Cedar Shopping Centers, Inc.
Supplemental Financial Information
March 31, 2005
(unaudited)
Disclosures
Forward Looking Statements
Statements made or incorporated by reference in the 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 belief, expectations, or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, 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 a difference 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 Companies’ market areas in particular; the financial viability of tenants; the continuing availability of shopping center acquisitions, and development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital in the public and private markets; changes in interest rates; the fact that returns from development, redevelopment and acquisition activities may not be at expected levels; the Company’s potential inability to realize the level of proceeds from property sales as initially expected; inherent risks 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, 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 refinance debt obligations when due.
Basis of Presentation
The information contained in the Supplemental Financial Information is unaudited and does not purport to disclose all items required by GAAP. The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2004 and Form 10-Q for the quarter ended March 31, 2005.
Cedar Shopping Centers Partnership, L.P. (the “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. As of March 31, 2005, the Company owned a 97.7% economic interest in, and is the sole general partner of, the OP. The limited partners’ interest in the OP 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 joint ventures, the Company has general partnership interests ranging from 20% to 50% and, since the Company is the sole general partner and exercises substantial operating control over these entities, such partnerships are included in the consolidated financial statements.
3
Use of Funds From Operations (“FFO”) as a Non-GAAP Financial Measure
The Company considers Funds From Operations (“FFO”) to be a relevant and meaningful supplemental measure of the Company’s performance because it is predicated on a cash flow analysis, contrasted with net income, a measure predicated on GAAP, which gives effect to non-cash items such as depreciation and amortization. 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 income before allocation to minority interests (computed in accordance with GAAP), excluding gains or losses from debt restructurings and sales of properties, plus depreciation and amortization, and after preferred distribution requirements and adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are computed to reflect FFO on the same basis. In computing FFO, the Company does not add back to net income the amortization of costs incurred in connection with its financing or hedging activities, or depreciation of non-real estate assets, but does add back to net income those items that are defined as “extraordinary” under GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to cash flow as a measure of liquidity. Since the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another. FFO is not necessarily indicative of cash available to fund ongoing cash needs.
4
Cedar Shopping Centers, Inc.
Summary Financial Data
(unaudited)
| | | March 31,
2005 | | December 31,
2004 | |
| | |
| |
| |
| Equity market capitalization (end of period): | | | | | | | |
| 8-7/8% Series A Cumulative Redeemable Preferred Stock shares outstanding | | | 2,350,000 | | | 2,350,000 | |
| Closing market price | | $ | 26.25 | | $ | 26.39 | |
| Common shares outstanding | | | 19,350,981 | | | 19,350,981 | |
| OP Units outstanding | | | 454,469 | | | 454,469 | |
| Closing market price | | $ | 14.24 | | $ | 14.30 | |
| Equity market capitalization | | $ | 343,717,000 | | $ | 345,234,000 | |
| Pro rata share of outstanding debt | | | 231,012,000 | | | 212,142,000 | |
| | |
|
| |
|
| |
| Total capitalization | | $ | 574,729,000 | | $ | 557,376,000 | |
| | |
|
| |
|
| |
| Ratio of pro rata share of outstanding debt to total capitalization (a) | | | 40.2 | % | | 38.1 | % |
| | |
|
| |
|
| |
| Ratio of pro rata share of outstanding debt to capitalization without Preferred Stock (a) | | | 45.0 | % | | 42.8 | % |
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|
| |
|
| |
|
| (a) The Company concluded the sales of 1,200,000 shares of its 8-7/8% Series A Cumulative Redeemable Preferred Stock and 2,990,000 shares of its common stock on April 4, 2005 and April 6, 2005, respectively. The aggregate net proceeds of approximately $70 million were used to repay amounts outstanding under the Company’s secured revolving credit facility. Based on the closing prices on April 6, 2005 of $26.30 and $13.94, respectively, these ratios would be 28.1% and 33.6%, respectively. |
| | | Three months ended March 31, | |
| | |
| |
| | | 2005 | | 2004 | |
| | |
| |
| |
| Total revenues | | $ | 16,527,000 | | $ | 11,275,000 | |
| Net income applicable to common shareholders | | $ | 1,354,000 | | $ | 1,343,000 | |
| Per common share | | $ | 0.07 | | $ | 0.08 | |
| Dividends to common shareholders | | $ | 4,354,000 | | $ | 2,633,000 | |
| Per common share | | $ | 0.225 | | $ | 0.160 | |
| Average number of common shares outstanding | | | 19,351,000 | | | 16,456,000 | |
| FFO | | $ | 4,870,000 | | $ | 3,369,000 | |
| Per common share/OP unit | | $ | 0.25 | | $ | 0.20 | |
| AFFO | | $ | 4,268,000 | | $ | 2,867,000 | |
| Per common share/OP unit | | $ | 0.22 | | $ | 0.17 | |
| Avg. no. of common shares/OP units outstanding | | | 19,805,000 | | | 16,895,000 | |
5
Cedar Shopping Centers, Inc.
