Exhibit 99.2
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
March 31, 2011
(unaudited)
Cedar Shopping Centers, Inc.
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarshoppingcenters.com
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarshoppingcenters.com
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
March 31, 2011
(unaudited)
Supplemental Financial Information
March 31, 2011
(unaudited)
TABLE OF CONTENTS
Disclosures | 3-4 | |||
Consolidated Balance Sheets | 5 | |||
Consolidated Statements of Operations | 6 | |||
Consolidated Statements of Cash Flows | 7 | |||
Funds (Used In) From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available For Distribution (“FAD”) and Other Financial Information | 8 | |||
Summary Financial Data: | ||||
Operating Results | 9-10 | |||
Capitalization | 11 | |||
Same Property Analysis | 12 | |||
Leasing Activity and Occupancy Statistics | 13 | |||
Tenant and State Concentrations | 14 | |||
Lease Expirations | 15 | |||
Properties: | ||||
Description | 16-21 | |||
Carrying Value, Percent Occupied and Base Rent Per Leased Sq. Ft | 22-24 | |||
Debt Summary | 25-27 | |||
Joint Venture Properties Managed by Cedar | 28-31 |
2
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
December 31, 2010
(unaudited)
Supplemental Financial Information
December 31, 2010
(unaudited)
Disclosures
Forward Looking Statements
Statements made or incorporated by reference in this Supplemental Financial Information include certain “forward-looking statements”. Forward-looking statements include, without limitation, statements containing the words “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import which express the Company’s beliefs, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, expectations, or intentions, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a result of factors outside of the Company’s control. Certain factors that might cause such differences include, but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the Company’s market areas in particular; the financial viability of the Company’s tenants (including an inability to pay rent, filing for bankruptcy protection, closing stores and/or vacating the premises); the continuing availability of acquisition, development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital (including the availability of construction financing) in the public and private markets; the availability of suitable joint venture partners and potential purchasers of the Company’s properties if offered for sale; the ability of the Company’s joint venture partners to fund their respective shares of property acquisitions, tenant improvements and capital expenditures; changes in interest rates; the fact that returns from acquisition, development and redevelopment activities may not be at expected levels or at expected times; risks inherent in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration or termination of current leases and incur applicable required replacement costs; and the financial flexibility of the Company and its joint venture partners to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures.
Basis of Presentation
The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2010 and Form 10-Q for the quarter ended March 31, 2011.
Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership” or “OP”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At March 31, 2011, the Company owned a 97.9% 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.
During the period from January 1, 2010 through March 31, 2011, the Company sold, or treated as “held for sale” 24 of its properties, including a number of drug store/convenience centers. For all periods presented, the carrying values of the properties’ assets and liabilities, principally the net book value of their real estate and mortgage loan payable, have been classified as “held for sale” on the balance sheets, and the properties’ results of operations have been classified as “discontinued operations”.
3
Use of Non-GAAP Financial Measures — Funds (Used In) From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available for Distribution (“FAD”), and Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)
FFO, AFFO and FAD are widely-recognized non-GAAP financial measures for REITs that the Company believes, when considered with financial statements determined in accordance with GAAP, are useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO, AFFO and FAD are useful to investors as they capture features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, AFFO and FAD, along with GAAP net income, when trying to understand an equity REIT’s operating performance. The Company presents FFO, AFFO and FAD because the Company considers them important supplemental measures of its operating performance and believes that they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Among other things, the Company uses FFO or an adjusted FFO-based measure (1) as a criterion to determine performance-based bonuses for members of senior management, (2) in performance comparisons with other shopping center REITs, and (3) to measure compliance with certain financial covenants under the terms of the Company’s secured revolving credit facilities.
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 attributable to the Company’s common shareholders (determined in accordance with GAAP), excluding gains or losses from debt restructurings and sales of properties, plus real estate-related depreciation and amortization, and after adjustments for partnerships and joint ventures (which are computed to reflect FFO on the same basis). The Company calculates (a) AFFO by further adjusting FFO to exclude the pro rata share of straight-line rents, amortization of intangible lease liabilities, non-real estate amortization, and stock-based compensation, included in operations, and (b) FAD by further adjusting AFFO to exclude routine capital expenditures and scheduled debt amortization payments.
FFO, AFFO and FAD do not represent cash generated from operating activities and should not be considered as alternatives to net income attributable to the Company’s common shareholders or to cash flow from operating activities. FFO, AFFO and FAD are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO, AFFO and FAD are measures used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computations of FFO, AFFO and FAD may vary from one company to another.
EBITDA is another widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison among other companies, including REITs. While EBITDA should not be considered as a substitute for net income attributable to the Company’s common shareholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company’s performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by adjusting income from continuing operations (determined in accordance with GAAP), excluding interest expense and amortization of deferred financing costs, depreciation and amortization, terminated projects and acquisition transaction costs, impairment charges, gains on incidental sales of real estate, and mark-to-market adjustments relating to stock-based compensation. The ratios of EBITDA to fixed charges and pro rata debt to EBITDA are additional related measures of financial performance. Because EBITDA from one company to another excludes some, but not all, items that affect net income, the computations of EBITDA may vary from one company to another.
4
CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets
Consolidated Balance Sheets
Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||
Land | $ | 337,474,000 | $ | 327,813,000 | $ | 325,229,000 | $ | 326,224,000 | $ | 329,635,000 | ||||||||||
Buildings and improvements | 1,301,021,000 | 1,257,679,000 | 1,242,008,000 | 1,236,824,000 | 1,225,733,000 | |||||||||||||||
1,638,495,000 | 1,585,492,000 | 1,567,237,000 | 1,563,048,000 | 1,555,368,000 | ||||||||||||||||
Less accumulated depreciation | (197,948,000 | ) | (188,278,000 | ) | (179,385,000 | ) | (169,154,000 | ) | (159,499,000 | ) | ||||||||||
Real estate, net | 1,440,547,000 | 1,397,214,000 | 1,387,852,000 | 1,393,894,000 | 1,395,869,000 | |||||||||||||||
Real estate to be transferred to a joint venture | — | — | — | — | 60,203,000 | |||||||||||||||
Real estate held for sale — discontinued operations | 59,426,000 | 74,661,000 | 117,131,000 | 117,832,000 | 121,644,000 | |||||||||||||||
Investment in unconsolidated joint ventures | 50,324,000 | 52,466,000 | 44,029,000 | 27,066,000 | 23,655,000 | |||||||||||||||
Cash and cash equivalents | 15,469,000 | 14,166,000 | 12,142,000 | 13,794,000 | 15,783,000 | |||||||||||||||
Restricted cash | 16,109,000 | 14,545,000 | 11,617,000 | 12,828,000 | 13,061,000 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Rents and other tenant receivables, net | 10,389,000 | 7,048,000 | 9,485,000 | 8,814,000 | 10,663,000 | |||||||||||||||
Straight-line rents | 16,097,000 | 15,669,000 | 15,490,000 | 15,310,000 | 14,831,000 | |||||||||||||||
Joint venture settlements and other receivables | 5,989,000 | 8,599,000 | 9,533,000 | 6,146,000 | 7,330,000 | |||||||||||||||
Other assets | 7,966,000 | 9,676,000 | 11,819,000 | 7,271,000 | 7,709,000 | |||||||||||||||
Deferred charges, net: | ||||||||||||||||||||
Lease origination costs | 16,020,000 | 16,102,000 | 15,890,000 | 16,339,000 | 16,417,000 | |||||||||||||||
Financing costs | 9,736,000 | 10,790,000 | 10,828,000 | 15,053,000 | 15,573,000 | |||||||||||||||
Other | 575,000 | 1,551,000 | 1,288,000 | 1,405,000 | 1,222,000 | |||||||||||||||
Total assets | $ | 1,648,647,000 | $ | 1,622,487,000 | $ | 1,647,104,000 | $ | 1,635,752,000 | $ | 1,703,960,000 | ||||||||||
Liabilities and equity: | ||||||||||||||||||||
Mortgage loans payable | $ | 698,010,000 | $ | 672,143,000 | $ | 650,645,000 | $ | 652,577,000 | $ | 648,373,000 | ||||||||||
Mortgage loans payable — real estate to be transferred to a joint venture | — | — | — | — | 33,590,000 | |||||||||||||||
Mortgage loans payable — real estate held for sale — discontinued operations | 35,205,000 | 35,373,000 | 40,160,000 | 40,335,000 | 40,507,000 | |||||||||||||||
Secured revolving credit facilities | 154,597,000 | 132,597,000 | 126,446,000 | 167,841,000 | 207,091,000 | |||||||||||||||
Accounts payable and accrued expenses | 14,009,000 | 17,811,000 | 20,066,000 | 20,654,000 | 18,531,000 | |||||||||||||||
Tenant prepayments and security deposits | 9,126,000 | 9,573,000 | 8,343,000 | 6,986,000 | 7,679,000 | |||||||||||||||
Accrued interest rate swap liabilities | 1,451,000 | 1,642,000 | 1,926,000 | 1,789,000 | 1,587,000 | |||||||||||||||
Unamortized intangible lease liabilities | 45,027,000 | 46,453,000 | 47,823,000 | 50,014,000 | 51,816,000 | |||||||||||||||
Liabilities — real estate held for sale and real estate to be transferred to a joint venture | 1,413,000 | 1,371,000 | 2,756,000 | 2,866,000 | 6,919,000 | |||||||||||||||
Total liabilities | 958,838,000 | 916,963,000 | 898,165,000 | 943,062,000 | 1,016,093,000 | |||||||||||||||
Limited partners’ interest in Operating Partnership | 6,817,000 | 7,053,000 | 8,473,000 | 10,888,000 | 11,610,000 | |||||||||||||||
Equity: | ||||||||||||||||||||
Preferred stock | 158,575,000 | 158,575,000 | 158,575,000 | 88,750,000 | 88,750,000 | |||||||||||||||
Common stock | 4,051,000 | 3,991,000 | 3,962,000 | 3,906,000 | 3,774,000 | |||||||||||||||
Treasury stock | (10,398,000 | ) | (10,367,000 | ) | (10,419,000 | ) | (10,521,000 | ) | (10,629,000 | ) | ||||||||||
Additional paid-in capital | 715,702,000 | 712,548,000 | 708,310,000 | 705,314,000 | 688,870,000 | |||||||||||||||
Cumulative distributions in excess of net income | (249,636,000 | ) | (231,275,000 | ) | (188,336,000 | ) | (175,628,000 | ) | (165,531,000 | ) | ||||||||||
Accumulated other comprenehsive loss | (3,112,000 | ) | (3,406,000 | ) | (3,924,000 | ) | (4,082,000 | ) | (3,989,000 | ) | ||||||||||
615,182,000 | 630,066,000 | 668,168,000 | 607,739,000 | 601,245,000 | ||||||||||||||||
Minority interest in consolidated joint ventures | 61,736,000 | 62,050,000 | 65,237,000 | 66,957,000 | 67,704,000 | |||||||||||||||
Limited partners’ interest in Operating Partnship | 6,074,000 | 6,355,000 | 7,061,000 | 7,106,000 | 7,308,000 | |||||||||||||||
Noncontrolling interests | 67,810,000 | 68,405,000 | 72,298,000 | 74,063,000 | 75,012,000 | |||||||||||||||
Total equity | 682,992,000 | 698,471,000 | 740,466,000 | 681,802,000 | 676,257,000 | |||||||||||||||
Total liabilities and equity | $ | 1,648,647,000 | $ | 1,622,487,000 | $ | 1,647,104,000 | $ | 1,635,752,000 | $ | 1,703,960,000 | ||||||||||
5
CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Operations
Consolidated Statements of Operations
Three months ended | ||||||||||||||||||||
Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rents: | ||||||||||||||||||||
Base rents | $ | 29,247,000 | $ | 27,882,000 | $ | 26,991,000 | $ | 27,579,000 | $ | 29,011,000 | ||||||||||
Percentage rents | 266,000 | 477,000 | 298,000 | 212,000 | 216,000 | |||||||||||||||
Straight-line rents | 479,000 | 208,000 | 169,000 | 609,000 | 774,000 | |||||||||||||||
Amortization of intangible lease liabilities | 1,398,000 | 1,557,000 | 1,889,000 | 2,588,000 | 2,256,000 | |||||||||||||||
31,390,000 | 30,124,000 | 29,347,000 | 30,988,000 | 32,257,000 | ||||||||||||||||
Expense recoveries | 9,524,000 | 7,040,000 | 6,698,000 | 6,718,000 | 9,431,000 | |||||||||||||||
Other | 706,000 | 1,883,000 | 1,604,000 | 283,000 | 98,000 | |||||||||||||||
41,620,000 | 39,047,000 | 37,649,000 | 37,989,000 | 41,786,000 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Operating, maintenance and management | 10,619,000 | 8,365,000 | 7,093,000 | 6,840,000 | 9,474,000 | |||||||||||||||
Real estate and other property — related taxes | 5,045,000 | 4,756,000 | 4,821,000 | 4,844,000 | 4,893,000 | |||||||||||||||
15,664,000 | 13,121,000 | 11,914,000 | 11,684,000 | 14,367,000 | ||||||||||||||||
Net operating income | 25,956,000 | 25,926,000 | 25,735,000 | 26,305,000 | 27,419,000 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
General and administrative | (2,705,000 | ) | (2,799,000 | ) | (2,421,000 | ) | (2,106,000 | ) | (2,211,000 | ) | ||||||||||
Acquisition transaction costs and terminated projects | (1,539,000 | ) | (888,000 | ) | (2,043,000 | ) | (2,000 | ) | (1,320,000 | ) | ||||||||||
Impairment charges | — | (221,000 | ) | (155,000 | ) | (562,000 | ) | (1,555,000 | ) | |||||||||||
Depreciation and amortization | (10,404,000 | ) | (9,692,000 | ) | (10,997,000 | ) | (11,222,000 | ) | (10,148,000 | ) | ||||||||||
Interest expense | (11,438,000 | ) | (10,844,000 | ) | (10,853,000 | ) | (11,536,000 | ) | (12,687,000 | ) | ||||||||||
Amortization of deferred financing and other costs | (1,270,000 | ) | (1,453,000 | ) | (1,743,000 | ) | (1,479,000 | ) | (1,487,000 | ) | ||||||||||
Capitalization of interest expense and financing costs | 324,000 | 331,000 | 597,000 | 723,000 | 890,000 | |||||||||||||||
Accelerated write-off of deferred financing costs | — | — | (2,552,000 | ) | — | — | ||||||||||||||
Interest income | 78,000 | 13,000 | 6,000 | 5,000 | 14,000 | |||||||||||||||
Equity in (loss) income of unconsolidated joint ventures | 791,000 | (63,000 | ) | (288,000 | ) | 479,000 | 356,000 | |||||||||||||
Gain on sale of land parcel | 28,000 | — | — | — | — | |||||||||||||||
(Loss) Income before discontinued operations | (179,000 | ) | 310,000 | (4,714,000 | ) | 605,000 | (729,000 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from operations | 1,002,000 | (43,000 | ) | 257,000 | (153,000 | ) | (358,000 | ) | ||||||||||||
Impairment charges | (9,916,000 | ) | (36,253,000 | ) | (34,000 | ) | (2,994,000 | ) | (248,000 | ) | ||||||||||
Gain on sales | — | — | — | (5,000 | ) | 175,000 | ||||||||||||||
Total discontinued operations | (8,914,000 | ) | (36,296,000 | ) | 223,000 | (3,152,000 | ) | (431,000 | ) | |||||||||||
Net loss | (9,093,000 | ) | (35,986,000 | ) | (4,491,000 | ) | (2,547,000 | ) | (1,160,000 | ) | ||||||||||
Less, net loss (income) attributable to noncontrolling interests: | ||||||||||||||||||||
Minority interests in consolidated joint ventures | 25,000 | 1,807,000 | 194,000 | 87,000 | (475,000 | ) | ||||||||||||||
Limited partners’ interest in consolidated OP | 260,000 | 794,000 | 196,000 | 178,000 | 114,000 | |||||||||||||||
Total net loss (income) attributable to noncontrolling interests | 285,000 | 2,601,000 | 390,000 | 265,000 | (361,000 | ) | ||||||||||||||
Net loss attributable to Cedar Shopping Centers, Inc. | (8,808,000 | ) | (33,385,000 | ) | (4,101,000 | ) | (2,282,000 | ) | (1,521,000 | ) | ||||||||||
Preferred distribution requirements | (3,501,000 | ) | (3,579,000 | ) | (2,679,000 | ) | (1,969,000 | ) | (1,969,000 | ) | ||||||||||
Net loss attributable to common shareholders | $ | (12,309,000 | ) | $ | (36,964,000 | ) | $ | (6,780,000 | ) | $ | (4,251,000 | ) | $ | (3,490,000 | ) | |||||
Per common share (basic and diluted): | ||||||||||||||||||||
Continuing operations | $ | (0.05 | ) | $ | (0.01 | ) | $ | (0.10 | ) | $ | (0.02 | ) | $ | (0.05 | ) | |||||
Discontinued operations | (0.13 | ) | (0.55 | ) | 0.00 | (0.05 | ) | (0.01 | ) | |||||||||||
$ | (0.18 | ) | $ | (0.56 | ) | $ | (0.10 | ) | $ | (0.07 | ) | $ | (0.06 | ) | ||||||
Weighted average number of common shares outstanding | 67,227,000 | 66,374,000 | 65,835,000 | 64,434,000 | 58,728,000 | |||||||||||||||
Net operating income/Revenues | 62 | % | 66 | % | 68 | % | 69 | % | 66 | % | ||||||||||
Expense recovery percentage (a) | 73 | % | 72 | % | 72 | % | 71 | % | 73 | % |
(a) | The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude (i) non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $940,000, $1,315,000, $886,000, $583,000 and $445,000, respectively, and (ii) unallocated property and construction management compensation and benefits (including stock-based compensation). |
6
CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
Three months ended | ||||||||||||||||||||
Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Cash flow from operating activities: | ||||||||||||||||||||
Net loss | $ | (9,093,000 | ) | $ | (35,986,000 | ) | $ | (4,491,000 | ) | $ | (2,547,000 | ) | $ | (1,160,000 | ) | |||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||||||
Non-cash provisions: | ||||||||||||||||||||
Equity in loss (income) of unconsolidated joint ventures | (791,000 | ) | 63,000 | 288,000 | (479,000 | ) | (356,000 | ) | ||||||||||||
Distributions from unconsolidated joint ventures | 379,000 | 60,000 | 211,000 | 428,000 | 120,000 | |||||||||||||||
Impairments | — | 199,000 | 177,000 | 562,000 | 1,555,000 | |||||||||||||||
Acquisition transaction costs and terminated projects | 1,539,000 | — | 31,000 | — | 1,271,000 | |||||||||||||||
Impairment charges — discontinued operations | 9,916,000 | 36,253,000 | 34,000 | 2,992,000 | 248,000 | |||||||||||||||
Gain on sales of real estate | (28,000 | ) | — | — | 5,000 | (175,000 | ) | |||||||||||||
Straight-line rents receivable | (519,000 | ) | (232,000 | ) | (198,000 | ) | (637,000 | ) | (787,000 | ) | ||||||||||
Provision for doubtful accounts | 1,053,000 | 1,468,000 | 966,000 | 860,000 | 678,000 | |||||||||||||||
Depreciation and amortization | 10,459,000 | 10,820,000 | 11,891,000 | 12,373,000 | 11,380,000 | |||||||||||||||
Amortization of intangible lease liabilities | (1,477,000 | ) | (1,676,000 | ) | (2,051,000 | ) | (3,092,000 | ) | (2,335,000 | ) | ||||||||||
Amortization/market price adjustments relating to stock-based compensation | 829,000 | 911,000 | 832,000 | 21,000 | 1,215,000 | |||||||||||||||
Amortization of deferred financing costs | 1,006,000 | 1,489,000 | 1,605,000 | 1,286,000 | 1,207,000 | |||||||||||||||
Accelerated write-off of deferred financing costs | — | — | 2,522,000 | — | — | |||||||||||||||
Increases/decreases in operating assets and liabilities: | ||||||||||||||||||||
Rents and other receivables, net | (4,402,000 | ) | 952,000 | (1,643,000 | ) | 1,023,000 | (3,918,000 | ) | ||||||||||||
Joint venture settlements | 231,000 | 2,388,000 | (1,457,000 | ) | (453,000 | ) | (1,473,000 | ) | ||||||||||||
Prepaid expenses and other | (1,208,000 | ) | 1,329,000 | (4,698,000 | ) | 2,369,000 | (1,029,000 | ) | ||||||||||||
Accounts payable and accrued expenses | (3,664,000 | ) | (158,000 | ) | 2,545,000 | (1,140,000 | ) | (2,754,000 | ) | |||||||||||
Net cash provided by operating activities | 4,230,000 | 17,880,000 | 6,564,000 | 13,571,000 | 3,687,000 | |||||||||||||||
Cash flow from investing activities: | ||||||||||||||||||||
Expenditures for real estate and improvements | (53,583,000 | ) | (9,281,000 | ) | (5,362,000 | ) | (7,483,000 | ) | (8,029,000 | ) | ||||||||||
Net proceeds from transfers to unconsolidated joint venture, less cash at dates of transfer | 3,009,000 | — | — | 19,634,000 | 11,379,000 | |||||||||||||||
Net proceeds from sales of real estate | 5,744,000 | 605,000 | — | — | 2,056,000 | |||||||||||||||
Investments in and advances to unconsolidated joint ventures | — | (21,427,000 | ) | (25,712,000 | ) | — | (4,302,000 | ) | ||||||||||||
Distributions of capital from unconsolidated joint ventures | 2,555,000 | 13,777,000 | 6,166,000 | 1,559,000 | — | |||||||||||||||
Increase in other receivables | — | (2,563,000 | ) | — | — | — | ||||||||||||||
Construction escrows and other | (1,141,000 | ) | (1,906,000 | ) | (101,000 | ) | 116,000 | 1,040,000 | ||||||||||||
Net cash (used in) provided by investing activities | (43,416,000 | ) | (20,795,000 | ) | (25,009,000 | ) | 13,826,000 | 2,144,000 | ||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Net advances/(repayments) from/(to) revolving credit facilities | 22,000,000 | 6,151,000 | (41,395,000 | ) | (39,250,000 | ) | (50,594,000 | ) | ||||||||||||
Proceeds from mortgage financings | 28,100,000 | 10,712,000 | 30,000 | 9,543,000 | 6,699,000 | |||||||||||||||
Mortgage repayments | (2,401,000 | ) | (2,350,000 | ) | (2,137,000 | ) | (5,544,000 | ) | (10,913,000 | ) | ||||||||||
Termination payments related to interest rate swaps | — | — | — | — | (5,476,000 | ) | ||||||||||||||
Payments of debt financing costs | — | (884,000 | ) | (143,000 | ) | (755,000 | ) | (243,000 | ) | |||||||||||
Noncontrolling interests: | ||||||||||||||||||||
Distributions to consolidated joint venture minority interests | (289,000 | ) | (1,380,000 | ) | (1,526,000 | ) | (660,000 | ) | — | |||||||||||
Distributions to limited partners | (127,000 | ) | (128,000 | ) | (173,000 | ) | (173,000 | ) | (180,000 | ) | ||||||||||
Redemption of OP units | — | (609,000 | ) | (2,349,000 | ) | (418,000 | ) | (67,000 | ) | |||||||||||
Net proceeds from sales of preferred and common stock | 2,807,000 | 2,952,000 | 72,383,000 | 5,686,000 | 60,227,000 | |||||||||||||||
Exercise of warrant | — | — | — | 10,000,000 | — | |||||||||||||||
Preferred stock distributions | (3,549,000 | ) | (3,550,000 | ) | (1,969,000 | ) | (1,969,000 | ) | (1,969,000 | ) | ||||||||||
Distributions to common shareholders | (6,052,000 | ) | (5,975,000 | ) | (5,928,000 | ) | (5,846,000 | ) | (4,696,000 | ) | ||||||||||
Net cash provided by (used in) financing activities | 40,489,000 | 4,939,000 | 16,793,000 | (29,386,000 | ) | (7,212,000 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,303,000 | 2,024,000 | (1,652,000 | ) | (1,989,000 | ) | (1,381,000 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 14,166,000 | 12,142,000 | 13,794,000 | 15,783,000 | 9,527,000 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 15,469,000 | $ | 14,166,000 | $ | 12,142,000 | $ | 13,794,000 | $ | 15,783,000 | ||||||||||
7
CEDAR SHOPPING CENTERS, INC.
