Exhibit 99.2
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
March 31, 2006
(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
Supplemental Financial Information
March 31, 2006
(unaudited)
TABLE OF CONTENTS
2
Cedar Shopping Centers, Inc.
Supplemental Financial Information
March 31, 2006
(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 beliefs, 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 the Company’s tenants; the continuing availability of suitable acquisitions, and development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital 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; 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 accounting principles generally accepted in the United States (“GAAP”). The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2005 and Form 10-Q for the quarter ended March 31, 2006.
Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At March 31, 2006, the Company owned a 95.1% economic interest in, and is the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership is evidenced by Operating Partnership Units (“OP Units”), which are economically equivalent to shares of the Company’s common stock and convertible into shares of the Company’s common stock at the option of the holders on a one-for-one basis. With respect to its consolidated joint ventures, the Company has general partnership interests ranging from 25% to 50% and, as the Company is the sole general partner and exercises substantial operating control over these entities, the Company has determined, pursuant to EITF 04-05, that such partnerships should be included in the consolidated financial statements. Further, pursuant to EITF 04-05, the Company deconsolidated the Red Lion joint venture as of January 1, 2006 and is recognizing its share of the venture’s results under the equity method from that date forward.
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 financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity. As 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, 2006 | December 31, 2005 | ||||||
Equity market capitalization (end of period): | |||||||
8-7/8% Series A Cumulative Redeemable Preferred Stock shares outstanding | 3,550,000 | 3,550,000 | |||||
Closing market price | $ | 26.00 | $ | 26.45 | |||
Common shares outstanding | 30,239,235 | 29,617,935 | |||||
OP Units outstanding | 1,565,144 | 1,545,808 | |||||
Closing market price | $ | 15.84 | $ | 14.07 | |||
Equity market capitalization | $ | 596,081,000 | $ | 532,371,000 | |||
Pro rata share of outstanding debt | 550,379,000 | 491,774,000 | |||||
Total capitalization | $ | 1,146,460,000 | $ | 1,024,145,000 | |||
Ratio of pro rata share of outstanding debt to total capitalization | 48.0 | % | 48.0 | % | |||
Ratio of pro rata share of outstanding debt to capitalization without Preferred Stock | 52.2 | % | 52.9 | % | |||
Three months ended March 31, | |||||||
2006 | 2005 | ||||||
Total revenues | $ | 29,992,000 | $ | 16,522,000 | |||
Net income applicable to common shareholders | $ | 1,000,000 | $ | 1,354,000 | |||
Per common share | $ | 0.03 | $ | 0.07 | |||
Dividends to common shareholders | $ | 6,701,000 | $ | 4,354,000 | |||
Per common share | $ | 0.225 | $ | 0.225 | |||
FFO | $ | 9,490,000 | $ | 4,870,000 | |||
Per common share/OP unit | $ | 0.30 | $ | 0.25 | |||
Weighted average number of common shares: | |||||||
Shares used in determination of earnings per share | 29,878,000 | 19,351,000 | |||||
Additional shares assuming conversion of OP Units | 1,556,000 | 454,000 | |||||
Shares used in determination of FFO per share | 31,434,000 | 19,805,000 | |||||
5
Cedar Shopping Centers, Inc.
Summary Financial Data
(unaudited)
(continued)
March 31, 2006 | December 31, 2005 | ||||||
Real estate, net | 994,447,000 | 946,457,000 | |||||
Other assets | 64,513,000 | 49,799,000 | |||||
Total assets | $ | 1,058,960,000 | $ | 996,256,000 | |||
Total debt | $ | 569,799,000 | $ | 527,791,000 | |||
Other liabilities | 64,082,000 | 44,405,000 | |||||
Minority interests in consolidated joint ventures | 9,930,000 | 12,339,000 | |||||
Limited partners’ interest in Operating Partnership | 20,342,000 | 20,586,000 | |||||
Shareholders’ equity | 394,807,000 | 391,135,000 | |||||
Total liabilities and equity | $ | 1,058,960,000 | $ | 996,256,000 | |||
Fixed-rate mortgages | $ | 366,907,000 | $ | 338,988,000 | |||
Variable-rate mortgages | 43,412,000 | 41,323,000 | |||||
Total mortgages | 410,319,000 | 380,311,000 | |||||
Secured revolving credit facility | 159,480,000 | 147,480,000 | |||||
Total debt | $ | 569,799,000 | $ | 527,791,000 | |||
Pro rata share of total debt | $ | 550,379,000 | $ | 491,774,000 | |||
Weighted average interest rates: | |||||||
Fixed-rate mortgages | 5.7 | % | 5.8 | % | |||
Variable-rate mortgages | 6.8 | % | 6.3 | % | |||
Total mortgages | 5.8 | % | 5.9 | % | |||
Secured variable-rate revolving credit facility | 6.1 | % | 5.6 | % | |||
Total debt | 5.9 | % | 5.8 | % |
6
CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets Information
(unaudited)
March 31, 2006 | December 31, 2005 | ||||||||||||||||||
Total | Consolidated joint ventures | Wholly-owned properties | Total | Consolidated joint ventures | Wholly-owned properties | ||||||||||||||
Assets: | |||||||||||||||||||
Real estate: | |||||||||||||||||||
Land | $ | 191,096,000 | $ | 10,188,000 | $ | 180,908,000 | $ | 180,951,000 | $ | 14,409,000 | $ | 166,542,000 | |||||||
Buildings and improvements | 844,110,000 | 38,372,000 | 805,738,000 | 800,005,000 | 54,038,000 | 745,967,000 | |||||||||||||
1,035,206,000 | 48,560,000 | 986,646,000 | 980,956,000 | 68,447,000 | 912,509,000 | ||||||||||||||
Less accumulated depreciation | (40,759,000 | ) | (3,304,000 | ) | (37,455,000 | ) | (34,499,000 | ) | (4,544,000 | ) | (29,955,000 | ) | |||||||
Real estate, net | 994,447,000 | 45,256,000 | 949,191,000 | 946,457,000 | 63,903,000 | 882,554,000 | |||||||||||||
Investment in and advances to unconsolidated joint venture | 1,346,000 | — | 1,346,000 | ||||||||||||||||
Cash and cash equivalents | 11,895,000 | — | 11,895,000 | 8,601,000 | — | 8,601,000 | |||||||||||||
Cash at joint ventures | 614,000 | 614,000 | — | 1,385,000 | 1,385,000 | — | |||||||||||||
Construction / improvement and other escrows | 10,408,000 | 628,000 | 9,780,000 | 9,030,000 | 1,610,000 | 7,420,000 | |||||||||||||
Receivables: | |||||||||||||||||||
Rents and other, net | 6,208,000 | 163,000 | 6,045,000 | 4,220,000 | 180,000 | 4,040,000 | |||||||||||||
Straight-line rents | 5,609,000 | 713,000 | 4,896,000 | 4,873,000 | 841,000 | 4,032,000 | |||||||||||||
Other assets | 9,060,000 | 435,000 | 8,625,000 | 4,051,000 | 423,000 | 3,628,000 | |||||||||||||
Deferred charges, net: | |||||||||||||||||||
Leasing costs | 13,548,000 | 298,000 | 13,250,000 | 11,433,000 | 329,000 | 11,104,000 | |||||||||||||
Financing costs | 5,041,000 | 187,000 | 4,854,000 | 5,521,000 | 547,000 | 4,974,000 | |||||||||||||
Other | 784,000 | — | 784,000 | 685,000 | — | 685,000 | |||||||||||||
Total assets | $ | 1,058,960,000 | $ | 48,294,000 | $ | 1,010,666,000 | $ | 996,256,000 | $ | 69,218,000 | $ | 927,038,000 | |||||||
Liabilities and shareholders’ equity: | |||||||||||||||||||
Mortgage loans payable | $ | 410,319,000 | $ | 33,123,000 | $ | 377,196,000 | $ | 380,311,000 | $ | 49,558,000 | $ | 330,753,000 | |||||||
Secured revolving credit facility | 159,480,000 | — | 159,480,000 | 147,480,000 | — | 147,480,000 | |||||||||||||
Accounts payable and accrued expenses | 10,476,000 | 260,000 | 10,216,000 | 12,073,000 | 362,000 | 11,711,000 | |||||||||||||
Tenant advance payments and security deposits | 5,251,000 | 244,000 | 5,007,000 | 4,389,000 | 342,000 | 4,047,000 | |||||||||||||
Unamortized intangible lease liabilities | 48,355,000 | 997,000 | 47,358,000 | 27,943,000 | 1,042,000 | 26,901,000 | |||||||||||||
Total liabilities | 633,881,000 | 34,624,000 | 599,257,000 | 572,196,000 | 51,304,000 | 520,892,000 | |||||||||||||
Minority interests | 9,930,000 | 9,930,000 | — | 12,339,000 | 12,339,000 | — | |||||||||||||
Limited partners’ interest in consolidated Operating | |||||||||||||||||||
Partnership | 20,342,000 | 183,000 | 20,159,000 | 20,586,000 | 279,000 | 20,307,000 | |||||||||||||
Equity (a) | 394,807,000 | 3,557,000 | 391,250,000 | 391,135,000 | 5,296,000 | 385,839,000 | |||||||||||||
Total liabilities and equity | $ | 1,058,960,000 | $ | 48,294,000 | $ | 1,010,666,000 | $ | 996,256,000 | $ | 69,218,000 | $ | 927,038,000 | |||||||
(a) Equity includes net receivable/payable balances on open account between joint venture properties and wholly-owned properties.
