Exhibit 99.2
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
June 30, 2005
(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
Cedar Shopping Centers, Inc.
Supplemental Financial Information
June 30, 2005
(unaudited)
TABLE OF CONTENTS
| Disclosures | 3-4 |
| Summary Financial Data | 5-6 |
| Consolidated Balance Sheets Information (wholly-owned and joint venture properties) | 7 |
| Consolidated Statements of Income Information (wholly-owned and joint venture properties) | 8-9 |
| Reconciliation of Net Income Applicable to Common Shareholders to Funds From Operations (“FFO”) | 10 |
| Property Summary | 11-16 |
| Debt Summary | 17-18 |
| Consolidated Joint Ventures Information | 19-20 |
| Tenant Concentration Schedule | 21 |
| Lease Expiration Schedule | 22 |
2
Cedar Shopping Centers, Inc.
Supplemental Financial Information
June 30, 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 Company’s 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 June 30, 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 June 30, 2005, the Company owned a 93.2% 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
Funds From Operations (“FFO”) is a widely-recognized measure of REIT performance. 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 depreciation and amortization, and after 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 applicable to common shareholders 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 applicable to common shareholders 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 net income applicable to common shareholders (determined in accordance with GAAP) as an indication of the Company’s performance or to cash flow from operating activities (determined in accordance with GAAP) 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) | ||||||
| June 30, | December 31, | |||||
| 2005 | 2004 | |||||
| Equity market capitalization (end of period): | ||||||
| 8-7/8% Series A Cumulative Redeemable | ||||||
| Preferred Stock shares outstanding | 3,550,000 | 2,350,000 | ||||
| Closing market price | $ | 26.70 | $ | 26.39 | ||
| Common shares outstanding | 22,340,981 | 19,350,981 | ||||
| OP Units outstanding | 1,638,562 | 454,469 | ||||
| Closing market price | $ | 14.75 | $ | 14.30 | ||
| Equity market capitalization | $ | 448,483,000 | $ | 345,234,000 | ||
| Pro rata share of outstanding debt | 252,271,000 | 212,142,000 | ||||
| Total capitalization | $ | 700,754,000 | $ | 557,376,000 | ||
| Ratio of pro rata share of outstanding debt | ||||||
| to total capitalization | 36.0 | % | 38.1 | % | ||
| Ratio of pro rata share of outstanding debt | ||||||
| to capitalization without Preferred Stock | 41.6 | % | 42.8 | % | ||
| Three months ended June 30, | ||||||
| 2005 | 2004 | |||||
| Total revenues | $ | 17,047,000 | $ | 12,640,000 | ||
| Net income applicable to common shareholders | $ | 1,466,000 | $ | 1,903,000 | ||
| Per common share | $ | 0.07 | $ | 0.12 | ||
| Dividends to common shareholders | $ | 5,027,000 | $ | 3,703,000 | ||
| Per common share | $ | 0.225 | $ | 0.225 | ||
| FFO | $ | 5,484,000 | $ | 4,253,000 | ||
| Per common share/OP unit | $ | 0.23 | $ | 0.25 | ||
| Average number of common shares: | ||||||
| Shares used in determination of earnings per share | 22,175,000 | 16,456,000 | ||||
| Additional shares assuming conversion of OP Units | 1,230,000 | 454,000 | ||||
| Shares used in determination of FFO per share | 23,405,000 | 16,910,000 | ||||
| Six months ended June 30, | ||||||
| 2005 | 2004 | |||||
| Total revenues | $ | 33,569,000 | $ | 23,912,000 | ||
| Net income applicable to common shareholders | $ | 2,820,000 | $ | 3,246,000 | ||
| Per common share | $ | 0.14 | $ | 0.20 | ||
| Dividends to common shareholders | $ | 9,381,000 | $ | 6,335,000 | ||
| Per common share | $ | 0.450 | $ | 0.385 | ||
| FFO | $ | 10,354,000 | $ | 7,622,000 | ||
| Per common share/OP unit | $ | 0.48 | $ | 0.45 | ||
| Average number of common shares: | ||||||
| Shares used in determination of earnings per share | 20,763,000 | 16,456,000 | ||||
| Additional shares assuming conversion of OP Units | 842,000 | 447,000 | ||||
| Shares used in determination of FFO per share | 21,605,000 | 16,903,000 | ||||
5
| Cedar Shopping Centers, Inc. | ||||||
| Summary Financial Data | ||||||
| (unaudited) | ||||||
| (continued) | ||||||
| June 30, | December 31, | |||||
| 2005 | 2004 | |||||
| Real estate, net | 617,928,000 | 505,325,000 | ||||
| Other assets | 37,129,000 | 31,835,000 | ||||
| Total assets | $ | 655,057,000 | $ | 537,160,000 | ||
| Total debt | $ | 288,517,000 | $ | 248,630,000 | ||
| Other liabilities | 32,570,000 | 34,239,000 | ||||
| Minority interests | 11,929,000 | 11,995,000 | ||||
| Limited partners’ interest in OP | 21,899,000 | 6,542,000 | ||||
| Shareholders’ equity | 300,142,000 | 235,754,000 | ||||
| Total liabilities and equity | $ | 655,057,000 | $ | 537,160,000 | ||
| Fixed-rate mortgages | $ | 210,330,000 | $ | 161,475,000 | ||
| Variable-rate mortgages | 34,787,000 | 18,955,000 | ||||
| Total mortgages | 245,117,000 | 180,430,000 | ||||
| Secured revolving credit facility | 43,400,000 | 68,200,000 | ||||
| Total debt | $ | 288,517,000 | $ | 248,630,000 | ||
| Pro rata share of total debt | $ | 252,271,000 | $ | 212,142,000 | ||
| Weighted average interest rates: | ||||||
| Fixed-rate mortgages | 6.2 | % | 6.5 | % | ||
| Variable-rate mortgages | 5.3 | % | 4.7 | % | ||
| Total mortgages | 6.1 | % | 6.3 | % | ||
| Secured variable rate revolving credit facility | 4.8 | % | 3.9 | % | ||
| Total debt | 5.9 | % | 5.7 | % | ||
6
| CEDAR SHOPPING CENTERS, INC. | ||||||||||||||||||||||
| Consolidated Balance Sheets Information | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| June 30, 2005 | December 31, 2004 | |||||||||||||||||||||