Funds (Used In) From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available For Distribution (“FAD”) and Other Financial Information
Funds (Used In) From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available For Distribution (“FAD”) and Other Financial Information
At of for the three months ended | ||||||||||||||||||||
Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Net loss attributable to the Company’s common shareholders | $ | (12,309,000 | ) | $ | (36,964,000 | ) | $ | (6,780,000 | ) | $ | (4,251,000 | ) | $ | (3,490,000 | ) | |||||
Add (deduct): | ||||||||||||||||||||
Real estate depreciation and amortization | 10,410,000 | 10,793,000 | 11,831,000 | 12,327,000 | 11,328,000 | |||||||||||||||
Noncontrolling interests: | ||||||||||||||||||||
Limited partners’ interest | (260,000 | ) | (794,000 | ) | (196,000 | ) | (178,000 | ) | (114,000 | ) | ||||||||||
Minority interests in consolidated joint ventures | (25,000 | ) | (1,807,000 | ) | (194,000 | ) | (87,000 | ) | 475,000 | |||||||||||
Minority interests’ share of FFO applicable to consolidated joint ventures | (1,336,000 | ) | 360,000 | (1,340,000 | ) | (1,686,000 | ) | (1,691,000 | ) | |||||||||||
Gain on sales of discontinued operations and other real estate (a) | (28,000 | ) | — | — | 5,000 | (175,000 | ) | |||||||||||||
Equity in loss (income) of unconsolidated joint ventures | (791,000 | ) | 63,000 | 288,000 | (479,000 | ) | (356,000 | ) | ||||||||||||
FFO from unconsolidated joint ventures | 1,882,000 | 1,230,000 | 146,000 | 834,000 | 586,000 | |||||||||||||||
Funds From (Used in) Operations (“FFO”) | (2,457,000 | ) | (27,119,000 | ) | 3,755,000 | 6,485,000 | 6,563,000 | |||||||||||||
Add (deduct) the pro rata share of: | ||||||||||||||||||||
Straight-line rents | (475,000 | ) | (245,000 | ) | (150,000 | ) | (531,000 | ) | (654,000 | ) | ||||||||||
Amortization of intangible lease liabilities | (1,371,000 | ) | (1,264,000 | ) | (1,957,000 | ) | (2,484,000 | ) | (2,156,000 | ) | ||||||||||
Non-real estate amortization | 1,080,000 | 1,520,000 | 1,610,000 | 1,293,000 | 1,230,000 | |||||||||||||||
Accelerated write-off of deferred financing costs | — | — | 2,552,000 | — | — | |||||||||||||||
Stock-based compensation charged (credited) to operations | 829,000 | 896,000 | 853,000 | — | 1,215,000 | |||||||||||||||
Impairment charges — discontinued operations (a) | 9,749,000 | 34,057,000 | 34,000 | 2,994,000 | 248,000 | |||||||||||||||
Impairment charges — RioCan, net (b) | — | 221,000 | 155,000 | 562,000 | 1,555,000 | |||||||||||||||
Acquisition transaction costs — unconsolidated joint venture | 14,000 | 925,000 | 773,000 | — | 119,000 | |||||||||||||||
Acquisition transaction costs and terminated projects (c) | 1,539,000 | 888,000 | 2,043,000 | 2,000 | 1,320,000 | |||||||||||||||
Adjusted Funds From Operations (“AFFO”) | 8,908,000 | 9,879,000 | 9,668,000 | 8,321,000 | 9,440,000 | |||||||||||||||
Capital expenditures, tenant improvements, and leasing commissions — second generation (d) | (409,000 | ) | (1,081,000 | ) | (1,321,000 | ) | (954,000 | ) | (631,000 | ) | ||||||||||
Scheduled mortgage repayments — carrying value amounts | (1,945,000 | ) | (2,236,000 | ) | (1,983,000 | ) | (1,836,000 | ) | (1,926,000 | ) | ||||||||||
Funds Available for Distribution (“FAD”) | $ | 6,554,000 | $ | 6,562,000 | $ | 6,364,000 | $ | 5,531,000 | $ | 6,883,000 | ||||||||||
FFO per common share, assuming OP Unit conversion (basic and diluted): | $ | (0.04 | ) | $ | (0.40 | ) | $ | 0.06 | $ | 0.10 | $ | 0.11 | ||||||||
AFFO per common share, assuming OP Unit conversion (basic and diluted): | $ | 0.13 | $ | 0.15 | $ | 0.14 | $ | 0.13 | $ | 0.15 | ||||||||||
FAD per common share, assuming OP Unit conversion (basic and diluted): | $ | 0.10 | $ | 0.10 | $ | 0.09 | $ | 0.08 | $ | 0.11 | ||||||||||
Weighted average number of common shares outstanding (basic): | ||||||||||||||||||||
Common shares | 67,227,000 | 66,374,000 | 65,835,000 | 64,434,000 | 58,728,000 | |||||||||||||||
OP Units | 1,415,000 | 1,435,000 | 1,892,000 | 1,945,000 | 1,986,000 | |||||||||||||||
68,642,000 | 67,809,000 | 67,727,000 | 66,379,000 | 60,714,000 | ||||||||||||||||
Weighted average number of common shares outstanding (diluted): | ||||||||||||||||||||
Common shares | 67,227,000 | 66,374,000 | 65,835,000 | 64,486,000 | 58,752,000 | |||||||||||||||
OP Units | 1,415,000 | 1,435,000 | 1,892,000 | 1,945,000 | 1,986,000 | |||||||||||||||
68,642,000 | 67,809,000 | 67,727,000 | 66,431,000 | 60,738,000 | ||||||||||||||||
End of period number of common shares outstanding: | ||||||||||||||||||||
Common shares | 67,517,000 | 66,520,000 | 66,035,000 | 65,104,000 | 62,911,000 | |||||||||||||||
OP Units | 1,415,000 | 1,415,000 | 1,535,000 | 1,928,000 | 1,980,000 | |||||||||||||||
68,932,000 | 67,935,000 | 67,570,000 | 67,032,000 | 64,891,000 | ||||||||||||||||
Other Financial Information (Pro Rata Share): | ||||||||||||||||||||
Capital expenditures, tenant improvements, and leasing commissions — first generation (e) | $ | 3,983,000 | $ | 8,365,000 | $ | 3,659,000 | $ | 7,005,000 | $ | 3,225,000 | ||||||||||
Capitalized interest and financing costs | $ | 324,000 | $ | 332,000 | $ | 597,000 | $ | 723,000 | $ | 890,000 | ||||||||||
Scheduled mortgage repayments — stated contract amounts | $ | 1,848,000 | $ | 2,106,000 | $ | 1,837,000 | $ | 1,739,000 | $ | 1,802,000 | ||||||||||
NOI attributable to RioCan properties prior to contribution | $ | — | $ | — | $ | — | $ | 558,000 | $ | 1,905,000 | ||||||||||
Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(f) | $ | 58,214,000 | $ | 62,611,000 | $ | 84,831,000 | $ | 105,964,000 | $ | 106,935,000 | ||||||||||
(a) | Gain on sales/impairment charges related to properties sold or treated as “held for sale”. | |
(b) | Impairment charge, net, related to the seven properties transferred to the Cedar/RioCan joint venture. | |
(c) | The March 31, 2011, December 31, 2010 and the September 30, 2010 amounts are principally fees paid to the Company’s investment advisor related to the Cedar/RioCan joint venture. | |
The March 2010 amount included the write-off of costs incurred for a potential development opportunity that the Company determined would not go forward. | ||
(d) | Second generation refers to expenditures related to stabilized properties. | |
(e) | First generation refers to expenditures related to development/redevelopment activities. | |
(f) | Real estate out of service includes the applicable portions of development/redevelopment and expansion properties. |
8
CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Operating Results
Summary Financial Data — Operating Results
As of for the three months ended | ||||||||||||||||||||
Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Revenues of managed properties excluding non-cash revenues (a) | $ | 55,525,000 | $ | 52,213,000 | $ | 41,967,000 | $ | 39,474,000 | $ | 41,673,000 | ||||||||||
Less consolidated joint ventures | (4,308,000 | ) | (4,181,000 | ) | (4,232,000 | ) | (4,243,000 | ) | (4,496,000 | ) | ||||||||||
Less unconsolidated Cedar/RioCan joint venture | (12,779,000 | ) | (12,109,000 | ) | (5,204,000 | ) | (3,849,000 | ) | (2,373,000 | ) | ||||||||||
Cedar share of revenues excluding non-cash items | 38,438,000 | 35,923,000 | 32,531,000 | 31,382,000 | 34,804,000 | |||||||||||||||
Pro-rata share straight-line rents | 475,000 | 245,000 | 150,000 | 531,000 | 654,000 | |||||||||||||||
Pro-rata share amortization of intangible lease liabilities | 1,371,000 | 1,264,000 | 1,957,000 | 2,484,000 | 2,156,000 | |||||||||||||||
Cedar share of total revenues | 40,284,000 | 37,432,000 | 34,638,000 | 34,397,000 | 37,614,000 | |||||||||||||||
Revenues attributable to consolidated joint ventures (b) | 4,531,000 | 4,642,000 | 4,373,000 | 4,624,000 | 4,789,000 | |||||||||||||||
Less revenues attributable to unconsolidated Cedar/RioCan joint venture (c) | (3,195,000 | ) | (3,027,000 | ) | (1,362,000 | ) | (1,032,000 | ) | (617,000 | ) | ||||||||||
Total — As reported | $ | 41,620,000 | $ | 39,047,000 | $ | 37,649,000 | $ | 37,989,000 | $ | 41,786,000 | ||||||||||
Net Operating Income (“NOI”) | ||||||||||||||||||||
NOI of managed properties excluding non-cash revenues | $ | 34,930,000 | $ | 35,775,000 | $ | 28,309,000 | $ | 26,064,000 | $ | 26,667,000 | ||||||||||
Less consolidated joint ventures | (2,987,000 | ) | (3,059,000 | ) | (2,942,000 | ) | (3,036,000 | ) | (3,068,000 | ) | ||||||||||
Less unconsolidated Cedar/RioCan joint venture | (8,892,000 | ) | (9,418,000 | ) | (3,803,000 | ) | (2,695,000 | ) | (1,685,000 | ) | ||||||||||
Cedar share of NOI excluding non-cash items | 23,051,000 | 23,298,000 | 21,564,000 | 20,333,000 | 21,914,000 | |||||||||||||||
Pro-rata share straight-line rents | 475,000 | 245,000 | 150,000 | 531,000 | 654,000 | |||||||||||||||
Pro-rata share amortization of intangible lease liabilities | 1,371,000 | 1,264,000 | 1,957,000 | 2,484,000 | 2,156,000 | |||||||||||||||
Stock-based compensation mark-to-market adjustments | 72,000 | (46,000 | ) | (7,000 | ) | 284,000 | (221,000 | ) | ||||||||||||
Cedar share of total NOI | 24,969,000 | 24,761,000 | 23,664,000 | 23,632,000 | 24,503,000 | |||||||||||||||
NOI attributable to consolidated joint ventures (b) | 3,210,000 | 3,520,000 | 3,083,000 | 3,417,000 | 3,361,000 | |||||||||||||||
Less NOI attributable to unconsolidated Cedar/RioCan joint venture (c) | (2,223,000 | ) | (2,355,000 | ) | (1,012,000 | ) | (744,000 | ) | (445,000 | ) | ||||||||||
Total — As reported | $ | 25,956,000 | $ | 25,926,000 | $ | 25,735,000 | $ | 26,305,000 | $ | 27,419,000 | ||||||||||
Net (loss) income — common shareholders | ||||||||||||||||||||
Net income excluding impairments and certain non-cash charges | $ | (750,000 | ) | $ | (1,367,000 | ) | $ | (1,210,000 | ) | $ | (1,485,000 | ) | $ | 308,000 | ||||||
Accelerated write-off of deferred financing costs | — | — | (2,552,000 | ) | — | — | ||||||||||||||
Acquistion transaction costs, terminated projects and impairments (d) | (11,427,000 | ) | (36,266,000 | ) | (3,180,000 | ) | (3,733,000 | ) | (3,417,000 | ) | ||||||||||
Employee termination costs | (525,000 | ) | — | — | — | — | ||||||||||||||
Stock-based compensation mark-to-market adjustments | 150,000 | (101,000 | ) | 2,000 | 884,000 | (509,000 | ) | |||||||||||||
Limited partners’ interest in above items | 243,000 | 770,000 | 160,000 | 83,000 | 128,000 | |||||||||||||||
(11,559,000 | ) | (35,597,000 | ) | (5,570,000 | ) | (2,766,000 | ) | (3,798,000 | ) | |||||||||||
Total — As reported | $ | (12,309,000 | ) | $ | (36,964,000 | ) | $ | (6,780,000 | ) | $ | (4,251,000 | ) | $ | (3,490,000 | ) | |||||
Per common share/OP unit (basic and diluted): | ||||||||||||||||||||
Net income excluding impairment and certain non-cash charges | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.02 | ) | $ | — | ||||||
Acquisition transaction costs, impairments and certain non-cash charges | (0.18 | ) | (0.55 | ) | (0.08 | ) | (0.04 | ) | (0.06 | ) | ||||||||||
Total — As reported per share | $ | (0.18 | ) | $ | (0.56 | ) | $ | (0.10 | ) | $ | (0.07 | ) | $ | (0.06 | ) | |||||
FFO | ||||||||||||||||||||
FFO before non-cash revenues: | ||||||||||||||||||||
Consolidated properties | $ | 7,499,000 | $ | 7,739,000 | $ | 7,378,000 | $ | 6,166,000 | $ | 6,109,000 | ||||||||||
Cedar/RioCan properties prior to transfer | — | — | — | 153,000 | 1,570,000 | |||||||||||||||
7,499,000 | 7,739,000 | 7,378,000 | 6,319,000 | 7,679,000 | ||||||||||||||||
Straight-line rents | 475,000 | 245,000 | 150,000 | 531,000 | 654,000 | |||||||||||||||
Amortization of intangible lease liabilities | 1,371,000 | 1,264,000 | 1,957,000 | 2,484,000 | 2,156,000 | |||||||||||||||
FFO excluding impairments, stock-based compensation mark-to- market adjustments and employee termination costs | 9,345,000 | 9,248,000 | 9,485,000 | 9,334,000 | 10,489,000 | |||||||||||||||
Accelerated write-off of deferred financing costs | — | — | (2,552,000 | ) | — | — | ||||||||||||||
Employee termination costs | (525,000 | ) | — | — | — | — | ||||||||||||||
Stock-based compensation mark-to-market adjustments | 150,000 | (101,000 | ) | 2,000 | 884,000 | (509,000 | ) | |||||||||||||
Acquistion transaction costs, terminated projects and impairments (d) | (11,427,000 | ) | (36,266,000 | ) | (3,180,000 | ) | (3,733,000 | ) | (3,417,000 | ) | ||||||||||
(11,802,000 | ) | (36,367,000 | ) | (5,730,000 | ) | (2,849,000 | ) | (3,926,000 | ) | |||||||||||
Total — As reported | $ | (2,457,000 | ) | $ | (27,119,000 | ) | $ | 3,755,000 | $ | 6,485,000 | $ | 6,563,000 | ||||||||
Per common share/OP unit (basic and diluted) (e): | ||||||||||||||||||||
FFO excluding impairments and stock-based compensation mark-to-market adjustments | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.17 | ||||||||||
Acquisition transaction costs and impairments and stock-based compensation mark-to-market adjustments | (0.17 | ) | (0.54 | ) | (0.08 | ) | (0.04 | ) | (0.06 | ) | ||||||||||
Total — As reported | $ | (0.04 | ) | $ | (0.40 | ) | $ | 0.06 | $ | 0.10 | $ | 0.11 | ||||||||
Dividends to common shareholders | $ | 6,052,000 | $ | 5,974,000 | $ | 5,928,000 | $ | 5,846,000 | $ | — | ||||||||||
Per common share (e) | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | — | ||||||||||
9
CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Operating Results
Summary Financial Data — Operating Results
Notes: | ||
(a) | Includes (1) amounts applicable to 100%-owned properties (including amounts applicable to properties transferred to the Cedar/RioCan joint venture prior to such transfer), (2) the Company’s pro rata share of amounts applicable to consolidated joint venture properties, and (3) the Company’s pro rata share of amounts applicable to properties transferred to the Cedar/RioCan joint venture subsquent to such transfer. | |
(b) | Partners’ pro rata share of amounts applicable to consolidated joint venture properties. | |
(c) | Removes the Company’s pro rata share of amounts applicable to the Cedar/RioCan joint venture properties included in (a) above. | |
(d) | Includes $130,000, $175,000, $175,000, $175,000 and $175,000 for March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively, of allocated acquisition group compensation expenses. | |
(e) | See page 8 for the weighted average number of common shares outstanding used in the computation of per share amounts. |
10
CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Capitalization
Summary Financial Data — Capitalization
Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Market Capitalization (end of period) | ||||||||||||||||||||
Equity | ||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||
Shares | 6,400,000 | 6,400,000 | 3,550,000 | 3,550,000 | 3,550,000 | |||||||||||||||
Closing market price | $ | 25.05 | $ | 25.18 | $ | 25.76 | $ | 24.90 | $ | 24.39 | ||||||||||
$ | 160,320,000 | $ | 161,152,000 | $ | 164,860,000 | $ | 88,395,000 | $ | 86,585,000 | |||||||||||
Common Stock | ||||||||||||||||||||
Common shares | 67,517,000 | 66,520,000 | 66,035,000 | 65,104,000 | 62,911,000 | |||||||||||||||
OP Units | 1,415,000 | 1,415,000 | 1,535,000 | 1,928,000 | 1,980,000 | |||||||||||||||
68,932,000 | 67,935,000 | 67,570,000 | 67,032,000 | 64,891,000 | ||||||||||||||||
Closing market price | $ | 6.03 | $ | 6.29 | $ | 6.08 | $ | 6.02 | $ | 7.91 | ||||||||||
$ | 415,660,000 | $ | 427,311,000 | $ | 410,826,000 | $ | 403,533,000 | $ | 513,287,000 | |||||||||||
Sub-total equity | $ | 575,980,000 | $ | 588,463,000 | $ | 575,690,000 | $ | 491,928,000 | $ | 599,872,000 | ||||||||||
Debt: | ||||||||||||||||||||
Fixed-rate mortgages | 614,450,000 | 588,575,000 | 567,074,000 | 569,030,000 | 565,103,000 | |||||||||||||||
Variable-rate mortgages | 83,560,000 | 83,568,000 | 83,571,000 | 83,547,000 | 83,270,000 | |||||||||||||||
698,010,000 | 672,143,000 | 650,645,000 | 652,577,000 | 648,373,000 | ||||||||||||||||
Secured revolving credit facilities | 154,597,000 | 132,597,000 | 126,446,000 | 167,841,000 | 207,091,000 | |||||||||||||||
Total outstanding debt — consolidated | 852,607,000 | 804,740,000 | 777,091,000 | 820,418,000 | 855,464,000 | |||||||||||||||
Add (deduct) pro rats share attributable to: | ||||||||||||||||||||
Unconsolidated Cedar/RioCan joint venture | 60,630,000 | 58,680,000 | 45,761,000 | 18,668,000 | 45,652,000 | |||||||||||||||
Consolidated joint venture minority interests | (115,180,000 | ) | (115,457,000 | ) | (115,720,000 | ) | (115,968,000 | ) | (116,315,000 | ) | ||||||||||
Pro rata share of outstanding debt | 798,057,000 | 747,963,000 | 707,132,000 | 723,118,000 | 784,801,000 | |||||||||||||||
Total market capitalization | $ | 1,374,037,000 | $ | 1,336,426,000 | $ | 1,282,822,000 | $ | 1,215,046,000 | $ | 1,384,673,000 | ||||||||||
Ratio of pro rata share of outstanding debt to total market capitalization | 58.1 | % | 56.0 | % | 55.1 | % | 59.5 | % | 56.7 | % | ||||||||||
Financial statement capitalization (end of period): | ||||||||||||||||||||
Limited partners’ interest in Operating Partnership | $ | 12,891,000 | $ | 13,408,000 | $ | 15,534,000 | $ | 17,994,000 | $ | 18,918,000 | ||||||||||
Cedar Shopping Centers, Inc. shareholders’ equity | 615,182,000 | 630,066,000 | 668,168,000 | 607,739,000 | 601,245,000 | |||||||||||||||
628,073,000 | 643,474,000 | 683,702,000 | 625,733,000 | 620,163,000 | ||||||||||||||||
Pro rata share of total debt, per above | 798,057,000 | 747,963,000 | 707,132,000 | 723,118,000 | 784,801,000 | |||||||||||||||
Total financial statement capitalization | $ | 1,426,130,000 | $ | 1,391,437,000 | $ | 1,390,834,000 | $ | 1,348,851,000 | $ | 1,404,964,000 | ||||||||||
Ratio of pro rata share of outstanding debt to total financial statement capitalization | 56.0 | % | 53.8 | % | 50.8 | % | 53.6 | % | 55.9 | % | ||||||||||
Weighted average interest rates: | ||||||||||||||||||||
Fixed-rate mortgages | 5.8 | % | 5.9 | % | 5.8 | % | 5.8 | % | 5.8 | % | ||||||||||
Variable-rate mortgages | 4.1 | % | 4.1 | % | 3.4 | % | 3.4 | % | 3.3 | % | ||||||||||
Total mortgages | 5.6 | % | 5.6 | % | 5.5 | % | 5.5 | % | 5.5 | % | ||||||||||
Secured variable-rate revolving credit facilities | 3.5 | % | 3.2 | % | 3.0 | % | 4.0 | % | 4.2 | % | ||||||||||
Total debt | 5.2 | % | 5.2 | % | 5.1 | % | 5.2 | % | 5.2 | % | ||||||||||
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (179,000 | ) | $ | 310,000 | $ | (4,714,000 | ) | $ | 605,000 | $ | (729,000 | ) | |||||||
Add (deduct): | ||||||||||||||||||||
Interest expense and amortization of financing costs, net | 12,384,000 | 11,966,000 | 11,999,000 | 12,292,000 | 13,284,000 | |||||||||||||||
Accelerated write-off of deferred financing costs | — | — | 2,552,000 | — | — | |||||||||||||||
Depreciation and amortization | 10,404,000 | 9,692,000 | 10,997,000 | 11,222,000 | 10,148,000 | |||||||||||||||
Stock-based compensation mark-to-market adjustments | (150,000 | ) | 101,000 | (2,000 | ) | (884,000 | ) | 509,000 | ||||||||||||
Impairment charges | — | 221,000 | 155,000 | 562,000 | 1,555,000 | |||||||||||||||
Gain on sale of land parcel | (28,000 | ) | — | — | — | — | ||||||||||||||
Acqusition transaction costs and terminated projects, net | 1,539,000 | 888,000 | 2,043,000 | 2,000 | 1,320,000 | |||||||||||||||
Minority interests share of consolidated joint venture EBITDA | (3,210,000 | ) | (3,520,000 | ) | (3,082,000 | ) | (3,407,000 | ) | (3,369,000 | ) | ||||||||||
Pro-rata share attributable to Cedar/RioCan joint venture: | ||||||||||||||||||||
Acquisition transaction costs | 9,000 | 925,000 | 773,000 | — | 119,000 | |||||||||||||||
Depreciation and amortization | 1,180,000 | 1,222,000 | 370,000 | 293,000 | 106,000 | |||||||||||||||
Interest expense | 1,123,000 | 682,000 | 407,000 | 218,000 | 92,000 | |||||||||||||||
EBITDA | $ | 23,072,000 | $ | 22,487,000 | $ | 21,498,000 | $ | 20,903,000 | $ | 23,035,000 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 11,438,000 | $ | 10,844,000 | $ | 10,853,000 | $ | 11,536,000 | $ | 12,687,000 | ||||||||||
Interest expense — consolidated minority interests | (1,647,000 | ) | (1,687,000 | ) | (1,706,000 | ) | (1,695,000 | ) | (1,634,000 | ) | ||||||||||
Interest expense — unconsolidated joint venture | 1,123,000 | 682,000 | 407,000 | 218,000 | 92,000 | |||||||||||||||
Preferred dividend requirements | 3,501,000 | 3,579,000 | 2,679,000 | 1,969,000 | 1,969,000 | |||||||||||||||
Fixed charges | $ | 14,415,000 | $ | 13,418,000 | $ | 12,233,000 | $ | 12,028,000 | $ | 13,114,000 | ||||||||||
Ratio of EBITDA to fixed charges | 1.6 | x | 1.7 | x | 1.8 | x | 1.7 | x | 1.8 | x | ||||||||||
Debt to EBITDA | ||||||||||||||||||||
Pro rata share of outstanding debt | $ | 798,057,000 | $ | 747,963,000 | $ | 707,132,000 | $ | 723,118,000 | $ | 784,801,000 | ||||||||||
EBITDA annualized | $ | 92,288,000 | $ | 89,948,000 | $ | 85,992,000 | $ | 83,612,000 | $ | 92,140,000 | ||||||||||
Add (deduct) impact resulting from: | ||||||||||||||||||||
Adjustments to annualized results of properties acquired during the period | 711,000 | 842,000 | 2,685,000 | — | 95,000 | |||||||||||||||
Results from Cedar/RioCan joint venture properties prior to transfer | — | — | — | (2,232,000 | ) | (7,620,000 | ) | |||||||||||||
EBITDA annualized | $ | 92,999,000 | $ | 90,790,000 | $ | 88,677,000 | $ | 81,380,000 | $ | 84,615,000 | ||||||||||
Ratio of debt to EBITDA | 8.6 | x | 8.2 | x | 8.0 | x | 8.9 | x | 9.3 | x |
11
CEDAR SHOPPING CENTERS, INC.