Summary Financial Data
(unaudited)
(continued)
| | | March 31,
2005 | | December 31,
2004 | |
| | |
| |
| |
| Real estate, net | | | 518,656,000 | | | 505,325,000 | |
| Other assets | | | 32,512,000 | | | 31,835,000 | |
| | |
|
| |
|
| |
| Total assets | | $ | 551,168,000 | | $ | 537,160,000 | |
| | |
|
| |
|
| |
| Total debt | | $ | 267,373,000 | | $ | 248,630,000 | |
| Other liabilities | | | 32,197,000 | | | 34,239,000 | |
| Minority interests | | | 11,979,000 | | | 11,995,000 | |
| Limited partners’ interest in OP | | | 5,511,000 | | | 6,542,000 | |
| Shareholders’ equity | | | 234,108,000 | | | 235,754,000 | |
| | |
|
| |
|
| |
| Total liabilities and equity | | $ | 551,168,000 | | $ | 537,160,000 | |
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|
| |
|
| |
| Fixed-rate mortgages | | $ | 160,942,000 | | $ | 161,475,000 | |
| Variable-rate mortgages | | | 18,931,000 | | | 18,955,000 | |
| | |
|
| |
|
| |
| Total mortgages | | | 179,873,000 | | | 180,430,000 | |
| Secured revolving credit facility | | | 87,500,000 | | | 68,200,000 | |
| | |
|
| |
|
| |
| Total debt | | $ | 267,373,000 | | $ | 248,630,000 | |
| | |
|
| |
|
| |
| Pro rata share of total debt | | $ | 231,012,000 | | $ | 212,142,000 | |
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|
| |
|
| |
| Weighted average interest rates: | | | | | | | |
| Fixed-rate mortgages | | | 6.5 | % | | 6.5 | % |
| Variable-rate mortgages | | | 5.1 | % | | 4.7 | % |
| Total mortgages | | | 6.4 | % | | 6.3 | % |
| Secured variable rate revolving credit facility | | | 4.4 | % | | 3.9 | % |
| Total debt | | | 5.7 | % | | 5.7 | % |
6
CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets Information
(unaudited)
| | | March 31, 2005 | | December 31, 2004 | |
| | |
| |
| |
| | | | | | | | | | | | | | | | | | | | |
| | | Total | | Joint venture
properties | | Wholly-owned
properties | | Total | | Joint venture
properties | | Wholly-owned
properties | |
| | |
| |
| |
| |
| |
| |
| |
| Assets: | | | | | | | | | | | | | | | | | | | |
| Real estate: | | | | | | | | | | | | | | | | | | | |
| Land | | $ | 98,922,000 | | $ | 14,408,000 | | $ | 84,514,000 | | $ | 97,617,000 | | $ | 14,409,000 | | $ | 83,208,000 | |
| Buildings and improvements | | | 439,161,000 | | | 54,034,000 | | | 385,127,000 | | | 423,735,000 | | | 54,083,000 | | | 369,652,000 | |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| | | | 538,083,000 | | | 68,442,000 | | | 469,641,000 | | | 521,352,000 | | | 68,492,000 | | | 452,860,000 | |
| Less accumulated depreciation | | | (19,427,000 | ) | | (3,423,000 | ) | | (16,004,000 | ) | | (16,027,000 | ) | | (3,055,000 | ) | | (12,972,000 | ) |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| Real estate, net | | | 518,656,000 | | | 65,019,000 | | | 453,637,000 | | | 505,325,000 | | | 65,437,000 | | | 439,888,000 | |
| Cash and cash equivalents | | | 5,975,000 | | | — | | | 5,975,000 | | | 8,457,000 | | | — | | | 8,457,000 | |
| Cash at joint ventures | | | 1,300,000 | | | 1,300,000 | | | — | | | 1,193,000 | | | 1,193,000 | | | — | |
| Construction / improvement and other escrows | | | 5,420,000 | | | 1,027,000 | | | 4,393,000 | | | 5,912,000 | | | 1,408,000 | | | 4,504,000 | |
| Receivables: | | | | | | | | | | | | | | | | | | | |
| Rents and other, net | | | 2,582,000 | | | 259,000 | | | 2,323,000 | | | 1,929,000 | | | 216,000 | | | 1,713,000 | |
| Straight-line rents | | | 3,048,000 | | | 715,000 | | | 2,333,000 | | | 2,554,000 | | | 668,000 | | | 1,886,000 | |
| Other assets | | | 3,781,000 | | | 517,000 | | | 3,264,000 | | | 2,379,000 | | | 271,000 | | | 2,108,000 | |
| Deferred charges, net: | | | | | | | | | | | | | | | | | | | |
| Leasing costs | | | 6,391,000 | | | 301,000 | | | 6,090,000 | | | 6,163,000 | | | 226,000 | | | 5,937,000 | |
| Financing costs | | | 3,258,000 | | | 645,000 | | | 2,613,000 | | | 2,994,000 | | | 675,000 | | | 2,319,000 | |
| Other | | | 757,000 | | | — | | | 757,000 | | | 254,000 | | | — | | | 254,000 | |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| Total assets | | $ | 551,168,000 | | $ | 69,783,000 | | $ | 481,385,000 | | $ | 537,160,000 | | $ | 70,094,000 | | $ | 467,066,000 | |
| | |
|
| |
|
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|
| |
|
| |
|
| |
|
| |
| Liabilities and shareholders’ equity: | | | | | | | | | | | | | | | | | | | |
| Mortgage loans payable | | $ | 179,873,000 | | $ | 50,046,000 | | $ | 129,827,000 | | $ | 180,430,000 | | $ | 50,224,000 | | $ | 130,206,000 | |
| Secured revolving credit facility | | | 87,500,000 | | | — | | | 87,500,000 | | | 68,200,000 | | | — | | | 68,200,000 | |
| Accounts payable and accrued expenses | | | 3,795,000 | | | 275,000 | | | 3,520,000 | | | 5,549,000 | | | 464,000 | | | 5,085,000 | |
| Tenant advance payments and security deposits | | | 3,524,000 | | | 378,000 | | | 3,146,000 | | | 3,463,000 | | | 533,000 | | | 2,930,000 | |
| Unamortized intangible lease liabilities | | | 24,878,000 | | | 1,149,000 | | | 23,729,000 | | | 25,227,000 | | | 1,185,000 | | | 24,042,000 | |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| Total liabilities | | | 299,570,000 | | | 51,848,000 | | | 247,722,000 | | | 282,869,000 | | | 52,406,000 | | | 230,463,000 | |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| Minority interests | | | 11,979,000 | | | 11,979,000 | | | — | | | 11,995,000 | | | 11,995,000 | | | — | |
| Limited partners’ interest in consolidated OP | | | 5,511,000 | | | 137,000 | | | 5,374,000 | | | 6,542,000 | | | 154,000 | | | 6,388,000 | |
| Equity (a) | | | 234,108,000 | | | 5,819,000 | | | 228,289,000 | | | 235,754,000 | | | 5,539,000 | | | 230,215,000 | |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| Total liabilities and equity | | $ | 551,168,000 | | $ | 69,783,000 | | $ | 481,385,000 | | $ | 537,160,000 | | $ | 70,094,000 | | $ | 467,066,000 | |
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|
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|
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|
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|
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|
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|
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|
| (a) | Equity includes net receivable/payable balances, on open account, between joint venture and wholly-owned properties. |
7
CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Income Information
(unaudited)
| | | Three months ended March 31, 2005 | | Three months ended March 31, 2004 | |
| | |
| |
| |
| | | Total | | Joint venture | | Wholly-owned | | Total | | Joint venture | | Wholly-owned | |
| | |
| |
| |
| |
| |
| |
| |