7
CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Income Information
(unaudited)
Three months ended March 31, 2006 | Three months ended March 31, 2005 | ||||||||||||||||||
Total | Consolidated joint ventures | Wholly-owned properties | Total | Consolidated joint ventures | Wholly-owned properties | ||||||||||||||
Revenues: | |||||||||||||||||||
Rents: | |||||||||||||||||||
Base rents | $ | 20,332,000 | $ | 1,258,000 | $ | 19,074,000 | $ | 11,249,000 | $ | 1,841,000 | $ | 9,408,000 | |||||||
Percentage rents | 312,000 | — | 312,000 | 201,000 | 4,000 | 197,000 | |||||||||||||
Straight-line rents | 900,000 | 37,000 | 863,000 | 492,000 | 47,000 | 445,000 | |||||||||||||
Amortization of intangible lease liabilities | 2,628,000 | 25,000 | 2,603,000 | 907,000 | 36,000 | 871,000 | |||||||||||||
24,172,000 | 1,320,000 | 22,852,000 | 12,849,000 | 1,928,000 | 10,921,000 | ||||||||||||||
Expense recoveries | 5,614,000 | 285,000 | 5,329,000 | 3,673,000 | 457,000 | 3,216,000 | |||||||||||||
Other | 206,000 | — | 206,000 | — | — | — | |||||||||||||
Total revenues | 29,992,000 | 1,605,000 | 28,387,000 | 16,522,000 | 2,385,000 | 14,137,000 | |||||||||||||
Expenses: | |||||||||||||||||||
Operating, maintenance and management | 6,168,000 | 221,000 | 5,947,000 | 4,027,000 | 419,000 | 3,608,000 | |||||||||||||
Real estate and other property-related taxes | 2,936,000 | 132,000 | 2,804,000 | 1,475,000 | 220,000 | 1,255,000 | |||||||||||||
General and administrative | 1,379,000 | — | 1,379,000 | 969,000 | — | 969,000 | |||||||||||||
Depreciation and amortization | 8,597,000 | 292,000 | 8,305,000 | 3,743,000 | 381,000 | 3,362,000 | |||||||||||||
Total expenses | 19,080,000 | 645,000 | 18,435,000 | 10,214,000 | 1,020,000 | 9,194,000 | |||||||||||||
Operating income | 10,912,000 | 960,000 | 9,952,000 | 6,308,000 | 1,365,000 | 4,943,000 | |||||||||||||
Non-operating income and expense: | |||||||||||||||||||
Interest expense | (7,357,000 | ) | (570,000 | ) | (6,787,000 | ) | (3,137,000 | ) | (982,000 | ) | (2,155,000 | ) | |||||||
Amortization of deferred financing costs | (329,000 | ) | (11,000 | ) | (318,000 | ) | (206,000 | ) | (36,000 | ) | (170,000 | ) | |||||||
Interest income | 116,000 | 1,000 | 115,000 | 5,000 | 3,000 | 2,000 | |||||||||||||
Equity in loss of unconsolidated joint venture | (25,000 | ) | — | — | — | — | |||||||||||||
Total non-operating income and expense | (7,595,000 | ) | (580,000 | ) | (6,990,000 | ) | (3,338,000 | ) | (1,015,000 | ) | (2,323,000 | ) | |||||||
Income before minority and limited partners’ interests | 3,317,000 | 380,000 | 2,962,000 | 2,970,000 | 350,000 | 2,620,000 | |||||||||||||
Minority interests | (310,000 | ) | (310,000 | ) | — | (290,000 | ) | (290,000 | ) | — | |||||||||
Limited partners’ interest | (53,000 | ) | (3,000 | ) | (50,000 | ) | (32,000 | ) | (1,000 | ) | (31,000 | ) | |||||||
Net income | 2,954,000 | 67,000 | 2,912,000 | 2,648,000 | 59,000 | 2,589,000 | |||||||||||||
Preferred distribution requirements | (1,954,000 | ) | — | (1,954,000 | ) | (1,294,000 | ) | — | (1,294,000 | ) | |||||||||
Net income applicable to common shareholders | $ | 1,000,000 | $ | 67,000 | $ | 958,000 | $ | 1,354,000 | $ | 59,000 | $ | 1,295,000 | |||||||
Per common share | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.07 | $ | — | $ | 0.07 | |||||||
Weighted average number of common shares outstanding | 29,878,000 | 29,878,000 | 29,878,000 | 19,351,000 | 19,351,000 | 19,351,000 | |||||||||||||
8
Reconciliation of Net Income to FFO
(unaudited)
Three months ended March 31, | |||||||
2006 | 2005 | ||||||
Net income applicable to common shareholders | $ | 1,000,000 | $ | 1,354,000 | |||
Add (deduct): | |||||||
Depreciation and amortization | 8,571,000 | 3,730,000 | |||||
Limited partners’ interest | 53,000 | 32,000 | |||||
Minority interests in consolidated joint ventures | 310,000 | 290,000 | |||||
Equity in loss of unconsolidated joint venture | 25,000 | — | |||||
Minority interests’ share of FFO applicable to consolidated joint ventures | (466,000 | ) | (536,000 | ) | |||
FFO from unconsolidated joint venture | (3,000 | ) | — | ||||
Funds From Operations | $ | 9,490,000 | $ | 4,870,000 | |||
FFO per common share (assuming conversion of OP Units) | $ | 0.30 | $ | 0.25 | |||
Weighted average number of common shares: | |||||||
Shares used in determination of earnings per share | 29,878,000 | 19,351,000 | |||||
Additional shares assuming conversion of OP Units | 1,556,000 | 454,000 | |||||
Shares used in determination of FFO per share | 31,434,000 | 19,805,000 | |||||
9
CEDAR SHOPPING CENTERS, INC.