| Joint venture | Wholly-owned | Joint venture | Wholly-owned | |||||||||||||||||||
| Total | properties | properties | Total | properties | properties | |||||||||||||||||
| Assets: | ||||||||||||||||||||||
| Real estate: | ||||||||||||||||||||||
| Land | $ | 117,784,000 | $ | 14,408,000 | $ | 103,376,000 | $ | 97,617,000 | $ | 14,409,000 | $ | 83,208,000 | ||||||||||
| Buildings and improvements | 523,431,000 | 54,031,000 | 469,400,000 | 423,735,000 | 54,083,000 | 369,652,000 | ||||||||||||||||
| 641,215,000 | 68,439,000 | 572,776,000 | 521,352,000 | 68,492,000 | 452,860,000 | |||||||||||||||||
| Less accumulated depreciation | (23,287,000 | ) | (3,795,000 | ) | (19,492,000 | ) | (16,027,000 | ) | (3,055,000 | ) | (12,972,000 | ) | ||||||||||
| Real estate, net | 617,928,000 | 64,644,000 | 553,284,000 | 505,325,000 | 65,437,000 | 439,888,000 | ||||||||||||||||
| Cash and cash equivalents | 7,105,000 | — | 7,105,000 | 8,457,000 | — | 8,457,000 | ||||||||||||||||
| Cash at joint ventures | 1,350,000 | 1,350,000 | — | 1,193,000 | 1,193,000 | — | ||||||||||||||||
| Construction / improvement and other escrows | 5,119,000 | 1,300,000 | 3,819,000 | 5,912,000 | 1,408,000 | 4,504,000 | ||||||||||||||||
| Receivables: | ||||||||||||||||||||||
| Rents and other, net | 3,809,000 | 264,000 | 3,545,000 | 1,929,000 | 216,000 | 1,713,000 | ||||||||||||||||
| Straight-line rents | 3,490,000 | 746,000 | 2,744,000 | 2,554,000 | 668,000 | 1,886,000 | ||||||||||||||||
| Other assets | 5,159,000 | 263,000 | 4,896,000 | 2,379,000 | 271,000 | 2,108,000 | ||||||||||||||||
| Deferred charges, net: | ||||||||||||||||||||||
| Leasing costs | 6,557,000 | 340,000 | 6,217,000 | 6,163,000 | 226,000 | 5,937,000 | ||||||||||||||||
| Financing costs | 3,719,000 | 612,000 | 3,107,000 | 2,994,000 | 675,000 | 2,319,000 | ||||||||||||||||
| Other | 821,000 | — | 821,000 | 254,000 | — | 254,000 | ||||||||||||||||
| Total assets | $ | 655,057,000 | $ | 69,519,000 | $ | 585,538,000 | $ | 537,160,000 | $ | 70,094,000 | $ | 467,066,000 | ||||||||||
| Liabilities and shareholders’ equity: | ||||||||||||||||||||||
| Mortgage loans payable | $ | 245,117,000 | $ | 49,883,000 | $ | 195,234,000 | $ | 180,430,000 | $ | 50,224,000 | $ | 130,206,000 | ||||||||||
| Secured revolving credit facility | 43,400,000 | — | 43,400,000 | 68,200,000 | — | 68,200,000 | ||||||||||||||||
| Accounts payable and accrued expenses | 5,420,000 | 528,000 | 4,892,000 | 5,549,000 | 464,000 | 5,085,000 | ||||||||||||||||
| Tenant advance payments and security deposits | 3,209,000 | 261,000 | 2,948,000 | 3,463,000 | 533,000 | 2,930,000 | ||||||||||||||||
| Unamortized intangible lease liabilities | 23,941,000 | 1,113,000 | 22,828,000 | 25,227,000 | 1,185,000 | 24,042,000 | ||||||||||||||||
| Total liabilities | 321,087,000 | 51,785,000 | 269,302,000 | 282,869,000 | 52,406,000 | 230,463,000 | ||||||||||||||||
| Minority interests | 11,929,000 | 11,929,000 | — | 11,995,000 | 11,995,000 | — | ||||||||||||||||
| Limited partners’ interest in consolidated OP | 21,899,000 | 395,000 | 21,504,000 | 6,542,000 | 154,000 | 6,388,000 | ||||||||||||||||
| Equity (a) | 300,142,000 | 5,410,000 | 294,732,000 | 235,754,000 | 5,539,000 | 230,215,000 | ||||||||||||||||
| Total liabilities and equity | $ | 655,057,000 | $ | 69,519,000 | $ | 585,538,000 | $ | 537,160,000 | $ | 70,094,000 | $ | 467,066,000 | ||||||||||
| (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 June 30, 2005 | Three months ended June 30, 2004 | ||||||||||||||||||||||||
| Total | Joint venture | Wholly-owned | Total | Joint venture | Wholly-owned | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||
| Rents: | |||||||||||||||||||||||||
| Base rents | $ | 12,284,000 | $ | 1,839,000 | $ | 10,445,000 | $ | 8,816,000 | $ | 1,749,000 | $ | 7,067,000 | |||||||||||||
| Percentage rents | 22,000 | 1,000 | 21,000 | 187,000 | 3,000 | 184,000 | |||||||||||||||||||
| Straight-line rents | 442,000 | 32,000 | 410,000 | 385,000 | 63,000 | 322,000 | |||||||||||||||||||
| Amortization of intangible | |||||||||||||||||||||||||
| lease liabilities | 937,000 | 35,000 | 902,000 | 551,000 | 41,000 | 510,000 | |||||||||||||||||||
| 13,685,000 | 1,907,000 | 11,778,000 | 9,939,000 | 1,856,000 | 8,083,000 | ||||||||||||||||||||
| Expense recoveries | 3,218,000 | 333,000 | 2,885,000 | 2,575,000 | 532,000 | 2,043,000 | |||||||||||||||||||
| Other | 144,000 | — | 144,000 | 126,000 | 8,000 | 118,000 | |||||||||||||||||||
| Total revenues | 17,047,000 | 2,240,000 | 14,807,000 | 12,640,000 | 2,396,000 | 10,244,000 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||||
| Operating, maintenance | |||||||||||||||||||||||||
| and management | 2,545,000 | 223,000 | 2,322,000 | 2,657,000 | 356,000 | 2,301,000 | |||||||||||||||||||
| Real estate and other property- | |||||||||||||||||||||||||
| related taxes | 1,915,000 | 221,000 | 1,694,000 | 1,244,000 | 217,000 | 1,027,000 | |||||||||||||||||||
| General and administrative | 1,197,000 | — | 1,197,000 | 985,000 | — | 985,000 | |||||||||||||||||||
| Depreciation and amortization | 4,188,000 | 382,000 | 3,806,000 | 2,592,000 | 374,000 | 2,218,000 | |||||||||||||||||||
| Total expenses | 9,845,000 | 826,000 | 9,019,000 | 7,478,000 | 947,000 | 6,531,000 | |||||||||||||||||||
| Operating income | 7,202,000 | 1,414,000 | 5,788,000 | 5,162,000 | 1,449,000 | 3,713,000 | |||||||||||||||||||
| Non-operating income and expense: | |||||||||||||||||||||||||
| Interest expense | (3,144,000 | ) | (945,000 | ) | (2,199,000 | ) | (2,575,000 | ) | (907,000 | ) | (1,668,000 | ) | |||||||||||||
| Amortization of deferred financing costs | (230,000 | ) | (32,000 | ) | (198,000 | ) | (242,000 | ) | (32,000 | ) | (210,000 | ) | |||||||||||||
| Interest income | 27,000 | 4,000 | 23,000 | 27,000 | 1,000 | 26,000 | |||||||||||||||||||
