target | ||||||||||||||||||
281 | University Commons | Wilmington | NC | Wilmington, NC | 2007 | 235,345 | 98.5 | % | 3,415 | 14.74 | Lowes Foods | A.C. Moore, HomeGoods, T.J.Maxx | |||||||||||||||||||
282 | Whitaker Square | Winston Salem | NC | Winston-Salem, NC | 1996 | 82,760 | 97.9 | % | 1,193 | 14.73 | Harris Teeter (Kroger) | — | |||||||||||||||||||
283 | Parkway Plaza | Winston-Salem | NC | Winston-Salem, NC | 2005 | 283,830 | 89.9 | % | 2,834 | 11.69 | Super Compare Foods | Big Lots, Citi Trends, Office Depot | |||||||||||||||||||
284 | Stratford Commons | Winston-Salem | NC | Winston-Salem, NC | 1995 | 72,308 | 94.8 | % | 960 | 14.00 | — | Golf Galaxy, Mattress Firm, OfficeMax | |||||||||||||||||||
285 | Bedford Grove | Bedford | NH | Manchester-Nashua, NH | 1989 | 216,941 | 95.7 | % | 1,917 | 21.68 | — | Walmart | |||||||||||||||||||
286 | Capitol Shopping Center | Concord | NH | Concord, NH | 2001 | 182,887 | 100.0 | % | 1,994 | 11.16 | DeMoulas Supermarkets | Burlington Stores, Jo-Ann Fabric & Craft Stores, Marshalls | |||||||||||||||||||
287 | Willow Springs Plaza | Nashua | NH | Manchester-Nashua, NH | 2016 | 131,248 | 100.0 | % | 2,344 | 19.47 | — | JC Penney, New Hampshire Liquor and Wine Outlet, Petco | The Home Depot | ||||||||||||||||||
288 | Seacoast Shopping Center | Seabrook | NH | Boston-Cambridge-Newton, MA-NH | 1991 | 91,690 | 25.1 | % | 128 | 16.02 | — | Jo-Ann Fabric & Craft Stores | |||||||||||||||||||
289 | Tri-City Plaza | Somersworth | NH | Boston-Cambridge-Newton, MA-NH | 1990 | 150,004 | 98.9 | % | 1,422 | 9.59 | Market Basket (DeMoulas Supermarkets) | T.J.Maxx | |||||||||||||||||||
290 | Laurel Square | Brick | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2015 | 246,235 | 67.1 | % | 1,039 | 6.82 | A&P** | Kmart, Planet Fitness | |||||||||||||||||||
291 | the Shoppes at Cinnaminson | Cinnaminson | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2010 | 298,309 | 94.0 | % | 4,173 | 22.19 | ShopRite | Burlington Stores, Ross Dress For Less | |||||||||||||||||||
292 | Acme Clark | Clark | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2007 | 52,812 | 100.0 | % | 1,357 | 25.70 | Acme (Albertsons) | — |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 44 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
293 | Collegetown Shopping Center | Glassboro | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2015 | 250,408 | 97.5 | % | 2,180 | 8.93 | — | Kmart, LA Fitness, Staples | |||||||||||||||||||
294 | Hamilton Plaza | Hamilton | NJ | Trenton, NJ | 2015 | 148,919 | 98.0 | % | 1,069 | 7.33 | — | Hibachi Grill & Supreme Buffet, Kmart, Planet Fitness | |||||||||||||||||||
295 | Bennetts Mills Plaza | Jackson | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2002 | 127,230 | 90.3 | % | 1,512 | 13.16 | Super Stop & Shop (Ahold) | — | |||||||||||||||||||
296 | Lakewood Plaza | Lakewood | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1966 | 201,010 | 100.0 | % | 3,141 | 16.10 | Gourmet Glatt Market | Dollar Tree | |||||||||||||||||||
297 | Marlton Crossing | Marlton | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2013 | 332,664 | 94.1 | % | 4,960 | 15.85 | — | Burlington Stores, DSW, HomeGoods, Michaels, T.J. Maxx | |||||||||||||||||||
298 | Middletown Plaza | Middletown | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2001 | 197,066 | 91.1 | % | 3,571 | 20.19 | ShopRite | Petco, Rite Aid | |||||||||||||||||||
299 | Larchmont Centre | Mount Laurel | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1985 | 103,787 | 93.8 | % | 1,263 | 29.88 | ShopRite | — | |||||||||||||||||||
300 | Old Bridge Gateway | Old Bridge | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1995 | 246,120 | 95.2 | % | 4,118 | 17.57 | Bhavani Food Market | Marshalls, Modell's Sporting Goods, Pep Boys, Petco, Robert Wood Johnson Fitness | |||||||||||||||||||
301 | Morris Hills Shopping Center | Parsippany | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1994 | 159,561 | 97.6 | % | 2,972 | 19.09 | — | Blink Fitness (Equinox), Cinepolis, HomeGoods, Marshalls | |||||||||||||||||||
302 | Rio Grande Plaza | Rio Grande | NJ | Ocean City, NJ | 1997 | 141,330 | 87.8 | % | 1,442 | 11.62 | ShopRite* | JC Penney, Peebles, PetSmart | |||||||||||||||||||
303 | Ocean Heights Plaza | Somers Point | NJ | Atlantic City-Hammonton, NJ | 2006 | 179,199 | 100.0 | % | 3,368 | 18.80 | ShopRite | Pier 1 Imports, Staples | |||||||||||||||||||
304 | ShopRite Supermarket | Springfield | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1965 | 32,209 | 100.0 | % | 389 | 12.08 | ShopRite | — | |||||||||||||||||||
305 | Tinton Falls Plaza | Tinton Falls | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2006 | 98,410 | 80.1 | % | 1,320 | 16.74 | Acme (Albertsons)* | Dollar Tree, WOW! Fitness | |||||||||||||||||||
306 | Cross Keys Commons | Turnersville | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2016 | 216,323 | 92.0 | % | 3,153 | 15.85 | Walmart Supercenter* | Marshalls, Ross Dress for Less, Staples | |||||||||||||||||||
307 | Dover Park Plaza | Yardville | NJ | Trenton, NJ | 2005 | 56,638 | 82.2 | % | 718 | 15.43 | — | CVS, Dollar Tree | |||||||||||||||||||
308 | St Francis Plaza | Santa Fe | NM | Santa Fe, NM | 1993 | 35,800 | 100.0 | % | 460 | 12.85 | Whole Foods Market | Walgreens | |||||||||||||||||||
309 | Smith's | Socorro | NM | — | 1976 | 48,000 | 100.0 | % | 506 | 10.54 | — | — | |||||||||||||||||||
310 | Galleria Commons | Henderson | NV | Las Vegas-Henderson-Paradise, NV | 2015 | 278,411 | 100.0 | % | 3,201 | 11.64 | — | Babies"R"Us, Burlington Stores, Kirkland’s, Stein Mart, T.J.Maxx, Tuesday Morning | |||||||||||||||||||