Property Summary
As of March 31, 2006
Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties | ||||||||||||||||||||||
Property Description | State | Year acquired | Percent owned | Gross leasable area (“GLA”) | Year built/ year last renovated | Number of tenants | Percent occupied | Average base rent per leased sq. ft. | Name | Sq. ft. | Lease expiration | |||||||||||
STABILIZED PROPERTIES (1): | ||||||||||||||||||||||
Academy Plaza | PA | 2001 | 100% | 152,878 | 1965/1998 | 33 | 99% | $11.46 | Acme Markets | 50,918 | 9/30/2018 | |||||||||||
Raising Horizons School | 20,092 | 8/31/2006 | ||||||||||||||||||||
Carbondale Plaza | PA | 2004 | 100% | 129,915 | 1972/2005 | 10 | 83% | 5.50 | Weis Markets | 52,720 | 2/29/2016 | |||||||||||
Carrolton Discount Drug Mart Plaza | OH | 2005 | 100% | 40,480 | 2000 | 4 | 100% | 7.92 | Discount Drug Mart | 25,480 | 3/31/2016 | |||||||||||
Clyde Discount Drug Mart Plaza | OH | 2005 | 100% | 34,592 | 2002 | 2 | 83% | 8.85 | Discount Drug Mart | 24,592 | 3/31/2019 | |||||||||||
Coliseum Marketplace | VA | 2005 | 100% | 105,181 | 1987/2005 | 8 | 89% | 13.56 | Farm Fresh | 57,662 | 1/31/2021 | |||||||||||
Columbus Crossing | PA | 2003 | 100% | 142,166 | 2001 | 9 | 100% | 15.63 | Super Fresh | 61,506 | 9/30/2020 | |||||||||||
Old Navy | 25,000 | 9/30/2008 | ||||||||||||||||||||
AC Moore | 22,000 | 9/30/2011 | ||||||||||||||||||||
CVS at Bradford | PA | 2005 | 100% | 10,722 | 1996 | 1 | 100% | 12.80 | CVS | 10,722 | 3/31/2017 | |||||||||||
CVS at Celina | OH | 2005 | 100% | 10,195 | 1998 | 1 | 100% | 17.49 | CVS | 10,195 | 1/31/2020 | |||||||||||
CVS at Erie | PA | 2005 | 100% | 10,125 | 1997 | 1 | 100% | 16.50 | CVS | 10,125 | 1/31/2019 | |||||||||||
CVS at Portage Trail | OH | 2005 | 100% | 10,722 | 1996 | 1 | 100% | 13.00 | CVS | 10,722 | 9/30/2017 | |||||||||||
CVS at Westfield | NY | 2005 | 100% | 10,125 | 2000 | 1 | 100% | 15.74 | CVS | 10,125 | 1/31/2023 | |||||||||||
Dover Discount Drug Mart Plaza | OH | 2005 | 100% | 38,409 | 2002 | 7 | 100% | 8.02 | Discount Drug Mart | 24,516 | 3/31/2013 | |||||||||||
East Chestnut | PA | 2005 | 100% | 21,180 | 1996 | 4 | 100% | 16.26 | ||||||||||||||
Fairfield Plaza | CT | 2005 | 100% | 72,279 | 2001/2005 | 7 | 88% | 13.24 | TJ Maxx | 25,257 | 8/31/2013 | |||||||||||
Staples | 20,388 | 10/31/2019 |
10
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties | ||||||||||||||||||||||
Property Description | State | Year acquired | Percent owned | Gross leasable area (“GLA”) | Year built/ year last renovated | Number of tenants | Percent occupied | Average base rent per leased sq. ft. | Name | Sq. ft. | Lease expiration | |||||||||||
Family Dollar at Zanesville | OH | 2005 | 100% | 6,900 | 2000 | 1 | 100% | 8.70 | Family Dollar | 6,900 | 12/31/2009 | |||||||||||
Fieldstone Marketplace | MA | 2005 | 100% | 193,970 | 1988/2003 | 18 | 93% | 10.37 | Shaw’s Supermarket | 68,000 | 2/29/2024 | |||||||||||
Flagship Cinema | 41,975 | 10/31/2023 | ||||||||||||||||||||
FirstMerit Bank at Akron | OH | 2005 | 100% | 3,200 | 1996 | 1 | 100% | 23.51 | FirstMerit Bank | 3,200 | 12/31/2011 | |||||||||||
Franklin Village Plaza | MA | 2004 | 100% | 303,478 | 1987/2005 | 64 | 90% | 19.46 | Stop & Shop | 75,000 | 4/30/2026 | |||||||||||
Marshalls | 26,890 | 1/31/2009 | ||||||||||||||||||||
Gabriel Brothers Plaza | OH | 2005 | 100% | 81,891 | 1970’s/2004 | 4 | 100% | 4.97 | Gabriel Brothers | 57,193 | 5/31/2014 | |||||||||||
General Booth Plaza | VA | 2005 | 100% | 73,320 | 1985 | 12 | 98% | 11.67 | Farm Fresh | 53,758 | 1/31/2014 | |||||||||||
Golden Triangle | PA | 2003 | 100% | 191,581 | 1960/2005 | 15 | 85% | 10.50 | LA Fitness | 44,796 | 4/30/2020 | |||||||||||
Marshalls | 30,000 | 5/31/2010 | ||||||||||||||||||||
Staples | 24,060 | 5/31/2012 | ||||||||||||||||||||
Artesian Outlet | 22,000 | 4/30/2009 | ||||||||||||||||||||
Hudson Discount Drug Mart Plaza | OH | 2005 | 100% | 32,259 | 2000 | 1 | 100% | 10.21 | Discount Drug Mart | 32,259 | 3/31/2017 | |||||||||||
Jordan Lane | CT | 2005 | 100% | 181,735 | 1969/1991 | 18 | 96% | 9.22 | Stop & Shop | 60,632 | 9/30/2010 | |||||||||||
AJ Wright | 39,280 | 3/31/2015 | ||||||||||||||||||||
Friendly Fitness | 20,283 | 8/31/2014 | ||||||||||||||||||||
Kempsville Crossing | VA | 2005 | 100% | 97,477 | 1985 | 15 | 100% | 10.44 | Farm Fresh | 73,878 | 1/31/2014 | |||||||||||
Kenley Village | MD | 2005 | 100% | 51,894 | 1988 | 10 | 98% | 7.54 | Food Lion | 29,000 | 2/11/2009 | |||||||||||
Lake Raystown Plaza | PA | 2004 | 100% | 84,292 | 1995 | 9 | 100% | 8.75 | Giant Foods | 39,244 | 7/31/2015 |
11
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties | ||||||||||||||||||||||
Property Description | State | Year acquired | Percent owned | Gross leasable area (“GLA”) | Year built/ year last renovated | Number of tenants | Percent occupied | Average base rent per leased sq. ft. | Name | Sq. ft. | Lease expiration | |||||||||||
Liberty Marketplace | PA | 2005 | 100% | 68,200 | 2003 | 6 | 96% | 16.97 | Martin’s | 55,000 | 9/30/2023 | |||||||||||
Lodi Discount Drug Mart Plaza | OH | 2005 | 100% | 38,576 | 2003 | 5 | 100% | 9.27 | Discount Drug Mart | 24,596 | 3/31/2019 | |||||||||||
Majestic Plaza | MI | 2005 | 100% | 79,180 | 1960’s/2003 | 3 | 85% | 15.75 | A&P | 54,650 | 8/31/2022 | |||||||||||
McCormick Place | OH | 2005 | 100% | 46,000 | 1995 | 2 | 100% | 8.48 | Sam Levin Furniture | 40,000 | 11/30/2011 | |||||||||||
McDonalds / Waffle House at Medina | OH | 2005 | 100% | 6,000 | 2003 | 2 | 100% | 11.70 | ||||||||||||||
Mechanicsburg Giant | PA | 2005 | 100% | 51,500 | 2003 | 1 | 100% | 20.90 | Giant Foods | 51,500 | 8/31/2024 | |||||||||||