| Total non-operating income and expense | (3,347,000 | ) | (973,000 | ) | (2,374,000 | ) | (2,790,000 | ) | (938,000 | ) | (1,852,000 | ) | |||||||||||||
| Income before minority and | |||||||||||||||||||||||||
| limited partners’ interests | 3,855,000 | 441,000 | 3,414,000 | 2,372,000 | 511,000 | 1,861,000 | |||||||||||||||||||
| Minority interests | (353,000 | ) | (353,000 | ) | — | (416,000 | ) | (416,000 | ) | — | |||||||||||||||
| Limited partners’ interest | (82,000 | ) | (5,000 | ) | (77,000 | ) | (53,000 | ) | (3,000 | ) | (50,000 | ) | |||||||||||||
| Net income | 3,420,000 | 83,000 | 3,337,000 | 1,903,000 | 92,000 | 1,811,000 | |||||||||||||||||||
| Preferred distribution requirements | (1,954,000 | ) | — | (1,954,000 | ) | — | — | — | |||||||||||||||||
| Net income applicable to | |||||||||||||||||||||||||
| common shareholders | $ | 1,466,000 | $ | 83,000 | $ | 1,383,000 | $ | 1,903,000 | $ | 92,000 | $ | 1,811,000 | |||||||||||||
| Per common share | $ | 0.07 | $ | — | $ | 0.07 | $ | 0.12 | $ | 0.01 | $ | 0.11 | |||||||||||||
| Average number of common | |||||||||||||||||||||||||
| shares outstanding | 22,175,000 | 22,175,000 | 22,175,000 | 16,456,000 | 16,456,000 | 16,456,000 | |||||||||||||||||||
8
| CEDAR SHOPPING CENTERS, INC. | |||||||||||||||||||||
| Consolidated Statements of Income Information | |||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||
| Six months ended June 30, 2005 | Six months ended June 30, 2004 | ||||||||||||||||||||
| Total | Joint venture | Wholly-owned | Total | Joint venture | Wholly-owned | ||||||||||||||||
| Revenues: | |||||||||||||||||||||
| Rents: | |||||||||||||||||||||
| Base rents | $ | 23,533,000 | $ | 3,680,000 | $ | 19,853,000 | $ | 16,823,000 | $ | 3,486,000 | $ | 13,337,000 | |||||||||
| Percentage rents | 223,000 | 5,000 | 218,000 | 304,000 | 19,000 | 285,000 | |||||||||||||||
| Straight-line rents | 934,000 | 79,000 | 855,000 | 645,000 | 141,000 | 504,000 | |||||||||||||||
| Amortization of intangible | |||||||||||||||||||||
| lease liabilities | 1,844,000 | 71,000 | 1,773,000 | 976,000 | 82,000 | 894,000 | |||||||||||||||
| 26,534,000 | 3,835,000 | 22,699,000 | 18,748,000 | 3,728,000 | 15,020,000 | ||||||||||||||||
| Expense recoveries | 6,891,000 | 790,000 | 6,101,000 | 4,935,000 | 926,000 | 4,009,000 | |||||||||||||||
| Other | 144,000 | — | 144,000 | 229,000 | 9,000 | 220,000 | |||||||||||||||
| Total revenues | 33,569,000 | 4,625,000 | 28,944,000 | 23,912,000 | 4,663,000 | 19,249,000 | |||||||||||||||
| Expenses: | |||||||||||||||||||||
| Operating, maintenance | |||||||||||||||||||||
| and management | 6,572,000 | 642,000 | 5,930,000 | 5,397,000 | 750,000 | 4,647,000 | |||||||||||||||
| Real estate and other property- | |||||||||||||||||||||
| related taxes | 3,390,000 | 441,000 | 2,949,000 | 2,344,000 | 435,000 | 1,909,000 | |||||||||||||||
| General and administrative | 2,166,000 | — | 2,166,000 | 1,627,000 | — | 1,627,000 | |||||||||||||||
| Depreciation and amortization | 7,931,000 | 763,000 | 7,168,000 | 5,067,000 | 681,000 | 4,386,000 | |||||||||||||||
| Total expenses | 20,059,000 | 1,846,000 | 18,213,000 | 14,435,000 | 1,866,000 | 12,569,000 | |||||||||||||||
| Operating income | 13,510,000 | 2,779,000 | 10,731,000 | 9,477,000 | 2,797,000 | 6,680,000 | |||||||||||||||
| Non-operating income and expense: | |||||||||||||||||||||
| Interest expense | (6,281,000 | ) | (1,927,000 | ) | (4,354,000 | ) | (5,099,000 | ) | (2,003,000 | ) | (3,096,000 | ) | |||||||||
| Amortization of deferred financing costs | (436,000 | ) | (68,000 | ) | (368,000 | ) | (489,000 | ) | (64,000 | ) | (425,000 | ) | |||||||||
| Interest income | 32,000 | 7,000 | 25,000 | 30,000 | 2,000 | 28,000 | |||||||||||||||
| Total non-operating income and expense | (6,685,000 | ) | (1,988,000 | ) | (4,697,000 | ) | (5,558,000 | ) | (2,065,000 | ) | (3,493,000 | ) | |||||||||
| Income before minority and | |||||||||||||||||||||
| limited partners’ interests | 6,825,000 | 791,000 | 6,034,000 | 3,919,000 | 732,000 | 3,187,000 | |||||||||||||||
| Minority interests | (643,000 | ) | (643,000 | ) | — | (584,000 | ) | (584,000 | ) | — | |||||||||||
| Limited partners’ interest | (114,000 | ) | (6,000 | ) | (108,000 | ) | (89,000 | ) | (4,000 | ) | (85,000 | ) | |||||||||
| Net income | 6,068,000 | 142,000 | 5,926,000 | 3,246,000 | 144,000 | 3,102,000 | |||||||||||||||
| Preferred distribution requirements | (3,248,000 | ) | — | (3,248,000 | ) | — | — | — | |||||||||||||
| Net income applicable to | |||||||||||||||||||||
| common shareholders | $ | 2,820,000 | $ | 142,000 | $ | 2,678,000 | $ | 3,246,000 | $ | 144,000 | $ | 3,102,000 | |||||||||
| Per common share | $ | 0.14 | $ | 0.01 | $ | 0.13 | $ | 0.20 | $ | 0.01 | $ | 0.19 | |||||||||
| Average number of common | |||||||||||||||||||||
| shares outstanding | 20,763,000 | 20,763,000 | 20,763,000 | 16,456,000 | 16,456,000 | 16,456,000 | |||||||||||||||
9
| CEDAR SHOPPING CENTERS, INC. | ||||||||||||||
| Reconciliation of Net Income to | ||||||||||||||
| Funds From Operations (“FFO”) | ||||||||||||||
| (unaudited) | ||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2005 | 2004 | 2005 | 2004 | |||||||||||
| Net income applicable to common shareholders (1) | $ | 1,466,000 | $ | 1,903,000 | $ | 2,820,000 | $ | 3,246,000 | ||||||
| Add (deduct): | ||||||||||||||
| Depreciation and amortization | 4,171,000 | 2,506,000 | 7,901,000 | 4,698,000 | ||||||||||
| Limited partners’ interest | 82,000 | 53,000 | 114,000 | 89,000 | ||||||||||
| Minority interests | 353,000 | 416,000 | 643,000 | 584,000 | ||||||||||
| Minority interests’ share of FFO | (588,000 | ) | (625,000 | ) | (1,124,000 | ) | (995,000 | |||||||
| Funds from operations | $ | 5,484,000 | $ | 4,253,000 | $ | 10,354,000 | $ | 7,622,000 | ||||||