311 | Montecito Marketplace | Las Vegas | NV | Las Vegas-Henderson-Paradise, NV | 2006 | 190,434 | 100.0 | % | 3,793 | 30.32 | Smith's (Kroger) | T.J.Maxx | |||||||||||||||||||
312 | Renaissance Center East | Las Vegas | NV | Las Vegas-Henderson-Paradise, NV | 2012 | 144,216 | 80.5 | % | 1,328 | 11.44 | — | Savers | |||||||||||||||||||
313 | Parkway Plaza | Carle Place | NY | New York-Newark-Jersey City, NY-NJ-PA | 1993 | 89,704 | 100.0 | % | 2,627 | 29.29 | — | Minado, Stew Leonard's Wines, T.J.Maxx | |||||||||||||||||||
314 | Erie Canal Centre | Dewitt | NY | Syracuse, NY | 2016 | 115,500 | 65.4 | % | 981 | 13.00 | — | Dick's Sporting Goods | |||||||||||||||||||
315 | Unity Plaza | East Fishkill | NY | New York-Newark-Jersey City, NY-NJ-PA | 2005 | 67,462 | 100.0 | % | 1,417 | 21.00 | Acme (Albertsons) * | — | |||||||||||||||||||
316 | Suffolk Plaza | East Setauket | NY | New York-Newark-Jersey City, NY-NJ-PA | 1998 | 84,480 | 27.8 | % | 693 | 29.51 | BJ's Wholesale*, Walmart Supercenter* | — | Kohl's | ||||||||||||||||||
317 | Three Village Shopping Center | East Setauket | NY | New York-Newark-Jersey City, NY-NJ-PA | 1991 | 77,458 | 92.6 | % | 1,827 | 25.47 | — | Ace Hardware | |||||||||||||||||||
318 | Stewart Plaza | Garden City | NY | New York-Newark-Jersey City, NY-NJ-PA | 1990 | 193,622 | 90.2 | % | 2,895 | 16.57 | — | Burlington Stores, K&G Fashion Superstore | |||||||||||||||||||
319 | Genesee Valley Shopping Center | Geneseo | NY | Rochester, NY | 2007 | 191,314 | 90.3 | % | 1,642 | 9.81 | Wegmans | Peebles, Tractor Supply Co. | |||||||||||||||||||
320 | McKinley Plaza | Hamburg | NY | Buffalo-Cheektowaga-Niagara Falls, NY | 1991 | 95,544 | 100.0 | % | 1,442 | 15.48 | Wegmans* | A.C. Moore, T.J.Maxx | |||||||||||||||||||
321 | Dalewood I, II & III Shopping Center | Hartsdale | NY | New York-Newark-Jersey City, NY-NJ-PA | 2012 | 191,441 | 100.0 | % | 6,374 | 34.02 | H-Mart, Best Market | Christmas Tree Shops, Rite Aid, T.J.Maxx | |||||||||||||||||||
322 | Hornell Plaza | Hornell | NY | Corning, NY | 2005 | 253,335 | 100.0 | % | 2,100 | 8.29 | Wegmans | Walmart | |||||||||||||||||||
323 | Cayuga Mall | Ithaca | NY | Ithaca, NY | 2013 | 204,830 | 84.0 | % | 1,506 | 8.75 | — | Big Lots, Jo-Ann Fabric & Craft Stores, Party City, Rite Aid, True Value | |||||||||||||||||||
324 | Kings Park Plaza | Kings Park | NY | New York-Newark-Jersey City, NY-NJ-PA | 1985 | 71,942 | 97.4 | % | 1,683 | 24.02 | Key Food Marketplace | T.J.Maxx | |||||||||||||||||||
325 | Village Square Shopping Center | Larchmont | NY | New York-Newark-Jersey City, NY-NJ-PA | 1981 | 17,000 | 100.0 | % | 583 | 34.29 | Trader Joe's | — | |||||||||||||||||||
326 | Falcaro's Plaza | Lawrence | NY | New York-Newark-Jersey City, NY-NJ-PA | 1972 | 61,118 | 100.0 | % | 1,291 | 21.12 | — | Advance Auto Parts | |||||||||||||||||||
327 | Shops at Seneca Mall | Liverpool | NY | Syracuse, NY | 2005 | 230,924 | 66.7 | % | 691 | 4.48 | — | Big Lots, Kmart | Raymour & Flanigan | ||||||||||||||||||
328 | Mamaroneck Centre | Mamaroneck | NY | New York-Newark-Jersey City, NY-NJ-PA | 2016 | 24,978 | 49.0 | % | 514 | 42.02 | — | CVS | |||||||||||||||||||
329 | Sunshine Square | Medford | NY | New York-Newark-Jersey City, NY-NJ-PA | 2007 | 223,322 | 90.9 | % | 2,732 | 13.46 | Super Stop & Shop (Ahold) | Planet Fitness | |||||||||||||||||||
330 | Wallkill Plaza | Middletown | NY | New York-Newark-Jersey City, NY-NJ-PA | 2012 | 209,960 | 94.2 | % | 1,951 | 10.18 | — | Ashley Furniture, Big Lots, Citi Trends, Hobby Lobby | |||||||||||||||||||
331 | Monroe ShopRite Plaza | Monroe | NY | New York-Newark-Jersey City, NY-NJ-PA | 1985 | 122,007 | 100.0 | % | 1,887 | 15.47 | ShopRite | Retro Fitness, Rite Aid, U.S. Post Office | |||||||||||||||||||
332 | Rockland Plaza | Nanuet | NY | New York-Newark-Jersey City, NY-NJ-PA | 2006 | 251,537 | 96.3 | % | 6,499 | 26.84 | A Matter of Health | Barnes & Noble, Lemon Pop, Marshalls, Modell's Sporting Goods, Petco | |||||||||||||||||||
333 | North Ridge Shopping Center | New Rochelle | NY | New York-Newark-Jersey City, NY-NJ-PA | 1971 | 31,870 | 96.8 | % | 1,135 | 36.81 | — | Harmon Discount | |||||||||||||||||||
334 | Nesconset Shopping Center | Port Jefferson Station | NY | New York-Newark-Jersey City, NY-NJ-PA | 2012 | 122,996 | 95.9 | % | 2,418 | 20.49 | — | Dollar Tree, HomeGoods | |||||||||||||||||||
335 | Port Washington | Port Washington | NY | New York-Newark-Jersey City, NY-NJ-PA | 1968 | 19,600 | 100.0 | % | 112 | 5.71 | North Shore Farms | — | |||||||||||||||||||
336 | Roanoke Plaza | Riverhead | NY | New York-Newark-Jersey City, NY-NJ-PA | 2002 | 99,131 | 98.9 | % | 1,752 | 17.88 | Best Yet Market | CVS, T.J.Maxx | |||||||||||||||||||
337 | Rockville Centre | Rockville Centre | NY | New York-Newark-Jersey City, NY-NJ-PA | 1975 | 44,131 | 94.3 | % | 1,095 | 26.30 | — | HomeGoods, Rite Aid | |||||||||||||||||||
338 | Mohawk Acres Plaza | Rome | NY | Utica-Rome, NY | 2005 | 156,680 | 85.1 | % | 1,354 | 21.39 | Price Chopper | Family Dollar | |||||||||||||||||||
339 | College Plaza | Selden | NY | New York-Newark-Jersey City, NY-NJ-PA | 2016 | 180,182 | 95.6 | % | 3,003 | 17.90 | ShopRite | A.C. Moore, Blink Fitness (Equinox), Bob's Stores | |||||||||||||||||||
340 | Campus Plaza | Vestal | NY | Binghamton, NY | 2003 | 160,744 | 96.8 | % | 1,703 | 10.94 | — | Olum's Furniture & Appliances, Rite Aid, Staples | |||||||||||||||||||
341 | Parkway Plaza | Vestal | NY | Binghamton, NY | 2012 | 204,954 | 100.0 | % | 2,119 | 10.34 | PriceRite (Wakefern) | Bed Bath & Beyond, Kohl's, PetSmart, Target | Target | ||||||||||||||||||
