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x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland (State or Other Jurisdiction of Incorporation or Organization) | 13-6908486 (I.R.S. Employer Identification No.) | |
31500 Northwestern Highway Farmington Hills, Michigan (Address of Principal Executive Offices) | 48334 (zip code) |
Name of Each Exchange | ||
Title of Each Class | On Which Registered | |
Common Shares of Beneficial Interest, $0.01 Par Value Per Share | New York Stock Exchange | |
Series B Cumulative Preferred Shares, $0.01 Par Value Per Share | New York Stock Exchange | |
Series C Cumulative Convertible Preferred Shares, $0.01 Par Value Per Share | New York Stock Exchange |
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Item 1. | Business. |
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Item 2. | Properties. |
Annualized Base | |||||||||||||
Number of | Rental At | Company | |||||||||||
State | Properties | December 31, 2004(1) | Owned GLA | ||||||||||
Michigan | 28 | $ | 42,701,502 | 5,171,055 | |||||||||
Florida | 18 | 27,186,783 | 2,685,438 | ||||||||||
Georgia | 7 | 7,143,898 | 1,018,324 | ||||||||||
Ohio | 4 | 6,637,271 | 828,421 | ||||||||||
Wisconsin | 2 | 3,897,594 | 538,573 | ||||||||||
Tennessee | 6 | 3,849,530 | 863,246 | ||||||||||
Indiana | 1 | 3,492,105 | 277,519 | ||||||||||
New Jersey | 1 | 2,933,677 | 224,153 | ||||||||||
Virginia | 1 | 2,458,372 | 234,542 | ||||||||||
South Carolina | 2 | 2,239,894 | 461,679 | ||||||||||
North Carolina | 2 | 1,998,840 | 367,108 | ||||||||||
Maryland | 1 | 1,722,525 | 251,547 | ||||||||||
Alabama | 1 | 567,938 | 100,501 | ||||||||||
Total | 74 | $ | 106,829,929 | 13,022,106 | |||||||||
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Annualized Base | ||||||||||||
Number of | Rental Revenues At | Company | ||||||||||
Type of Tenant | Properties | December 31, 2004(1) | Owned GLA | |||||||||
Community shopping centers | 73 | $ | 103,524,101 | 12,640,738 | ||||||||
Enclosed regional mall | 1 | 3,305,828 | 381,368 | |||||||||
74 | $ | 106,829,929 | 13,022,106 | |||||||||
(1) | “Annualized Base Rental Revenue At December 31, 2004” is equal to December 2004 base rental revenues multiplied by 12. |
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Year | ||||||||
Constructed/ | ||||||||
Acquired/Year of | ||||||||
Latest | Number | |||||||
Renovation | of | |||||||
Property | Location | or Expansion(3) | Units | |||||
Alabama | ||||||||
Cox Creek Plaza | Florence, AL | 1984/1997/2000 | 5 | |||||
Total/ Weighted Average | 5 | |||||||
Florida | ||||||||
Coral Creek Shops | Coconut Creek, FL | 1992/2002/NA | 33 | |||||
Crestview Corners | Crestview, FL | 1986/1997/1993 | 15 | |||||
Lantana Shopping Center | Lantana, FL | 1959/1996/2002 | 22 | |||||
Mission Bay Plaza | Boca Raton, FL | 1989/2004/NA | 57 | |||||
Naples Towne Centre | Naples, FL | 1982/1996/2003 | 15 | |||||
Pelican Plaza | Sarasota, FL | 1983/1997/NA | 31 | |||||
Plaza at Delray | Delray Beach, FL | 1979/2004/NA | 48 | |||||
Publix at River Crossing | New Port Richey, FL | 1998/2003/NA | 15 | |||||
Rivertowne Square | Deerfield Beach, FL | 1980/1998/NA | 22 | |||||
Shenandoah Square(7) | Davie, FL | 1989/2001/NA | 47 | |||||
Shoppes of Lakeland | Lakeland, FL | 1985/1996/NA | 22 | |||||
Southbay Shopping Center | Osprey, FL | 1978/1998/NA | 19 | |||||
Sunshine Plaza | Tamarac, FL | 1972/1996/2001 | 28 | |||||
The Crossroads | Royal Palm Beach, FL | 1988/2002/NA | 36 | |||||
Treasure Coast Commons(13) | Jensen Beach, FL | 1996/2004/NA | 3 | |||||
Village Lakes Shopping Center | Land O’ Lakes, FL | 1987/1997/NA | 24 | |||||
Village Plaza(13) | Lakeland, FL | 1989/2004/NA | 27 | |||||
Vista Plaza(13) | Jensen Beach, FL | 1998/2004/NA | 9 | |||||
Total/ Weighted Average | 473 | |||||||
Georgia | ||||||||
Centre at Woodstock | Woodstock, GA | 1997/2004/NA | 15 | |||||
Conyers Crossing | Conyers, GA | 1978/1998/1989 | 15 | |||||
Holcomb Center | Alpharetta, GA | 1986/1996/NA | 22 | |||||
Horizon Village | Suwanee, GA | 1996/2002/NA | 22 | |||||
Indian Hills | Calhoun, GA | 1988/1997/NA | 18 | |||||
Mays Crossing | Stockbridge, GA | 1984/1997/1986 | 19 | |||||
Promenade at Pleasant Hill | Duluth, GA | 1993/2004/NA | 35 | |||||
Total/ Weighted Average | 146 | |||||||
Indiana | ||||||||
Merchants’ Square | Carmel, IN | 1970/2004/NA | 52 | |||||
Total/ Weighted Average | 52 | |||||||
Maryland | ||||||||
Crofton Centre | Crofton, MD | 1974/1996/NA | 17 | |||||
Total/ Weighted Average | 17 | |||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Total Shopping Center GLA: | ||||||||||||||||||||
Anchors: | ||||||||||||||||||||
Total | Non- | |||||||||||||||||||
Anchor | Company | Anchor | Anchor | |||||||||||||||||
Property | Owned | Owned | GLA | GLA | Total | |||||||||||||||
Alabama | ||||||||||||||||||||
Cox Creek Plaza | 92,901 | 92,901 | 7,600 | 100,501 | ||||||||||||||||
Total/ Weighted Average | — | 92,901 | 92,901 | 7,600 | 100,501 | |||||||||||||||
Florida | ||||||||||||||||||||
Coral Creek Shops | 42,112 | 42,112 | 67,200 | 109,312 | ||||||||||||||||
Crestview Corners | 79,603 | 79,603 | 32,015 | 111,618 | ||||||||||||||||
Lantana Shopping Center | 61,166 | 61,166 | 61,848 | 123,014 | ||||||||||||||||
Mission Bay Plaza | 159,147 | 159,147 | 113,718 | 272,865 | ||||||||||||||||
Naples Towne Centre | 32,680 | 102,027 | 134,707 | 32,680 | 167,387 | |||||||||||||||
Pelican Plaza | 35,768 | 35,768 | 70,105 | 105,873 | ||||||||||||||||
Plaza at Delray | 193,967 | 193,967 | 137,529 | 331,496 | ||||||||||||||||
Publix at River Crossing | 37,888 | 37,888 | 24,150 | 62,038 | ||||||||||||||||
Rivertowne Square | 70,948 | 70,948 | 65,699 | 136,647 | ||||||||||||||||
Shenandoah Square(7) | 42,112 | 42,112 | 81,500 | 123,612 | ||||||||||||||||
Shoppes of Lakeland | 123,400 | 122,441 | 245,841 | 59,447 | 305,288 | |||||||||||||||
Southbay Shopping Center | 31,700 | 31,700 | 64,990 | 96,690 | ||||||||||||||||
Sunshine Plaza | 175,834 | 175,834 | 69,825 | 245,659 | ||||||||||||||||
The Crossroads | 42,112 | 42,112 | 77,980 | 120,092 | ||||||||||||||||
Treasure Coast Commons(13) | 92,979 | 92,979 | — | 92,979 | ||||||||||||||||
Village Lakes Shopping Center | 125,141 | 125,141 | 61,335 | 186,476 | ||||||||||||||||
Village Plaza(13) | 64,504 | 64,504 | 76,088 | 140,592 | ||||||||||||||||
Vista Plaza(13) | 87,191 | 87,191 | 22,689 | 109,880 | ||||||||||||||||
Total/ Weighted Average | 156,080 | 1,566,640 | 1,722,720 | 1,118,798 | 2,841,518 | |||||||||||||||
Georgia | ||||||||||||||||||||
Centre at Woodstock | 51,420 | 51,420 | 35,328 | 86,748 | ||||||||||||||||
Conyers Crossing | 138,915 | 138,915 | 31,560 | 170,475 | ||||||||||||||||
Holcomb Center | 39,668 | 39,668 | 64,385 | 104,053 | ||||||||||||||||
Horizon Village | 47,955 | 47,955 | 49,046 | 97,001 | ||||||||||||||||
Indian Hills | 97,930 | 97,930 | 35,200 | 133,130 | ||||||||||||||||
Mays Crossing | 100,244 | 100,244 | 37,040 | 137,284 | ||||||||||||||||
Promenade at Pleasant Hill | 199,133 | 199,133 | 90,500 | 289,633 | ||||||||||||||||
Total/ Weighted Average | — | 675,265 | 675,265 | 343,059 | 1,018,324 | |||||||||||||||
Indiana | ||||||||||||||||||||
Merchants’ Square | 80,000 | 69,504 | 149,504 | 208,015 | 357,519 | |||||||||||||||
Total/ Weighted Average | 80,000 | 69,504 | 149,504 | 208,015 | 357,519 | |||||||||||||||
Maryland | ||||||||||||||||||||
Crofton Centre | 176,376 | 176,376 | 75,171 | 251,547 | ||||||||||||||||
Total/ Weighted Average | — | 176,376 | 176,376 | 75,171 | 251,547 | |||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Annualized Base | ||||||||||||||||||||||
Company Owned GLA | Rent | |||||||||||||||||||||
Property | Total | Leased | Occupancy | Total | PSF | Anchors(9) | ||||||||||||||||
Alabama | ||||||||||||||||||||||
Cox Creek Plaza | 100,501 | 100,501 | 100.0 | % | $ | 567,938 | $ | 5.65 | Goody’s, Toy’s R Us, Old Navy | |||||||||||||
Total/ Weighted Average | 100,501 | 100,501 | 100.0 | % | $ | 567,938 | $ | 5.65 | ||||||||||||||
Florida | ||||||||||||||||||||||
Coral Creek Shops | 109,312 | 108,262 | 99.0 | % | $ | 1,534,495 | $ | 14.17 | Publix | |||||||||||||
Crestview Corners | 111,618 | 101,968 | 91.4 | % | $ | 457,470 | $ | 4.49 | Big Lots, Beall’s Outlet, Chandler Furniture | |||||||||||||
Lantana Shopping Center | 123,014 | 123,014 | 100.0 | % | $ | 1,256,191 | $ | 10.21 | Publix | |||||||||||||
Mission Bay Plaza | 272,865 | 265,232 | 97.2 | % | $ | 4,438,883 | $ | 16.74 | Albertsons, LA Fitness Sports Club, OfficeMax, Toys ’R’ Us | |||||||||||||
Naples Towne Centre | 134,707 | 127,683 | 94.8 | % | $ | 725,838 | $ | 5.68 | Florida Food & Drug(1), Save- A-Lot, Beall’s | |||||||||||||
Pelican Plaza | 105,873 | 83,302 | 78.7 | % | $ | 882,145 | $ | 10.59 | Linens ’n Things | |||||||||||||
Plaza at Delray | 331,496 | 322,815 | 97.4 | % | $ | 4,537,216 | $ | 14.06 | Books A Million, Linens ’n Things, Marshall’s Publix, Regal Cinemas, Staples | |||||||||||||
Publix at River Crossing | 62,038 | 62,038 | 100.0 | % | $ | 689,222 | $ | 11.11 | Publix | |||||||||||||
Rivertowne Square | 136,647 | 130,400 | 95.4 | % | $ | 1,153,825 | $ | 8.85 | Winn-Dixie, Office Depot | |||||||||||||
Shenandoah Square(7) | 123,612 | 115,712 | 93.6 | % | $ | 1,672,850 | $ | 14.46 | Publix | |||||||||||||
Shoppes of Lakeland | 181,888 | 132,969 | 73.1 | % | $ | 1,269,178 | $ | 9.54 | Michael’s, Ashley Furniture, Target(1) | |||||||||||||
Southbay Shopping Center | 96,690 | 77,116 | 79.8 | % | $ | 502,243 | $ | 6.51 | Beall’s Coastal Home | |||||||||||||
Sunshine Plaza | 245,659 | 212,784 | 86.6 | % | $ | 1,619,948 | $ | 7.61 | Publix, Old Time Pottery | |||||||||||||
The Crossroads | 120,092 | 117,817 | 98.1 | % | $ | 1,585,495 | $ | 13.46 | Publix | |||||||||||||
Treasure Coast Commons(13) | 92,979 | 92,979 | 100.0 | % | $ | 1,077,828 | $ | 11.59 | Barnes & Noble, OfficeMax, Sports Authority | |||||||||||||
Village Lakes Shopping Center | 186,476 | 186,476 | 100.0 | % | $ | 1,058,568 | $ | 5.68 | Kash ’N Karry Food Store, Wal-Mart | |||||||||||||
Village Plaza(13) | 140,592 | 125,792 | 89.5 | % | $ | 1,315,656 | $ | 10.46 | Circuit City, Staples | |||||||||||||
Vista Plaza(13) | 109,880 | 109,880 | 100.0 | % | $ | 1,409,732 | $ | 12.83 | Bed, Bath & Beyond, Circuit City, Michael’s | |||||||||||||
Total/ Weighted Average | 2,685,438 | 2,496,239 | 93.0 | % | $ | 27,186,783 | $ | 10.89 | ||||||||||||||
Georgia | ||||||||||||||||||||||
Centre at Woodstock | 86,748 | 85,548 | 98.6 | % | $ | 1,011,305 | $ | 11.82 | Publix | |||||||||||||
Conyers Crossing | 170,475 | 170,475 | 100.0 | % | $ | 903,039 | $ | 5.30 | Burlington Coat Factory, Hobby Lobby | |||||||||||||
Holcomb Center | 104,053 | 50,964 | 49.0 | % | $ | 458,444 | $ | 9.00 | ||||||||||||||
Horizon Village | 97,001 | 95,601 | 98.6 | % | $ | 1,133,048 | $ | 11.85 | Publix | |||||||||||||
Indian Hills | 133,130 | 122,730 | 92.2 | % | $ | 744,448 | $ | 6.07 | Goody’s, Ingles Market, Tractor Supply | |||||||||||||
Mays Crossing | 137,284 | 101,184 | 73.7 | % | $ | 604,013 | $ | 5.97 | Big Lots, Dollar Tree | |||||||||||||
Promenade at Pleasant Hill | 289,633 | 264,633 | 91.4 | % | $ | 2,289,601 | $ | 8.65 | Old Time Pottery, Publix | |||||||||||||
Total/ Weighted Average | 1,018,324 | 891,135 | 87.5 | % | $ | 7,143,898 | $ | 8.02 | ||||||||||||||
Indiana | ||||||||||||||||||||||
Merchants’ Square | 277,519 | 268,917 | 96.9 | % | $ | 3,492,105 | $ | 12.99 | Marsh(1), Cost Plus, Hobby Lobby | |||||||||||||
Total/ Weighted Average | 277,519 | 268,917 | 96.9 | % | $ | 3,492,105 | $ | 12.99 | ||||||||||||||
Maryland | ||||||||||||||||||||||
Crofton Centre | 251,547 | 251,547 | 100.0 | % | $ | 1,722,525 | $ | 6.85 | Super Valu, Kmart, Leather Expo | |||||||||||||
Total/ Weighted Average | 251,547 | 251,547 | 100.0 | % | $ | 1,722,525 | $ | 6.85 | ||||||||||||||
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Year | ||||||||
Constructed/ | ||||||||
Acquired/Year of | ||||||||
Latest | Number | |||||||
Renovation | of | |||||||
Property | Location | or Expansion(3) | Units | |||||
Michigan | ||||||||
Auburn Mile | Auburn Hills, MI | 2000/1999/NA | 9 | |||||
Beacon Square(12) | Grand Haven, MI | 2004/2004/NA | 1 | |||||
Clinton Pointe | Clinton Twp., MI | 1992/2003/NA | 14 | |||||
Clinton Valley Mall | Sterling Heights, MI | 1977/1996/2002 | 10 | |||||
Clinton Valley | Sterling Heights, MI | 1985/1996/NA | 12 | |||||
Eastridge Commons | Flint, MI | 1990/1996/2001(10) | 16 | |||||
Edgewood Towne Center | Lansing, MI | 1990/1996/2001(10) | 15 | |||||
Fairlane Meadows | Dearborn, MI | 1987/2003/NA | 23 | |||||
Fraser Shopping Center | Fraser, MI | 1977/1996/NA | 8 | |||||
Gaines Marketplace(12) | Gaines Twp., MI | 2004/2004/NA | 1 | |||||
Hoover Eleven | Warren, MI | 1989/2003/NA | 56 | |||||
Jackson Crossing | Jackson, MI | 1967/1996/2002 | 65 | |||||
Jackson West | Jackson, MI | 1996/1996/1999 | 5 | |||||
Kentwood Towne Centre(2) | Kentwood, MI | 1988/1996/NA | 18 | |||||
Lake Orion Plaza | Lake Orion, MI | 1977/1996/NA | 9 | |||||
Lakeshore Marketplace | Norton Shores, MI | 1996/2003/NA | 23 | |||||
Livonia Plaza | Livonia, MI | 1988/2003/NA | 20 | |||||
Madison Center | Madison Heights, MI | 1965/1997/2000 | 14 | |||||
New Towne Plaza | Canton Twp., MI | 1975/1996/1998 | 18 | |||||
Oak Brook Square | Flint, MI | 1982/1996/NA | 22 | |||||
Roseville Towne Center | Roseville, MI | 1963/1996/2004 | 13 | |||||
Southfield Plaza | Southfield, MI | 1969/1996/2003 | 14 | |||||
Southfield Plaza Expansion(11) | Southfield, MI | 1987/1996/2003 | 11 | |||||
Taylor Plaza | Taylor, MI | 1970/1996/NA | 1 | |||||
Tel-Twelve | Southfield, MI | 1968/1996/2003 | 21 | |||||
West Acres Commons(7) | Flint, MI | 1998/2001/NA | 14 | |||||
West Oaks I | Novi, MI | 1979/1996/2004 | 7 | |||||
West Oaks II | Novi, MI | 1986/1996/2000 | 30 | |||||
Total/ Weighted Average | 470 | |||||||
New Jersey | ||||||||
Chester Springs Shopping Center | Chester, NJ | 1970/1996/1999 | 40 | |||||
Total/ Weighted Average | 40 | |||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Total Shopping Center GLA: | ||||||||||||||||||||
Anchors: | ||||||||||||||||||||
Total | Non- | |||||||||||||||||||
Anchor | Company | Anchor | Anchor | |||||||||||||||||
Property | Owned | Owned | GLA | GLA | Total | |||||||||||||||
Michigan | ||||||||||||||||||||
Auburn Mile | 386,659 | 211,298 | 597,957 | 29,134 | 627,091 | |||||||||||||||
Beacon Square(12) | — | — | 14,600 | 14,600 | ||||||||||||||||
Clinton Pointe | 112,000 | 65,735 | 177,735 | 69,595 | 247,330 | |||||||||||||||
Clinton Valley Mall | 55,175 | 55,175 | 97,477 | 152,652 | ||||||||||||||||
Clinton Valley | 50,262 | 50,262 | 51,160 | 101,422 | ||||||||||||||||
Eastridge Commons | 117,777 | 124,203 | 241,980 | 45,637 | 287,617 | |||||||||||||||
Edgewood Towne Center | 209,272 | 23,524 | 232,796 | 62,233 | 295,029 | |||||||||||||||
Fairlane Meadows | 175,830 | 56,586 | 232,416 | 80,922 | 313,338 | |||||||||||||||
