Exhibit 99.2
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
September 30, 2007
(unaudited)
Cedar Shopping Centers, Inc.
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarshoppingcenters.com
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarshoppingcenters.com
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
September 30, 2007
(unaudited)
Supplemental Financial Information
September 30, 2007
(unaudited)
TABLE OF CONTENTS
Disclosures | 3-4 | |
Summary Financial Data | 5-6 | |
Consolidated Balance Sheets | 7 | |
Consolidated Net Operating Income | 8 | |
Funds From Operations (“FFO”) and Other Financial Information | 9 | |
Consolidated Statements of Cash Flows | 10 | |
Same Property Analysis | 11 | |
Leasing Activity and Occupancy Statistics | 12 | |
Tenant and State Concentration | 13 | |
Lease Expirations | 14 | |
Properties: | ||
Description | 15-20 | |
Carrying Values, Percent Occupied and Base Rent Per Leased Sq. Ft | 21-23 | |
Debt Summary | 24-26 | |
Consolidated Joint Venture Properties | 27-29 |
2
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
September 30, 2007
(unaudited)
Supplemental Financial Information
September 30, 2007
(unaudited)
Disclosures
Forward Looking Statements
Statements made or incorporated by reference in this Supplemental Financial Information include certain “forward-looking statements”. Forward-looking statements include, without limitation, statements containing the words “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import which express the Company’s beliefs, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, expectations, or intentions, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a result of factors outside of the Company’s control. Certain factors that might cause such differences include, but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the Company’s market areas in particular; the financial viability of the Company’s tenants; the continuing availability of suitable acquisitions, and development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital (including the availability of property-specific construction financing) in the public and private markets; the availability of suitable joint venture partners; changes in interest rates; returns from development, redevelopment and acquisition activities may not be at expected levels or at expected times; risks inherent in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration of current leases; and the financial flexibility to repay or refinance debt obligations when due.
Basis of Presentation
The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2006 and Form 10-Q for the quarter ended September 30, 2007.
Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership” or “OP”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At September 30, 2007, the Company owned a 95.7% economic interest in, and is the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership is evidenced by Operating Partnership Units (“OP Units”), which are economically equivalent to shares of the Company’s common stock and convertible into shares of the Company’s common stock at the option of the holders on a one-for-one basis. With respect to its four consolidated operating joint ventures, the Company has general partnership interests of 25% and 30% and, as the Company is the sole general partner and exercises substantial operating control over these entities, the Company has determined, pursuant to EITF 04-05, that such partnerships should be included in the consolidated financial statements. In addition, the Company has a 49% interest in an unconsolidated joint venture which owns a single-tenant office property.
3
In May 2007, the Company decided to dispose of Stadium Plaza, located in East Lansing, Michigan. For all periods presented, the carrying value of the property’s assets (principally the net book value of the real estate) has been classified as “held for sale” on the Company’s consolidated balance sheets, and the property’s results of operations have been classified as “discontinued operations” in the consolidated statements of income.
Use of Funds From Operations (“FFO”) as a Non-GAAP Financial Measure
Funds From Operations (“FFO”) is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. The Company presents FFO because the Company considers it an important supplemental measure of its operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Among other things, the Company uses FFO or an FFO-based measure (1) as one of several criteria to determine performance-based bonuses for members of senior management, (2) in performance comparisons with other shopping center REITs, and (3) to measure compliance with certain financial covenants under the terms of the Loan Agreement relating to the Company’s secured revolving credit facility. The Company computes FFO in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income applicable to common shareholders (determined in accordance with GAAP), excluding gains or losses from debt restructurings and sales of properties, plus real estate-related depreciation and amortization, and after adjustments for partnerships and joint ventures (which are computed to reflect FFO on the same basis). FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income applicable to common shareholders or to cash flow from operating activities. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.
4
CEDAR SHOPPING CENTERS, INC.
Summary Financial Data
(unaudited)
Summary Financial Data
(unaudited)
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
Equity market capitalization (end of period): | ||||||||||||||||||||
8-7/8% Series A Cumulative Redeemable Preferred Stock shares outstanding | 3,550,000 | 3,550,000 | 3,550,000 | 3,550,000 | 3,550,000 | |||||||||||||||
Closing market price | $ | 25.26 | $ | 26.14 | $ | 26.24 | $ | 26.63 | $ | 26.35 | ||||||||||
Common shares outstanding | 44,230,766 | 44,230,866 | 44,188,181 | 43,772,802 | 34,944,452 | |||||||||||||||
OP Units outstanding | �� | 1,981,778 | 1,981,778 | 1,985,299 | 1,984,064 | 1,837,099 | ||||||||||||||
Closing market price | $ | 13.62 | $ | 14.35 | $ | 16.20 | $ | 15.91 | $ | 16.17 | ||||||||||
Equity market capitalization | $ | 719,088,000 | $ | 755,948,000 | $ | 841,162,000 | $ | 822,528,000 | $ | 688,300,000 | ||||||||||
Pro rata share of outstanding debt | 803,990,000 | 680,722,000 | 570,037,000 | 547,873,000 | 636,385,000 | |||||||||||||||
Total market capitalization | $ | 1,523,078,000 | $ | 1,436,670,000 | $ | 1,411,199,000 | $ | 1,370,401,000 | $ | 1,324,685,000 | ||||||||||
Ratio of pro rata share of outstanding debt to total market capitalization | 52.8 | % | 47.4 | % | 40.4 | % | 40.0 | % | 48.0 | % | ||||||||||
Three months ended | ||||||||||||||||||||
Sep 30, 2007 | Jun 30, 2007 | Mar 31, 2007 | Dec 31, 2006 | Sep 30, 2006 | ||||||||||||||||
Total revenues | $ | 37,477,000 | $ | 36,581,000 | $ | 35,818,000 | $ | 33,851,000 | $ | 31,591,000 | ||||||||||
Net income applicable to common shareholders | $ | 3,925,000 | $ | 2,921,000 | $ | 3,655,000 | $ | 2,539,000 | $ | 1,785,000 | ||||||||||
Per common share (basic) | $ | 0.09 | $ | 0.07 | $ | 0.08 | $ | 0.07 | $ | 0.05 | ||||||||||
Per common share (diluted) | $ | 0.09 | $ | 0.07 | $ | 0.08 | $ | 0.07 | $ | 0.05 | ||||||||||
Dividends to common shareholders | $ | 9,952,000 | $ | 9,942,000 | $ | 9,929,000 | $ | 8,013,000 | $ | 7,752,000 | ||||||||||
Per common share | $ | 0.225 | $ | 0.225 | $ | 0.225 | $ | 0.225 | $ | 0.225 | ||||||||||
FFO | $ | 14,150,000 | $ | 12,841,000 | $ | 13,630,000 | $ | 11,723,000 | $ | 10,729,000 | ||||||||||
Per common share/OP unit (basic) | $ | 0.31 | $ | 0.28 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||
Per common share/OP unit (diluted) | $ | 0.31 | $ | 0.28 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||
Shares used in determination of basic earnings per share | 44,231,000 | 44,194,000 | 44,112,000 | 36,723,000 | 34,484,000 | |||||||||||||||
Additional shares for conversion of OP Units (basic) | 1,982,000 | 1,984,000 | 1,985,000 | 1,924,000 | 1,837,000 | |||||||||||||||
Shares used in determination of FFO per share (basic) | 46,213,000 | 46,178,000 | 46,097,000 | 38,647,000 | 36,321,000 | |||||||||||||||
Shares used in determination of diluted earnings per share | 44,234,000 | 44,198,000 | 44,120,000 | 36,729,000 | 34,489,000 | |||||||||||||||
Additional shares for conversion of OP Units (diluted) | 1,981,000 | 1,997,000 | 1,999,000 | 1,940,000 | 1,846,000 | |||||||||||||||
Shares used in determination of FFO per share (diluted) | 46,215,000 | 46,195,000 | 46,119,000 | 38,669,000 | 36,335,000 | |||||||||||||||
5
CEDAR SHOPPING CENTERS, INC.
Summary Financial Data (Continued)
(unaudited)
Summary Financial Data (Continued)
(unaudited)
Nine months ended Sep 30, | ||||||||
2007 | 2006 | |||||||
Total revenues | $ | 109,876,000 | $ | 91,169,000 | ||||
Net income applicable to common shareholders | $ | 10,501,000 | $ | 4,919,000 | ||||
Per common share (basic) | $ | 0.24 | $ | 0.16 | ||||
Per common share (diluted) | $ | 0.24 | $ | 0.15 | ||||
Dividends to common shareholders | $ | 29,823,000 | $ | 21,320,000 | ||||
Per common share | $ | 0.675 | $ | 0.675 | ||||
FFO | $ | 40,621,000 | $ | 30,231,000 | ||||
Per common share/OP unit (basic) | $ | 0.88 | $ | 0.91 | ||||
Per common share/OP unit (diluted) | $ | 0.88 | $ | 0.90 | ||||
Weighted average number of common shares outstanding: | ||||||||
Shares used in determination of basic earnings per share | 44,179,000 | 31,660,000 | ||||||
Additional shares for conversion of OP Units (basic) | 1,984,000 | 1,675,000 | ||||||
Shares used in determination of FFO per share (basic) | 46,163,000 | 33,335,000 | ||||||
Shares used in determination of diluted earnings per share | 44,183,000 | 31,831,000 | ||||||
Additional shares for conversion of OP Units (diluted) | 1,993,000 | 1,683,000 | ||||||
Shares used in determination of FFO per share (diluted) | 46,176,000 | 33,514,000 | ||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
Real estate, net | $ | 1,398,959,000 | $ | 1,287,710,000 | $ | 1,190,136,000 | $ | 1,165,944,000 | $ | 1,124,078,000 | ||||||||||
Property held for sale | 11,805,000 | 11,838,000 | 11,892,000 | 11,493,000 | 11,545,000 | |||||||||||||||
Investment in unconsolidated joint venture | 3,718,000 | 3,700,000 | 3,676,000 | 3,644,000 | — | |||||||||||||||
Other assets | 88,155,000 | 76,487,000 | 72,063,000 | 70,638,000 | 70,141,000 | |||||||||||||||
Total assets | $ | 1,502,637,000 | $ | 1,379,735,000 | $ | 1,277,767,000 | $ | 1,251,719,000 | $ | 1,205,764,000 | ||||||||||
Total debt | $ | 823,935,000 | $ | 700,752,000 | $ | 590,151,000 | $ | 568,073,000 | $ | 656,668,000 | ||||||||||
Other liabilities | 78,807,000 | 73,122,000 | 76,487,000 | 70,595,000 | 66,797,000 | |||||||||||||||
Minority interests in consolidated joint ventures | 10,321,000 | 10,363,000 | 9,228,000 | 9,132,000 | 9,143,000 | |||||||||||||||
Limited partners’ interest in consolidated OP | 25,352,000 | 25,606,000 | 25,880,000 | 25,969,000 | 23,658,000 | |||||||||||||||
Shareholders’ equity | 564,222,000 | 569,892,000 | 576,021,000 | 577,950,000 | 449,498,000 | |||||||||||||||
Total liabilities and equity | $ | 1,502,637,000 | $ | 1,379,735,000 | $ | 1,277,767,000 | $ | 1,251,719,000 | $ | 1,205,764,000 | ||||||||||
Fixed-rate mortgages | $ | 632,268,000 | $ | 556,964,000 | $ | 492,763,000 | $ | 494,764,000 | $ | 396,247,000 | ||||||||||
Variable-rate mortgages | 4,777,000 | 4,798,000 | 4,818,000 | 4,839,000 | 45,291,000 | |||||||||||||||
Total mortgages | 637,045,000 | 561,762,000 | 497,581,000 | 499,603,000 | 441,538,000 | |||||||||||||||
Secured revolving credit facility | 186,890,000 | 138,990,000 | 92,570,000 | 68,470,000 | 215,130,000 | |||||||||||||||
Total debt | $ | 823,935,000 | $ | 700,752,000 | $ | 590,151,000 | $ | 568,073,000 | $ | 656,668,000 | ||||||||||
Pro rata share of total debt | $ | 803,990,000 | $ | 680,722,000 | $ | 570,037,000 | $ | 547,873,000 | $ | 636,385,000 | ||||||||||
Weighted average interest rates: | ||||||||||||||||||||
Fixed-rate mortgages | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.7 | % | ||||||||||
Variable-rate mortgages | 7.9 | % | 8.1 | % | 8.1 | % | 8.1 | % | 7.3 | % | ||||||||||
Total mortgages | 5.8 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.9 | % | ||||||||||
Secured variable-rate revolving credit facility | 6.7 | % | 6.4 | % | 6.4 | % | 6.6 | % | 6.7 | % | ||||||||||
Total debt | 6.0 | % | 5.8 | % | 5.8 | % | 5.8 | % | 6.1 | % |
6
CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets
(unaudited)
Consolidated Balance Sheets
(unaudited)
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Land | $ | 296,372,000 | $ | 271,915,000 | $ | 252,199,000 | $ | 248,108,000 | $ | 228,425,000 | ||||||||||
Buildings and improvements | 1,194,368,000 | 1,098,290,000 | 1,011,347,000 | 982,294,000 | 951,743,000 | |||||||||||||||
1,490,740,000 | 1,370,205,000 | 1,263,546,000 | 1,230,402,000 | 1,180,168,000 | ||||||||||||||||
Less accumulated depreciation | (91,781,000 | ) | (82,495,000 | ) | (73,410,000 | ) | (64,458,000 | ) | �� | (56,090,000 | ) | |||||||||
Real estate, net | 1,398,959,000 | 1,287,710,000 | 1,190,136,000 | 1,165,944,000 | 1,124,078,000 | |||||||||||||||
Property and related assets held for sale, net of accumulated depreciation | 11,805,000 | 11,838,000 | 11,892,000 | 11,493,000 | 11,545,000 | |||||||||||||||
Investments in unconsolidated joint ventures | 3,718,000 | 3,700,000 | 3,676,000 | 3,644,000 | — | |||||||||||||||
Cash and cash equivalents | 21,148,000 | 18,258,000 | 14,774,000 | 17,885,000 | 15,918,000 | |||||||||||||||
Restricted cash | 12,248,000 | 11,757,000 | 10,887,000 | 10,909,000 | 10,824,000 | |||||||||||||||
Cash at consolidated joint ventures | 558,000 | 511,000 | 573,000 | 598,000 | 466,000 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Rents and other, net | 5,086,000 | 4,640,000 | 5,709,000 | 4,187,000 | 5,272,000 | |||||||||||||||
Straight-line rents | 10,492,000 | 9,632,000 | 8,815,000 | 7,870,000 | 7,060,000 | |||||||||||||||
Other assets | 10,749,000 | 5,878,000 | 7,604,000 | 6,921,000 | 9,430,000 | |||||||||||||||
Deferred charges, net: | ||||||||||||||||||||
Leasing costs | 16,867,000 | 16,044,000 | 14,814,000 | 14,877,000 | 14,442,000 | |||||||||||||||
Financing costs | 6,837,000 | 6,263,000 | 5,785,000 | 5,939,000 | 5,095,000 | |||||||||||||||
Other | 4,170,000 | 3,504,000 | 3,102,000 | 1,452,000 | 1,634,000 | |||||||||||||||
Total assets | $ | 1,502,637,000 | $ | 1,379,735,000 | $ | 1,277,767,000 | $ | 1,251,719,000 | $ | 1,205,764,000 | ||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||||
Mortgage loans payable | $ | 637,045,000 | $ | 561,762,000 | $ | 497,581,000 | $ | 499,603,000 | $ | 441,538,000 | ||||||||||
Secured revolving credit facility | 186,890,000 | 138,990,000 | 92,570,000 | 68,470,000 | 215,130,000 | |||||||||||||||
Accounts payable and accrued expenses | 14,296,000 | 11,894,000 | 13,705,000 | 11,321,000 | 9,788,000 | |||||||||||||||
Tenant prepayments and security deposits | 8,459,000 | 5,439,000 | 6,275,000 | 6,114,000 | 6,267,000 | |||||||||||||||
Unamortized intangible lease liabilities | 56,052,000 | 55,789,000 | 56,507,000 | 53,160,000 | 50,742,000 | |||||||||||||||
Total liabilities | 902,742,000 | 773,874,000 | 666,638,000 | 638,668,000 | 723,465,000 | |||||||||||||||
Minority interests in consolidated joint ventures | 10,321,000 | 10,363,000 | 9,228,000 | 9,132,000 | 9,143,000 | |||||||||||||||
Limited partners’ interest in consolidated OP | 25,352,000 | 25,606,000 | 25,880,000 | 25,969,000 | 23,658,000 | |||||||||||||||
Shareholders’ equity | 564,222,000 | 569,892,000 | 576,021,000 | 577,950,000 | 449,498,000 | |||||||||||||||
Total liabilities and equity | $ | 1,502,637,000 | $ | 1,379,735,000 | $ | 1,277,767,000 | $ | 1,251,719,000 | $ | 1,205,764,000 | ||||||||||
7
CEDAR SHOPPING CENTERS, INC.