| Revenues: | | | | | | | | | | | | | | | | | | | |
| Rents: | | | | | | | | | | | | | | | | | | | |
| Base rents | | $ | 11,203,000 | | $ | 1,841,000 | | $ | 9,362,000 | | $ | 8,007,000 | | $ | 1,736,000 | | $ | 6,271,000 | |
| Percentage rents | | | 247,000 | | | 4,000 | | | 243,000 | | | 117,000 | | | 16,000 | | | 101,000 | |
| Straight-line rents | | | 492,000 | | | 47,000 | | | 445,000 | | | 260,000 | | | 77,000 | | | 183,000 | |
| Amortization of intangible lease liabilities | | | 907,000 | | | 36,000 | | | 871,000 | | | 425,000 | | | 41,000 | | | 384,000 | |
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|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| | | | 12,849,000 | | | 1,928,000 | | | 10,921,000 | | | 8,809,000 | | | 1,870,000 | | | 6,939,000 | |
| Expense recoveries | | | 3,673,000 | | | 457,000 | | | 3,216,000 | | | 2,360,000 | | | 395,000 | | | 1,965,000 | |
| Interest and other | | | 5,000 | | | 3,000 | | | 2,000 | | | 106,000 | | | 3,000 | | | 103,000 | |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| Total revenues | | | 16,527,000 | | | 2,388,000 | | | 14,139,000 | | | 11,275,000 | | | 2,268,000 | | | 9,007,000 | |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| Expenses: | | | | | | | | | | | | | | | | | | | |
| Operating, maintenance and management | | | 4,027,000 | | | 419,000 | | | 3,608,000 | | | 2,740,000 | | | 394,000 | | | 2,346,000 | |
| Real estate and other property- related taxes | | | 1,475,000 | | | 220,000 | | | 1,255,000 | | | 1,100,000 | | | 217,000 | | | 883,000 | |
| General and administrative | | | 969,000 | | | — | | | 969,000 | | | 642,000 | | | — | | | 642,000 | |
| Depreciation and amortization | | | 3,949,000 | | | 417,000 | | | 3,532,000 | | | 2,722,000 | | | 371,000 | | | 2,351,000 | |
| Interest | | | 3,137,000 | | | 982,000 | | | 2,155,000 | | | 2,524,000 | | | 1,064,000 | | | 1,460,000 | |
| | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| Total expenses | | | 13,557,000 | | | 2,038,000 | | | 11,519,000 | | | 9,728,000 | | | 2,046,000 | | | 7,682,000 | |
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|
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|
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|
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|
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|
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|
| |
| Income before minority and limited partners’ interests | | | 2,970,000 | | | 350,000 | | | 2,620,000 | | | 1,547,000 | | | 222,000 | | | 1,325,000 | |
| Minority interests | | | (290,000 | ) | | (290,000 | ) | | — | | | (168,000 | ) | | (168,000 | ) | | — | |
| Limited partners’ interest | | | (62,000 | ) | | (1,000 | ) | | (61,000 | ) | | (36,000 | ) | | (1,000 | ) | | (35,000 | ) |
| | |
|
| |
|
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|
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|
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|
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|
| |
| Net income | | | 2,618,000 | | | 59,000 | | | 2,559,000 | | | 1,343,000 | | | 53,000 | | | 1,290,000 | |
| Preferred distribution requirements | | | (1,264,000 | ) | | — | | | (1,264,000 | ) | | — | | | — | | | — | |
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|
| |
|
| |
|
| |
|
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|
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|
| |
| Net income applicable to common shareholders | | $ | 1,354,000 | | $ | 59,000 | | $ | 1,295,000 | | $ | 1,343,000 | | $ | 53,000 | | $ | 1,290,000 | |
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| Per common share | | $ | 0.07 | | $ | — | | $ | 0.07 | | $ | 0.08 | | $ | — | | $ | 0.08 | |
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|
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|
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| Average number of common shares outstanding | | | 19,351,000 | | | 19,351,000 | | | 19,351,000 | | | 16,456,000 | | | 16,456,000 | | | 16,456,000 | |
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8
CEDAR SHOPPING CENTERS, INC.
Reconciliation of Net Income (Loss) to
Funds From Operations (“FFO”) and
Adjusted Funds From Operations (“AFFO”)
(unaudited)
| | | Three months ended March 31, | |
| | |
| |
| | | 2005 | | 2004 | |
| | |
| |
| |
| Net income (1) | | $ | 2,618,000 | | $ | 1,343,000 | |
| Add (deduct): | | | | | | | |
| Depreciation and amortization | | | 3,730,000 | | | 2,192,000 | |
| Limited partners’ interest | | | 62,000 | | | 36,000 | |
| Preferred distribution requirements | | | (1,294,000 | ) | | — | |
| Minority interests | | | 290,000 | | | 168,000 | |
| Minority interests’ share of FFO | | | (536,000 | ) | | (370,000 | ) |
| | |
|
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|
| |
FFO | | | 4,870,000 | | | 3,369,000 | |
| Add (deduct): | | | | | | | |
| Straight-line rents | | | (492,000 | ) | | (260,000 | ) |
| Minority interests’ share of straight-line rents | | | 34,000 | | | 57,000 | |
| Provision for tenant improvements and capital expenditures (2) | | | (523,000 | ) | | (375,000 | ) |
| Minority interests’ share of provision for tenant improvements and capital expenditures (2) | | | 76,000 | | | 76,000 | |
| Pre-occupancy rents received in connection with the Camp Hill redevelopment project | | | 303,000 | | | — | |
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|
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| |
AFFO | | $ | 4,268,000 | | $ | 2,867,000 | |
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|
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|
| |
| FFO per common share/unit outstanding | | $ | 0.25 | | $ | 0.20 | |
| AFFO per common share/unit outstanding | | $ | 0.22 | | $ | 0.17 | |
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|
| |
| Average common shares/OP units outstanding (3) | | | 19,805,000 | | | 16,895,000 | |
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|
| |
|
| |
|
| (1) Net income includes income from amortization of intangible lease liabilities of $907,000 and $425,000, respectively. The minority interests’ share of such amortization was $27,000 and $31,000, respectively. Net income also includes a charge for the ineffective portion of the change in the fair value of the Company’s derivative financial instruments of $0 and $280,000, respectively. Minority interests did not share in such charge. |
| (2) The provision for tenant improvements and capital expenditures is calculated at the rate of $0.55 per sq. ft. per annum on the respective properties, excluding development/redevelopment properties. |
| (3) Assumes conversion of OP Units. |
9
CEDAR SHOPPING CENTERS, INC.