Oakland Mills | MD | 2005 | 100% | 58,224 | 1960’s/2004 | 8 | 100% | 12.01 | Food Lion | 43,470 | 11/30/2018 | |||||||||||
Ontario Discount Drug Mart Plaza | OH | 2005 | 100% | 38,423 | 2002 | 4 | 100% | 8.79 | Discount Drug Mart | 25,525 | 3/31/2018 | |||||||||||
Palmyra Shopping Center | PA | 2005 | 100% | 112,328 | 1960/1995 | 18 | 95% | 5.26 | Weis Markets | 46,181 | 3/31/2010 | |||||||||||
Pennsboro Commons | PA | 2005 | 100% | 108,524 | 1999 | 22 | 99% | 13.03 | Giant Foods | 68,624 | 8/10/2019 | |||||||||||
Pickerington Discount Drug Mart Plaza | OH | 2005 | 100% | 47,810 | 2002 | 9 | 93% | 11.94 | Discount Drug Mart | 25,852 | 3/31/2018 | |||||||||||
Pine Grove Plaza | NJ | 2003 | 100% | 79,306 | 2001/2002 | 16 | 100% | 10.62 | Peebles | 24,963 | 1/31/2022 | |||||||||||
Polaris Discount Drug Mart Plaza | OH | 2005 | 100% | 50,283 | 2001 | 13 | 100% | 12.04 | Discount Drug Mart | 25,855 | 3/31/2017 | |||||||||||
Pondside Plaza | NY | 2005 | 100% | 19,340 | 2003 | 4 | 100% | 8.20 | ||||||||||||||
Port Richmond Village | PA | 2001 | 100% | 154,908 | 1988 | 28 | 93% | 11.74 | Thriftway | 40,000 | 10/31/2008 | |||||||||||
Pep Boys | 20,615 | 2/28/2009 | ||||||||||||||||||||
Powell Discount Drug Mart Plaza | OH | 2005 | 100% | 49,772 | 2001 | 11 | 100% | 12.07 | Discount Drug Mart | 25,852 | 3/31/2018 |
12
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties | ||||||||||||||||||||||
Property Description | State | Year acquired | Percent owned | Gross leasable area (“GLA”) | Year built/ year last renovated | Number of tenants | Percent occupied | Average base rent per leased sq. ft. | Name | Sq. ft. | Lease expiration | |||||||||||
Rite Aid at Massillon | OH | 2005 | 100% | 10,125 | 1999 | 1 | 100% | 17.91 | Rite Aid | 10,125 | 1/31/2020 | |||||||||||
River View Plaza I, II and III | PA | 2003 | 100% | 244,225 | 1991/1998 | 22 | 82% | 18.84 | United Artists Theatre | 77,700 | 12/31/2018 | |||||||||||
Pep Boys | 22,000 | 9/30/2014 | ||||||||||||||||||||
Shelby Discount Drug Mart Plaza | OH | 2005 | 100% | 36,596 | 2002 | 5 | 100% | 9.37 | Discount Drug Mart | 24,596 | 3/31/2019 | |||||||||||
Shoppes at Salem Run (2) | VA | 2005 | 100% | 15,100 | 2005 | 5 | 77% | 22.38 | ||||||||||||||
Shore Mall | NJ | 2006 | 100% | 618,118 | 1960/1980 | 55 | 88% | 7.46 | Boscov’s | 172,200 | 9/19/2018 | |||||||||||
Burlington Coat Factory | 85,000 | 11/30/2009 | ||||||||||||||||||||
Value City | 144,000 | 4/30/2009 | ||||||||||||||||||||
Smithfield Plaza | VA | 2005 | 100% | 45,544 | 1988 | 1 | 100% | 10.04 | Farm Fresh | 45,544 | 1/31/2014 | |||||||||||
South Philadelphia | PA | 2003 | 100% | 283,415 | 1950/2003 | 27 | 94% | 12.87 | Shop Rite | 54,388 | 9/30/2018 | |||||||||||
Ross Dress For Less | 31,349 | 1/31/2013 | ||||||||||||||||||||
Bally’s Total Fitness | 31,000 | 5/31/2017 | ||||||||||||||||||||
Nat’l Wholesale Liquidators | 30,000 | 1/31/2016 | ||||||||||||||||||||
Modell’s | 20,000 | 1/31/2018 | ||||||||||||||||||||
St James Square | MD | 2005 | 100% | 39,903 | 2000 | 6 | 100% | 10.99 | Food Lion | 33,000 | 11/14/2020 | |||||||||||
Staples at Oswego | NY | 2005 | 100% | 23,884 | 2000 | 1 | 100% | 11.99 | Staples | 23,884 | 2/28/2015 | |||||||||||
Suffolk Plaza | VA | 2005 | 100% | 67,216 | 1984 | 1 | 100% | 9.40 | Farm Fresh | 67,216 | 1/31/2014 | |||||||||||
Sunset Crossing | PA | 2003 | 100% | 74,142 | 2002 | 6 | 96% | 14.47 | Giant Foods | 54,332 | 6/30/2022 | |||||||||||
Swede Square | PA | 2003 | 100% | 98,792 | 1980/2004 | 17 | 100% | 13.03 | LA Fitness | 37,200 | 6/30/2016 | |||||||||||
The Brickyard | CT | 2004 | 100% | 274,553 | 1990 | 6 | 100% | 8.95 | Sam’s Club | 109,755 | 1/31/2010 | |||||||||||
Home Depot | 103,003 | 1/31/2010 | ||||||||||||||||||||
Syms | 38,000 | 3/31/2010 |
13
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties | ||||||||||||||||||||||
Property Description | State | Year acquired | Percent owned | Gross leasable area (“GLA”) | Year built/ year last renovated | Number of tenants | Percent occupied | Average base rent per leased sq. ft. | Name | Sq. ft. | Lease expiration | |||||||||||
The Commons | PA | 2004 | 100% | 175,121 | 2003 | 20 | 95% | 10.14 | Elder Beerman | 54,500 | 1/31/2017 | |||||||||||
Shop ‘n Save | 52,654 | 10/7/2015 | ||||||||||||||||||||
The Point | PA | 2000 | 100% | 255,447 | 1972/2001 | 19 | 95% | $10.64 | Burlington Coat Factory | 76,665 | 1/31/2011 | |||||||||||
Giant Foods | 55,000 | 7/31/2021 | ||||||||||||||||||||
Staples | 24,000 | 8/31/2013 | ||||||||||||||||||||
AC Moore | 20,000 | 7/31/2008 | ||||||||||||||||||||
The Point at Carlisle Plaza | PA | 2005 | 100% | 182,859 | 1965/1984 | 27 | 93% | 7.05 | Bon-Ton | 59,925 | 1/25/2010 | |||||||||||
Office Max | 22,645 | 10/1/2012 | ||||||||||||||||||||
Dunham Sports | 21,300 | 1/31/2016 | ||||||||||||||||||||
The Shops at Suffolk Downs | MA | 2005 | 100% | 85,777 | 2005 | 2 | 91% | 10.58 | Stop & Shop | 74,977 | 9/30/2025 | |||||||||||
Townfair Center | PA | 2004 | 100% | 203,531 | 2002 | 12 | 98% | 7.75 | Lowe’s Home Centers | 95,173 | 12/31/2015 | |||||||||||
Shop ‘n Save | 50,000 | 2/28/2012 | ||||||||||||||||||||
Trexler Mall | PA | 2005 | 100% | 338,692 | 1973/2004 | 21 | 97% | 8.25 | Kohl’s | 88,248 | 1/31/2024 | |||||||||||
Bon-Ton | 62,000 | 1/28/2012 | ||||||||||||||||||||
Giant Foods | 56,753 | 1/31/2016 | ||||||||||||||||||||
Lehigh Wellness Partners | 29,421 | 11/30/2008 | ||||||||||||||||||||
Trexlertown Fitness Club | 28,870 | 2/28/2010 | ||||||||||||||||||||
Ukrop’s at Fredericksburg (2) | VA | 2005 | 100% | 63,000 | 1997 | 1 | 100% | 15.51 | Ukrop’s Supermarket | 63,000 | 8/4/2017 | |||||||||||
Ukrop’s at Glen Allen | VA | 2005 | 100% | 43,000 | 2000 | 1 | 100% | 9.01 | Ukrop’s Supermarket | 43,000 | 2/15/2010 | |||||||||||