Same Property Analysis (a)
Same Property Analysis (a)
Three months ended Mar 31, | ||||||||
2011 | 2010 | |||||||
The number of properties that were owned throughout each of the comparative periods | 87 | 87 | ||||||
Revenues: | ||||||||
Rents: | ||||||||
Base rents | $ | 25,683,000 | $ | 24,915,000 | ||||
Percentage rents | 214,000 | 211,000 | ||||||
Straight-line rents | 437,000 | 803,000 | ||||||
Amortization of intangible lease liabilities | 1,114,000 | 1,664,000 | ||||||
27,448,000 | 27,593,000 | |||||||
Expense recoveries (b) | 8,482,000 | 8,196,000 | ||||||
Other | 144,000 | 46,000 | ||||||
Total revenues | 36,074,000 | 35,835,000 | ||||||
Operating expenses (b): | ||||||||
Operating, maintenance and management | 7,895,000 | 6,986,000 | ||||||
Real estate and other property-related taxes | 4,033,000 | 3,969,000 | ||||||
Total expenses | 11,928,000 | 10,955,000 | ||||||
Net operating income (“NOI”) | $ | 24,146,000 | $ | 24,880,000 | ||||
Comprised of: | ||||||||
NOI before straight-line rents and amortization of intangible lease liabilities | $ | 22,595,000 | $ | 22,413,000 | ||||
Straight-line rents and amortization of intangible lease liabilities | 1,551,000 | 2,467,000 | ||||||
NOI | $ | 24,146,000 | $ | 24,880,000 | ||||
Increase/(decrease) period over period | ||||||||
Revenues: | ||||||||
Rents: | ||||||||
Base rents | $ | 768,000 | 3.1 | % | ||||
Percentage rents | 3,000 | 1.4 | % | |||||
Straight-line rents | (366,000 | ) | -45.6 | % | ||||
Amortization of intangible lease liabilities | (550,000 | ) | -33.1 | % | ||||
(145,000 | ) | -0.5 | % | |||||
Expense recoveries | 286,000 | 3.5 | % | |||||
Other | 98,000 | 213.0 | % | |||||
Total revenues | 239,000 | 0.7 | % | |||||
Expenses: | ||||||||
Operating, maintenance and management | 909,000 | 13.0 | % | |||||
Real estate and other property-related taxes | 64,000 | 1.6 | % | |||||
Total expenses | 973,000 | 8.9 | % | |||||
Net operating income | $ | (734,000 | ) | -3.0 | % | |||
Comprised of: | ||||||||
NOI before straight-line rents and amortization of intangible lease liabilities | 182,000 | 0.8 | % | |||||
Straight-line rents and amortization of intangible lease liabilities | (916,000 | ) | -37.1 | % | ||||
NOI | $ | (734,000 | ) | -3.0 | % | |||
Percent occupied at end of period | 91.4 | % | 88.9 | % | ||||
Expense recovery percentage (b) | 78.2 | % | 79.3 | % | ||||
(a) | Excludes results of unconsolidated Cedar/RioCan joint venture properties subsquent to transfer to the joint venture. | |
(b) | The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $769,000 and $351,000, respectively, for the three months ended March 31, 2011 and 2010. |
12
CEDAR SHOPPING CENTERS, INC.
Leasing Activity and Occupancy Statistics (a)(b)(c)
Leasing Activity and Occupancy Statistics (a)(b)(c)
At or for the three months ended | ||||||||||||||||||||
Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
Renewals (d) (e) (f) | ||||||||||||||||||||
Number of leases | 21 | 53 | 35 | 51 | 54 | |||||||||||||||
Aggregate square feet | 376,000 | 466,000 | 348,000 | 258,000 | 509,000 | |||||||||||||||
Average square feet | 17,905 | 8,792 | 9,943 | 5,059 | 9,426 | |||||||||||||||
Average expiring base rent psf | $ | 8.48 | $ | 9.22 | $ | 8.60 | $ | 8.38 | $ | 8.71 | ||||||||||
Average new base rent psf | $ | 9.24 | $ | 9.77 | $ | 8.91 | $ | 8.99 | $ | 9.20 | ||||||||||
% increase (decrease) in base rent | 9.0 | % | 6.0 | % | 3.6 | % | 7.3 | % | 5.6 | % | ||||||||||
New leases (commenced): | ||||||||||||||||||||
Number of leases | 13 | 20 | 31 | 19 | 18 | |||||||||||||||
Aggregate square feet | 52,000 | 137,000 | 88,000 | 58,000 | 69,000 | |||||||||||||||
Average square feet | 4,000 | 6,850 | 2,839 | 3,053 | 3,833 | |||||||||||||||
Average new base rent psf | $ | 13.74 | $ | 14.03 | $ | 14.74 | $ | 18.19 | $ | 13.13 | ||||||||||
Terminated leases | ||||||||||||||||||||
Number of leases | 7 | 11 | 12 | 19 | 17 | |||||||||||||||
Aggregate square feet | 28,000 | 23,000 | 73,000 | 49,000 | 175,000 | |||||||||||||||
Average square feet | 4,000 | 2,091 | 6,083 | 2,579 | 10,294 | |||||||||||||||
Average old base rent psf | $ | 18.60 | $ | 12.64 | $ | 10.76 | $ | 15.32 | $ | 11.42 | ||||||||||
New leases (executed but not yet commenced): | ||||||||||||||||||||
Number of leases | 9 | |||||||||||||||||||
Aggregate square feet | 135,000 | |||||||||||||||||||
Average square feet | 15,000 | |||||||||||||||||||
Average new base rent psf | $ | 17.15 | ||||||||||||||||||
Occupancy statistics | ||||||||||||||||||||
Operating Properties: | ||||||||||||||||||||
Wholly-owned | 92.1 | % | 92.4 | % | 92.5 | % | 92.6 | % | 92.6 | % | ||||||||||
Consolidated joint ventures | 93.8 | % | 95.3 | % | 95.7 | % | 96.2 | % | 96.7 | % | ||||||||||
Real estate to be transferred to joint venture | n/a | n/a | n/a | n/a | 97.9 | % | ||||||||||||||
Managed unconsolidated joint venture | 96.9 | % | 97.0 | % | 97.1 | % | 95.5 | % | 92.6 | % | ||||||||||
Total operating properties | 93.6 | % | 94.0 | % | 94.0 | % | 93.5 | % | 93.5 | % | ||||||||||
Redevelopment properties | 79.7 | % | 80.0 | % | 74.5 | % | 75.4 | % | 75.6 | % | ||||||||||
Total operating portfolio (g) (h) | 92.1 | % | 92.5 | % | 92.1 | % | 91.5 | % | 91.5 | % | ||||||||||
(a) | Incudes results of unconsolidated Cedar/RioCan joint venture properties. | |
(b) | New leases do not necessarily replace specific terminated leases within any quarterly period and, accordingly, the amounts shown may relate to properties with substantially lower rents. | |
(c) | With the high occupancy levels for the Company’s portfolio on an overall basis, leasing activity for the indicated square footage amounts represents a small percentage of the total portfolio. | |
(d) | Renewal leases for the March 31, 2011 quarter include ten leases comprising 60,000 sq. ft. that renewed with no increase pursuant to their terms. The average increase for the other 11 renewal leases was 10.9%. | |
(e) | Renewal leases for the December 31, 2010 quarter include three leases comprising 276,000 sq. ft. that renewed with no increase pursuant to their terms. The average increase for the other 50 renewal leases was 11.0%. | |
(f) | Renewal leases for the September 30, 2010 quarter include two leases comprising 229,000 sq. ft. that renewed with no increase pursuant to their terms. The average increase for the other 33 renewal leases was 7.5%. | |
(g) | Excludes ground-up development properties. | |
(h) | Occupancy as of March 31, 2011 for operating properties comprising large tenants (over 10,000 sq. ft.) and small tenants is as follows: |
Large | Small | Total | ||||||||||
Operating properties | 97.4 | % | 82.7 | % | 93.6 | % | ||||||
Redevelopment properties | 81.7 | % | 72.9 | % | 79.7 | % | ||||||
Total | 94.6 | % | 80.1 | % | 92.1 | % | ||||||
13
CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of March 31, 2011
Tenant And State Concentration
As of March 31, 2011
Number | Annualized | Percentage | ||||||||||||||||||||||
of | Annualized | base rent | annualized | |||||||||||||||||||||
Tenant Concentrations (a) (d) | stores | GLA | % of GLA | base rent | per sq ft | base rents | ||||||||||||||||||
Top ten tenants (b): | ||||||||||||||||||||||||
Giant Foods (c) | 31 | 2,015,000 | 13.5 | % | $ | 29,551,000 | $ | 14.67 | 18.0 | % | ||||||||||||||
L.A. Fitness | 7 | 289,000 | 1.9 | % | 4,531,000 | 15.68 | 2.8 | % | ||||||||||||||||
Stop & Shop (c) | 6 | 391,000 | 2.6 | % | 4,383,000 | 11.21 | 2.7 | % | ||||||||||||||||
Farm Fresh (c) | 6 | 364,000 | 2.4 | % | 3,909,000 | 10.74 | 2.4 | % | ||||||||||||||||
Staples | 10 | 199,000 | 1.3 | % | 3,006,000 | 15.11 | 1.8 | % | ||||||||||||||||
General Services Administration | 1 | 206,000 | 1.4 | % | 2,500,000 | 12.14 | 1.5 | % | ||||||||||||||||
CVS | 11 | 124,000 | 0.8 | % | 2,445,000 | 19.72 | 1.5 | % | ||||||||||||||||
Best Buy | 4 | 128,000 | 0.9 | % | 2,407,000 | 18.80 | 1.5 | % | ||||||||||||||||
Lowe’s | 3 | 392,000 | 2.6 | % | 2,337,000 | 5.96 | 1.4 | % | ||||||||||||||||
Bed Bath & Beyond | 6 | 170,000 | 1.1 | % | 1,970,000 | 11.59 | 1.2 | % | ||||||||||||||||
Sub-total top ten tenants | 85 | 4,278,000 | 28.7 | % | 57,039,000 | 13.33 | 34.7 | % | ||||||||||||||||
Remaining tenants | 1,218 | 9,329,000 | 62.6 | % | 107,377,000 | 11.51 | 65.3 | % | ||||||||||||||||
Sub-total all tenants (e) | 1,303 | 13,607,000 | 91.2 | % | $ | 164,416,000 | $ | 12.08 | 100.0 | % | ||||||||||||||
Vacant space (f) | n/a | 1,306,000 | 8.8 | % | ||||||||||||||||||||
Total (including vacant space) | 1,303 | 14,913,000 | 100.0 | % | ||||||||||||||||||||
(a) | Incudes unconsolidated managed joint venture properties. | |
(b) | Based on annualized base rent. | |
(c) | Several of the tenants listed above share common ownership with other tenants including, without limitation, (1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shaw’s (GLA of 173,000, annualized base rent of $1,904,000), Shop’n Save (GLA of 53,000; annualized base rent of $524,000), Shoppers Food Warehouse (GLA of 120,000; annualized base rent of $1,237,000) and Acme (GLA of 172,000; annualized base rent of $756,000). | |
(d) | Includes tenants at ground-up development properties. | |
(e) | Comprised of large tenants (greater than 10,000 sq. ft.) and small tenants as follows: |
Annualized | Percentage | |||||||||||||||||||
Annualized | base rent | annualized | ||||||||||||||||||
GLA | % of GLA | base rent | per sq ft | base rents | ||||||||||||||||
Large tenants | 10,527,000 | 77.4 | % | $ | 112,314,000 | $ | 10.67 | 68.3 | % | |||||||||||
Small tenants | 3,080,000 | 22.6 | % | 52,102,000 | 16.92 | 31.7 | % | |||||||||||||
Total | 13,607,000 | 100.0 | % | $ | 164,416,000 | $ | 12.08 | 100.0 | % | |||||||||||
(f) | Includes vacant space at properties undergoing development and/or redevelopment activities. |
Total Revenues By State (a)
Three months ended | ||||||||||||||||||||
Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||||||||
State | 2011 | 2010 | 2010 | 2010 | 2010 | |||||||||||||||
Pennsylvania | $ | 23,312,000 | $ | 20,390,000 | $ | 19,158,000 | $ | 19,927,000 | $ | 22,112,000 | ||||||||||
Connecticut | 4,059,000 | 2,109,000 | 3,596,000 | 3,954,000 | 4,316,000 | |||||||||||||||
Massachusetts | 3,579,000 | 2,957,000 | 3,398,000 | 3,710,000 | 4,867,000 | |||||||||||||||
Virginia | 3,023,000 | 2,910,000 | 2,813,000 | 2,873,000 | 3,315,000 | |||||||||||||||
New Jersey | 2,300,000 | 2,318,000 | 2,545,000 | 2,649,000 | 2,706,000 | |||||||||||||||
Maryland | 2,747,000 | 4,876,000 | 2,473,000 | 2,630,000 | 2,469,000 | |||||||||||||||
Ohio | 167,000 | 162,000 | 159,000 | 163,000 | 177,000 | |||||||||||||||
New York | 1,454,000 | 1,313,000 | 1,594,000 | 1,042,000 | 1,365,000 | |||||||||||||||
Michigan | 445,000 | 195,000 | 406,000 | 439,000 | 412,000 | |||||||||||||||
41,086,000 | 37,230,000 | 36,142,000 | 37,387,000 | 41,739,000 | ||||||||||||||||
Parent Company fee income (b) | 534,000 | 1,817,000 | 1,507,000 | 602,000 | 47,000 | |||||||||||||||
$ | 41,620,000 | $ | 39,047,000 | $ | 37,649,000 | $ | 37,989,000 | $ | 41,786,000 | |||||||||||
(a) | Includes revenues of unconsolidated Cedar/RioCan joint venture properties prior to their transfer to the joint venture. | |
(b) | Includes acquisition, financing, accounting and property management fees from the unconsolidated Cedar/RioCan joint venture. |
14
CEDAR SHOPPING CENTERS, INC.
Lease Expirations (a) (b)
As of March 31, 2011
Lease Expirations (a) (b)
As of March 31, 2011
Percentage | ||||||||||||||||||||||||
Number | Percentage | Annualized | Annualized | of annualized | ||||||||||||||||||||
Year of lease | of leases | GLA | of GLA | expiring | expiring base | expiring | ||||||||||||||||||
expiration | expiring | expiring | expiring | base rents | rents per sq ft | base rents | ||||||||||||||||||
Month-To-Month | 64 | 148,000 | 1.1 | % | $ | 2,036,000 | $ | 13.76 | 1.2 | % | ||||||||||||||
2011 | 122 | 632,000 | 4.6 | % | 8,859,000 | 14.02 | 5.4 | % | ||||||||||||||||
2012 | 191 | 948,000 | 7.0 | % | 11,387,000 | 12.01 | 6.9 | % | ||||||||||||||||
2013 | 158 | 697,000 | 5.1 | % | 10,059,000 | 14.43 | 6.1 | % | ||||||||||||||||
2014 | 184 | 1,753,000 | 12.9 | % | 16,882,000 | 9.63 | 10.3 | % | ||||||||||||||||
2015 | 183 | 1,509,000 | 11.1 | % | 16,430,000 | 10.89 | 10.0 | % | ||||||||||||||||
2016 | 95 | 1,101,000 | 8.1 | % | 10,920,000 | 9.92 | 6.6 | % | ||||||||||||||||
2017 | 50 | 626,000 | 4.6 | % | 8,579,000 | 13.70 | 5.2 | % | ||||||||||||||||
2018 | 48 | 866,000 | 6.4 | % | 11,332,000 | 13.09 | 6.9 | % | ||||||||||||||||
2019 | 57 | 939,000 | 6.9 | % | 11,900,000 | 12.67 | 7.2 | % | ||||||||||||||||
2020 | 48 | 1,074,000 | 7.9 | % | 11,073,000 | 10.31 | 6.7 | % | ||||||||||||||||
2021 | 21 | 363,000 | 2.7 | % | 6,110,000 | 16.83 | 3.7 | % | ||||||||||||||||
2022 | 5 | 141,000 | 1.0 | % | 1,528,000 | 10.84 | 0.9 | % | ||||||||||||||||
Thereafter | 78 | 2,810,000 | 20.7 | % | 37,320,000 | 13.28 | 22.7 | % | ||||||||||||||||
All tenants | 1,303 | 13,607,000 | 100.0 | % | $ | 164,415,000 | $ | 12.08 | 100.0 | % | ||||||||||||||
Vacant space (c) | n/a | 1,306,000 | n/a | |||||||||||||||||||||
Total portfolio (d) | 1,303 | 14,913,000 | n/a | |||||||||||||||||||||
(a) | Includes unconsolidated Cedar/RioCan joint venture properties. | |
(b) | Includes tenants at ground-up development properties. | |
(c) | Includes vacant space at properties undergoing development and/or redevelopment activities. | |
(d) | At March 31, 2011, the Company had a portfolio of 114 operating properties totaling approximately 14.9 million sq. ft. of GLA, including 71 wholly-owned properties comprising approximately 7.8 million square feet, 12 properties owned in joint venture (consolidated) comprising approximately 1.4 million sq. ft., 21 properties partially-owned in the Cedar/RioCan unconsolidated joint venture comprising approximately 3.5 million sq. ft., six redevelopment properties comprising approcimately 1.5 million sq. ft., and four ground-up developments comprising approximately 0.7 million sq. ft; the portfolio excluding the ground-up developments was approximately 92.1% leased as of March 31, 2011. |
15
CEDAR SHOPPING CENTERS, INC.