Consolidated Net Operating Income
(unaudited)
Consolidated Net Operating Income
(unaudited)
Three months ended | ||||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rents: | ||||||||||||||||||||
Base rents | $ | 26,609,000 | $ | 26,072,000 | $ | 24,257,000 | $ | 23,702,000 | $ | 22,141,000 | ||||||||||
Percentage rents | 492,000 | 327,000 | 483,000 | 870,000 | 40,000 | |||||||||||||||
Straight-line rents | 860,000 | 817,000 | 945,000 | 809,000 | 676,000 | |||||||||||||||
Amortization of intangible lease liabilities | 2,526,000 | 2,509,000 | 2,589,000 | 2,585,000 | 3,042,000 | |||||||||||||||
30,487,000 | 29,725,000 | 28,274,000 | 27,966,000 | 25,899,000 | ||||||||||||||||
Expense recoveries | 6,875,000 | 6,755,000 | 7,192,000 | 5,791,000 | 5,446,000 | |||||||||||||||
Other | 115,000 | 101,000 | 352,000 | 94,000 | 246,000 | |||||||||||||||
37,477,000 | 36,581,000 | 35,818,000 | 33,851,000 | 31,591,000 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Operating, maintenance and management | 5,660,000 | 5,658,000 | 6,999,000 | 5,593,000 | 5,231,000 | |||||||||||||||
Real estate and other property- related taxes | 3,869,000 | 3,552,000 | 3,507,000 | 3,339,000 | 3,265,000 | |||||||||||||||
9,529,000 | 9,210,000 | 10,506,000 | 8,932,000 | 8,496,000 | ||||||||||||||||
Net operating income | 27,948,000 | 27,371,000 | 25,312,000 | 24,919,000 | 23,095,000 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
General and administrative | (1,847,000 | ) | (3,220,000 | ) | (1,998,000 | ) | (1,866,000 | ) | (1,431,000 | ) | ||||||||||
Depreciation and amortization | (10,065,000 | ) | (9,821,000 | ) | (9,810,000 | ) | (9,144,000 | ) | (8,923,000 | ) | ||||||||||
Interest expense | (9,618,000 | ) | (9,185,000 | ) | (7,568,000 | ) | (9,122,000 | ) | (8,556,000 | ) | ||||||||||
Amortization of deferred financing costs | (423,000 | ) | (377,000 | ) | (352,000 | ) | (445,000 | ) | (341,000 | ) | ||||||||||
Interest income | 82,000 | 223,000 | 275,000 | 249,000 | 155,000 | |||||||||||||||
Unconsolidated joint ventures: | ||||||||||||||||||||
Equity in income (loss) | 150,000 | 157,000 | 156,000 | 110,000 | — | |||||||||||||||
Gain on sale of interest | — | — | — | — | — | |||||||||||||||
Minority interests in consolidated joint ventures | (333,000 | ) | (300,000 | ) | (395,000 | ) | (259,000 | ) | (324,000 | ) | ||||||||||
Limited partners’ interest in consolidated OP | (169,000 | ) | (125,000 | ) | (156,000 | ) | (121,000 | ) | (86,000 | ) | ||||||||||
Discontinued operations | 169,000 | 182,000 | 145,000 | 188,000 | 165,000 | |||||||||||||||
Net income | 5,894,000 | 4,905,000 | 5,609,000 | 4,509,000 | 3,754,000 | |||||||||||||||
Preferred distribution requirements | (1,969,000 | ) | (1,984,000 | ) | (1,954,000 | ) | (1,970,000 | ) | (1,969,000 | ) | ||||||||||
Net income applicable to common shareholders | $ | 3,925,000 | $ | 2,921,000 | $ | 3,655,000 | $ | 2,539,000 | $ | 1,785,000 | ||||||||||
Net operating income/Revenues | 75 | % | 75 | % | 71 | % | 74 | % | 73 | % | ||||||||||
Expense recovery percentage (a) | 72 | % | 73 | % | 68 | % | 65 | % | 64 | % | ||||||||||
Adjusted expense recovery percentage (a) | 73 | % | 75 | % | 71 | % | 68 | % | 68 | % |
(a) | The expense recovery percentage is computed by dividing expense recoveries by the sum of operating, maintenance, management and real estate and other property-related tax expenses. The adjusted expense recovery percentage eliminates the impact of the net provision for doubtful accounts (a non-recoverable expense included in operating, maintenance and management) in the amounts of $60,000, $234,000, $338,000, $362,000 and $538,000, respectively. |
8
CEDAR SHOPPING CENTERS, INC.
Funds From Operations (“FFO”) And Other Financial Information
(unaudited)
Funds From Operations (“FFO”) And Other Financial Information
(unaudited)
Three months ended | ||||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
Net income applicable to common shareholders | $ | 3,925,000 | $ | 2,921,000 | $ | 3,655,000 | $ | 2,539,000 | $ | 1,785,000 | ||||||||||
Add (deduct): | ||||||||||||||||||||
Real estate depreciation and amortization | 10,078,000 | 9,837,000 | 9,830,000 | 9,178,000 | 8,963,000 | |||||||||||||||
Limited partners’ interest | 179,000 | 132,000 | 163,000 | 131,000 | 95,000 | |||||||||||||||
Minority interests in consolidated joint ventures | 333,000 | 300,000 | 395,000 | 259,000 | 324,000 | |||||||||||||||
Minority interests’ share of FFO applicable to consolidated joint ventures | (448,000 | ) | (426,000 | ) | (491,000 | ) | (396,000 | ) | (438,000 | ) | ||||||||||
Equity in (income) loss of unconsolidated joint ventures | (150,000 | ) | (157,000 | ) | (156,000 | ) | (110,000 | ) | — | |||||||||||
Gain on sale of interest in unconsolidated joint venture | — | — | — | — | — | |||||||||||||||
FFO from unconsolidated joint ventures | 233,000 | 234,000 | 234,000 | 122,000 | — | |||||||||||||||
Funds From Operations | $ | 14,150,000 | $ | 12,841,000 | $ | 13,630,000 | $ | 11,723,000 | $ | 10,729,000 | ||||||||||
FFO per common share, assuming OP Unit conversion: | ||||||||||||||||||||
Basic | $ | 0.31 | $ | 0.28 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||
Diluted | $ | 0.31 | $ | 0.28 | $ | 0.30 | $ | 0.30 | $ | 0.30 | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||
Shares used in determination of basic earnings per share | 44,231,000 | 44,194,000 | 44,112,000 | 36,723,000 | 34,484,000 | |||||||||||||||
Additional shares assuming conversion of OP Units (basic) | 1,982,000 | 1,984,000 | 1,985,000 | 1,924,000 | 1,837,000 | |||||||||||||||
Shares used in determination of FFO per share (basic) | 46,213,000 | 46,178,000 | 46,097,000 | 38,647,000 | 36,321,000 | |||||||||||||||
Shares used in determination of diluted earnings per share | 44,234,000 | 44,198,000 | 44,120,000 | 36,729,000 | 34,489,000 | |||||||||||||||
Additional shares assuming conversion of OP Units (diluted) | 1,981,000 | 1,997,000 | 1,999,000 | 1,940,000 | 1,846,000 | |||||||||||||||
Shares used in determination of FFO per share (diluted) | 46,215,000 | 46,195,000 | 46,119,000 | 38,669,000 | 36,335,000 | |||||||||||||||
Other Financial Information (Pro Rata Share): | ||||||||||||||||||||
Capital expenditures, tenant improvements, and leasing commissions: | ||||||||||||||||||||
First generation (a) | $ | 4,991,000 | $ | 7,438,000 | $ | 6,749,000 | $ | 6,272,000 | $ | 6,211,000 | ||||||||||
Second generation (b) | $ | 1,306,000 | $ | 589,000 | $ | 1,566,000 | $ | 2,867,000 | $ | 1,657,000 | ||||||||||
Capitalized interest | $ | 1,201,000 | $ | 985,000 | $ | 880,000 | $ | 1,051,000 | $ | 1,078,000 | ||||||||||
Scheduled debt amortization payments: | ||||||||||||||||||||
Stated contract amounts | $ | 1,759,000 | $ | 1,710,000 | $ | 1,637,000 | $ | 1,475,000 | $ | 1,343,000 | ||||||||||
Carrying value amounts | $ | 2,113,000 | $ | 2,033,000 | $ | 1,941,000 | $ | 1,784,000 | $ | 1,639,000 | ||||||||||
Straight-line rents | $ | 845,000 | $ | 797,000 | $ | 925,000 | $ | 787,000 | $ | 655,000 | ||||||||||
Amortization of intangible lease liabilities | $ | 2,508,000 | $ | 2,491,000 | $ | 2,571,000 | $ | 2,569,000 | $ | 3,018,000 | ||||||||||
Non-real estate amortization | $ | 478,000 | $ | 432,000 | $ | 398,000 | $ | 484,000 | $ | 374,000 | ||||||||||
Stock-based compensation charged to operations | $ | 302,000 | $ | 714,000 | $ | 440,000 | $ | 282,000 | $ | 176,000 | ||||||||||
As of | ||||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
Land held for development and other real estate out of service (at cost) (c) | $ | 66,955,000 | $ | 60,615,000 | $ | 57,810,000 | $ | 61,822,000 | $ | 55,490,000 | ||||||||||
(a) | First generation refers to expenditures related to development/redevelopment and expansion properties. | |
(b) | Second generation refers to expenditures related to stabilized properties. | |
(c) | Real estate out of service includes land under development, land held for future development, and the applicable portions of development/redevelopment and expansion properties. |
9
CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows
(unaudited)
Consolidated Statements of Cash Flows
(unaudited)
Three months ended | ||||||||||||||||||||
Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | ||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||
Net income | $ | 5,894,000 | $ | 4,905,000 | $ | 5,609,000 | $ | 4,509,000 | $ | 3,754,000 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Non-cash provisions: | ||||||||||||||||||||
Earnings in excess of distributions of consolidated joint venture minority interests | 68,000 | 34,000 | 129,000 | (8,000 | ) | 59,000 | ||||||||||||||
Equity in (income) loss of unconsolidated joint ventures | (150,000 | ) | (157,000 | ) | (156,000 | ) | (110,000 | ) | — | |||||||||||
Distributions from unconsolidated joint venture | 132,000 | 133,000 | 132,000 | 44,000 | — | |||||||||||||||
Gain on sale of interest in unconsolidated joint venture | — | — | — | — | — | |||||||||||||||
Limited partners’ interest | 177,000 | 132,000 | 163,000 | 131,000 | 95,000 | |||||||||||||||
Straight-line rents receivable | (880,000 | ) | (839,000 | ) | (967,000 | ) | (833,000 | ) | (701,000 | ) | ||||||||||
Depreciation and amortization | 10,140,000 | 9,898,000 | 9,883,000 | 9,224,000 | 9,002,000 | |||||||||||||||
Amortization of intangible lease liabilities | (2,526,000 | ) | (2,509,000 | ) | (2,589,000 | ) | (2,585,000 | ) | (3,042,000 | ) | ||||||||||
Amortization relating to stock-based compensation | 302,000 | 714,000 | 440,000 | 282,000 | 176,000 | |||||||||||||||
Amortization of deferred financing costs | 423,000 | 377,000 | 352,000 | 445,000 | 341,000 | |||||||||||||||
Increases/decreases in operating assets and liabilities: | ||||||||||||||||||||
Cash at consolidated joint ventures | (47,000 | ) | 62,000 | 25,000 | (132,000 | ) | (19,000 | ) | ||||||||||||
Rents and other receivables, net | (446,000 | ) | 1,069,000 | (1,522,000 | ) | 1,084,000 | (797,000 | ) | ||||||||||||
Other assets | (5,320,000 | ) | 686,000 | (709,000 | ) | 1,616,000 | (3,660,000 | ) | ||||||||||||
Accounts payable, accrued expenses and other | 4,164,000 | 290,000 | (685,000 | ) | 12,000 | 3,990,000 | ||||||||||||||
Net cash provided by operating activities | 11,931,000 | 14,795,000 | 10,105,000 | 13,679,000 | 9,198,000 | |||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||
Expenditures for real estate and improvements | (41,368,000 | ) | (65,704,000 | ) | (26,942,000 | ) | (36,253,000 | ) | (106,772,000 | ) | ||||||||||
Investment in unconsolidated joint ventures | — | — | (8,000 | ) | (1,949,000 | ) | — | |||||||||||||
Proceeds from sale of interest in unconsolidated joint venture | — | — | — | — | — | |||||||||||||||
Construction escrows and other | (559,000 | ) | (537,000 | ) | 63,000 | 720,000 | (862,000 | ) | ||||||||||||
Net cash (used in) investing activities | (41,927,000 | ) | (66,241,000 | ) | (26,887,000 | ) | (37,482,000 | ) | (107,634,000 | ) | ||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Net advances (repayments) from line of credit | 47,900,000 | 46,420,000 | 24,100,000 | (146,660,000 | ) | 90,650,000 | ||||||||||||||
Proceeds from sales of common stock | — | (222,000 | ) | 4,132,000 | 133,875,000 | 12,493,000 | ||||||||||||||
Proceeds from mortgage financings | 2,693,000 | 23,000,000 | 0 | 92,536,000 | 11,745,000 | |||||||||||||||
Mortgage repayments | (4,343,000 | ) | (2,103,000 | ) | (2,022,000 | ) | (42,295,000 | ) | (1,711,000 | ) | ||||||||||
Contribution from minority interest partner | — | 1,048,000 | — | — | — | |||||||||||||||
Distributions in excess of earnings from consolidated joint venture minority interests | — | — | — | — | — | |||||||||||||||
Distributions to limited partners | (446,000 | ) | (447,000 | ) | (443,000 | ) | (414,000 | ) | (413,000 | ) | ||||||||||
Preferred distribution requirements | (1,969,000 | ) | (1,969,000 | ) | (1,969,000 | ) | (1,970,000 | ) | (1,969,000 | ) | ||||||||||
Distributions to common shareholders | (9,952,000 | ) | (9,942,000 | ) | (9,929,000 | ) | (8,013,000 | ) | (7,752,000 | ) | ||||||||||
Payment of deferred financing costs | (997,000 | ) | (855,000 | ) | (198,000 | ) | (1,289,000 | ) | (444,000 | ) | ||||||||||
Net cash provided by financing activities | 32,886,000 | 54,930,000 | 13,671,000 | 25,770,000 | 102,599,000 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 2,890,000 | 3,484,000 | (3,111,000 | ) | 1,967,000 | 4,163,000 | ||||||||||||||
Cash and cash equivalents at beginning of period | 18,258,000 | 14,774,000 | 17,885,000 | 15,918,000 | 11,755,000 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 21,148,000 | $ | 18,258,000 | $ | 14,774,000 | $ | 17,885,000 | $ | 15,918,000 | ||||||||||
10
CEDAR SHOPPING CENTERS, INC.