342 | Shoppes at Vestal | Vestal | NY | Binghamton, NY | 2000 | 92,328 | 100.0 | % | 1,391 | 15.07 | — | HomeGoods, Michaels, Old Navy |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 45 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
343 | Town Square Mall | Vestal | NY | Binghamton, NY | 2012 | 293,181 | 99.4 | % | 4,673 | 16.04 | Sam's Club*, Walmart Supercenter* | A.C. Moore, AMC Cinemas, Barnes & Noble, Dick's Sporting Goods, DSW, T.J.Maxx, Ulta | |||||||||||||||||||
344 | The Plaza at Salmon Run | Watertown | NY | Watertown-Fort Drum, NY | 1993 | 68,761 | 94.1 | % | 707 | 10.92 | Hannaford Bros. (Delhaize) | Lowes, Pier 1 Imports | |||||||||||||||||||
345 | Highridge Plaza | Yonkers | NY | New York-Newark-Jersey City, NY-NJ-PA | 2016 | 88,501 | 95.2 | % | 2,250 | 26.70 | H-Mart | — | |||||||||||||||||||
346 | Brunswick Town Center | Brunswick | OH | Cleveland-Elyria, OH | 2004 | 138,407 | 94.5 | % | 1,828 | 13.98 | Giant Eagle | — | The Home Depot | ||||||||||||||||||
347 | 30th Street Plaza | Canton | OH | Canton-Massillon, OH | 1999 | 157,055 | 86.6 | % | 1,446 | 10.64 | Giant Eagle, Marc's | — | |||||||||||||||||||
348 | Brentwood Plaza | Cincinnati | OH | Cincinnati, OH-KY-IN | 2004 | 222,174 | 83.9 | % | 2,161 | 19.75 | Kroger | Petco, Planet Fitness | |||||||||||||||||||
349 | Delhi Shopping Center | Cincinnati | OH | Cincinnati, OH-KY-IN | 2012 | 164,750 | 96.8 | % | 1,393 | 8.74 | Kroger | Pet Supplies Plus | |||||||||||||||||||
350 | Harpers Station | Cincinnati | OH | Cincinnati, OH-KY-IN | 2015 | 252,233 | 98.5 | % | 3,430 | 13.80 | Fresh Thyme Farmers Market | HomeGoods, LA Fitness, Pet Supplies Plus, Stein Mart, T.J.Maxx | |||||||||||||||||||
351 | Western Hills Plaza | Cincinnati | OH | Cincinnati, OH-KY-IN | 2011 | 316,154 | 99.6 | % | 3,838 | 12.53 | — | Bed Bath & Beyond, Michaels, Sears, Staples, T.J.Maxx | Target | ||||||||||||||||||
352 | Western Village | Cincinnati | OH | Cincinnati, OH-KY-IN | 2005 | 115,116 | 100.0 | % | 1,143 | 29.71 | Kroger | — | |||||||||||||||||||
353 | Crown Point | Columbus | OH | Columbus, OH | 2016 | 144,931 | 95.9 | % | 1,374 | 9.89 | Kroger | Dollar Tree, Planet Fitness | |||||||||||||||||||
354 | Greentree Shopping Center | Columbus | OH | Columbus, OH | 2005 | 130,773 | 84.8 | % | 1,142 | 11.10 | Kroger | — | |||||||||||||||||||
355 | Brandt Pike Place | Dayton | OH | Dayton, OH | 2008 | 17,900 | 88.8 | % | 151 | 9.50 | Kroger* | — | |||||||||||||||||||
356 | South Towne Centre | Dayton | OH | Dayton, OH | 2013 | 334,014 | 100.0 | % | 4,366 | 14.01 | Health Foods Unlimited | Burlington Stores, Christmas Tree Shops, Jo-Ann Fabric & Craft Stores, Party City, Petsmart, Value City Furniture | |||||||||||||||||||
357 | The Vineyards | Eastlake | OH | Cleveland-Elyria, OH | 1989 | 144,820 | 90.2 | % | 722 | 5.53 | — | Dollar Tree, Harbor Freight Tools | Walmart | ||||||||||||||||||
358 | Midway Market Square | Elyria | OH | Cleveland-Elyria, OH | 2014 | 224,329 | 88.8 | % | 2,010 | 10.09 | Giant Eagle | Dick's Sporting Goods, Jo-Ann Fabric & Craft Stores | Target, The Home Depot | ||||||||||||||||||
359 | Southland Shopping Center | Middleburg Heights | OH | Cleveland-Elyria, OH | 2016 | 695,261 | 96.6 | % | 6,787 | 10.15 | BJ's Wholesale Club, Giant Eagle, Marc's | Aspire Fitness, Burlington Stores, Cleveland Furniture Bank, Jo-Ann Fabric & Craft Stores, Marshalls, Party City | |||||||||||||||||||
360 | The Shoppes at North Olmsted | North Olmsted | OH | Cleveland-Elyria, OH | 2002 | 70,003 | 98.2 | % | 1,036 | 15.07 | — | Ollie's Bargain Outlet, Sears Outlet | |||||||||||||||||||
361 | The Shoppes at North Ridgeville | North Ridgeville | OH | Cleveland-Elyria, OH | 2002 | 59,852 | 98.0 | % | 873 | 15.41 | — | Pat Catan's Craft Centers | |||||||||||||||||||
362 | Surrey Square Mall | Norwood | OH | Cincinnati, OH-KY-IN | 2010 | 175,167 | 96.8 | % | 2,153 | 25.23 | Kroger | Marshalls | |||||||||||||||||||
363 | Market Place | Piqua | OH | Dayton, OH | 2012 | 182,487 | 93.2 | % | 680 | 7.08 | Kroger | Roses | |||||||||||||||||||
364 | Brice Park | Reynoldsburg | OH | Columbus, OH | 1989 | 158,565 | 88.9 | % | 1,224 | 9.46 | — | Ashley Furniture, Citi Trends, Michaels | |||||||||||||||||||
365 | Streetsboro Crossing | Streetsboro | OH | Akron, OH | 2002 | 89,436 | 100.0 | % | 683 | 7.64 | Giant Eagle | — | Lowe's, Target | ||||||||||||||||||
366 | Miracle Mile Shopping Plaza | Toledo | OH | Toledo, OH | 1955 | 315,515 | 80.7 | % | 1,912 | 12.87 | Kroger | Aspire Fitness, Big Lots, Harbor Freight Tools | |||||||||||||||||||
367 | Southland Shopping Plaza | Toledo | OH | Toledo, OH | 1988 | 290,892 | 85.2 | % | 1,535 | 6.20 | Kroger | Big Lots, Planet Fitness, Shopper's World | |||||||||||||||||||
368 | Wadsworth Crossings | Wadsworth | OH | Cleveland-Elyria, OH | 2005 | 115,097 | 97.4 | % | 1,870 | 16.67 | — | Bed Bath & Beyond, MC Sports, OfficeMax, Petco | Kohl's, Lowe's, Target | ||||||||||||||||||
369 | Northgate Plaza | Westerville | OH | Columbus, OH | 2008 | 15,219 | 100.0 | % | 248 | 16.30 | Kroger* | — | The Home Depot | ||||||||||||||||||
370 | Marketplace | Tulsa | OK | Tulsa, OK | 1992 | 186,851 | 100.0 | % | 1,792 | 9.59 | — | Conn's, Drysdales, PetSmart | Best Buy, JC Penney Home Store | ||||||||||||||||||
371 | Village West | Allentown | PA | Allentown-Bethlehem-Easton, PA-NJ | 1999 | 140,474 | 97.1 | % | 2,521 | 18.49 | Giant Food (Ahold) | CVS | |||||||||||||||||||
372 | Park Hills Plaza | Altoona | PA | Altoona, PA | 1985 | 278,586 | 79.7 | % | 1,943 | 8.75 | Weis Markets | A.C. Moore, Dunham's Sports, Shoe Carnival, Toys"R"Us | |||||||||||||||||||