Fraser Shopping Center | 52,784 | 52,784 | 23,915 | 76,699 | ||||||||||||||||
Gaines Marketplace(12) | 200,000 | 200,000 | — | 200,000 | ||||||||||||||||
Hoover Eleven | 138,361 | 138,361 | 150,571 | 288,932 | ||||||||||||||||
Jackson Crossing | 254,242 | 191,923 | 446,165 | 189,445 | 635,610 | |||||||||||||||
Jackson West | 194,484 | 194,484 | 15,837 | 210,321 | ||||||||||||||||
Kentwood Towne Centre(2) | 101,909 | 122,390 | 224,299 | 61,265 | 285,564 | |||||||||||||||
Lake Orion Plaza | 114,574 | 114,574 | 14,878 | 129,452 | ||||||||||||||||
Lakeshore Marketplace | 258,638 | 258,638 | 104,610 | 363,248 | ||||||||||||||||
Livonia Plaza | 90,831 | 90,831 | 42,912 | 133,743 | ||||||||||||||||
Madison Center | 167,830 | 167,830 | 59,258 | 227,088 | ||||||||||||||||
New Towne Plaza | 91,122 | 91,122 | 80,643 | 171,765 | ||||||||||||||||
Oak Brook Square | 57,160 | 57,160 | 83,057 | 140,217 | ||||||||||||||||
Roseville Towne Center | 211,166 | 211,166 | 46,635 | 257,801 | ||||||||||||||||
Southfield Plaza | 128,340 | 128,340 | 37,660 | 166,000 | ||||||||||||||||
Southfield Plaza Expansion(11) | — | — | 19,410 | 19,410 | ||||||||||||||||
Taylor Plaza | 122,374 | 122,374 | — | 122,374 | ||||||||||||||||
Tel-Twelve | 504,981 | 504,981 | 47,550 | 552,531 | ||||||||||||||||
West Acres Commons(7) | 59,889 | 59,889 | 35,200 | 95,089 | ||||||||||||||||
West Oaks I | 226,839 | 226,839 | 19,028 | 245,867 | ||||||||||||||||
West Oaks II | 221,140 | 90,753 | 311,893 | 77,201 | 389,094 | |||||||||||||||
Total/ Weighted Average | 1,578,829 | 3,611,222 | 5,190,051 | 1,559,833 | 6,749,884 | |||||||||||||||
New Jersey | ||||||||||||||||||||
Chester Springs Shopping Center | 81,760 | 81,760 | 142,393 | 224,153 | ||||||||||||||||
Total/ Weighted Average | — | 81,760 | 81,760 | 142,393 | 224,153 | |||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Annualized Base | ||||||||||||||||||||||
Company Owned GLA | Rent | |||||||||||||||||||||
Property | Total | Leased | Occupancy | Total | PSF | Anchors(9) | ||||||||||||||||
Michigan | ||||||||||||||||||||||
Auburn Mile | 240,432 | 240,432 | 100.0 | % | $ | 1,510,750 | $ | 6.28 | Best Buy(1), Target(1), Meijer(1), Costco, Joann etc Staples | |||||||||||||
Beacon Square(12) | 14,600 | 14,600 | 100.0 | % | $ | 189,800 | $ | 13.00 | ||||||||||||||
Clinton Pointe | 135,330 | 116,155 | 85.8 | % | $ | 1,146,281 | $ | 9.87 | OfficeMax, Sports Authority, Target(1) | |||||||||||||
Clinton Valley Mall | 152,652 | 121,397 | 79.5 | % | $ | 1,553,725 | $ | 12.80 | Office Depot, DSW Shoe Warehouse | |||||||||||||
Clinton Valley | 101,422 | 60,011 | 59.2 | % | $ | 508,952 | $ | 8.48 | Big Lots | |||||||||||||
Eastridge Commons | 169,840 | 163,304 | 96.2 | % | $ | 1,631,164 | $ | 9.99 | Farmer Jack (A&P), Staples, Target(1), TJ Maxx | |||||||||||||
Edgewood Towne Center | 85,757 | 85,757 | 100.0 | % | $ | 858,158 | $ | 10.01 | OfficeMax, Sam’s Club(1), Target(1) | |||||||||||||
Fairlane Meadows | 137,508 | 132,108 | 96.1 | % | $ | 1,993,581 | $ | 15.09 | Best Buy, Office Depot(5), Target(1), Mervyn’s(1) | |||||||||||||
Fraser Shopping Center | 76,699 | 65,585 | 85.5 | % | $ | 396,672 | $ | 6.05 | Oakridge Market, Rite- Aid | |||||||||||||
Gaines Marketplace(12) | 200,000 | 200,000 | 100.0 | % | $ | 216,000 | $ | 1.08 | Meijer | |||||||||||||
Hoover Eleven | 288,932 | 282,471 | 97.8 | % | $ | 3,291,949 | $ | 11.65 | Kroger, Marshall’s, OfficeMax, TJ Maxx | |||||||||||||
Jackson Crossing | 381,368 | 373,575 | 98.0 | % | $ | 3,305,828 | $ | 8.85 | Kohl’s Department Store, Sears(1), Target(1) Toys ’R’ Us, Best Buy, Bed, Bath & Beyond, Jackson 10 | |||||||||||||
Jackson West | 210,321 | 210,321 | 100.0 | % | $ | 1,600,582 | $ | 7.61 | Circuit City, Lowe’s, Michael’s, OfficeMax | |||||||||||||
Kentwood Towne Centre(2) | 183,655 | 175,571 | 95.6 | % | $ | 1,424,410 | $ | 8.11 | Burlington Coat, Hobby Lobby, OfficeMax, Target(1) | |||||||||||||
Lake Orion Plaza | 129,452 | 122,132 | 94.3 | % | $ | 507,109 | $ | 4.15 | Farmer Jack (A&P), Kmart | |||||||||||||
Lakeshore Marketplace | 363,248 | 361,354 | 99.5 | % | $ | 2,746,341 | $ | 7.60 | Barnes & Noble, Dunham’s, Elder-Beerman Hobby Lobby, TJ Maxx, Toys ’R’ Us | |||||||||||||
Livonia Plaza | 133,743 | 133,743 | 100.0 | % | $ | 1,370,590 | $ | 10.25 | Kroger, TJ Maxx | |||||||||||||
Madison Center | 227,088 | 218,767 | 96.3 | % | $ | 1,352,212 | $ | 6.18 | Dunham’s, Kmart | |||||||||||||
New Towne Plaza | 171,765 | 169,165 | 98.5 | % | $ | 1,493,488 | $ | 8.83 | Kohl’s Department Store | |||||||||||||
Oak Brook Square | 140,217 | 119,654 | 85.3 | % | $ | 1,074,083 | $ | 8.98 | Office Depot(5), TJ Maxx | |||||||||||||
Roseville Towne Center | 257,801 | 226,971 | 88.0 | % | $ | 1,449,878 | $ | 6.39 | Marshall’s, Wal-Mart | |||||||||||||
Southfield Plaza | 166,000 | 161,420 | 97.2 | % | $ | 1,259,176 | $ | 7.80 | Burlington Coat Factory, Marshall’s, Staples | |||||||||||||
Southfield Plaza Expansion(11) | 19,410 | 17,610 | 90.7 | % | $ | 269,773 | $ | 15.32 | No Anchor | |||||||||||||
Taylor Plaza | 122,374 | — | 0.0 | % | $ | — | $ | — | ||||||||||||||
Tel-Twelve | 552,531 | 552,531 | 100.0 | % | $ | 5,353,658 | $ | 9.69 | Circuit City, Meijer, Media Play, Lowe’s Office Depot, DSW Shoe Warehouse, Michael’s | |||||||||||||
West Acres Commons(7) | 95,089 | 93,689 | 98.5 | % | $ | 1,170,822 | $ | 12.50 | Farmer Jack (A&P) | |||||||||||||
West Oaks I | 245,867 | 245,867 | 100.0 | % | $ | 2,439,098 | $ | 9.92 | Circuit City, OfficeMax, DSW Shoe Warehouse Home Goods, Michael’s, Gander Mountain | |||||||||||||
West Oaks II | 167,954 | 166,921 | 99.4 | % | $ | 2,587,422 | $ | 15.50 | Value City Furniture(6), Bed Bath & Beyond(6), Marshall’s, Toys ’R’ Us(1), Petco(1) Kohl’s Department Store(1), Joann etc | |||||||||||||
Total/ Weighted Average | 5,171,055 | 4,831,111 | 93.4 | % | $ | 42,701,502 | $ | 8.84 | ||||||||||||||
New Jersey | ||||||||||||||||||||||
Chester Springs Shopping Center | 224,153 | 224,153 | 100.0 | % | $ | 2,933,677 | $ | 13.09 | Shop-Rite Supermarket, Staples | |||||||||||||
Total/ Weighted Average | 224,153 | 224,153 | 100.0 | % | $ | 2,933,677 | $ | 13.09 | ||||||||||||||
11
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Year | ||||||||
Constructed/ | ||||||||
Acquired/Year of | ||||||||
Latest | Number | |||||||
Renovation | of | |||||||
Property | Location | or Expansion(3) | Units | |||||
North Carolina | ||||||||
Holly Springs Plaza | Franklin, NC | 1988/1997/1992 | 16 | |||||
Ridgeview Crossing | Elkin, NC | 1989/1997/1995 | 20 | |||||
Total/ Weighted Average | 36 | |||||||
Ohio | ||||||||
Crossroads Centre | Rossford, OH | 2001/2001/NA | 21 | |||||
OfficeMax Center | Toledo, OH | 1994/1996/NA | 1 | |||||
Spring Meadows Place | Holland, OH | 1987/1996/1997 | 30 | |||||
Troy Towne Center | Troy, OH | 1990/1996/2003 | 17 | |||||
Total/ Weighted Average | 69 | |||||||
South Carolina | ||||||||
Edgewood Square | North Augusta, SC | 1989/1997/1997 | 15 | |||||
Taylors Square | Taylors, SC | 1989/1997/1995 | 12 | |||||
Total/ Weighted Average | 27 | |||||||
Tennessee | ||||||||
Cumberland Gallery | New Tazewell, TN | 1988/1997/NA | 15 | |||||
Highland Square | Crossville, TN | 1988/1997/NA | 18 | |||||
Northwest Crossing | Knoxville, TN | 1989/1997/1995 | 11 | |||||
Northwest Crossing II | Knoxville, TN | 1999/1999/NA | 2 | |||||
Stonegate Plaza | Kingsport, TN | 1984/1997/1993 | 7 | |||||
Tellico Plaza | Lenoir City, TN | 1989/1997/NA | 12 | |||||
Total/ Weighted Average | 65 | |||||||
Virginia | ||||||||
Aquia Towne Center | Stafford, VA | 1989/1998/NA | 38 | |||||
Total/ Weighted Average | 38 | |||||||
Wisconsin | ||||||||
East Town Plaza | Madison, WI | 1992/2000/2000 | 18 | |||||
West Allis Towne Centre | West Allis, WI | 1987/1996/NA | 31 | |||||
Total/ Weighted Average | 49 | |||||||
PORTFOLIO TOTAL/ WEIGHTED AVERAGE | 1487 | |||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Total Shopping Center GLA: | ||||||||||||||||||||
Anchors: | ||||||||||||||||||||
Total | Non- | |||||||||||||||||||
Anchor | Company | Anchor | Anchor | |||||||||||||||||
Property | Owned | Owned | GLA | GLA | Total | |||||||||||||||
North Carolina | ||||||||||||||||||||
Holly Springs Plaza | 124,484 | 124,484 | 31,100 | 155,584 | ||||||||||||||||
Ridgeview Crossing | 168,659 | 168,659 | 42,865 | 211,524 | ||||||||||||||||
Total/ Weighted Average | — | 293,143 | 293,143 | 73,965 | 367,108 | |||||||||||||||
Ohio | ||||||||||||||||||||
Crossroads Centre | 381,291 | 381,291 | 94,154 | 475,445 | ||||||||||||||||
OfficeMax Center | 22,930 | 22,930 | — | 22,930 | ||||||||||||||||
Spring Meadows Place | 275,372 | 54,071 | 329,443 | 131,365 | 460,808 | |||||||||||||||
Troy Towne Center | 90,921 | 107,584 | 198,505 | 37,026 | 235,531 | |||||||||||||||
Total/ Weighted Average | 366,293 | 565,876 | 932,169 | 262,545 | 1,194,714 | |||||||||||||||
South Carolina | ||||||||||||||||||||
Edgewood Square | 207,829 | 207,829 | 20,375 | 228,204 | ||||||||||||||||
Taylors Square | 207,454 | 207,454 | 26,021 | 233,475 | ||||||||||||||||
Total/ Weighted Average | — | 415,283 | 415,283 | 46,396 | 461,679 | |||||||||||||||
Tennessee | ||||||||||||||||||||
Cumberland Gallery | 73,304 | 73,304 | 24,851 | 98,155 | ||||||||||||||||
Highland Square | 145,147 | 145,147 | 35,620 | 180,767 | ||||||||||||||||
Northwest Crossing | 273,535 | 273,535 | 29,933 | 303,468 | ||||||||||||||||
Northwest Crossing II | 23,500 | 23,500 | 4,674 | 28,174 | ||||||||||||||||
Stonegate Plaza | 127,042 | 127,042 | 11,448 | 138,490 | ||||||||||||||||
Tellico Plaza | 94,805 | 94,805 | 19,387 | 114,192 | ||||||||||||||||
Total/ Weighted Average | — | 737,333 | 737,333 | 125,913 | 863,246 | |||||||||||||||
Virginia | ||||||||||||||||||||
Aquia Towne Center | 117,195 | 117,195 | 117,347 | 234,542 | ||||||||||||||||
Total/ Weighted Average | — | 117,195 | 117,195 | 117,347 | 234,542 | |||||||||||||||
Wisconsin | ||||||||||||||||||||
East Town Plaza | 132,995 | 144,685 | 277,680 | 64,274 | 341,954 | |||||||||||||||
West Allis Towne Centre | 216,634 | 216,634 | 112,980 | 329,614 | ||||||||||||||||
Total/ Weighted Average | 132,995 | 361,319 | 494,314 | 177,254 | 671,568 | |||||||||||||||
PORTFOLIO TOTAL/ WEIGHTED AVERAGE | 2,314,197 | 8,763,817 | 11,078,014 | 4,258,289 | 15,336,303 | |||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Annualized Base | ||||||||||||||||||||||
Company Owned GLA | Rent | |||||||||||||||||||||
Property | Total | Leased | Occupancy | Total | PSF | Anchors(9) | ||||||||||||||||
North Carolina | ||||||||||||||||||||||
Holly Springs Plaza | 155,584 | 155,584 | 100.0 | % | $ | 877,036 | $ | 5.64 | Ingles Market, Wal-Mart | |||||||||||||
Ridgeview Crossing | 211,524 | 205,549 | 97.2 | % | $ | 1,121,804 | $ | 5.46 | Belk Department Store, Ingles Market, Wal- Mart | |||||||||||||
Total/ Weighted Average | 367,108 | 361,133 | 98.4 | % | $ | 1,998,840 | $ | 5.53 | ||||||||||||||
Ohio | ||||||||||||||||||||||
Crossroads Centre | 475,445 | 475,445 | 100.0 | % | $ | 3,581,792 | $ | 7.53 | Home Depot, Target, Giant Eagle, Michael’s Linens ’n Things | |||||||||||||
OfficeMax Center | 22,930 | 22,930 | 100.0 | % | $ | 265,988 | $ | 11.60 | OfficeMax | |||||||||||||
Spring Meadows Place | 185,436 | 157,059 | 84.7 | % | $ | 1,818,614 | $ | 11.58 | Dick’s Sporting Goods(6), Media Play(6), Kroger(1), Target(1), TJ Maxx, OfficeMax | |||||||||||||
Troy Towne Center | 144,610 | 144,610 | 100.0 | % | $ | 970,877 | $ | 6.71 | Sears Hardware, Wal- Mart(1), Kohl’s | |||||||||||||
Total/ Weighted Average | 828,421 | 800,044 | 96.6 | % | $ | 6,637,271 | $ | 8.30 | ||||||||||||||
South Carolina | ||||||||||||||||||||||
Edgewood Square | 228,204 | 177,329 | 77.7 | % | $ | 986,263 | $ | 5.56 | Bi-Lo Grocery, Wal-Mart(5) | |||||||||||||
Taylors Square | 233,475 | 224,893 | 96.3 | % | $ | 1,253,631 | $ | 5.57 | Wal-Mart | |||||||||||||
Total/ Weighted Average | 461,679 | 402,222 | 87.1 | % | $ | 2,239,894 | $ | 5.57 | ||||||||||||||
Tennessee | ||||||||||||||||||||||
Cumberland Gallery | 98,155 | 93,055 | 94.8 | % | $ | 407,226 | $ | 4.38 | Ingles Market, Wal-Mart | |||||||||||||
Highland Square | 180,767 | 174,097 | 96.3 | % | $ | 885,734 | $ | 5.09 | Kroger, Wal- Mart(4) | |||||||||||||
Northwest Crossing | 303,468 | 268,468 | 88.5 | % | $ | 1,427,324 | $ | 5.32 | Wal-Mart, Ross Dress for Less | |||||||||||||
Northwest Crossing II | 28,174 | 28,174 | 100.0 | % | $ | 282,814 | $ | 10.04 | OfficeMax | |||||||||||||
Stonegate Plaza | 138,490 | 102,042 | 73.7 | % | $ | 444,917 | $ | 4.36 | Wal-Mart(5) | |||||||||||||
Tellico Plaza | 114,192 | 78,973 | 69.2 | % | $ | 401,515 | $ | 5.08 | Wal-Mart(4) | |||||||||||||
Total/ Weighted Average | 863,246 | 744,809 | 86.3 | % | $ | 3,849,530 | $ | 5.17 | ||||||||||||||
Virginia | ||||||||||||||||||||||
Aquia Towne Center | 234,542 | 229,942 | 98.0 | % | $ | 2,458,372 | $ | 10.69 | Super Valu(5), Big Lots, Northrop Grumman | |||||||||||||
Total/ Weighted Average | 234,542 | 229,942 | 98.0 | % | $ | 2,458,372 | $ | 10.69 | ||||||||||||||
Wisconsin | ||||||||||||||||||||||
East Town Plaza | 208,959 | 204,041 | 97.6 | % | $ | 1,837,989 | $ | 9.01 | Burlington, Marshalls, JoAnn, Borders, Toys R Us(1), Shopco(1) | |||||||||||||
West Allis Towne Centre | 329,614 | 289,796 | 87.9 | % | $ | 2,059,605 | $ | 7.11 | Kmart, Kohl’s Supermarket (A&P)(5), Dollar Tree Big Lots | |||||||||||||
Total/ Weighted Average | 538,573 | 493,837 | 91.7 | % | $ | 3,897,594 | $ | 7.89 | ||||||||||||||
PORTFOLIO TOTAL/ WEIGHTED AVERAGE | 13,022,106 | 12,095,590 | 92.9 | % | $ | 106,829,929 | $ | 8.83 | ||||||||||||||
(1) | Anchor-owned store |
(2) | 77.87896% general partner interest |
(3) | Represents year constructed/acquired/year of latest renovation or expansion by either the Company or the former Ramco Group, as applicable. |
(4) | Wal-Mart currently is not occupying its leased premises in this shopping center but remains obligated to pay under the terms of the respective lease agreement. The space leased by Wal-Mart has been subleased to third parties |
(5) | Tenant closed — lease obligated |
(6) | Owned by others |
(7) | 40% joint venture interest |
(8) | The tenant has vacated the space but is still obligated to pay rent. The space is currently subleased to a third party. |
(9) | We define anchor tenants as single tenants which lease 19,000 square feet or more at a property. |
(10) | Anchor owned expansion |
(11) | 50% general partner interest |
(12) | 10% joint venture interest |
(13) | 30% joint venture interest |
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Total | Annualized | % of Annualized | Aggregate | % of Total | ||||||||||||||||
Number of | Base Rental | Base Rental | GLA Leased | Company | ||||||||||||||||
Tenant | Stores | Revenue(1) | Revenue | by Tenant | Owned GLA | |||||||||||||||
Wal-Mart | 11 | $ | 5,390,388 | 5.1% | 1,252,558 | 9.6% | ||||||||||||||
Publix | 10 | 3,834,621 | 3.6% | 480,840 | 3.7% | |||||||||||||||
OfficeMax | 11 | 2,835,787 | 2.7% | 254,020 | 2.0% | |||||||||||||||