Property Description
As of March 31, 2011
Property Description
As of March 31, 2011
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||||||||
Property Description | State | acquired | owned | (“GLA”) | renovated | Name | Sq. ft. | expiration | ||||||||||||||||||||
Wholly-Owned Properties: | ||||||||||||||||||||||||||||
Academy Plaza | PA | 2001 | 100 | % | 152,727 | 1965/1998 | Acme Markets | 50,918 | 9/30/2018 | |||||||||||||||||||
Annie Land Plaza | VA | 2006 | 100 | % | 42,500 | 1999 | Food Lion | 29,000 | 5/4/2019 | |||||||||||||||||||
Camp Hill | PA | 2002 | 100 | % | 472,432 | 1958/2005 | Boscov’s | 167,597 | 9/30/2020 | |||||||||||||||||||
Giant Foods | 92,939 | 10/31/2025 | ||||||||||||||||||||||||||
LA Fitness | 45,000 | 12/31/2021 | ||||||||||||||||||||||||||
Orthopedic Inst of PA | 40,904 | 5/31/2016 | ||||||||||||||||||||||||||
Barnes & Noble | 24,908 | 1/31/2016 | ||||||||||||||||||||||||||
Staples | 20,000 | 6/30/2015 | ||||||||||||||||||||||||||
Carbondale Plaza | PA | 2004 | 100 | % | 129,915 | 1972/2005 | Weis Markets | 52,720 | 2/29/2016 | |||||||||||||||||||
Carmans Plaza | NY | 2007 | 100 | % | 194,481 | 1954/2007 | Pathmark | 52,211 | 3/31/2017 | |||||||||||||||||||
Best Fitness | 27,598 | 5/31/2018 | ||||||||||||||||||||||||||
AJ Wright | 25,806 | 4/30/2013 | ||||||||||||||||||||||||||
Carll’s Corner | NJ | 2007 | 100 | % | 129,582 | 1960’s-1999/2004 | Acme Markets | 55,000 | 9/30/2016 | |||||||||||||||||||
Circle Plaza | PA | 2007 | 100 | % | 92,171 | 1979/1991 | K-Mart | 92,171 | 11/30/2014 | |||||||||||||||||||
Coliseum Marketplace | VA | 2005 | 100 | % | 98,359 | 1987/2005 | Farm Fresh | 57,662 | 1/31/2021 | |||||||||||||||||||
Colonial Commons | PA | 2011 | 100 | % | 474,765 | 1971-2005 | Giant Foods | 67,815 | 5/31/2016 | |||||||||||||||||||
Dick’s Sporting Goods | 56,000 | 1/31/2020 | ||||||||||||||||||||||||||
L.A. Fitness | 41,325 | 3/31/2017 | ||||||||||||||||||||||||||
AMC Theatre | 31,114 | 5/31/2011 | ||||||||||||||||||||||||||
Ross Dress For Less | 30,000 | 1/31/2015 | ||||||||||||||||||||||||||
Marshalls | 27,000 | 1/31/2012 | ||||||||||||||||||||||||||
JoAnn Fabrics | 25,500 | 1/31/2019 | ||||||||||||||||||||||||||
David’s Furniture | 24,970 | 6/30/2015 | ||||||||||||||||||||||||||
Office Max | 23,500 | 1/31/2012 | ||||||||||||||||||||||||||
CVS at Bradford | PA | 2005 | 100 | % | 10,722 | 1996 | CVS | 10,722 | 3/31/2017 | |||||||||||||||||||
CVS at Celina | OH | 2005 | 100 | % | 10,195 | 1998 | CVS | 10,195 | 1/31/2020 | |||||||||||||||||||
CVS at Erie | PA | 2005 | 100 | % | 10,125 | 1997 | CVS | 10,125 | 1/31/2019 | |||||||||||||||||||
CVS at Kinderhook | NY | 2007 | 100 | % | 13,225 | 2007 | CVS | 13,225 | 1/31/2033 | |||||||||||||||||||
CVS at Portage Trail | OH | 2005 | 100 | % | 10,722 | 1996 | CVS | 10,722 | 9/30/2017 | |||||||||||||||||||
Dunmore Shopping Center | PA | 2005 | 100 | % | 101,000 | 1962/1997 | Eynon Furniture Outlet | 40,000 | 2/28/2014 | |||||||||||||||||||
Big Lots | 26,902 | 1/31/2012 | ||||||||||||||||||||||||||
East Chestnut | PA | 2005 | 100 | % | 21,180 | 1996 | ||||||||||||||||||||||
Elmhurst Square | VA | 2006 | 100 | % | 66,250 | 1961-1983 | Food Lion | 38,272 | 9/30/2016 | |||||||||||||||||||
Fairview Plaza | PA | 2003 | 100 | % | 69,579 | 1992 | Giant Foods | 59,237 | 2/28/2017 | |||||||||||||||||||
Fairview Commons | PA | 2007 | 100 | % | 59,578 | 1976/2003 | ||||||||||||||||||||||
General Booth Plaza | VA | 2005 | 100 | % | 73,320 | 1985 | Farm Fresh | 53,758 | 1/31/2014 | |||||||||||||||||||
Gold Star Plaza | PA | 2006 | 100 | % | 71,720 | 1988 | Redner’s | 47,329 | 3/16/2019 | |||||||||||||||||||
Golden Triangle | PA | 2003 | 100 | % | 202,943 | 1960/2005 | LA Fitness | 44,796 | 4/30/2020 | |||||||||||||||||||
Marshalls | 30,000 | 1/31/2016 | ||||||||||||||||||||||||||
Staples | 24,060 | 5/31/2012 | ||||||||||||||||||||||||||
Groton Shopping Center | CT | 2007 | 100 | % | 117,986 | 1969 | TJ Maxx | 30,000 | 1/31/2017 |
16
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2011
Property Description (Continued)
As of March 31, 2011
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||||||||
Property Description | State | acquired | owned | (“GLA”) | renovated | Name | Sq. ft. | expiration | ||||||||||||||||||||
Halifax Plaza | PA | 2003 | 100 | % | 51,510 | 1994 | Giant Foods | 32,000 | 10/31/2019 | |||||||||||||||||||
Hamburg Commons | PA | 2004 | 100 | % | 99,580 | 1988-1993 | Redner’s | 56,780 | 6/30/2025 | |||||||||||||||||||
Hannaford Plaza | MA | 2006 | 100 | % | 102,459 | 1965/2006 | Hannaford | 42,598 | 4/30/2015 | |||||||||||||||||||
Huntingdon Plaza | PA | 2004 | 100 | % | 147,355 | 1972 - 2003 | Peebles | 22,060 | 1/31/2018 | |||||||||||||||||||
Jordan Lane | CT | 2005 | 100 | % | 181,730 | 1969/1991 | Stop & Shop | 60,632 | 9/30/2015 | |||||||||||||||||||
AJ Wright | 39,280 | 3/31/2015 | ||||||||||||||||||||||||||
Kempsville Crossing | VA | 2005 | 100 | % | 94,477 | 1985 | Farm Fresh | 73,878 | 1/31/2014 | |||||||||||||||||||
Kenley Village | MD | 2005 | 100 | % | 51,894 | 1988 | Food Lion | 29,000 | 2/11/2014 | |||||||||||||||||||
Kings Plaza | MA | 2007 | 100 | % | 168,243 | 1970/1994 | Work Out World | 42,997 | 12/31/2014 | |||||||||||||||||||
AJ Wright | 28,504 | 9/30/2013 | ||||||||||||||||||||||||||
Ocean State Job Lot | 20,300 | 5/31/2014 | ||||||||||||||||||||||||||
Kingston Plaza | NY | 2006 | 100 | % | 18,337 | 2006 | ||||||||||||||||||||||
LA Fitness Facility | PA | 2002 | 100 | % | 41,000 | 2003 | LA Fitness | 41,000 | 12/31/2018 | |||||||||||||||||||
Lake Raystown Plaza | PA | 2004 | 100 | % | 145,727 | 1995/2010 | Giant Foods | 61,435 | 10/31/2026 | |||||||||||||||||||
Liberty Marketplace | PA | 2005 | 100 | % | 68,200 | 2003 | Giant Foods | 55,000 | 9/30/2023 | |||||||||||||||||||
Martin’s at Glen Allen | VA | 2005 | 100 | % | 43,000 | 2000 | Giant Foods | 43,000 | 2/15/2015 | |||||||||||||||||||
Mechanicsburg Giant | PA | 2005 | 100 | % | 51,500 | 2003 | Giant Foods | 51,500 | 8/31/2024 | |||||||||||||||||||
Metro Square | MD | 2008 | 100 | % | 71,896 | 1999 | Shoppers Food Warehouse | 58,200 | 1/31/2030 | |||||||||||||||||||
Newport Plaza | PA | 2003 | 100 | % | 64,489 | 1996 | Giant Foods | 43,400 | 5/31/2021 | |||||||||||||||||||
Oak Ridge | VA | 2006 | 100 | % | 38,700 | 2000 | Food Lion | 33,000 | 5/31/2019 | |||||||||||||||||||
Oakland Commons | CT | 2007 | 100 | % | 89,850 | 1962/1995 | Shaw's | 54,661 | 2/29/2016 | |||||||||||||||||||
Bristol Ten Pin | 35,189 | 4/30/2043 | ||||||||||||||||||||||||||
Oakland Mills | MD | 2005 | 100 | % | 58,224 | 1960’s/2004 | Food Lion | 43,470 | 11/30/2018 | |||||||||||||||||||
Palmyra Shopping Center | PA | 2005 | 100 | % | 112,108 | 1960/1995 | Weis Markets | 46,181 | 3/31/2015 | |||||||||||||||||||
Pine Grove Plaza | NJ | 2003 | 100 | % | 86,089 | 2001/2002 | Peebles | 24,963 | 1/31/2022 | |||||||||||||||||||
Port Richmond Village | PA | 2001 | 100 | % | 154,908 | 1988 | Thriftway | 40,000 | 10/31/2013 | |||||||||||||||||||
Pep Boys | 20,615 | 2/28/2014 |
17
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2011
Property Description (Continued)
As of March 31, 2011
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||||||||
Property Description | State | acquired | owned | (“GLA”) | renovated | Name | Sq. ft. | expiration | ||||||||||||||||||||
Price Chopper Plaza | MA | 2007 | 100 | % | 101,824 | 1960’s-2004 | Price Chopper | 58,545 | 11/30/2015 | |||||||||||||||||||
Rite Aid at Massillon | OH | 2005 | 100 | % | 10,125 | 1999 | Rite Aid | 10,125 | 1/31/2020 | |||||||||||||||||||
River View Plaza I, II and III | PA | 2003 | 100 | % | 244,225 | 1991/1998 | United Artists Theatre | 77,700 | 12/31/2018 | |||||||||||||||||||
Avalon Carpet | 25,000 | 1/31/2012 | ||||||||||||||||||||||||||
Pep Boys | 22,000 | 9/30/2014 | ||||||||||||||||||||||||||
Shoppes at Salem Run | VA | 2005 | 100 | % | 15,100 | 2005 | ||||||||||||||||||||||
Smithfield Plaza | VA | 2005-2008 | 100 | % | 134,664 | 1987/1996 | Farm Fresh | 45,544 | 1/31/2014 | |||||||||||||||||||
Maxway | 21,600 | 9/30/2013 | ||||||||||||||||||||||||||
Peebles | 21,600 | 1/31/2015 | ||||||||||||||||||||||||||
South Philadelphia | PA | 2003 | 100 | % | 283,415 | 1950/2003 | Shop Rite | 54,388 | 9/30/2018 | |||||||||||||||||||
Ross Dress For Less | 31,349 | 1/31/2013 | ||||||||||||||||||||||||||
Bally’s Total Fitness | 31,000 | 5/31/2017 | ||||||||||||||||||||||||||
Modell's | 20,000 | 1/31/2018 | ||||||||||||||||||||||||||
St. James Square | MD | 2005 | 100 | % | 39,903 | 2000 | Food Lion | 33,000 | 11/14/2020 | |||||||||||||||||||
Stadium Plaza | MI | 2005 | 100 | % | 77,688 | 1960’s/2003 | Hobby Lobby Stores | 54,650 | Month-to-month | |||||||||||||||||||
Suffolk Plaza | VA | 2005 | 100 | % | 67,216 | 1984 | Farm Fresh | 67,216 | 1/31/2014 | |||||||||||||||||||
Swede Square | PA | 2003 | 100 | % | 98,792 | 1980/2004 | LA Fitness | 37,200 | 6/30/2016 | |||||||||||||||||||
The Commons | PA | 2004 | 100 | % | 175,121 | 2003 | Elder Beerman | 54,500 | 1/31/2017 | |||||||||||||||||||
Shop’n Save | 52,654 | 10/7/2015 | ||||||||||||||||||||||||||
The Point | PA | 2000 | 100 | % | 268,029 | 1972/2001 | Burlington Coat Factory | 76,665 | 1/31/2016 | |||||||||||||||||||
Giant Foods | 58,585 | 7/31/2021 | ||||||||||||||||||||||||||
Staples | 24,000 | 8/31/2013 | ||||||||||||||||||||||||||
AC Moore | 20,000 | 7/31/2013 | ||||||||||||||||||||||||||
The Point at Carlisle Plaza | PA | 2005 | 100 | % | 182,859 | 1965/2005 | Bon-Ton | 59,925 | 1/25/2015 | |||||||||||||||||||
Office Max | 22,645 | 10/22/2012 | ||||||||||||||||||||||||||
Dunham Sports | 21,300 | 1/31/2016 | ||||||||||||||||||||||||||
The Shops at Suffolk Downs | MA | 2005 | 100 | % | 121,829 | 2005 | Stop & Shop | 74,977 | 9/30/2025 | |||||||||||||||||||
Timpany Plaza | MA | 2007 | 100 | % | 183,775 | 1970’s-1989 | Stop & Shop | 59,947 | 12/31/2014 | |||||||||||||||||||
Big Lots | 28,027 | 1/31/2014 | ||||||||||||||||||||||||||
Gardner Theater | 27,576 | 5/31/2014 | ||||||||||||||||||||||||||
Trexler Mall | PA | 2005 | 100 | % | 339,363 | 1973/2004 | Kohl’s | 88,248 | 1/31/2024 | |||||||||||||||||||
Bon-Ton | 62,000 | 1/28/2012 | ||||||||||||||||||||||||||
Giant Foods | 56,753 | 1/31/2016 | ||||||||||||||||||||||||||
Lehigh Wellness Partners | 30,594 | 11/30/2013 | ||||||||||||||||||||||||||
Trexlertown Fitness Club | 28,870 | 2/28/2015 |
18
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2011
Property Description (Continued)
As of March 31, 2011
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||||||||
Property Description | State | acquired | owned | (“GLA”) | renovated | Name | Sq. ft. | expiration | ||||||||||||||||||||
Ukrop’s at Fredericksburg | VA | 2005 | 100 | % | 63,000 | 1997 | Ukrop’s Supermarket | 63,000 | 8/4/2017 | |||||||||||||||||||
Valley Plaza | MD | 2003 | 100 | % | 190,939 | 1975/1994 | K-Mart | 95,810 | 9/30/2014 | |||||||||||||||||||
Ollie’s Bargain Outlet | 41,888 | 3/31/2016 | ||||||||||||||||||||||||||
Tractor Supply | 32,095 | 5/31/2015 | ||||||||||||||||||||||||||
Virginia Center Commons | VA | 2005 | 100 | % | 9,763 | 2002 | ||||||||||||||||||||||
Virginia Little Creek | VA | 2005 | 100 | % | 69,620 | 1996/2001 | Farm Fresh | 66,120 | 1/31/2014 | |||||||||||||||||||
Wal-Mart Center | CT | 2003 | 100 | % | 155,842 | 1972/2000 | Wal-Mart | 95,482 | 1/31/2020 | |||||||||||||||||||
NAMCO | 20,000 | 1/31/2016 | ||||||||||||||||||||||||||
Washington Center Shoppes | NJ | 2001 | 100 | % | 157,290 | 1979/1995 | Acme Markets | 66,046 | 12/2/2020 | |||||||||||||||||||
Planet Fitness | 20,742 | 3/31/2024 | ||||||||||||||||||||||||||
West Bridgewater Plaza | MA | 2007 | 100 | % | 133,039 | 1970/2007 | Shaw’s | 57,315 | 2/28/2027 | |||||||||||||||||||
Big Lots | 25,000 | 1/31/2014 | ||||||||||||||||||||||||||
Yorktowne Plaza | MD | 2007 | 100 | % | 158,982 | 1970/2000 | Food Lion | 37,692 | 12/31/2020 | |||||||||||||||||||
Total Wholly-Owned Properties | 7,849,156 | |||||||||||||||||||||||||||
Properties Owned in Joint Venture: | ||||||||||||||||||||||||||||
Homburg Joint Venture: | ||||||||||||||||||||||||||||
Aston Center | PA | 2007 | 20 | % | 55,000 | 2005 | Giant Foods | 55,000 | 11/30/2025 | |||||||||||||||||||
Ayr Town Center | PA | 2007 | 20 | % | 55,600 | 2005 | Giant Foods | 50,000 | 5/31/2025 | |||||||||||||||||||
Fieldstone Marketplace | MA | 2005 | 20 | % | 193,970 | 1988/2003 | Shaw’s | 68,000 | 2/29/2024 | |||||||||||||||||||
Flagship Cinema | 41,975 | 10/31/2023 | ||||||||||||||||||||||||||
Meadows Marketplace | PA | 2004 | 20 | % | 91,538 | 2005 | Giant Foods | 65,507 | 11/30/2025 | |||||||||||||||||||
Parkway Plaza | PA | 2007 | 20 | % | 106,628 | 1998-2002 | Giant Foods | 66,935 | 12/31/2018 | |||||||||||||||||||
Pennsboro Commons | PA | 2005 | 20 | % | 107,384 | 1999 | Giant Foods | 68,624 | 8/10/2019 | |||||||||||||||||||
Scott Town Center | PA | 2007 | 20 | % | 67,933 | 2004 | Giant Foods | 54,333 | 7/31/2023 | |||||||||||||||||||
Spring Meadow Shopping Center | PA | 2007 | 20 | % | 67,950 | 2004 | Giant Foods | 65,000 | 10/31/2024 | |||||||||||||||||||
Stonehedge Square | PA | 2006 | 20 | % | 88,677 | 1990/2006 | Nell’s Market | 51,687 | 5/31/2026 | |||||||||||||||||||
834,680 | ||||||||||||||||||||||||||||
PCP Joint Venture: | ||||||||||||||||||||||||||||
New London Mall | CT | 2009 | 40 | % | 257,814 | 1967/1997 - | Shoprite | 64,017 | 2/29/2020 | |||||||||||||||||||
2000 | Marshalls | 30,354 | 1/31/2014 | |||||||||||||||||||||||||
Homegoods | 25,432 | 1/31/2016 | ||||||||||||||||||||||||||
Petsmart | 23,500 | 1/31/2015 | ||||||||||||||||||||||||||
AC Moore | 20,932 | 3/31/2015 | ||||||||||||||||||||||||||
San Souci Plaza | MD | 2009 | 40 | % | 264,134 | 1985 - 1997/ | Shoppers Food Warehouse | 61,466 | 5/31/2020 | |||||||||||||||||||
2007 | Marshalls | 27,000 | 9/30/2017 | |||||||||||||||||||||||||
521,948 | ||||||||||||||||||||||||||||
19
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2011
Property Description (Continued)
As of March 31, 2011
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||||||||
Property Description | State | acquired | owned | (“GLA”) | renovated | Name | Sq. ft. | expiration | ||||||||||||||||||||
Joint Ventures (other): | ||||||||||||||||||||||||||||
CVS at Naugatuck | CT | 2008 | 50 | % | 13,225 | 2008 | CVS | 13,225 | 1/31/2034 | |||||||||||||||||||
Total Consolidated Joint Ventures | 1,369,853 | |||||||||||||||||||||||||||
Cedar/RioCan Joint Venture: | ||||||||||||||||||||||||||||
Blue Mountain Commons | PA | 2008 | 20 | % | 121,145 | 2009 | Giant Foods | 97,707 | 10/31/2026 | |||||||||||||||||||
Columbus Crossing | PA | 2003 | 20 | % | 142,166 | 2001 | Super Fresh | 61,506 | 9/30/2020 | |||||||||||||||||||
Old Navy | 25,000 | 1/31/2014 | ||||||||||||||||||||||||||
AC Moore | 22,000 | 9/30/2016 | ||||||||||||||||||||||||||
Creekview Plaza | PA | 2010 | 20 | % | 136,423 | 1999 | Genuardi’s | 48,966 | 12/31/2021 | |||||||||||||||||||
Bed Bath & Beyond | 25,000 | 1/13/2012 | ||||||||||||||||||||||||||
Cross Keys Place | NJ | 2010 | 20 | % | 148,173 | 2007 | Sports Authority | 42,000 | 1/31/2019 | |||||||||||||||||||
Bed Bath & Beyond | 35,005 | 1/31/2023 | ||||||||||||||||||||||||||
AC Moore | 21,305 | 1/31/2018 | ||||||||||||||||||||||||||
Exeter Commons | PA | 2010 | 20 | % | 361,321 | 2009/2010 | Lowe’s | 171,069 | 10/31/2029 | |||||||||||||||||||
Giant Foods | 81,715 | 8/31/2029 | ||||||||||||||||||||||||||
Franklin Village Plaza | MA | 2004 | 20 | % | 304,277 | 1987/2005 | Stop & Shop | 75,000 | 4/30/2026 | |||||||||||||||||||
Marshalls | 26,890 | 1/31/2014 | ||||||||||||||||||||||||||
Gettysburg Marketplace | PA | 2010 | 20 | % | 82,784 | 1998 | Giant Foods | 66,674 | 11/30/2018 | |||||||||||||||||||
Loyal Plaza | PA | 2002 | 20 | % | 293,825 | 1969/2000 | K-Mart | 102,558 | 8/31/2016 | |||||||||||||||||||
Giant Foods | 66,935 | 10/31/2019 | ||||||||||||||||||||||||||
Staples | 20,555 | 11/30/2014 | ||||||||||||||||||||||||||
Malboro Crossroads | MD | 2010 | 20 | % | 67,975 | 1993 | Giant Foods | 60,951 | 6/30/2023 | |||||||||||||||||||
Monroe Marketplace | PA | 2010 | 20 | % | 328,013 | 2007/2008 | Giant Food Store | 76,000 | 10/31/2028 | |||||||||||||||||||
Kohl’s Department Store | 68,430 | 1/31/2029 | ||||||||||||||||||||||||||
Dick’s Sporting Goods | 51,119 | 1/31/2019 | ||||||||||||||||||||||||||
Montville Commons | CT | 2010 | 20 | % | 117,916 | 2006 | Stop & Shop | 63,000 | 3/1/2027 | |||||||||||||||||||
New River Valley | VA | 2010 | 20 | % | 164,663 | 2007 | Best Buy | 30,041 | 1/31/2018 | |||||||||||||||||||
Ross Stores | 30,037 | 1/31/2019 | ||||||||||||||||||||||||||
Northland Center | PA | 2010 | 20 | % | 108,260 | 1989 | Giant Foods | 65,075 | 10/31/2014 | |||||||||||||||||||
Pitney Road Plaza | PA | 2010 | 20 | % | 45,915 | 2009 | Best Buy | 45,915 | 1/31/2020 | |||||||||||||||||||
Shaw’s Plaza | MA | 2006 | 20 | % | 176,609 | 1968/1998 | Shaw’s | 60,748 | 2/28/2023 | |||||||||||||||||||
Marshall’s | 25,752 | 1/31/2013 | ||||||||||||||||||||||||||
Stop & Shop Plaza | CT | 2008 | 20 | % | 54,510 | 2006 | Stop & Shop | 54,510 | 11/30/2026 | |||||||||||||||||||
Sunset Crossing | PA | 2003 | 20 | % | 74,142 | 2002 | Giant Foods | 54,332 | 6/30/2022 | |||||||||||||||||||
Sunrise Plaza | NJ | 2010 | 20 | % | 248,160 | 2007 | Home Depot | 130,601 | 1/31/2038 | |||||||||||||||||||
Kohl’s Department Store | 96,171 | 10/31/2028 |
20
CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2011