373 | Bensalem Square | Bensalem | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1986 | 70,378 | 100.0 | % | 742 | 10.54 | Redner's Warehouse Market | — | |||||||||||||||||||
374 | Bethel Park Shopping Center | Bethel Park | PA | Pittsburgh, PA | 2015 | 199,079 | 100.0 | % | 1,914 | 10.66 | Giant Eagle | Walmart | |||||||||||||||||||
375 | Bethlehem Square | Bethlehem | PA | Allentown-Bethlehem-Easton, PA-NJ | 1994 | 389,450 | 100.0 | % | 3,902 | 15.09 | Giant Food (Ahold) | T.J.Maxx, The Home Depot, Walmart | |||||||||||||||||||
376 | Lehigh Shopping Center | Bethlehem | PA | Allentown-Bethlehem-Easton, PA-NJ | 2013 | 378,358 | 97.3 | % | 3,372 | 11.48 | Giant Food (Ahold) | Big Lots, Mega Marshalls, PetSmart, Rite Aid, Staples, Wells Fargo | |||||||||||||||||||
377 | Bristol Park | Bristol | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2013 | 283,153 | 99.6 | % | 2,466 | 8.75 | Walmart Supercenter | — | |||||||||||||||||||
378 | Chalfont Village Shopping Center | Chalfont | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 46,051 | 77.7 | % | 427 | 11.93 | — | — | |||||||||||||||||||
379 | New Britain Village Square | Chalfont | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 143,716 | 95.4 | % | 2,420 | 17.64 | Giant Food (Ahold) | Tuesday Morning | |||||||||||||||||||
380 | Collegeville Shopping Center | Collegeville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2004 | 110,696 | 51.0 | % | 846 | 14.98 | — | Pep Boys, Rascal Fitness | |||||||||||||||||||
381 | Whitemarsh Shopping Center | Conshohocken | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 67,476 | 100.0 | % | 1,491 | 22.10 | Giant Food (Ahold) | Wine & Spirits Shoppe | |||||||||||||||||||
382 | Valley Fair | Devon | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2001 | 105,086 | 100.0 | % | 1,041 | 9.91 | — | Chuck E. Cheese's, Mealey's Furniture | |||||||||||||||||||
383 | Dickson City Crossings | Dickson City | PA | Scranton--Wilkes-Barre--Hazleton, PA | 1997 | 312,699 | 100.0 | % | 3,213 | 16.13 | — | Dick's Sporting Goods, hhgregg, Party City, PetSmart, T.J.Maxx, The Home Depot | |||||||||||||||||||
384 | Dillsburg Shopping Center | Dillsburg | PA | York-Hanover, PA | 2014 | 153,088 | 93.3 | % | 1,822 | 13.02 | Giant Food (Ahold) | Rite Aid, Tractor Supply Co. | |||||||||||||||||||
385 | Barn Plaza | Doylestown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 237,681 | 100.0 | % | 3,365 | 14.16 | — | Kohl's, Marshalls, Regal Cinemas | |||||||||||||||||||
386 | Pilgrim Gardens | Drexel Hill | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2014 | 75,223 | 100.0 | % | 1,232 | 16.38 | — | Dollar Tree, Ross Dress for Less | |||||||||||||||||||
387 | Gilbertsville Shopping Center | Gilbertsville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 85,576 | 95.6 | % | 779 | 9.52 | Weis Markets | Wine & Spirits | |||||||||||||||||||
388 | Mount Carmel Plaza | Glenside | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1975 | 14,504 | 94.1 | % | 184 | 13.48 | — | SGS Paper | |||||||||||||||||||
389 | Kline Plaza | Harrisburg | PA | Harrisburg-Carlisle, PA | 1952 | 214,628 | 90.9 | % | 1,795 | 9.20 | Giant Food (Ahold) | Citi Trends | |||||||||||||||||||
390 | New Garden Center | Kennett Square | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2012 | 144,920 | 96.2 | % | 1,000 | 7.33 | — | Big Lots, Ollie's Bargain Outlet | |||||||||||||||||||
391 | Stone Mill Plaza | Lancaster | PA | Lancaster, PA | 2008 | 106,736 | 99.3 | % | 1,283 | 12.11 | Giant Food (Ahold) | — |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 46 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
392 | Woodbourne Square | Langhorne | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1984 | 29,821 | 93.3 | % | 582 | 20.92 | — | — | |||||||||||||||||||
393 | North Penn Market Place | Lansdale | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1977 | 58,358 | 73.2 | % | 832 | 21.27 | Weis Markets* | — | |||||||||||||||||||
394 | New Holland Shopping Center | New Holland | PA | Lancaster, PA | 1995 | 65,878 | 95.2 | % | 514 | 8.20 | Grocery Outlet | Family Dollar | |||||||||||||||||||
395 | Village at Newtown | Newtown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 176,952 | 83.3 | % | 3,759 | 25.49 | McCaffrey's | Pier 1 Imports | |||||||||||||||||||
396 | Cherry Square | Northampton | PA | Allentown-Bethlehem-Easton, PA-NJ | 1989 | 75,005 | 96.3 | % | 729 | 10.09 | Redner's Warehouse Market | — | |||||||||||||||||||
397 | Ivyridge | Philadelphia | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2016 | 107,318 | 94.7 | % | 2,418 | 23.80 | — | Target, Wine & Spirits | |||||||||||||||||||
398 | Roosevelt Mall | Philadelphia | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2011 | 561,863 | 98.3 | % | 7,872 | 32.87 | — | Macy's, Modell's Sporting Goods, Ross Dress For Less | |||||||||||||||||||
399 | Shoppes at Valley Forge | Phoenixville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2003 | 176,676 | 100.0 | % | 1,367 | 7.74 | Redner's Warehouse Market | French Creek Outfitters, Staples | |||||||||||||||||||
400 | Plymouth Plaza | Plymouth Meeting | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1994 | 30,013 | 43.3 | % | 345 | 26.57 | — | Premier Urgent Care | |||||||||||||||||||
401 | County Line Plaza | Souderton | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2013 | 154,758 | 91.6 | % | 1,442 | 10.60 | ALDI | Planet Fitness, Rite Aid, VF Outlet | |||||||||||||||||||
402 | 69th Street Plaza | Upper Darby | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1994 | 41,711 | 100.0 | % | 411 | 9.85 | Fresh Grocer (Wakefern)* | EZ Bargains, Rent-A-Center, Super Dollar City | |||||||||||||||||||