TJ Maxx/Marshalls | 12 | 2,754,955 | 2.6% | 365,706 | 2.8% | |||||||||||||||
A&P/Farmer Jack | 4 | 2,116,093 | 2.0% | 212,612 | 1.6% | |||||||||||||||
Circuit City | 5 | 2,084,027 | 2.0% | 165,636 | 1.3% |
Annualized | % of Annualized | % of Total | |||||||||||||||
Base Rental | Base Rental | Company | Company | ||||||||||||||
Type of Tenant | Revenue(1) | Revenue | Owned GLA | Owned GLA | |||||||||||||
Anchor | $ | 54,931,325 | 51.4 | % | 8,306,787 | 63.8 | % | ||||||||||
Retail (non-anchor) | 51,898,604 | 48.6 | % | 3,788,803 | 29.1 | % | |||||||||||
Available | — | — | 926,516 | 7.1 | % | ||||||||||||
Total | $ | 106,829,929 | 100.0 | % | 13,022,106 | 100.0 | % | ||||||||||
Annualized | % of Annualized | Aggregate | % of Total | ||||||||||||||
Base Rental | Base Rental | GLA Leased | Company | ||||||||||||||
Type of Tenant | Revenue(1) | Revenue | by Tenant | Owned GLA | |||||||||||||
National | $ | 70,155,555 | 65.7 | % | 8,232,617 | 68.1 | % | ||||||||||
Local | 20,140,234 | 18.8 | % | 1,509,557 | 12.5 | % | |||||||||||
Regional | 16,534,140 | 15.5 | % | 2,353,416 | 19.4 | % | |||||||||||
Total | $ | 106,829,929 | 100.0 | % | 12,095,590 | 100.0 | % | ||||||||||
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% of | ||||||||||||||||||||||||
Annualized | % of Total | |||||||||||||||||||||||
Average Base | Annualized | Base Rental | Leased | Company | ||||||||||||||||||||
Rental Revenue per | Base Rental | Revenue as of | Company | Owned GLA | ||||||||||||||||||||
No. of | sq. ft. as of | Revenue as of | 12/31/04 | Owned GLA | Represented | |||||||||||||||||||
Leases | 12/31/04 Under | 12/31/04 Under | Represented by | Expiring (in | by Expiring | |||||||||||||||||||
Lease Expiration | Expiring | Expiring Leases | Expiring Leases(1) | Expiring Leases | square feet) | Leases | ||||||||||||||||||
2005 | 274 | $ | 11.37 | $ | 10,005,553 | 9.4 | % | 880,003 | 7.3 | % | ||||||||||||||
2006 | 209 | $ | 11.02 | $ | 10,001,461 | 9.4 | % | 907,483 | 7.5 | % | ||||||||||||||
2007 | 191 | $ | 10.21 | $ | 9,531,607 | 8.9 | % | 933,462 | 7.7 | % | ||||||||||||||
2008 | 205 | $ | 8.87 | $ | 14,737,899 | 13.8 | % | 1,662,270 | 13.7 | % | ||||||||||||||
2009 | 170 | $ | 8.83 | $ | 12,796,444 | 12.0 | % | 1,448,479 | 12.0 | % |
(1) | “Annualized Base Rental Revenue as of 12/31/04” is equal to December 2004 base rental revenue multiplied by 12. |
Item 3. | Legal Proceedings. |
Item 4. | Submission of Matters to a Vote of Security Holders. |
14
Table of Contents
Share Price | ||||||||
Quarter Ended | High | Low | ||||||
March 31, 2004 | $ | 29.20 | $ | 26.98 | ||||
June 30, 2004 | 29.00 | 22.50 | ||||||
September 30, 2004 | 27.90 | 24.45 | ||||||
December 31, 2004 | 32.87 | 26.41 | ||||||
March 31, 2003 | $ | 22.32 | $ | 19.44 | ||||
June 30, 2003 | 24.95 | 21.81 | ||||||
September 30, 2003 | 26.37 | 23.18 | ||||||
December 31, 2003 | 28.46 | 24.15 |
Dividend | ||||||||
Record Date | Distribution | Payment Date | ||||||
March 31, 2004 | $ | 0.42 | April 20, 2004 | |||||
June 20, 2004 | $ | 0.42 | July 1, 2004 | |||||
September 20, 2004 | $ | 0.42 | October 1, 2004 | |||||
December 20, 2004 | $ | 0.42 | January 3, 2005 |
Dividend | ||||||||
Record Date | Distribution | Payment Date | ||||||
March 31, 2003 | $ | 0.42 | April 15, 2003 | |||||
June 30, 2003 | $ | 0.42 | July 15, 2003 | |||||
September 30, 2003 | $ | 0.42 | October 21, 2003 | |||||
December 31, 2003 | $ | 0.55 | January 20, 2004 |
15
Table of Contents
Item 6. | Selected Financial Data (in thousands, except per share data and number of properties). |
Year Ended December 31, | |||||||||||||||||||||
2004 | 2003(1) | 2002(1) | 2001(1) | 2000(1) | |||||||||||||||||
Operating Data: | |||||||||||||||||||||
Total revenue | $ | 131,895 | $ | 108,057 | $ | 90,835 | $ | 89,190 | $ | 86,431 | |||||||||||
Operating income | 19,998 | 10,821 | 9,624 | 12,150 | 12,453 | ||||||||||||||||
Gain on sales of real estate | 2,408 | 263 | — | 5,550 | 3,795 | ||||||||||||||||
Income from continuing operations | 15,105 | 9,367 | 7,992 | 13,082 | 11,860 | ||||||||||||||||
Discontinued operations, net of minority interest(2) | |||||||||||||||||||||
Gain on sale of property | — | 897 | 2,164 | — | — | ||||||||||||||||
Income from operations | 15 | 214 | 407 | 898 | 875 | ||||||||||||||||
Income before cumulative effect of change in accounting principle | 15,120 | 10,478 | 10,563 | 13,945 | 12,813 | ||||||||||||||||
Cumulative effect of change in accounting principle(3) | — | — | — | — | (1,264 | ) | |||||||||||||||
Net income | 15,120 | 10,478 | 10,563 | 13,945 | 11,549 | ||||||||||||||||
Preferred share dividends | (4,814 | ) | (2,375 | ) | (1,151 | ) | (3,360 | ) | (3,360 | ) | |||||||||||
Gain on redemption of preferred shares | — | — | 2,425 | — | — | ||||||||||||||||
Net income available to common shareholders | $ | 10,306 | $ | 8,103 | $ | 11,837 | $ | 10,585 | $ | 8,189 | |||||||||||
Earnings Per Share Data: | |||||||||||||||||||||
From continuing operations: | |||||||||||||||||||||
Basic | $ | 0.61 | $ | 0.50 | $ | 0.88 | $ | 1.37 | $ | 1.18 | |||||||||||
Diluted | 0.60 | 0.49 | 0.87 | 1.36 | 1.18 | ||||||||||||||||
Net income: | |||||||||||||||||||||
Basic | $ | 0.61 | $ | 0.58 | $ | 1.12 | $ | 1.49 | $ | 1.14 | |||||||||||
Diluted | 0.60 | 0.57 | 1.11 | 1.49 | 1.14 | ||||||||||||||||
Cash dividends declared per common share | $ | 1.68 | $ | 1.81 | $ | 1.68 | $ | 1.68 | $ | 1.68 | |||||||||||
Distributions to common shareholders | $ | 28,249 | $ | 22,478 | $ | 16,249 | $ | 11,942 | $ | 12,091 | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||
Basic | 16,816 | 13,955 | 10,529 | 7,105 | 7,186 | ||||||||||||||||
Diluted | 17,031 | 14,141 | 10,628 | 7,125 | 7,187 |
16
Table of Contents
Year Ended December 31, | ||||||||||||||||||||
2004 | 2003(1) | 2002(1) | 2001(1) | 2000(1) | ||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
Cash and cash equivalents | $ | 15,045 | $ | 19,883 | $ | 9,974 | $ | 5,542 | $ | 2,939 | ||||||||||
Accounts receivable, net | 26,845 | 30,109 | 21,299 | 17,427 | 15,637 | |||||||||||||||
Investment in real estate (before accumulated depreciation) | 1,066,255 | 830,245 | 707,092 | 557,349 | 557,995 | |||||||||||||||
Total assets | 1,043,778 | 826,279 | 697,898 | 552,529 | 559,967 | |||||||||||||||
Mortgages and notes payable | 633,435 | 454,358 | 423,248 | 347,275 | 354,008 | |||||||||||||||
Total liabilities | 673,401 | 489,318 | 450,435 | 371,167 | 374,439 | |||||||||||||||
Minority interest | 40,364 | 42,643 | 46,586 | 48,157 | 47,301 | |||||||||||||||
Shareholders’ equity | $ | 330,013 | $ | 294,318 | $ | 201,003 | $ | 133,405 | $ | 138,544 | ||||||||||
Other Data: | ||||||||||||||||||||
Funds from operations available to common shareholders(4) | $ | 41,379 | $ | 34,034 | $ | 27,883 | $ | 31,724 | $ | 29,841 | ||||||||||
Cash provided by operating activities | 46,387 | 26,685 | 19,266 | 25,359 | 17,428 | |||||||||||||||
Cash (used in) provided by investing activities | (105,563 | ) | (81,868 | ) | (81,125 | ) | 4,971 | (13,081 | ) | |||||||||||
Cash provided by (used in) financing activities | 54,338 | 65,092 | 64,300 | (27,727 | ) | (7,152 | ) | |||||||||||||
Number of properties | 74 | 64 | 59 | 57 | 56 | |||||||||||||||
Company owned GLA | 13,022 | 11,483 | 10,006 | 9,789 | 10,043 | |||||||||||||||
Occupancy rate | 92.9 | % | 89.7 | % | 90.5 | % | 95.5 | % | 93.7 | % |
(1) | The financial data for 2003 and prior years have been restated. See Note 3 of the Notes to Consolidated Financial Statements. |
(2) | In accordance with Statement of Financial Accounting Standards No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets,” which we adopted on January 1, 2002, shopping centers that were sold subsequent to December 31, 2001 have been classified as discontinued operations for all periods presented. Shopping centers that were sold prior to January 1, 2002 are included in gain on sales of real estate. |
(3) | In 2000, we changed our method of accounting for percentage rental revenue in accordance with SEC Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements.” |
(4) | We consider funds from operations, also known as “FFO,” an appropriate supplemental measure of the financial performance of an equity REIT. Under the National Association of Real Estate Investment Trusts (“NAREIT”) definition, FFO represents income before minority interest, excluding extraordinary items, as defined under accounting principles generally accepted in the United States of America (“GAAP”), gains on sales of depreciable property, plus real estate related depreciation and amortization (excluding amortization of financing costs), and after adjustments for unconsolidated partnerships and joint ventures. FFO should not be considered an alternative to GAAP net income as an indication of our performance. We consider FFO to be a useful measure for reviewing our comparative operating and financial performance between periods or to compare our performance to different REITs. However, our computation of FFO may differ from the methodology for calculating FFO utilized by other real estate companies, and therefore, may not be comparable to these other real estate companies. A reconciliation of FFO to net income is included under the heading, “Funds From Operations” in Item 7. |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
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• | A proactive approach to redeveloping, renovating and expanding our shopping centers; | |
• | The acquisition of community shopping centers, with a focus on grocery and nationally-recognized discount department store anchor tenants; | |
• | The development of new shopping centers in metropolitan markets where we believe demand for a center exists; and | |
• | A proactive approach to leasing vacant spaces and entering into new leases for occupied spaces when leases are about to expire. |
• | We acquired eight properties at an aggregate cost of $248.4 million. | |
• | We commenced six redevelopment projects of core assets including the expansion of the Kroger supermarket at our Livonia Plaza in Livonia, Michigan, the expansion of Wal-Mart at Northwest Crossing in Knoxville, Tennessee from 139,000 square feet to a 208,000 square foot supercenter, and the sale of a portion of our Cox Creek Plaza shopping center in Florence, Alabama to Home Depot to facilitate their tenancy in this center. | |
• | In June 2004, we commenced construction of the 400,000 square foot Gaines Marketplace in Gaines Township, Michigan. In December 2004, we acquired 293 useable acres of land in Jacksonville, Florida that will enable us to develop a 1.2 million square foot shopping center. | |
• | In December 2004, we entered into a joint venture agreement with the Clarion Lion Properties Fund, a private equity real estate fund advised by ING Clarion Partners, for the purpose of acquiring $450 million of stable, well-located community shopping centers in Michigan, North Carolina, South Carolina, Georgia and Florida. We and Clarion Lion Properties Fund have committed to contribute |
18
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equity capital of $54.0 million and $126.0 million, respectively, to the entity. As of December 31, 2004, the entity had acquired three centers for a total purchase price of $48.0 million. | ||
• | The strength of our portfolio combined with acquisitions brought into operation since January 1, 2003 allowed us to increase our total revenue by 21.8% in 2004. | |
• | During 2004, we opened 77 new non-anchor stores, at an average base rent of $12.47 per square foot. We also renewed 98 non-anchor leases, at an average base rent of $12.65 per square foot representing an increase of 9.7% over prior rental rates. In addition, we signed 12 new anchor leases during 2004. Our occupancy for our portfolio was 92.9% as of December 31, 2004. | |
• | We amended our secured revolving credit facility with Bank of America increasing the facility from $125 million to $160 million and providing us with an option to increase our borrowings by as much as $40 million, for a total of $200 million in available credit. We also reset the interest rate on the facility which now bears interest at a rate of London Interbank Offered Rate (“LIBOR”) plus 1.15% to 1.55% compared to the previous rate of LIBOR plus 1.50% to 2.00%. | |
• | We also reset the interest rate on our unsecured credit facility which now bears interest at a rate of LIBOR plus 1.85% to 2.25% compared to the previous rate of LIBOR plus 3.25% to 3.75%. | |
• | In June 2004, we issued 1,889,000 Series C Cumulative Convertible Preferred Shares in a public offering, resulting in approximately $51.7 million of net proceeds. |
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Comparison of the Year Ended December 31, 2004 to the Year Ended December 31, 2003 |
Increase | ||||||||
Amount | ||||||||
(millions) | Percentage | |||||||
Same Center | $ | 2.2 | 3.0 | % | ||||
Acquisitions | 16.2 | 22.1 | ||||||
$ | 18.4 | 25.1 | % | |||||
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Increase | ||||||||
Amount | ||||||||
(millions) | Percentage | |||||||
Same Center | $ | 0.03 | 0.1 | % | ||||
Acquisitions | 5.17 | 17.5 | ||||||
$ | 5.20 | 17.6 | % | |||||
Increase (Decrease) | ||||||||
Amount | ||||||||
(millions) | Percentage | |||||||
Same Center | $ | (0.2 | ) | (0.6 | )% | |||
Acquisitions | 5.4 | 17.0 | ||||||
$ | 5.2 | 16.4 | % | |||||
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Increase | ||||||||||||
2004 | 2003 | (Decrease) | ||||||||||
(dollars in thousands) | ||||||||||||
Average total loan balance | $ | 527,201 | $ | 439,187 | $ | 88,014 | ||||||
Average rate | 6.4 | % | 6.6 | % | (0.2 | )% | ||||||
Total Interest | $ | 33,936 | $ | 28,867 | $ | 5,069 | ||||||
Amortization of loan fees | 1,292 | 991 | 301 | |||||||||
Capitalized interest and other | (703 | ) | (426 | ) | (277 | ) | ||||||
$ | 34,525 | $ | 29,432 | $ | 5,093 | |||||||
Comparison of the Year Ended December 31, 2003 to the Year Ended December 31, 2002 |
Increase | ||||||||
Amount | ||||||||
(millions) | Percentage | |||||||
Same Center | $ | 0.2 | 0.3 | % | ||||
Acquisitions | 12.2 | 20.1 | ||||||
$ | 12.4 | 20.4 | % | |||||
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Increase (Decrease) | ||||||||
Amount | ||||||||
(millions) | Percentage | |||||||
Same Center | $ | (0.4 | ) | (1.7 | )% | |||
Acquisitions | 4.7 | 18.7 | ||||||
$ | 4.3 | 17.0 | % | |||||
Increase | ||||||||
Amount | ||||||||
(millions) | Percentage | |||||||
Same Center | $ | 0.5 | 1.7 | % | ||||
Acquisitions | 5.0 | 19.1 | ||||||
$ | 5.5 | 20.8 | % | |||||
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Increase | ||||||||||||
2003 | 2002 | (Decrease) | ||||||||||
(dollars in thousands) | ||||||||||||
Average total loan balance | $ | 439,187 | $ | 376,049 | $ | 63,138 | ||||||
Average rate | 6.6 | % | 7.1 | % | (0.5 | )% | ||||||