Same Property Analysis
Same Property Analysis
Three months ended Sep 30, | Nine months ended Sep 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
The number of properties that were owned throughout each of the comparative periods | 85 | 85 | 82 | 82 | ||||||||||||
Revenues: | ||||||||||||||||
Rents: | ||||||||||||||||
Base rents | $ | 21,647,000 | $ | 20,764,000 | $ | 60,709,000 | $ | 58,367,000 | ||||||||
Percentage rents | 389,000 | 40,000 | 968,000 | 936,000 | ||||||||||||
Straight-line rents | 522,000 | 584,000 | 1,562,000 | 2,178,000 | ||||||||||||
Amortization of intangible lease liabilities | 1,910,000 | 2,820,000 | 4,926,000 | 6,645,000 | ||||||||||||
24,468,000 | 24,208,000 | 68,165,000 | 68,126,000 | |||||||||||||
Expense recoveries (a) | 5,708,000 | 5,230,000 | 16,273,000 | 14,910,000 | ||||||||||||
Other | 84,000 | 96,000 | 496,000 | 403,000 | ||||||||||||
Total revenues | 30,260,000 | 29,534,000 | 84,934,000 | 83,439,000 | ||||||||||||
Operating expenses (a): | ||||||||||||||||
Operating, maintenance and management | 4,472,000 | 4,726,000 | 12,927,000 | 13,558,000 | ||||||||||||
Real estate and other property-related taxes | 3,211,000 | 2,984,000 | 8,327,000 | 7,907,000 | ||||||||||||
Total expenses | 7,683,000 | 7,710,000 | 21,254,000 | 21,465,000 | ||||||||||||
Net operating income | $ | 22,577,000 | $ | 21,824,000 | $ | 63,680,000 | $ | 61,974,000 | ||||||||
Increase/(decrease) period over period | ||||||||||||||||
Revenues: | ||||||||||||||||
Rents: | ||||||||||||||||
Base rents | $ | 883,000 | 4.3 | % | $ | 2,342,000 | 4.0 | % | ||||||||
Percentage rents | 349,000 | 872.5 | % | 32,000 | 3.4 | % | ||||||||||
Straight-line rents | (62,000 | ) | -10.6 | % | (616,000 | ) | -28.3 | % | ||||||||
Amortization of intangible lease liabilities | (910,000 | ) | -32.3 | % | (1,719,000 | ) | -25.9 | % | ||||||||
260,000 | 1.1 | % | 39,000 | 0.1 | % | |||||||||||
Expense recoveries | 478,000 | 9.1 | % | 1,363,000 | 9.1 | % | ||||||||||
Other | (12,000 | ) | -12.5 | % | 93,000 | 23.1 | % | |||||||||
Total revenues | 726,000 | 2.5 | % | 1,495,000 | 1.8 | % | ||||||||||
Expenses: | ||||||||||||||||
Operating, maintenance and management | (254,000 | ) | �� | -5.4 | % | (631,000 | ) | -4.7 | % | |||||||
Real estate and other property-related taxes | 227,000 | 7.6 | % | 420,000 | 5.3 | % | ||||||||||
Total expenses | (27,000 | ) | -0.4 | % | (211,000 | ) | -1.0 | % | ||||||||
Net operating income | $ | 753,000 | 3.5 | % | $ | 1,706,000 | 2.8 | % | ||||||||
Percent occupied at end of period | 92.7 | % | 91.4 | % | 92.4 | % | 91.5 | % | ||||||||
(a) | Expense recoveries are based principally on property-level operating expenses. The net provision (recovery) for doubtful accounts (a non-recoverable expense included in operating, maintenance and management) amounted to $(20,000), $536,000, $444,000 and $1,796,000, respectively. |
11
CEDAR SHOPPING CENTERS, INC.
Leasing Activity and Occupancy Statistics (a)(b)
Leasing Activity and Occupancy Statistics (a)(b)
Three months ended | ||||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
Renewals | ||||||||||||||||||||
Number of leases | 21 | 31 | 57 | 17 | 14 | |||||||||||||||
Aggregate square feet | 55,000 | 61,000 | 283,000 | 51,000 | 28,000 | |||||||||||||||
Average square feet | 2,619 | 1,968 | 4,965 | 3,000 | 2,000 | |||||||||||||||
Average expiring base rent psf | $ | 12.97 | $ | 15.31 | $ | 9.55 | $ | 16.28 | $ | 14.10 | ||||||||||
Average new base rent psf | $ | 13.98 | $ | 16.07 | $ | 10.31 | $ | 16.84 | $ | 15.99 | ||||||||||
% increase in base rent | 7.79 | % | 4.96 | % | 7.96 | % | 3.44 | % | 13.40 | % | ||||||||||
New leases | ||||||||||||||||||||
Number of leases | 11 | 12 | 20 | 20 | 20 | |||||||||||||||
Aggregate square feet | 31,000 | 38,000 | 81,000 | 134,000 | 123,000 | |||||||||||||||
Average square feet | 2,818 | 3,167 | 4,050 | 6,700 | 6,150 | |||||||||||||||
Average new base rent psf | $ | 17.04 | $ | 14.34 | $ | 18.22 | $ | 13.07 | $ | 15.71 | ||||||||||
Terminated leases | ||||||||||||||||||||
Number of leases | 13 | 10 | 16 | 20 | 26 | |||||||||||||||
Aggregate square feet | 38,000 | 23,000 | 71,000 | 38,000 | 141,000 | |||||||||||||||
Average square feet | 2,923 | 2,300 | 4,438 | 1,900 | 5,423 | |||||||||||||||
Average old base rent psf | $ | 16.02 | $ | 16.95 | $ | 15.30 | $ | 14.51 | $ | 10.33 |
As of | ||||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
Occupancy statistics | ||||||||||||||||||||
Stabilized properties: | ||||||||||||||||||||
Wholly-owned | 96 | % | 96 | % | 95 | % | 95 | % | 94 | % | ||||||||||
Consolidated joint ventures | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||
Total stabilized properties | 96 | % | 96 | % | 95 | % | 96 | % | 95 | % | ||||||||||
Development/redevelopment and other non-stabilized properties | 68 | % | 68 | % | 64 | % | 64 | % | 63 | % | ||||||||||
Total operating portfolio | 93 | % | 93 | % | 93 | % | 93 | % | 92 | % | ||||||||||
Property held for sale | 100 | % | 100 | % | 100 | % | 86 | % | 86 | % | ||||||||||
(a) | New leases do not necessarily replace specific terminated leases within any quarterly period and, accordingly, the amounts shown may relate to properties with substantially lower rents, as in premises in low-density population areas, as compared to premises in major urban or suburban areas. | |
(b) | With the high occupancy levels for the Company’s portfolio on an overall basis, leasing activity for the indicated square footage amounts represent a small percentage of the total portfolio. |
12
CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of September 30, 2007
(unaudited)
Tenant And State Concentration
As of September 30, 2007
(unaudited)
Number | Annualized | Percentage | ||||||||||||||||||||||
of | Annualized | base rent | annualized | |||||||||||||||||||||
Tenant | stores | GLA | % of GLA | base rent | per sq ft | base rents | ||||||||||||||||||
Top ten tenants (a): | ||||||||||||||||||||||||
Giant Foods (c) | 19 | 1,134,000 | 10.0 | % | $ | 16,606,000 | $ | 14.64 | 14.5 | % | ||||||||||||||
Farm Fresh (c) | 6 | 364,000 | 3.2 | % | 3,768,000 | 10.35 | 3.3 | % | ||||||||||||||||
Discount Drug Mart | 15 | 381,000 | 3.4 | % | 3,604,000 | 9.46 | 3.1 | % | ||||||||||||||||
Shaw’s (c) | 4 | 241,000 | 2.1 | % | 2,631,000 | 10.92 | 2.3 | % | ||||||||||||||||
Stop & Shop (c) | 3 | 211,000 | 1.9 | % | 2,484,000 | 11.77 | 2.2 | % | ||||||||||||||||
LA Fitness | 4 | 168,000 | 1.5 | % | 2,422,000 | 14.42 | 2.1 | % | ||||||||||||||||
CVS | 12 | 127,000 | 1.1 | % | 2,228,000 | 17.54 | 1.9 | % | ||||||||||||||||
Staples | 7 | 151,000 | 1.3 | % | 2,091,000 | 13.85 | 1.8 | % | ||||||||||||||||
Food Lion (c) | 7 | 243,000 | 2.1 | % | 1,921,000 | 7.91 | 1.7 | % | ||||||||||||||||
Boscov’s | 2 | 347,000 | 3.1 | % | 1,471,000 | 4.24 | 1.3 | % | ||||||||||||||||
Sub-total top ten tenants | 79 | 3,367,000 | 29.6 | % | 39,226,000 | 11.65 | 34.2 | % | ||||||||||||||||
Remaining tenants | 1102 | 7,184,000 | 63.3 | % | 75,423,000 | 10.50 | 65.8 | % | ||||||||||||||||
Sub-total all tenants | 1,181 | 10,551,000 | 92.9 | % | 114,649,000 | 10.87 | 100.0 | % | ||||||||||||||||
Vacant space (b) | n/a | 805,000 | 7.1 | % | n/a | n/a | n/a | |||||||||||||||||
Total (including vacant space) | 1,181 | 11,356,000 | 100.0 | % | $ | 114,649,000 | $ | 10.10 | n/a | |||||||||||||||
(a) | Based on annualized base rent; data includes leases at the property held for sale. | |
(b) | Includes vacant space at properties undergoing development and/or redevelopment activities. | |
(c) | Several of the tenants listed above share common ownership with other tenants including, without limitation, (1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shop ‘n Save (GLA of 103,000), Shaw’s and Acme (GLA of 117,000), and (3) Food Lion and Hannaford (GLA of 43,000). |
Total Revenues By State | Three months ended | |||||||||||||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | ||||||||||||||||
State | 2007 | 2007 | 2007 | 2006 | 2006 | |||||||||||||||
Pennsylvania | $ | 20,627,000 | $ | 20,248,000 | $ | 19,276,000 | $ | 18,463,000 | $ | 17,606,000 | ||||||||||
Massachusetts | 3,710,000 | 3,636,000 | 4,170,000 | 3,759,000 | 3,202,000 | |||||||||||||||
Connecticut | 3,039,000 | 2,798,000 | 2,951,000 | 2,777,000 | 2,503,000 | |||||||||||||||
New Jersey | 2,767,000 | 2,854,000 | 2,595,000 | 2,722,000 | 2,433,000 | |||||||||||||||
Virginia | 2,624,000 | 2,636,000 | 2,624,000 | 2,355,000 | 2,116,000 | |||||||||||||||
Ohio | 2,615,000 | 2,684,000 | 2,303,000 | 2,166,000 | 2,325,000 | |||||||||||||||
Maryland | 1,465,000 | 1,235,000 | 1,245,000 | 1,148,000 | 914,000 | |||||||||||||||
New York | 495,000 | 355,000 | 502,000 | 320,000 | 353,000 | |||||||||||||||
Michigan | 135,000 | 135,000 | 152,000 | 141,000 | 139,000 | |||||||||||||||
$ | 37,477,000 | $ | 36,581,000 | $ | 35,818,000 | $ | 33,851,000 | $ | 31,591,000 | |||||||||||
Property held for sale | ||||||||||||||||||||
Michigan | $ | 368,000 | $ | 369,000 | $ | 373,000 | $ | 412,000 | $ | 338,000 | ||||||||||
13
CEDAR SHOPPING CENTERS, INC.
Lease Expirations (a)
As of September 30, 2007
(unaudited)
Lease Expirations (a)
As of September 30, 2007
(unaudited)
Percentage | ||||||||||||||||||||||||
Number | Percentage | Annualized | Annualized | of annualized | ||||||||||||||||||||
Year of lease | of leases | GLA | of GLA | expiring | expiring base | expiring | ||||||||||||||||||
expiration | expiring | expiring | expiring | base rents | rents per sq ft | base rents | ||||||||||||||||||
Month-To-Month | 61 | 153,000 | 1.5 | % | $ | 1,638,000 | $ | 10.71 | 1.4 | % | ||||||||||||||
2007 | 39 | 89,000 | 0.8 | % | 1,266,000 | 14.22 | 1.1 | % | ||||||||||||||||
2008 | 175 | 666,000 | 6.3 | % | 7,517,000 | 11.29 | 6.6 | % | ||||||||||||||||
2009 | 189 | 1,031,000 | 9.8 | % | 9,932,000 | 9.63 | 8.7 | % | ||||||||||||||||
2010 | 150 | 1,203,000 | 11.4 | % | 11,560,000 | 9.61 | 10.1 | % | ||||||||||||||||
2011 | 125 | 830,000 | 7.9 | % | 8,867,000 | 10.68 | 7.7 | % | ||||||||||||||||
2012 | 133 | 754,000 | 7.1 | % | 7,999,000 | 10.61 | 7.0 | % | ||||||||||||||||
2013 | 56 | 462,000 | 4.4 | % | 4,834,000 | 10.46 | 4.2 | % | ||||||||||||||||
2014 | 37 | 603,000 | 5.7 | % | 5,880,000 | 9.75 | 5.1 | % | ||||||||||||||||
2015 | 40 | 442,000 | 4.2 | % | 4,700,000 | 10.63 | 4.1 | % | ||||||||||||||||
2016 | 37 | 500,000 | 4.7 | % | 5,362,000 | 10.72 | 4.7 | % | ||||||||||||||||
2017 | 32 | 483,000 | 4.6 | % | 6,109,000 | 12.65 | 5.3 | % | ||||||||||||||||
Thereafter | 107 | 3,335,000 | 31.6 | % | 38,985,000 | 11.69 | 34.0 | % | ||||||||||||||||
1,181 | 10,551,000 | 100.0 | % | 114,649,000 | 10.87 | 100.0 | % | |||||||||||||||||
Vacant space (b) | n/a | 805,000 | n/a | n/a | n/a | n/a | ||||||||||||||||||
Total portfolio (c) | 1,181 | 11,356,000 | n/a | $ | 114,649,000 | $ | 10.10 | n/a | ||||||||||||||||
(a) | Data includes leases at the property held for sale. | |
(b) | Includes vacant space at properties undergoing development and/or redevelopment activities. | |
(c) | At September 30, 2007, the Company had a portfolio of 112 properties totaling approximately 11.4 million square feet of GLA, including 107 wholly-owned properties comprising approximately 10.8 million square feet and four properties owned in joint venture comprising approximately 485,000 square feet. The portfolio of wholly-owned properties consisted of (1) 98 “stabilized” properties (those properties at least 80% leased and not designated as “development/redevelopment” properties as of September 30, 2007), with an aggregate of 9.6 million square feet of GLA, which were approximately 96% leased, (2) four development/redevelopment properties with an aggregate of 890,000 square feet of GLA, which were approximately 67% leased, (3) five non-stabilized properties with an aggregate of 329,000 square feet of GLA, which are presently being re-tenanted and which were approximately 71% leased, and (4) one property held for sale with an aggregate of 78,000 square feet of GLA, which was 100% leased. The four properties owned in joint venture are all “stabilized” properties and are 100.0% leased. The entire 112 property portfolio was approximately 93% leased at September 30, 2007. |
14
CEDAR SHOPPING CENTERS, INC.