403 | Warminster Towne Center | Warminster | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1997 | 237,152 | 100.0 | % | 3,417 | 15.63 | ShopRite | A.C. Moore, Kohls, Modell's Sporting Goods, Old Navy, Party City, PetSmart, Ross Dress for Less | |||||||||||||||||||
404 | Shops at Prospect | West Hempfield | PA | Lancaster, PA | 1994 | 63,392 | 100.0 | % | 728 | 11.48 | Musser's Markets | Hallmark | Kmart | ||||||||||||||||||
405 | Whitehall Square | Whitehall | PA | Allentown-Bethlehem-Easton, PA-NJ | 2006 | 315,192 | 79.2 | % | 2,851 | 11.42 | Redner's Warehouse Market | Mealey's Furniture, PetSmart, Ross Dress for Less, Staples | |||||||||||||||||||
406 | Wilkes-Barre Township Marketplace | Wilkes-Barre | PA | Scranton--Wilkes-Barre--Hazleton, PA | 2004 | 307,610 | 95.3 | % | 2,065 | 29.31 | Walmart Supercenter | Party City, Shoe Carnival | |||||||||||||||||||
407 | Hunt River Commons | North Kingstown | RI | Providence-Warwick, RI-MA | 1989 | 148,126 | 83.8 | % | 1,356 | 10.92 | Super Stop & Shop (Ahold) | Marshalls, Planet Fitness | |||||||||||||||||||
408 | Belfair Towne Village | Bluffton | SC | Hilton Head Island-Bluffton-Beaufort, SC | 2006 | 165,039 | 94.4 | % | 2,209 | 14.18 | Kroger | Stein Mart | |||||||||||||||||||
409 | Milestone Plaza | Greenville | SC | Greenville-Anderson-Mauldin, SC | 1995 | 89,721 | 100.0 | % | 1,573 | 17.53 | BI-LO (Southeastern Grocers) | — | |||||||||||||||||||
410 | Circle Center | Hilton Head | SC | Hilton Head Island-Bluffton-Beaufort, SC | 2000 | 65,313 | 97.2 | % | 790 | 12.45 | BI-LO (Southeastern Grocers) | — | |||||||||||||||||||
411 | Island Plaza | James Island | SC | Charleston-North Charleston, SC | 2016 | 171,224 | 100.0 | % | 1,364 | 8.28 | Food Lion (Delhaize) | Dollar Tree, Gold's Gym, Tuesday Morning | |||||||||||||||||||
412 | Festival Centre | North Charleston | SC | Charleston-North Charleston, SC | 2015 | 325,347 | 76.1 | % | 2,080 | 8.52 | — | Gold's Gym, Intercontinental Hotels Group, New Spring Church, Sears Outlet | |||||||||||||||||||
413 | Remount Village Shopping Center | North Charleston | SC | Charleston-North Charleston, SC | 1996 | 60,238 | 21.9 | % | 129 | 9.77 | — | — | |||||||||||||||||||
414 | Fairview Corners I & II | Simpsonville | SC | Greenville-Anderson-Mauldin, SC | 2003 | 131,002 | 99.0 | % | 1,904 | 14.68 | — | Ross Dress for Less, T.J.Maxx | Target | ||||||||||||||||||
415 | Hillcrest Market Place | Spartanburg | SC | Spartanburg, SC | 2012 | 360,277 | 87.7 | % | 3,479 | 11.59 | Publix | Marshalls, NCG Cinemas, Office Depot, Petco, Ross Dress for Less, Stein Mart | |||||||||||||||||||
416 | Shoppes at Hickory Hollow | Antioch | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1986 | 144,469 | 84.9 | % | 1,413 | 11.52 | Kroger | Citi Trends | |||||||||||||||||||
417 | East Ridge Crossing | Chattanooga | TN | Chattanooga, TN-GA | 1999 | 58,950 | 88.8 | % | 588 | 11.23 | Food Lion (Delhaize) | — | |||||||||||||||||||
418 | Watson Glen Shopping Center | Franklin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2015 | 265,027 | 98.9 | % | 2,561 | 9.86 | ALDI | At Home, Big Lots, Franklin Athletic Club, Trees n Trends | |||||||||||||||||||
419 | Williamson Square | Franklin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2015 | 331,386 | 97.1 | % | 3,218 | 10.00 | — | Grace Church Nashville, Hard Knocks, Hobby Lobby, Planet Fitness, Skyzone, USA Baby | |||||||||||||||||||
420 | Greensboro Village | Gallatin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2005 | 70,203 | 95.3 | % | 972 | 14.53 | Publix | — | |||||||||||||||||||
421 | Greeneville Commons | Greeneville | TN | Greeneville, TN | 2002 | 228,618 | 95.5 | % | 1,594 | 12.33 | — | Belk, Burkes Outlet, JC Penney, Kmart | |||||||||||||||||||
422 | Oakwood Commons | Hermitage | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2015 | 267,558 | 93.4 | % | 2,806 | 11.38 | Publix | Bed Bath & Beyond, Dollar Tree, Goody’s, PetSmart, Ross Dress for Less | |||||||||||||||||||
423 | Kimball Crossing | Kimball | TN | Chattanooga, TN-GA | 2007 | 280,476 | 96.7 | % | 1,824 | 7.42 | Walmart Supercenter | Goody's | Lowe's | ||||||||||||||||||
424 | Kingston Overlook | Knoxville | TN | Knoxville, TN | 2015 | 122,536 | 80.7 | % | 914 | 9.55 | — | Babies"R"Us, Sears Outlet | |||||||||||||||||||
425 | Farrar Place | Manchester | TN | Tullahoma-Manchester, TN | 1989 | 43,220 | 84.5 | % | 324 | 8.88 | Food Lion (Delhaize) | — | |||||||||||||||||||
426 | The Commons at Wolfcreek | Memphis | TN | Memphis, TN-MS-AR | 2016 | 660,013 | 83.4 | % | 7,635 | 14.36 | — | Academy Sports + Outdoors, Best Buy, Big Lots, DSW, hhgregg, Office Depot, PetSmart, T.J.Maxx, Value City Furniture | Target, The Home Depot, Toys"R"Us | ||||||||||||||||||
427 | Georgetown Square | Murfreesboro | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2003 | 114,117 | 85.4 | % | 1,124 | 11.53 | Kroger | Aaron's | |||||||||||||||||||
428 | Nashboro Village | Nashville | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1998 | 86,811 | 98.2 | % | 1,013 | 11.89 | Kroger | — | Walgreens | ||||||||||||||||||
429 | Commerce Central | Tullahoma | TN | Tullahoma-Manchester, TN | 1995 | 182,401 | 98.3 | % | 1,241 | 6.92 | Walmart Supercenter | Dollar Tree | |||||||||||||||||||
430 | Merchant's Central | Winchester | TN | Tullahoma-Manchester, TN | 1997 | 208,123 | 93.8 | % | 1,164 | 5.96 | Walmart Supercenter | Goody's | |||||||||||||||||||
431 | Palm Plaza | Aransas | TX | Corpus Christi, TX | 2002 | 50,700 | 88.1 | % | 300 | 8.13 | — | Bealls (Stage Stores), Family Dollar | |||||||||||||||||||