Total Interest | $ | 28,867 | $ | 26,577 | $ | 2,290 | ||||||
Amortization of loan fees | 991 | 968 | 23 | |||||||||
Capitalized interest and other | (426 | ) | (1,116 | ) | 690 | |||||||
$ | 29,432 | $ | 26,429 | $ | 3,003 | |||||||
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Year Ended December 31, | ||||||||||||
2004 | 2003 | 2002 | ||||||||||
Cash provided by operating activities | $ | 46,387 | $ | 26,685 | $ | 19,266 | ||||||
Cash used in investing activities | (105,563 | ) | (81,868 | ) | (81,125 | ) | ||||||
Cash provided by financing activities | 54,338 | 65,092 | 64,300 |
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Payments Due by Period | |||||||||||||||||||||
Less than | 1 - 3 | 4 - 5 | After 5 | ||||||||||||||||||
Contractual Obligations | Total | 1 year | years | years | years | ||||||||||||||||
Mortgages and notes payable | $ | 633,435 | $ | 142,539 | $ | 271,051 | $ | 71,796 | $ | 148,049 | |||||||||||
Employment contracts | 360 | 323 | 37 | — | — | ||||||||||||||||
Operating lease | 7,291 | 680 | 2,150 | 1,524 | 2,937 | ||||||||||||||||
Unconditional construction cost obligations | 4,854 | 4,854 | — | — | — | ||||||||||||||||
Total contractual cash obligations | $ | 645,940 | $ | 148,396 | $ | 273,238 | $ | 73,320 | $ | 150,986 | |||||||||||
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Years Ended December 31, | ||||||||||||||
2004 | 2003 | 2002 | ||||||||||||
Net income | $ | 15,120 | $ | 10,478 | $ | 10,563 | ||||||||
Add: | ||||||||||||||
Depreciation and amortization expense | 27,250 | 23,225 | 18,076 | |||||||||||
Loss on sale of depreciable property | 1,115 | 1,590 | — | |||||||||||
Minority interest in partnership: | ||||||||||||||
Continuing operations | 2,706 | 1,969 | 2,422 | |||||||||||
Discontinued operations | 2 | 44 | 137 | |||||||||||
Less: | ||||||||||||||
Discontinued operations, gain on sale of property, net of minority interest | — | (897 | ) | (2,164 | ) | |||||||||
Funds from operations | 46,193 | 36,409 | 29,034 | |||||||||||
Less: | ||||||||||||||
Preferred stock dividends | (4,814 | ) | (2,375 | ) | (1,151 | ) | ||||||||
Funds from operations available to common shareholders | $ | 41,379 | $ | 34,034 | $ | 27,883 | ||||||||
Weighted average equivalent shares outstanding, diluted | 19,961 | 17,072 | 14,359 | |||||||||||
Funds from operations available for common shareholders, per diluted share | $ | 2.07 | $ | 1.99 | $ | 1.94 | ||||||||
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Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
Fair | ||||||||||||||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | Thereafter | Total | Value | |||||||||||||||||||||||||
Fixed-rate debt | $ | 83,819 | $ | 105,109 | $ | 61,733 | $ | 102,769 | $ | 48,084 | $ | 168,201 | $ | 569,715 | $ | 596,952 | ||||||||||||||||
Average interest rate | 4.6 | % | 8.2 | % | 7.1 | % | 5.4 | % | 7.0 | % | 6.4 | % | 6.4 | % | 4.7 | % | ||||||||||||||||
Variable-rate debt | $ | 58,720 | $ | 480 | $ | 480 | $ | 480 | $ | 440 | $ | 3,120 | $ | 63,720 | $ | 63,720 | ||||||||||||||||
Average interest rate | 4.3 | % | 3.8 | % | 3.8 | % | 3.8 | % | 3.8 | % | 3.8 | % | 4.3 | % | 4.3 | % |
Item 8. | Financial Statements and Supplementary Data. |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. |
Item 9A. | Controls and Procedures. |
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Item 9B. | Other Information |
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Item 10. | Directors and Executive Officers of the Registrant. |
Item 11. | Executive Compensation. |
Item 12. | Security Ownership of Certain Beneficial Owners and Management. |
Item 13. | Certain Relationships and Related Transactions. |
Item 14. | Principal Accountant Fees and Services. |
Item 15. | Exhibits and Financial Statement Schedules. |
3 | .1 | Amended and Restated Declaration of Trust of the Company, dated October 2, 1997, incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1997. | ||
3 | .2 | Articles Supplementary Classifying 1,150,000 Preferred Shares of Beneficial Interest as 9.5% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest of the Company, dated November 8, 2002, incorporated by reference to Exhibit 4.1 to the Current Report of the Company on Form 8-K dated November 5, 2002. | ||
3 | .3 | Articles Supplementary of the Registrant Classifying 2,018,250 7.95% Series C Cumulative Convertible Preferred Shares of Beneficial Interest, dated May 31, 2004, incorporated by reference to Exhibit 2.3 to the Current Report of the Company on Form 8-k dated June 1, 2004. | ||
3 | .4 | By-Laws of the Company adopted October 2, 1997, incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1997. | ||
10 | .1 | 1996 Share Option Plan of the Company, incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 1996. | ||
10 | .2 | Employment Agreement, dated as of May 10, 1996, between the Company and Dennis Gershenson, incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 1996. | ||
10 | .3 | Employment Agreement, dated as of May 10, 1996, between the Company and Richard Gershenson, incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 1996. | ||
10 | .4 | Noncompetition Agreement, dated as of May 10, 1996, between Joel Gershenson and the Company, incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 1996. | ||
10 | .5 | Noncompetition Agreement, dated as of May 10, 1996, between Dennis Gershenson and the Company, incorporated by reference to Exhibit 10.14 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 1996. | ||
10 | .6 | Noncompetition Agreement, dated as of May 10, 1996, between Richard Gershenson and the Company, incorporated by reference to Exhibit 10.16 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 1996. |
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10 | .7 | Letter Agreement, dated April 15, 1996, among the Company and Richard Smith concerning Mr. Smith’s employment by the Company, incorporated by reference to Exhibit 10.18 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 1996. | ||
10 | .8 | Loan Agreement dated as of November 26, 1997 between Ramco Properties Associates Limited Partnership and Secore Financial Corporation relating to a $50,000,000 loan, incorporated by reference to Exhibit 10.36 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1997. | ||
10 | .9 | Promissory Note dated November 26, 1997 in the aggregate principal amount of $50,000,000 made by Ramco Properties Associates Limited Partnership in favor of Secore Financial Corporation, incorporated by reference to Exhibit 10.37 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1997. | ||
10 | .10 | Loan Agreement dated December 17, 1997 by and between Ramco-Gershenson Properties, L.P. and The Lincoln National Life Insurance Company relating to a $8,500,000 loan, incorporated by reference to Exhibit 10.38 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1997. | ||
10 | .11 | Note dated December 17, 1997 in the aggregate principal amount of $8,500,000 made by Ramco-Gershenson Properties, L.P. in favor of Lincoln National Life Insurance Company, incorporated by reference to Exhibit 10.39 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1997. | ||
10 | .12 | Change of Venue Merger Agreement dated as of October 2, 1997 between the Company (formerly known as RGPT Trust, a Maryland real estate investment trust), and Ramco-Gershenson Properties Trust, a Massachusetts business trust, incorporated by reference to Exhibit 10.41 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1997. | ||
10 | .13 | Promissory Note dated as of February 27, 1998 in the principal face amount of $15,225,000 made by A.T.C., L.L.C. in favor of GMAC Commercial Mortgage Corporation, incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 1998. | ||
10 | .14 | Deed of Trust and Security Agreement dated as of February 27, 1998 by A.T.C., L.L.C to Lawyers Title Insurance Company for the benefit of GMAC Commercial Mortgage Corporation relating to a $15,225,000 loan, incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 1998. | ||
10 | .15 | Assignment and Assumption Agreement dated as of October 8, 1998 among A.T.C., L.L.C., Ramco Virginia Properties, L.L.C., A.T. Center, Inc., Ramco-Gershenson Properties Trust and LaSalle National Bank, as trustee for the registered holders of GMAC Commercial Mortgage Securities, Inc. Mortgage Pass-Through Certificates, incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 1998. | ||
10 | .16 | Exchange Rights Agreement dated as of September 4, 1998 between Ramco-Gershenson Properties Trust, and A.T.C., L.L.C., incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 1998. | ||
10 | .17 | Limited Liability Company Agreement of RPT/INVEST LLC dated August 23, 1999, incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the Period ended September 30, 1999. | ||
10 | .18 | Amended, Restated and Consolidated Mortgage dated August 25, 2000 between Ramco-Gershenson Properties, L.P., (the “Operating Partnership”), and The Lincoln National Life Insurance Company, incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the Period ended September 30, 2000. | ||
10 | .19 | Second Amendment to Mortgage dated August 25, 2000 made by the Operating Partnership in connection with the Operating Partnership’s $25,000,000 borrowing arrangement, incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the Period ended September 30, 2000. |
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10 | .20 | Form of Note dated August 25, 2000 made by the Operating Partnership, as Maker, in connection with the Operating Partnership’s $25,000,000 borrowing arrangement, incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the Period ended September 30, 2000. | ||
10 | .21 | Form of Contract of Sale dated November 9, 2000 relating to the sale of White Lake MarketPlace made by the Company, as seller, and Pontiac Mall Limited Partnership, as the purchaser (transaction closed on January 29, 2001), incorporated by reference to Exhibit 10.47 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2000. | ||
10 | .22 | Employment Agreement, dated as of April 16, 2001, between the Company and Joel Gershenson, incorporated by reference to Exhibit 10.48 to the Company’s Quarterly Report on Form 10-Q for the Period ended June 30, 2001. | ||
10 | .23 | Employment Agreement, dated as of April 16, 2001, between the Company and Michael A. Ward, incorporated by reference to Exhibit 10.49 to the Company’s Quarterly Report on Form 10-Q for the Period ended June 30, 2001. | ||
10 | .24 | Mortgage dated April 23, 2001 between Ramco Madison Center LLC and LaSalle Bank National Association relating to a $10,340,000 loan, incorporated by reference to Exhibit 10.51 to the Company’s Quarterly Report on Form 10-Q for the Period ended June 30, 2001. | ||
10 | .25 | Promissory Note, dated April 23, 2001, in the principal amount of $10,340,000 made by Ramco Madison Center LLC in favor of LaSalle Bank National Association, incorporated by reference to Exhibit 10.52 to the Company’s Quarterly Report on Form 10-Q for the Period ended June 30, 2001. | ||
10 | .26 | Limited Liability Company Agreement of Ramco/West Acres LLC., incorporated by reference to Exhibit 10.53 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2001. | ||
10 | .27 | Assignment and Assumption Agreement dated September 28, 2001 Among Flint Retail, LLC and Ramco/West Acres LLC and State Street Bank and Trust for holders of J.P. Mortgage Commercial Mortgage Pass-Through Certificates, incorporated by reference to Exhibit 10.54 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2001. | ||
10 | .28 | Limited Liability Company Agreement of Ramco/Shenandoah LLC., Incorporated by reference to Exhibit 10.41 to the Company’s on Form 10-K for the year ended December 31, 2001. | ||
10 | .29 | Mortgage and Security Agreement, dated April 17, 2002 in the Principle amount of $13,000,000 between Ramco-Gershenson Properties, L.P. and Nationwide Life Insurance Company, incorporated by reference to Exhibit 10.43 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2002. | ||
10 | .30 | Assumption and Modification Agreement of a secured note dated May 16, 2002 between Phoenix Life Insurance Company, Horizon Village Associates and Ramco-Gershenson Properties, L.P. in the amount of $6,840,672, incorporated by reference to Exhibit 10.44 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2002. | ||
10 | .31 | Promissory Note dated June 4, 2002 between Ramco/Coral Creek, LLC and KeyBank National Association relating to a $10,272,000 loan, incorporated by reference to Exhibit 10.45 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2002. | ||
10 | .32 | Purchase and Sale Agreement, dated May 21, 2002 between Ramco-Gershenson Properties, L.P. and Shop Invest, LLC., incorporated by reference to Exhibit 10.46 to the Company’s Quarterly Report on Form 10-Q for the Period ended June 30, 2002. | ||
10 | .33 | Mortgage, Assignment of Leases and Rent, Security Agreement and Fixture Filing by Ramco/Crossroads at Royal Palm, LLC, as Mortgagor for the benefit of Solomon Brothers Realty Corp., as Mortgagee, for A $12,300,000 note, incorporated by reference to Exhibit 10.46 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2002. | ||
10 | .34 | Fixed rate note dated July 12, 2002 made by Ramco/Crossroads at Royal Palm, LLC, as Maker, and Solomon Brothers Realty Corp., as payee in the amount of $12,300,000, incorporated by reference to Exhibit 10.47 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2002. |
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10 | .35 | Fourth Amended and Restated Master Revolving Credit Agreement Dated December 30, 2002 among Ramco-Gershenson Properties, L.P., as the borrower, Ramco-Gershenson Properties Trust, as Guarantor and Fleet National Bank and the Banks which may become parties to the loan agreement, and Fleet National Bank, as Agent, incorporated by reference to Exhibit 10.48 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2002. | ||
10 | .36 | Form of Fourth Amended and Restated Note dated December 30, 2002 made by Ramco-Gershenson Properties, L.P., as Maker, in connection with the Operating Partnership’s $125,000,000 borrowing agreement, incorporated by reference to Exhibit 10.49 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2002. | ||
10 | .37 | Second Amended and Restated Unsecured Term Loan Agreement dated December 30, 2002 among Ramco-Gershenson Properties, L.P., as the Borrower, Ramco-Gershenson Properties, L.P., as Guarantor, and Fleet National Bank and other Banks which may become a party to this loan agreement, and Fleet National Bank, as Agent, incorporated by reference to Exhibit 10.50 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2002. | ||
