Exhibit 99.2
![]() | CEDAR SHOPPING CENTERS, INC. Development Pipeline Status August 2008 |
Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||
Total | Cash | NOI at | ||||||||||||||||||||||||||||||||||||||
Owner | Project | Investment | Balance to | Estimated Delivery | Land | 100% | ||||||||||||||||||||||||||||||||||
ship | Cost | To-Date | Completion | Dates | Area | GLA | Leasing Status | Principal Tenants | Occupancy | |||||||||||||||||||||||||||||||
Property | % | (in Millions) | Anchor(s) | Balance | Acres | Sq. Ft. | % Signed | % LOI | Tenant | Sq. Ft. | (in Millions) | Est. Yield (1) | Discussion | |||||||||||||||||||||||||||
Operating Properties Under Redevelopment: | ||||||||||||||||||||||||||||||||||||||||
Carbondale Plaza | Carbondale, PA | 100% | $10.1 | $7.7 | $2.4 | 1st half ’09 | 1st half ’09 | 14.8 | 131,000 | 88% | 12% | Weis Markets | 53,000 | $1.4 | 13.6% - 14.1% | Construction of new CVS store (formerly in-line); development of outparcel | ||||||||||||||||||||||||
CVS | 13,200 | |||||||||||||||||||||||||||||||||||||||
Halifax Plaza (Expansion) | Halifax, PA | 100% | $11.9 | $2.6 | $9.3 | 2nd half ’09 | 1st half ’10 | 13.5 | 147,000 | 10% | 37% | Supermarket | 55,000 | $1.1 | 8.6% - 9.1% | This represents only costs of land purchase for ground-up development of new supermarket, ancillary in-line retail and outparcels adjacent to existing center and moving drug store to new off-premises site. It does not include cost of back-filling the original supermarket. | ||||||||||||||||||||||||
Huntingdon Plaza | Huntingdon, PA | 100% | $8.1 | $6.2 | $1.9 | 2nd half ’09 | 1st half ’10 | 16.7 | 147,000 | 47% | 0% | Peebles | 22,000 | $0.7 | 8.8% - 9.3% | Backfilling former Ames and Bi-Lo stores; new outparcel | ||||||||||||||||||||||||
VixMax Holdings | 8,000 | |||||||||||||||||||||||||||||||||||||||
dba Sears Dealer | ||||||||||||||||||||||||||||||||||||||||
Lake Raystown Plaza | Huntingdon, PA | 100% | $20.9 | $16.1 | $4.8 | 2nd half ’09 | 1st half ’10 | 15.5 | 146,000 | 63% | 0% | Giant Food Stores | 62,000 | $1.8 | 8.4% - 8.9% | This represents total of land acquisition for ground-up development of new supermarket (completed in 2nd half ’06); purchase cost of original center; backfilling former store and construction of additional retail; and potential lodging development/sale and outparcels. | ||||||||||||||||||||||||
Newport Plaza | Newport, PA | 100% | $8.4 | $6.7 | $1.6 | 1st half ’09 | 2nd half ’09 | 16.4 | 92,000 | 15% | 85% | Giant Food Stores | 64,000 | $0.9 | 10.5% - 11.0% | Ground-up expansion of existing supermarket by 25,000 sq. ft. ancillary in-line retail and outparcel. This includes purchase price of the original center. | ||||||||||||||||||||||||
The Shops at Suffolk Downs | Revere, MA | 100% | $9.0 | $4.8 | $4.2 | 1st half ’09 | 2nd half ’09 | 6.5 | 114,000 | 40% | 6% | Stop & Shop | 70,000 | $0.5 | 5.0% - 5.5% | This represents costs only for completing construction of in-line store next to new Stop & Shop (owned) and Target (non-owned) and ground-up development of new separate multi-tenant 36,000 sq.ft. retail building. It does not include purchase price for the Stop & Shop premises. | ||||||||||||||||||||||||
Sleepy’s | 7,800 | |||||||||||||||||||||||||||||||||||||||
Famous Footwear | 6,500 | |||||||||||||||||||||||||||||||||||||||
Total Operating Properties — Redevelopment | $68.3 | $44.1 | $24.2 | 83.3 | 777,000 | 45%(2) | 20%(2) | 361,500 | $6.4 | 9.7%-10.2%(2) | ||||||||||||||||||||||||||||||
Ground-Up Development Properties: | ||||||||||||||||||||||||||||||||||||||||