Property Description (Continued)
As of March 31, 2011
Gross | Major tenants [20,000 or more sq. ft. of GLA] | |||||||||||||||||||||||
leasable | Year built/ | and tenants at single-tenant properties | ||||||||||||||||||||||
Year | Percent | area | year last | Lease | ||||||||||||||||||||
Property Description | State | acquired | owned | ("GLA") | renovated | Name | Sq. ft. | expiration | ||||||||||||||||
Town Square Plaza | PA | 2010 | 20 | % | 127,636 | 2009 | Giant Foods | 73,327 | 9/30/2028 | |||||||||||||||
A.C. Moore | 21,600 | 11/15/2018 | ||||||||||||||||||||||
Towne Crossings | VA | 2010 | 20 | % | 111,016 | 1980/2003 | Bed Bath & Beyond | 40,000 | 1/31/2014 | |||||||||||||||
Michael’s | 20,000 | 2/28/2013 | ||||||||||||||||||||||
York Marketplace | PA | 2010 | 20 | % | 305,410 | 1955/1990’s | Lowe’s | 125,353 | 1/31/2014 | |||||||||||||||
Giant Foods | 74,600 | 5/31/2019 | ||||||||||||||||||||||
Office Max | 23,500 | 2/28/2014 | ||||||||||||||||||||||
Super Shoes | 20,000 | 3/31/2019 | ||||||||||||||||||||||
Total Cedar/RioCan Joint Venture | 3,520,339 | |||||||||||||||||||||||
Total Operating Portfiolio | 12,739,348 | |||||||||||||||||||||||
Redevelopment Properties: | ||||||||||||||||||||||||
Oakhurst Plaza | VA | 2006 | 100 | % | 107,869 | 1980/2001 | ||||||||||||||||||
Shore Mall | NJ | 2006 | 100 | % | 459,098 | 1960/1980 | Boscov’s | 172,200 | 9/19/2018 | |||||||||||||||
Burlington Coat Factory | 85,000 | 11/30/2014 | ||||||||||||||||||||||
K&G | 25,000 | 2/28/2017 | ||||||||||||||||||||||
The Brickyard | CT | 2004 | 100 | % | 274,553 | 1990 | Home Depot | 103,003 | 1/31/2015 | |||||||||||||||
Syms | 38,000 | 3/31/2012 | ||||||||||||||||||||||
Roosevelt II | PA | 2010 | 100 | % | 206,000 | 1969/1986 | General Services Administration | 206,000 | 4/15/2011 | |||||||||||||||
Townfair Center | PA | 2004 | 100 | % | 218,662 | 2002 | Lowe’s Home Centers | 95,173 | 12/31/2015 | |||||||||||||||
Giant Eagle | 83,821 | 11/30/2030 | ||||||||||||||||||||||
Trexlertown Plaza | PA | 2006 | 100 | % | 241,381 | 1990/2005 | Redner’s | 47,900 | 10/31/2015 | |||||||||||||||
Big Lots | 33,824 | 1/31/2012 | ||||||||||||||||||||||
Tractor Supply | 22,670 | 10/31/2020 | ||||||||||||||||||||||
Sears | 22,500 | 10/31/2012 | ||||||||||||||||||||||
Total Redevelopment Properties | 1,507,563 | |||||||||||||||||||||||
Total Operating Portfolio | 14,246,911 | |||||||||||||||||||||||
Ground-Up Developments: | ||||||||||||||||||||||||
Crossroads II | PA | 2008 | 60 | % | 133,618 | 2009 | Giant Foods | 76,415 | 11/30/2029 | |||||||||||||||
Heritage Crossing | PA | 2008 | 60 | % | 59,396 | 2009 | ||||||||||||||||||
Northside Commons | PA | 2008 | 100 | % | 85,300 | 2009 | Redner’s Market | 48,519 | 8/31/2029 | |||||||||||||||
Upland Square | PA | 2007 | 60 | % | 388,163 | 2009 | Giant Foods | 78,900 | 7/31/2029 | |||||||||||||||
LA Fitness | 42,000 | 2/28/2025 | ||||||||||||||||||||||
Best Buy | 30,000 | 12/31/2019 | ||||||||||||||||||||||
Bed, Bath & Beyond | 25,000 | 1/31/2020 | ||||||||||||||||||||||
TJ Maxx | 25,000 | 8/31/2019 | ||||||||||||||||||||||
Total Ground-Up Developments | 666,477 | |||||||||||||||||||||||
Total Portfolio | 14,913,388 | |||||||||||||||||||||||
21
CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of March 31, 2011
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of March 31, 2011
Financial statement carrying values | Gross | |||||||||||||||||||||||||||||||||||||||||
Managed | leasable | Average | ||||||||||||||||||||||||||||||||||||||||
Percent | Buildings and | Total | Accumulated | Net book | unconsolidated | area | Percent | base rent per | ||||||||||||||||||||||||||||||||||
Property Description | State | owned | Land | improvements | cost | depreciation | value | joint venture | (“GLA”) | occupied | leased sq. ft. | |||||||||||||||||||||||||||||||
Operating Portfolio: | ||||||||||||||||||||||||||||||||||||||||||
Academy Plaza | PA | 100 | % | $ | 2,406,000 | $ | 11,302,000 | $ | 13,708,000 | $ | 2,738,000 | $ | 10,970,000 | $ | — | 152,727 | 80.7 | % | 13.17 | |||||||||||||||||||||||
Annie Land Plaza | VA | 100 | % | 809,000 | 4,069,000 | 4,878,000 | 671,000 | 4,207,000 | — | 42,500 | 97.2 | % | 9.27 | |||||||||||||||||||||||||||||
Camp Hill | PA | 100 | % | 4,424,000 | 60,989,000 | 65,413,000 | 10,071,000 | 55,342,000 | — | 472,432 | 98.0 | % | 13.28 | |||||||||||||||||||||||||||||
Carbondale Plaza | PA | 100 | % | 1,586,000 | 12,171,000 | 13,757,000 | 2,418,000 | 11,339,000 | — | 129,915 | 85.6 | % | 6.91 | |||||||||||||||||||||||||||||
Carll’s Corner | NJ | 100 | % | 2,937,000 | 13,981,000 | 16,918,000 | 1,812,000 | 15,106,000 | — | 129,582 | 95.9 | % | 9.13 | |||||||||||||||||||||||||||||
Carman’s Plaza | NY | 100 | % | 8,421,000 | 35,206,000 | 43,627,000 | 4,363,000 | 39,264,000 | — | 194,481 | 90.0 | % | 16.56 | |||||||||||||||||||||||||||||
Circle Plaza | PA | 100 | % | 546,000 | 2,930,000 | 3,476,000 | 291,000 | 3,185,000 | — | 92,171 | 100.0 | % | 2.74 | |||||||||||||||||||||||||||||
Coliseum Marketplace | VA | 100 | % | 3,586,000 | 17,167,000 | 20,753,000 | 3,477,000 | 17,276,000 | — | 98,359 | 82.8 | % | 15.90 | |||||||||||||||||||||||||||||
Colonial Commons | PA | 100 | % | 9,820,000 | 39,280,000 | 49,100,000 | 246,000 | 48,854,000 | — | 474,765 | 92.6 | % | 13.15 | |||||||||||||||||||||||||||||
CVS at Bradford | PA | 100 | % | 291,000 | 1,482,000 | 1,773,000 | 327,000 | 1,446,000 | — | 10,722 | 100.0 | % | 12.80 | |||||||||||||||||||||||||||||
CVS at Celina | OH | 100 | % | 418,000 | 1,967,000 | 2,385,000 | 365,000 | 2,020,000 | — | 10,195 | 100.0 | % | 18.54 | |||||||||||||||||||||||||||||
CVS at Erie | PA | 100 | % | 399,000 | 1,783,000 | 2,182,000 | 316,000 | 1,866,000 | — | 10,125 | 100.0 | % | 16.50 | |||||||||||||||||||||||||||||
CVS at Kinderhook | NY | 100 | % | 1,702,000 | 1,906,000 | 3,608,000 | 177,000 | 3,431,000 | — | 13,225 | 100.0 | % | 20.70 | |||||||||||||||||||||||||||||
CVS at Portage Trail | OH | 100 | % | 341,000 | 1,611,000 | 1,952,000 | 313,000 | 1,639,000 | — | 10,722 | 100.0 | % | 13.00 | |||||||||||||||||||||||||||||
Dunmore Shopping Center | PA | 100 | % | 565,000 | 2,245,000 | 2,810,000 | 535,000 | 2,275,000 | — | 101,000 | 66.2 | % | 3.65 | |||||||||||||||||||||||||||||
East Chestnut | PA | 100 | % | 800,000 | 3,702,000 | 4,502,000 | 841,000 | 3,661,000 | — | 21,180 | 100.0 | % | 13.39 | |||||||||||||||||||||||||||||
Elmhurst Square | VA | 100 | % | 1,371,000 | 6,245,000 | 7,616,000 | 1,105,000 | 6,511,000 | — | 66,250 | 88.5 | % | 9.11 | |||||||||||||||||||||||||||||
Fairview Plaza | PA | 100 | % | 2,129,000 | 8,717,000 | 10,846,000 | 1,877,000 | 8,969,000 | — | 69,579 | 100.0 | % | 12.29 | |||||||||||||||||||||||||||||
Fairview Commons | PA | 100 | % | 858,000 | 3,568,000 | 4,426,000 | 626,000 | 3,800,000 | — | 59,578 | 66.9 | % | 6.88 | |||||||||||||||||||||||||||||
General Booth Plaza | VA | 100 | % | 1,935,000 | 9,696,000 | 11,631,000 | 2,191,000 | 9,440,000 | — | 73,320 | 93.5 | % | 12.36 | |||||||||||||||||||||||||||||
Gold Star Plaza | PA | 100 | % | 1,644,000 | 6,695,000 | 8,339,000 | 1,213,000 | 7,126,000 | — | 71,720 | 84.4 | % | 9.14 | |||||||||||||||||||||||||||||
Golden Triangle | PA | 100 | % | 2,320,000 | 19,463,000 | 21,783,000 | 4,445,000 | 17,338,000 | — | 202,943 | 97.4 | % | 12.26 | |||||||||||||||||||||||||||||
Groton Shopping Center | CT | 100 | % | 3,073,000 | 12,398,000 | 15,471,000 | 1,941,000 | 13,530,000 | — | 117,986 | 93.4 | % | 10.83 | |||||||||||||||||||||||||||||
Halifax Plaza | PA | 100 | % | 1,347,000 | 6,088,000 | 7,435,000 | 1,197,000 | 6,238,000 | — | 51,510 | 100.0 | % | 11.98 | |||||||||||||||||||||||||||||
Hamburg Commons | PA | 100 | % | 1,153,000 | 9,897,000 | 11,050,000 | 1,585,000 | 9,465,000 | — | 99,580 | 93.5 | % | 6.15 | |||||||||||||||||||||||||||||
Hannaford Plaza | MA | 100 | % | 1,874,000 | 8,910,000 | 10,784,000 | 1,504,000 | 9,280,000 | — | 102,459 | 98.2 | % | 8.12 | |||||||||||||||||||||||||||||
Huntingdon Plaza | PA | 100 | % | 933,000 | 5,939,000 | 6,872,000 | 921,000 | 5,951,000 | — | 147,355 | 53.8 | % | 6.61 | |||||||||||||||||||||||||||||
Jordan Lane | CT | 100 | % | 4,291,000 | 22,142,000 | 26,433,000 | 4,174,000 | 22,259,000 | — | 181,730 | 97.7 | % | 10.81 | |||||||||||||||||||||||||||||
Kempsville Crossing | VA | 100 | % | 2,207,000 | 11,140,000 | 13,347,000 | 2,655,000 | 10,692,000 | — | 94,477 | 98.7 | % | 11.03 | |||||||||||||||||||||||||||||
Kenley Village | MD | 100 | % | 726,000 | 3,557,000 | 4,283,000 | 1,050,000 | 3,233,000 | — | 51,894 | 95.0 | % | 8.07 | |||||||||||||||||||||||||||||
Kings Plaza | MA | 100 | % | 2,408,000 | 12,924,000 | 15,332,000 | 1,816,000 | 13,516,000 | — | 168,243 | 95.2 | % | 6.12 | |||||||||||||||||||||||||||||
Kingston Plaza | NY | 100 | % | 2,891,000 | 2,344,000 | 5,235,000 | 259,000 | 4,976,000 | — | 18,337 | 100.0 | % | 26.76 | |||||||||||||||||||||||||||||
LA Fitness Facility | PA | 100 | % | 2,462,000 | 5,176,000 | 7,638,000 | 1,065,000 | 6,573,000 | — | 41,000 | 100.0 | % | 19.90 | |||||||||||||||||||||||||||||
Lake Raystown Plaza | PA | 100 | % | 2,231,000 | 13,228,000 | 15,459,000 | 2,564,000 | 12,895,000 | — | 145,727 | 89.3 | % | 12.44 | |||||||||||||||||||||||||||||
Liberty Marketplace | PA | 100 | % | 2,695,000 | 12,883,000 | 15,578,000 | 2,194,000 | 13,384,000 | — | 68,200 | 91.2 | % | 17.45 | |||||||||||||||||||||||||||||
Martin’s at Glen Allen | VA | 100 | % | 5,367,000 | 2,088,000 | 7,455,000 | 459,000 | 6,996,000 | — | 43,000 | 100.0 | % | 9.73 | |||||||||||||||||||||||||||||
Mechanicsburg Giant | PA | 100 | % | 2,709,000 | 12,159,000 | 14,868,000 | 1,887,000 | 12,981,000 | — | 51,500 | 100.0 | % | 21.78 | |||||||||||||||||||||||||||||
Metro Square | MD | 100 | % | 5,250,000 | 9,911,000 | 15,161,000 | 850,000 | 14,311,000 | — | 71,896 | 100.0 | % | 18.60 | |||||||||||||||||||||||||||||
Newport Plaza | PA | 100 | % | 1,682,000 | 8,135,000 | 9,817,000 | 1,488,000 | 8,329,000 | — | 64,489 | 93.7 | % | 10.76 | |||||||||||||||||||||||||||||
Oak Ridge | VA | 100 | % | 960,000 | 4,281,000 | 5,241,000 | 598,000 | 4,643,000 | — | 38,700 | 100.0 | % | 10.52 | |||||||||||||||||||||||||||||
Oakland Commons | CT | 100 | % | 2,504,000 | 15,137,000 | 17,641,000 | 1,911,000 | 15,730,000 | — | 89,850 | 100.0 | % | 11.02 | |||||||||||||||||||||||||||||
Oakland Mills | MD | 100 | % | 1,611,000 | 6,324,000 | 7,935,000 | 1,382,000 | 6,553,000 | — | 58,224 | 100.0 | % | 13.14 | |||||||||||||||||||||||||||||
Palmyra Shopping Center | PA | 100 | % | 1,488,000 | 7,089,000 | 8,577,000 | 1,514,000 | 7,063,000 | — | 112,108 | 83.1 | % | 5.37 | |||||||||||||||||||||||||||||
Pine Grove Plaza | NJ | 100 | % | 2,010,000 | 6,613,000 | 8,623,000 | 1,318,000 | 7,305,000 | — | 86,089 | 94.4 | % | 10.70 | |||||||||||||||||||||||||||||
Port Richmond Village | PA | 100 | % | 2,843,000 | 12,565,000 | 15,408,000 | 3,046,000 | 12,362,000 | — | 154,908 | 94.8 | % | 12.98 | |||||||||||||||||||||||||||||
Price Chopper Plaza | MA | 100 | % | 4,082,000 | 17,318,000 | 21,400,000 | 1,972,000 | 19,428,000 | — | 101,824 | 88.4 | % | 10.86 | |||||||||||||||||||||||||||||
Rite Aid at Massillon | OH | 100 | % | 442,000 | 2,020,000 | 2,462,000 | 357,000 | 2,105,000 | — | 10,125 | 100.0 | % | 18.99 | |||||||||||||||||||||||||||||
River View Plaza I, II and III | PA | 100 | % | 9,718,000 | 44,371,000 | 54,089,000 | 9,043,000 | 45,046,000 | — | 244,225 | 87.2 | % | 18.54 | |||||||||||||||||||||||||||||
Shoppes at Salem Run | VA | 100 | % | 1,076,000 | 4,265,000 | 5,341,000 | 650,000 | 4,691,000 | — | 15,100 | 39.7 | % | 25.65 | |||||||||||||||||||||||||||||
Smithfield Plaza | VA | 100 | % | 2,919,000 | 13,017,000 | 15,936,000 | 1,998,000 | 13,938,000 | — | 134,664 | 96.4 | % | 9.33 |
22
CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2011
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2011
Financial statement carrying values | Gross | |||||||||||||||||||||||||||||||||||||||||||
Managed | leasable | Average | ||||||||||||||||||||||||||||||||||||||||||
Percent | Buildings and | Total | Accumulated | Net book | unconsolidated | area | Percent | base rent per | ||||||||||||||||||||||||||||||||||||
Property Description | State | owned | Land | improvements | cost | depreciation | value | joint venture | (“GLA”) | occupied | leased sq. ft. | |||||||||||||||||||||||||||||||||
South Philadelphia | PA | 100 | % | 8,222,000 | 38,846,000 | 47,068,000 | 9,360,000 | 37,708,000 | — | 283,415 | 81.8 | % | 13.88 | |||||||||||||||||||||||||||||||
St. James Square | MD | 100 | % | 688,000 | 4,446,000 | 5,134,000 | 1,028,000 | 4,106,000 | — | 39,903 | 96.2 | % | 11.39 | |||||||||||||||||||||||||||||||
Stadium Plaza | MI | 100 | % | 2,443,000 | 9,813,000 | 12,256,000 | 1,687,000 | 10,569,000 | — | 77,688 | 100.0 | % | 8.02 | |||||||||||||||||||||||||||||||
Suffolk Plaza | VA | 100 | % | 1,402,000 | 7,236,000 | 8,638,000 | 1,720,000 | 6,918,000 | — | 67,216 | 100.0 | % | 9.40 | |||||||||||||||||||||||||||||||
Swede Square | PA | 100 | % | 2,272,000 | 11,013,000 | 13,285,000 | 2,792,000 | 10,493,000 | — | 98,792 | 95.7 | % | 14.59 | |||||||||||||||||||||||||||||||
The Commons | PA | 100 | % | 3,098,000 | 15,195,000 | 18,293,000 | 3,545,000 | 14,748,000 | — | 175,121 | 90.3 | % | 10.29 | |||||||||||||||||||||||||||||||
The Point | PA | 100 | % | 2,996,000 | 24,329,000 | 27,325,000 | 5,372,000 | 21,953,000 | — | 268,029 | 93.3 | % | 11.88 | |||||||||||||||||||||||||||||||
The Point at Carlisle Plaza | PA | 100 | % | 2,233,000 | 11,448,000 | 13,681,000 | 2,671,000 | 11,010,000 | — | 182,859 | 88.1 | % | 7.54 | |||||||||||||||||||||||||||||||
The Shops at Suffolk Downs | MA | 100 | % | 7,580,000 | 19,637,000 | 27,217,000 | 2,144,000 | 25,073,000 | — | 121,829 | 85.1 | % | 12.71 | |||||||||||||||||||||||||||||||
Timpany Plaza | MA | 100 | % | 3,368,000 | 19,333,000 | 22,701,000 | 2,357,000 | 20,344,000 | — | 183,775 | 91.8 | % | 6.35 | |||||||||||||||||||||||||||||||
Trexler Mall | PA | 100 | % | 6,932,000 | 36,714,000 | 43,646,000 | 5,937,000 | 37,709,000 | — | 339,363 | 98.5 | % | 8.88 | |||||||||||||||||||||||||||||||
Ukrop’s at Fredericksburg | VA | 100 | % | 3,213,000 | 12,758,000 | 15,971,000 | 1,988,000 | 13,983,000 | — | 63,000 | 100.0 | % | 17.42 | |||||||||||||||||||||||||||||||
Valley Plaza | MD | 100 | % | 1,950,000 | 8,524,000 | 10,474,000 | 1,657,000 | 8,817,000 | — | 190,939 | 100.0 | % | 4.94 | |||||||||||||||||||||||||||||||
Virginia Center Commons | VA | 100 | % | 992,000 | 3,863,000 | 4,855,000 | 706,000 | 4,149,000 | — | 9,763 | 100.0 | % | 34.56 | |||||||||||||||||||||||||||||||
Virginia Little Creek | VA | 100 | % | 1,639,000 | 8,350,000 | 9,989,000 | 1,826,000 | 8,163,000 | — | 69,620 | 100.0 | % | 11.00 | |||||||||||||||||||||||||||||||
Wal-Mart Center | CT | 100 | % | — | 11,862,000 | 11,862,000 | 2,257,000 | 9,605,000 | — | 155,842 | 98.7 | % | 6.69 | |||||||||||||||||||||||||||||||
Washington Center Shoppes | NJ | 100 | % | 2,000,000 | 11,103,000 | 13,103,000 | 2,741,000 | 10,362,000 | — | 157,290 | 93.5 | % | 9.06 | |||||||||||||||||||||||||||||||
West Bridgewater Plaza | MA | 100 | % | 2,662,000 | 14,206,000 | 16,868,000 | 1,655,000 | 15,213,000 | — | 133,039 | 87.7 | % | 9.09 | |||||||||||||||||||||||||||||||
Yorktowne Plaza | 100 | % | 5,871,000 | 25,784,000 | 31,655,000 | 3,624,000 | 28,031,000 | — | 158,982 | 94.8 | % | 13.55 | ||||||||||||||||||||||||||||||||
Total Wholly-Owned Properties | 181,821,000 | 852,554,000 | 1,034,375,000 | 146,883,000 | 887,492,000 | — | 7,849,156 | 92.1 | % | 11.18 | ||||||||||||||||||||||||||||||||||
Homburg Joint Venture: | ||||||||||||||||||||||||||||||||||||||||||||
Aston Center | PA | 20 | % | 4,319,000 | 17,082,000 | 21,401,000 | 1,895,000 | 19,506,000 | — | 55,000 | 100.0 | % | 25.45 | |||||||||||||||||||||||||||||||
Ayr Town Center | PA | 20 | % | 2,442,000 | 9,750,000 | 12,192,000 | 1,211,000 | 10,981,000 | — | 55,600 | 94.2 | % | 16.06 | |||||||||||||||||||||||||||||||
Fieldstone Marketplace | MA | 20 | % | 5,167,000 | 22,080,000 | 27,247,000 | 4,006,000 | 23,241,000 | — | 193,970 | 95.8 | % | 11.23 | |||||||||||||||||||||||||||||||
Meadows Marketplace | PA | 20 | % | 1,914,000 | 11,399,000 | 13,313,000 | 1,462,000 | 11,851,000 | — | 91,538 | 97.2 | % | 15.42 | |||||||||||||||||||||||||||||||
Parkway Plaza | PA | 20 | % | 4,647,000 | 19,890,000 | 24,537,000 | 2,594,000 | 21,943,000 | — | 106,628 | 92.3 | % | 15.21 | |||||||||||||||||||||||||||||||
Pennsboro Commons | PA | 20 | % | 3,608,000 | 14,298,000 | 17,906,000 | 2,654,000 | 15,252,000 | — | 107,384 | 87.7 | % | 14.72 | |||||||||||||||||||||||||||||||
Scott Town Center | PA | 20 | % | 2,959,000 | 11,801,000 | 14,760,000 | 1,500,000 | 13,260,000 | — | 67,933 | 94.1 | % | 18.12 | |||||||||||||||||||||||||||||||
Spring Meadow Shopping Center | PA | 20 | % | 4,112,000 | 16,429,000 | 20,541,000 | 1,917,000 | 18,624,000 | — | 67,950 | 100.0 | % | 20.95 | |||||||||||||||||||||||||||||||
Stonehedge Square | PA | 20 | % | 2,698,000 | 11,782,000 | 14,480,000 | 1,958,000 | 12,522,000 | — | 88,677 | 97.1 | % | 11.51 | |||||||||||||||||||||||||||||||
31,866,000 | 134,511,000 | 166,377,000 | 19,197,000 | 147,180,000 | — | 834,680 | 95.0 | % | 15.33 | |||||||||||||||||||||||||||||||||||
PCP Joint Venture: | ||||||||||||||||||||||||||||||||||||||||||||
New London Mall | CT | 40 | % | 8,827,000 | 31,944,000 | 40,771,000 | 3,391,000 | 37,380,000 | — | 257,814 | 96.0 | % | 13.39 | |||||||||||||||||||||||||||||||