| FFO per common share (assuming conversion | ||||||||||||||
| of OP Units | $ | 0.23 | $ | 0.25 | $ | 0.48 | $ | 0.45 | ||||||
| Average number of common shares: | ||||||||||||||
| Shares used in determination of earnings per share | 22,175,000 | 16,456,000 | 20,763,000 | 16,456,000 | ||||||||||
| Additional shares assuming conversion of OP Units | 1,230,000 | 454,000 | 842,000 | 447,000 | ||||||||||
| Shares used in determination of FFO per share | 23,405,000 | 16,910,000 | 21,605,000 | 16,903,000 | ||||||||||
| (1) Net income applicable to common shareholders includes income from amortization of intangible lease liabilities of $937,000, | ||||||||||||||
| $551,000, $1,844,000 and $976,000, respectively. The minority interests’ share of such amortization was $27,000, $31,000, $54,000 and | ||||||||||||||
| $63,000, respectively. Net income applicable to common shareholders also includes a charge for the ineffective portion of the | ||||||||||||||
| change in the fair value of the Company’s derivative financial instruments of $0, $80,000, $0 and $360,000, respectively (included | ||||||||||||||
| in amortization expense). Minority interests did not share in such charge. | ||||||||||||||
10
| CEDAR SHOPPING CENTERS, INC. | ||||||||||||||||||||||||||||
| Property Summary | ||||||||||||||||||||||||||||
| As of June 30, 2005 | ||||||||||||||||||||||||||||
| 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] | ||||||||||||||||||||||||||||
| Property | Name | SF | Lease expiration | |||||||||||||||||||||||||
| STABILIZED PROPERTIES (1): | ||||||||||||||||||||||||||||
| The Point Shopping Center | 2000 | 100 | % | 255,447 | 1972/2001 | 19 | 94 | % | $ | 10.36 | 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 | 33 | 99 | % | 11.33 | 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 | 29 | 97 | % | 12.05 | Thriftway | 40,000 | 10/31/2008 | ||||||||||||||||
| Philadelphia, PA | Pep Boys | 20,615 | 02/28/2009 | |||||||||||||||||||||||||
| Washington Center Shoppes | 2001 | 100 | % | 153,260 | 1979/1995 | 29 | 99 | % | 7.60 | 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 | % | 12.32 | 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 | % | 293,825 | 1969/2000 | 26 | 100 | % | 7.45 | K-Mart | 102,558 | 08/31/2006 | ||||||||||||||||
| Williamsport, PA | Giant Foods | 66,935 | 10/31/2019 | |||||||||||||||||||||||||
| Staples | 20,555 | 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 | % | 10.89 | Giant Foods | 32,000 | 10/31/2019 | ||||||||||||||||
| Halifax, PA | ||||||||||||||||||||||||||||
| Newport Plaza | 2003 | 30 | % | 66,789 | 1996 | 9 | 100 | % | 10.12 | Giant Foods | 43,400 | 05/31/2021 | ||||||||||||||||
| Newport, PA | ||||||||||||||||||||||||||||
| Pine Grove Plaza | 2003 | 100 | % | 79,306 | 2001/2002 | 14 | 95 | % | 10.39 | Peebles | 24,963 | 01/31/2022 | ||||||||||||||||
| Pemberton Township, NJ | ||||||||||||||||||||||||||||
11
| CEDAR SHOPPING CENTERS, INC. Property Summary As of June 30, 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 | % | $ | 13.16 | LA Fitness | 37,200 | 06/30/2016 | |||||||||||||||
| East Norriton, PA | ||||||||||||||||||||||||||||
| Valley Plaza | 2003 | 100 | % | 191,189 | 1975/1994 | 7 | 100 | % | 4.39 | 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 | % | 5.51 | Wal-Mart | 95,482 | 01/31/2020 | ||||||||||||||||
| Southington, CT | Namco | 20,000 | 01/31/2011 | |||||||||||||||||||||||||
| South Philadelphia | 2003 | 100 | % | 283,415 | 1950/2003 | 25 | 96 | % | 12.78 | 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 | 88 | % | 16.66 | 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 | % | 14.43 | Giant Foods | 54,332 | 06/30/2022 | ||||||||||||||||
| Dickson City, PA | ||||||||||||||||||||||||||||
| Golden Triangle | 2003 | 100 | % | 191,581 | 1960/2005 | 16 | 86 | % | 10.51 | 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 | ||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||
12
| CEDAR SHOPPING CENTERS, INC. | |||||||||||||||||||||||||||||||
| Property Summary | |||||||||||||||||||||||||||||||
| As of June 30, 2005 | |||||||||||||||||||||||||||||||
| (continued) | 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] | |||||||||||||||||||||||||||||||
| Property | Name | SF | Lease expiration | ||||||||||||||||||||||||||||
| Franklin Village Plaza | 2004 | 100 | % | 303,772 (3) | 1987/1989 | 63 | 92 | % | $ | 18.19 | 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 | % | 8.73 | Sam’s Club | 109,755 | 10/31/2010 | |||||||||||||||||||
| Berlin, CT | The Home Depot | 103,003 | 10/31/2010 | ||||||||||||||||||||||||||||
| Syms | 38,000 | 03/31/2010 | |||||||||||||||||||||||||||||
| Carbondale Plaza | 2004 | 100 | % | 129,915 | 1972 | 10 | 83 | % | 5.49 | Weis Markets | 52,720 | 02/29/2016 | |||||||||||||||||||
| Carbondale, PA | Peebles | 39,600 | 01/31/2016 | ||||||||||||||||||||||||||||
| Kenley Village | 2005 | 100 | % | 51,894 | 1988 | 11 | 100 | % | 7.54 | Food Lion | 29,000 | 02/11/2009 | |||||||||||||||||||
| Hagerstown, MD | |||||||||||||||||||||||||||||||
| St. James Square | 2005 | 100 | % | 39,903 | 2000 | 4 | 93 | % | 10.97 | Food Lion | 33,000 | 11/14/2020 | |||||||||||||||||||
| Hagerstown, MD | |||||||||||||||||||||||||||||||
| Carrolton Discount Drug Mart Plaza | 2005 | 100 | % | 40,355 | 2000 | 4 | 100 | % | 7.92 | Discount Drug Mart | 25,355 | 03/31/2016 | |||||||||||||||||||
| Carrolton, OH | |||||||||||||||||||||||||||||||
| Clyde Discount Drug Mart Plaza | 2005 | 100 | % | 33,852 | 2002 | 2 | 82 | % | 9.08 | Discount Drug Mart | 23,852 | 03/31/2019 | |||||||||||||||||||
| Clyde, OH | |||||||||||||||||||||||||||||||
| CVS at Bradford | 2005 | 100 | % | 10,722 | 1996 | 1 | 100 | % | 12.80 | ||||||||||||||||||||||