Property Summary
As of March 31, 2005
Property | | Year
acquired | | Percent
owned (2) | | Gross
leasable
area
“GLA” | | Year built/
year last
renovated | | Number
of
tenants | | Percent
occupied | | Average
base rent per
leased SF | | Major tenants [>=20,000 SF of GLA] |
| |
Name | | SF | | Lease
expiration | |
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STABILIZED PROPERTIES (1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| The Point Shopping Center | | | 2000 | | | 100 | % | | 255,447 | | | 1972/2001 | | | 20 | | | 100 | % | | $10.01 | | | Giant Foods | | | 55,000 | | | 07/31/2021 | |
| Harrisburg, PA | | | | | | | | | | | | | | | | | | | | | | | | Burlington Coat Factory | | | 76,665 | | | 01/31/2011 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Staples | | | 24,000 | | | 08/31/2013 | |
| | | | | | | | | | | | | | | | | | | | | | | | | A.C. Moore | | | 20,000 | | | 07/31/2008 | |
| Academy Plaza | | | 2001 | | | 100 | % | | 152,878 | | | 1965/1998 | | | 34 | | | 100 | % | | 11.24 | | | Acme Markets | | | 50,918 | | | 09/31/2018 | |
| Philadelphia, PA | | | | | | | | | | | | | | | | | | | | | | | | Raising Horizons Charter School | | | 20,092 | | | 08/31/2005 | |
| Port Richmond Village | | | 2001 | | | 100 | % | | 154,908 | | | 1988 | | | 30 | | | 99 | % | | 12.02 | | | Thriftway | | | 40,000 | | | 10/31/2008 | |
| Philadelphia, PA | | | | | | | | | | | | | | | | | | | | | | | | Pep Boys | | | 20,615 | | | 01/31/2009 | |
| Washington Center Shoppes | | | 2001 | | | 100 | % | | 153,260 | | | 1979/1995 | | | 29 | | | 99 | % | | 7.39 | | | Acme Markets | | | 66,046 | | | 12/02/2020 | |
| Washington Township, NJ | | | | | | | | | | | | | | | | | | | | | | | | Powerhouse Gym | | | 20,742 | | | 12/31/2012 | |
| Red Lion | | | 2002 | | | 20 | % | | 224,269 | | | 1970/2000 | | | 17 | | | 87 | % | | 12.22 | | | Best Buy Stores | | | 46,000 | | | 01/31/2014 | |
| Philadelphia, PA | | | | | | | | | | | | | | | | | | | | | | | | Sports Authority | | | 43,825 | | | 08/15/2005 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Staples | | | 23,942 | | | 07/31/2015 | |
| Loyal Plaza | | | 2002 | | | 25 | % | | 293,931 | | | 1969/2000 | | | 26 | | | 100 | % | | 7.31 | | | K-Mart | | | 102,558 | | | 08/31/2006 | |
| Williamsport, PA | | | | | | | | | | | | | | | | | | | | | | | | Giant Foods | | | 66,935 | | | 10/31/2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Staples | | | 20,661 | | | 11/30/2014 | |
| LA Fitness Facility | | | 2002 | | | 50 | % | | 41,000 | | | 2003 | | | 1 | | | 100 | % | | 18.09 | | | LA Fitness | | | 41,000 | | | 12/31/2018 | |
| Fort Washington, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fairview Plaza | | | 2003 | | | 30 | % | | 69,579 | | | 1992 | | | 5 | | | 97 | % | | 11.40 | | | Giant Foods | | | 59,237 | | | 02/28/2017 | |
| New Cumberland, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Halifax Plaza | | | 2003 | | | 30 | % | | 54,150 | | | 1994 | | | 9 | | | 100 | % | | 10.27 | | | Giant Foods | | | 32,000 | | | 10/11/2019 | |
| Halifax, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Newport Plaza | | | 2003 | | | 30 | % | | 66,789 | | | 1996 | | | 9 | | | 100 | % | | 10.08 | | | Giant Foods | | | 43,400 | | | 05/31/2021 | |
| Newport, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pine Grove Plaza | | | 2003 | | | 100 | % | | 79,306 | | | 2001/2002 | | | 15 | | | 97 | % | | 10.47 | | | Peebles | | | 24,963 | | | 01/31/2022 | |
| Pemberton Township, NJ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
10
CEDAR SHOPPING CENTERS, INC.
Property Summary
As of March 31, 2005
(continued)
Property | | Year
acquired | | Percent
owned (2) | | Gross
leasable
area
“GLA” | | Year built/
year last
renovated | | Number
of
tenants | | Percent
occupied | | Average
base rent per
leased SF | | Major tenants [>=20,000 SF of GLA] | |
| | | | | | | | |
| |
| | | | | | | | | Name | | SF | | Lease
expiration | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Swede Square | | | 2003 | | | 100 | % | | 98,792 | | | 1980/2004 | | | 16 | | | 88 | % | | 13.13 | | | LA Fitness | | | 37,200 | | | 06/30/2016 | |
| East Norriton, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Valley Plaza | | | 2003 | | | 100 | % | | 191,189 | | | 1975/1994 | | | 7 | | | 100 | % | | 4.33 | | | K-Mart | | | 95,810 | | | 09/30/2009 | |
| Hagerstown, MD | | | | | | | | | | | | | | | | | | | | | | | | Ollie’s | | | 41,888 | | | 03/31/2011 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Tractor Supply | | | 32,095 | | | 05/31/2010 | |
| Wal-Mart Center | | | 2003 | | | 100 | % | | 155,842 | | | 1972/2000 | | | 8 | | | 95 | % | | 5.32 | | | Wal-Mart | | | 95,482 | | | 01/31/2020 | |
| Southington, CT | | | | | | | | | | | | | | | | | | | | | | | | Namco | | | 20,000 | | | 01/31/2011 | |
| South Philadelphia | | | 2003 | | | 100 | % | | 283,486 | | | 1950/2003 | | | 26 | | | 97 | % | | 12.87 | | | Shop Rite | | | 54,388 | | | 09/30/2018 | |
| Philadelphia, PA | | | | | | | | | | | | | | | | | | | | | | | | Bally’s Total Fitness | | | 31,000 | | | 05/31/2017 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Ross Stores | | | 31,349 | | | 01/31/2013 | |
| | | | | | | | | | | | | | | | | | | | | | | | | National Wholesale Liquidators | | | 26,000 | | | 01/31/2016 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Modell’s | | | 20,000 | | | 01/31/2018 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Strauss Discount Auto | | | 20,000 | | | 11/30/2013 | |
| River View Plaza I, II and III | | | 2003 | | | 100 | % | | 244,225 | | | 1991/1998 | | | 21 | | | 85 | % | | 18.36 | | | United Artists | | | 77,700 | | | 12/31/2018 | |
| Philadelphia, PA | | | | | | | | | | | | | | | | | | | | | | | | Pep Boys | | | 22,000 | | | 09/30/2014 | |
| Columbus Crossing | | | 2003 | | | 100 | % | | 142,166 | | | 2001 | | | 9 | | | 100 | % | | 15.22 | | | Super Fresh Supermarket | | | 61,506 | | | 09/30/2020 | |
| Philadelphia, PA | | | | | | | | | | | | | | | | | | | | | | | | Old Navy | | | 25,000 | | | 09/30/2008 | |
| | | | | | | | | | | | | | | | | | | | | | | | | A.C. Moore | | | 22,000 | | | 09/30/2011 | |
| Sunset Crossing | | | 2003 | | | 100 | % | | 74,142 | | | 2002 | | | 6 | | | 96 | % | | 14.42 | | | Giant Foods | | | 54,332 | | | 06/30/2022 | |
| Dickson City, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| The Commons | | | 2004 | | | 100 | % | | 175,121 | | | 2000 - 2003 | | | 21 | | | 98 | % | | 10.03 | | | Elder-Beerman Stores | | | 54,500 | | | 01/31/2017 | |
| DuBois, PA | | | | | | | | | | | | | | | | | | | | | | | | Shop ‘n Save | | | 52,654 | | | 10/07/2015 | |
| Townfair Center | | | 2004 | | | 100 | % | | 203,531 | | | 1995 - 2002 | | | 11 | | | 97 | % | | 7.68 | | | Lowe’s Home Centers | | | 95,173 | | | 12/31/2015 | |
| White Township, PA | | | | | | | | | | | | | | | | | | | | | | | | Shop ‘n Save | | | 50,000 | | | 02/08/2012 | |
| Lake Raystown Plaza | | | 2004 | | | 100 | % | | 84,292 | | | 1995 | | | 9 | | | 100 | % | | 8.58 | | | Giant Foods | | | 39,244 | | | 07/31/2015 | |
| Huntingdon, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
11
CEDAR SHOPPING CENTERS, INC.