San Souci Plaza | MD | 40 | % | 13,372,000 | 21,235,000 | 34,607,000 | 3,210,000 | 31,397,000 | — | 264,134 | 87.9 | % | 10.24 | |||||||||||||||||||||||||||||||
22,199,000 | 53,179,000 | 75,378,000 | 6,601,000 | 68,777,000 | — | 521,948 | 91.9 | % | 11.86 | |||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||
CVS at Naugatuck | CT | 50 | % | — | 2,825,000 | 2,825,000 | 170,000 | 2,655,000 | — | 13,225 | 100.0 | % | 35.01 | |||||||||||||||||||||||||||||||
Total Consolidated Joint Ventures | 54,065,000 | 190,515,000 | 244,580,000 | 25,968,000 | 218,612,000 | — | 1,369,853 | 93.8 | % | 14.24 | ||||||||||||||||||||||||||||||||||
Managed Unconsolidated Joint Venture: | ||||||||||||||||||||||||||||||||||||||||||||
Cedar/RioCan Joint Venture: | ||||||||||||||||||||||||||||||||||||||||||||
Blue Mountain Commons | PA | 20 | % | — | — | — | — | — | 30,777,000 | 121,145 | 90.3 | % | 26.16 | |||||||||||||||||||||||||||||||
Columbus Crossing | PA | 20 | % | — | — | — | — | — | 25,225,000 | 142,166 | 100.0 | % | 16.32 | |||||||||||||||||||||||||||||||
Creekview Plaza | PA | 20 | % | — | — | — | — | — | 26,647,000 | 136,423 | 100.0 | % | 15.36 | |||||||||||||||||||||||||||||||
Cross Keys Place | NJ | 20 | % | — | — | — | — | — | 25,212,000 | 148,173 | 100.0 | % | 16.19 | |||||||||||||||||||||||||||||||
Exeter Commons | PA | 20 | % | — | — | — | — | — | 51,609,000 | 361,321 | 97.9 | % | 12.84 | |||||||||||||||||||||||||||||||
Franklin Village Plaza | MA | 20 | % | — | — | — | — | — | 53,072,000 | 304,277 | 91.1 | % | 20.08 | |||||||||||||||||||||||||||||||
Gettysburg Marketplace | PA | 20 | % | — | — | — | — | — | 19,494,000 | 82,784 | 98.9 | % | 19.81 | |||||||||||||||||||||||||||||||
Loyal Plaza | PA | 20 | % | — | — | — | — | — | 33,870,000 | 293,825 | 98.3 | % | 7.95 | |||||||||||||||||||||||||||||||
Malboro Crossroads | MD | 20 | % | — | — | — | — | — | 11,114,000 | 67,975 | 100.0 | % | 14.99 | |||||||||||||||||||||||||||||||
Monroe Marketplace | PA | 20 | % | — | — | — | — | — | 43,278,000 | 328,013 | 100.0 | % | 10.52 | |||||||||||||||||||||||||||||||
Montville Commons | CT | 20 | % | — | — | — | — | — | 18,455,000 | 117,916 | 94.1 | % | 15.31 | |||||||||||||||||||||||||||||||
New River Valley | VA | 20 | % | — | — | — | — | — | 27,121,000 | 164,663 | 96.1 | % | 13.78 | |||||||||||||||||||||||||||||||
Northland Center | PA | 20 | % | — | — | — | — | — | 10,036,000 | 108,260 | 85.2 | % | 10.26 | |||||||||||||||||||||||||||||||
Pitney Road Plaza | PA | 20 | % | — | — | — | — | — | 10,771,000 | 45,915 | 100.0 | % | 19.75 | |||||||||||||||||||||||||||||||
Shaw’s Plaza | MA | 20 | % | — | — | — | — | — | 22,181,000 | 176,609 | 97.7 | % | 11.36 | |||||||||||||||||||||||||||||||
Stop & Shop Plaza | CT | 20 | % | — | — | — | — | — | 7,274,000 | 54,510 | 100.0 | % | 15.59 | |||||||||||||||||||||||||||||||
Sunset Crossing | PA | 20 | % | — | — | — | — | — | 9,380,000 | 74,142 | 91.9 | % | 14.42 | |||||||||||||||||||||||||||||||
Sunrise Plaza | NJ | 20 | % | — | — | — | — | — | 28,463,000 | 248,160 | 100.0 | % | 7.80 | |||||||||||||||||||||||||||||||
Town Square Plaza | PA | 20 | % | — | — | — | — | — | 17,333,000 | 127,636 | 100.0 | % | 13.00 | |||||||||||||||||||||||||||||||
Towne Crossings | VA | 20 | % | — | — | — | — | — | 18,550,000 | 111,016 | 92.6 | % | 15.53 | |||||||||||||||||||||||||||||||
York Marketplace | PA | 20 | % | — | — | — | — | — | 29,980,000 | 305,410 | 97.0 | % | 8.52 | |||||||||||||||||||||||||||||||
Total Cedar/RioCan Joint Venture | — | — | — | — | — | 519,842,000 | 3,520,339 | 96.9 | % | 13.31 | ||||||||||||||||||||||||||||||||||
Total Operating Properties | 235,886,000 | 1,043,069,000 | 1,278,955,000 | 172,851,000 | 1,106,104,000 | 519,842,000 | 12,739,348 | 93.6 | % | 12.12 | ||||||||||||||||||||||||||||||||||
23
CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2011
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2011
Financial statement carrying values | Gross | ||||||||||||||||||||||||||||||||||||||||||
Managed | leasable | Average | |||||||||||||||||||||||||||||||||||||||||
Percent | Buildings and | Total | Accumulated | Net book | unconsolidated | area | Percent | base rent per | |||||||||||||||||||||||||||||||||||
Property Description | State | owned | Land | improvements | cost | depreciation | value | joint venture | (“GLA”) | occupied | leased sq. ft. | ||||||||||||||||||||||||||||||||
Redevelopment Properties: | |||||||||||||||||||||||||||||||||||||||||||
Oakhurst Plaza | PA | 100 | % | 4,539,000 | 18,195,000 | 22,734,000 | 2,687,000 | 20,047,000 | — | 107,869 | 34.8 | % | 23.73 | ||||||||||||||||||||||||||||||
Shore Mall | NJ | 100 | % | 7,179,000 | 43,306,000 | 50,485,000 | 6,793,000 | 43,692,000 | — | 459,098 | 90.1 | % | 8.53 | ||||||||||||||||||||||||||||||
The Brickyard | CT | 100 | % | 6,465,000 | 28,577,000 | 35,042,000 | 5,791,000 | 29,251,000 | — | 274,553 | 57.9 | % | 8.56 | ||||||||||||||||||||||||||||||
Roosevelt II | PA | 100 | % | 2,675,000 | 10,700,000 | 13,375,000 | 111,000 | 13,264,000 | — | 206,000 | 100.0 | % | 12.14 | ||||||||||||||||||||||||||||||
Townfair Center | PA | 100 | % | 3,022,000 | 20,889,000 | 23,911,000 | 2,710,000 | 21,201,000 | — | 218,662 | 97.2 | % | 8.65 | ||||||||||||||||||||||||||||||
Trexlertown Plaza | PA | 100 | % | 5,262,000 | 28,697,000 | 33,959,000 | 3,254,000 | 30,705,000 | — | 241,381 | 71.4 | % | 10.56 | ||||||||||||||||||||||||||||||
Total Redevelopment Properties | 29,142,000 | 150,364,000 | 179,506,000 | 21,346,000 | 158,160,000 | — | 1,507,563 | 79.7 | % | 9.94 | |||||||||||||||||||||||||||||||||
Total Operating Portfolio | 265,028,000 | 1,193,433,000 | 1,458,461,000 | 194,197,000 | 1,264,264,000 | 519,842,000 | 14,246,911 | 92.1 | % | $ | 11.92 | ||||||||||||||||||||||||||||||||
Ground-Up Developments: | |||||||||||||||||||||||||||||||||||||||||||
Crossroads II | PA | 60 | % | 17,671,000 | 25,121,000 | 42,792,000 | 894,000 | 41,898,000 | — | 133,618 | 83.9 | % | $ | 19.54 | |||||||||||||||||||||||||||||
Heritage Crossing | PA | 60 | % | 5,066,000 | 5,997,000 | 11,063,000 | 283,000 | 10,780,000 | — | 59,396 | 49.3 | % | 23.50 | ||||||||||||||||||||||||||||||
Northside Commons | PA | 100 | % | 3,379,000 | 9,942,000 | 13,321,000 | 361,000 | 12,960,000 | — | 85,300 | 72.9 | % | 9.88 | ||||||||||||||||||||||||||||||
Upland Square | PA | 60 | % | 27,112,000 | 58,837,000 | 85,949,000 | 2,213,000 | 83,736,000 | — | 388,163 | 71.8 | % | 16.10 | ||||||||||||||||||||||||||||||
Total Ground-Up Developments | 53,228,000 | 99,897,000 | 153,125,000 | 3,751,000 | 149,374,000 | — | 666,477 | 72.4 | % | $ | 16.55 | ||||||||||||||||||||||||||||||||
Total Portfolio | 318,256,000 | 1,293,330,000 | 1,611,586,000 | 197,948,000 | 1,413,638,000 | 519,842,000 | 14,913,388 | 91.2 | % | $ | 12.08 | ||||||||||||||||||||||||||||||||
Land Held For Future Expansion and/or Development: | |||||||||||||||||||||||||||||||||||||||||||
Halifax Commons | PA | 100 | % | 872,000 | 397,000 | 1,269,000 | — | 1,269,000 | — | 4.37 | acres | ||||||||||||||||||||||||||||||||
Halifax Plaza | PA | 100 | % | 1,503,000 | 1,230,000 | 2,733,000 | — | 2,733,000 | — | 12.83 | acres | ||||||||||||||||||||||||||||||||
Liberty Marketplace | PA | 100 | % | 1,564,000 | 37,000 | 1,601,000 | — | 1,601,000 | — | 15.51 | acres | ||||||||||||||||||||||||||||||||
Oregon Pike | PA | 100 | % | 2,283,000 | 95,000 | 2,378,000 | — | 2,378,000 | — | 11.20 | acres | �� | |||||||||||||||||||||||||||||||
Shore Mall | NJ | 100 | % | 2,018,000 | 353,000 | 2,371,000 | — | 2,371,000 | — | 50.00 | acres | ||||||||||||||||||||||||||||||||
The Brickyard | CT | 100 | % | 1,183,000 | 183,000 | 1,366,000 | — | 1,366,000 | — | 1.95 | acres | ||||||||||||||||||||||||||||||||
Trexlertown Plaza | PA | 100 | % | 8,089,000 | 2,323,000 | 10,412,000 | — | 10,412,000 | — | 37.28 | acres | ||||||||||||||||||||||||||||||||
Trindle Spring | NY | 100 | % | 1,148,000 | 275,000 | 1,423,000 | — | 1,423,000 | — | 2.10 | acres | ||||||||||||||||||||||||||||||||
Wyoming | MI | 100 | % | 360,000 | — | 360,000 | — | 360,000 | — | 12.32 | acres | ||||||||||||||||||||||||||||||||
Various projects in progress | N/A | 100 | % | 198,000 | 2,798,000 | 2,996,000 | — | 2,996,000 | — | — | acres | ||||||||||||||||||||||||||||||||
Total Land Held For Future Expansion and/or Development: | 19,218,000 | 7,691,000 | 26,909,000 | — | 26,909,000 | — | 147.55 | acres | |||||||||||||||||||||||||||||||||||
Total Carrying Value | $ | 337,474,000 | $ | 1,301,021,000 | $ | 1,638,495,000 | $ | 197,948,000 | $ | 1,440,547,000 | $ | 519,842,000 | |||||||||||||||||||||||||||||||
24
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2011
Debt Summary
As of March 31, 2011
Debt Balances | ||||||||||||||||||||||||||||||||
Financial statement carrying values | Stated contract amounts | |||||||||||||||||||||||||||||||
Percent | Maturity | Int. | Mar 31, | Dec 31, | Int. | Mar 31, | Dec 31, | |||||||||||||||||||||||||
Property | Owned | Date | rate | 2011 | 2010 | rate | 2011 | 2010 | ||||||||||||||||||||||||
Fixed-rate mortgages: | ||||||||||||||||||||||||||||||||
Academy Plaza | 100 | % | Mar 2013 | 7.3 | % | $ | 9,077,000 | $ | 9,139,000 | 7.3 | % | $ | 9,077,000 | $ | 9,139,000 | |||||||||||||||||
Camp Hill Shopping Center | 100 | % | Jan 2017 | 5.5 | % | 65,000,000 | 65,000,000 | 5.5 | % | 65,000,000 | 65,000,000 | |||||||||||||||||||||
Carbondale Plaza | 100 | % | May 2015 | 6.4 | % | 4,930,000 | 4,951,000 | 6.4 | % | 4,930,000 | 4,951,000 | |||||||||||||||||||||
Carll’s Corner | 100 | % | Nov 2012 | 5.6 | % | 5,753,000 | 5,786,000 | 5.6 | % | 5,753,000 | 5,786,000 | |||||||||||||||||||||
Carman’s Plaza | 100 | % | Oct 2016 | 6.3 | % | 33,373,000 | 33,368,000 | 6.2 | % | 33,500,000 | 33,500,000 | |||||||||||||||||||||
Coliseum Marketplace | 100 | % | Jul 2014 | 5.2 | % | 11,902,000 | 11,970,000 | 6.1 | % | 11,598,000 | 11,642,000 | |||||||||||||||||||||
Colonial Commons | 100 | % | Feb 2021 | 5.5 | % | 28,054,000 | — | 5.5 | % | 28,054,000 | — | |||||||||||||||||||||
CVS at Bradford | 100 | % | Mar 2017 | 5.2 | % | 661,000 | 684,000 | 7.1 | % | 629,000 | 649,000 | |||||||||||||||||||||
CVS at Celina | 100 | % | Jan 2020 | 5.2 | % | 1,294,000 | 1,322,000 | 7.5 | % | 1,188,000 | 1,210,000 | |||||||||||||||||||||
CVS at Erie | 100 | % | Nov 2018 | 5.2 | % | 987,000 | 1,013,000 | 7.1 | % | 927,000 | 950,000 | |||||||||||||||||||||
CVS at Kinderhook | 100 | % | Jul 2019 | 5.3 | % | 2,416,000 | 2,429,000 | 5.3 | % | 2,416,000 | 2,429,000 | |||||||||||||||||||||
CVS at Portage Trail | 100 | % | Aug 2017 | 5.0 | % | 726,000 | 750,000 | 7.8 | % | 674,000 | 694,000 | |||||||||||||||||||||
East Chestnut | 100 | % | Apr 2018 | 7.4 | % | 1,855,000 | 1,882,000 | 5.2 | % | 1,684,000 | 1,704,000 | |||||||||||||||||||||
Elmhurst Square Shopping Center | 100 | % | Dec 2014 | 5.4 | % | 3,951,000 | 3,970,000 | 5.4 | % | 3,951,000 | 3,970,000 | |||||||||||||||||||||
Fairview Plaza | 100 | % | Feb 2013 | 5.7 | % | 5,340,000 | 5,370,000 | 5.7 | % | 5,340,000 | 5,370,000 | |||||||||||||||||||||
General Booth Plaza | 100 | % | Aug 2013 | 5.2 | % | 5,240,000 | 5,275,000 | 6.1 | % | 5,141,000 | 5,166,000 | |||||||||||||||||||||
Gold Star Plaza | 100 | % | May 2019 | 6.0 | % | 2,168,000 | 2,219,000 | 7.3 | % | 2,077,000 | 2,123,000 | |||||||||||||||||||||
Golden Triangle | 100 | % | Feb 2018 | 6.0 | % | 20,625,000 | 20,702,000 | 6.0 | % | 20,625,000 | 20,702,000 | |||||||||||||||||||||
Groton Shopping Center | 100 | % | Oct 2015 | 6.2 | % | 11,493,000 | 11,522,000 | 5.3 | % | 11,797,000 | 11,843,000 | |||||||||||||||||||||
Halifax Plaza | 100 | % | Apr 2020 | 6.3 | % | 4,232,000 | 4,252,000 | 6.3 | % | 4,232,000 | 4,252,000 | |||||||||||||||||||||
Hamburg Commons | 100 | % | Oct 2016 | 6.1 | % | 5,080,000 | 5,101,000 | 6.1 | % | 5,080,000 | 5,101,000 | |||||||||||||||||||||
Jordan Lane | 100 | % | Dec 2015 | 5.5 | % | 12,801,000 | 12,860,000 | 5.5 | % | 12,801,000 | 12,860,000 | |||||||||||||||||||||
Kempsville Crossing | 100 | % | Aug 2013 | 5.2 | % | 5,922,000 | 5,964,000 | 6.1 | % | 5,811,000 | 5,841,000 | |||||||||||||||||||||
King’s Plaza | 100 | % | Jul 2014 | 6.0 | % | 7,642,000 | 7,678,000 | 6.0 | % | 7,642,000 | 7,678,000 | |||||||||||||||||||||
Kingston Plaza | 100 | % | Jul 2019 | 5.3 | % | 3,111,000 | 3,128,000 | 5.3 | % | 3,111,000 | 3,128,000 | |||||||||||||||||||||
Kingston Plaza | 100 | % | Jul 2019 | 5.3 | % | 519,000 | 522,000 | 5.3 | % | 519,000 | 522,000 | |||||||||||||||||||||
LA Fitness Facility | 100 | % | Jan 2013 | 5.4 | % | 5,634,000 | 5,666,000 | 5.4 | % | 5,634,000 | 5,666,000 | |||||||||||||||||||||
Liberty Marketplace | 100 | % | Jul 2014 | 5.2 | % | 9,043,000 | 9,112,000 | 6.1 | % | 8,815,000 | 8,865,000 | |||||||||||||||||||||
Mechanicsburg Giant | 100 | % | Nov 2014 | 5.2 | % | 9,302,000 | 9,378,000 | 5.5 | % | 9,205,000 | 9,274,000 | |||||||||||||||||||||
Metro Square | 100 | % | Nov 2029 | 7.5 | % | 8,912,000 | 8,964,000 | 7.5 | % | 8,912,000 | 8,964,000 | |||||||||||||||||||||
Newport Plaza | 100 | % | Jan 2015 | 6.0 | % | 5,560,000 | 5,583,000 | 6.0 | % | 5,560,000 | 5,583,000 | |||||||||||||||||||||
Oak Ridge Shopping Center | 100 | % | May 2015 | 5.5 | % | 3,392,000 | 3,406,000 | 5.5 | % | 3,392,000 | 3,406,000 | |||||||||||||||||||||
Oakland Mills | 100 | % | Jan 2016 | 5.5 | % | 4,813,000 | 4,835,000 | 5.5 | % | 4,813,000 | 4,835,000 | |||||||||||||||||||||
Pine Grove Plaza | 100 | % | Sep 2015 | 5.0 | % | 5,659,000 | 5,688,000 | 5.0 | % | 5,659,000 | 5,688,000 | |||||||||||||||||||||
Port Richmond Village | 100 | % | Aug 2013 | 6.5 | % | 14,361,000 | 14,428,000 | 6.5 | % | 14,361,000 | 14,428,000 | |||||||||||||||||||||
Rite Aid at Massillon | 100 | % | Jan 2020 | 5.0 | % | 1,301,000 | 1,329,000 | 7.7 | % | 1,179,000 | 1,200,000 | |||||||||||||||||||||
Roosevelt II | 100 | % | Mar 2012 | 6.5 | % | 12,894,000 | 12,940,000 | 6.5 | % | 12,894,000 | 12,940,000 | |||||||||||||||||||||
Shore Mall | 100 | % | Dec 2024 | 8.0 | % | 229,000 | 229,000 | 8.0 | % | 157,000 | 152,000 | |||||||||||||||||||||
Smithfield Plaza | 100 | % | Aug 2013 | 5.2 | % | 3,366,000 | 3,387,000 | 6.1 | % | 3,303,000 | 3,317,000 | |||||||||||||||||||||
Smithfield Plaza | 100 | % | May 2016 | 6.6 | % | 6,859,000 | 6,877,000 | 6.2 | % | 6,953,000 | 6,976,000 | |||||||||||||||||||||
Suffolk Plaza | 100 | % | Aug 2013 | 5.2 | % | 4,454,000 | 4,488,000 | 6.1 | % | 4,370,000 | 4,395,000 | |||||||||||||||||||||
Swede Square | 100 | % | Nov 2020 | 5.5 | % | 10,553,000 | 10,588,000 | ` 5.5 | % | 10,553,000 | 10,588,000 | |||||||||||||||||||||
The Point | 100 | % | Sep 2012 | 7.6 | % | 16,678,000 | 16,807,000 | 7.6 | % | 16,678,000 | 16,807,000 | |||||||||||||||||||||
Timpany Plaza | 100 | % | Jan 2014 | 5.6 | % | 8,141,000 | 8,190,000 | 6.1 | % | 8,028,000 | 8,067,000 | |||||||||||||||||||||
Trexler Mall | 100 | % | May 2014 | 5.4 | % | 20,977,000 | 21,093,000 | 5.5 | % | 20,885,000 | 20,993,000 | |||||||||||||||||||||
Virginia Little Creek | 100 | % | Aug 2013 | 5.2 | % | 4,746,000 | 4,779,000 | 6.1 | % | 4,656,000 | 4,680,000 | |||||||||||||||||||||
Virginia Little Creek | 100 | % | Sep 2021 | 5.2 | % | 409,000 | 416,000 | 8.0 | % | 362,000 | 367,000 | |||||||||||||||||||||
Wal-Mart Center | 100 | % | Nov 2014 | 5.1 | % | 5,661,000 | 5,690,000 | 5.1 | % | 5,661,000 | 5,690,000 | |||||||||||||||||||||
Washington Center Shoppes | 100 | % | Dec 2012 | 5.9 | % | 8,420,000 | 8,452,000 | 5.9 | % | 8,420,000 | 8,452,000 | |||||||||||||||||||||
West Bridgewater | 100 | % | Sep 2016 | 6.5 | % | 10,745,000 | 10,776,000 | 6.2 | % | 10,814,000 | 10,848,000 | |||||||||||||||||||||
Yorktowne Plaza | 100 | % | Jul 2014 | 6.1 | % | 19,979,000 | 20,073,000 | 6.0 | % | 19,997,000 | 20,092,000 | |||||||||||||||||||||
456,240,000 | 430,031,000 | 454,818,000 | 428,483,000 | |||||||||||||||||||||||||||||
Homburg Joint Venture: | ||||||||||||||||||||||||||||||||
Aston Center | 20 | % | Nov 2015 | 5.5 | % | 12,496,000 | 12,561,000 | 5.9 | % | 12,304,000 | 12,358,000 | |||||||||||||||||||||
Ayr Town Center | 20 | % | Jun 2015 | 5.5 | % | 7,058,000 | 7,093,000 | 5.6 | % | 7,022,000 | 7,056,000 | |||||||||||||||||||||
Fieldstone Marketplace | 20 | % | Jul 2014 | 5.4 | % | 18,184,000 | 18,281,000 | 6.0 | % | 17,872,000 | 17,945,000 | |||||||||||||||||||||
Meadows Marketplace | 20 | % | Nov 2016 | 5.6 | % | 10,128,000 | 10,172,000 | 5.6 | % | 10,128,000 | 10,172,000 | |||||||||||||||||||||
Parkway Plaza | 20 | % | May 2017 | 5.5 | % | 14,300,000 | 14,300,000 | 5.5 | % | 14,300,000 | 14,300,000 | |||||||||||||||||||||
Pennsboro Commons | 20 | % | Mar 2016 | 5.5 | % | 10,720,000 | 10,769,000 | 5.5 | % | 10,720,000 | 10,769,000 | |||||||||||||||||||||
Scott Town Center | 20 | % | Aug 2015 | 5.5 | % | 8,502,000 | 8,538,000 | 4.9 | % | 8,652,000 | 8,697,000 | |||||||||||||||||||||
Spring Meadow Shopping Center | 20 | % | Nov 2014 | 5.5 | % | 12,373,000 | 12,441,000 | 5.9 | % | 12,222,000 | 12,279,000 | |||||||||||||||||||||
Stonehedge Square | 20 | % | Jul 2017 | 6.2 | % | 8,700,000 | 8,700,000 | 6.2 | % | 8,700,000 | 8,700,000 | |||||||||||||||||||||
102,461,000 | 102,855,000 | 101,920,000 | 102,276,000 | |||||||||||||||||||||||||||||
25
CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of March 31, 2011
Debt Summary (Continued)
As of March 31, 2011
Debt Balances | ||||||||||||||||||||||||||||||||
Financial statement carrying values | Stated contract amounts | |||||||||||||||||||||||||||||||