| Bradford, PA | |||||||||||||||||||||||||||||||
| CVS at Celina | 2005 | 100 | % | 10,195 | 1998 | 1 | 100 | % | 16.50 | ||||||||||||||||||||||
| Celina, OH | |||||||||||||||||||||||||||||||
| CVS at Erie | 2005 | 100 | % | 10,125 | 1997 | 1 | 100 | % | 16.39 | ||||||||||||||||||||||
| Erie, PA | |||||||||||||||||||||||||||||||
| CVS at Portage Trail | 2005 | 100 | % | 10,125 | 1996 | 1 | 100 | % | 13.77 | ||||||||||||||||||||||
| Akron, OH | |||||||||||||||||||||||||||||||
| CVS at Westfield | 2005 | 100 | % | 10,125 | 2000 | 1 | 100 | % | 15.74 | ||||||||||||||||||||||
| Westfield, NY | |||||||||||||||||||||||||||||||
| Dover Discount Drug Mart Plaza | 2005 | 100 | % | 38,409 | 2002 | 7 | 100 | % | 9.01 | Discount Drug Mart | 24,516 | 03/31/2013 | |||||||||||||||||||
| Dover, OH | |||||||||||||||||||||||||||||||
13
| CEDAR SHOPPING CENTERS, INC. | |||||||||||||||||||||||||||||||
| Property Summary | |||||||||||||||||||||||||||||||
| As of June 30, 2005 | |||||||||||||||||||||||||||||||
| (continued) | 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] | |||||||||||||||||||||||||||||||
| Property | Name | SF | Lease expiration | ||||||||||||||||||||||||||||
| East Chestnut | 2005 | 100 | % | 20,680 | 1996 | 4 | 100 | % | $ | 16.65 | |||||||||||||||||||||
| Lancaster, PA | |||||||||||||||||||||||||||||||
| Fairfield Plaza | 2005 | 100 | % | 71,979 | 2001/2005 | 6 | 86 | % | 12.97 | TJ Maxx | 25,257 | 08/31/2013 | |||||||||||||||||||
| New Milford, CT | Staples | 20,388 | 10/31/2019 | ||||||||||||||||||||||||||||
| Family Dollar at Zanesville | 2005 | 100 | % | 6,900 | 2000 | 1 | 100 | % | 8.70 | ||||||||||||||||||||||
| Zanesville, OH | |||||||||||||||||||||||||||||||
| FirstMerit Bank at Akron | 2005 | 100 | % | 3,200 | 1996 | 1 | 100 | % | 23.51 | ||||||||||||||||||||||
| Akron, OH | |||||||||||||||||||||||||||||||
| Hudson Discount Drug Mart Plaza | 2005 | 100 | % | 32,259 | 2000 | 1 | 100 | % | 10.19 | Discount Drug Mart | 32,259 | 03/31/2017 | |||||||||||||||||||
| Hudson, OH | |||||||||||||||||||||||||||||||
| Lodi Discount Drug Mart Plaza | 2005 | 100 | % | 38,576 | 2003 | 5 | 100 | % | 9.27 | Discount Drug Mart | 24,596 | 03/31/2019 | |||||||||||||||||||
| Lodi, OH | |||||||||||||||||||||||||||||||
| McCormick Place | 2005 | 100 | % | 46,000 | 1995 | 2 | 100 | % | 8.48 | Sam Levin Furniture | 40,000 | 12/31/2011 | |||||||||||||||||||
| North Olmsted, OH | |||||||||||||||||||||||||||||||
| McDonalds and Waffle House at Medina | 2005 | 100 | % | 6,000 | 2003 | 2 | 100 | % | 11.70 | ||||||||||||||||||||||
| Medina, OH | |||||||||||||||||||||||||||||||
| Ontario Discount Drug Mart Plaza | 2005 | 100 | % | 38,423 | 2002 | 3 | 95 | % | 6.93 | Discount Drug Mart | 25,525 | 03/31/2016 | |||||||||||||||||||
| Mansfield, OH | |||||||||||||||||||||||||||||||
| Pickerington Discount Drug Mart Plaza | 2005 | 100 | % | 47,810 | 2002 | 10 | 100 | % | 12.01 | Discount Drug Mart | 25,852 | 08/31/2017 | |||||||||||||||||||
| Pickerington, OH | |||||||||||||||||||||||||||||||
| Polaris Discount Drug Mart Plaza | 2005 | 100 | % | 50,289 | 2001 | 13 | 100 | % | 12.02 | Discount Drug Mart | 25,861 | 03/31/2017 | |||||||||||||||||||
| Lewis Center, OH | |||||||||||||||||||||||||||||||
| Pondside Plaza | 2005 | 100 | % | 19,340 | 2003 | 4 | 100 | % | 8.20 | ||||||||||||||||||||||
| Geneseo, NY | |||||||||||||||||||||||||||||||
14
| CEDAR SHOPPING CENTERS, INC. | ||||||||||||||||||||||||||||||
| Property Summary | ||||||||||||||||||||||||||||||
| As of June 30, 2005 | ||||||||||||||||||||||||||||||
| (continued) | 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] | ||||||||||||||||||||||||||||||
| Property | Name | SF | Lease expiration | |||||||||||||||||||||||||||
| Powell Discount Drug Mart Plaza | 2005 | 100 | % | 49,782 | 2001 | 10 | 97 | % | 11.90 | Discount Drug Mart | 25,852 | 04/10/2017 | ||||||||||||||||||
| Powell, OH | ||||||||||||||||||||||||||||||
| Rite Aid at Massillon | 2005 | 100 | % | 10,125 | 1999 | 1 | 100 | % | 17.91 | |||||||||||||||||||||
| Massillon, OH | ||||||||||||||||||||||||||||||
| Shelby Discount Drug Mart Plaza | 2005 | 100 | % | 36,596 | 2002 | 5 | 100 | % | 9.16 | Discount Drug Mart | 24,596 | 03/31/2019 | ||||||||||||||||||
| Shelby, OH | ||||||||||||||||||||||||||||||
| Staples at Oswego | 2005 | 100 | % | 23,884 | 2000 | 1 | 100 | % | 10.90 | Staples | 23,884 | 02/28/2015 | ||||||||||||||||||
| Oswego, NY | ||||||||||||||||||||||||||||||
| 4,855,495 | 521 | 95 | % | 10.80 | ||||||||||||||||||||||||||
| DEVELOPMENT/REDEVELOPMENT PROPERTIES: | ||||||||||||||||||||||||||||||
| Camp Hill | 2002 | 100 | % | 419,047 | 1958/2005 | 24 | 77 | % | 8.73 | Boscov’s | 167,597 | 09/30/2010 | ||||||||||||||||||
| Camp Hill, PA | Giant Foods | 42,070 | 01/31/2011 | |||||||||||||||||||||||||||
| Barnes & Noble | 24,908 | 01/31/2011 | ||||||||||||||||||||||||||||
| Huntingdon Plaza | 2004 | 100 | % | 151,277 | 1972 – 2003 | 13 | 50 | % | 6.52 | Peebles | 22,060 | 01/31/2018 | ||||||||||||||||||
| Huntingdon, PA | ||||||||||||||||||||||||||||||
| Hamburg Commons | 2004 | 100 | % | 99,488 | 1988 – 1993 | 6 | 71 | % | 6.32 | |||||||||||||||||||||
| Hamburg, PA | ||||||||||||||||||||||||||||||
| Meadows Marketplace | 2004 | 100 | % | 91,250 | 2005 | N/A | — | N/A | Giant Foods (4) | 65,000 | 09/30/2025 | |||||||||||||||||||
| South Hanover Township, PA | ||||||||||||||||||||||||||||||
| Centerville Discount Drug Mart Plaza | 2005 | 100 | % | 49,494 | 2000 | 7 | 72 | % | 10.61 | Discount Drug Mart | 24,012 | 03/31/2016 | ||||||||||||||||||
| Centerville, OH | ||||||||||||||||||||||||||||||
| 810,556 | 50 | 62 | % | 8.19 | ||||||||||||||||||||||||||
| TOTAL PORTFOLIO | 5,666,051 | 571 | 90 | % | $ | 10.54 | ||||||||||||||||||||||||
15
CEDAR SHOPPING CENTERS, INC.