10 | .38 | Form of Amended and Restated Note, dated December 30, 2002, made by Ramco-Gershenson Properties, L.P., as Borrower, in connection with borrowing agreement under Unsecured Term Loan Agreement, incorporated by reference to Exhibit 10.51 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2002. | ||
10 | .39 | Assumption and Modification Agreement dated May 6, 2003, in the amount of $4,161,352.92, between Ramco-Gershenson Properties, L.P. the mortgagor and Jackson National Life Insurance Company, mortgagee, incorporated by reference to Exhibit 10.52 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2003. | ||
10 | .40 | First Amendment to Loan Agreement, dated May 6, 2003, among Ramco-Gershenson Properties, L.P. and Jackson National Life Insurance Company relating to a $4,161,352.92 loan, incorporated by reference to Exhibit 10.53 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2003. | ||
10 | .41 | Ramco-Gershenson Properties Trust 2003 Long-Term Incentive Plan, incorporated by reference to Appendix B of the Company’s 2003 Proxy Statement filed on April 28, 2003 | ||
10 | .42 | Ramco-Gershenson Properties Trust 2003 Non-Employee Trustee Stock Option Plan, incorporated by reference to Appendix C of the Company’s 2003 Proxy Statement filed on April 28, 2003. | ||
10 | .43 | Fixed rate note dated June 30, 2003, between East Town Plaza, LLC and Citigroup Global Markets Realty Corp. in the amount of $12,100,000, incorporated by reference to Exhibit 10.56 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2003. | ||
10 | .44 | Mortgage dated July 29, 2004 between Ramco Lantana LLC and KeyBank National Association relating to a $11,000,000 loan, incorporated by reference to Exhibit 10.57 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2003. | ||
10 | .45 | Consent and Assumption Agreement dated August 19, 2003, in the amount of $15,731,557, between Lakeshore Marketplace, LLC, and the seller, Ramco-Gershenson Properties, L.P. the guarantor and Wells Fargo Bank Minnesota, N.A., Trustee for the registered holders of Salomon Brothers Mortgage Securities VII, incorporated by reference to Exhibit 10.58 to the Company’s Annual Report on For 10-K for the year ended December 31, 2003. | ||
10 | .46 | Loan Assumption Agreement dated December 18, 2003 in the amount of $8,880,865, between Hoover Eleven Center Company, the original borrower, Hoover Eleven Center Acquisition LLC and Hoover Eleven Center Investment LLC, new borrowers, Ramco-Gershenson Properties, L.P., sole member of new borrowers and Canada Life Insurance Company of America, the lender, incorporated by reference to Exhibit 10.59 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2003. |
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10 | .47 | Loan Assumption Agreement dated December 18, 2003 in the amount of $3,500,000, between Hoover Annex Associates Limited Partnership, the original borrower, Hoover Annex Acquisition LLC and Hoover Annex Investment LLC, new borrowers, Ramco-Gershenson Properties, L.P., sole member of new borrowers and Canada Life Insurance Company of America, the lender, incorporated by reference to Exhibit 10.60 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2003. | ||
10 | .48 | Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated October 1, 2003, in the amount of $25,000,000, between Chester Springs SC, LLC the mortgagor, and for the benefit of Citigroup Global Markets Realty Corp., the mortgagee, incorporated by reference to Exhibit 10.61 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2003. | ||
10 | .49 | First Modification Agreement dated January 15, 2004, between Ben Mar, LLC, the old borrower, Ramco-Merchants Square LLC, the new borrower and Teachers Insurance and Annuity Association of America the lender, incorporated by reference to Exhibit 10.61 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2004. | ||
10 | .50 | Guaranty agreement dated January 15, 2004 between Ramco-Gershenson Properties, L.P., the Guarantor, and Teachers Insurance and Annuity Association of America, the Lender, in connection with the modification agreement dated January 15, 2004, incorporated by reference to Exhibit 10.62 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2004. | ||
10 | .51 | First Amendment to Employment Agreement, dated April 24, 2003 between Ramco-Gershenson Properties Trust and Bruce Gershenson, incorporated by reference to Exhibit 10.63 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2004. | ||
10 | .52 | Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated April 14, 2004 between Ramco Auburn Crossroads SPE LLC, as Mortgagor and Citigroup Global Markets Realty Corp as Mortgagee in the amount of $26,960,000, incorporated by reference to Exhibit 10.64 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2004. | ||
10 | .53 | Fixed rate note dated April 14, 2004 between Ramco Auburn Crossroads SPE LLC as Maker and Citigroup Global Markets Realty Corp as payee in the amount of $26,960,000, incorporated by reference to Exhibit 10.65 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2004. | ||
10 | .54 | Mortgage dated April 14, 2004 between Ramco Auburn Crossroads SPE LLC as Mortgagor and Citigroup Global Markets Realty Corp as Mortgagee in the amount of $7,740,000, incorporated by reference to Exhibit 10.66 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2004. | ||
10 | .55 | Fixed rate note dated April 14, 2004 between Ramco Auburn Crossroads SPE LLC as Maker and Citigroup Global Markets Realty Corp as payee in the amount of $7,740,000, incorporated by reference to Exhibit 10.67 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2004. | ||
10 | .56 | Contract of Sale and Purchase dated June 29, 2004 between Ramco Development LLC and NWC Glades 441, Inc., Diversified Invest II, LLC and Diversified Invest III, LLC in the amount of $126,000,000 to purchase Mission Bay Plaza and Plaza at Delray shopping centers, incorporated by reference to Exhibit 10.68 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2004. | ||
10 | .57 | Assumption of Liability and Modification Agreement dated August 12, 2004 in the amount of $7,000,000, between Centre at Woodstock, LLC (“Borrower”), Ramco Woodstock LLC (“Purchaser”) and Wells Fargo Bank, N.A. as Trustee for registered holders of First Union Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Fund Series 1999-C1 (“Lender”), incorporated by reference to Exhibit 10.69 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2004. |
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10 | .58 | Substitution of Guarantor, dated August 12, 2004 by Ramco-Gershenson Properties, L.P., James C. Wallace, Jr., and Wells Fargo Bank, N.A. as Trustee for registered holders of First Union Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Fund Series 1999-C1 (‘Lender‘), incorporated by reference to Exhibit 10.70 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2004. | ||
10 | .59* | Consent to Transfer of Property and Assumption of Amended and Restated Secured Promissory Note, Amended and Restated Deed to Secure Debt and Security Agreement, dated August 13, 2004, in the original amount of $14,216,000, by LaSalle Bank National Association, Trustee for Morgan Stanley Dean Witter Capital I Inc.; Commercial Mortgage Pass Through Certificates, Series 2001-TOP1, Lender; The Promenade at Pleasant Hill, L.P. as current Borrower; Ramco Promenade LLC, proposed Borrower, James C. Wallace, Current Guarantor and Ramco-Gershenson Properties L.P., the Proposed Guarantor. | ||
10 | .60* | Reaffirmation and Consent to Transfer and Substitution of Indemnitor Agreement, dated September 7, 2004, in the original amount of $40,500,000, by Ramco-Gershenson Properties, L.P. as purchased and substitute indemnitor, Boca Mission, LLC, the original borrower, Investcorp Properties Limited, the original indemnitor, Diversified Invest II, LLC, the seller, NWC Glades 441, Inc. original principal, Ramco Boca SPC, Inc, the substitute principal, and LaSalle Bank National Association, the lender. | ||
10 | .61* | Reaffirmation and Consent to Transfer and Substitution of Indemnitor Agreement, dated September 7, 2004, in the original amount of $43,250,000, by Ramco-Gershenson Properties, L.P. as purchaser and substitute indemnitor, Linton Delray, LLC, the borrower, Investcorp Properties Limited, the original indemnitor, Diversified Invest III, LLC, the seller, Delray Rental, Inc., original principal, Ramco Delray SPC, Inc, the substitute principal, and LaSalle Bank National Association, the lender. | ||
10 | .62* | Amended and Restated Limited Partnership Agreement of Ramco/Lion Venture LP, dated as of December 29, 2004, by Ramco-Gershenson Properties, L.P., as a limited partner, Ramco Lion LLC, as a general partner, CLPF-Ramco, L.P. as a limited partner, and CLPF-Ramco GP, LLC as a general partner. | ||
10 | .63* | First Amendment to Fourth Amended and Restated Master Revolving Credit Agreement and Other Loan Documents, dated December 29, 2004 by and among Ramco-Gershenson Properties, L.P., as Maker, in connection with the Operating Partnership’s $160,000,000 borrowing agreement. | ||
10 | .64* | First Amendment to Second Amended and Restated Unsecured Revolving Credit Agreement, dated December 29, 2004 by and among Ramco-Gershenson Properties, L.P., as Maker, in connection with the Operating Partnership’s borrowing agreement. | ||
10 | .65* | Summary of Trustee Compensation Structure | ||
10 | .66* | Form of Nonstatutory Stock Option Agreement. | ||
12 | .1* | Computation of Ratio of Earnings to Combined Fixed Charges And Preferred Stock Dividends. | ||
14 | .1* | Ramco-Gershenson Properties Trust Code of Business Conduct and Ethics. | ||
21 | .1* | Subsidiaries | ||
23 | .1* | Consent of Deloitte & Touche LLP. | ||
31 | .1* | Certification of Dennis E. Gershenson as Principal Executive Officer. | ||
31 | .2* | Certification of Richard J. Smith as Principal Financial Officer. | ||
32 | .1* | Certification of Dennis E. Gershenson as President and CEO pursuant Section 906 of the Sarbanes-Oxley Act of 2002. | ||
32 | .2* | Certification of Richard J. Smith as CFO pursuant Section 906 of the Sarbanes-Oxley Act of 2002. |
* | Filed herewith |
42
Table of Contents
Ramco-Gershenson Properties Trust | ||
Dated: March 29, 2005 | By: /s/Joel D. Gershenson Chairman |
Dated: March 29, 2005 | By: /s/Joel D. Gershenson Trustee and Chairman | |
Dated: March 29, 2005 | By: /s/Dennis E. Gershenson Trustee and President (Principal Executive Officer) | |
Dated: March 29, 2005 | By: /s/Stephen R. Blank Trustee | |
Dated: March 29, 2005 | By: /s/Arthur H. Goldberg Trustee | |
Dated: March 29, 2005 | By: /s/James Grosfeld Trustee | |
Dated: March 29, 2005 | By: /s/Robert A. Meister | |
Dated: March 29, 2005 | By: /s/Joel M. Pashcow | |
Dated: March 29, 2005 | By: /s/Mark K. Rosenfeld Trustee | |
Dated: March 29, 2005 | By: /s/Richard J. Smith Chief Financial Officer (Principal Financial and Accounting Officer) |
43
Table of Contents
F-1
Table of Contents
December 31, | |||||||||||
2004 | 2003 | ||||||||||
(As restated) | |||||||||||
(In thousands, except | |||||||||||
per share amounts) | |||||||||||
ASSETS | |||||||||||
Investment in real estate, net | $ | 951,176 | $ | 736,645 | |||||||
Cash and cash equivalents | 15,045 | 19,883 | |||||||||
Accounts receivable, net | 26,845 | 30,109 | |||||||||
Equity investments in unconsolidated entities | 9,182 | 9,091 | |||||||||
Other assets, net | 41,530 | 30,551 | |||||||||
Total Assets | $ | 1,043,778 | $ | 826,279 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Mortgages and notes payable | $ | 633,435 | $ | 454,358 | |||||||
Distributions payable | 9,963 | 10,486 | |||||||||
Accounts payable and accrued expenses | 30,003 | 24,474 | |||||||||
Total Liabilities | 673,401 | 489,318 | |||||||||
Minority Interest | 40,364 | 42,643 | |||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Preferred Shares of Beneficial Interest, par value $.01, 10,000 shares authorized: | |||||||||||
9.5% Series B Cumulative Redeemable Preferred Shares; 1,000 issued and shares issued and outstanding, liquidation value of $25,000 | 23,804 | 23,804 | |||||||||
7.95% Series C Cumulative Convertible Preferred Shares; 1,889 issued and shares issued and outstanding in 2004, none in 2003, liquidation value of $53,837 | 51,741 | — | |||||||||
Common Shares of Beneficial Interest, par value $.01, 30,000 shares authorized; 16,829 and 16,795 issued and outstanding, in 2004 and 2003, respectively | 168 | 167 | |||||||||
Additional paid-in capital | 342,719 | 342,127 | |||||||||
Accumulated other comprehensive income (loss) | 220 | (1,098 | ) | ||||||||
Cumulative distributions in excess of net income | (88,639 | ) | (70,682 | ) | |||||||
Total Shareholders’ Equity | 330,013 | 294,318 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,043,778 | $ | 826,279 | |||||||
F-2
Table of Contents
Year Ended December 31, | |||||||||||||||
2004 | 2003 | 2002 | |||||||||||||
(As restated) | (As restated) | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
REVENUES | |||||||||||||||
Minimum rents | $ | 91,346 | $ | 72,992 | $ | 60,628 | |||||||||
Percentage rents | 961 | 1,177 | 1,052 | ||||||||||||
Recoveries from tenants | 34,733 | 29,527 | 25,228 | ||||||||||||
Fees and management income | 2,506 | 1,455 | 1,527 | ||||||||||||
Other income | 2,349 | 2,906 | 2,400 | ||||||||||||
Total revenues | 131,895 | 108,057 | 90,835 | ||||||||||||
EXPENSES | |||||||||||||||
Real estate taxes | 17,193 | 14,822 | 11,911 | ||||||||||||
Recoverable operating expenses | 19,736 | 16,903 | 14,349 | ||||||||||||
Depreciation and amortization | 27,491 | 23,010 | 17,697 | ||||||||||||
Other operating | 1,807 | 4,277 | 1,448 | ||||||||||||
General and administrative | 11,145 | 8,792 | 9,377 | ||||||||||||
Interest expense | 34,525 | 29,432 | 26,429 | ||||||||||||
Total expenses | 111,897 | 97,236 | 81,211 | ||||||||||||
Operating income | 19,998 | 10,821 | 9,624 | ||||||||||||
Impairment of investment in unconsolidated entity | (4,775 | ) | — | — | |||||||||||
Income from continuing operations before gain on sale of real estate assets, minority interest and earnings from unconsolidated entities | 15,223 | 10,821 | 9,624 | ||||||||||||
Gain on sale of real estate assets | 2,408 | 263 | — | ||||||||||||
Minority interest | (2,706 | ) | (1,969 | ) | (2,422 | ) | |||||||||
Earnings from unconsolidated entities | 180 | 252 | 790 | ||||||||||||
Income from continuing operations | 15,105 | 9,367 | 7,992 | ||||||||||||
Discontinued operations, net of minority interest: | |||||||||||||||
Gain on sale of property | — | 897 | 2,164 | ||||||||||||
Income from operations | 15 | 214 | 407 | ||||||||||||
Income from discontinued operations | 15 | 1,111 | 2,571 | ||||||||||||
Net income | 15,120 | 10,478 | 10,563 | ||||||||||||
Preferred stock dividends | (4,814 | ) | (2,375 | ) | (1,151 | ) | |||||||||
Gain on redemption of preferred shares | — | — | 2,425 | ||||||||||||
Net income available to common shareholders | $ | 10,306 | $ | 8,103 | $ | 11,837 | |||||||||