Percent | Maturity | Int. | Mar 31, | Dec 31, | Int. | Mar 31, | Dec 31, | |||||||||||||||||||||||||
Property | Owned | Date | rate | 2011 | 2010 | rate | 2011 | 2010 | ||||||||||||||||||||||||
PCP Joint Venture: | ||||||||||||||||||||||||||||||||
New London Mall | 40 | % | Apr 2015 | 6.1 | % | 26,161,000 | 26,087,000 | 4.9 | % | 27,365,000 | 27,365,000 | |||||||||||||||||||||
San Souci Plaza | 40 | % | Dec 2016 | 6.2 | % | 27,200,000 | 27,200,000 | 6.2 | % | 27,200,000 | 27,200,000 | |||||||||||||||||||||
53,361,000 | 53,287,000 | 54,565,000 | 54,565,000 | |||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||
CVS at Naugatuck | 50 | % | Nov 2019 | 5.3 | % | 2,388,000 | 2,402,000 | 5.3 | % | 2,388,000 | 2,402,000 | |||||||||||||||||||||
Total Consolidated Joint Ventures | 158,210,000 | 158,544,000 | 158,873,000 | 159,243,000 | ||||||||||||||||||||||||||||
Total fixed-rate mortgages | 4.9 years | 5.8 | % | 614,450,000 | 588,575,000 | 613,691,000 | 587,726,000 | |||||||||||||||||||||||||
[weighted average] | ||||||||||||||||||||||||||||||||
Variable-rate mortgages: | ||||||||||||||||||||||||||||||||
Shore Mall | 100 | % | Sep 2011 | 5.9 | % | 20,983,000 | 20,991,000 | |||||||||||||||||||||||||
Upland Square | 60 | % | Sep 2011 | 3.5 | % | 62,577,000 | 62,577,000 | |||||||||||||||||||||||||
Total variable-rate mortgages | 0.7 years | 4.1 | % | 83,560,000 | 83,568,000 | |||||||||||||||||||||||||||
Total mortgages | 4.4 years | 5.6 | % | 698,010,000 | 672,143,000 | |||||||||||||||||||||||||||
[weighted average] | ||||||||||||||||||||||||||||||||
Secured revolving credit facilties (a): | ||||||||||||||||||||||||||||||||
Stabilized property facility | 100 | % | Jan 2012 | 5.5 | % | 51,535,000 | 29,535,000 | |||||||||||||||||||||||||
Development property facility | 100 | % | Jun 2011 | 2.5 | % | 103,062,000 | 103,062,000 | |||||||||||||||||||||||||
0.6 years | 3.5 | % | 154,597,000 | 132,597,000 | ||||||||||||||||||||||||||||
[weighted average] | ||||||||||||||||||||||||||||||||
Total debt | 3.8 years | 5.2 | % | $ | 852,607,000 | $ | 804,740,000 | |||||||||||||||||||||||||
[weighted average] | ||||||||||||||||||||||||||||||||
Pro rata share of consolidated debt | $ | 737,427,000 | $ | 689,283,000 | ||||||||||||||||||||||||||||
Mortgage loans payable – Cedar/RioCan joint venture: | ||||||||||||||||||||||||||||||||
Blue Mountain Commons | 20 | % | Jul 2015 | 5.0 | % | $ | 17,581,000 | $ | 17,646,000 | |||||||||||||||||||||||
Columbus Crossing | 20 | % | Jun 2014 | 6.8 | % | 16,728,000 | 16,815,000 | |||||||||||||||||||||||||
Creekview Plaza | 20 | % | Oct 2015 | 4.8 | % | 14,342,000 | 14,398,000 | |||||||||||||||||||||||||
Cross Keys Place | 20 | % | Dec 2020 | 5.1 | % | 14,549,000 | 14,600,000 | |||||||||||||||||||||||||
Exeter Commons | 20 | % | Aug 2020 | 5.3 | % | 29,758,000 | 29,863,000 | |||||||||||||||||||||||||
Franklin Village | 20 | % | Nov 2011 | 4.8 | % | 43,140,000 | 42,988,000 | |||||||||||||||||||||||||
Gettysburg Marketplace | 20 | % | Dec 2020 | 5.0 | % | 10,878,000 | 10,918,000 | |||||||||||||||||||||||||
Loyal Plaza | 20 | % | Jun 2011 | 7.2 | % | 12,360,000 | 12,456,000 | |||||||||||||||||||||||||
Marlboro Crossroads | 20 | % | Dec 2020 | 5.1 | % | 6,851,000 | 6,875,000 | |||||||||||||||||||||||||
Monroe Marketplace | 20 | % | Oct 2015 | 4.8 | % | 22,952,000 | 23,040,000 | |||||||||||||||||||||||||
Montville Commons | 20 | % | Jan 2021 | 5.8 | % | 10,486,000 | — | |||||||||||||||||||||||||
New River Valley | 20 | % | Oct 2015 | 4.8 | % | 15,069,000 | 15,127,000 | |||||||||||||||||||||||||
Northland Center | 20 | % | Dec 2020 | 5.0 | % | 6,275,000 | 6,298,000 | |||||||||||||||||||||||||
Pitney Road Valley | 20 | % | Oct 2015 | 4.8 | % | 6,050,000 | 6,070,000 | |||||||||||||||||||||||||
Shaw’s Plaza | 20 | % | Mar 2014 | 6.0 | % | 14,015,000 | 13,958,000 | |||||||||||||||||||||||||
Stop & Shop Plaza | 20 | % | Apr 2017 | 6.2 | % | 6,969,000 | 6,992,000 | |||||||||||||||||||||||||
Sunset Crossing | 20 | % | Jul 2015 | 5.0 | % | 4,215,000 | 4,231,000 | |||||||||||||||||||||||||
Sunrise Plaza | 20 | % | Oct 2015 | 4.8 | % | 13,643,000 | 13,695,000 | |||||||||||||||||||||||||
Town Square Plaza | 20 | % | Jul 2015 | 5.0 | % | 10,882,000 | 10,922,000 | |||||||||||||||||||||||||
Towne Crossings | 20 | % | Dec 2020 | 5.0 | % | 10,412,000 | 10,450,000 | |||||||||||||||||||||||||
York Marketplace | 20 | % | Dec 2020 | 5.0 | % | 16,002,000 | 16,060,000 | |||||||||||||||||||||||||
Total mortgages loans payable – Cedar/RioCan joint venture | $ | 303,157,000 | $ | 293,402,000 | ||||||||||||||||||||||||||||
Pro rata share of total debt (managed properties) | $ | 798,057,000 | $ | 747,963,000 | ||||||||||||||||||||||||||||
26
CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of March 31, 2011
Debt Summary (Continued)
As of March 31, 2011
Consolidated Properties | ||||||||||||||||||||||||
Maturity | Pro rata share of | Pro rata share of | Secured | |||||||||||||||||||||
schedule | Scheduled Amortization | Balloon Payments | revolving | |||||||||||||||||||||
by year | Company | JV Partners | Company | JV Partners | credit facilities(a) | Total | ||||||||||||||||||
2011 | $ | 6,000,000 | $ | 827,000 | $ | 83,577,000 | (b) | $ | — | $ | 103,062,000 | $ | 193,466,000 | |||||||||||
2012 | 8,844,000 | 1,247,000 | 42,374,000 | — | 51,535,000 | 104,000,000 | ||||||||||||||||||
2013 | 7,891,000 | 1,441,000 | 54,945,000 | — | — | 64,277,000 | ||||||||||||||||||
2014 | 6,356,000 | 1,312,000 | 89,422,000 | 22,571,000 | — | 119,661,000 | ||||||||||||||||||
2015 | 5,075,000 | 952,000 | 61,475,000 | 36,783,000 | — | 104,285,000 | ||||||||||||||||||
2016 | 4,300,000 | 486,000 | 73,452,000 | 31,275,000 | — | 109,513,000 | ||||||||||||||||||
2017 | 3,030,000 | 151,000 | 64,774,000 | 17,184,000 | — | 85,139,000 | ||||||||||||||||||
2018 | 2,490,000 | 41,000 | 18,972,000 | — | — | 21,503,000 | ||||||||||||||||||
2019 | 2,105,000 | 36,000 | 5,630,000 | 892,000 | — | 8,663,000 | ||||||||||||||||||
2020 | 1,459,000 | — | 12,169,000 | — | — | 13,628,000 | ||||||||||||||||||
Thereafter | 5,627,000 | — | 22,845,000 | — | — | 28,472,000 | ||||||||||||||||||
$ | 53,177,000 | $ | 6,493,000 | $ | 529,635,000 | $ | 108,705,000 | $ | 154,597,000 | $ | 852,607,000 | |||||||||||||
Cedar/RioCan Joint Venture | ||||||||||||||||||||||||
Maturity | Pro rata share of | Pro rata share of | ||||||||||||||||||||||
schedule | Scheduled Amortization | Balloon Payments | ||||||||||||||||||||||
by year | Company | JV Partner | Company | JV Partner | Total | |||||||||||||||||||
2011 | $ | 624,000 | 2,494,000 | $ | 11,157,000 | 44,629,000 | $ | 58,904,000 | ||||||||||||||||
2012 | 715,000 | 2,859,000 | — | — | 3,574,000 | |||||||||||||||||||
2013 | 756,000 | 3,022,000 | — | — | 3,778,000 | |||||||||||||||||||
2014 | 746,000 | 2,985,000 | 5,941,000 | 23,763,000 | 33,435,000 | |||||||||||||||||||
2015 | 560,000 | 2,242,000 | 19,411,000 | 77,642,000 | 99,855,000 | |||||||||||||||||||
2016 | 402,000 | 1,609,000 | — | — | 2,011,000 | |||||||||||||||||||
2017 | 401,000 | 1,602,000 | 1,271,000 | 5,085,000 | 8,359,000 | |||||||||||||||||||
2018 | 420,000 | 1,682,000 | — | — | 2,102,000 | |||||||||||||||||||
2019 | 443,000 | 1,772,000 | — | — | 2,215,000 | |||||||||||||||||||
2020 | 255,000 | 1,018,000 | 15,758,000 | 63,034,000 | 80,065,000 | |||||||||||||||||||
Thereafter | — | — | 1,772,000 | 7,087,000 | 8,859,000 | |||||||||||||||||||
$ | 5,322,000 | $ | 21,285,000 | $ | 55,310,000 | $ | 221,240,000 | $ | 303,157,000 | |||||||||||||||
Total Consolidated and Cedar/RioCan Joint Venture | ||||||||||||||||||||||||
Maturity | Pro rata share of | Pro rata share of | Secured | |||||||||||||||||||||
schedule | Scheduled Amortization | Balloon Payments | revolving | |||||||||||||||||||||
by year | Company | JV Partners | Company | JV Partners | credit facilities(a) | Total | ||||||||||||||||||
2011 | $ | 6,624,000 | $ | 3,321,000 | $ | 94,734,000 | (b | $ | 44,629,000 | $ | 103,062,000 | $ | 252,370,000 | |||||||||||
2012 | 9,559,000 | 4,106,000 | 42,374,000 | — | 51,535,000 | 107,574,000 | ||||||||||||||||||
2013 | 8,647,000 | 4,463,000 | 54,945,000 | — | — | 68,055,000 | ||||||||||||||||||
2014 | 7,102,000 | 4,297,000 | 95,363,000 | 46,334,000 | — | 153,096,000 | ||||||||||||||||||
2015 | 5,635,000 | 3,194,000 | 80,886,000 | 114,425,000 | — | 204,140,000 | ||||||||||||||||||
2016 | 4,702,000 | 2,095,000 | 73,452,000 | 31,275,000 | — | 111,524,000 | ||||||||||||||||||
2017 | 3,431,000 | 1,753,000 | 66,045,000 | 22,269,000 | — | 93,498,000 | ||||||||||||||||||
2018 | 2,910,000 | 1,723,000 | 18,972,000 | — | — | 23,605,000 | ||||||||||||||||||
2019 | 2,548,000 | 1,808,000 | 5,630,000 | 892,000 | — | 10,878,000 | ||||||||||||||||||
2020 | 1,714,000 | 1,018,000 | 27,927,000 | 63,034,000 | — | 93,693,000 | ||||||||||||||||||
Thereafter | 5,627,000 | — | 24,617,000 | 7,087,000 | — | 37,331,000 | ||||||||||||||||||
$ | 58,499,000 | $ | 27,778,000 | $ | 584,945,000 | $ | 329,945,000 | $ | 154,597,000 | $ | 1,155,764,000 | |||||||||||||
(a) | The Company has the option to extend the stabilized property and development property credit facilities, which are due in January 2012 and June 2011, respectively, for one year beyond those respective dates. The Company exercised its option with respect to the development property credit facility on April 25, 2011. | |
(b) | Incudes $62.6 million of property-specific construction financing due in September 2011 as to which the Company has a one-year extension option. |
27
CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar
Balance Sheet Information
Joint Venture Properties Managed by Cedar
Balance Sheet Information
Mortgage | ||||||||||||||||||||||||||||
Partners’ | Real estate, | loans | Other assets/ | Equity (a) | ||||||||||||||||||||||||
percent | net | payable | liabilities, | Partners | Cedar (b) | Total | ||||||||||||||||||||||
Consolidated | As of March 31, 2011 | |||||||||||||||||||||||||||
Homburg | 80 | % | $ | 147,182,177 | $ | (102,461,105 | ) | $ | 7,788,266 | $ | 51,405,291 | $ | 1,104,047 | $ | 52,509,338 | |||||||||||||
PCP (c) | 60 | % | 68,776,468 | (53,360,896 | ) | (2,435,059 | ) | 7,755,623 | 5,224,891 | 12,980,514 | ||||||||||||||||||
Fameco I (e) | 40 | % | 83,735,743 | (62,576,677 | ) | 4,751,554 | 1,048,000 | 24,862,620 | 25,910,620 | |||||||||||||||||||
Fameco II (f) | 40 | % | 41,898,129 | — | (5,674,554 | ) | — | 36,223,576 | 36,223,576 | |||||||||||||||||||
Hirshland (g) | 40 | % | 10,779,241 | — | 2,549,933 | (81,472 | ) | 13,410,646 | 13,329,174 | |||||||||||||||||||
Other | 50 | % | 2,655,315 | (2,388,255 | ) | 186,235 | 53,370 | 399,925 | 453,295 | |||||||||||||||||||
355,027,073 | (220,786,933 | ) | 7,166,376 | 60,180,812 | 81,225,704 | 141,406,516 | ||||||||||||||||||||||
Held for Sale | ||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | 10,376,569 | — | (706,391 | ) | 1,555,548 | 8,114,629 | 9,670,177 | |||||||||||||||||||
$ | 365,403,642 | $ | (220,786,933 | ) | $ | 6,459,985 | $ | 61,736,360 | $ | 89,340,334 | $ | 151,076,694 | ||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 519,840,137 | $ | (303,151,265 | ) | 82,218 | $ | 172,707,751 | $ | 44,063,339 | $ | 216,771,089 | ||||||||||||||
Consolidated | As of Dec 31, 2010 | |||||||||||||||||||||||||||
Homburg | 80 | % | $ | 148,124,171 | $ | (102,854,533 | ) | $ | 6,794,296 | $ | 51,045,013 | $ | 1,018,921 | $ | 52,063,934 | |||||||||||||
PCP (c) | 60 | % | 69,593,133 | (53,286,721 | ) | (2,517,147 | ) | 8,239,944 | 5,549,321 | 13,789,265 | ||||||||||||||||||
Fameco I (e) | 40 | % | 84,098,391 | (62,576,677 | ) | 4,480,970 | 1,048,000 | 24,954,684 | 26,002,684 | |||||||||||||||||||
Fameco II (f) | 40 | % | 41,856,342 | — | (6,021,639 | ) | — | 35,834,704 | 35,834,704 | |||||||||||||||||||
Hirshland (g) | 40 | % | 10,879,740 | — | 2,340,226 | (81,472 | ) | 13,301,438 | 13,219,966 | |||||||||||||||||||
Other | 50 | % | 2,672,971 | (2,402,025 | ) | 196,089 | 51,947 | 415,088 | 467,035 | |||||||||||||||||||
357,224,748 | (221,119,956 | ) | 5,272,795 | 60,303,432 | 81,074,156 | 141,377,588 | ||||||||||||||||||||||
Held for Sale | ||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | 9,500,000 | — | 227,951 | 1,745,835 | 7,982,116 | 9,727,951 | ||||||||||||||||||||
$ | 366,724,748 | $ | (221,119,956 | ) | $ | 5,500,746 | $ | 62,049,267 | $ | 89,056,272 | $ | 151,105,539 | ||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 524,447,542 | $ | (293,399,838 | ) | (3,189,767 | ) | $ | 181,239,408 | $ | 46,618,529 | $ | 227,857,937 | |||||||||||||
Consolidated | As of Sep 30, 2010 | |||||||||||||||||||||||||||
Homburg | 80 | % | $ | 148,684,767 | $ | (103,231,740 | ) | $ | 7,111,145 | $ | 51,499,952 | $ | 1,064,220 | $ | 52,564,172 | |||||||||||||
PCP (c) | 60 | % | 70,465,928 | (53,210,898 | ) | (2,573,649 | ) | 8,764,044 | 5,917,336 | 14,681,380 | ||||||||||||||||||
Fameco I (e) | 40 | % | 83,052,603 | (62,576,677 | ) | 5,304,809 | 1,048,000 | 24,732,734 | 25,780,734 | |||||||||||||||||||
Fameco II (f) | 40 | % | 41,920,446 | — | (6,473,275 | ) | — | 35,447,172 | 35,447,172 | |||||||||||||||||||
Hirshland (g) | 40 | % | 10,944,986 | — | 2,335,041 | (81,472 | ) | 13,361,499 | 13,280,027 | |||||||||||||||||||
Other | 50 | % | 2,690,626 | (2,415,273 | ) | 241,353 | 68,578 | 448,128 | 516,706 | |||||||||||||||||||
357,759,356 | (221,434,588 | ) | 5,945,424 | 61,299,102 | 80,971,089 | 142,270,191 | ||||||||||||||||||||||
Held for Sale | ||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | 19,049,571 | — | (648,275 | ) | 3,938,288 | 14,463,008 | 18,401,296 | |||||||||||||||||||
$ | 376,808,927 | $ | (221,434,588 | ) | $ | 5,297,149 | $ | 65,237,390 | $ | 95,434,097 | $ | 160,671,487 | ||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 399,325,143 | $ | (228,805,858 | ) | 9,909,439 | $ | 142,244,640 | $ | 38,184,084 | $ | 180,428,724 | ||||||||||||||
Consolidated | As of June 30, 2010 | |||||||||||||||||||||||||||
Homburg | 80 | % | $ | 149,680,832 | $ | (103,591,953 | ) | $ | 7,503,955 | $ | 52,393,045 | $ | 1,199,789 | $ | 53,592,834 | |||||||||||||
PCP (c) | 60 | % | 71,631,534 | (53,134,532 | ) | (2,511,195 | ) | 9,548,936 | 6,436,871 | 15,985,807 | ||||||||||||||||||
Fameco I (e) | 40 | % | 83,214,297 | (62,546,785 | ) | 4,751,025 | 1,048,000 | 24,370,539 | 25,418,539 | |||||||||||||||||||
Fameco II (f) | 40 | % | 41,849,185 | — | (7,153,243 | ) | — | 34,695,942 | 34,695,942 | |||||||||||||||||||
Hirshland (g) | 40 | % | 10,836,209 | — | 2,241,243 | (81,472 | ) | 13,158,924 | 13,077,452 | |||||||||||||||||||
Other | 50 | % | 2,708,282 | (2,427,993 | ) | 250,767 | 73,561 | 457,495 | 531,056 | |||||||||||||||||||
359,920,339 | (221,701,263 | ) | 5,082,552 | 62,982,070 | 80,319,560 | 143,301,630 | ||||||||||||||||||||||
Held for Sale | ||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | 19,136,079 | — | (891,063 | ) | 3,975,103 | 14,269,914 | 18,245,017 | |||||||||||||||||||
$ | 379,056,418 | $ | (221,701,263 | ) | $ | 4,191,489 | $ | 66,957,173 | $ | 94,589,474 | $ | 161,546,647 | ||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 195,179,001 | $ | (93,339,694 | ) | 6,740,006 | $ | 87,109,960 | $ | 21,469,083 | $ | 108,579,043 | ||||||||||||||
Consolidated | As of March 31, 2010 | |||||||||||||||||||||||||||
Homburg | 80 | % | $ | 150,542,032 | $ | (103,947,265 | ) | 6,394,163 | 52,047,391 | (1,687,000 | ) | 52,988,930 | ||||||||||||||||
PCP (c) | 60 | % | 70,766,816 | (53,228,308 | ) | 183,347 | 10,382,428 | 7,339,427 | 17,721,855 | |||||||||||||||||||
Fameco I (e) | 40 | % | 83,337,257 | (62,269,919 | ) | 4,064,329 | 1,048,000 | 24,083,667 | 25,131,667 | |||||||||||||||||||
Fameco II (f) | 40 | % | 41,372,049 | — | (6,961,172 | ) | — | 34,410,878 | 34,410,878 | |||||||||||||||||||
Hirshland (g) | 40 | % | 10,712,274 | — | 2,176,940 | (81,472 | ) | 12,970,685 | 12,889,213 | |||||||||||||||||||
Other | 50 | % | 2,725,938 | (2,440,539 | ) | 1,071,143 | 310,007 | 1,046,535 | 1,356,542 | |||||||||||||||||||
359,456,366 | (221,886,031 | ) | 6,928,750 | 63,706,355 | 78,164,191 | 144,499,085 | ||||||||||||||||||||||
Held for Sale | ||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | 19,224,941 | — | (913,381 | ) | 3,997,473 | 14,314,087 | 18,311,560 | |||||||||||||||||||
$ | 378,681,307 | $ | (221,886,031 | ) | $ | 6,015,369 | $ | 67,703,828 | $ | 92,478,278 | $ | 162,810,645 | ||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 139,246,683 | $ | (60,308,603 | ) | 10,465,285 | $ | 71,380,829 | $ | 18,022,536 | $ | 89,403,365 | ||||||||||||||
28
CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar
Income Statement Information
Joint Venture Properties Managed by Cedar
Income Statement Information
Property-level operations | ||||||||||||||||||||||||||||||||||||||||
Share of property net | ||||||||||||||||||||||||||||||||||||||||
Partners’ | Operating | Cedar | Net Operat- | Depreciation/ | Non-op | Net income | income (loss) (a) | |||||||||||||||||||||||||||||||||
percent | Revenues | expenses | mgt. Fees | ing income | amortization | inc/exp (i) | (loss) (j) | Partners | Cedar (b) | |||||||||||||||||||||||||||||||
Consolidated | Three months ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Homburg | 80 | % | $ | 4,081,616 | $ | 1,012,060 | $ | 135,610 | $ | 2,933,945 | $ | 1,036,670 | $ | 1,449,719 | $ | 447,556 | $ | 359,278 | $ | 88,278 | ||||||||||||||||||||