Property Summary
As of March 31, 2005
(continued)
Property | | Year
acquired | | Percent
owned (2) | | Gross
leasable
area
“GLA” | | Year built/
year last
renovated | | Number
of
tenants | | Percent
occupied | | Average
base rent per
leased SF | | Major tenants [>=20,000 SF of GLA] | |
|
Name | | SF | | Lease
expiration |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Franklin Village Plaza | | | 2004 | | | 100 | % | | 303,772 | (3) | | 1987/1989 | | | 63 | | | 96 | % | | 17.90 | | | Stop & Shop (3) | | | 75,000 | | | 10/31/2025 | |
| Franklin, MA | | | | | | | | | | | | | | | | | | | | | | | | Marshalls | | | 26,890 | | | 01/31/2009 | |
| The Brickyard | | | 2004 | | | 100 | % | | 274,553 | | | 1989 - 1990 | | | 5 | | | 98 | % | | 8.13 | | | Sam’s Club | | | 109,755 | | | 10/31/2010 | |
| Berlin, CT | | | | | | | | | | | | | | | | | | | | | | | | The Home Depot | | | 103,003 | | | 10/31/2010 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Syms | | | 38,000 | | | 03/31/2010 | |
| Kenley Village | | | 2005 | | | 100 | % | | 51,894 | | | 1988 | | | 11 | | | 100 | % | | 7.57 | | | Food Lion | | | 29,000 | | | 02/11/2009 | |
| Hagerstown, MD | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| St. James Square | | | 2005 | | | 100 | % | | 39,903 | | | 2000 | | | 4 | | | 93 | % | | 10.98 | | | Food Lion | | | 33,000 | | | 11/14/2020 | |
| Hagerstown, MD | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
|
| | | | |
|
| |
|
| |
|
| | | | | | | | | | |
| | | | | | | | | | 3,868,425 | | | | | | 412 | | | 97 | % | | 10.98 | | | | | | | | | | |
| | | | | | | | |
|
| | | | |
|
| |
|
| |
|
| | | | | | | | | | |
DEVELOPMENT/REDEVELOPMENT PROPERTIES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Camp Hill | | | 2002 | | | 100 | % | | 419,042 | | | 1958/2004 | | | 24 | | | 72 | % | | 8.12 | | | Boscov’s | | | 167,597 | | | 09/30/2010 | |
| Camp Hill, PA | | | | | | | | | | | | | | | | | | | | | | | | Giant Foods | | | 42,070 | | | 01/31/2011 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Barnes & Noble | | | 24,908 | | | 01/31/2011 | |
| Golden Triangle | | | 2003 | | | 100 | % | | 191,581 | | | 1960/2004 | | | 16 | | | 86 | % | | 10.33 | | | LA Fitness | | | 44,796 | | | 04/30/2020 | |
| Lancaster, PA | | | | | | | | | | | | | | | | | | | | | | | | Marshalls | | | 30,000 | | | 05/31/2010 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Staples | | | 24,060 | | | 05/31/2012 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Artesian Outlet | | | 22,000 | | | 04/30/2009 | |
| Carbondale Plaza | | | 2004 | | | 100 | % | | 129,915 | | | 1972 | | | 8 | | | 61 | % | | 5.23 | | | Weis Markets | | | 52,720 | | | 02/29/2016 | |
| Carbondale, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Huntingdon Plaza | | | 2004 | | | 100 | % | | 151,277 | | | 1972 - 2003 | | | 13 | | | 50 | % | | 6.52 | | | Peebles | | | 22,060 | | | 01/31/2018 | |
| Huntingdon, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Hamburg Commons | | | 2004 | | | 100 | % | | 97,633 | | | 1988 - 1993 | | | 6 | | | 14 | % | | 9.64 | | | | | | | | | | |
| Hamburg, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Meadows Marketplace | | | 2004 | | | 100 | % | | 91,250 | | | 1972 - 2003 | | | N/A | | | — | | | N/A | | | Giant Foods (4) | | | 65,000 | | | 09/30/2025 | |
| South Hanover Township, PA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
|
| | | | |
|
| |
|
| |
|
| | | | | | | | | | |
| | | | | | | | | | 1,080,698 | | | | | | 67 | | | 59 | % | | 8.17 | | | | | | | | | | |
| | | | | | | | |
|
| | | | |
|
| |
|
| |
|
| | | | | | | | | | |
| TOTAL PORTFOLIO | | | | | | | | | 4,949,123 | | | | | | 479 | | | 88 | % | | $10.52 | | | | | | | | | | |
| | | | | | | | |
|
| | | | |
|
| |
|
| |
|
| | | | | | | | | | |
12
CEDAR SHOPPING CENTERS, INC.