Property Summary
As of June 30, 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 in November 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. |
16
| CEDAR SHOPPING CENTERS, INC. Debt Summary As of June 30, 2005 (unaudited) | |||||||||||||||||||||||
| Percent Owned | Maturity Date | Int. rate Jun 30 2005 | Balances | Pro rata share | ||||||||||||||||||
| Jun 30 2005 | Dec 31 2004 | Jun 30 2005 | Dec 31 2004 | |||||||||||||||||||
| Property | ||||||||||||||||||||||
| Fixed-rate mortgages: | ||||||||||||||||||||||
| The Point | 100.0 | % | Sep 2012 | 7.63 | % | $ | 19,099,000 | $ | 19,264,000 | $ | 19,099,000 | $ | 19,264,000 | |||||||||
| Academy Plaza | 100.0 | % | Mar 2013 | 7.28 | % | 10,200,000 | 10,278,000 | 10,200,000 | 10,278,000 | |||||||||||||
| Port Richmond Village | 100.0 | % | Apr 2008 | 7.17 | % | 11,051,000 | 11,135,000 | 11,051,000 | 11,135,000 | |||||||||||||
| Washington Center Shoppes | 100.0 | % | Nov 2007 | 7.53 | % | 5,706,000 | 5,749,000 | 5,706,000 | 5,749,000 | |||||||||||||
| Red Lion | 20.0 | % | Feb 2010 | 8.86 | % | 16,384,000 | 16,459,000 | 3,277,000 | 3,292,000 | |||||||||||||
| Loyal Plaza | 25.0 | % | Jun 2011 | 7.18 | % | 13,453,000 | 13,532,000 | 3,363,000 | 3,383,000 | |||||||||||||
| Fairview Plaza | 30.0 | % | Feb 2013 | 5.71 | % | 5,900,000 | 5,941,000 | 1,770,000 | 1,782,000 | |||||||||||||
| Halifax Plaza | 30.0 | % | Feb 2010 | 6.83 | % | 4,055,000 | 4,100,000 | 1,217,000 | 1,230,000 | |||||||||||||
| Newport Plaza | 30.0 | % | Feb 2010 | 6.83 | % | 3,753,000 | 3,792,000 | 1,126,000 | 1,138,000 | |||||||||||||
| Newport Plaza | 30.0 | % | Feb 2010 | 6.83 | % | 1,429,000 | 1,445,000 | 429,000 | 433,000 | |||||||||||||
| Pine Grove Plaza | 100.0 | % | Apr 2010 | 6.24 | % | 5,663,000 | 5,738,000 | 5,663,000 | 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 | % | 9,811,000 | 9,987,000 | 9,811,000 | 9,987,000 | |||||||||||||
| Townfair Center | 100.0 | % | Mar 2008 | 6.00 | % | 10,042,000 | 10,167,000 | 10,042,000 | 10,167,000 | |||||||||||||
| Franklin Village Plaza | 100.0 | % | Nov 2011 | 4.81 | % | 43,500,000 | 43,500,000 | 43,500,000 | 43,500,000 | |||||||||||||
| Centerville Discount Drug Mart | 100.0 | % | May 2015 | 5.15 | % | 2,997,000 | — | 2,997,000 | — | |||||||||||||
| Clyde Discount Drug Mart | 100.0 | % | May 2015 | 5.19 | % | 2,078,000 | — | 2,078,000 | — | |||||||||||||
| CVS at Bradford | 100.0 | % | Mar 2017 | 5.16 | % | 1,136,000 | — | 1,136,000 | — | |||||||||||||
| CVS at Celina | 100.0 | % | Jan 2020 | 5.16 | % | 1,824,000 | — | 1,824,000 | — | |||||||||||||
| CVS at Erie | 100.0 | % | Nov 2018 | 5.16 | % | 1,520,000 | — | 1,520,000 | — | |||||||||||||
| CVS at Portage Trail | 100.0 | % | Aug 2017 | 5.00 | % | 1,220,000 | — | 1,220,000 | — | |||||||||||||
| Dover Discount Drug Mart | 100.0 | % | May 2015 | 5.20 | % | 2,273,000 | — | 2,273,000 | — | |||||||||||||
| East Chestnut | 100.0 | % | Apr 2018 | 5.16 | % | 2,417,000 | — | 2,417,000 | — | |||||||||||||
| Fairfield Plaza | 100.0 | % | Jul 2015 | 5.00 | % | 5,475,000 | — | 5,475,000 | — | |||||||||||||
| Lodi Discount Drug Mart | 100.0 | % | May 2015 | 5.19 | % | 2,532,000 | — | 2,532,000 | — | |||||||||||||
| McCormick Place | 100.0 | % | Jul 2008 | 5.15 | % | 2,483,000 | — | 2,483,000 | — | |||||||||||||
| Ontario Discount Drug Mart | 100.0 | % | May 2015 | 5.20 | % | 2,338,000 | — | 2,338,000 | — | |||||||||||||
| Pickerington Discount Drug Mart | 100.0 | % | Jul 2015 | 5.00 | % | 4,450,000 | — | 4,450,000 | — | |||||||||||||
| Polaris Discount Drug Mart | 100.0 | % | May 2015 | 5.20 | % | 4,770,000 | — | 4,770,000 | — | |||||||||||||
| Pondside Plaza | 100.0 | % | May 2015 | 5.55 | % | 1,234,000 | — | 1,234,000 | — | |||||||||||||
| Powell Discount Drug Mart | 100.0 | % | May 2015 | 5.20 | % | 4,570,000 | — | 4,570,000 | — | |||||||||||||
| Rite Aid at Massillon | 100.0 | % | Jan 2020 | 5.00 | % | 1,838,000 | — | 1,838,000 | — | |||||||||||||
| Shelby Discount Drug Mart | 100.0 | % | May 2015 | 5.19 | % | 2,338,000 | — | 2,338,000 | — | |||||||||||||
| Staples at Oswego | 100.0 | % | May 2015 | 5.30 | % | 2,403,000 | — | 2,403,000 | — | |||||||||||||
| Total fixed-rate debt | 6.5 years | 6.20 | % | 210,330,000 | 161,475,000 | 176,538,000 | 127,464,000 | |||||||||||||||
| [wtd-avg maturity] | [wtd-avg rate] | |||||||||||||||||||||
| Variable-rate mortgages: | ||||||||||||||||||||||
| LA Fitness Facility | 50.0 | % | Dec 2007 | 6.25 | % | 4,909,000 | 4,955,000 | 2,455,000 | 2,478,000 | |||||||||||||
| Camp Hill | 100.0 | % | Apr 2008 | 5.18 | % | 29,878,000 | 14,000,000 | 29,878,000 | 14,000,000 | |||||||||||||
| Total variable rate mortgages | 2.7 years | 5.33 | % | 34,787,000 | 18,955,000 | 32,333,000 | 16,478,000 | |||||||||||||||