Basic earnings per share: | |||||||||||||||
Income from continuing operations | $ | 0.61 | $ | 0.50 | $ | 0.88 | |||||||||
Income from discontinued operations | — | 0.08 | 0.24 | ||||||||||||
Net income | $ | 0.61 | $ | 0.58 | $ | 1.12 | |||||||||
Diluted earnings per share: | |||||||||||||||
Income from continuing operations | $ | 0.60 | $ | 0.49 | $ | 0.87 | |||||||||
Income from discontinued operations | — | 0.08 | 0.24 | ||||||||||||
Net income | $ | 0.60 | $ | 0.57 | $ | 1.11 | |||||||||
Basic weighted average shares outstanding | 16,816 | 13,955 | 10,529 | ||||||||||||
Diluted weighted average shares outstanding | 17,031 | 14,141 | 10,628 | ||||||||||||
COMPREHENSIVE INCOME | |||||||||||||||
Net income | $ | 15,120 | $ | 10,478 | $ | 10,563 | |||||||||
Other comprehensive income: | |||||||||||||||
Unrealized gains on interest rate swaps | 1,318 | 1,832 | 249 | ||||||||||||
Comprehensive income | $ | 16,438 | $ | 12,310 | $ | 10,812 | |||||||||
F-3
Table of Contents
Accumulated | Cumulative | ||||||||||||||||||||||||
Common | Additional | Other | Distributions | Total | |||||||||||||||||||||
Preferred | Stock Par | Paid-In | Comprehensive | in Excess of | Shareholders’ | ||||||||||||||||||||
Stock | Value | Capital | Income(Loss) | Net Income | Equity | ||||||||||||||||||||
Balance, January 1, 2002 as previously reported | $ | 33,829 | $ | 71 | $ | 150,186 | $ | (3,179 | ) | $ | (47,502 | ) | $ | 133,405 | |||||||||||
Adjustments to opening shareholders’ equity | (318 | ) | (318 | ) | |||||||||||||||||||||
Balance, January 1, 2002 (as restated) | 33,829 | 71 | 150,186 | (3,179 | ) | (47,820 | ) | 133,087 | |||||||||||||||||
Cash distributions declared | (18,419 | ) | (18,419 | ) | |||||||||||||||||||||
Preferred shares dividends declared | (1,151 | ) | (1,151 | ) | |||||||||||||||||||||
Conversion of Operating Partnership Units to common shares | 224 | 224 | |||||||||||||||||||||||
Conversion of preferred shares to common shares | (4,833 | ) | 3 | 4,830 | — | ||||||||||||||||||||
Redemption of Series A Preferred shares | (28,996 | ) | 2,425 | (26,571 | ) | ||||||||||||||||||||
Issuance of common stock | 48 | 77,650 | 77,698 | ||||||||||||||||||||||
Issuance of Series B Preferred Shares | 23,804 | 23,804 | |||||||||||||||||||||||
Purchase and retirement of common shares | (42 | ) | (42 | ) | |||||||||||||||||||||
Stock options exercised | 800 | 800 | |||||||||||||||||||||||
Net income and comprehensive income (as restated) | 249 | 10,563 | 10,812 | ||||||||||||||||||||||
Balance, December 31, 2002, as restated | 23,804 | 122 | 233,648 | (2,930 | ) | (54,402 | ) | 200,242 | |||||||||||||||||
Cash distributions declared | (24,382 | ) | (24,382 | ) | |||||||||||||||||||||
Preferred shares dividends declared | (2,376 | ) | (2,376 | ) | |||||||||||||||||||||
Deficiency dividend declared — See Note 18 | (2,200 | ) | (2,200 | ) | |||||||||||||||||||||
Reimbursement of deficiency dividend | 2,200 | 2,200 | |||||||||||||||||||||||
Conversion of Operating Partnership Units to common shares | 28 | 28 | |||||||||||||||||||||||
Issuance of common stock | 45 | 107,160 | 107,205 | ||||||||||||||||||||||
Stock options exercised | 1,291 | 1,291 | |||||||||||||||||||||||
Net income and comprehensive income (as restated) | 1,832 | 10,478 | 12,310 | ||||||||||||||||||||||
Balance, December 31, 2003, as restated | 23,804 | 167 | 342,127 | (1,098 | ) | (70,682 | ) | 294,318 | |||||||||||||||||
Cash distributions declared | (28,263 | ) | (28,263 | ) | |||||||||||||||||||||
Preferred shares dividends declared | (4,814 | ) | (4,814 | ) | |||||||||||||||||||||
Stock options exercised | 1 | 592 | 593 | ||||||||||||||||||||||
Issuance of Series C Preferred Shares | 51,741 | 51,741 | |||||||||||||||||||||||
Net income and comprehensive income | 1,318 | 15,120 | 16,438 | ||||||||||||||||||||||
Balance, December 31, 2004 | $ | 75,545 | $ | 168 | $ | 342,719 | $ | 220 | $ | (88,639 | ) | $ | 330,013 | ||||||||||||
F-4
Table of Contents
Year Ended December 31, | |||||||||||||
2003 | 2002 | ||||||||||||
2004 | (As restated) | (As restated) | |||||||||||
(In thousands) | |||||||||||||
Net income | $ | 15,120 | $ | 10,478 | $ | 10,563 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 27,491 | 23,078 | 17,843 | ||||||||||
Amortization of deferred financing costs | 1,291 | 991 | 1,208 | ||||||||||
Write-off of straight line rent receivable | — | 2,982 | — | ||||||||||
Gain on sale of property | — | (897 | ) | (2,164 | ) | ||||||||
Gain on sale of real estate assets | (2,408 | ) | (263 | ) | — | ||||||||
Earnings from unconsolidated entities | (180 | ) | (252 | ) | (790 | ) | |||||||
Impairment of investment in unconsolidated entity | 4,775 | — | — | ||||||||||
Minority interest, continuing operations | 2,706 | 1,969 | 2,422 | ||||||||||
Minority interest, discontinued operations | 2 | 44 | 137 | ||||||||||
Distributions received from unconsolidated entities | 468 | 656 | 719 | ||||||||||
Lease incentive received | 713 | — | — | ||||||||||
Changes in assets and liabilities that provided (used) cash: | |||||||||||||
Accounts receivable | (177 | ) | (9,591 | ) | (3,615 | ) | |||||||
Other assets | (4,972 | ) | (7,277 | ) | (7,366 | ) | |||||||
Accounts payable and accrued expenses | 1,558 | 4,767 | 309 | ||||||||||
Net Cash Provided by Operating Activities | 46,387 | 26,685 | 19,266 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||
Real estate developed or acquired, net of liabilities assumed | (119,084 | ) | (96,194 | ) | (77,390 | ) | |||||||
Investment in unconsolidated entities | (6,547 | ) | — | (14,079 | ) | ||||||||
Proceeds from sale of property | — | 3,268 | 10,272 | ||||||||||
Proceeds from sales of real estate assets | 20,068 | 11,058 | — | ||||||||||
Other | — | — | 72 | ||||||||||
Net Cash Used in Investing Activities | (105,563 | ) | (81,868 | ) | (81,125 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Cash distributions to shareholders | (28,249 | ) | (22,478 | ) | (16,249 | ) | |||||||
Cash distributions to operating partnership unit holders | (4,920 | ) | (4,922 | ) | (4,937 | ) | |||||||
Cash dividends paid on preferred shares | (3,744 | ) | (2,376 | ) | (1,998 | ) | |||||||
Redemption of preferred shares | — | — | (26,571 | ) | |||||||||
Repayment of unsecured revolving credit facility | (27,000 | ) | (48,748 | ) | (32,125 | ) | |||||||
Principal repayments on mortgages payable | (50,792 | ) | (46,243 | ) | (15,761 | ) | |||||||
Repayment of Credit Facility | (19,050 | ) | (24,098 | ) | (17,700 | ) | |||||||
Payment of deferred financing costs | (3,175 | ) | (991 | ) | (2,755 | ) | |||||||
Distributions to minority partners | (66 | ) | — | — | |||||||||
Purchase and retirement of common shares | — | — | (42 | ) | |||||||||
Net proceeds from issuance of common shares | — | 107,205 | 77,698 | ||||||||||
Net proceeds from issuance of preferred shares | 51,741 | — | 23,804 | ||||||||||
Proceeds from mortgages payable | 34,700 | 48,100 | 63,736 | ||||||||||
Borrowings on Credit Facility | 60,000 | 8,098 | 6,400 | ||||||||||
Borrowings on unsecured revolving credit facility | 44,300 | 48,748 | 10,000 | ||||||||||
Borrowings on construction loan | — | 1,506 | — | ||||||||||
Proceeds from exercise of stock options | 593 | 1,291 | 800 | ||||||||||
Net Cash Provided by Financing Activities | 54,338 | 65,092 | 64,300 | ||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (4,838 | ) | 9,909 | 2,441 | |||||||||
Cash and Cash Equivalents, Beginning of Period | 19,883 | 9,974 | 5,542 | ||||||||||
Effect of purchase of remaining joint venture interests | — | — | 1,991 | ||||||||||
Cash and Cash Equivalents, End of Period | $ | 15,045 | $ | 19,883 | $ | 9,974 | |||||||
Supplemental Cash Flow Disclosure, including Non-Cash Activities: | |||||||||||||
Cash paid for interest during the period | $ | 33,742 | $ | 29,206 | $ | 25,018 | |||||||
Capitalized interest | 692 | 575 | 1,244 | ||||||||||
Assumed debt of acquired property and joint venture interests | 136,919 | 43,747 | 61,086 | ||||||||||
Deficiency dividend declared | — | 2,196 | — | ||||||||||
Increase in fair value of interest rate swaps | 1,318 | 1,832 | 249 |
F-5
Table of Contents
F-6
Table of Contents
2004 | 2003 | 2002 | ||||||||||
Allowance for doubtful accounts: | ||||||||||||
Balance at beginning of year | $ | 873 | $ | 1,573 | $ | 1,773 | ||||||
Charged to Expense | 410 | 3,031 | 211 | |||||||||
Write offs | (140 | ) | (3,731 | ) | (411 | ) | ||||||
Balance at end of year | $ | 1,143 | $ | 873 | $ | 1,573 | ||||||
F-7
Table of Contents
F-8
Table of Contents
F-9
Table of Contents
Years Ended December 31, | |||||||||||||
2004 | 2003 | 2002 | |||||||||||
Net Income, as reported | $ | 15,120 | $ | 10,478 | $ | 10,563 | |||||||
Less total stock-based employee compensation expense determined under fair value method for all awards | (54 | ) | (21 | ) | (45 | ) | |||||||
Pro forma net income | $ | 15,066 | $ | 10,457 | $ | 10,518 | |||||||
Earnings per share: | |||||||||||||
Basic — as reported | $ | 0.61 | $ | 0.58 | $ | 1.12 | |||||||
Basic — pro forma | $ | 0.61 | $ | 0.58 | $ | 1.12 | |||||||
Diluted — as reported | $ | 0.60 | $ | 0.57 | $ | 1.11 | |||||||
Diluted — pro forma | $ | 0.60 | $ | 0.57 | $ | 1.11 | |||||||
2004 | 2003 | 2002 | ||||||||||
Risk-free interest rate | 3.2 | % | 2.3 | % | 4.3 | % | ||||||
Dividend yield | 6.8 | % | 7.1 | % | 8.7 | % | ||||||
Volatility | 20.6 | % | 22.0 | % | 21.5 | % | ||||||
Weighted average expected life | 5.0 | 5.0 | 5.0 |
2. | Recent Accounting Pronouncements |
F-10
Table of Contents
Year Ended December 31, | ||||||||||||||||||
2003 | 2002 | |||||||||||||||||
As Previously | As | As Previously | As | |||||||||||||||
Reported | Restated | Reported | Restated | |||||||||||||||
Revenues | ||||||||||||||||||
Minimum rents | $ | 73,335 | $ | 72,992 | $ | 60,553 | $ | 60,628 | ||||||||||
Total revenues | 108,400 | 108,057 | 90,760 | 90,835 | ||||||||||||||
Expenses | ||||||||||||||||||
Depreciation and amortization | 22,908 | 23,010 | 17,590 | 17,697 | ||||||||||||||
General and administrative | 8,515 | 8,792 | 8,833 | 9,377 | ||||||||||||||
Total expenses | 96,857 | 97,236 | 80,560 | 81,211 | ||||||||||||||
Operating income | 11,543 | 10,821 | 10,200 | 9,624 | ||||||||||||||
Income from continuing operations before gain on sale of real estate assets, minority interest and earnings from unconsolidated entities | 11,543 | 10,821 | 10,200 | 9,624 | ||||||||||||||
Minority interest | (2,076 | ) | (1,969 | ) | (2,555 | ) | (2,422 | ) | ||||||||||
Income from continuing operations | 9,982 | 9,367 | 8,435 | 7,992 | ||||||||||||||
Net income | $ | 11,093 | $ | 10,478 | $ | 11,006 | $ | 10,563 | ||||||||||
Basic earnings per share: | ||||||||||||||||||
Income from continuing operations | $ | 0.55 | $ | 0.50 | $ | 0.92 | $ | 0.88 | ||||||||||
Income from discontinued operations | 0.07 | 0.08 | 0.25 | 0.24 | ||||||||||||||
Net income | $ | 0.62 | $ | 0.58 | $ | 1.17 | $ | 1.12 | ||||||||||
Diluted earnings per share: | ||||||||||||||||||
Income from continuing operations | $ | 0.54 | $ | 0.49 | $ | 0.91 | $ | 0.87 | ||||||||||
Income from discontinued operations | 0.08 | 0.08 | 0.25 | 0.24 | ||||||||||||||
Net income | $ | 0.62 | $ | 0.57 | $ | 1.16 | $ | 1.11 | ||||||||||
F-11
Table of Contents
As of December 31, 2003 | |||||||||
As | |||||||||
Previously | As | ||||||||
Reported | Restated | ||||||||
Assets | |||||||||
Investment in real estate, net | $ | 736,753 | $ | 736,645 | |||||
Accounts receivable, net | 30,578 | 30,109 | |||||||
Other assets, net | 30,674 | 30,551 | |||||||
Total Assets | $ | 826,979 | $ | 826,279 | |||||
Liabilities and Shareholders’ Equity | |||||||||
Accounts payable and accrued expenses | $ | 23,463 | $ | 24,474 | |||||
Total Liabilities | 488,307 | 489,318 | |||||||
Minority Interest | 42,978 | 42,643 | |||||||
Shareholders’ Equity | |||||||||
Cumulative distributions in excess of net income | (69,306 | ) | (70,682 | ) | |||||
Total Shareholders’ Equity | 295,694 | 294,318 | |||||||
Total Liabilities and Shareholders’ Equity | $ | 826,979 | $ | 826,279 |
F-12
Table of Contents
2004 | 2003 | |||||||
Land | $ | 141,736 | $ | 108,170 | ||||
Buildings and improvements | 908,304 | 701,953 | ||||||
Construction in progress | 16,215 | 20,122 | ||||||
1,066,255 | 830,245 | |||||||
Less: accumulated depreciation | (115,079 | ) | (93,600 | ) | ||||
Investment in real estate — net | $ | 951,176 | $ | 736,645 | ||||
Purchase | Debt | ||||||||||||
Acquisition Date | Property Name | Property Location | Price | Assumed | |||||||||
2004: | |||||||||||||
January | Merchants’ Square | Carmel, IN | $ | 37,300 | $ | 23,100 | |||||||
August | Promenade at Pleasant Hill | Duluth, GA | 24,500 | 13,800 | |||||||||
August | Centre at Woodstock | Woodstock, GA | 12,000 | 5,800 | |||||||||
September | Mission Bay Plaza | Boca Raton, FL | 60,800 | 40,500 | |||||||||
September | Plaza at Delray | Delray Beach, FL | 65,800 | 43,300 | |||||||||
December | Village Plaza* | Lakeland, FL | 15,500 | — | |||||||||
December | Treasure Coast Commons* | Jensen Beach, FL | 14,000 | — | |||||||||
December | Vista Plaza* | Jensen Beach, FL | 18,500 | — |
F-13
Table of Contents
Purchase | Debt | ||||||||||||
Acquisition Date | Property Name | Property Location | Price | Assumed | |||||||||
2003: | |||||||||||||
January | Livonia Plaza | Livonia, MI | 13,100 | — | |||||||||
May | Publix at River Crossing | New Port Richey, FL | 7,150 | 4,200 | |||||||||
July | Clinton Pointe | Clinton Township, MI | 11,600 | — | |||||||||
August | Lakeshore Marketplace | Norton Shores, MI | 22,500 | 15,700 | |||||||||
September | Fairlane Meadows | Dearborn, MI | 19,400 | 12,000 | |||||||||
December | Hoover Eleven | Warren, MI | 33,000 | 11,900 |
* | Ramco/ Lion Venture LP acquired the three Florida properties in December 2004. Subsequent to the acquisitions, we admitted an investor into the entity and our ownership percentage in Ramco/ Lion Venture LP decreased to 30%. See Note 9. |
F-14
Table of Contents
Ownership as of | ||||
Unconsolidated Entities | December 31, 2004 | |||
S-12 Associates | 50% | |||
Ramco/ West Acres LLC | 40% | |||
Ramco/ Shenandoah LLC | 40% | |||
Beacon Square Development LLC | 10% | |||
Ramco Gaines, LLC | 10% | |||
Ramco Lion Venture LP | 30% |
F-15
Table of Contents
Balance | Interest | |||||||||||
Unconsolidated Entities | outstanding | Rate | Maturity Date | |||||||||
S-12 Associates | $ | 1,227 | 7.50% | May 2016 | ||||||||
Ramco/ West Acres LLC | 9,137 | 8.14% | April 2030(1) | |||||||||
Ramco/ Shenandoah LLC | 12,654 | 7.33% | February 2012 | |||||||||
Beacon Square Development LLC | 4,065 | 4.06% | August 2007 | |||||||||
Beacon Square Development LLC | 1,300 | 13.00% | August 2007 | |||||||||
Ramco Gaines LLC | 5,712 | 4.11% | September 2007 | |||||||||
Ramco Gaines LLC | 1,500 | 13.00% | September 2007 | |||||||||
Ramco Lion Venture LP | 28,830 | 4.11% | May 2005 | |||||||||