Blue Mountain Commons | Harrisburg, PA | 100% | $34.9 | $22.5 | $12.3 | 1st half ’09 | 1st half ’10 | 34.0 | 130,000 | 77% | 15% | Giant Food Stores | 97,700 | $3.1 | 8.5% - 9.0% | Ground-up development of new large prototype supermarket, bank and food service outparcels and fuel service facility; development/sale/ground lease of back 12 acres | ||||||||||||||||||||||||
Northside Commons | Cambelltown, PA | 100% | $12.9 | $3.9 | $9.0 | 2nd half ’09 | 1st half ’10 | 15.9 | 82,000 | 59% | 17% | Redner’s | 48,000 | $0.8 | 5.9% - 6.4% | Ground-up development of new supermarket ancillary in-line retail and outparcel(s) | ||||||||||||||||||||||||
Halifax Commons | Halifax, PA | 100% | $4.6 | $0.9 | $3.7 | 1st half ’09 | 2nd half ’09 | 4.4 | 23,000 | 63% | 9% | Rite-Aid | 15,000 | $0.4 | 9.0% - 9.5% | Development of new small multi-tenant property anchored by drug store moved from Halifax Plaza | ||||||||||||||||||||||||
CVS at Naugatuck | Naugatuck, CT | 100% | $2.0 | $1.1 | $1.0 | 2nd half ’08 | 1st half ’09 | 1.4 | 13,000 | 100% | NA | CVS | 13,224 | $0.3 | 12.5% - 13.0% | Ground-up development of new CVS free-standing store | ||||||||||||||||||||||||
Old Orchard Market | Roanoke, VA | 80% | $9.0 | $0.1 | $8.9 | 2nd half ’09 | 1st half ’10 | 16.0 | 60,000 | 58% | 15% | Food Lion | 35,000 | $0.8 | 8.7% - 9.2% | Ground-up development of supermarket ancillary in-line retail and outparcels | ||||||||||||||||||||||||
Crossroads II | Stroudsburg, PA | 60% | $36.9 | $20.6 | $16.3 | 1st half '10 | 2nd half '10 | 18.2 | 133,000 | 62% | 12% | Giant Food Stores | 76,000 | $2.9 | 7.6% - 8.1% | Ground-up joint venture development of new supermarket, in-line retail and outparcel(s) | ||||||||||||||||||||||||
Upland Square | Pottstown, PA | 60% | $96.7 | $41.4 | $55.3 | 2nd half ’09 | 1st half ’10 | 112.9 | 551,000 | 44% | 22% | Target | 135,000 | $8.1 | 8.1% - 8.6% | Ground-up joint venture development of "big box" center | ||||||||||||||||||||||||
Giant Food Stores | 76,000 | |||||||||||||||||||||||||||||||||||||||
Best Buy | 30,000 | |||||||||||||||||||||||||||||||||||||||
Staples | 18,000 | |||||||||||||||||||||||||||||||||||||||
PetCo | 14,000 | |||||||||||||||||||||||||||||||||||||||
Total Ground-Up Development Properties | $197.0 | $90.6 | $106.4 | 202.8 | 992,000 | 54%(2) | 18%(2) | 525,924 | $16.4 | 8.1%-8.6%(2) | ||||||||||||||||||||||||||||||
Total Redevelopment & Ground-Up | $265.3 | $134.7 | $130.6 | 286.1 | 1,769,000 | 50%(2) | 19%(2) | 887,424 | $22.8 | |||||||||||||||||||||||||||||||
The above chart does not include certain development properties previously listed on the Company’s website/PowerPoint, including, without limitation the Shore Mall property (Egg Harbor Township, NJ), Trexlertown Plaza (Magungie Townships, PA), Faxon Lumber Site (Williamsport, PA), Trindle Plaza (Carlisle, PA). While development of these properties is being actively pursued, the plans for these properties are not yet sufficiently determined for status reporting purposes.
(1) | Estimated Yield is the estimated initial NOI on a cash basis at full occupancy divided by the estimated total project cost. Estimated cash NOI, constituting a forward-looking measure, does not include certain GAAP (non-cash) revenue measures, such as straight-line rents and amortization of intangible lease liabilities, the amounts of which are not determinable in the absence of executed leases with tenants in-place and paying rent. Management believes such measures would be generally immaterial. | |
(2) | Weighted average. |