432 | Bardin Place Center | Arlington | TX | Dallas-Fort Worth-Arlington, TX | 2016 | 420,550 | 100.0 | % | 4,052 | 9.64 | WinCo Foods | Hemispheres, Hobby Lobby, Ross Dress for Less | |||||||||||||||||||
433 | Parmer Crossing | Austin | TX | Austin-Round Rock, TX | 2015 | 169,552 | 100.0 | % | 1,819 | 10.73 | — | Big Lots, Dollar Tree, Harbor Freight Tools, Mega Furniture, Planet Fitness | Fry's Electronics | ||||||||||||||||||
434 | Baytown Shopping Center | Baytown | TX | Houston-The Woodlands-Sugar Land, TX | 1987 | 95,930 | 87.6 | % | 925 | 11.01 | — | 24 Hour Fitness | |||||||||||||||||||
435 | Cedar Bellaire | Bellaire | TX | Houston-The Woodlands-Sugar Land, TX | 1994 | 50,967 | 100.0 | % | 850 | 16.68 | H-E-B | — | |||||||||||||||||||
436 | El Camino | Bellaire | TX | Houston-The Woodlands-Sugar Land, TX | 2008 | 71,651 | 100.0 | % | 647 | 9.03 | El Ahorro Supermarket | Dollar Tree, Family Dollar | |||||||||||||||||||
437 | Bryan Square | Bryan | TX | College Station-Bryan, TX | 2008 | 59,029 | 100.0 | % | 328 | 6.47 | — | 99 Cents Only, Citi Trends, Dollar Floor Store, Firestone | |||||||||||||||||||
438 | Townshire | Bryan | TX | College Station-Bryan, TX | 2002 | 136,887 | 90.0 | % | 934 | 7.58 | — | Tops Printing | |||||||||||||||||||
439 | Plantation Plaza | Clute | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 99,141 | 99.0 | % | 827 | 8.60 | — | Walgreens | |||||||||||||||||||
440 | Central Station | College Station | TX | College Station-Bryan, TX | 2012 | 176,847 | 96.6 | % | 2,562 | 15.35 | — | OfficeMax, Spec's Liquors, Wally's Party Factory | Kohl's |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 47 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
441 | Rock Prairie Crossing | College Station | TX | College Station-Bryan, TX | 2002 | 118,700 | 100.0 | % | 1,346 | 25.57 | Kroger | CVS | |||||||||||||||||||
442 | Carmel Village | Corpus Christi | TX | Corpus Christi, TX | 1993 | 85,633 | 75.3 | % | 621 | 9.63 | — | Bay Area Dialysis, Bealls (Stage Stores), Tuesday Morning | |||||||||||||||||||
443 | Five Points | Corpus Christi | TX | Corpus Christi, TX | 2016 | 276,593 | 93.7 | % | 3,161 | 12.40 | — | Bealls (Stage Stores), Burkes Outlet, Harbor Freight Tools, Hobby Lobby, Party City, Ross Dress for Less | |||||||||||||||||||
444 | Claremont Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1976 | 67,305 | 97.3 | % | 538 | 8.30 | Fiesta Mart | Family Dollar | |||||||||||||||||||
445 | Jeff Davis | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1975 | 68,962 | 81.2 | % | 619 | 11.06 | Save-A-Lot (Supervalu) | Family Dollar | |||||||||||||||||||
446 | Stevens Park Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1974 | 45,492 | 96.5 | % | 406 | 9.25 | — | Big Lots, O'Reilly Auto Parts | |||||||||||||||||||
447 | Webb Royal Plaza | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 2016 | 108,545 | 100.0 | % | 1,115 | 10.73 | El Rio Grande Latin Market | Family Dollar | |||||||||||||||||||
448 | Wynnewood Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 2006 | 443,681 | 87.8 | % | 3,972 | 10.33 | El Rancho, Kroger | Fallas Paredes, Gen X Clothing, Ross Dress for Less | |||||||||||||||||||
449 | Parktown | Deer Park | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 121,388 | 92.1 | % | 935 | 8.37 | Food Town | Burkes Outlet, Walgreens | |||||||||||||||||||
450 | Kenworthy Crossing | El Paso | TX | El Paso, TX | 2003 | 74,393 | 90.3 | % | 653 | 9.72 | Albertsons | — | |||||||||||||||||||
451 | Preston Ridge | Frisco | TX | Dallas-Fort Worth-Arlington, TX | 2016 | 793,319 | 98.2 | % | 15,544 | 20.27 | SuperTarget* | Best Buy, Big Lots, DSW, Old Navy, Marshalls, Nordstrom Rack, Ross Dress for Less, Saks OFF Fifth, Sheplers, Stein Mart, T.J.Maxx | |||||||||||||||||||
452 | Forest Hills Village | Ft. Worth | TX | Dallas-Fort Worth-Arlington, TX | 1968 | 69,651 | 100.0 | % | 393 | 5.64 | Foodland Markets | Family Dollar, Hi Style Fashion | |||||||||||||||||||
453 | Ridglea Plaza | Ft. Worth | TX | Dallas-Fort Worth-Arlington, TX | 1990 | 170,519 | 100.0 | % | 1,930 | 11.66 | Tom Thumb (Albertsons) | Stein Mart | |||||||||||||||||||
454 | Trinity Commons | Ft. Worth | TX | Dallas-Fort Worth-Arlington, TX | 1998 | 197,423 | 100.0 | % | 3,857 | 19.54 | Tom Thumb (Albertsons) | DSW | |||||||||||||||||||
455 | Village Plaza | Garland | TX | Dallas-Fort Worth-Arlington, TX | 2002 | 89,241 | 100.0 | % | 1,023 | 11.46 | Truong Nguyen Grocer | — | |||||||||||||||||||
456 | North Hills Village | Haltom City | TX | Dallas-Fort Worth-Arlington, TX | 1998 | 43,299 | 84.7 | % | 262 | 7.14 | — | Dollar Tree, Rent-A-Center | |||||||||||||||||||
457 | Highland Village Town Center | Highland Village | TX | Dallas-Fort Worth-Arlington, TX | 1996 | 99,341 | 92.1 | % | 981 | 10.72 | Kroger | — | |||||||||||||||||||
458 | Bay Forest | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 71,667 | 98.3 | % | 747 | 10.60 | Kroger | — | |||||||||||||||||||
459 | Beltway South | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 107,174 | 97.0 | % | 958 | 28.30 | Kroger | — | |||||||||||||||||||
460 | Braes Heights | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2003 | 94,086 | 98.3 | % | 1,965 | 21.25 | — | CVS, Imagination Toys, I W Marks Jewelers | |||||||||||||||||||
461 | Braes Link | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 30,189 | 100.0 | % | 537 | 17.79 | — | Walgreens | |||||||||||||||||||
462 | Braes Oaks Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1992 | 45,067 | 94.5 | % | 464 | 10.90 | H-E-B | — | |||||||||||||||||||
463 | Braesgate | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 91,382 | 93.2 | % | 536 | 6.29 | Food Town | — | |||||||||||||||||||