Property Summary
As of March
31, 2005
(continued)
|
| (1) | “Stabilized properties” are those properties, with no development/redevelopment activities, having an occupancy rate of at least 80%. |
| (2) | Other than the partnership owning the Red Lion property, the terms of the several joint venture agreements provide, among other things, that the minority interest partners receive certain preferential returns on their investments prior to any distributions to the Company. |
| (3) | Stop & Shop is presently constructing an addition to its existing 55,000 sq. ft. store which will increase the size to 75,000 sq. ft. Upon completion, which is estimated to be November 1, 2005, the extended lease term will run for 20 years from that date. The total GLA for the shopping center includes approximately 15,000 sq. ft. which will result from the Stop & Shop expansion. |
| (4) | Giant Foods has signed a 20-year lease for a 65,000 sq. ft. store at Meadows Marketplace. Development activities have commenced, are expected to cost approximately $10 million (including the cost of the land), and are projected to be competed in October 2005. At present, it is anticipated that this property will contain a total of approximately 91,000 sq. ft. of GLA. |
13
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2005
(unaudited)
Property | | Percent
Owned | | Maturity
Date | | Int. rate
Mar 31,
2005 | | Balances | | Pro rata share | |
| |
| |
Mar 31
2005 | | Dec 31
2004 | | Mar 31
2005 | | Dec 31
2004 | |
| |
| |
| |
| |
| |
| |
| |
| |
Fixed-rate mortgages: | | | | | | | | | | | | | | | | | | | | | | |
| The Point | | | 100.0 | % | | Sep 2012 | | | 7.63 | % | $ | 19,182,000 | | $ | 19,264,000 | | $ | 19,182,000 | | $ | 19,264,000 | |
| Academy Plaza | | | 100.0 | % | | Mar 2013 | | | 7.28 | % | | 10,238,000 | | | 10,278,000 | | | 10,238,000 | | | 10,278,000 | |
| Port Richmond Village | | | 100.0 | % | | Apr 2008 | | | 7.17 | % | | 11,091,000 | | | 11,135,000 | | | 11,091,000 | | | 11,135,000 | |
| Washington Center Shoppes | | | 100.0 | % | | Nov 2007 | | | 7.53 | % | | 5,727,000 | | | 5,749,000 | | | 5,727,000 | | | 5,749,000 | |
| Red Lion | | | 20.0 | % | | Feb 2010 | | | 8.86 | % | | 16,418,000 | | | 16,459,000 | | | 3,284,000 | | | 3,292,000 | |
| Loyal Plaza | | | 25.0 | % | | Jun 2011 | | | 7.18 | % | | 13,490,000 | | | 13,532,000 | | | 3,373,000 | | | 3,383,000 | |
| Fairview Plaza | | | 30.0 | % | | Feb 2013 | | | 5.71 | % | | 5,920,000 | | | 5,941,000 | | | 1,776,000 | | | 1,782,000 | |
| Halifax Plaza | | | 30.0 | % | | Feb 2010 | | | 6.83 | % | | 4,077,000 | | | 4,100,000 | | | 1,223,000 | | | 1,230,000 | |
| Newport Plaza | | | 30.0 | % | | Feb 2010 | | | 6.83 | % | | 3,773,000 | | | 3,792,000 | | | 1,132,000 | | | 1,138,000 | |
| Newport Plaza | | | 30.0 | % | | Feb 2010 | | | 6.83 | % | | 1,437,000 | | | 1,445,000 | | | 431,000 | | | 433,000 | |
| Pine Grove Plaza | | | 100.0 | % | | Apr 2010 | | | 6.24 | % | | 5,700,000 | | | 5,738,000 | | | 5,700,000 | | | 5,738,000 | |
| Pine Grove Plaza | | | 100.0 | % | | Mar 2006 | | | 8.50 | % | | 388,000 | | | 388,000 | | | 388,000 | | | 388,000 | |
| Golden Triangle | | | 100.0 | % | | Apr 2008 | | | 6.00 | % | | 9,898,000 | | | 9,987,000 | | | 9,898,000 | | | 9,987,000 | |
| Townfair Center | | | 100.0 | % | | Mar 2008 | | | 6.00 | % | | 10,103,000 | | | 10,167,000 | | | 10,103,000 | | | 10,167,000 | |
| Franklin Village Plaza | | | 100.0 | % | | Nov 2011 | | | 4.81 | % | | 43,500,000 | | | 43,500,000 | | | 43,500,000 | | | 43,500,000 | |
| | | | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Total fixed-rate debt | | | | | | 5.6 years | | | 6.53 | % | | 160,942,000 | | | 161,475,000 | | | 127,046,000 | | | 127,464,000 | |
| | | | | | | | | | | |
|
| |
|
| |
|
| |
|
| |
| | | | | | [wtd-avg maturity | ] | [wtd-avg rate] | | | | | | | | | | | | | |
Variable-rate mortgages: | | | | | | | | | | | | | | | | | | | | | | |
| LA Fitness Facility | | | 50.0 | % | | Dec 2007 | | | 6.25 | % | | 4,931,000 | | | 4,955,000 | | | 2,466,000 | | | 2,478,000 | |
| Camp Hill | (a) | | 100.0 | % | | Apr 2008 | | | 4.70 | % | | 14,000,000 | | | 14,000,000 | | | 14,000,000 | | | 14,000,000 | |
| | | | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Total variable rate mortgages | | | | | | 2.9 years | | | 5.10 | % | | 18,931,000 | | | 18,955,000 | | | 16,466,000 | | | 16,478,000 | |
| | | | | | | | | | | |
|
| |
|
| |
|
| |
|
| |
| | | | | | [wtd-avg maturity | ] | [wtd-avg rate] | | | | | | | | | | | | | |
| | | | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Total mortgages | | | | | | 5.3 years | | | 6.38 | % | | 179,873,000 | | | 180,430,000 | | | 143,512,000 | | | 143,942,000 | |
| | | | | | | | | | | |
|
| |
|
| |
|
| |
|
| |
| | | | | | [wtd-avg maturity | ] | [wtd-avg rate] | | | | | | | | | | | | | |
Secured revolving credit facility | (b) | | 100.0 | % | | Jan 2007 | | | 4.35 | % | | 87,500,000 | | | 68,200,000 | | | 87,500,000 | | | 68,200,000 | |
| | | | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Secured revolving credit facility | | | | | | 1.8 years | | | 4.35 | % | | 87,500,000 | | | 68,200,000 | | | 87,500,000 | | | 68,200,000 | |
| | | | | | | | | | | |
|
| |
|
| |
|
| |
|
| |
| | | | | | [wtd-avg maturity | ] | [wtd-avg rate] | | | | | | | | | | | | | |
| | | | | |
|
| |
|
| | | | | | | | | | | | | |
Total debt | | | | | | 4.2 years | | | 5.72 | % | $ | 267,373,000 | | $ | 248,630,000 | | $ | 231,012,000 | | $ | 212,142,000 | |
| | | | | | | | | | | |
|
| |
|
| |
|
| |
|
| |
| | | | | | [wtd-avg maturity | ] | [wtd-avg rate] | | | | | | | | | | | | | |
14
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2005
(unaudited)
(continued)
Maturity schedule by year | | Mortgage debt | | Secured
revolving
credit facility (b) | | Total | |
|
Scheduled
amortization | | Balloon
payments |
|
| |
|
|
|
| 2005 | | $ | 1,604,000 | | $ | — | | | | | $ | 1,604,000 | |