| [wtd-avg maturity] | [wtd-avg rate] | |||||||||||||||||||||
| Total mortgages | 6.0 years | 6.08 | % | 245,117,000 | 180,430,000 | 208,871,000 | 143,942,000 | |||||||||||||||
| [wtd-avg maturity] | [wtd-avg rate] | |||||||||||||||||||||
| Secured revolving credit facility | 100.0 | % | Jan 2007 | 4.81 | % | 43,400,000 | 68,200,000 | 43,400,000 | 68,200,000 | |||||||||||||
| Secured revolving credit facility | 1.6 years | 4.81 | % | 43,400,000 | 68,200,000 | 43,400,000 | 68,200,000 | |||||||||||||||
| [wtd-avg maturity] | [wtd-avg rate] | |||||||||||||||||||||
| Total debt | 5.3 years | 5.89 | % | $ | 288,517,000 | $ | 248,630,000 | $ | 252,271,000 | $ | 212,142,000 | |||||||||||
| [wtd-avg maturity] | [wtd-avg rate] | |||||||||||||||||||||
17
| CEDAR SHOPPING CENTERS, INC. Debt Summary As of June 30, 2005 (unaudited) (continued) | ||||||||||||
| Mortgage debt | ||||||||||||
| Maturity schedule by year | Scheduled amortization | Balloon payments | Secured revolving credit facility (a) | Total | ||||||||
| 2005 | $ | 1,610,000 | $ | — | $ | 1,610,000 | ||||||
| 2006 | 3,374,000 | 431,000 | 3,805,000 | |||||||||
| 2007 | 3,587,000 | 10,225,000 | $ | 43,400,000 | 57,212,000 | |||||||
| 2008 | 2,826,000 | 60,582,000 | 63,408,000 | |||||||||
| 2009 | 2,718,000 | — | 2,718,000 | |||||||||
| 2010 | 2,368,000 | 28,833,000 | 31,201,000 | |||||||||
| 2011 | 2,309,000 | 55,786,000 | 58,095,000 | |||||||||
| 2012 | 2,140,000 | 15,901,000 | 18,041,000 | |||||||||
| 2013 | 1,514,000 | 13,711,000 | 15,225,000 | |||||||||
| 2014 | 1,546,000 | — | 1,546,000 | |||||||||
| 2015 | 1,118,000 | 31,050,000 | 32,168,000 | |||||||||
| 2016 | 845,000 | — | 845,000 | |||||||||
| 2017 | 749,000 | — | 749,000 | |||||||||
| 2018 | 528,000 | 966,000 | 1,494,000 | |||||||||
| 2019 | 367,000 | — | 367,000 | |||||||||
| 2020 | 33,000 | — | 33,000 | |||||||||
| $ | 27,632,000 | $ | 217,485,000 | $ | 43,400,000 | $ | 288,517,000 | |||||
(a) The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2007.
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| CEDAR SHOPPING CENTERS, INC Consolidated Joint Ventures Information |
| (unaudited) | As of June 30, 2005 | ||||||||||||||||||||
| Property | Partners’ percent | Real estate, net | Mortgage loans payable | Other assets liabilities, net | Equity (a) | ||||||||||||||||
| Partners | Cedar (b)(c) | Total | |||||||||||||||||||
| Loyal Plaza | 75 | % | $ | 19,548,400 | $ | (13,452,979 | ) | $ | 1,235,183 | $ | 4,755,496 | $ | 2,575,108 | $ | 7,330,604 | ||||||
| Red Lion | 80 | % | 18,570,837 | (16,383,930 | ) | 1,641,943 | 2,481,759 | 1,347,091 | 3,828,850 | ||||||||||||
| Fairview Plaza (d) | 70 | % | 8,778,974 | (5,899,979 | ) | (318,904 | ) | 1,567,652 | 992,439 | 2,560,091 | |||||||||||
| Halifax Plaza (d) | 70 | % | 5,512,083 | (4,055,000 | ) | (87,953 | ) | 1,159,084 | 210,046 | 1,369,130 | |||||||||||
| Newport Plaza (d) | 70 | % | 6,436,208 | (5,181,984 | ) | 114,837 | 1,063,509 | 305,552 | 1,369,061 | ||||||||||||
| LA Fitness Facility | 50 | % | 5,797,566 | (4,909,501 | ) | 387,580 | 901,124 | 374,521 | 1,275,645 | ||||||||||||
| $ | 64,644,068 | $ | (49,883,373 | ) | $ | 2,972,686 | $ | 11,928,624 | $ | 5,804,757 | $ | 17,733,381 | |||||||||
| For the six months ended June 30, 2005 | ||||||||||||||||||||||||||||||||
| Property-level operations | Share of property net income | |||||||||||||||||||||||||||||||
| Partners’ | Operating | Depreciation/ | Operating | Non-op | <<< Partners>>> | |||||||||||||||||||||||||||
| Property | percent | Revenues | expenses | amortization | income | inc/exp (e) | Net income | Regular | Preference | Cedar (b) | ||||||||||||||||||||||
| Loyal Plaza | 75 | % | $ | 1,413,059 | $ | 360,267 | $ | 268,912 | $ | 783,880 | $ | 549,069 | $ | 234,811 | $ | 176,108 | $ | 58,703 | $ | — | ||||||||||||
| Red Lion | 80 | % | 1,546,391 | 459,867 | 215,118 | 871,406 | 769,941 | 101,465 | 81,172 | — | 20,293 | |||||||||||||||||||||
| Fairview Plaza (d) | 70 | % | 452,680 | 54,062 | 94,624 | 303,994 | 170,503 | 133,491 | ) | |||||||||||||||||||||||
| ) | ||||||||||||||||||||||||||||||||
| Halifax Plaza (d) | 70 | % | 383,808 | 84,366 | 58,696 | 240,746 | 144,862 | 95,884 | ) | 227,379 | 19,491 | 77,957 | ||||||||||||||||||||
| ) | ||||||||||||||||||||||||||||||||
| Newport Plaza (d) | 70 | % | 458,124 | 113,096 | 68,077 | 276,951 | 181,499 | 95,452 | ) | |||||||||||||||||||||||
| LA Fitness Facility | 50 | % | 370,800 | 10,490 | 57,390 | 302,920 | 172,662 | 130,258 | 65,129 | 14,980 | 50,149 | |||||||||||||||||||||
| $ | 4,624,862 | $ | 1,082,148 | $ | 762,817 | $ | 2,779,897 | $ | 1,988,536 | $ | 791,361 | $ | 549,788 | $ | 93,174 | $ | 148,399 | |||||||||||||||