464 | Broadway | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2006 | 74,942 | 100.0 | % | 770 | 10.68 | El Ahorro Supermarket | Fallas Paredes, Melrose Fashions | |||||||||||||||||||
465 | Clear Lake Camino South | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 102,643 | 75.1 | % | 1,280 | 18.08 | — | 24 Hour Fitness, Mr. Gatti's Pizza, Spec's Liquors | |||||||||||||||||||
466 | Hearthstone Corners | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 208,147 | 93.9 | % | 1,858 | 9.50 | Kroger | Big Lots, Stein Mart | |||||||||||||||||||
467 | Jester Village | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1988 | 64,285 | 77.4 | % | 500 | 10.05 | H-E-B | — | |||||||||||||||||||
468 | Jones Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2000 | 111,206 | 68.5 | % | 759 | 9.97 | — | Fitness Connection | |||||||||||||||||||
469 | Jones Square | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 169,003 | 98.7 | % | 1,244 | 7.56 | — | Big Lots, Hobby Lobby | |||||||||||||||||||
470 | Maplewood Mall | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 93,711 | 98.1 | % | 766 | 8.33 | Foodarama | Burke's Outlet | |||||||||||||||||||
471 | Merchants Park | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2009 | 243,798 | 100.0 | % | 3,334 | 13.68 | Kroger | Big Lots, Petco, Ross Dress for Less, Tuesday Morning | |||||||||||||||||||
472 | Northgate | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1972 | 40,244 | 100.0 | % | 309 | 7.68 | — | Affordable Furniture, Firestone, Lumber Liquidators, TitleMax | |||||||||||||||||||
473 | Northshore | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2001 | 230,779 | 93.9 | % | 2,718 | 12.74 | Sellers Bros. | Conn's, Office Depot | |||||||||||||||||||
474 | Northtown Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2016 | 190,622 | 89.4 | % | 1,942 | 11.57 | — | 99 Cents Only, CVS, dd's Discounts (Ross), Fallas Paredes | |||||||||||||||||||
475 | Northwood Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1972 | 136,747 | 93.1 | % | 1,330 | 10.63 | Food City | — | |||||||||||||||||||
476 | Orange Grove | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 189,201 | 94.1 | % | 1,771 | 10.09 | — | 24 Hour Fitness, FAMSA, Floor & Décor | |||||||||||||||||||
477 | Pinemont Shopping Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 73,577 | 92.9 | % | 911 | 13.64 | — | Family Dollar, Houston Community College | |||||||||||||||||||
478 | Royal Oaks Village | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2001 | 145,229 | 97.8 | % | 3,109 | 21.90 | H-E-B | — | |||||||||||||||||||
479 | Tanglewilde Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 82,565 | 100.0 | % | 1,130 | 13.81 | — | Ace Hardware, Dollar Tree, Party City, Salon In The Park | |||||||||||||||||||
480 | Westheimer Commons | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2012 | 242,409 | 94.4 | % | 2,114 | 9.23 | Fiesta Mart | Marshalls | |||||||||||||||||||
481 | Fry Road Crossing | Katy | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 237,340 | 100.0 | % | 2,478 | 10.53 | Kroger | Hobby Lobby, Palais Royal, Stein Mart | |||||||||||||||||||
482 | Washington Square | Kaufman | TX | Dallas-Fort Worth-Arlington, TX | 1978 | 64,230 | 82.7 | % | 344 | 6.48 | — | AutoZone, Bealls (Stage Stores), Dollar Tree | |||||||||||||||||||
483 | Jefferson Park | Mount Pleasant | TX | Mount Pleasant, TX | 2001 | 132,096 | 94.7 | % | 870 | 7.07 | Super 1 Foods | Harbor Freight Tools, PetSense | |||||||||||||||||||
484 | Winwood Town Center | Odessa | TX | Odessa, TX | 2002 | 365,559 | 100.0 | % | 2,770 | 12.13 | H-E-B | Hastings, Office Depot, Ross Dress for Less, Target | |||||||||||||||||||
485 | Crossroads Centre - Pasadena | Pasadena | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 134,006 | 93.8 | % | 1,486 | 12.71 | Kroger | Sears Hardware | |||||||||||||||||||
486 | Spencer Square | Pasadena | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 194,470 | 86.3 | % | 2,080 | 12.40 | Kroger | Burkes Outlet | |||||||||||||||||||
487 | Pearland Plaza | Pearland | TX | Houston-The Woodlands-Sugar Land, TX | 1995 | 156,491 | 81.6 | % | 1,140 | 8.93 | Kroger | Goodwill Select Store, Harbor Freight Tools, Walgreens | |||||||||||||||||||
488 | Market Plaza | Plano | TX | Dallas-Fort Worth-Arlington, TX | 2002 | 168,137 | 69.9 | % | 2,663 | 23.76 | Central Market (H-E-B) | — | |||||||||||||||||||
489 | Preston Park | Plano | TX | Dallas-Fort Worth-Arlington, TX | 2016 | 239,102 | 92.2 | % | 5,910 | 26.82 | Kroger | — | |||||||||||||||||||
490 | Northshore Plaza | Portland | TX | Corpus Christi, TX | 2000 | 152,144 | 98.4 | % | 1,014 | 13.52 | H-E-B | Bealls (Stage Stores) | Kmart | ||||||||||||||||||
491 | Klein Square | Spring | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 80,636 | 94.7 | % | 799 | 10.46 | Food Town | Family Dollar, Petco | |||||||||||||||||||
492 | Keegan's Meadow | Stafford | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 125,491 | 94.7 | % | 1,240 | 10.77 | Randalls (Albertsons) | Palais Royal |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 48 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
493 | Texas City Bay | Texas City | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 223,152 | 53.9 | % | 1,170 | 9.79 | Kroger | — | |||||||||||||||||||
494 | Windvale Center | The Woodlands | TX | Houston-The Woodlands-Sugar Land, TX | 2002 | 101,088 | 91.5 | % | 991 | 28.20 | Randalls (Albertsons) | — | |||||||||||||||||||
495 | The Centre at Navarro | Victoria | TX | Victoria, TX | 2005 | 66,102 | 94.1 | % | 732 | 16.61 | ALDI | Hastings, Walgreens | |||||||||||||||||||