Property Description
As of September 30, 2007
Property Description
As of September 30, 2007
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||
Property Description | State | acquired | owned | (“GLA”) | renovated | Name | Sq. ft. | expiration | ||||||||||||||
Wholly-Owned Stabilized Properties:(a) | ||||||||||||||||||||||
Academy Plaza | PA | 2001 | 100 | % | 152,068 | 1965/1998 | Acme Markets | 50,918 | 9/30/2018 | |||||||||||||
Annie Land Plaza | VA | 2006 | 100 | % | 42,500 | 1999 | Food Lion | 29,000 | 4/30/2019 | |||||||||||||
Aston Center | PA | 2002 | 100 | % | 55,000 | 2005 | Giant Foods | 55,000 | 11/30/2025 | |||||||||||||
Ayr Town Center | PA | 2002 | 100 | % | 55,600 | 2005 | Giant Foods | 50,000 | 5/31/2025 | |||||||||||||
Camp Hill | PA | 2002 | 100 | % | 459,730 | 1958/2005 | Boscov’s | 167,597 | 9/30/2010 | |||||||||||||
Giant Foods | 92,939 | 10/31/2025 | ||||||||||||||||||||
LA Fitness | 45,000 | 12/31/2021 | ||||||||||||||||||||
Orthopedic Inst of PA | 40,904 | 5/31/2016 | ||||||||||||||||||||
Barnes & Noble | 24,908 | 1/31/2011 | ||||||||||||||||||||
Staples | 20,000 | 6/30/2015 | ||||||||||||||||||||
Carbondale Plaza | PA | 2004 | 100 | % | 129,915 | 1972/2005 | Weis Markets | 52,720 | 2/29/2016 | |||||||||||||
Carmans Plaza | NY | 2007 | 100 | % | 194,481 | 1954/2007 | Pathmark | 52,211 | 3/31/2017 | |||||||||||||
Best Fitness | 27,598 | 5/31/2018 | ||||||||||||||||||||
AJ Wright | 25,806 | 4/30/2013 | ||||||||||||||||||||
Carrollton Discount Drug Mart Plaza | OH | 2005 | 100 | % | 40,480 | 2000 | Discount Drug Mart | 25,480 | 3/31/2016 | |||||||||||||
Circle Plaza | PA | 2007 | 100 | % | 92,171 | 1979/1991 | K-Mart | 92,171 | 11/30/2009 | |||||||||||||
Clyde Discount Drug Mart Plaza | OH | 2005 | 100 | % | 34,592 | 2002 | Discount Drug Mart | 24,592 | 3/31/2019 | |||||||||||||
Coliseum Marketplace | VA | 2005 | 100 | % | 105,015 | 1987/2005 | Farm Fresh | 57,662 | 1/31/2021 | |||||||||||||
Columbus Crossing | PA | 2003 | 100 | % | 142,166 | 2001 | Super Fresh | 61,506 | 9/30/2020 | |||||||||||||
Old Navy | 25,000 | 1/31/2014 | ||||||||||||||||||||
AC Moore | 22,000 | 9/30/2011 | ||||||||||||||||||||
CVS at Bradford | PA | 2005 | 100 | % | 10,722 | 1996 | CVS | 10,722 | 3/31/2017 | |||||||||||||
CVS at Celina | OH | 2005 | 100 | % | 10,195 | 1998 | CVS | 10,195 | 1/31/2020 | |||||||||||||
CVS at Erie | PA | 2005 | 100 | % | 10,125 | 1997 | CVS | 10,125 | 1/31/2019 | |||||||||||||
CVS at Kinderhook | NY | 2007 | 100 | % | 13,225 | 2007 | CVS | 13,225 | 1/31/2033 | |||||||||||||
CVS at Portage Trail | OH | 2005 | 100 | % | 10,722 | 1996 | CVS | 10,722 | 9/30/2017 | |||||||||||||
CVS at Westfield | NY | 2005 | 100 | % | 10,125 | 2000 | CVS | 10,125 | 1/31/2023 | |||||||||||||
Dover Discount Drug Mart Plaza | OH | 2005 | 100 | % | 38,409 | 2002 | Discount Drug Mart | 24,516 | 3/31/2013 | |||||||||||||
Elmhurst Square | VA | 2006 | 100 | % | 66,250 | 1961-1983 | Food Lion | 38,272 | 9/30/2011 | |||||||||||||
Fairfield Plaza | CT | 2005 | 100 | % | 72,279 | 2001/2005 | TJ Maxx | 25,257 | 8/31/2013 | |||||||||||||
Staples | 20,388 | 10/31/2019 |
15
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2007
Property Description (Continued)
As of September 30, 2007
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||
Property Description | State | acquired | owned | (“GLA”) | renovated | Name | Sq. ft. | expiration | ||||||||||||||
Fairview Commons | PA | 2007 | 100 | % | 59,578 | 1976/2003 | ||||||||||||||||
Family Dollar at Zanesville | OH | 2005 | 100 | % | 6,900 | 2000 | Family Dollar | 6,900 | 12/31/2009 | |||||||||||||
Fieldstone Marketplace | MA | 2005 | 100 | % | 193,970 | 1988/2003 | Shaw’s | 68,000 | 2/29/2024 | |||||||||||||
Flagship Cinema | 41,975 | 10/31/2023 | ||||||||||||||||||||
FirstMerit Bank at Akron | OH | 2005 | 100 | % | 3,200 | 1996 | FirstMerit Bank | 3,200 | 12/31/2011 | |||||||||||||
FirstMerit Bank at Cuyahoga Falls | OH | 2006 | 100 | % | 18,300 | 1973/2003 | FirstMerit Bank | 18,300 | 3/31/2010 | |||||||||||||
Franklin Village Plaza | MA | 2004 | 100 | % | 301,519 | 1987/2005 | Stop & Shop | 75,000 | 4/30/2026 | |||||||||||||
Marshalls | 26,890 | 1/31/2009 | ||||||||||||||||||||
Gabriel Brothers Plaza | OH | 2005 | 100 | % | 81,891 | 1970’s/2004 | Gabriel Brothers | 57,193 | 5/31/2014 | |||||||||||||
Gahanna Discount Drug Mart Plaza | OH | 2006 | 100 | % | 48,080 | 2003 | Discount Drug Mart | 24,592 | 3/31/2020 | |||||||||||||
General Booth Plaza | VA | 2005 | 100 | % | 73,320 | 1985 | Farm Fresh | 53,758 | 1/31/2014 | |||||||||||||
Gold Star Plaza | PA | 2006 | 100 | % | 71,729 | 1988 | Redner’s | 47,329 | 3/16/2019 | |||||||||||||
Golden Triangle | PA | 2003 | 100 | % | 202,943 | 1960/2005 | LA Fitness | 44,796 | 4/30/2020 | |||||||||||||
Marshalls | 30,000 | 5/31/2010 | ||||||||||||||||||||
Staples | 24,060 | 5/31/2012 | ||||||||||||||||||||
Groton Shopping Center | CT | 2007 | 100 | % | 117,986 | 1969 | TJ Maxx | 30,000 | 5/31/2011 | |||||||||||||
Hamburg Commons | PA | 2004 | 100 | % | 99,580 | 1988-1993 | Redner’s | 56,780 | 6/30/2025 | |||||||||||||
Hannaford Plaza | MA | 2006 | 100 | % | 102,459 | 1965/2006 | Hannaford | 42,598 | 4/30/2015 | |||||||||||||
Hilliard Discount Drug Mart Plaza | OH | 2007 | 100 | % | 40,988 | 2003 | Discount Drug Mart | 24,592 | 3/31/2020 | |||||||||||||
Hudson Discount Drug Mart Plaza | OH | 2005 | 100 | % | 32,259 | 2000 | Discount Drug Mart | 32,259 | 3/31/2017 | |||||||||||||
Jordan Lane | CT | 2005 | 100 | % | 181,735 | 1969/1991 | Stop & Shop | 60,632 | 9/30/2010 | |||||||||||||
AJ Wright | 39,280 | 3/31/2015 | ||||||||||||||||||||
Friendly Fitness | 20,283 | 8/31/2014 | ||||||||||||||||||||
Kempsville Crossing | VA | 2005 | 100 | % | 94,477 | 1985 | Farm Fresh | 73,878 | 1/31/2014 | |||||||||||||
Kenley Village | MD | 2005 | 100 | % | 51,894 | 1988 | Food Lion | 29,000 | 2/11/2009 | |||||||||||||
Kingston Plaza | NY | 2006 | 100 | % | 18,337 | 2006 | ||||||||||||||||
LA Fitness Facility | PA | 2002 | 100 | % | 41,000 | 2003 | LA Fitness | 41,000 | 12/31/2018 | |||||||||||||
Liberty Marketplace | PA | 2005 | 100 | % | 68,200 | 2003 | Giant Foods | 55,000 | 9/30/2023 | |||||||||||||
Lodi Discount Drug Mart Plaza | OH | 2005 | 100 | % | 38,576 | 2003 | Discount Drug Mart | 24,596 | 3/31/2019 |
16
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2007
Property Description (Continued)
As of September 30, 2007
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||
Property Description | State | acquired | owned | (“GLA”) | renovated | Name | Sq. ft. | expiration | ||||||||||||||
Long Reach Village | MD | 2006 | 100 | % | 105,347 | 1973/1998 | Safeway | 53,684 | 7/31/2018 | |||||||||||||
McCormick Place | OH | 2005 | 100 | % | 46,000 | 1995 | Sam Levin Furniture | 46,000 | 11/30/2011 | |||||||||||||
McDonalds / Waffle House at Medina | OH | 2005 | 100 | % | 6,000 | 2003 | ||||||||||||||||
Meadows Marketplace | PA | 2004 | 100 | % | 89,171 | 2005 | Giant Foods | 65,507 | 10/31/2025 | |||||||||||||
Mechanicsburg Giant | PA | 2005 | 100 | % | 51,500 | 2003 | Giant Foods | 51,500 | 8/31/2024 | |||||||||||||
Oak Ridge | VA | 2006 | 100 | % | 38,700 | 2000 | Food Lion | 33,000 | 5/31/2019 | |||||||||||||
Oakhurst Plaza | PA | 2006 | 100 | % | 111,869 | 1980/2001 | Giant Foods | 62,320 | 1/31/2019 | |||||||||||||
Oakland Commons | CT | 2007 | 100 | % | 89,850 | 1962/1995 | Shaw’s | 54,661 | 2/29/2016 | |||||||||||||
Bristol Ten Pin | 35,189 | 4/30/2043 | ||||||||||||||||||||
Oakland Mills | MD | 2005 | 100 | % | 58,224 | 1960’s/2004 | Food Lion | 43,470 | 11/30/2018 | |||||||||||||
Ontario Discount Drug Mart Plaza | OH | 2005 | 100 | % | 38,623 | 2002 | Discount Drug Mart | 25,475 | 3/31/2018 | |||||||||||||
Palmyra Shopping Center | PA | 2005 | 100 | % | 112,108 | 1960/1995 | Weis Markets | 46,181 | 3/31/2010 | |||||||||||||
Parkway Plaza | PA | 2007 | 100 | % | 106,628 | 1998-2002 | Giant Foods | 66,935 | 12/31/2018 | |||||||||||||
Pennsboro Commons | PA | 2005 | 100 | % | 108,584 | 1999 | Giant Foods | 68,624 | 8/10/2019 | |||||||||||||
Pickerington Discount Drug Mart Plaza | OH | 2005 | 100 | % | 47,810 | 2002 | Discount Drug Mart | 25,852 | 3/31/2018 | |||||||||||||
Pine Grove Plaza | NJ | 2003 | 100 | % | 79,306 | 2001/2002 | Peebles | 24,963 | 1/31/2022 | |||||||||||||
Polaris Discount Drug Mart Plaza | OH | 2005 | 100 | % | 50,283 | 2001 | Discount Drug Mart | 25,855 | 3/31/2017 | |||||||||||||
Pondside Plaza | NY | 2005 | 100 | % | 19,340 | 2003 | ||||||||||||||||
Port Richmond Village | PA | 2001 | 100 | % | 154,908 | 1988 | Thriftway | 40,000 | 10/31/2013 | |||||||||||||
Pep Boys | 20,615 | 2/28/2009 | ||||||||||||||||||||
Powell Discount Drug Mart Plaza | OH | 2005 | 100 | % | 49,772 | 2001 | Discount Drug Mart | 25,852 | 3/31/2018 | |||||||||||||
Rite Aid at Massillon | OH | 2005 | 100 | % | 10,125 | 1999 | Rite Aid | 10,125 | 1/31/2020 | |||||||||||||
River View Plaza I, II and III | PA | 2003 | 100 | % | 244,225 | 1991/1998 | United Artists Theatre | 77,700 | 12/31/2018 | |||||||||||||
Pep Boys | 22,000 | 9/30/2014 | ||||||||||||||||||||
Avalon Carpet | 25,000 | 1/31/2012 | ||||||||||||||||||||
Scott Town Center | PA | 2007 | 100 | % | 67,933 | 2004 | Giant Foods | 54,333 | 7/31/2023 | |||||||||||||
Shaw’s Plaza | MA | 2006 | 100 | % | 176,609 | 1968/1998 | Shaw’s | 60,748 | 2/28/2023 | |||||||||||||
Marshall’s | 25,752 | 1/31/2013 | ||||||||||||||||||||
Shelby Discount Drug Mart Plaza | OH | 2005 | 100 | % | 36,596 | 2002 | Discount Drug Mart | 24,596 | 3/31/2019 |
17
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2007
Property Description (Continued)
As of September 30, 2007
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||
Property Description | State | acquired | owned | (“GLA”) | renovated | Name | Sq. ft. | expiration | ||||||||||||||
Shoppes at Salem Run | VA | 2005 | 100 | % | 15,100 | 2005 | ||||||||||||||||
Shore Mall | NJ | 2006 | 100 | % | 617,197 | 1960/1980 | Boscov’s | 172,200 | 9/19/2018 | |||||||||||||
Value City | 144,000 | 4/30/2009 | ||||||||||||||||||||
Burlington Coat Factory | 85,000 | 11/30/2009 | ||||||||||||||||||||
K&G | 25,000 | 2/28/2017 | ||||||||||||||||||||
Smithfield Plaza | VA | 2005 | 100 | % | 45,544 | 1988 | Farm Fresh | 45,544 | 1/31/2014 | |||||||||||||
South Philadelphia | PA | 2003 | 100 | % | 283,415 | 1950/2003 | Shop Rite | 54,388 | 9/30/2018 | |||||||||||||
Ross Dress For Less | 31,349 | 1/31/2013 | ||||||||||||||||||||
Bally’s Total Fitness | 31,000 | 5/31/2017 | ||||||||||||||||||||
Nat’l Wholesale Liquidators | 30,000 | 1/31/2016 | ||||||||||||||||||||
Modell’s | 20,000 | 1/31/2018 | ||||||||||||||||||||
Spring Meadow Shopping Center | PA | 2007 | 100 | % | 67,850 | 2004 | Giant Foods | 65,000 | 10/31/2024 | |||||||||||||
St James Square | MD | 2005 | 100 | % | 39,903 | 2000 | Food Lion | 33,000 | 11/14/2020 | |||||||||||||
Staples at Oswego | NY | 2005 | 100 | % | 23,884 | 2000 | Staples | 23,884 | 2/28/2015 | |||||||||||||
Stonehedge Square | PA | 2006 | 100 | % | 88,677 | 1990/2006 | Nell’s Market | 51,687 | 5/31/2026 | |||||||||||||
Suffolk Plaza | VA | 2005 | 100 | % | 67,216 | 1984 | Farm Fresh | 67,216 | 1/31/2014 | |||||||||||||
Sunset Crossing | PA | 2003 | 100 | % | 74,142 | 2002 | Giant Foods | 54,332 | 6/30/2022 | |||||||||||||
Swede Square | PA | 2003 | 100 | % | 98,792 | 1980/2004 | LA Fitness | 37,200 | 6/30/2016 | |||||||||||||
The Brickyard | CT | 2004 | 100 | % | 274,553 | 1990 | Sam’s Club | 109,755 | 1/31/2010 | |||||||||||||
Home Depot | 103,003 | 1/31/2010 | ||||||||||||||||||||
Syms | 38,000 | 3/31/2010 | ||||||||||||||||||||
The Commons | PA | 2004 | 100 | % | 175,121 | 2003 | Elder Beerman | 54,500 | 1/31/2017 | |||||||||||||
Shop’n Save | 52,654 | 10/7/2015 | ||||||||||||||||||||
The Point | PA | 2000 | 100 | % | 255,447 | 1972/2001 | Burlington Coat Factory | 76,665 | 1/31/2011 | |||||||||||||
Giant Foods | 55,000 | 7/31/2021 | ||||||||||||||||||||
Staples | 24,000 | 8/31/2013 | ||||||||||||||||||||
AC Moore | 20,000 | 7/31/2013 | ||||||||||||||||||||
The Point at Carlisle Plaza | PA | 2005 | 100 | % | 182,859 | 1965/2005 | Bon-Ton | 59,925 | 1/25/2010 | |||||||||||||
Office Max | 22,645 | 10/1/2012 | ||||||||||||||||||||
Dunham Sports | 21,300 | 1/31/2016 | ||||||||||||||||||||
The Shops at Suffolk Downs | MA | 2005 | 100 | % | 85,829 | 2005 | Stop & Shop | 74,977 | 9/30/2025 | |||||||||||||
Townfair Center | PA | 2004 | 100 | % | 203,531 | 2002 | Lowe’s Home Centers | 95,173 | 12/31/2015 | |||||||||||||
Shop’n Save | 50,000 | 2/28/2012 |
18
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2007
Property Description (Continued)
As of September 30, 2007
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||||||||
Property Description | State | acquired | owned | (“GLA”) | renovated | Name | Sq. ft. | expiration | ||||||||||||||||||||