$ | 64,425 | |||||||||||
(1) | Under terms of the note, the anticipated payment date is April 2010. |
F-16
Table of Contents
2004 | 2003 | 2002 | |||||||||||
ASSETS | |||||||||||||
Investment in real estate, net | $ | 90,828 | $ | 133,282 | |||||||||
Other assets | 4,858 | 6,273 | |||||||||||
Total Assets | $ | 95,686 | $ | 139,555 | |||||||||
LIABILITIES | |||||||||||||
Mortgage notes payable | $ | 64,425 | $ | 99,720 | |||||||||
Other liabilities | 5,540 | 3,994 | |||||||||||
Owners’ equity | 25,721 | 35,841 | |||||||||||
Total Liabilities and Owners’ Equity | $ | 95,686 | $ | 139,555 | |||||||||
Company’s Equity Investments in and Advances to Unconsolidated Entities | $ | 9,182 | $ | 9,091 | |||||||||
TOTAL REVENUES | $ | 9,164 | $ | 11,736 | $ | 18,679 | |||||||
TOTAL EXPENSES | 9,496 | 12,516 | 15,685 | ||||||||||
NET (LOSS) INCOME | $ | (332 | ) | $ | (780 | ) | $ | 2,994 | |||||
COMPANY’S SHARE OF INCOME | $ | 180 | $ | 252 | $ | 790 | |||||||
2004 | 2003 | |||||||
Leasing costs | $ | 20,956 | $ | 21,750 | ||||
Prepaid expenses and other | 18,201 | 13,456 | ||||||
Deferred financing costs | 13,227 | 10,052 | ||||||
Intangible assets | 9,693 | 3,010 | ||||||
62,077 | 48,268 | |||||||
Less: accumulated amortization | (23,507 | ) | (21,194 | ) | ||||
38,570 | 27,074 | |||||||
Proposed development and acquisition costs | 2,960 | 3,477 | ||||||
Other assets — net | $ | 41,530 | $ | 30,551 | ||||
F-17
Table of Contents
Year Ending December 31, | |||||
2005 | $ | 1,245 | |||
2006 | 1,159 | ||||
2007 | 942 | ||||
2008 | 817 | ||||
2009 | 696 | ||||
Thereafter | 3,119 | ||||
Total | $ | 7,978 | |||
2004 | 2003 | |||||||
Fixed rate mortgages with interest rates ranging from 4.76% to 8.81%, due at various dates through 2018 | $ | 494,715 | $ | 330,776 | ||||
Floating rate mortgages at 75% of the rate of long-term Capital A rated utility bonds, due January 1, 2010 plus supplemental interest to equal LIBOR plus 200 basis points, if applicable. The effective rate at December 31, 2004 was 3.84% and at December 31, 2003 was 4.38% | 5,470 | 5,830 | ||||||
Floating rate mortgage, with an interest rate at prime or LIBOR plus 200 basis points, paid in full in June 2004 | — | 21,000 | ||||||
Construction loan financing, with an interest rate at LIBOR plus 175 basis points, paid in full in June 2004 | — | 21,752 | ||||||
Unsecured Revolving Credit Facility, with an interest rate at LIBOR plus 185 to 225 basis points, due December 2005, maximum borrowings of $40,000. The effective rate at December 31, 2004 was 4.69% | 17,300 | — | ||||||
Secured Revolving Credit Facility, with an interest rate at LIBOR plus 115 to 155 basis points, due December 2005, maximum available borrowings of $160,000. The effective rate at December 31, 2004 was 4.12% and at December 31, 2003 was 4.98% | 115,950 | 75,000 | ||||||
$ | 633,435 | $ | 454,358 | |||||
F-18
Table of Contents
Year Ending December 31, | |||||
2005 | $ | 142,539 | |||
2006 | 105,589 | ||||
2007 | 62,213 | ||||
2008 | 103,249 | ||||
2009 | 48,524 | ||||
Thereafter | 171,321 | ||||
Total | $ | 633,435 | |||
F-19
Table of Contents
Hedge | Notional | Fixed | Fair | Expiration | ||||||||||||||||
Underlying Debt | Type | Value | Rate | Value | Date | |||||||||||||||
Secured Revolving Credit Facility | Cash Flow | $ | 35,000 | 2.6% | $ | 134 | 12/2005 | |||||||||||||
Secured Revolving Credit Facility | Cash Flow | 25,000 | 2.8% | 65 | 12/2005 | |||||||||||||||
Secured Revolving Credit Facility | Cash Flow | 10,000 | 2.9% | 10 | 12/2005 | |||||||||||||||
Secured Revolving Credit Facility | Cash Flow | 5,000 | 2.8% | 11 | 12/2005 | |||||||||||||||
$ | 75,000 | $ | 220 | |||||||||||||||||
Year Ending December 31, | |||||
2005 | $ | 95,047 | |||
2006 | 87,287 | ||||
2007 | 78,262 | ||||
2008 | 67,465 | ||||
2009 | 53,208 | ||||
Thereafter | 306,302 | ||||
Total | $ | 687,571 | |||
F-20
Table of Contents
Year Ending December 31, | |||||
2005 | $ | 680 | |||
2006 | 698 | ||||
2007 | 717 | ||||
2008 | 735 | ||||
2009 | 753 | ||||
Thereafter | 3,708 | ||||
Total | $ | 7,291 | |||
2004 | 2003 | 2002 | ||||||||||||
Numerator: | ||||||||||||||
Net Income | $ | 15,120 | $ | 10,478 | $ | 10,563 | ||||||||
Preferred stock dividends | (4,814 | ) | (2,375 | ) | (1,151 | ) | ||||||||
Gain on redemption of preferred shares | — | — | 2,425 | |||||||||||
Income available to common shareholders for basic and diluted EPS | $ | 10,306 | $ | 8,103 | $ | 11,837 | ||||||||
Denominator: | ||||||||||||||
Weighted-average common shares for basic EPS | 16,816 | 13,955 | 10,529 | |||||||||||
Effect of dilutive securities: | ||||||||||||||
Options outstanding | 215 | 186 | 99 | |||||||||||
Weighted-average common shares for diluted EPS | 17,031 | 14,141 | 10,628 | |||||||||||
Basic EPS | $ | 0.61 | $ | 0.58 | $ | 1.12 | ||||||||
Diluted EPS | $ | 0.60 | $ | 0.57 | $ | 1.11 | ||||||||
F-21
Table of Contents
F-22
Table of Contents
Incentive Plan and Stock Option Plans |
F-23
Table of Contents
2004 | 2003 | 2002 | ||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||
Number of | Exercise | Number of | Exercise | Number of | Exercise | |||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | |||||||||||||||||||
Outstanding at beginning of year | 540,200 | $ | 15.93 | 608,275 | $ | 15.96 | 653,605 | $ | 15.97 | |||||||||||||||
Granted | 50,646 | 27.18 | 12,000 | 23.77 | 12,000 | 19.35 | ||||||||||||||||||
Cancelled or expired | (625 | ) | 17.35 | (5,375 | ) | 18.01 | (8,617 | ) | 17.83 | |||||||||||||||
Exercised | (429,850 | ) | 15.63 | (74,700 | ) | 17.29 | (48,713 | ) | 16.60 | |||||||||||||||
160,371 | $ | 20.28 | 540,200 | $ | 15.93 | 608,275 | $ | 15.96 | ||||||||||||||||
Options exercisable at year end | 103,725 | 523,200 | 540,271 | |||||||||||||||||||||
Weighted-average fair value of options granted during the year | $ | 2.78 | $ | 1.85 | $ | 1.40 | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||
Weighted-Average | ||||||||||||||||||||
Remaining | Weighted-Average | Weighted-Average | ||||||||||||||||||
Range of Exercise Price | Outstanding | Contractual Life | Exercise Price | Exercisable | Exercise Price | |||||||||||||||
$14.06-$16.00 | 33,000 | 4.8 | $ | 14.38 | 33,000 | $ | 14.38 | |||||||||||||
$16.38-$17.87 | 52,725 | 3.6 | 16.74 | 52,725 | 16.74 | |||||||||||||||
$19.35-$27.96 | 74,646 | 8.6 | 25.39 | 18,000 | 20.88 | |||||||||||||||
160,371 | 6.2 | $ | 20.28 | 103,725 | $ | 16.71 | ||||||||||||||
F-24
Table of Contents
Earnings (Loss) | ||||||||||||||||||||||
Per Share | ||||||||||||||||||||||
Operating | Net | |||||||||||||||||||||
Revenues | Income | Income | Basic | Diluted | ||||||||||||||||||
2004: | ||||||||||||||||||||||
1st Quarter: | ||||||||||||||||||||||
As previously reported | $ | 31,173 | $ | 5,330 | $ | 4,609 | $ | 0.24 | $ | 0.24 | ||||||||||||
Adjustments (See Note 3) | (10 | ) | (241 | ) | (205 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||
As restated | $ | 31,163 | $ | 5,089 | $ | 4,404 | $ | 0.23 | $ | 0.23 | ||||||||||||
2nd Quarter: | ||||||||||||||||||||||
As previously reported | $ | 30,262 | $ | 4,390 | $ | 3,494 | $ | 0.15 | $ | 0.15 | ||||||||||||
Adjustments | (34 | ) | 122 | 104 | 0.01 | 0.01 | ||||||||||||||||
As restated | $ | 30,228 | $ | 4,512 | $ | 3,598 | $ | 0.16 | $ | 0.16 | ||||||||||||
3rd Quarter: | ||||||||||||||||||||||
As previously reported | $ | 34,018 | $ | 5,766 | $ | 1,307 | $ | (0.02 | ) | $ | (0.02 | ) | ||||||||||
Adjustments | (48 | ) | 219 | 187 | 0.01 | 0.01 | ||||||||||||||||
As restated | $ | 33,970 | $ | 5,985 | $ | 1,494 | $ | (0.01 | ) | $ | (0.01 | ) | ||||||||||
4th Quarter: | ||||||||||||||||||||||
As previously reported | $ | 36,591 | $ | 4,291 | $ | 5,521 | $ | 0.23 | $ | 0.23 | ||||||||||||
Adjustments | (57 | ) | 121 | 103 | 0.01 | 0.01 | ||||||||||||||||
As restated | $ | 36,534 | $ | 4,412 | $ | 5,624 | $ | 0.24 | $ | 0.24 | ||||||||||||
2003: | ||||||||||||||||||||||
1st Quarter: | ||||||||||||||||||||||
As previously reported | $ | 26,366 | $ | 3,781 | $ | 3,151 | $ | 0.21 | $ | 0.21 | ||||||||||||
Adjustments | (29 | ) | (119 | ) | (101 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||
As restated | $ | 26,337 | $ | 3,662 | $ | 3,050 | $ | 0.20 | $ | 0.20 | ||||||||||||
2nd Quarter: | ||||||||||||||||||||||
As previously reported | $ | 25,228 | $ | (213 | ) | $ | (518 | ) | $ | (0.09 | ) | $ | (0.09 | ) | ||||||||
Adjustments | (156 | ) | (272 | ) | (232 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||
As restated | $ | 25,072 | $ | (485 | ) | $ | (750 | ) | $ | (0.11 | ) | $ | (0.11 | ) | ||||||||
3rd Quarter: | ||||||||||||||||||||||
As previously reported | $ | 27,521 | $ | 4,419 | $ | 3,846 | $ | 0.22 | $ | 0.22 | ||||||||||||
Adjustments | (103 | ) | (204 | ) | (174 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||
As restated | $ | 27,418 | $ | 4,215 | $ | 3,672 | $ | 0.21 | $ | 0.21 | ||||||||||||
4th Quarter: | ||||||||||||||||||||||
As previously reported | $ | 29,285 | $ | 3,556 | $ | 4,614 | $ | 0.25 | $ | 0.24 | ||||||||||||
Adjustments | (55 | ) | (127 | ) | (108 | ) | (0.01 | ) | (0.01 | ) | ||||||||||||
As restated | $ | 29,230 | $ | 3,429 | $ | 4,506 | $ | 0.24 | $ | 0.23 | ||||||||||||
F-25
Table of Contents
2004 | 2003 | 2002 | ||||||||||
Management fees | $ | 287 | $ | 367 | $ | 415 | ||||||
Leasing fee income | 62 | 64 | 77 | |||||||||
Brokerage commission and other | — | 15 | — | |||||||||
Payroll reimbursement | 36 | 142 | 82 | |||||||||
Total | $ | 385 | $ | 588 | $ | 574 | ||||||
F-26
Table of Contents
F-27
Table of Contents
F-28
Table of Contents
Year Ended December 31, | ||||||||||
2004 | 2003 | |||||||||
REVENUES | ||||||||||
Minimum rents | $ | 99,061 | $ | 94,621 | ||||||
Percentage rents | 961 | 1,643 | ||||||||
Recoveries from tenants | 37,002 | 35,339 | ||||||||
Fees and management income | 2,506 | 1,455 | ||||||||
Other income | 2,414 | 3,267 | ||||||||
Total revenues | 141,944 | 136,325 | ||||||||
EXPENSES | ||||||||||
Real estate taxes | 18,432 | 18,087 | ||||||||
Recoverable operating expenses | 20,813 | 20,788 | ||||||||
Depreciation and amortization | 29,989 | 28,829 | ||||||||
Other operating | 2,092 | 5,079 | ||||||||
General and administrative | 11,221 | 8,956 | ||||||||
Interest expense | 38,351 | 39,477 | ||||||||
Total expenses | 120,898 | 121,216 | ||||||||
Operating income | 21,046 | 15,109 | ||||||||
Impairment of investment in unconsolidated entity | (4,775 | ) | — | |||||||
Income from continuing operations before gain on sale of real estate assets and minority interest and earnings from unconsolidated entities | 16,271 | 15,109 | ||||||||
Gain on sales of real estate assets | 2,408 | 263 | ||||||||
Minority interest | (2,970 | ) | (2,835 | ) | ||||||
Earnings from unconsolidated entities | 916 | 1,042 | ||||||||
Income from continuing operations | 16,625 | 13,579 | ||||||||
Discontinued operations, net of minority interest: | ||||||||||
Gain on sale of property | — | 897 | ||||||||
Income from operations | 15 | 214 | ||||||||
Income from discontinued operations | 15 | 1,111 | ||||||||
Net income | 16,640 | 14,690 | ||||||||
Preferred stock dividends | (4,814 | ) | (2,375 | ) | ||||||
Gain on redemption of preferred shares | — | — | ||||||||
Net income available to common shareholders | $ | 11,826 | $ | 12,315 | ||||||
Basic earnings per share: | ||||||||||
Income from continuing operations | $ | 0.70 | $ | 0.80 | ||||||
Income from discontinued operations | — | 0.08 | ||||||||
Net income | $ | 0.70 | $ | 0.88 | ||||||
Diluted earnings per share: | ||||||||||
Income from continuing operations | $ | 0.69 | $ | 0.79 | ||||||
Income from discontinued operations | — | 0.08 | ||||||||
Net income | $ | 0.69 | $ | 0.87 | ||||||
F-29
Table of Contents
Year | Year | Year | ||||||||||||||
Property | Location | Constructed(a) | Acquired | Renovated | ||||||||||||
Alabama | ||||||||||||||||
Cox Creek Plaza | Florence | Alabama | 1984 | 1997 | 2000 | |||||||||||
Florida | ||||||||||||||||
Coral Creek Shops | Coconut Creek | Florida | 1992 | 2002 | ||||||||||||
Crestview Corners | Crestview | Florida | 1986 | 1997 | 1993 | |||||||||||
Jacksonville | Jacksonville | Florida | 2004 | 2004 | ||||||||||||
Lantana Shopping Center | Lantana | Florida | 1959 | 1996 | 2002 | |||||||||||
Mission Bay Plaza | Boca Raton | Florida | 1989 | 2004 | ||||||||||||
Naples Towne Center | Naples | Florida | 1982 | 1996 | 2003 | |||||||||||
Pelican Plaza | Sarasota | Florida | 1983 | 1997 | ||||||||||||
Plaza at Delray | Delray Beach | Florida | 1979 | 2004 | ||||||||||||
Publix at River Crossing | New Port Richey | Florida | 1998 | 2003 | ||||||||||||
River City | Jacksonville | Florida | 2004 | 2004 | ||||||||||||
Rivertowne Square | Deerfield Beach | Florida | 1980 | 2002 | ||||||||||||
Shoppes of Lakeland | Lakeland | Florida | 1985 | 1996 | ||||||||||||
Southbay Shopping Center | Osprey | Florida | 1978 | 1998 | ||||||||||||
Sunshine Plaza | Tamarac | Florida | 1972 | 1996 | 2001 | |||||||||||
The Crossroads | Royal Palm Beach | Florida | 1988 | 2002 | ||||||||||||
Village Lakes Shopping Center | Land O’ Lakes | Florida | 1987 | 1997 | ||||||||||||
Georgia | ||||||||||||||||
Centre at Woodstock | Woodstock | Georgia | 1997 | 2004 | ||||||||||||
Conyers Crossing | Conyers | Georgia | 1978 | 1998 | 1989 | |||||||||||
Holcomb Center | Alpharetta | Georgia | 1986 | 1996 | ||||||||||||
Horizon Village | Suwanee | Georgia | 1996 | 2002 | ||||||||||||
Indian Hills | Calhoun | Georgia | 1988 | 1997 | ||||||||||||
Mays Crossing | Stockbridge | Georgia | 1984 | 1997 | 1986 | |||||||||||
Promenade at Pleasant Hill | Duluth | Georgia | 1993 | 2004 | ||||||||||||
Indiana | ||||||||||||||||
Merchants Square | Carmel | Indiana | 1970 | 2004 | ||||||||||||
Maryland | ||||||||||||||||
Crofton Centre | Crofton | Maryland | 1974 | 1996 | ||||||||||||
Michigan | ||||||||||||||||
Auburn Mile | Auburn Hills | Michigan | 2000 | 1999 | ||||||||||||
Clinton Pointe | Clinton Township | Michigan | 1992 | 2003 | ||||||||||||
Clinton Valley Mall | Sterling Heights | Michigan | 1977 | 1996 | 2002 | |||||||||||
Clinton Valley | Sterling Heights | Michigan | 1985 | 1996 | ||||||||||||
Eastridge Commons | Flint | Michigan | 1990 | 1996 | 2001 | |||||||||||
Edgewood Towne Center | Lansing | Michigan | 1990 | 1996 | 2001 | |||||||||||
Fairlane Meadows | Dearborn | Michigan | 1987 | 2003 | ||||||||||||
Fraser Shopping Center | Fraser | Michigan | 1977 | 1996 | ||||||||||||
Hoover Eleven | Warren | Michigan | 1989 | 2003 | ||||||||||||
Jackson Crossing | Jackson | Michigan | 1967 | 1996 | 2002 | |||||||||||
Jackson West | Jackson | Michigan | 1996 | 1996 | 1999 | |||||||||||
Kentwood Towne Center | Kentwood | Michigan | 1988 | 1996 | ||||||||||||
Lake Orion Plaza | Lake Orion | Michigan | 1977 | 1996 | ||||||||||||
Lakeshore Marketplace | Norton Shores | Michigan | 1996 | 2003 | ||||||||||||
Lakeshore Marketplace | Norton Shores | �� | Michigan | 1996 | 2003 | |||||||||||