Valley Plaza | MD | 2003 | 100% | 191,189 | 1975/1994 | 7 | 100% | 4.62 | K-Mart | 95,810 | 9/30/2009 | |||||||||||
Ollie’s Bargain Outlet | 41,888 | 3/31/2011 | ||||||||||||||||||||
Tractor Supply | 32,095 | 5/31/2010 | ||||||||||||||||||||
Virginia Center Commons | VA | 2005 | 100% | 9,763 | 2002 | 6 | 100% | 31.30 | ||||||||||||||
Virginia Little Creek | VA | 2005 | 100% | 69,620 | 1996/2001 | 2 | 100% | 10.52 | Farm Fresh | 66,120 | 1/31/2014 |
14
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties | ||||||||||||||||||||||
Property Description | State | Year acquired | Percent owned | Gross leasable area (“GLA”) | Year built/ year last renovated | Number of tenants | Percent occupied | Average base rent per leased sq. ft. | Name | Sq. ft. | Lease expiration | |||||||||||
Wal-Mart Center | CT | 2003 | 100% | 155,842 | 1972/2000 | 9 | 96% | 5.70 | Wal-Mart | 95,482 | 1/31/2020 | |||||||||||
NAMCO | 20,000 | 1/31/2011 | ||||||||||||||||||||
Washington Center Shoppes | NJ | 2001 | 100% | 153,260 | 1979/1995 | 28 | 99% | 7.59 | Acme Markets | 66,046 | 12/2/2020 | |||||||||||
Powerhouse Gym | 20,742 | 12/31/2012 | ||||||||||||||||||||
Westlake Discount Drug Mart Plaza | OH | 2005 | 100% | 55,775 | 2005 | 2 | 100% | 7.28 | Discount Drug Mart | 24,480 | 3/31/2021 | |||||||||||
Total Stabilized Properties | 6,913,829 | 719 | 95% | 10.61 | ||||||||||||||||||
DEVELOPMENT / REDEVELOPMENT AND OTHER NON-STABILIZED PROPERTIES (1): | ||||||||||||||||||||||
Camp Hill | PA | 2002 | 100% | 420,331 | 1958/2005 | 23 | 88% | 11.09 | Boscov’s | 167,597 | 9/30/2010 | |||||||||||
Giant Foods | 92,939 | 10/11/2025 | ||||||||||||||||||||
Barnes & Noble | 24,908 | 1/31/2011 | ||||||||||||||||||||
Staples | 20,000 | 6/30/2035 | ||||||||||||||||||||
Centerville Discount Drug Mart Plaza | OH | 2005 | 100% | 49,494 | 2000 | 7 | 72% | 10.98 | Discount Drug Mart | 24,012 | 3/31/2016 | |||||||||||
Columbia Mall | PA | 2005 | 100% | 351,866 | 1988 | 51 | 70% | 7.93 | Sears | 64,264 | 10/24/2013 | |||||||||||
Bon-Ton | 45,000 | 10/31/2008 | ||||||||||||||||||||
JC Penney | 34,076 | 10/31/2008 | ||||||||||||||||||||
Dunmore Shopping Center | PA | 2005 | 100% | 101,000 | 1962/1997 | 2 | 66% | 3.35 | Eynon Furniture Outlet | 40,000 | 2/28/2014 | |||||||||||
Big Lots | 26,902 | 1/31/2007 | ||||||||||||||||||||
Hamburg Commons | PA | 2004 | 100% | 99,488 | 1988 - 1993 | 7 | 71% | 6.33 | Redner’s | 56,780 | 6/30/2025 | |||||||||||
Huntingdon Plaza | PA | 2004 | 100% | 151,697 | 1972 - 2003 | 13 | 50% | 6.50 | Peebles | 22,060 | 1/31/2018 | |||||||||||
Meadows Marketplace | PA | 2004 | 100% | 89,079 | 2005 | 1 | 73% | 13.00 | Giant Foods | 65,000 | 10/31/2025 |
15
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties | ||||||||||||||||||||||
Property Description | State | Year acquired | Percent owned | Gross leasable area (“GLA”) | Year built/ year last renovated | Number of tenants | Percent occupied | Average base rent per leased sq. ft. | Name | Sq. ft. | Lease expiration | |||||||||||
Value City Shopping Center | MI | 2005 | 100% | 117,000 | 1950’s/2003 | 2 | 73% | 1.98 | Value City | 85,000 | 1/31/2008 | |||||||||||
Total Development/Redevelopment and Other Non-Stabilized Properties | 1,379,955 | 106 | 74% | 8.50 | ||||||||||||||||||
JOINT VENTURES (3) | ||||||||||||||||||||||
Fairview Plaza | PA | 2003 | 30% | 69,579 | 1992 | 6 | 100% | 11.36 | Giant Foods | 59,237 | 2/28/2017 | |||||||||||
Halifax Plaza | PA | 2003 | 30% | 54,150 | 1994 | 9 | 100% | 10.99 | Giant Foods | 32,000 | 10/31/2019 | |||||||||||
LA Fitness Facility | PA | 2002 | 50% | 41,000 | 2003 | 1 | 100% | 18.09 | LA Fitness | 41,000 | 12/31/2018 | |||||||||||
Loyal Plaza | PA | 2002 | 25% | 293,825 | 1969/2000 | 26 | 100% | 7.54 | K-Mart | 102,558 | 8/31/2019 | |||||||||||
Giant Foods | 66,935 | 10/31/20019 | ||||||||||||||||||||
Staples | 20,555 | 11/30/2014 | ||||||||||||||||||||
Newport Plaza | PA | 2003 | 30% | 66,789 | 1996 | 9 | 100% | 10.21 | Giant Foods | 43,400 | 5/31/2021 | |||||||||||
Total Consolidated Joint Ventures | 525,343 | 51 | 100% | 9.56 | ||||||||||||||||||
Red Lion (unconsolidated) | PA | 2002 | 20% | 224,269 | 1970/2000 | 15 | 67% | 12.66 | Best Buy | 46,000 | 1/31/2014 | |||||||||||
Staples | 23,942 | 7/31/2015 | ||||||||||||||||||||
Total Joint Ventures | 749,612 | 66 | 90% | 10.25 | ||||||||||||||||||
TOTAL PORTFOLIO | 9,043,396 | 891 | 91% | $10.32 | ||||||||||||||||||
(1) | “Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties. One of the Company’s properties is being re-tenanted, is non-stabilized, and is not designated as a development/redevelopment property. |
(2) | For Stabilized Property occupancy percentage purposes, Shoppes at Salem Run and Ukrop’s at Fredericksburg are considered one and the same property, with an overall occupancy percentage of 96% at March 31, 2006. |
(3) | 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 preference returns on their investments prior to any distributions to the Company. |
16
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2006
(unaudited)
Balances | Pro rata share | |||||||||||||||||||||
Property | Percent Owned | Maturity Date | Int. rate Mar 31 2006 | Mar 31 2006 | Mar 31 2005 | Mar 31 2006 | Mar 31 2005 | |||||||||||||||
Fixed-rate mortgages: | ||||||||||||||||||||||
The Point | 100.0 | % | Sep 2012 | 7.6 | % | $ | 18,840,000 | $ | 18,928,000 | $ | 18,840,000 | $ | 18,928,000 | |||||||||
Academy Plaza | 100.0 | % | Mar 2013 | 7.3 | % | 10,078,000 | 10,121,000 | 10,078,000 | 10,121,000 | |||||||||||||
Port Richmond Village | 100.0 | % | Apr 2008 | 7.2 | % | 10,913,000 | 10,965,000 | 10,913,000 | 10,965,000 | |||||||||||||