PCP (c) | 60 | % | 2,010,499 | 554,617 | 57,840 | 1,398,041 | 859,741 | 846,082 | (307,782 | ) | (195,358 | ) | (112,424 | ) | ||||||||||||||||||||||||||
Fameco I (e) | 40 | % | 1,494,000 | 398,163 | 39,238 | 1,056,599 | 526,266 | 722,232 | (191,899 | ) | — | (191,899 | ) | |||||||||||||||||||||||||||
Fameco II (f) | 40 | % | 752,608 | 179,005 | 12,781 | 560,822 | 174,658 | — | 386,164 | — | 386,164 | |||||||||||||||||||||||||||||
Hirshland (g) | 40 | % | 179,700 | 31,603 | — | 148,096 | 45,783 | — | 102,313 | — | 102,313 | |||||||||||||||||||||||||||||
Other | 50 | % | 119,279 | 69,292 | 2,194 | 47,793 | 17,656 | 32,168 | (2,031 | ) | 1,423 | (3,454 | ) | |||||||||||||||||||||||||||
8,637,701 | 2,244,741 | 247,663 | 6,145,298 | 2,660,774 | 3,050,201 | 434,322 | 165,343 | 268,979 | ||||||||||||||||||||||||||||||||
Held for sale | ||||||||||||||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | — | — | — | — | — | — | (660,604 | ) | (190,287 | ) | (470,318 | ) | ||||||||||||||||||||||||||
$ | 8,637,701 | $ | 2,244,741 | $ | 247,663 | $ | 6,145,298 | $ | 2,660,774 | $ | 3,050,201 | $ | (226,282 | ) | $ | (24,943 | ) | $ | (201,339 | ) | ||||||||||||||||||||
Managed Unconsolidated | ||||||||||||||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 15,973,375 | $ | 4,390,760 | 467,109 | $ | 11,115,506 | $ | 4,962,972 | 4,533,056 | $ | 1,619,478 | $ | 1,294,266 | $ | 325,212 | ||||||||||||||||||||||
Consolidated | Three months ended Dec 31, 2010 | |||||||||||||||||||||||||||||||||||||||
Homburg | 80 | % | $ | 4,220,261 | $ | 778,987 | $ | 168,596 | $ | 3,272,678 | $ | 1,063,708 | $ | 1,485,962 | 723,008 | $ | 354,596 | $ | 368,412 | |||||||||||||||||||||
PCP (c) | 60 | % | 2,019,341 | 500,703 | 56,803 | 1,461,835 | 909,002 | 864,493 | (311,660 | ) | (186,996 | ) | (124,664 | ) | ||||||||||||||||||||||||||
Fameco I (e) | 40 | % | 1,513,015 | 513,883 | 25,090 | 974,041 | 387,375 | 652,994 | (66,327 | ) | — | (66,327 | ) | |||||||||||||||||||||||||||
Fameco II (f) | 40 | % | 672,939 | 134,298 | — | 538,642 | 170,039 | — | 368,602 | — | 368,602 | |||||||||||||||||||||||||||||
Hirshland (g) | 40 | % | 184,642 | 48,477 | — | 136,165 | 46,960 | — | 89,205 | — | 89,205 | |||||||||||||||||||||||||||||
Other | 50 | % | 107,785 | 54,403 | 3,789 | 49,593 | 17,656 | 33,041 | (1,104 | ) | (558 | ) | (546 | ) | ||||||||||||||||||||||||||
8,717,983 | 2,030,751 | 254,279 | 6,432,953 | 2,594,740 | 3,036,489 | 801,724 | 167,042 | 634,682 | ||||||||||||||||||||||||||||||||
Held for sale | ||||||||||||||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | — | — | — | — | — | — | (6,896,446 | ) | (2,192,453 | ) | (4,703,993 | ) | ||||||||||||||||||||||||||
$ | 8,717,983 | $ | 2,030,751 | $ | 254,279 | $ | 6,432,953 | $ | 2,594,740 | $ | 3,036,489 | $ | (6,094,722 | ) | $ | (2,025,411 | ) | $ | (4,069,311 | ) | ||||||||||||||||||||
Managed Unconsolidated | ||||||||||||||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 15,136,008 | $ | 2,947,349 | 416,038 | 11,772,621 | $ | 6,063,172 | 6,410,019 | (700,570 | ) | $ | (572,515 | ) | $ | (128,055 | ) | |||||||||||||||||||||
Consolidated | Three months ended Sep 30, 2010 | |||||||||||||||||||||||||||||||||||||||
Homburg | 80 | % | $ | 3,857,958 | $ | 805,741 | $ | 139,931 | $ | 2,912,286 | $ | 1,137,983 | $ | 1,490,483 | 283,820 | $ | 226,795 | $ | 57,025 | |||||||||||||||||||||
PCP (c) | 60 | % | 1,866,162 | 613,239 | 52,429 | 1,200,493 | 958,427 | 890,310 | (648,244 | ) | (388,947 | ) | (259,297 | ) | ||||||||||||||||||||||||||
Fameco I (e) | 40 | % | 1,482,813 | 373,207 | 34,520 | 1,075,086 | 387,270 | 335,013 | 352,803 | — | 352,803 | |||||||||||||||||||||||||||||
Fameco II (f) | 40 | % | 621,225 | 127,034 | — | 494,191 | 167,278 | — | 326,913 | — | 326,913 | |||||||||||||||||||||||||||||
Hirshland (g) | 40 | % | 205,432 | 46,757 | — | 158,675 | 39,208 | — | 119,467 | — | 119,467 | |||||||||||||||||||||||||||||
Other | 50 | % | 118,860 | 51,679 | 3,606 | 63,574 | 17,656 | 33,215 | 12,703 | 5,355 | 7,348 | |||||||||||||||||||||||||||||
8,152,450 | 2,017,657 | 230,486 | 5,904,305 | 2,707,822 | 2,749,021 | 447,462 | (156,797 | ) | 604,259 | |||||||||||||||||||||||||||||||
Held for sale | ||||||||||||||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | — | — | — | — | — | — | (130,896 | ) | (36,815 | ) | (94,082 | ) | ||||||||||||||||||||||||||
$ | 8,152,450 | $ | 2,017,657 | $ | 230,486 | $ | 5,904,305 | $ | 2,707,822 | $ | 2,749,021 | $ | 316,566 | $ | (193,612 | ) | $ | 510,177 | ||||||||||||||||||||||
Managed Unconsolidated | ||||||||||||||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 6,811,918 | $ | 1,522,620 | 227,747 | 5,061,551 | $ | 1,665,214 | 6,205,352 | (2,809,015 | ) | $ | (2,243,228 | ) | $ | (565,788 | ) | |||||||||||||||||||||
Consolidated | Three months ended June 30, 2010 | |||||||||||||||||||||||||||||||||||||||
Homburg | 80 | % | $ | 3,906,284 | $ | 783,822 | $ | 155,689 | $ | 2,966,773 | $ | 1,055,807 | $ | 1,479,027 | 431,939 | $ | 345,654 | $ | 86,285 | |||||||||||||||||||||
PCP (c) | 60 | % | 2,200,994 | 478,211 | 52,588 | 1,670,196 | 1,786,012 | 894,028 | (1,009,844 | ) | (421,540 | ) | (588,304 | ) | ||||||||||||||||||||||||||
Fameco I (e) | 40 | % | 1,455,515 | 344,525 | 27,150 | 1,083,840 | 479,337 | 293,429 | 311,074 | — | 311,074 | |||||||||||||||||||||||||||||
Fameco II (f) | 40 | % | 488,704 | 165,318 | — | 323,386 | 151,535 | — | 171,851 | — | 171,851 | |||||||||||||||||||||||||||||
Hirshland (g) | 40 | % | 192,843 | 50,516 | — | 142,328 | 38,199 | — | 104,129 | — | 104,129 | |||||||||||||||||||||||||||||
Other | 50 | % | 124,444 | 59,857 | 3,266 | 62,321 | 17,656 | 22,288 | 22,377 | 11,219 | 11,158 | |||||||||||||||||||||||||||||
8,368,784 | 1,882,249 | 238,693 | 6,248,844 | 3,528,546 | 2,688,772 | 31,526 | (64,667 | ) | 96,193 | |||||||||||||||||||||||||||||||
Held for sale | ||||||||||||||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | — | — | — | — | — | (89,480 | ) | (22,370 | ) | (67,110 | ) | |||||||||||||||||||||||||||
$ | 8,368,784 | $ | 1,882,249 | $ | 238,693 | $ | 6,248,844 | $ | 3,528,546 | $ | 2,688,772 | $ | (57,954 | ) | $ | (87,037 | ) | $ | 29,083 | |||||||||||||||||||||
Managed Unconsolidated | ||||||||||||||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 5,160,630 | $ | 1,265,762 | 176,176 | 3,718,692 | $ | 1,283,375 | $ | 1,414,724 | 1,020,593 | $ | 827,137 | $ | 193,455 | |||||||||||||||||||||||
Consolidated | Three months ended March 31, 2010 | |||||||||||||||||||||||||||||||||||||||
Homburg | 80 | % | $ | 4,192,250 | $ | 992,748 | $ | 141,739 | $ | 3,057,763 | $ | 1,066,819 | $ | 1,467,787 | 523,157 | $ | 418,526 | $ | 104,631 | |||||||||||||||||||||
PCP (c) | 60 | % | 2,096,127 | 557,142 | 52,829 | 1,486,156 | 535,340 | 790,902 | 159,914 | 95,948 | 63,966 | |||||||||||||||||||||||||||||
Fameco I (e) | 40 | % | 1,570,772 | 368,758 | 21,030 | 1,180,984 | 407,511 | 276,002 | 497,471 | — | 497,471 | |||||||||||||||||||||||||||||
Fameco II (f) | 40 | % | 613,119 | 176,009 | — | 437,110 | 142,119 | — | 294,991 | — | 294,992 | |||||||||||||||||||||||||||||
Hirshland (g) | 40 | % | 196,685 | 41,370 | — | 155,316 | 38,119 | — | 117,197 | — | 117,117 | |||||||||||||||||||||||||||||
Other | 50 | % | 115,760 | 51,909 | 3,266 | 60,586 | 17,656 | 41,633 | 1,297 | 648 | 648 | |||||||||||||||||||||||||||||
8,784,713 | 2,187,936 | 218,864 | 6,377,915 | 2,207,564 | 2,576,324 | 1,594,027 | 515,122 | 1,078,825 | ||||||||||||||||||||||||||||||||
Held for sale | ||||||||||||||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | — | — | — | — | — | (160,195 | ) | (40,049 | ) | (120,146 | ) | |||||||||||||||||||||||||||
$ | 8,784,713 | $ | 2,187,936 | $ | 218,864 | $ | 6,377,915 | $ | 2,207,564 | $ | 2,576,324 | $ | 1,433,832 | $ | 475,073 | $ | 958,679 | |||||||||||||||||||||||
Managed Unconsolidated | ||||||||||||||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 3,085,417 | $ | 760,246 | 98,823 | $ | 2,226,348 | $ | 511,677 | $ | 1,123,366 | $ | 591,305 | $ | 495,189 | $ | 96,116 | |||||||||||||||||||||
29
CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar
FFO and NOI Allocations
Joint Venture Properties Managed by Cedar
FFO and NOI Allocations
Share of FFO (a) | Share of NOI (a) | |||||||||||||||||||||||||||
Partners’ | Partners | Cedar (b) | Total | Partners | Cedar (b) | Total | ||||||||||||||||||||||
Consolidated | percent | Three months ended March 31, 2011 | Three months ended March 31, 2011 | |||||||||||||||||||||||||
Homburg | 80 | % | $ | 1,187,381 | $ | 296,845 | $ | 1,484,226 | $ | 2,347,156 | $ | 586,789 | $ | 2,933,945 | ||||||||||||||
PCP (c) | 60 | % | 331,176 | 220,784 | 551,959 | 838,825 | 559,217 | 1,398,041 | ||||||||||||||||||||
Fameco I (e) | 40 | % | — | 334,368 | 334,368 | — | 1,056,599 | 1,056,599 | ||||||||||||||||||||
Fameco II (f) | 40 | % | — | 560,822 | 560,822 | — | 560,822 | 560,822 | ||||||||||||||||||||
Hirshland (g) | 40 | % | — | 151,449 | 151,449 | — | 148,096 | 148,096 | ||||||||||||||||||||
Other | 50 | % | 7,812 | 7,812 | 15,625 | 23,897 | 23,897 | 47,793 | ||||||||||||||||||||
1,526,369 | 1,572,081 | 3,098,450 | 3,209,877 | 2,935,420 | 6,145,298 | |||||||||||||||||||||||
Held for Sale | ||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | (190,287 | ) | (570,860 | ) | (761,147 | ) | — | — | — | |||||||||||||||||
$ | 1,336,082 | $ | 1,001,220 | $ | 2,337,302 | $ | 3,209,877 | $ | 2,935,420 | $ | 6,145,298 | |||||||||||||||||
Managed Unconsolidated | ||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 5,392,563 | $ | 1,348,141 | $ | 6,740,704 | $ | 8,892,405 | $ | 2,223,101 | $ | 11,115,506 | ||||||||||||||
Consolidated | �� | Three months ended Dec 31, 2010 | Three months ended Dec 31, 2010 | |||||||||||||||||||||||||
Homburg | 80 | % | $ | 1,429,372 | $ | 357,343 | $ | 1,786,715 | $ | 2,618,142 | $ | 654,536 | $ | 3,272,678 | ||||||||||||||
PCP (c) | 60 | % | 358,405 | 238,937 | 597,342 | 877,101 | 584,734 | 1,461,835 | ||||||||||||||||||||
Fameco I (e) | 40 | % | — | 321,047 | 321,047 | — | 974,041 | 974,041 | ||||||||||||||||||||
Fameco II (f) | 40 | % | — | 538,642 | 538,642 | — | 538,642 | 538,642 | ||||||||||||||||||||
Hirshland (g) | 40 | % | — | 136,165 | 136,165 | — | 136,165 | 136,165 | ||||||||||||||||||||
Other | 50 | % | 8,273 | 8,273 | 16,546 | 24,796 | 24,796 | 49,592 | ||||||||||||||||||||
1,796,050 | 1,600,407 | 3,396,457 | 3,520,039 | 2,912,914 | 6,432,953 | |||||||||||||||||||||||
Held for Sale | ||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | (2,191,258 | ) | (6,573,774 | ) | (8,765,032 | ) | — | — | — | |||||||||||||||||
$ | (395,208 | ) | $ | (4,973,367 | ) | $ | (5,368,575 | ) | $ | 3,520,039 | $ | 2,912,914 | $ | 6,432,953 | ||||||||||||||
Managed Unconsolidated | ||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 4,290,081 | $ | 1,072,520 | $ | 5,362,601 | $ | 9,418,096 | $ | 2,354,524 | $ | 11,772,620 | ||||||||||||||
Consolidated | Three months ended Sep 30, 2010 | Three months ended Sep 30, 2010 | ||||||||||||||||||||||||||
Homburg | 80 | % | $ | 1,137,442 | $ | 284,361 | $ | 1,421,803 | $ | 2,329,829 | $ | 582,457 | $ | 2,912,286 | ||||||||||||||
PCP (c) | 60 | % | 186,110 | 124,073 | 310,183 | 720,296 | 480,197 | 1,200,493 | ||||||||||||||||||||
Fameco I (e) | 40 | % | — | 537,180 | 537,180 | — | 1,075,086 | 1,075,086 | ||||||||||||||||||||
Fameco II (f) | 40 | % | — | 494,191 | 494,191 | — | 494,191 | 494,191 | ||||||||||||||||||||
Hirshland (g) | 40 | % | — | 161,435 | 161,435 | — | 158,675 | 158,675 | ||||||||||||||||||||
Other | 50 | % | 15,180 | 15,180 | 30,360 | 31,787 | 31,787 | 63,574 | ||||||||||||||||||||
1,338,732 | 1,616,420 | 2,955,152 | 3,081,912 | 2,822,393 | 5,904,305 | |||||||||||||||||||||||
Held for Sale | ||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | 1,499 | 4,498 | 5,997 | 1,499 | 4,498 | 5,997 | ||||||||||||||||||||
$ | 1,340,231 | $ | 1,620,918 | $ | 2,961,149 | $ | 3,083,411 | $ | 2,826,891 | $ | 5,910,302 | |||||||||||||||||
Managed Unconsolidated | ||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | (686,281 | ) | $ | (228,760 | ) | $ | (915,041 | ) | $ | 4,049,241 | $ | 1,012,310 | $ | 5,061,551 | |||||||||||
Consolidated | Three months ended June 30, 2010 | Three months ended June 30, 2010 | ||||||||||||||||||||||||||
Homburg | 80 | % | $ | 1,190,197 | $ | 297,549 | $ | 1,487,746 | $ | 2,373,418 | $ | 593,355 | $ | 2,966,773 | ||||||||||||||
PCP (c) | 60 | % | 465,701 | 310,467 | 776,168 | 1,002,118 | 668,078 | 1,670,196 | ||||||||||||||||||||
Fameco I (e) | 40 | % | — | 552,994 | 552,994 | — | 1,083,840 | 1,083,840 | ||||||||||||||||||||
Fameco II (f) | 40 | % | — | 323,386 | 323,386 | — | 323,386 | 323,386 | ||||||||||||||||||||
Hirshland (g) | 40 | % | — | 145,023 | 145,023 | — | 142,328 | 142,328 | ||||||||||||||||||||
Other | 50 | % | 20,017 | 20,017 | 40,034 | 31,161 | 31,161 | 62,322 | ||||||||||||||||||||
1,675,915 | 1,649,436 | 3,325,351 | 3,406,697 | 2,842,148 | 6,248,845 | |||||||||||||||||||||||
Held for Sale | ||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | 10,298 | 30,894 | 41,192 | 10,298 | 30,894 | 41,192 | ||||||||||||||||||||
$ | 1,686,213 | $ | 1,680,330 | $ | 3,366,543 | $ | 3,416,995 | $ | 2,873,042 | $ | 6,290,037 | |||||||||||||||||
Managed Unconsolidated | ||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 1,614,653 | $ | 460,854 | $ | 2,075,507 | $ | 2,974,953 | $ | 743,738 | $ | 3,718,691 | ||||||||||||||
Consolidated | Three months ended March 31, 2010 | Three months ended March 31, 2010 | ||||||||||||||||||||||||||
Homburg | 80 | % | $ | 1,271,981 | $ | 317,995 | $ | 1,589,976 | $ | 2,446,210 | $ | 611,553 | $ | 3,057,763 | ||||||||||||||
PCP (c) | 60 | % | 417,153 | 278,102 | 695,255 | 891,694 | 594,463 | 1,486,157 | ||||||||||||||||||||
Fameco I (e) | 40 | % | — | 670,000 | 670,000 | — | 1,180,984 | 1,180,984 | ||||||||||||||||||||
Fameco II (f) | 40 | % | — | 437,110 | 437,110 | — | 437,110 | 437,110 | ||||||||||||||||||||
Hirshland (g) | 40 | % | — | 160,833 | 160,833 | — | 155,316 | 155,316 | ||||||||||||||||||||
Other | 50 | % | 9,476 | 9,476 | 18,952 | 30,293 | 30,293 | 60,586 | ||||||||||||||||||||
1,698,610 | 1,873,516 | 3,572,126 | 3,368,197 | 3,009,716 | 6,377,916 | |||||||||||||||||||||||
Held for Sale | ||||||||||||||||||||||||||||
WP Realty (d ) | 25 | % | (7,571 | ) | (22,713 | ) | (30,284 | ) | (7,571 | ) | (22,713 | ) | (30,284 | ) | ||||||||||||||
$ | 1,691,039 | $ | 1,850,803 | $ | 3,541,842 | $ | 3,360,626 | $ | 2,987,003 | $ | 6,347,632 | |||||||||||||||||
Managed Unconsolidated | ||||||||||||||||||||||||||||
Cedar/RioCan (h) | 80 | % | $ | 882,496 | 220,624 | 1,103,120 | 1,781,079 | 445,270 | 2,226,348 | |||||||||||||||||||
30
CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar
Joint Venture Properties Managed by Cedar
Notes: | ||
(a) | The Partners’ and Cedar’s respective shares of equity, net income and FFO, as presented, differ from amounts calculated using the stated ownership percentages because of non-proportionate initial investments (per the respective joint venture agreements). Equity also includes net receivable/payable balances on open account between joint ventures and wholly-owned entities. | |
(b) | Includes limited partners’ share. Cedar’s equity in the Homburg joint venture includes the excess of the joint venture partner’s contribution over the underlying net book value of the properties owned prior to their contribution to the joint venture in December 2007. | |
(c) | Cedar has a 40% interest in two joint ventures formed for the acquisitions of New London Mall and San Souci Plaza in January and February 2009, respectively. | |
(d) | Cedar has a 75% interest in a consolidated joint venture formed for the redevelopment/retenanting of a shopping center (Columbia Mall) in Bloombsburg, PA, which has been treated as “held for sale”. | |
(e) | Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of a shopping center (Upland Square) in Pottsgrove, PA, and is to receive a preferred rate of return on its investment, if earned. | |
(f) | Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of a shopping center (Crossroads II) in Stroudsburg, PA, and is to receive a preferred rate of return on its investment, if earned. | |
(g) | Cedar has a 60% interest in a consolidated joint venture formed for the acquisition, construction and development of a shopping center (Heritage Crossing) in Limerick, PA and is to receive a preferred rate of return on its investment, if earned. | |
(h) | Cedar has a 20% interest in an unconsolidated joint venture formed initially for the acquisition of seven properties previously owned by the Company, which the Company continues to manage. The balances at March 31, 2010 represent the assets and liabilities of the properties transferred prior to that date; the revenues, expenses and FFO for these properties represent their results of operations subsequent to the dates of their transfers to the joint venture. | |
(i) | Non-operating income and expense consists principally of interest expense and amortization of financing costs. With respect to the Cedar/RioCan joint venture, acquisition transaction costs were $68,000, $2.6 million, $3.9 million and $0.6 million for March 31, 2011, December 31, 2010, September 30, 2010 and March 31, 2010, respectively. The amounts for December 31, 2010 and September 30, 2010 include $0.9 million and $1.3 million, respectively, charged by Cedar. | |
(j) | Includes the net results of properties treated as “held for sale”. |
31