Trexler Mall | PA | 2005 | 100 | % | 339,363 | 1973/2004 | Kohl’s | 88,248 | 1/31/2024 | |||||||||||||||||||
Bon-Ton | 62,000 | 1/28/2012 | ||||||||||||||||||||||||||
Giant Foods | 56,753 | 1/31/2016 | ||||||||||||||||||||||||||
Lehigh Wellness Partners | 29,421 | 11/30/2008 | ||||||||||||||||||||||||||
Trexlertown Fitness Club | 28,870 | 2/28/2010 | ||||||||||||||||||||||||||
Ukrop’s at Fredericksburg | VA | 2005 | 100 | % | 63,000 | 1997 | Ukrop’s Supermarket | 63,000 | 8/4/2017 | |||||||||||||||||||
Ukrop’s at Glen Allen | VA | 2005 | 100 | % | 43,000 | 2000 | Ukrop’s Supermarket | 43,000 | 2/15/2010 | |||||||||||||||||||
Valley Plaza | MD | 2003 | 100 | % | 191,189 | 1975/1994 | K-Mart | 95,810 | 9/30/2009 | |||||||||||||||||||
Ollie’s Bargain Outlet | 41,888 | 3/31/2011 | ||||||||||||||||||||||||||
Tractor Supply | 32,095 | 5/31/2010 | ||||||||||||||||||||||||||
Virginia Center Commons | VA | 2005 | 100 | % | 9,763 | 2002 | ||||||||||||||||||||||
Virginia Little Creek | VA | 2005 | 100 | % | 69,620 | 1996/2001 | Farm Fresh | 66,120 | 1/31/2014 | |||||||||||||||||||
Wal-Mart Center | CT | 2003 | 100 | % | 155,739 | 1972/2000 | Wal-Mart | 95,482 | 1/31/2020 | |||||||||||||||||||
NAMCO | 20,000 | 1/31/2011 | ||||||||||||||||||||||||||
Washington Center Shoppes | NJ | 2001 | 100 | % | 157,290 | 1979/1995 | Acme Markets | 66,046 | 12/2/2020 | |||||||||||||||||||
Powerhouse Gym | 20,742 | 1/31/2013 | ||||||||||||||||||||||||||
West Bridgewater Plaza | MA | 2007 | 100 | % | 135,449 | 1970/2007 | Shaw’s | 57,315 | 2/28/2027 | |||||||||||||||||||
Big Lots | 25,000 | 1/31/2008 | ||||||||||||||||||||||||||
Westlake Discount Drug Mart Plaza | OH | 2005 | 100 | % | 55,775 | 2005 | BG Storage | 31,295 | 1/31/2016 | |||||||||||||||||||
Discount Drug Mart | 24,480 | 3/31/2021 | ||||||||||||||||||||||||||
Yorktowne Plaza | MD | 2007 | 100 | % | 158,982 | 1970/2000 | Food Lion | 37,692 | 12/31/2020 | |||||||||||||||||||
Total Wholly-Owned Stabilized Properties | 9,572,432 | |||||||||||||||||||||||||||
Properties Owned in Joint Venture:(b) | ||||||||||||||||||||||||||||
Fairview Plaza | PA | 2003 | 30 | % | 69,579 | 1992 | Giant Foods | 59,237 | 2/28/2017 | |||||||||||||||||||
Halifax Plaza | PA | 2003 | 30 | % | 54,150 | 1994 | Giant Foods | 32,000 | 10/31/2019 | |||||||||||||||||||
Loyal Plaza | PA | 2002 | 25 | % | 293,825 | 1969/2000 | K-Mart | 102,558 | 8/31/2011 | |||||||||||||||||||
Giant Foods | 66,935 | 10/31/2019 | ||||||||||||||||||||||||||
Staples | 20,555 | 11/30/2014 | ||||||||||||||||||||||||||
Newport Plaza | PA | 2003 | 30 | % | 66,789 | 1996 | Giant Foods | 43,400 | 5/31/2021 | |||||||||||||||||||
Total Consolidated Joint Ventures | 484,343 | |||||||||||||||||||||||||||
Total Stabilized Properties | 10,056,775 | |||||||||||||||||||||||||||
19
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2007
Property Description (Continued)
As of September 30, 2007
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||||||||
Property Description | State | acquired | owned | ("GLA") | renovated | Name | Sq. ft. | expiration | ||||||||||||||||||||
Development/Redevelopment and Other Non-Stabilized Properties:(a) | ||||||||||||||||||||||||||||
Centerville Discount Drug Mart Plaza | OH | 2005 | 100 | % | 49,287 | 2000 | Discount Drug Mart | 24,012 | 3/31/2016 | |||||||||||||||||||
Columbia Mall | PA | 2005 | 100 | % | 351,356 | 1988 | Sears | 64,264 | 10/24/2013 | |||||||||||||||||||
Bon-Ton | 45,000 | 10/31/2008 | ||||||||||||||||||||||||||
JC Penney | 34,076 | 10/31/2008 | ||||||||||||||||||||||||||
Dunmore Shopping Center | PA | 2005 | 100 | % | 101,000 | 1962/1997 | Eynon Furniture Outlet | 40,000 | 2/28/2014 | |||||||||||||||||||
Big Lots | 26,902 | 1/31/2012 | ||||||||||||||||||||||||||
East Chestnut | PA | 2005 | 100 | % | 21,180 | 1996 | ||||||||||||||||||||||
Grove City Discount Drug Mart Plaza | OH | 7 | 100 | % | 40,848 | 2005 | Discount Drug Mart | 24,596 | 3/31/2020 | |||||||||||||||||||
Huntingdon Plaza | PA | 2004 | 100 | % | 151,697 | 1972 - 2003 | Peebles | 22,060 | 1/31/2018 | |||||||||||||||||||
Lake Raystown Plaza | PA | 2004 | 100 | % | 145,727 | 1995 | Giant Foods | 61,435 | 10/31/2026 | |||||||||||||||||||
Trexlertown Plaza | PA | 2006 | 100 | % | 241,381 | 1990/2005 | Redner's | 47,900 | 10/31/2010 | |||||||||||||||||||
Big Lots | 33,824 | 1/31/2012 | ||||||||||||||||||||||||||
Tractor Supply | 22,670 | 10/31/2020 | ||||||||||||||||||||||||||
Sears | 22,500 | 10/31/2012 | ||||||||||||||||||||||||||
Value City Shopping Center | MI | 2005 | 100 | % | 117,000 | 1950's/2003 | Value City | 85,000 | 1/31/2008 | |||||||||||||||||||
Total Non-Stabilized Properties | 1,219,476 | |||||||||||||||||||||||||||
Total portfolio excluding property held for sale | 11,276,251 | |||||||||||||||||||||||||||
Property held for sale: | ||||||||||||||||||||||||||||
Stadium Plaza | MI | 2005 | 100 | % | 77,688 | 1960's/2003 | A&P | 54,650 | 8/31/2022 | |||||||||||||||||||
Total Portfolio(c) | 11,353,939 | |||||||||||||||||||||||||||
(a) | “Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of September 30, 2007. Centerville Discount Drug Mart Plaza, Dunmore Shopping Center, East Chestnut and Value City Shopping Center are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties. | |
(b) | The terms of the respective joint venture agreements provide, among other things, that the minority interest partners receive certain preference returns on their investments prior to any distributions to the Company. | |
(c) | In addition, the Company has a 49% interest in an unconsolidated joint venture, which owns a single-tenant office property located in Philadelphia, PA. |
20
CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of September 30, 2007
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of September 30, 2007
Gross | ||||||||||||||||||||||||||||||||||||||
Financial statement carrying values | leasable | Average | ||||||||||||||||||||||||||||||||||||
Percent | Buildings and | Total | Accumulated | Net book | area | Percent | base rent per | |||||||||||||||||||||||||||||||
Property Description | State | owned | Land | improvements | cost | depreciation | value | (“GLA”) | occupied | leased sq. ft. | ||||||||||||||||||||||||||||
Wholly-Owned Stabilized Properties:(a) | ||||||||||||||||||||||||||||||||||||||
Academy Plaza | PA | 100 | % | $ | 2,406,000 | $ | 10,682,000 | $ | 13,088,000 | $ | 1,617,000 | $ | 11,471,000 | 152,068 | 80.2 | % | $ | 12.26 | ||||||||||||||||||||
Annie Land Plaza | VA | 100 | % | 809,000 | 3,858,000 | 4,667,000 | 168,000 | 4,499,000 | 42,500 | 97.2 | % | 9.13 | ||||||||||||||||||||||||||
Aston Center | PA | 100 | % | 4,318,000 | 17,066,000 | 21,384,000 | 237,000 | 21,147,000 | 55,000 | 100.0 | % | 24.70 | ||||||||||||||||||||||||||
Ayr Town Center | PA | 100 | % | 2,441,000 | 9,746,000 | 12,187,000 | 153,000 | 12,034,000 | 55,600 | 100.0 | % | 15.83 | ||||||||||||||||||||||||||
Camp Hill | PA | 100 | % | 4,424,000 | 60,047,000 | 64,471,000 | 4,137,000 | 60,334,000 | 459,730 | 99.4 | % | 12.64 | ||||||||||||||||||||||||||
Carbondale Plaza | PA | 100 | % | 1,586,000 | 9,920,000 | 11,506,000 | 1,155,000 | 10,351,000 | 129,915 | 83.4 | % | 5.54 | ||||||||||||||||||||||||||
Carman’s Plaza | NY | 100 | % | 8,618,000 | 34,471,000 | 43,089,000 | 0 | 43,089,000 | 194,481 | 94.7 | % | 16.39 | ||||||||||||||||||||||||||
Carrollton Discount Drug Mart Plaza | OH | 100 | % | 713,000 | 3,338,000 | 4,051,000 | 306,000 | 3,745,000 | 40,480 | 100.0 | % | 8.07 | ||||||||||||||||||||||||||
Circle Plaza | PA | 100 | % | 561,000 | 2,883,000 | 3,444,000 | 13,000 | 3,431,000 | 92,171 | 100.0 | % | 2.74 | ||||||||||||||||||||||||||
Clyde Discount Drug Mart Plaza | OH | 100 | % | 451,000 | 2,330,000 | 2,781,000 | 237,000 | 2,544,000 | 34,592 | 100.0 | % | 9.57 | ||||||||||||||||||||||||||
Coliseum Marketplace | VA | 100 | % | 3,586,000 | 17,146,000 | 20,732,000 | 1,554,000 | 19,178,000 | 105,015 | 100.0 | % | 13.79 | ||||||||||||||||||||||||||
Columbus Crossing | PA | 100 | % | 4,579,000 | 19,141,000 | 23,720,000 | 2,177,000 | 21,543,000 | 142,166 | 97.2 | % | 15.93 | ||||||||||||||||||||||||||
CVS at Bradford | PA | 100 | % | 291,000 | 1,482,000 | 1,773,000 | 132,000 | 1,641,000 | 10,722 | 100.0 | % | 12.80 | ||||||||||||||||||||||||||
CVS at Celina | OH | 100 | % | 418,000 | 1,967,000 | 2,385,000 | 149,000 | 2,236,000 | 10,195 | 100.0 | % | 17.49 | ||||||||||||||||||||||||||
CVS at Erie | PA | 100 | % | 399,000 | 1,783,000 | 2,182,000 | 129,000 | 2,053,000 | 10,125 | 100.0 | % | 16.50 | ||||||||||||||||||||||||||
CVS at Kinderhook | NY | 100 | % | 2,476,000 | 1,070,000 | 3,546,000 | 7,000.00 | 3,539,000 | 13,225 | 100.0 | % | 20.70 | ||||||||||||||||||||||||||
CVS at Portage Trail | OH | 100 | % | 341,000 | 1,603,000 | 1,944,000 | 125,000 | 1,819,000 | 10,722 | 100.0 | % | 13.00 | ||||||||||||||||||||||||||
CVS at Westfield | NY | 100 | % | 339,000 | 1,559,000 | 1,898,000 | 109,000 | 1,789,000 | 10,125 | 100.0 | % | 15.74 | ||||||||||||||||||||||||||
Dover Discount Drug Mart Plaza | OH | 100 | % | 563,000 | 2,794,000 | 3,357,000 | 411,000 | 2,946,000 | 38,409 | 100.0 | % | 8.14 | ||||||||||||||||||||||||||
Elmhurst Square | VA | 100 | % | 1,371,000 | 6,122,000 | 7,493,000 | 203,000 | 7,290,000 | 66,250 | 100.0 | % | 8.55 | ||||||||||||||||||||||||||
Fairfield Plaza | CT | 100 | % | 2,202,000 | 9,391,000 | 11,593,000 | 645,000 | 10,948,000 | 72,279 | 95.4 | % | 13.90 | ||||||||||||||||||||||||||
Fairview Commons | PA | 100 | % | 858,000 | 3,568,000 | 4,426,000 | 124,000 | 4,302,000 | 59,578 | 89.6 | % | 5.72 | ||||||||||||||||||||||||||
Family Dollar at Zanesville | OH | 100 | % | 82,000 | 571,000 | 653,000 | 145,000 | 508,000 | 6,900 | 100.0 | % | 8.70 | ||||||||||||||||||||||||||
Fieldstone Marketplace | MA | 100 | % | 5,229,000 | 21,425,000 | 26,654,000 | 1,447,000 | 25,207,000 | 193,970 | 92.2 | % | 10.22 | ||||||||||||||||||||||||||
FirstMerit Bank at Akron | OH | 100 | % | 169,000 | 737,000 | 906,000 | 62,000 | 844,000 | 3,200 | 100.0 | % | 23.51 | ||||||||||||||||||||||||||
FirstMerit Bank at Cuyahoga Falls | OH | 100 | % | 264,000 | 1,304,000 | 1,568,000 | 47,000 | 1,521,000 | 18,300 | 100.0 | % | 6.03 | ||||||||||||||||||||||||||
Franklin Village Plaza | MA | 100 | % | 13,817,000 | 59,169,000 | 72,986,000 | 6,469,000 | 66,517,000 | 301,519 | 92.0 | % | 19.58 | ||||||||||||||||||||||||||
Gabriel Brothers Plaza | OH | 100 | % | 947,000 | 3,863,000 | 4,810,000 | 344,000 | 4,466,000 | 81,891 | 100.0 | % | 5.63 | ||||||||||||||||||||||||||
Gahanna Discount Drug Mart Plaza | OH | 100 | % | 1,644,000 | 6,378,000 | 8,022,000 | 231,000 | 7,791,000 | 48,080 | 91.0 | % | 15.06 | ||||||||||||||||||||||||||
General Booth Plaza | VA | 100 | % | 1,935,000 | 9,517,000 | 11,452,000 | 991,000 | 10,461,000 | 73,320 | 97.5 | % | 11.75 | ||||||||||||||||||||||||||
Gold Star Plaza | PA | 100 | % | 1,644,000 | 6,508,000 | 8,152,000 | 369,000 | 7,783,000 | 71,729 | 97.8 | % | 9.01 | ||||||||||||||||||||||||||
Golden Triangle | PA | 100 | % | 2,320,000 | 19,125,000 | 21,445,000 | 1,945,000 | 19,500,000 | 202,943 | 97.6 | % | 11.92 | ||||||||||||||||||||||||||
Groton Shopping Center | CT | 100 | % | 3,067,000 | 12,377,000 | 15,444,000 | 46,000 | 15,398,000 | 117,986 | 100.0 | % | 10.53 | ||||||||||||||||||||||||||
Hamburg Commons | PA | 100 | % | 1,153,000 | 9,830,000 | 10,983,000 | 721,000 | 10,262,000 | �� | 99,580 | 100.0 | % | 6.41 | |||||||||||||||||||||||||
Hannaford Plaza | MA | 100 | % | 1,874,000 | 8,563,000 | 10,437,000 | 342,000 | 10,095,000 | 102,459 | 93.6 | % | 7.62 | ||||||||||||||||||||||||||
Hilliard Discount Drug Mart Plaza | OH | 100 | % | 1,086,000 | 4,091,000 | 5,177,000 | 14,000 | 5,163,000 | 40,988 | 94.5 | % | 13.12 | ||||||||||||||||||||||||||
Hudson Discount Drug Mart Plaza | OH | 100 | % | 770,000 | 3,576,000 | 4,346,000 | 280,000 | 4,066,000 | 32,259 | 100.0 | % | 10.71 | ||||||||||||||||||||||||||
Jordan Lane | CT | 100 | % | 4,291,000 | 21,086,000 | 25,377,000 | 1,409,000 | 23,968,000 | 181,735 | 96.0 | % | 9.42 | ||||||||||||||||||||||||||
Kempsville Crossing | VA | 100 | % | 2,207,000 | 11,111,000 | 13,318,000 | 1,138,000 | 12,180,000 | 94,477 | 96.7 | % | 10.73 | ||||||||||||||||||||||||||
Kenley Village | MD | 100 | % | 726,000 | 3,533,000 | 4,259,000 | 647,000 | 3,612,000 | 51,894 | 100.0 | % | 7.91 | ||||||||||||||||||||||||||
Kingston Plaza | NY | 100 | % | 2,946,000 | 2,730,000 | 5,676,000 | 51,000 | 5,625,000 | 18,337 | 100.0 | % | 26.76 | ||||||||||||||||||||||||||
LA Fitness Facility | PA | 100 | % | 2,462,000 | 5,176,000 | 7,638,000 | 462,000 | 7,176,000 | 41,000 | 100.0 | % | 18.09 | ||||||||||||||||||||||||||
Liberty Marketplace | PA | 100 | % | 2,695,000 | 12,793,000 | 15,488,000 | 886,000 | 14,602,000 | 68,200 | 93.0 | % | 17.09 | ||||||||||||||||||||||||||