Washington Center Shoppes | 100.0 | % | Nov 2007 | 7.5 | % | 5,639,000 | 5,663,000 | 5,639,000 | 5,663,000 | |||||||||||||
Red Lion (a) | 20.0 | % | Feb 2010 | 8.9 | % | — | 16,310,000 | — | 3,262,000 | |||||||||||||
Loyal Plaza | 25.0 | % | Jun 2011 | 7.2 | % | 13,329,000 | 13,374,000 | 3,332,000 | 3,343,000 | |||||||||||||
Fairview Plaza | 30.0 | % | Feb 2013 | 5.7 | % | 5,836,000 | 5,859,000 | 1,751,000 | 1,758,000 | |||||||||||||
Halifax Plaza | 30.0 | % | Feb 2010 | 6.8 | % | 3,988,000 | 4,010,000 | 1,196,000 | 1,203,000 | |||||||||||||
Newport Plaza | 30.0 | % | Feb 2010 | 6.8 | % | 5,100,000 | 5,127,000 | 1,530,000 | 1,538,000 | |||||||||||||
Pine Grove Plaza | 100.0 | % | Mar 2006 | 8.5 | % | — | 388,000 | — | 388,000 | |||||||||||||
Pine Grove Plaza | 100.0 | % | Sep 2015 | 5.0 | % | 6,156,000 | 6,178,000 | 6,156,000 | 6,178,000 | |||||||||||||
Golden Triangle | 100.0 | % | Apr 2008 | 6.0 | % | 9,540,000 | 9,633,000 | 9,540,000 | 9,633,000 | |||||||||||||
Townfair Center | 100.0 | % | Mar 2008 | 6.0 | % | 9,850,000 | 9,916,000 | 9,850,000 | 9,916,000 | |||||||||||||
Franklin Village Plaza | 100.0 | % | Nov 2011 | 4.8 | % | 43,500,000 | 43,500,000 | 43,500,000 | 43,500,000 | |||||||||||||
Centerville Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,966,000 | 2,977,000 | 2,966,000 | 2,977,000 | |||||||||||||
Clyde Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,057,000 | 2,064,000 | 2,057,000 | 2,064,000 | |||||||||||||
CVS at Bradford | 100.0 | % | Mar 2017 | 5.2 | % | 1,080,000 | 1,099,000 | 1,080,000 | 1,099,000 | |||||||||||||
CVS at Celina | 100.0 | % | Jan 2020 | 5.2 | % | 1,763,000 | 1,783,000 | 1,763,000 | 1,783,000 | |||||||||||||
CVS at Erie | 100.0 | % | Nov 2018 | 5.2 | % | 1,457,000 | 1,478,000 | 1,457,000 | 1,478,000 | |||||||||||||
CVS at Portage Trail | 100.0 | % | Aug 2017 | 5.0 | % | 1,154,000 | 1,174,000 | 1,154,000 | 1,174,000 | |||||||||||||
Dover Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,249,000 | 2,258,000 | 2,249,000 | 2,258,000 | |||||||||||||
East Chestnut | 100.0 | % | Apr 2018 | 5.2 | % | 2,348,000 | 2,371,000 | 2,348,000 | 2,371,000 | |||||||||||||
Fairfield Plaza | 100.0 | % | Jul 2015 | 5.0 | % | 5,424,000 | 5,444,000 | 5,424,000 | 5,444,000 | |||||||||||||
Lodi Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,507,000 | 2,516,000 | 2,507,000 | 2,516,000 | |||||||||||||
McCormick Place | 100.0 | % | Jul 2008 | 5.2 | % | 2,379,000 | 2,414,000 | 2,379,000 | 2,414,000 | |||||||||||||
Ontario Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,314,000 | 2,322,000 | 2,314,000 | 2,322,000 | |||||||||||||
Pickerington Discount Drug Mart | 100.0 | % | Jul 2015 | 5.0 | % | 4,409,000 | 4,425,000 | 4,409,000 | 4,425,000 | |||||||||||||
Polaris Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 4,721,000 | 4,739,000 | 4,721,000 | 4,739,000 | |||||||||||||
Pondside Plaza | 100.0 | % | May 2015 | 5.6 | % | 1,222,000 | 1,226,000 | 1,222,000 | 1,226,000 | |||||||||||||
Powell Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 4,524,000 | 4,540,000 | 4,524,000 | 4,540,000 | |||||||||||||
Rite Aid at Massillon | 100.0 | % | Jan 2020 | 5.0 | % | 1,774,000 | 1,795,000 | 1,774,000 | 1,795,000 | |||||||||||||
Shelby Discount Drug Mart | 100.0 | % | May 2015 | 5.2 | % | 2,314,000 | 2,322,000 | 2,314,000 | 2,322,000 | |||||||||||||
Staples at Oswego | 100.0 | % | May 2015 | 5.3 | % | 2,379,000 | 2,387,000 | 2,379,000 | 2,387,000 | |||||||||||||
Coliseum Marketplace | 100.0 | % | Jul 2014 | 5.2 | % | 13,121,000 | 13,180,000 | 13,121,000 | 13,180,000 | |||||||||||||
General Booth Plaza | 100.0 | % | Aug 2013 | 5.2 | % | 5,872,000 | 5,902,000 | 5,872,000 | 5,902,000 | |||||||||||||
Kempsville Crossing | 100.0 | % | Aug 2013 | 5.2 | % | 6,668,000 | 6,703,000 | 6,668,000 | 6,703,000 | |||||||||||||
Liberty Marketplace | 100.0 | % | Jul 2014 | 5.2 | % | 10,267,000 | 10,324,000 | 10,267,000 | 10,324,000 | |||||||||||||
Mechanicsburg Giant | 100.0 | % | Nov 2014 | 5.2 | % | 10,636,000 | 10,697,000 | 10,636,000 | 10,697,000 | |||||||||||||
Virginia Little Creek | 100.0 | % | Aug 2013 | 5.2 | % | 5,335,000 | 5,363,000 | 5,335,000 | 5,363,000 | |||||||||||||
Virginia Little Creek | 100.0 | % | Sep 2021 | 5.2 | % | 540,000 | 546,000 | 540,000 | 546,000 | |||||||||||||
Smithfield Plaza | 100.0 | % | Aug 2013 | 5.2 | % | 3,741,000 | 3,758,000 | 3,741,000 | 3,758,000 | |||||||||||||
Suffolk Plaza | 100.0 | % | Aug 2013 | 5.2 | % | 5,062,000 | 5,090,000 | 5,062,000 | 5,090,000 | |||||||||||||
Wal-Mart Center | 100.0 | % | Nov 2015 | 5.1 | % | 6,145,000 | 6,168,000 | 6,145,000 | 6,168,000 | |||||||||||||
Jordan Lane | 100.0 | % | Dec 2015 | 5.5 | % | 13,799,000 | 13,845,000 | 13,799,000 | 13,845,000 | |||||||||||||
Oakland Mills | 100.0 | % | Jan 2016 | 5.5 | % | 5,188,000 | 5,200,000 | 5,188,000 | 5,200,000 | |||||||||||||
Trexler Mall | 100.0 | % | May 2014 | 5.4 | % | 22,965,000 | 23,057,000 | 22,965,000 | 23,057,000 | |||||||||||||
Fieldstone Marketplace | 100.0 | % | Jul 2014 | 5.4 | % | 19,823,000 | 19,849,000 | 19,823,000 | 19,849,000 | |||||||||||||
Pennsboro Commons | 100.0 | % | Mar 2016 | 5.5 | % | 11,540,000 | — | 11,540,000 | — | |||||||||||||
Shore Mall | 100.0 | % | Aug 2008 | 5.8 | % | 31,687,000 | — | 31,687,000 | — | |||||||||||||
Shore Mall | 100.0 | % | Jan 2009 | 5.7 | % | 2,708,000 | — | 2,708,000 | — | |||||||||||||
Total fixed-rate mortgages | 6.7 years | 5.7 | % | 366,907,000 | 338,988,000 | 346,463,000 | 305,412,000 | |||||||||||||||
[wtd-avg maturity] | [wtd-avg rate] |
17
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2006
(unaudited)
(continued)
Balances | Pro rata share | |||||||||||||||||||||