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| CEDAR SHOPPING CENTERS, INC Consolidated Joint Ventures Information (unaudited) (continued) |
| Partners’ | Share of FFO (a) | ||||||||||||||||
| Property | percent | Cedar | Partners | Cedar (b) | Total | ||||||||||||
| Loyal Plaza | 75 | % | 25 | % | $ | 375,607 | $ | 128,117 | $ | 503,724 | |||||||
| Red Lion | 80 | % | 20 | % | 253,266 | 63,316 | 316,582 | ||||||||||
| Fairview Plaza (d) | 70 | % | 30 | % | ) | ||||||||||||
| ) | |||||||||||||||||
| Halifax Plaza (d) | 70 | % | 30 | % | ) | 379,697 | 166,529 | 546,226 | |||||||||
| ) | |||||||||||||||||
| Newport Plaza (d) | 70 | % | 30 | % | ) | ||||||||||||
| LA Fitness Facility | 50 | % | 50 | % | 115,424 | 72,224 | 187,648 | ||||||||||
| $ | 1,123,994 | $ | 430,186 | $ | 1,554,180 | ||||||||||||
| (a) The Partners/Cedar shares of equity and FFO, as presented, differ from amountscalculated using the stated ownership percentages because of (1) non-proportionateinitial 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 jointventure and wholly-owned entities. | |||||||||||||||||||
| (d) As each of these three properties is under an umbrella partnership, any shortfallin required preference payments by any one of the properties will be offset by excesscash flow from any of the other properties. | |||||||||||||||||||
| (e) Non-operating income and expense consists principally of interest expense and amortization of deferred financing costs. | |||||||||||||||||||
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| CEDAR SHOPPING CENTERS, INC. | |||||||||||||||||||
| Tenant Concentration Schedule | |||||||||||||||||||
| As of June 30, 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 | 8.25 | % | $ | 5,032,211 | $ | 10.77 | 9.31 | % | ||||||
| Staples | 8 | 174,829 | 3.09 | % | 2,261,073 | 12.93 | 4.18 | % | ||||||||
| Discount Drug Mart | 9 | 232,563 | 4.10 | % | 2,082,403 | 8.95 | 3.85 | % | ||||||||
| LA Fitness | 3 | 122,996 | 2.17 | % | 1,743,072 | 14.17 | 3.22 | % | ||||||||
| Wal-Mart/Sam’s Club | 2 | 205,237 | 3.62 | % | 1,367,563 | 6.66 | 2.53 | % | ||||||||
| United Artists Theatre Group | 1 | 77,700 | 1.37 | % | 1,332,769 | 17.15 | 2.47 | % | ||||||||
| CVS | 8 | 79,757 | 1.41 | % | 1,153,171 | 14.46 | 2.13 | % | ||||||||
| Shop ’n Save | 2 | 102,654 | 1.81 | % | 854,151 | 8.32 | 1.58 | % | ||||||||
| Boscov’s | 1 | 167,597 | 2.96 | % | 742,071 | 4.43 | 1.37 | % | ||||||||
| Home Depot | 1 | 103,003 | 1.82 | % | 721,021 | 7.00 | 1.33 | % | ||||||||
| Sub-total top ten tenants | 44 | 1,733,554 | 30.60 | % | 17,289,505 | 9.97 | 31.98 | % | ||||||||
| Remaining tenants | 527 | 3,393,815 | 59.90 | % | 36,767,530 | 10.83 | 68.02 | % | ||||||||
| Sub-total all tenants | 571 | 5,127,369 | 90.49 | % | 54,057,036 | 10.54 | 100.00 | % | ||||||||
| Vacant (a) | N/A | 538,682 | 9.51 | % | N/A | N/A | N/A | |||||||||
| Total (including vacant) | 571 | 5,666,051 | 100.00 | % | $ | 54,057,036 | $ | 9.54 | N/A | |||||||
| (a) Includes locations presently undergoing development and/or redevelopment activities. | |||||||||||||||||||
21
| CEDAR SHOPPING CENTERS, INC. Lease Expiration Schedule As of June 30, 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 | ||||||||||||
| 15 | 59,825 | 1.06 | % | M-T-M | $ | 874,210 | $ | 14.61 | 1.62 | % | ||||||||
| 44 | 174,847 | 3.09 | % | 2005 | 2,082,161 | 11.91 | 3.85 | % | ||||||||||
| 83 | 369,739 | 6.53 | % | 2006 | 4,369,052 | 11.82 | 8.08 | % | ||||||||||
| 79 | 280,309 | 4.95 | % | 2007 | 3,881,902 | 13.85 | 7.18 | % | ||||||||||
| 78 | 370,417 | 6.54 | % | 2008 | 5,028,009 | 13.57 | 9.30 | % | ||||||||||
| 91 | 485,456 | 8.57 | % | 2009 | 4,996,724 | 10.29 | 9.24 | % | ||||||||||
| 36 | 603,839 | 10.66 | % | 2010 | 4,747,772 | 7.86 | 8.78 | % | ||||||||||
| 25 | 379,210 | 6.69 | % | 2011 | 3,254,883 | 8.58 | 6.02 | % | ||||||||||
| 22 | 205,466 | 3.63 | % | 2012 | 2,159,334 | 10.51 | 3.99 | % | ||||||||||
| 17 | 169,989 | 3.00 | % | 2013 | 1,907,932 | 11.22 | 3.53 | % | ||||||||||
| 19 | 153,340 | 2.71 | % | 2014 | 1,972,325 | 12.86 | 3.65 | % | ||||||||||
| 10 | 258,673 | 4.57 | % | 2015 | 2,324,253 | 8.99 | 4.30 | % | ||||||||||
| 519 | 3,511,110 | 61.97 | % | 37,598,557 | 10.71 | 69.55 | % | |||||||||||
| 52 | 1,616,259 | 28.53 | % | Thereafter | 16,458,479 | 10.18 | 30.45 | % | ||||||||||
| 571 | 5,127,369 | 90.49 | % | 54,057,036 | 10.54 | 100.00 | % | |||||||||||
| N/A | 538,682 | 9.51 | % | Vacant (a) | N/A | N/A | N/A | |||||||||||
| Total | ||||||||||||||||||
| 571 | 5,666,051 | 100.00 | % | portfolio | $ | 54,057,036 | $ | 9.54 | N/A | |||||||||
| (a) Includes locations presently undergoing development and/or redevelopment activities. |
22