Lodi Discount Drug Mart Plaza | OH | 100 | % | 704,000 | 3,430,000 | 4,134,000 | 335,000 | 3,799,000 | 38,576 | 100.0 | % | 9.27 | ||||||||||||||||||||||||||
Long Reach Village | MD | 100 | % | 1,721,000 | 8,668,000 | 10,389,000 | 429,000 | 9,960,000 | 105,347 | 90.4 | % | 10.41 | ||||||||||||||||||||||||||
McCormick Place | OH | 100 | % | 847,000 | 4,038,000 | 4,885,000 | 455,000 | 4,430,000 | 46,000 | 100.0 | % | 8.50 | ||||||||||||||||||||||||||
McDonalds/Waffle House at Medina | OH | 100 | % | 737,000 | 132,000 | 869,000 | 18,000 | 851,000 | 6,000 | 100.0 | % | 11.70 | ||||||||||||||||||||||||||
Meadows Marketplace | PA | 100 | % | 1,914,000 | 11,269,000 | 13,183,000 | 469,000 | 12,714,000 | 89,171 | 93.4 | % | 14.93 | ||||||||||||||||||||||||||
Mechanicsburg Giant | PA | 100 | % | 2,709,000 | 12,159,000 | 14,868,000 | 721,000 | 14,147,000 | 51,500 | 100.0 | % | 20.90 | ||||||||||||||||||||||||||
Oak Ridge | VA | 100 | % | 960,000 | 4,261,000 | 5,221,000 | 123,000 | 5,098,000 | 38,700 | 100.0 | % | 10.28 | ||||||||||||||||||||||||||
Oakhurst Plaza | PA | 100 | % | 4,539,000 | 18,180,000 | 22,719,000 | 775,000 | 21,944,000 | 111,869 | 92.8 | % | 14.42 | ||||||||||||||||||||||||||
Oakland Commons | CT | 100 | % | 2,504,000 | 15,662,000 | 18,166,000 | 313,000 | 17,853,000 | 89,850 | 100.0 | % | 10.71 |
21
CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2007
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2007
Gross | ||||||||||||||||||||||||||||||||||||||
Financial statement carrying values | leasable | Average | ||||||||||||||||||||||||||||||||||||
Percent | Buildings and | Total | Accumulated | Net book | area | Percent | base rent per | |||||||||||||||||||||||||||||||
Property Description | State | owned | Land | improvements | cost | depreciation | value | (“GLA”) | occupied | leased sq. ft. | ||||||||||||||||||||||||||||
Oakland Mills | MD | 100 | % | 1,611,000 | 6,312,000 | 7,923,000 | 576,000 | 7,347,000 | 58,224 | 100.0 | % | 11.75 | ||||||||||||||||||||||||||
Ontario Discount Drug Mart Plaza | OH | 100 | % | 809,000 | 3,654,000 | 4,463,000 | 326,000 | 4,137,000 | 38,623 | 94.3 | % | 7.86 | ||||||||||||||||||||||||||
Palmyra Shopping Center | PA | 100 | % | 1,490,000 | 6,582,000 | 8,072,000 | 609,000 | 7,463,000 | 112,108 | 96.3 | % | 5.45 | ||||||||||||||||||||||||||
Parkway Plaza | PA | 100 | % | 4,646,000 | 19,416,000 | 24,062,000 | 324,000 | 23,738,000 | 106,628 | 100.0 | % | 14.45 | ||||||||||||||||||||||||||
Pennsboro Commons | PA | 100 | % | 3,608,000 | 14,275,000 | 17,883,000 | 1,047,000 | 16,836,000 | 108,584 | 95.6 | % | 13.80 | ||||||||||||||||||||||||||
Pickerington Discount Drug Mart Plaza | OH | 100 | % | 1,186,000 | 6,063,000 | 7,249,000 | 486,000 | 6,763,000 | 47,810 | 100.0 | % | 12.17 | ||||||||||||||||||||||||||
Pine Grove Plaza | NJ | 100 | % | 1,622,000 | 6,507,000 | 8,129,000 | 733,000 | 7,396,000 | 79,306 | 100.0 | % | 9.98 | ||||||||||||||||||||||||||
Polaris Discount Drug Mart Plaza | OH | 100 | % | 1,242,000 | 5,820,000 | 7,062,000 | 653,000 | 6,409,000 | 50,283 | 100.0 | % | 12.09 | ||||||||||||||||||||||||||
Pondside Plaza | NY | 100 | % | 365,000 | 1,617,000 | 1,982,000 | 163,000 | 1,819,000 | 19,340 | 100.0 | % | 8.20 | ||||||||||||||||||||||||||
Port Richmond Village | PA | 100 | % | 2,942,000 | 12,375,000 | 15,317,000 | 1,845,000 | 13,472,000 | 154,908 | 97.1 | % | 12.36 | ||||||||||||||||||||||||||
Powell Discount Drug Mart Plaza | OH | 100 | % | 1,384,000 | 6,155,000 | 7,539,000 | 592,000 | 6,947,000 | 49,772 | 100.0 | % | 12.16 | ||||||||||||||||||||||||||
Rite Aid at Massillon | OH | 100 | % | 442,000 | 2,014,000 | 2,456,000 | 142,000 | 2,314,000 | 10,125 | 100.0 | % | 17.91 | ||||||||||||||||||||||||||
River View Plaza I, II and III | PA | 100 | % | 9,718,000 | 43,724,000 | 53,442,000 | 4,979,000 | 48,463,000 | 244,225 | 87.5 | % | 17.49 | ||||||||||||||||||||||||||
Scott Town Center | PA | 100 | % | 2,958,000 | 11,797,000 | 14,755,000 | 196,000 | 14,559,000 | 67,933 | 97.6 | % | 16.42 | ||||||||||||||||||||||||||
Shaw’s Plaza | MA | 100 | % | 5,780,000 | 25,122,000 | 30,902,000 | 1,029,000 | 29,873,000 | 176,609 | 100 | % | 10.36 | ||||||||||||||||||||||||||
Shelby Discount Drug Mart Plaza | OH | 100 | % | 671,000 | 3,276,000 | 3,947,000 | 339,000 | 3,608,000 | 36,596 | 89 | % | 9.21 | ||||||||||||||||||||||||||
Shoppes at Salem Run | VA | 100 | % | 1,076,000 | 4,263,000 | 5,339,000 | 220,000 | 5,119,000 | 15,100 | 100 | % | 23.09 | ||||||||||||||||||||||||||
Shore Mall | NJ | 100 | % | 7,179,000 | 39,052,000 | 46,231,000 | 2,105,000 | 44,126,000 | 617,197 | 96 | % | 7.53 | ||||||||||||||||||||||||||
Smithfield Plaza | VA | 100 | % | 1,049,000 | 5,220,000 | 6,269,000 | 443,000 | 5,826,000 | 45,544 | 100 | % | 10.04 | ||||||||||||||||||||||||||
South Philadelphia | PA | 100 | % | 8,222,000 | 37,871,000 | 46,093,000 | 4,711,000 | 41,382,000 | 283,415 | 99 | % | 13.13 | ||||||||||||||||||||||||||
Spring Meadow Shopping Center | PA | 100 | % | 4,111,000 | 16,425,000 | 20,536,000 | 238,000 | 20,298,000 | 67,850 | 100 | % | 19.90 | ||||||||||||||||||||||||||
St James Square | MD | 100 | % | 688,000 | 4,361,000 | 5,049,000 | 440,000 | 4,609,000 | 39,903 | 100 | % | 11.29 | ||||||||||||||||||||||||||
Staples at Oswego | NY | 100 | % | 635,000 | 3,000,000 | 3,635,000 | 265,000 | 3,370,000 | 23,884 | 100 | % | 11.99 | ||||||||||||||||||||||||||
Stonehedge Square | PA | 100 | % | 2,698,000 | 11,554,000 | 14,252,000 | 532,000 | 13,720,000 | 88,677 | 94 | % | 11.21 | ||||||||||||||||||||||||||
Suffolk Plaza | VA | 100 | % | 1,402,000 | 7,236,000 | 8,638,000 | 658,000 | 7,980,000 | 67,216 | 100 | % | 9.40 | ||||||||||||||||||||||||||
Sunset Crossing | PA | 100 | % | 2,150,000 | 9,014,000 | 11,164,000 | 1,007,000 | 10,157,000 | 74,142 | 88 | % | 15.08 | ||||||||||||||||||||||||||
Swede Square | PA | 100 | % | 2,268,000 | 8,667,000 | 10,935,000 | 1,444,000 | 9,491,000 | 98,792 | 100 | % | 13.69 | ||||||||||||||||||||||||||
The Brickyard | CT | 100 | % | 6,465,000 | 28,714,000 | 35,179,000 | 3,134,000 | 32,045,000 | 274,553 | 100 | % | 8.95 | ||||||||||||||||||||||||||
The Commons | PA | 100 | % | 3,098,000 | 14,058,000 | 17,156,000 | 2,024,000 | 15,132,000 | 175,121 | 87 | % | 9.68 | ||||||||||||||||||||||||||
The Point | PA | 100 | % | 2,996,000 | 21,926,000 | 24,922,000 | 3,897,000 | 21,025,000 | 255,447 | 91 | % | 10.76 | ||||||||||||||||||||||||||
The Point at Carlisle Plaza | PA | 100 | % | 2,233,000 | 11,104,000 | 13,337,000 | 1,117,000 | 12,220,000 | 182,859 | 92 | % | 6.72 | ||||||||||||||||||||||||||
The Shops at Suffolk Downs | MA | 100 | % | 3,564,000 | 11,118,000 | 14,682,000 | 703,000 | 13,979,000 | 85,829 | 91 | % | 10.58 | ||||||||||||||||||||||||||
Townfair Center | PA | 100 | % | 3,022,000 | 14,238,000 | 17,260,000 | 1,879,000 | 15,381,000 | 203,531 | 92 | % | 7.05 | ||||||||||||||||||||||||||
Trexler Mall | PA | 100 | % | 6,932,000 | 32,247,000 | 39,179,000 | 1,942,000 | 37,237,000 | 339,363 | 98 | % | 8.54 | ||||||||||||||||||||||||||
Ukrop’s at Fredericksburg | VA | 100 | % | 3,213,000 | 12,758,000 | 15,971,000 | 683,000 | 15,288,000 | 63,000 | 100 | % | 16.44 | ||||||||||||||||||||||||||
Ukrop’s at Glen Allen | VA | 100 | % | 6,769,000 | 213,000 | 6,982,000 | 92,000 | 6,890,000 | 43,000 | 100 | % | 9.01 | ||||||||||||||||||||||||||
Valley Plaza | MD | 100 | % | 1,950,000 | 8,033,000 | 9,983,000 | 882,000 | 9,101,000 | 191,189 | 100 | % | 4.45 | ||||||||||||||||||||||||||
Virginia Center Commons | VA | 100 | % | 992,000 | 3,860,000 | 4,852,000 | 266,000 | 4,586,000 | 9,763 | 100 | % | 31.83 | ||||||||||||||||||||||||||
Virginia Little Creek (Farm Fresh) | VA | 100 | % | 1,650,000 | 8,350,000 | 10,000,000 | 698,000 | 9,302,000 | 69,620 | 100 | % | 10.52 | ||||||||||||||||||||||||||
Wal-Mart Center | CT | 100 | % | 0 | 11,848,000 | 11,848,000 | 1,210,000 | 10,638,000 | 155,739 | 98 | % | 5.93 | ||||||||||||||||||||||||||
Washington Center Shoppes | NJ | 100 | % | 2,061,000 | 10,379,000 | 12,440,000 | 1,450,000 | 10,990,000 | 157,290 | 94 | % | 8.16 | ||||||||||||||||||||||||||
West Bridgewater Plaza | MA | 100 | % | 2,841,000 | 11,364,000 | 14,205,000 | 0 | 14,205,000 | 135,449 | 80 | % | 8.55 | ||||||||||||||||||||||||||
Westlake Discount Drug Mart Plaza | OH | 100 | % | 1,004,000 | 3,905,000 | 4,909,000 | 203,000 | 4,706,000 | 55,775 | 100 | % | 7.28 | ||||||||||||||||||||||||||
Yorktowne Plaza | MD | 100 | % | 5,942,000 | 25,380,000 | 31,322,000 | 86,000 | 31,236,000 | 158,982 | 96 | % | 13.62 | ||||||||||||||||||||||||||
Total Wholly-Owned Stabilized Properties | 238,397,000 | 1,074,096,000 | 1,312,493,000 | 81,840,000 | 1,230,653,000 | 9,572,432 | 96 | % | 11.15 | |||||||||||||||||||||||||||||
22
CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2007
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2007
Gross | ||||||||||||||||||||||||||||||||||||||||
Financial statement carrying values | leasable | Average | ||||||||||||||||||||||||||||||||||||||
Percent | Buildings and | Total | Accumulated | Net book | area | Percent | base rent per | |||||||||||||||||||||||||||||||||
Property Description | State | owned | Land | improvements | cost | depreciation | value | (“GLA”) | occupied | leased sq. ft. | ||||||||||||||||||||||||||||||
Properties Owned in Joint Venture:(b) | ||||||||||||||||||||||||||||||||||||||||
Fairview Plaza | PA | 30 | % | 1,811,000 | 7,488,000 | 9,299,000 | 886,000 | 8,413,000 | 69,579 | 100 | % | 12.19 | ||||||||||||||||||||||||||||
Halifax Plaza | PA | 30 | % | 1,102,000 | 4,697,000 | 5,799,000 | 548,000 | 5,251,000 | 54,150 | 100 | % | 11.03 | ||||||||||||||||||||||||||||
Loyal Plaza | PA | 25 | % | 3,853,000 | 17,220,000 | 21,073,000 | 2,508,000 | 18,565,000 | 293,825 | 100 | % | 7.65 | ||||||||||||||||||||||||||||
Newport Plaza | PA | 30 | % | 1,316,000 | 5,555,000 | 6,871,000 | 637,000 | 6,234,000 | 66,789 | 100 | % | 10.90 | ||||||||||||||||||||||||||||
Total Consolidated Joint Ventures | 8,082,000 | 34,960,000 | 43,042,000 | 4,579,000 | 38,463,000 | 484,343 | 100 | % | 9.13 | |||||||||||||||||||||||||||||||
Total Stabilized Properties | 246,479,000 | 1,109,056,000 | 1,355,535,000 | 86,419,000 | 1,269,116,000 | 10,056,775 | 96 | % | 11.05 | |||||||||||||||||||||||||||||||
Development/Redevelopment and Other Non-Stabilized Properties:(a) | ||||||||||||||||||||||||||||||||||||||||
Centerville Discount Drug Mart Plaza | OH | 100 | % | 854,000 | 3,965,000 | 4,819,000 | 382,000 | 4,437,000 | 49,287 | 73 | % | 11.12 | ||||||||||||||||||||||||||||
Columbia Mall | PA | 100 | % | 2,855,000 | 16,566,000 | 19,421,000 | 1,191,000 | 18,230,000 | 351,356 | 69 | % | 7.18 | ||||||||||||||||||||||||||||
Dunmore Shopping Center | PA | 100 | % | 565,000 | 2,243,000 | 2,808,000 | 223,000 | 2,585,000 | 101,000 | 66 | % | 3.54 | ||||||||||||||||||||||||||||
East Chestnut | PA | 100 | % | 800,000 | 3,699,000 | 4,499,000 | 483,000 | 4,016,000 | 21,180 | 62 | % | 14.58 | ||||||||||||||||||||||||||||
Grove City Discount Drug Mart Plaza | OH | 100 | % | 874,000 | 3,393,000 | 4,267,000 | 46,000 | 4,221,000 | 40,848 | 79 | % | 12.22 | ||||||||||||||||||||||||||||
Huntingdon Plaza | PA | 100 | % | 933,000 | 4,961,000 | 5,894,000 | 474,000 | 5,420,000 | 151,697 | 45 | % | 6.60 | ||||||||||||||||||||||||||||
Lake Raystown Plaza | PA | 100 | % | 2,231,000 | 14,664,000 | 16,895,000 | 1,242,000 | 15,653,000 | 145,727 | 63 | % | 15.48 | ||||||||||||||||||||||||||||
Trexlertown Plaza | PA | 100 | % | 5,262,000 | 24,315,000 | 29,577,000 | 1,072,000 | 28,505,000 | 241,381 | 79 | % | 10.31 | ||||||||||||||||||||||||||||
Value City Shopping Center | MI | 100 | % | 396,000 | 2,152,000 | 2,548,000 | 205,000 | 2,343,000 | 117,000 | 73 | % | 1.99 | ||||||||||||||||||||||||||||
Total Non-Stabilized Properties | 14,770,000 | 75,958,000 | 90,728,000 | 5,318,000 | 85,410,000 | 1,219,476 | 68 | % | 8.44 | |||||||||||||||||||||||||||||||
Total Operating Portfolio | 261,249,000 | 1,185,014,000 | 1,446,263,000 | 91,737,000 | 1,354,526,000 | 11,276,251 | 93 | % | $ | 10.84 | ||||||||||||||||||||||||||||||
Land Held For Development: | ||||||||||||||||||||||||||||||||||||||||
Bergstrasse | PA | 100 | % | 1,640,000 | 64,000 | 1,704,000 | — | 1,704,000 | 7.70 | acres | ||||||||||||||||||||||||||||||
Blue Mountain Commons | PA | 100 | % | 13,818,000 | 1,671,000 | 15,489,000 | — | 15,489,000 | 34.00 | acres | ||||||||||||||||||||||||||||||
Columbia Mall | PA | 100 | % | 1,466,000 | 232,000 | 1,698,000 | — | 1,698,000 | 46.00 | acres | ||||||||||||||||||||||||||||||
Halifax Plaza | PA | 100 | % | 1,107,000 | 869,000 | 1,976,000 | — | 1,976,000 | 14.00 | acres | ||||||||||||||||||||||||||||||
Liberty Marketplace | PA | 100 | % | 1,555,000 | 0 | 1,555,000 | — | 1,555,000 | 15.51 | acres | ||||||||||||||||||||||||||||||