Property | Percent Owned | Maturity Date | Int. rate Mar 31 2006 | Mar 31 2006 | Dec 31 2005 | Mar 31 2006 | Dec 31 2005 | |||||||||||||||
Variable-rate mortgages: | ||||||||||||||||||||||
LA Fitness Facility | 50.0 | % | Dec 2007 | 7.6 | % | 4,870,000 | 4,878,000 | 2,435,000 | 2,439,000 | |||||||||||||
Camp Hill | 100.0 | % | Apr 2008 | 6.7 | % | 38,542,000 | 36,445,000 | 38,542,000 | 36,445,000 | |||||||||||||
Total variable-rate mortgages | 2.0 years | 6.8 | % | 43,412,000 | 41,323,000 | 40,977,000 | 38,884,000 | |||||||||||||||
[wtd-avg aturity] | [wtd-avg rate] | |||||||||||||||||||||
Total mortgages | 6.2 years | 5.8 | % | 410,319,000 | 380,311,000 | 387,440,000 | 344,296,000 | |||||||||||||||
[wtd-avg maturity] | [wtd-avg rate] | |||||||||||||||||||||
Jan 2008 | ||||||||||||||||||||||
Secured revolving credit facility (b) | 100.0 | % | 1.8 years | 6.1 | % | 159,480,000 | 147,480,000 | 159,480,000 | 147,480,000 | |||||||||||||
[wtd-avg maturity] | [wtd-avg rate] | |||||||||||||||||||||
Total debt | 4.9 years | 5.9 | % | $ | 569,799,000 | $ | 527,791,000 | $ | 546,920,000 | $ | 491,776,000 | |||||||||||
[wtd-avg maturity] | [wtd-avg rate] |
Maturity schedule by year | Scheduled amortization | Balloon payments | Secured revolving credit facility (b) | Total | |||||||||
2006 | $ | 5,067,000 | $ | — | $ | 5,067,000 | |||||||
2007 | 7,194,000 | 10,291,000 | 17,485,000 | ||||||||||
2008 | 6,229,000 | 98,736,000 | $ | 159,480,000 | 264,445,000 | ||||||||
2009 | 5,201,000 | 1,542,000 | 6,743,000 | ||||||||||
2010 | 5,284,000 | 8,331,000 | 13,615,000 | ||||||||||
2011 | 5,409,000 | 55,786,000 | 61,195,000 | ||||||||||
2012 | 5,360,000 | 15,901,000 | 21,261,000 | ||||||||||
2013 | 4,609,000 | 35,871,000 | 40,480,000 | ||||||||||
2014 | 3,425,000 | 63,599,000 | 67,024,000 | ||||||||||
2015 | 1,969,000 | 52,836,000 | 54,805,000 | ||||||||||
2016 | 912,000 | 13,930,000 | 14,842,000 | ||||||||||
2017 | 775,000 | — | 775,000 | ||||||||||
2018 | 565,000 | 964,000 | 1,529,000 | ||||||||||
2019 | 409,000 | — | 409,000 | ||||||||||
2020 | 73,000 | — | 73,000 | ||||||||||
2021 | 35,000 | 16,000 | 51,000 | ||||||||||
$ | 52,516,000 | $ | 357,803,000 | $ | 159,480,000 | $ | 569,799,000 | ||||||
(a) As of January 1, 2006, the Red Lion partnership became an unconsolidated joint venture. The outstanding balance of the Red Lion mortgage at March 31, 2006 was $16,266,000.
(b) The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2008.
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CEDAR SHOPPING CENTERS, INC
Consolidated Joint Ventures Information
(unaudited)
As of March 31, 2006 | ||||||||||||||||||||||
Equity (a) | ||||||||||||||||||||||
Property | Partners’ percent | Real estate, net | Mortgage loans payable | Other assets/ liabilities, net | Partners | Cedar (b)(c) | Total | |||||||||||||||
Loyal Plaza | 75 | % | $ | 19,137,754 | $ | (13,329,083 | ) | $ | 1,011,858 | $ | 5,212,817 | $ | 1,607,712 | $ | 6,820,529 | |||||||
Fairview Plaza (d) | 70 | % | 8,634,920 | (5,836,340 | ) | (179,189 | ) | 1,592,714 | 1,026,677 | 2,619,391 | ||||||||||||
Halifax Plaza (d) | 70 | % | 5,426,527 | (3,987,500 | ) | 103,011 | 1,197,702 | 344,336 | 1,542,038 | |||||||||||||
Newport Plaza (d) | 70 | % | 6,332,453 | (5,100,084 | ) | 347,933 | 1,119,893 | 460,409 | 1,580,302 | |||||||||||||
LA Fitness Facility | 50 | % | 5,723,513 | (4,870,230 | ) | 253,503 | 806,444 | 300,342 | 1,106,786 | |||||||||||||
$ | 45,255,167 | $ | (33,123,237 | ) | $ | 1,537,116 | $ | 9,929,570 | $ | 3,739,476 | $ | 13,669,046 | ||||||||||
For the three months ended March 31, 2006 | |||||||||||||||||||||||||||||||
Property-level operations | Share of property net income | ||||||||||||||||||||||||||||||
<<< Partners >>> | |||||||||||||||||||||||||||||||
Property | Partners’ percent | Revenues | Operating expenses | Depreciation/ amortization | Operating income | Non-op inc/exp (e) | Net income | Regular | Preference | Cedar (b) | |||||||||||||||||||||
Loyal Plaza | 75 | % | $ | 726,566 | $ | 209,151 | $ | 145,376 | $ | 372,039 | $ | 250,222 | $ | 121,817 | $ | 91,363 | $ | 30,454 | $ | — | |||||||||||
Fairview Plaza (d) | 70 | % | 273,667 | 37,659 | 52,383 | 183,625 | 83,806 | 99,819 | |||||||||||||||||||||||
Halifax Plaza (d) | 70 | % | 187,480 | 41,606 | 29,348 | 116,526 | 69,852 | 46,674 | 139,893 | 11,992 | 47,962 | ||||||||||||||||||||
Newport Plaza (d) | 70 | % | 232,705 | 58,047 | 35,647 | 139,011 | 85,657 | 53,354 | |||||||||||||||||||||||
LA Fitness Facility | 50 | % | 185,400 | 6,460 | 29,059 | 149,881 | 90,845 | 59,036 | 29,518 | 6,789 | 22,729 | ||||||||||||||||||||
$ | 1,605,818 | $ | 352,923 | $ | 291,813 | $ | 961,082 | $ | 580,382 | $ | 380,700 | $ | 260,774 | $ | 49,235 | $ | 70,691 | ||||||||||||||
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CEDAR SHOPPING CENTERS, INC
Consolidated Joint Ventures Information
(unaudited)
(continued)
Share of FFO (a) | ||||||||||||||||
Property | Partners’ percent | Cedar | Partners | Cedar (b) | Total | |||||||||||
Loyal Plaza | 75 | % | 25 | % | $ | 198,535 | $ | 68,658 | $ | 267,193 | ||||||
Fairview Plaza (d) | 70 | % | 30 | % | ||||||||||||
Halifax Plaza (d) | 70 | % | 30 | % | 212,128 | 105,098 | 317,226 | |||||||||
Newport Plaza (d) | 70 | % | 30 | % | ||||||||||||
LA Fitness Facility | 50 | % | 50 | % | 54,848 | 33,247 | 88,095 | |||||||||
$ | 465,511 | $ | 207,003 | $ | 672,514 | |||||||||||
(a) The Partners and Cedar respective shares of equity and FFO, as presented, differ from amounts calculated using the stated ownership percentages because of (1) non-proportionate initial investments (per the respective joint venture agreements), and (2) the effect of preference returns to joint venture partners.