| 2006 | | | 2,236,000 | | | 431,000 | | | | | | 2,667,000 | |
| 2007 | | | 2,389,000 | | | 10,225,000 | | $ | 87,500,000 | | | 100,114,000 | |
| 2008 | | | 1,648,000 | | | 42,644,000 | | | | | | 44,292,000 | |
| 2009 | | | 1,542,000 | | | — | | | | | | 1,542,000 | |
| 2010 | | | 1,118,000 | | | 28,833,000 | | | | | | 29,951,000 | |
| 2011 | | | 992,000 | | | 55,786,000 | | | | | | 56,778,000 | |
| 2012 | | | 759,000 | | | 15,901,000 | | | | | | 16,660,000 | |
| 2013 | | | 54,000 | | | 13,711,000 | | | | | | 13,765,000 | |
| | |
|
| |
|
| |
|
| |
|
| |
| | | $ | 12,342,000 | | $ | 167,531,000 | | $ | 87,500,000 | | $ | 267,373,000 | |
| | |
|
| |
|
| |
|
| |
|
| |
|
| (a) Reflects the new construction loan facility, concluded on April 12, 2005, for the renovation of the retail facilities and construction of additional buildings at Camp Hill. The $49.5 million aggregate facility includes $14.0 million representing the original acquisition loan from the same lender, which has been amended to conform to the terms of the new facility, and up to $35.5 million for reconfiguration and renovation of in-line retail space, and construction of new space. The facility is for a three-year period; draws thereunder will bear interest at LIBOR plus 185 basis points. |
| |
| (b) The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2007. |
15
CEDAR SHOPPING CENTERS, INC
Consolidated Joint Ventures Information
(unaudited)
Property | | Partners’
percent | | As of March 31, 2005 | |
| |
Real estate,
net | | Mortgage
loans
payable | | Other assets
liabilities,
net | | Equity (a) | |
| | | |
| |
| | | | Partners | | Cedar (b) (c) | | Total | |
| |
| |
| |
| |
| |
| |
| |
| |
| Loyal Plaza | | | 75 | % | $ | 19,574,773 | | $ | (13,490,199 | ) | $ | 1,090,550 | | $ | 4,633,808 | | $ | 2,541,316 | | $ | 7,175,124 | |
| Red Lion | | | 80 | % | | 18,785,769 | | | (16,417,681 | ) | | 1,700,443 | | | 2,691,514 | | | 1,377,017 | | | 4,068,531 | |
| Fairview Plaza (d) | | | 70 | % | | 8,825,515 | | | (5,919,674 | ) | | (343,251 | ) | | 1,562,161 | | | 1,000,429 | | | 2,562,590 | |
| Halifax Plaza (d) | | | 70 | % | | 5,541,420 | | | (4,077,500 | ) | | (14,390 | ) | | 1,160,416 | | | 289,114 | | | 1,449,530 | |
| Newport Plaza (d) | | | 70 | % | | 6,470,419 | | | (5,209,284 | ) | | 194,155 | | | 1,051,165 | | | 404,125 | | | 1,455,290 | |
| LA Fitness Facility | | | 50 | % | | 5,821,521 | | | (4,931,344 | ) | | 335,101 | | | 879,754 | | | 345,524 | | | 1,225,278 | |
| | | | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| | | | | | $ | 65,019,417 | | $ | (50,045,682 | ) | $ | 2,962,608 | | $ | 11,978,818 | | $ | 5,957,525 | | $ | 17,936,343 | |
| | | | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Property | | Partners’
percent | | For the three months ended March 31, 2005 | |
| |
Property-level operations | | Share of property net income | |
| |
| |
Revenues | | Operating
expenses | | Depreciation/
amortization | | Interest | | Total
expenses | | Net income | | Partners | | | | |
| |
| | | | |
| | Regular | | Preference | | Cedar (b) | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Loyal Plaza | | | 75 | % | $ | 734,391 | | $ | 213,135 | | $ | 139,959 | | $ | 268,172 | | $ | 621,266 | | $ | 113,125 | | $ | 84,844 | | $ | 28,281 | | $ | — | |
| Red Lion | | | 80 | % | | 803,010 | | | 264,701 | | | 129,980 | | | 364,991 | | | 759,672 | | | 43,338 | | | 34,670 | | | — | | | 8,668 | |
| Fairview Plaza (d) | | | 70 | % | | 236,707 | | | 40,941 | | | 47,383 | | | 84,618 | | | 172,942 | | | 63,765 | ) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | ) | | | | | | | | | |
| Halifax Plaza (d) | | | 70 | % | | 192,637 | | | 43,258 | | | 31,490 | | | 70,416 | | | 145,164 | | | 47,473 | ) | | 104,532 | | | 8,960 | | | 35,839 | |
| | | | | | | | | | | | | | | | | | | | | | | ) | | | | | | | | | |
| | | 70 | % | | 236,147 | | | 72,972 | | | 36,009 | | | 89,073 | | | 198,054 | | | 38,093 | ) | | | | | | | | | |
| LA Fitness Facility | | | 50 | % | | 185,400 | | | 3,708 | | | 32,304 | | | 104,763 | | | 140,775 | | | 44,625 | | | 22,313 | | | 6,427 | | | 15,886 | |
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|
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|
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|
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|
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|
| |
| | | | | | $ | 2,388,292 | | $ | 638,715 | | $ | 417,125 | | $ | 982,033 | | $ | 2,037,873 | | $ | 350,419 | | $ | 246,358 | | $ | 43,668 | | $ | 60,393 | |
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16
CEDAR SHOPPING CENTERS, INC
Consolidated Joint Ventures Information
(unaudited)
(continued)
Property | | Partners’
percent | | Cedar | | Share of FFO | |
| |
Partners | | Cedar (b) | | Total | |
| |
| |
| |
| |
| |
| |
| Loyal Plaza | | | 75 | % | | 25 | % | $ | 183,338 | | $ | 62,145 | | $ | 245,483 | |
| Red Lion | | | 80 | % | | 20 | % | | 121,084 | | | 30,271 | | | 151,355 | |
| Fairview Plaza (d) | | | 70 | % | | 30 | % ) | | | | | | | | | |
| | | | | | | | ) | | | | | | | | | |
| Halifax Plaza (d) | | | 70 | % | | 30 | % ) | | 183,058 | | | 76,609 | | | 259,667 | |
| | | | | | | | ) | | | | | | | | | |
| Newport Plaza (d) | | | 70 | % | | 30 | % ) | | | | | | | | | |
| LA Fitness Facility | | | 50 | % | | 50 | % | | 48,372 | | | 26,772 | | | 75,144 | |
| | | | | | | | |
|
| |
|
| |
|
| |
| | | | | | | | | $ | 535,852 | | $ | 195,797 | | $ | 731,649 | |
| | | | | | | | |
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| |
|
| |
|
| |
|
| (a) The Partners/Cedar shares of equity, 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 cumulative 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) As each of these three properties is under an umbrella partnership, any shortfall in required preference payments by any one of the properties will be offset by excess cash flow from any of the other properties. |
17
CEDAR SHOPPING CENTERS, INC.