Pine Grove Plaza | NJ | 100 | % | 388,000 | 5,000.00 | 393,000 | — | 393,000 | 2.80 | acres | ||||||||||||||||||||||||||||||
Shore Mall | NJ | 100 | % | 2,018,000 | — | 2,018,000 | — | 2,018,000 | 50.00 | acres | ||||||||||||||||||||||||||||||
The Shops at Suffolk Downs | MA | 100 | % | 4,016,000 | 501,000 | 4,517,000 | — | 4,517,000 | 0.84 | acres | ||||||||||||||||||||||||||||||
Trexlertown Plaza | PA | 100 | % | 8,087,000 | 789,000 | 8,876,000 | — | 8,876,000 | 34.90 | acres | ||||||||||||||||||||||||||||||
Trindle Spring | PA | 100 | % | 1,028,000 | 115,000 | 1,143,000 | — | 1,143,000 | 2.10 | acres | ||||||||||||||||||||||||||||||
Upland Square(c) | PA | 60 | % | — | 4,571,000 | 4,571,000 | — | 4,571,000 | — | acres | ||||||||||||||||||||||||||||||
Various projects in progress | N/A | 100 | % | — | 537,000 | 537,000 | 44,000 | 493,000 | — | acres | ||||||||||||||||||||||||||||||
Total Land Held For Development | 35,123,000 | 9,354,000 | 44,477,000 | 44,000 | 44,433,000 | 207.85 | acres | |||||||||||||||||||||||||||||||||
Total Carrying Value | $ | 296,372,000 | $ | 1,194,368,000 | $ | 1,490,740,000 | $ | 91,781,000 | $ | 1,398,959,000 | ||||||||||||||||||||||||||||||
Property Held For Sale | $ | 2,443,000 | $ | 9,605,000 | $ | 12,048,000 | $ | 597,000 | $ | 11,451,000 | 77,688 | 100 | % | $ | 14.72 | |||||||||||||||||||||||||
Unconsolidated Joint Venture(d) | $ | 3,718,000 | ||||||||||||||||||||||||||||||||||||||
(a) | “Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of September 30, 2007. Centerville Discount Drug Mart Plaza, Dunmore Shopping Center, East Chestnut and Value City Shopping Center are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties. | |
(b) | The terms of the respective joint venture agreements provide, among other things, that the minority interest partners receive certain preference returns on their investments prior to any distributions to the Company. | |
(c) | The Company has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 700,000 sq. ft. shopping center in Pottsgrove, PA., and is to receive a preferred rate of return on its investment. | |
(d) | The Company has a 49% interest in an unconsolidated joint venture which owns a single-tenant office property located in Philadelphia, PA. |
23
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of September 30, 2007
(unaudited)
Debt Summary
As of September 30, 2007
(unaudited)
Financial statement carrying values | Stated contract amounts | |||||||||||||||||||||||||||||||
Percent | Maturity | Int. | Sep 30 | Dec 31 | Int. | Sep 30 | Dec 31 | |||||||||||||||||||||||||
Property | Owned | Date | rate | 2007 | 2006 | rate | 2007 | 2006 | ||||||||||||||||||||||||
Fixed-rate mortgages: | ||||||||||||||||||||||||||||||||
The Point | 100.0 | % | Sep 2012 | 7.6 | % | $ | 18,275,000 | $ | 18,566,000 | 7.6 | % | $ | 18,275,000 | $ | 18,566,000 | |||||||||||||||||
Academy Plaza | 100.0 | % | Mar 2013 | 7.3 | % | 9,817,000 | 9,952,000 | 7.3 | % | 9,817,000 | 9,952,000 | |||||||||||||||||||||
Port Richmond Village | 100.0 | % | Apr 2008 | 7.2 | % | 10,635,000 | 10,781,000 | 7.2 | % | 10,635,000 | 10,781,000 | |||||||||||||||||||||
Washington Center Shoppes | 100.0 | % | Nov 2007 | 7.5 | % | 5,497,000 | 5,571,000 | 7.5 | % | 5,497,000 | 5,571,000 | |||||||||||||||||||||
Loyal Plaza | 25.0 | % | Jun 2011 | 7.2 | % | 13,068,000 | 13,204,000 | 7.2 | % | 13,068,000 | 13,204,000 | |||||||||||||||||||||
Fairview Plaza | 30.0 | % | Feb 2013 | 5.7 | % | 5,703,000 | 5,772,000 | 5.7 | % | 5,703,000 | 5,772,000 | |||||||||||||||||||||
Halifax Plaza | 30.0 | % | Feb 2010 | 6.8 | % | 3,853,000 | 3,920,000 | 6.8 | % | 3,853,000 | 3,920,000 | |||||||||||||||||||||
Newport Plaza | 30.0 | % | Feb 2010 | 6.8 | % | 4,936,000 | 5,018,000 | 6.8 | % | 4,937,000 | 5,018,000 | |||||||||||||||||||||
Pine Grove Plaza | 100.0 | % | Sep 2015 | 5.0 | % | 6,021,000 | 6,090,000 | 5.0 | % | 6,021,000 | 6,090,000 | |||||||||||||||||||||
Golden Triangle | 100.0 | % | Apr 2008 | 6.0 | % | 8,976,000 | 9,264,000 | 7.4 | % | 8,912,000 | 9,116,000 | |||||||||||||||||||||
Townfair Center | 100.0 | % | Mar 2008 | 6.0 | % | 9,454,000 | 9,656,000 | 7.0 | % | 9,420,000 | 9,556,000 | |||||||||||||||||||||
Franklin Village Plaza | 100.0 | % | Nov 2011 | 4.8 | % | 43,500,000 | 43,500,000 | 4.8 | % | 43,500,000 | 43,500,000 | |||||||||||||||||||||
Centerville Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,902,000 | 2,935,000 | 5.2 | % | 2,902,000 | 2,935,000 | |||||||||||||||||||||
Clyde Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,012,000 | 2,035,000 | 5.2 | % | 2,012,000 | 2,035,000 | |||||||||||||||||||||
CVS at Bradford | 100.0 | % | Mar 2017 | 5.2 | % | 964,000 | 1,023,000 | 7.1 | % | 889,000 | 937,000 | |||||||||||||||||||||
CVS at Celina | 100.0 | % | Jan 2020 | 5.2 | % | 1,638,000 | 1,701,000 | 7.5 | % | 1,448,000 | 1,491,000 | |||||||||||||||||||||
CVS at Erie | 100.0 | % | Nov 2018 | 5.2 | % | 1,327,000 | 1,393,000 | 7.1 | % | 1,209,000 | 1,261,000 | |||||||||||||||||||||
CVS at Portage Trail | 100.0 | % | Aug 2017 | 5.0 | % | 1,038,000 | 1,095,000 | 7.8 | % | 923,000 | 964,000 | |||||||||||||||||||||
Dover Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,201,000 | 2,226,000 | 5.2 | % | 2,201,000 | 2,226,000 | |||||||||||||||||||||
East Chestnut | 100.0 | % | Apr 2018 | 5.2 | % | 2,210,000 | 2,280,000 | 7.4 | % | 1,925,000 | 1,969,000 | |||||||||||||||||||||
Fairfield Plaza | 100.0 | % | Jul 2015 | 5.0 | % | 5,304,000 | 5,366,000 | 5.0 | % | 5,304,000 | 5,366,000 | |||||||||||||||||||||
Lodi Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,453,000 | 2,480,000 | 5.2 | % | 2,453,000 | 2,480,000 | |||||||||||||||||||||
McCormick Place(b) | 100.0 | % | Jul 2008 | 5.2 | % | — | 2,275,000 | 7.4 | % | — | 2,207,000 | |||||||||||||||||||||
Ontario Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,264,000 | 2,290,000 | 5.2 | % | 2,264,000 | 2,290,000 | |||||||||||||||||||||
Pickerington Discount Drug Mart | 100.0 | % | Jul 2015 | 5.0 | % | 4,311,000 | 4,361,000 | 5.0 | % | 4,311,000 | 4,361,000 | |||||||||||||||||||||
Polaris Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 4,620,000 | 4,672,000 | 5.2 | % | 4,620,000 | 4,672,000 | |||||||||||||||||||||
Pondside Plaza | 100.0 | % | May 2015 | 5.6 | % | 1,198,000 | 1,210,000 | 5.6 | % | 1,198,000 | 1,210,000 | |||||||||||||||||||||
Powell Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 4,427,000 | 4,476,000 | 5.2 | % | 4,427,000 | 4,476,000 | |||||||||||||||||||||
Rite Aid at Massillon | 100.0 | % | Jan 2020 | 5.0 | % | 1,646,000 | 1,711,000 | 7.7 | % | 1,429,000 | 1,471,000 | |||||||||||||||||||||
Shelby Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,264,000 | 2,290,000 | 5.2 | % | 2,264,000 | 2,290,000 | |||||||||||||||||||||
Staples at Oswego | 100.0 | % | May 2015 | 5.3 | % | 2,329,000 | 2,354,000 | 5.3 | % | 2,329,000 | 2,354,000 | |||||||||||||||||||||
Coliseum Marketplace | 100.0 | % | Jul 2014 | 5.2 | % | 12,778,000 | 12,952,000 | 6.1 | % | 12,130,000 | 12,229,000 | |||||||||||||||||||||
General Booth Plaza | 100.0 | % | Aug 2013 | 5.2 | % | 5,694,000 | 5,784,000 | 6.1 | % | 5,440,000 | 5,496,000 | |||||||||||||||||||||
Kempsville Crossing | 100.0 | % | Aug 2013 | 5.2 | % | 6,459,000 | 6,565,000 | 6.1 | % | 6,171,000 | 6,239,000 | |||||||||||||||||||||
Liberty Marketplace | 100.0 | % | Jul 2014 | 5.2 | % | 9,925,000 | 10,099,000 | 6.1 | % | 9,431,000 | 9,546,000 | |||||||||||||||||||||
Mechanicsburg Giant | 100.0 | % | Nov 2014 | 5.2 | % | 10,269,000 | 10,456,000 | 5.5 | % | 10,066,000 | 10,229,000 | |||||||||||||||||||||
Smithfield Plaza | 100.0 | % | Aug 2013 | 5.2 | % | 3,635,000 | 3,689,000 | 6.1 | % | 3,472,000 | 3,504,000 | |||||||||||||||||||||
Suffolk Plaza | 100.0 | % | Aug 2013 | 5.2 | % | 4,892,000 | 4,978,000 | 6.1 | % | 4,675,000 | 4,732,000 | |||||||||||||||||||||
Virginia Little Creek | 100.0 | % | Aug 2013 | 5.2 | % | 5,170,000 | 5,254,000 | 6.1 | % | 4,940,000 | 4,993,000 | |||||||||||||||||||||
Virginia Little Creek | 100.0 | % | Sep 2021 | 5.2 | % | 503,000 | 522,000 | 8.0 | % | 426,000 | 438,000 | |||||||||||||||||||||
Wal-Mart Center | 100.0 | % | Nov 2015 | 5.1 | % | 6,014,000 | 6,081,000 | 5.1 | % | 6,014,000 | 6,081,000 | |||||||||||||||||||||
Jordan Lane | 100.0 | % | Dec 2015 | 5.5 | % | 13,531,000 | 13,669,000 | 5.5 | % | 13,531,000 | 13,669,000 | |||||||||||||||||||||
Oakland Mills | 100.0 | % | Jan 2016 | 5.5 | % | 5,087,000 | 5,139,000 | 5.5 | % | 5,087,000 | 5,139,000 | |||||||||||||||||||||
Trexler Mall | 100.0 | % | May 2014 | 5.4 | % | 22,424,000 | 22,701,000 | 5.5 | % | 22,219,000 | 22,472,000 | |||||||||||||||||||||
Fieldstone Marketplace | 100.0 | % | Jul 2014 | 5.4 | % | 19,416,000 | 19,658,000 | 6.0 | % | 18,750,000 | 18,914,000 | |||||||||||||||||||||
Pennsboro Commons | 100.0 | % | Mar 2016 | 5.5 | % | 11,319,000 | 11,433,000 | 5.5 | % | 11,319,000 | 11,433,000 | |||||||||||||||||||||
Shore Mall | 100.0 | % | Aug 2008 | 5.8 | % | 30,320,000 | 31,015,000 | 7.0 | % | 29,979,000 | 30,390,000 | |||||||||||||||||||||
Shore Mall | 100.0 | % | Jan 2009 | 5.7 | % | 2,059,000 | 2,408,000 | 0.0 | % | 2,195,000 | 2,643,000 | |||||||||||||||||||||
Gold Star Plaza | 100.0 | % | May 2019 | 6.0 | % | 2,826,000 | 2,952,000 | 7.3 | % | 2,654,000 | 2,760,000 | |||||||||||||||||||||
Shaw’s Plaza | 100.0 | % | Mar 2014 | 6.0 | % | 13,927,000 | 13,895,000 | 5.6 | % | 14,200,000 | 14,200,000 | |||||||||||||||||||||
Hamburg Commons | 100.0 | % | Oct 2016 | 6.1 | % | 5,340,000 | 5,389,000 | 6.1 | % | 5,340,000 | 5,389,000 | |||||||||||||||||||||
Carbondale Plaza | 100.0 | % | Oct 2016 | 6.1 | % | 5,345,000 | 5,394,000 | 6.1 | % | 5,345,000 | 5,394,000 | |||||||||||||||||||||
Long Reach Village | 100.0 | % | Mar 2014 | 5.7 | % | 4,867,000 | 4,921,000 | 5.7 | % | 4,867,000 | 4,921,000 |
24
CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of September 30, 2007
(unaudited)
Debt Summary (Continued)
As of September 30, 2007
(unaudited)
Financial statement carrying values | Stated contract amounts | |||||||||||||||||||||||||||||||
Percent | Maturity | Int. | Sep 30 | Dec 31 | Int. | Sep 30 | Dec 31 | |||||||||||||||||||||||||
Property | Owned | Date | rate | 2007 | 2006 | rate | 2007 | 2006 | ||||||||||||||||||||||||
Meadows Marketplace | 100.0 | % | Nov 2016 | 5.6 | % | 10,662,000 | 10,763,000 | 5.6 | % | 10,662,000 | 10,763,000 | |||||||||||||||||||||
Gahanna Discount Drug Mart | 100.0 | % | Nov 2016 | 5.8 | % | 5,149,000 | 5,195,000 | 5.8 | % | 5,149,000 | 5,195,000 | |||||||||||||||||||||
Carrollton Discount Drug Mart Plaza | 100.0 | % | Dec 2016 | 5.6 | % | 2,418,000 | 2,440,000 | 5.6 | % | 2,418,000 | 2,440,000 | |||||||||||||||||||||
Gabriel Brothers Plaza | 100.0 | % | Dec 2016 | 5.6 | % | 3,171,000 | 3,200,000 | 5.6 | % | 3,171,000 | 3,200,000 | |||||||||||||||||||||
Hudson Discount Drug Mart Plaza | 100.0 | % | Dec 2016 | 5.7 | % | 2,552,000 | 2,575,000 | 5.7 | % | 2,552,000 | 2,575,000 | |||||||||||||||||||||
Westlake Discount Drug Mart Plaza | 100.0 | % | Dec 2016 | 5.6 | % | 3,315,000 | 3,346,000 | 5.6 | % | 3,315,000 | 3,346,000 | |||||||||||||||||||||
Oak Ridge Shopping Center | 100.0 | % | May 2015 | 5.5 | % | 3,566,000 | 3,580,000 | 5.5 | % | 3,566,000 | 3,580,000 | |||||||||||||||||||||
Elmhurst Square Shopping Center | 100.0 | % | Dec 2014 | 5.4 | % | 4,197,000 | 4,244,000 | 5.4 | % | 4,197,000 | 4,244,000 | |||||||||||||||||||||
Camp Hill Shopping Center | 100.0 | % | Jan 2017 | 5.5 | % | 65,000,000 | 65,000,000 | 5.5 | % | 65,000,000 | 65,000,000 | |||||||||||||||||||||
Aston Center | 100.0 | % | Nov 2015 | 5.5 | % | 13,306,000 | — | 5.9 | % | 12,958,000 | — | |||||||||||||||||||||
Ayr Town Center | 100.0 | % | Jun 2015 | 5.5 | % | 7,496,000 | — | 5.6 | % | 7,429,000 | — | |||||||||||||||||||||
Parkway Plaza | 100.0 | % | May 2017 | 5.5 | % | 14,300,000 | — | 5.5 | % | 14,300,000 | — | |||||||||||||||||||||
Scott Town Center | 100.0 | % | Aug 2015 | 5.5 | % | 8,931,000 | — | 4.9 | % | 9,212,000 | — | |||||||||||||||||||||
Spring Meadow Shoppping Center | 100.0 | % | Nov 2014 | 5.5 | % | 13,234,000 | — | 5.9 | % | 12,927,000 | — | |||||||||||||||||||||
Stonehedge Square | 100.0 | % | Jul 2017 | 6.2 | % | 8,700,000 | — | 6.2 | % | 8,700,000 | — | |||||||||||||||||||||
McCormick Place(b) | 100.0 | % | Aug 2017 | 6.1 | % | 2,691,000 | — | 6.1 | % | 2,691,000 | — | |||||||||||||||||||||
Yorktowne Plaza | 100.0 | % | Jul 2014 | 6.1 | % | 21,114,000 | — | 6.0 | % | 21,152,000 | — | |||||||||||||||||||||
Groton Shopping Center | 100.0 | % | Oct 2015 | 6.2 | % | 11,646,000 | — | 5.3 | % | 12,200,000 | — | |||||||||||||||||||||
West Bridgewater | 100.0 | % | Sep 2016 | 6.5 | % | 10,884,000 | — | 6.2 | % | 11,000,000 | — | |||||||||||||||||||||