(b) Includes limited partners’ share.
(c) Equity includes net receivable/payable balances on open account between joint venture and wholly-owned entities.
(d) As each of these three properties is under an umbrella partnership, any shortfall in required preference returns by any one of the properties will be offset by excess cash flow from any of the other properties.
(e) Non-operating income and expense consists principally of interest expense and amortization of deferred financing costs.
(f) As of January 1, 2006, the Red Lion partnership became an unconsolidated joint venture.
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CEDAR SHOPPING CENTERS, INC.
Tenant Concentration Schedule
As of March 31, 2006
(unaudited)
Tenant | Number of stores | GLA | Percentage of GLA | Annualized base rent | Annualized base rent per sq ft | Percentage annualized base rents | |||||||||||||
Top ten tenants (a): | |||||||||||||||||||
Giant Foods/Stop & Shop | 16 | 951,000 | 10.5 | % | $ | 11,862,000 | $ | 12.47 | 14.0 | % | |||||||||
SuperValu/Farm Fresh/Shop ’n Save | 8 | 467,000 | 5.2 | % | 4,648,000 | 9.95 | 5.5 | % | |||||||||||
Discount Drug Mart | 12 | 308,000 | 3.4 | % | 2,808,000 | 9.12 | 3.3 | % | |||||||||||
Staples | 8 | 175,000 | 1.9 | % | 2,315,000 | 13.23 | 2.7 | % | |||||||||||
LA Fitness | 3 | 123,000 | 1.4 | % | 1,743,000 | 14.17 | 2.0 | % | |||||||||||
A&P/Super Fresh | 2 | 116,000 | 1.3 | % | 1,540,000 | 13.28 | 1.8 | % | |||||||||||
CVS/Eckerd | 12 | 127,000 | 1.4 | % | 1,505,000 | 11.85 | 1.8 | % | |||||||||||
Boscov’s | 2 | 347,000 | 3.8 | % | 1,471,000 | 4.24 | 1.7 | % | |||||||||||
Wal-Mart/Sam’s Club | 2 | 205,000 | 2.3 | % | 1,368,000 | 6.67 | 1.6 | % | |||||||||||
Ukrop’s Super Markets | 2 | 106,000 | 1.2 | % | 1,364,000 | 12.87 | 1.6 | % | |||||||||||
Sub-total top ten tenants | 67 | 2,925,000 | 32.3 | % | 30,624,000 | 10.47 | 36.0 | % | |||||||||||
Remaining tenants | 824 | 5,313,000 | 58.8 | % | 54,402,000 | 10.24 | 64.0 | % | |||||||||||
Sub-total all tenants | 891 | 8,238,000 | 91.1 | % | 85,026,000 | 10.32 | 100.0 | % | |||||||||||
Vacant space (b) | n/a | 805,000 | 8.9 | % | n/a | n/a | n/a | ||||||||||||
Total (including vacant space) | 891 | 9,043,000 | 100.0 | % | $ | 85,026,000 | $ | 9.40 | n/a | ||||||||||
(a) Based on annualized base rent.
(b) Includes vacant space at properties presently undergoing development and/or redevelopment activities.
21
CEDAR SHOPPING CENTERS, INC.
Lease Expiration Schedule
As of March 31, 2006
(unaudited)
Year of lease expiration | Number of leases expiring | GLA expiring | Percentage of GLA expiring | Annualized expiring base rents | Annualized expiring base rents per sq ft | Percentage of annualized expiring base rents | |||||||||||||
Month-To-Month | 46 | 95,000 | 1.2 | % | $ | 1,119,000 | $ | 11.78 | 1.3 | % | |||||||||
2006 | 87 | 242,000 | 2.9 | % | 3,308,000 | 13.67 | 3.9 | % | |||||||||||
2007 | 130 | 439,000 | 5.3 | % | 5,613,000 | 12.79 | 6.6 | % | |||||||||||
2008 | 140 | 706,000 | 8.6 | % | 8,258,000 | 11.70 | 9.7 | % | |||||||||||
2009 | 129 | 803,000 | 9.7 | % | 7,602,000 | 9.47 | 8.9 | % | |||||||||||
2010 | 95 | 1,017,000 | 12.3 | % | 9,170,000 | 9.02 | 10.8 | % | |||||||||||
2011 | 52 | 532,000 | 6.5 | % | 5,254,000 | 9.88 | 6.2 | % | |||||||||||
2012 | 34 | 319,000 | 3.9 | % | 3,042,000 | 9.54 | 3.6 | % | |||||||||||
2013 | 29 | 266,000 | 3.2 | % | 2,529,000 | 9.51 | 3.0 | % | |||||||||||
2014 | 29 | 601,000 | 7.3 | % | 5,738,000 | 9.55 | 6.7 | % | |||||||||||
2015 | 26 | 345,000 | 4.2 | % | 3,320,000 | 9.62 | 3.9 | % | |||||||||||
Thereafter | 94 | 2,873,000 | 34.9 | % | 30,073,000 | 10.47 | 35.4 | % | |||||||||||
891 | 8,238,000 | 100.0 | % | 85,026,000 | 10.32 | 100.0 | % | ||||||||||||
Vacant space (a) | n/a | 805,000 | n/a | n/a | n/a | n/a | |||||||||||||
Total | |||||||||||||||||||
portfolio | 891 | 9,043,000 | n/a | $ | 85,026,000 | $ | 9.40 | n/a | |||||||||||
(a) Includes vacant space at properties presently undergoing development and/or redevelopment activities. |
22