Livonia Plaza | Livonia | Michigan | 1988 | 2003 | ||||||||||||
Madison Center | Madison Heights | Michigan | 1965 | 1997 | 2000 | |||||||||||
New Towne Plaza | Canton | Michigan | 1975 | 1996 | 1998 | |||||||||||
Oak Brook Square | Flint | Michigan | 1982 | 1996 | ||||||||||||
Roseville Towne Center | Roseville | Michigan | 1963 | 1996 | 2004 | |||||||||||
Southfield Plaza | Southfield | Michigan | 1969 | 1996 | 2003 | |||||||||||
Taylor Plaza | Taylor | Michigan | 1970 | 1996 | ||||||||||||
Tel-Twelve | Southfield | Michigan | 1968 | 1996 | 2003 | |||||||||||
West Oaks I | Novi | Michigan | 1979 | 1996 | 2004 | |||||||||||
West Oaks II | Novi | Michigan | 1986 | 1996 | 2000 | |||||||||||
White Lake Marketplace | White Lake Township | Michigan | 1999 | 1998 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Initial Cost | Gross Cost at | |||||||||||||||||||
to Company | Subsequent | End of Period(b) | ||||||||||||||||||
Additions | ||||||||||||||||||||
Building and | (Retirements), | Building and | ||||||||||||||||||
Property | Land | Improvements(f) | Net | Land | Improvements | |||||||||||||||
Alabama | ||||||||||||||||||||
Cox Creek Plaza | 589 | 5,336 | (420 | ) | 426 | 5,079 | ||||||||||||||
Florida | ||||||||||||||||||||
Coral Creek Shops | 1,565 | 14,085 | (62 | ) | 1,572 | 14,016 | ||||||||||||||
Crestview Corners | 400 | 3,602 | 997 | 400 | 4,599 | |||||||||||||||
Jacksonville | 7,524 | 1,948 | 0 | 7,524 | 1,948 | |||||||||||||||
Lantana Shopping Center | 2,590 | 2,600 | 7,014 | 2,590 | 9,614 | |||||||||||||||
Mission Bay Plaza | 8,766 | 49,867 | (371 | ) | 9,754 | 48,508 | ||||||||||||||
Naples Towne Center | 218 | 1,964 | 4,513 | 807 | 5,888 | |||||||||||||||
Pelican Plaza | 710 | 6,404 | 99 | 710 | 6,503 | |||||||||||||||
Plaza at Delray | 9,513 | 55,271 | 105 | 8,795 | 56,094 | |||||||||||||||
Publix at River Crossing | 728 | 6,459 | (51 | ) | 728 | 6,408 | ||||||||||||||
River City | 8,060 | 1,837 | 0 | 8,060 | 1,837 | |||||||||||||||
Rivertowne Square | 951 | 8,587 | 108 | 954 | 8,692 | |||||||||||||||
Shoppes of Lakeland | 1,279 | 11,543 | 5,446 | 1,239 | 17,029 | |||||||||||||||
Southbay Shopping Center | 597 | 5,355 | 235 | 597 | 5,590 | |||||||||||||||
Sunshine Plaza | 1,748 | 7,452 | 11,099 | 1,748 | 18,551 | |||||||||||||||
The Crossroads | 1,850 | 16,650 | (26 | ) | 1,857 | 16,617 | ||||||||||||||
Village Lakes Shopping Center | 862 | 7,768 | 119 | 862 | 7,887 | |||||||||||||||
Georgia | ||||||||||||||||||||
Centre at Woodstock | 1,880 | 10,801 | (402 | ) | 1,987 | 10,292 | ||||||||||||||
Conyers Crossing | 729 | 6,562 | 656 | 729 | 7,218 | |||||||||||||||
Holcomb Center | 658 | 5,953 | 1,074 | 658 | 7,027 | |||||||||||||||
Horizon Village | 1,133 | 10,200 | 25 | 1,143 | 10,215 | |||||||||||||||
Indian Hills | 706 | 6,355 | 1,022 | 707 | 7,376 | |||||||||||||||
Mays Crossing | 725 | 6,532 | 1,276 | 725 | 7,808 | |||||||||||||||
Promenade at Pleasant Hill | 3,891 | 22,520 | (960 | ) | 3,651 | 21,800 | ||||||||||||||
Indiana | ||||||||||||||||||||
Merchants Square | 5,804 | 33,738 | (887 | ) | 5,737 | 32,918 | ||||||||||||||
Maryland | ||||||||||||||||||||
Crofton Centre | 3,201 | 6,499 | 2,840 | 3,201 | 9,339 | |||||||||||||||
Michigan | ||||||||||||||||||||
Auburn Mile | 15,704 | 0 | (1,882 | ) | 10,740 | 3,082 | ||||||||||||||
Clinton Pointe | 1,175 | 10,499 | (152 | ) | 1,175 | 10,347 | ||||||||||||||
Clinton Valley Mall | 1,101 | 9,910 | 6,281 | 1,101 | 16,191 | |||||||||||||||
Clinton Valley | 399 | 3,588 | 2,261 | 523 | 5,725 | |||||||||||||||
Eastridge Commons | 1,086 | 9,775 | 2,041 | 1,086 | 11,816 | |||||||||||||||
Edgewood Towne Center | 665 | 5,981 | 33 | 645 | 6,034 | |||||||||||||||
Fairlane Meadows | 1,955 | 17,557 | 134 | 1,956 | 17,690 | |||||||||||||||
Fraser Shopping Center | 363 | 3,263 | 932 | 363 | 4,195 | |||||||||||||||
Hoover Eleven | 3,308 | 29,778 | (996 | ) | 3,305 | 28,785 | ||||||||||||||
Jackson Crossing | 2,249 | 20,237 | 10,391 | 2,249 | 30,628 | |||||||||||||||
Jackson West | 2,806 | 6,270 | 6,106 | 2,691 | 12,491 | |||||||||||||||
Kentwood Towne Center | 2,799 | 9,484 | 4 | 2,799 | 9,488 | |||||||||||||||
Lake Orion Plaza | 470 | 4,234 | 382 | 471 | 4,615 | |||||||||||||||
Lakeshore Marketplace | 2,018 | 18,114 | 1,693 | 4,518 | 17,307 | |||||||||||||||
Lakeshore Marketplace | 2,018 | 18,114 | 1,693 | 4,518 | 17,307 | |||||||||||||||
Livonia Plaza | 1,317 | 11,786 | 38 | 1,317 | 11,824 | |||||||||||||||
Madison Center | 817 | 7,366 | 2,745 | 817 | 10,111 | |||||||||||||||
New Towne Plaza | 817 | 7,354 | 1,784 | 817 | 9,138 | |||||||||||||||
Oak Brook Square | 955 | 8,591 | 1,655 | 955 | 10,246 | |||||||||||||||
Roseville Towne Center | 1,403 | 13,195 | 5,973 | 1,403 | 19,168 | |||||||||||||||
Southfield Plaza | 1,121 | 10,090 | 4,367 | 1,121 | 14,457 | |||||||||||||||
Taylor Plaza | 400 | 1,930 | 237 | 400 | 2,167 | |||||||||||||||
Tel-Twelve | 3,819 | 43,181 | 29,510 | 3,819 | 72,691 | |||||||||||||||
West Oaks I | 0 | 6,304 | 10,390 | 1,768 | 14,926 | |||||||||||||||
West Oaks II | 1,391 | 12,519 | 5,760 | 1,391 | 18,279 | |||||||||||||||
White Lake Marketplace | 2,965 | 0 | (2,700 | ) | 194 | 71 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Accumulated | ||||||||||||
Property | Total | Depreciation(c) | Encumbrances | |||||||||
Alabama | ||||||||||||
Cox Creek Plaza | 5,505 | 1,217 | ||||||||||
Florida | ||||||||||||
Coral Creek Shops | 15,588 | 901 | (e | ) | ||||||||
Crestview Corners | 4,999 | 722 | (d | ) | ||||||||
Jacksonville | 9,472 | |||||||||||
Lantana Shopping Center | 12,204 | 1,526 | (e | ) | ||||||||
Mission Bay Plaza | 58,262 | 353 | (e | ) | ||||||||
Naples Towne Center | 6,695 | 914 | (d | ) | ||||||||
Pelican Plaza | 7,213 | 1,267 | (d | ) | ||||||||
Plaza at Delray | 64,889 | 409 | (e | ) | ||||||||
Publix at River Crossing | 7,136 | 261 | (e | ) | ||||||||
River City | 9,897 | |||||||||||
Rivertowne Square | 9,646 | 1,102 | (d | ) | ||||||||
Shoppes of Lakeland | 18,268 | 1,855 | (d | ) | ||||||||
Southbay Shopping Center | 6,187 | 987 | (d | ) | ||||||||
Sunshine Plaza | 20,299 | 4,135 | (e | ) | ||||||||
The Crossroads | 18,474 | 1,104 | (e | ) | ||||||||
Village Lakes Shopping Center | 8,749 | 1,395 | (d | ) | ||||||||
Georgia | ||||||||||||
Centre at Woodstock | 12,279 | 98 | (e | ) | ||||||||
Conyers Crossing | 7,947 | 1,273 | (d | ) | ||||||||
Holcomb Center | 7,685 | 1,385 | (d | ) | ||||||||
Horizon Village | 11,358 | 677 | (d | ) | ||||||||
Indian Hills | 8,083 | 1,210 | (d | ) | ||||||||
Mays Crossing | 8,533 | 1,274 | (d | ) | ||||||||
Promenade at Pleasant Hill | 25,451 | 205 | (e | ) | ||||||||
Indiana | ||||||||||||
Merchants Square | 38,655 | 776 | (e | ) | ||||||||
Maryland | ||||||||||||
Crofton Centre | 12,540 | 2,676 | (d | ) | ||||||||
Michigan | ||||||||||||
Auburn Mile | 13,822 | 636 | (e | ) | ||||||||
Clinton Pointe | 11,522 | 376 | (d | ) | ||||||||
Clinton Valley Mall | 17,292 | 2,870 | (e | ) | ||||||||
Clinton Valley | 6,248 | 1,126 | (d | ) | ||||||||
Eastridge Commons | 12,902 | 2,925 | (e | ) | ||||||||
Edgewood Towne Center | 6,679 | 1,325 | (d | ) | ||||||||
Fairlane Meadows | 19,646 | 576 | (e | ) | ||||||||
Fraser Shopping Center | 4,558 | 853 | (e | ) | ||||||||
Hoover Eleven | 32,090 | 748 | (e | ) | ||||||||
Jackson Crossing | 32,877 | 6,277 | (e | ) | ||||||||
Jackson West | 15,182 | 2,797 | (e | ) | ||||||||
Kentwood Towne Center | 12,287 | 438 | (e | ) | ||||||||
Lake Orion Plaza | 5,086 | 973 | (e | ) | ||||||||
Lakeshore Marketplace | 21,825 | 605 | (e | ) | ||||||||
Lakeshore Marketplace | 21,825 | 605 | (e | ) | ||||||||
Livonia Plaza | 13,141 | 582 | (d | ) | ||||||||
Madison Center | 10,928 | 1,979 | (e | ) | ||||||||
New Towne Plaza | 9,955 | 1,928 | (e | ) | ||||||||
Oak Brook Square | 11,201 | 2,167 | (e | ) | ||||||||
Roseville Towne Center | 20,571 | 3,449 | (e | ) | ||||||||
Southfield Plaza | 15,578 | 2,440 | (e | ) | ||||||||
Taylor Plaza | 2,567 | 426 | (d | ) | ||||||||
Tel-Twelve | 76,510 | 11,588 | (e | ) | ||||||||
West Oaks I | 16,694 | 2,111 | (e | ) | ||||||||
West Oaks II | 19,670 | 3,630 | (e | ) | ||||||||
White Lake Marketplace | 265 | 0 |
F-30
Table of Contents
Year | Year | Year | ||||||||||||||
Property | Location | Constructed(a) | Acquired | Renovated | ||||||||||||
New Jersey | ||||||||||||||||
Chester Springs Shopping | ||||||||||||||||
Center | Chester | New Jersey | 1970 | 2002 | 1999 | |||||||||||
North Carolina | ||||||||||||||||
Holly Springs Plaza | Franklin | North Carolina | 1988 | 1997 | 1992 | |||||||||||
Ridgeview Crossing | Elkin | North Carolina | 1989 | 1997 | 1995 | |||||||||||
Ohio | ||||||||||||||||
Office Max Center | Toledo | Ohio | 1994 | 1996 | ||||||||||||
Crossroads Centre | Rossford | Ohio | 2001 | 2002 | ||||||||||||
Spring Meadows Place | Holland | Ohio | 1987 | 1996 | 1997 | |||||||||||
Troy Towne Center | Troy | Ohio | 1990 | 1996 | 2003 | |||||||||||
South Carolina | ||||||||||||||||
Edgewood Square | North Augusta | South Carolina | 1989 | 1997 | 1997 | |||||||||||
Taylors Square | Taylors | South Carolina | 1989 | 1997 | 1995 | |||||||||||
Tennessee | ||||||||||||||||
Cumberland Gallery | New Tazewell | Tennessee | 1988 | 1997 | ||||||||||||
Highland Square | Crossville | Tennessee | 1988 | 1997 | ||||||||||||
Northwest Crossing | Knoxville | Tennessee | 1989 | 1997 | 1995 | |||||||||||
Northwest Crossing II | Knoxville | Tennessee | 1999 | 1999 | ||||||||||||
Stonegate Plaza | Kingsport | Tennessee | 1984 | 1997 | 1993 | |||||||||||
Tellico Plaza | Lenoir City | Tennessee | 1989 | 1997 | ||||||||||||
Virginia | ||||||||||||||||
Aquia Towne Center | Stafford | Virginia | 1989 | 1998 | ||||||||||||
Wisconsin | ||||||||||||||||
East Town Plaza | Madison | Wisconsin | 1992 | 2002 | 2000 | |||||||||||
West Allis Towne Centre | West Allis | Wisconsin | 1987 | 1996 | ||||||||||||
Totals |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Initial Cost | Gross Cost at | |||||||||||||||||||
to Company | Subsequent | End of Period(b) | ||||||||||||||||||
Additions | ||||||||||||||||||||
Building and | (Retirements), | Building and | ||||||||||||||||||
Property | Land | Improvements(f) | Net | Land | Improvements | |||||||||||||||
New Jersey | ||||||||||||||||||||
Chester Springs Shopping | ||||||||||||||||||||
Center | 2,409 | 21,786 | 145 | 2,416 | 21,924 | |||||||||||||||
North Carolina | ||||||||||||||||||||
Holly Springs Plaza | 829 | 7,470 | 123 | 829 | 7,593 | |||||||||||||||
Ridgeview Crossing | 1,054 | 9,494 | 154 | 1,054 | 9,648 | |||||||||||||||
Ohio | ||||||||||||||||||||
Office Max Center | 227 | 2,042 | 0 | 227 | 2,042 | |||||||||||||||
Crossroads Centre | 5,800 | 20,709 | 4,140 | 6,746 | 23,903 | |||||||||||||||
Spring Meadows Place | 1,662 | 14,959 | 1,111 | 1,653 | 16,079 | |||||||||||||||
Troy Towne Center | 930 | 8,372 | (881 | ) | 813 | 7,608 | ||||||||||||||
South Carolina | ||||||||||||||||||||
Edgewood Square | 1,358 | 12,229 | 143 | 1,358 | 12,372 | |||||||||||||||
Taylors Square | 1,581 | 14,237 | 2,777 | 1,722 | 16,873 | |||||||||||||||
Tennessee | ||||||||||||||||||||
Cumberland Gallery | 327 | 2,944 | 48 | 327 | 2,992 | |||||||||||||||
Highland Square | 913 | 8,189 | 1,830 | 913 | 10,019 | |||||||||||||||
Northwest Crossing | 1,284 | 11,566 | 3,669 | 1,284 | 15,235 | |||||||||||||||
Northwest Crossing II | 570 | 0 | 1,627 | 570 | 1,627 | |||||||||||||||
Stonegate Plaza | 606 | 5,454 | 385 | 606 | 5,839 | |||||||||||||||
Tellico Plaza | 611 | 5,510 | 199 | 612 | 5,708 | |||||||||||||||
Virginia | ||||||||||||||||||||
Aquia Towne Center | 2,187 | 19,776 | 608 | 2,187 | 20,384 | |||||||||||||||
Wisconsin | ||||||||||||||||||||
East Town Plaza | 1,768 | 16,216 | 48 | 1,768 | 16,264 | |||||||||||||||
West Allis Towne Centre | 1,866 | 16,789 | 1,295 | 1,866 | 18,084 | |||||||||||||||
$ | 143,762 | $ | 784,636 | $ | 137,857 | $ | 141,736 | $ | 924,519 | |||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Accumulated | ||||||||||||
Property | Total | Depreciation(c) | Encumbrances | |||||||||
New Jersey | ||||||||||||
Chester Springs Shopping | ||||||||||||
Center | 24,340 | 2,838 | (e | ) | ||||||||
North Carolina | ||||||||||||
Holly Springs Plaza | 8,422 | 1,411 | (d | ) | ||||||||
Ridgeview Crossing | 10,702 | 1,751 | (e | ) | ||||||||
Ohio | ||||||||||||
Office Max Center | 2,269 | 443 | (d | ) | ||||||||
Crossroads Centre | 30,649 | 2,209 | (e | ) | ||||||||
Spring Meadows Place | 17,732 | 3,722 | (e | ) | ||||||||
Troy Towne Center | 8,421 | 1,787 | (e | ) | ||||||||
South Carolina | ||||||||||||
Edgewood Square | 13,730 | 2,219 | (d | ) | ||||||||
Taylors Square | 18,595 | 2,610 | (e | ) | ||||||||
Tennessee | ||||||||||||
Cumberland Gallery | 3,319 | 558 | (d | ) | ||||||||
Highland Square | 10,932 | 1,692 | (e | ) | ||||||||
Northwest Crossing | 16,519 | 2,193 | (e | ) | ||||||||
Northwest Crossing II | 2,197 | 210 | (d | ) | ||||||||
Stonegate Plaza | 6,445 | 1,084 | (e | ) | ||||||||
Tellico Plaza | 6,320 | 1,009 | (d | ) | ||||||||
Virginia | ||||||||||||
Aquia Towne Center | 22,571 | 3,227 | (e | ) | ||||||||
Wisconsin | ||||||||||||
East Town Plaza | 18,032 | 1,861 | (e | ) | ||||||||
West Allis Towne Centre | 19,950 | 3,708 | (e | ) | ||||||||
$ | 1,066,255 | $ | 115,079 | |||||||||
(a) | If prior to May 1996, constructed by a predecessor of the Company. | |
(b) | The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $863 million. | |
(c) | Depreciation for all properties is computed over the useful life which is generally forty years. | |
(d) | The property is pledged as collateral on the secured line of credit. | |
(e) | The property is pledged as collateral on secured mortgages. | |
(f) | Refer to Footnote 1 for a summary of the Company’s capitalization policies. |
Real Estate Assets | 2004 | 2003 | Accumulated Depreciation | 2004 | 2003 | |||||||||||||
Balance at beginning of period | $ | 830,245 | $ | 707,092 | Balance at beginning of period | $ | 93,600 | $ | 78,139 | |||||||||
Land Development/ Acquisitions | 229,641 | 110,929 | Sales/ Retirements | (896 | ) | (2,587 | ) | |||||||||||
Capital Improvements | 25,487 | 29,011 | Depreciation | 22,375 | 18,048 | |||||||||||||
Sale/ Retirements of Assets | (19,118 | ) | (16,787 | ) | Balance at end of period | $ | 115,079 | $ | 93,600 | |||||||||
Balance at end of period | $ | 1,066,255 | $ | 830,245 | ||||||||||||||
F-31
Table of Contents
Balance at | |||||||||||||||||
Beginning | Charged | Balance at | |||||||||||||||
of Year | to Expense | Deductions | End of Year | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Year ended December 31, 2004 — | |||||||||||||||||
Allowance for doubtful accounts | $ | 873 | $ | 410 | $ | 140 | $ | 1,143 | |||||||||
Year ended December 31, 2003 — | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,573 | $ | 3,031 | $ | 3,731 | $ | 873 | |||||||||
Year ended December 31, 2002 — | |||||||||||||||||
Allowance for doubtful accounts | $ | 1,773 | $ | 211 | $ | 411 | $ | 1,573 |
F-32