Carman’s Plaza | 100.0 | % | Oct 2016 | 6.3 | % | 33,293,000 | — | 6.2 | % | 33,500,000 | — | |||||||||||||||||||||
Total fixed-rate mortgages | 6.7 years | 5.7 | % | 632,268,000 | 494,764,000 | 5.9 | % | 628,096,000 | 489,195,000 | |||||||||||||||||||||||
[weighted averages] | [weighted average] | |||||||||||||||||||||||||||||||
Variable-rate mortgages: | ||||||||||||||||||||||||||||||||
LA Fitness Facility | 100.0 | % | Dec 2007 | 7.9 | % | 4,777,000 | 4,839,000 | |||||||||||||||||||||||||
Total variable-rate mortgages | 0.2 | 7.9 | % | 4,777,000 | 4,839,000 | |||||||||||||||||||||||||||
[weighted averages] | ||||||||||||||||||||||||||||||||
Total mortgages | 6.6 years | 5.8 | % | 637,045,000 | 499,603,000 | |||||||||||||||||||||||||||
[weighted averages] | ||||||||||||||||||||||||||||||||
Secured revolving credit | Jan 2009 | |||||||||||||||||||||||||||||||
facility(a) | 100.0 | % | 1.3 | 6.7 | % | 186,890,000 | 68,470,000 | |||||||||||||||||||||||||
[weighted averages] | ||||||||||||||||||||||||||||||||
Total debt | 5.4 | 6.0 | % | $ | 823,935,000 | $ | 568,073,000 | |||||||||||||||||||||||||
[weighted averages] | ||||||||||||||||||||||||||||||||
Pro rata share of total debt | $ | 803,990,000 | $ | 547,873,000 | ||||||||||||||||||||||||||||
25
CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of September 30, 2007
(unaudited)
Debt Summary (Continued)
As of September 30, 2007
(unaudited)
Maturity | Secured | |||||||||||||||
schedule | Scheduled | Balloon | revolving | |||||||||||||
by year | amortization | payments | credit facility(a) | Total | ||||||||||||
2007 | $ | 2,181,000 | $ | 10,265,000 | $ | 12,446,000 | ||||||||||
2008 | 7,878,000 | 58,138,000 | 66,016,000 | |||||||||||||
2009 | 7,079,000 | 1,542,000 | $ | 186,890,000 | 195,511,000 | |||||||||||
2010 | 7,376,000 | 8,324,000 | 15,700,000 | |||||||||||||
2011 | 7,625,000 | 55,786,000 | 63,411,000 | |||||||||||||
2012 | 8,585,000 | 15,901,000 | 24,486,000 | |||||||||||||
2013 | 8,262,000 | 35,871,000 | 44,133,000 | |||||||||||||
2014 | 6,964,000 | 115,760,000 | 122,724,000 | |||||||||||||
2015 | 6,163,000 | 92,331,000 | 98,494,000 | |||||||||||||
2016 | 3,345,000 | 89,652,000 | 92,997,000 | |||||||||||||
2017 | 1,245,000 | 84,256,000 | 85,501,000 | |||||||||||||
2018 | 888,000 | 965,000 | 1,853,000 | |||||||||||||
2019 | 542,000 | — | 542,000 | |||||||||||||
2020 | 73,000 | — | 73,000 | |||||||||||||
2021 | 33,000 | 15,000 | 48,000 | |||||||||||||
$ | 68,239,000 | $ | 568,806,000 | $ | 186,890,000 | $ | 823,935,000 | |||||||||
(a) | The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2009. | |
(b) | Refinanced in July 2007. |
26
CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties
(unaudited)
Consolidated Joint Venture Properties
(unaudited)
Balance Sheet Information
As of September 30, 2007 | ||||||||||||||||||||||||||
Mortgage | Other assets/ | |||||||||||||||||||||||||
Partners' | Real estate, | loans | liabilities, | Equity (a) | ||||||||||||||||||||||
Joint venture | percent | net | payable | net | Partners | Cedar (b)(c) | Total | |||||||||||||||||||
Kimco | 70% - 75% | $ | 38,463,174 | $ | (27,560,316 | ) | $ | 1,737,453 | $ | 9,273,154 | $ | 3,367,157 | $ | 12,640,311 | ||||||||||||
Fameco (d) | 40% | 4,570,949 | — | (241,054 | ) | 1,048,000 | 3,281,895 | 4,329,895 | ||||||||||||||||||
$ | 43,034,123 | $ | (27,560,316 | ) | $ | 1,496,399 | $ | 10,321,154 | $ | 6,649,052 | $ | 16,970,206 | ||||||||||||||
As of June 30, 2007 | ||||||||||||||||||||||||||
Mortgage | Other assets/ | |||||||||||||||||||||||||
Partners' | Real estate, | loans | liabilities, | Equity (a) | ||||||||||||||||||||||
Joint venture | percent | net | payable | net | Partners | Cedar (b)(c) | Total | |||||||||||||||||||
Kimco | 70% - 75% | $ | 38,596,779 | $ | (27,676,871 | ) | $ | 1,678,478 | $ | 9,314,973 | $ | 3,283,413 | $ | 12,598,386 | ||||||||||||
Fameco (d) | 40% | 3,435,131 | — | — | 1,048,000 | 2,387,131 | 3,435,131 | |||||||||||||||||||
$ | 42,031,910 | $ | (27,676,871 | ) | $ | 1,678,478 | $ | 10,362,973 | $ | 5,670,544 | $ | 16,033,517 | ||||||||||||||
As of March 31, 2007 | ||||||||||||||||||||||||||
Mortgage | Other assets/ | |||||||||||||||||||||||||
Partners' | Real estate, | loans | liabilities, | Equity (a) | ||||||||||||||||||||||
Joint venture | percent | net | payable | net | Partners | Cedar (b)(c) | Total | |||||||||||||||||||
Kimco | 70% - 75% | $ | 38,734,750 | $ | (27,792,275 | ) | $ | 1,596,563 | $ | 9,227,348 | $ | 3,311,690 | $ | 12,539,038 | ||||||||||||
$ | 38,734,750 | $ | (27,792,275 | ) | $ | 1,596,563 | $ | 9,227,348 | $ | 3,311,690 | $ | 12,539,038 | ||||||||||||||
As of December 31, 2006 | ||||||||||||||||||||||||||
Mortgage | Other assets/ | |||||||||||||||||||||||||
Partners' | Real estate, | loans | liabilities, | Equity (a) | ||||||||||||||||||||||
Joint venture | percent | net | payable | net | Partners | Cedar (b)(c) | Total | |||||||||||||||||||
Kimco | 70% - 75% | $ | 38,900,127 | $ | (27,913,508 | ) | $ | 1,428,219 | $ | 9,132,102 | $ | 3,282,736 | $ | 12,414,838 | ||||||||||||
$ | 38,900,127 | $ | (27,913,508 | ) | $ | 1,428,219 | $ | 9,132,102 | $ | 3,282,736 | $ | 12,414,838 | ||||||||||||||
As of September 30, 2006 | ||||||||||||||||||||||||||
Mortgage | Other assets/ | |||||||||||||||||||||||||
Partners' | Real estate, | loans | liabilities, | Equity (a) | ||||||||||||||||||||||
Joint venture | percent | net | payable | net | Partners | Cedar (b)(c) | Total | |||||||||||||||||||
Kimco | 70% - 75% | $ | 39,063,272 | $ | (28,030,112 | ) | $ | 1,532,116 | $ | 9,142,392 | $ | 3,422,884 | $ | 12,565,276 | ||||||||||||
$ | 39,063,272 | $ | (28,030,112 | ) | $ | 1,532,116 | $ | 9,142,392 | $ | 3,422,884 | $ | 12,565,276 | ||||||||||||||
27
CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties
(unaudited)
Consolidated Joint Venture Properties
(unaudited)
Income Statement Information
Three months ended September 30, 2007 | ||||||||||||||||||||||||||||||||||||||||||
Property-level operations | Share of property net income | |||||||||||||||||||||||||||||||||||||||||
Partners’ | Operating | Cedar | Depreciation/ | Operating | Non-op | <<< Partners >>> | ||||||||||||||||||||||||||||||||||||
Joint venture | percent | Revenues | expenses | mgt. Fees | amortization | income | inc/exp (e) | Net income | Regular | Preference | Cedar (b) | |||||||||||||||||||||||||||||||
Kimco | 70% - 75% | $ | 1,419,661 | $ | 255,960 | $ | 38,620 | $ | 256,827 | $ | 868,254 | $ | 484,819 | $ | 383,435 | $ | 277,111 | $ | 56,089 | $ | 50,235 | |||||||||||||||||||||
Fameco (d) | 40% | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
$ | 1,419,661 | $ | 255,960 | $ | 38,620 | $ | 256,827 | $ | 868,254 | $ | 484,819 | $ | 383,435 | $ | 277,111 | $ | 56,089 | $ | 50,235 | |||||||||||||||||||||||
Three months ended June 30, 2007 | ||||||||||||||||||||||||||||||||||||||||||
Property-level operations | Share of property net income | |||||||||||||||||||||||||||||||||||||||||
Partners’ | Operating | Cedar | Depreciation/ | Operating | Non-op | <<< Partners >>> | ||||||||||||||||||||||||||||||||||||
Joint venture | percent | Revenues | expenses | mgt. Fees | amortization | income | inc/exp (e) | Net income | Regular | Preference | Cedar (b) | |||||||||||||||||||||||||||||||
Kimco | 70% - 75% | $ | 1,426,169 | $ | 307,879 | $ | 34,404 | $ | 255,667 | $ | 828,219 | $ | 482,069 | $ | 346,150 | $ | 250,100 | $ | 50,388 | $ | 45,662 | |||||||||||||||||||||
Fameco (d) | 40% | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
$ | 1,426,169 | $ | 307,879 | $ | 34,404 | $ | 255,667 | $ | 828,219 | $ | 482,069 | $ | 346,150 | $ | 250,100 | $ | 50,388 | $ | 45,662 | |||||||||||||||||||||||
Three months ended March 31, 2007 | ||||||||||||||||||||||||||||||||||||||||||
Property-level operations | Share of property net income | |||||||||||||||||||||||||||||||||||||||||
Partners’ | Operating | Cedar | Depreciation/ | Operating | Non-op | <<< Partners >>> | ||||||||||||||||||||||||||||||||||||
Joint venture | percent | Revenues | expenses | mgt. Fees | amortization | income | inc/exp (e) | Net income | Regular | Preference | Cedar (b) | |||||||||||||||||||||||||||||||
Kimco | 70% - 75% | $ | 1,504,494 | $ | 301,486 | $ | 34,404 | $ | 255,430 | $ | 913,174 | $ | 467,255 | $ | 445,919 | $ | 323,731 | $ | 70,791 | $ | 51,397 | |||||||||||||||||||||
$ | 1,504,494 | $ | 301,486 | $ | 34,404 | $ | 255,430 | $ | 913,174 | $ | 467,255 | $ | 445,919 | $ | 323,731 | $ | 70,791 | $ | 51,397 | |||||||||||||||||||||||
Three months ended December 31, 2006 | ||||||||||||||||||||||||||||||||||||||||||
Property-level operations | Share of property net income | |||||||||||||||||||||||||||||||||||||||||
Partners’ | Operating | Cedar | Depreciation/ | Operating | Non-op | <<< Partners >>> | ||||||||||||||||||||||||||||||||||||
Joint venture | percent | Revenues | expenses | mgt. Fees | amortization | income | inc/exp (e) | Net income | Regular | Preference | Cedar (b) | |||||||||||||||||||||||||||||||
Kimco | 70% - 75% | $ | 1,407,606 | $ | 303,967 | $ | 46,837 | $ | 254,654 | $ | 802,148 | $ | 499,267 | $ | 302,881 | $ | 217,831 | $ | 40,267 | $ | 44,783 | |||||||||||||||||||||
$ | 1,407,606 | $ | 303,967 | $ | 46,837 | $ | 254,654 | $ | 802,148 | $ | 499,267 | $ | 302,881 | $ | 217,831 | $ | 40,267 | $ | 44,783 | |||||||||||||||||||||||
Three months ended September 30, 2006 | ||||||||||||||||||||||||||||||||||||||||||
Property-level operations | Share of property net income | |||||||||||||||||||||||||||||||||||||||||
Partners’ | Operating | Cedar | Depreciation/ | Operating | Non-op | <<< Partners >>> | ||||||||||||||||||||||||||||||||||||
Joint venture | percent | Revenues | expenses | mgt. Fees | amortization | income | inc/exp (e) | Net income | Regular | Preference | Cedar (b) | |||||||||||||||||||||||||||||||
Kimco | 70% - 75% | $ | 1,385,441 | $ | 232,990 | $ | 41,753 | $ | 250,183 | $ | 860,515 | $ | 491,267 | $ | 369,248 | $ | 267,579 | $ | 56,755 | $ | 44,914 | |||||||||||||||||||||
$ | 1,385,441 | $ | 232,990 | $ | 41,753 | $ | 250,183 | $ | 860,515 | $ | 491,267 | $ | 369,248 | $ | 267,579 | $ | 56,755 | $ | 44,914 | |||||||||||||||||||||||
28
CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties
(unaudited)
Consolidated Joint Venture Properties
(unaudited)
FFO Allocation
Three months ended September 30, 2007 | ||||||||||||||||
Partners’ | Cedar’s | Share of FFO (a) | ||||||||||||||
Joint venture | percent | percent | Partners | Cedar (b) | Total | |||||||||||
Kimco | 70% - 75% | 25% - 30% | $ | 448,782 | $ | 191,480 | $ | 640,262 | ||||||||
Fameco (d) | 40% | 60% | — | — | — | |||||||||||
$ | 448,782 | $ | 191,480 | $ | 640,262 | |||||||||||
Three months ended June 30, 2007 | ||||||||||||||||
Partners’ | Cedar’s | Share of FFO (a) | ||||||||||||||
Joint venture | percent | percent | Partners | Cedar (b) | Total | |||||||||||
Kimco | 70% - 75% | 25% - 30% | $ | 425,821 | $ | 175,997 | $ | 601,818 | ||||||||
Fameco (d) | 40% | 60% | — | — | — | |||||||||||
$ | 425,821 | $ | 175,997 | $ | 601,818 | |||||||||||
Three months ended March 31, 2007 | ||||||||||||||||
Partners’ | Cedar’s | Share of FFO (a) | ||||||||||||||
Joint venture | percent | percent | Partners | Cedar (b) | Total | |||||||||||
Kimco | 70% - 75% | 25% - 30% | $ | 490,806 | $ | 210,544 | $ | 701,350 | ||||||||
$ | 490,806 | $ | 210,544 | $ | 701,350 | |||||||||||
Three months ended December 31, 2006 | ||||||||||||||||
Partners’ | Cedar’s | Share of FFO (a) | ||||||||||||||
Joint venture | percent | percent | Partners | Cedar (b) | Total | |||||||||||
Kimco | 70% - 75% | 25% - 30% | $ | 395,520 | $ | 162,014 | $ | 557,534 | ||||||||
$ | 395,520 | $ | 162,014 | $ | 557,534 | |||||||||||
Three months ended September 30, 2006 | ||||||||||||||||
Partners’ | Cedar’s | Share of FFO (a) | ||||||||||||||
Joint venture | percent | percent | Partners | Cedar (b) | Total | |||||||||||
Kimco | 70% - 75% | 25% - 30% | $ | 438,775 | $ | 180,653 | $ | 619,428 | ||||||||
$ | 438,775 | $ | 180,653 | $ | 619,428 | |||||||||||
(a) | The Partners’ and Cedar’s respective shares of equity and FFO, as presented, differ from amounts calculated using the stated ownership percentages because of (1) non-proportionate initial investments (per the respective joint venture agreements), and (2) the effect of preference returns to joint venture partners. | |
(b) | Includes limited partners’ share. | |
(c) | Equity includes net receivable/payable balances on open account between joint venture and wholly-owned entities. | |
(d) | The Company has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 700,000 sq. ft. shopping center in Pottsgrove, PA., and is to receive a preferred rate of return on its investment. | |
(e) | Non-operating income and expense consists principally of interest expense and amortization of deferred financing costs. |
29