Tenant Concentration Schedule
As of March 31, 2005
(unaudited)
Tenant | | Number
of stores | | Sq ft | | Percentage
Sq ft | | Annualized
base rents | | Annualized
base rents
per sq ft | | Percentage
Annualized
base rents | |
| |
| |
| |
| |
| |
| |
| |
| Giant Foods/Stop & Shop | | | 9 | | | 467,218 | | | 9.44 | % | $ | 4,977,671 | | $ | 10.65 | | | 10.83 | % |
| LA Fitness | | | 3 | | | 122,996 | | | 2.49 | % | | 1,743,072 | | | 14.17 | | | 3.79 | % |
| Staples | | | 5 | | | 110,663 | | | 2.24 | % | | 1,419,992 | | | 12.83 | | | 3.09 | % |
| United Artists Theatre Group | | | 1 | | | 77,700 | | | 1.57 | % | | 1,328,950 | | | 17.10 | | | 2.89 | % |
| Wal-Mart/Sam’s Club | | | 2 | | | 205,237 | | | 4.15 | % | | 1,255,618 | | | 6.12 | | | 2.73 | % |
| Shop ‘n Save | | | 2 | | | 102,654 | | | 2.07 | % | | 854,151 | | | 8.32 | | | 1.86 | % |
| Boscov’s | | | 1 | | | 167,597 | | | 3.39 | % | | 742,071 | | | 4.43 | | | 1.61 | % |
| Home Depot | | | 1 | | | 103,003 | | | 2.08 | % | | 669,520 | | | 6.50 | | | 1.46 | % |
| Super Fresh Super Markets | | | 1 | | | 61,506 | | | 1.24 | % | | 650,000 | | | 10.57 | | | 1.41 | % |
| Best Buy | | | 1 | | | 46,000 | | | 0.93 | % | | 619,083 | | | 13.46 | | | 1.35 | % |
| | |
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|
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Sub-total top ten tenants | | | 26 | | | 1,464,574 | | | 29.59 | % | | 14,260,128 | | | 9.74 | | | 31.02 | % |
| Remaining tenants | | | 453 | | | 2,904,153 | | | 58.68 | % | | 31,714,062 | | | 10.92 | | | 68.98 | % |
| | |
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| |
|
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|
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|
| |
Sub-total all tenants | | | 479 | | | 4,368,727 | | | 88.27 | % | | 45,974,190 | | | 10.52 | | | 100.00 | % |
| Vacant (a) | | | N/A | | | 580,396 | | | 11.73 | % | | N/A | | | N/A | | | N/A | |
| | |
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|
| |
|
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|
| |
|
| |
Total (including vacant) | | | 479 | | | 4,949,123 | | | 100.00 | % | $ | 45,974,190 | | $ | 9.29 | | | N/A | |
| | |
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| (a) Includes locations presently undergoing development and/or redevelopment activities. |
18
CEDAR SHOPPING CENTERS, INC.
Lease Expiration Schedule
As of March 31, 2005
(unaudited)
Number
of tenants | | Sq ft | | Percentage
of total
sq ft | | Year
leases
expire | | Annualized
expiring
base rents | | Annualized
expiring
per sq ft | | Percentage
Annualized
expiring
base rents | |
|
| |
| |
| |
| |
| |
| |
| |
| 10 | | | | 39,581 | | | 0.80 | % | | | | $ | 510,534 | | $ | 12.90 | | | 1.11 | % |
| 52 | | | | 207,040 | | | 4.18 | % | | | | | 2,939,606 | | | 14.20 | | | 6.39 | % |
| 76 | | | | 343,939 | | | 6.95 | % | | | | | 4,126,063 | | | 12.00 | | | 8.97 | % |
| 70 | | | | 257,946 | | | 5.21 | % | | | | | 3,514,519 | | | 13.63 | | | 7.64 | % |
| 65 | | | | 331,378 | | | 6.70 | % | | | | | 4,616,845 | | | 13.93 | | | 10.04 | % |
| 66 | | | | 395,996 | | | 8.00 | % | | | | | 3,695,382 | | | 9.33 | | | 8.04 | % |
| 23 | | | | 552,608 | | | 11.17 | % | | | | | 4,049,954 | | | 7.33 | | | 8.81 | % |
| 20 | | | | 307,169 | | | 6.21 | % | | | | | 2,615,937 | | | 8.52 | | | 5.69 | % |
| 22 | | | | 206,248 | | | 4.17 | % | | | | | 2,166,175 | | | 10.50 | | | 4.71 | % |
| 15 | | | | 124,287 | | | 2.51 | % | | | | | 1,438,628 | | | 11.58 | | | 3.13 | % |
| 20 | | | | 151,711 | | | 3.07 | % | | | | | 1,980,543 | | | 13.05 | | | 4.31 | % |
| 8 | | | | 229,774 | | | 4.64 | % | | | | | 1,966,064 | | | 8.56 | | | 4.28 | % |
| 4 | | | | 125,924 | | | 2.54 | % | | | | | 943,548 | | | 7.49 | | | 2.05 | % |
| 3 | | | | 144,737 | | | 2.92 | % | | | | | 1,452,867 | | | 10.04 | | | 3.16 | % |
| 6 | | | | 266,066 | | | 5.38 | % | | | | | 3,410,374 | | | 12.82 | | | 7.42 | % |
| 4 | | | | 113,493 | | | 2.29 | % | | | | | 1,018,169 | | | 8.97 | | | 2.21 | % |
| 5 | | | | 300,830 | | | 6.08 | % | | | | | 2,023,029 | | | 6.72 | | | 4.40 | % |
| 5 | | | | 107,005 | | | 2.16 | % | | | | | 1,441,367 | | | 13.47 | | | 3.14 | % |
| 3 | | | | 82,995 | | | 1.68 | % | | | | | 1,046,586 | | | 12.61 | | | 2.28 | % |
| 1 | | | | 5,000 | | | 0.10 | % | | | | | 68,000 | | | 13.60 | | | 0.15 | % |
| 1 | | | | 75,000 | | | 1.52 | % | | | | | 950,000 | | | 12.67 | | | 2.07 | % |
|
| |
|
| |
|
| | | | |
|
| |
|
| |
|
| |
| 479 | | | | 4,368,727 | | | 88.27 | % | | | | | 45,974,190 | | | 10.52 | | | 100.00 | % |
| N/A | | | | 580,396 | | | 11.73 | % | | | | | N/A | | | N/A | | | N/A | |
|
| |
|
| |
|
| | | | |
|
| |
|
| |
|
| |
| 479 | | | | 4,949,123 | | | 100.00 | % | | | | $ | 45,974,190 | | $ | 9.29 | | | N/A | |
|
| |
|
| |
|
| | | | |
|
| |
|
| |
|
| |
|
| (a) Includes locations presently undergoing development and/or redevelopment activities. |
19