496 | Spradlin Farm | Christiansburg | VA | Blacksburg-Christiansburg-Radford, VA | 2000 | 180,220 | 100.0 | % | 2,655 | 14.98 | — | Barnes & Noble, Big Lots, Michaels, Petco, T.J.Maxx | Target, The Home Depot | ||||||||||||||||||
497 | Culpeper Town Square | Culpeper | VA | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1999 | 132,882 | 99.0 | % | 1,147 | 8.72 | Food Lion (Ahold) | Mountain Run Bowling, Tractor Supply Co. | |||||||||||||||||||
498 | Hanover Square | Mechanicsville | VA | Richmond, VA | 1991 | 129,887 | 98.2 | % | 1,656 | 12.99 | — | Gold's Gym | Kohl's | ||||||||||||||||||
499 | Jefferson Green | Newport News | VA | Virginia Beach-Norfolk-Newport News, VA-NC | 1988 | 54,945 | 91.3 | % | 771 | 15.37 | — | DXL Destination XL, Once Upon a Child, Tuesday Morning | |||||||||||||||||||
500 | Tuckernuck Square | Richmond | VA | Richmond, VA | 1981 | 86,010 | 92.9 | % | 1,237 | 15.48 | — | 2nd & Charles, Chuck E. Cheese's | |||||||||||||||||||
501 | Cave Spring Corners | Roanoke | VA | Roanoke, VA | 2005 | 147,133 | 100.0 | % | 1,171 | 13.27 | Kroger | Hamrick's | |||||||||||||||||||
502 | Hunting Hills | Roanoke | VA | Roanoke, VA | 2014 | 166,207 | 98.2 | % | 1,409 | 8.63 | — | Kohl's, PetSmart | |||||||||||||||||||
503 | Valley Commons | Salem | VA | Roanoke, VA | 1988 | 45,580 | 20.4 | % | 89 | 9.57 | — | — | |||||||||||||||||||
504 | Lake Drive Plaza | Vinton | VA | Roanoke, VA | 2008 | 163,090 | 100.0 | % | 1,297 | 7.95 | Kroger | Big Lots, Goodwill | |||||||||||||||||||
505 | Hilltop Plaza | Virginia Beach | VA | Virginia Beach-Norfolk-Newport News, VA-NC | 2010 | 150,312 | 100.0 | % | 2,583 | 17.36 | Trader Joe's | Jo-Ann Fabric & Craft Stores, Kirkland’s, Office Depot, PetSmart | |||||||||||||||||||
506 | Ridgeview Centre | Wise | VA | Big Stone Gap, VA | 2015 | 190,242 | 67.6 | % | 977 | 7.60 | — | Grand Home Furnishings, Harbor Freight Tools, Ollie's Bargain Outlet | Belk | ||||||||||||||||||
507 | Rutland Plaza | Rutland | VT | Rutland, VT | 1997 | 224,514 | 98.6 | % | 1,958 | 8.85 | Price Chopper | Flagship Cinemas, T.J.Maxx, Walmart | |||||||||||||||||||
508 | Fitchburg Ridge Shopping Center | Fitchburg | WI | Madison, WI | 2003 | 50,555 | 83.6 | % | 497 | 11.75 | — | Wisconsin Dialysis | |||||||||||||||||||
509 | Spring Mall | Greenfield | WI | Milwaukee-Waukesha-West Allis, WI | 2003 | 188,861 | 83.5 | % | 1,179 | 7.48 | — | T.J.Maxx | |||||||||||||||||||
510 | Mequon Pavilions | Mequon | WI | Milwaukee-Waukesha-West Allis, WI | 2015 | 219,618 | 87.3 | % | 3,026 | 15.78 | Sendik's Food Market | Bed Bath & Beyond, DSW, Marshalls | |||||||||||||||||||
511 | Moorland Square Shopping Ctr | New Berlin | WI | Milwaukee-Waukesha-West Allis, WI | 1990 | 98,303 | 91.3 | % | 857 | 9.55 | Pick 'n Save (Kroger) | — | Walmart | ||||||||||||||||||
512 | Paradise Pavilion | West Bend | WI | Milwaukee-Waukesha-West Allis, WI | 2000 | 203,545 | 98.7 | % | 1,525 | 7.59 | — | Hobby Lobby, Kohl's | ShopKo | ||||||||||||||||||
513 | Moundsville Plaza | Moundsville | WV | Wheeling, WV-OH | 2004 | 176,156 | 96.0 | % | 1,206 | 7.13 | Kroger | Big Lots, Dunham's Sports, Peebles | |||||||||||||||||||
514 | Grand Central Plaza | Parkersburg | WV | Parkersburg-Vienna, WV | 1986 | 75,344 | 100.0 | % | 801 | 10.63 | — | Office Depot, O'Reilly Auto Parts, T.J.Maxx | |||||||||||||||||||
TOTAL PORTFOLIO | 86,295,214 | 92.6 | % | $ | 953,696 | $ | 12.90 | ||||||||||||||||||||||||
(1) * Indicates grocer is not owned; ** Indicates new grocer at lease to replace recently dark grocer. |
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 49 |
GUIDANCE | ||||||||||||||
Supplemental Disclosure Three Months Ended September 30, 2016 | ||||||||||||||
GUIDANCE & ADDITIONAL DISCLOSURES | ||||||||||||||||||
2016 GUIDANCE | ||||||||||||||||||
Updated | Prior | |||||||||||||||||
NAREIT FFO per common share - diluted | $2.04 - $2.06 | $2.03 - $2.06 | ||||||||||||||||
Key Underlying Assumptions | ||||||||||||||||||
Same property NOI growth | 2.5 - 3.0% | 2.5 - 3.5% | ||||||||||||||||
Percent leased (at year-end) | 92.8 - 93.0% | 92.8 - 93.0% | ||||||||||||||||
Total rent spread (cash) | 10 - 15% | 10 - 15% | ||||||||||||||||
Total leasing related capital expenditures | $155 - $175M | $155 - $175M | ||||||||||||||||
Anchor space repositioning and redevelopment related spending | $95 - $110M | $95 - $110M | ||||||||||||||||
General and administrative expenses (1) | $92 - $93M | $92 - $94M | ||||||||||||||||
Audit committee review expenses | $4M | $4M | ||||||||||||||||
Executive severance expenses | $2M | $2M | ||||||||||||||||
Straight-line rental income and amortization of above- and below-market rent and tenant inducements and straight-line ground rent expense | $47 - $49M | $47 - $50M | ||||||||||||||||
Cash interest expense | $233 - $234M | $233 - $235M | ||||||||||||||||
GAAP interest expense | $227 - $228M | $227 - $229M | ||||||||||||||||
Dispositions | $100 - $125M | $75 - $175M | ||||||||||||||||
ADDITIONAL DISCLOSURES - as of 9/30/16 (dollars in millions, except per square foot amounts) | ||||||||||||||||||
Leases signed but not yet commenced: | Leases | GLA | ABR | ABR/SF | ||||||||||||||
≥ 10,000 SF | 47 | 1,032,400 | $ | 14.1 | $ | 13.62 | ||||||||||||
< 10,000 SF | 301 | 865,123 | 18.0 | 20.75 | ||||||||||||||
TOTAL | 348 | 1,897,523 | $ | 32.1 | $ | 16.87 | ||||||||||||
(1) Does not include any expectations of additional one-time items, including, but not limited to, litigation and other non-routine legal expenses. | ||||||||||||||||||
Supplemental Disclosure - Three Months Ended September 30, 2016 | Page 51 |