Exhibit 99.1
2005 | 2004 | 2003 2002 | 2001 | ||||||
(In thousands, except per share and center data) | |||||||||
OPERATING DATA | |||||||||
Total revenues | $ 198,761 | $ 190,483 | $ 113,727 | $ 101,999 | $ 96,504 | ||||
Operating income | 74,011 | 69,201 | 39,920 | 34,994 | 32,951 | ||||
Income from continuing operations | 6,572 | 6,525 | 10,459 | 5,578 | 2,300 | ||||
Net income | 5,089 | 7,046 | 12,849 | 11,007 | 7,112 | ||||
SHARE DATA | |||||||||
Basic: | |||||||||
Income from continuing operations | $ .08 | $ .24 | $ .48 | $ .23 | $ .03 | ||||
Net income | $ .16 | $ .26 | $ .60 | $ .55 | $ .34 | ||||
Weighted average common shares | 28,380 | 27,044 | 20,103 | 16,645 | 15,851 | ||||
Diluted: | |||||||||
Income from continuing operations | $ .08 | $ .24 | $ .47 | $ .22 | $ .03 | ||||
Net income | $ .16 | $ .26 | $ .59 | $ .54 | $ .34 | ||||
Weighted average common shares | 28,646 | 27,261 | 20,566 | 17,029 | 15,895 | ||||
Common dividends paid | $ 1.28 | $ 1.25 | $ 1.23 | $1.22 | $ 1.22 | ||||
BALANCE SHEET DATA | |||||||||
Real estate assets, before depreciation | $1,152,866 | $ 1,077,393 | $1,078,553 | $622,399 | $ 599,266 | ||||
Total assets | 1,000,605 | 936,378 | 987,437 | 477,675 | 476,272 | ||||
Debt | 663,607 | 488,007 | 540,319 | 345,005 | 358,195 | ||||
Shareholders’ equity | 250,214 | 161,133 | 167,418 | 90,635 | 76,371 | ||||
OTHER DATA | |||||||||
Cash flows provided by (used in): | |||||||||
Operating activities | $ 83,902 | $ 84,816 | $ 46,561 | $ 39,687 | $ 44,626 | ||||
Investing activities | $ (336,563 | ) $ 2,607 | $ (327,068 | ) $ (26,883 | ) $ (23,269) | ||||
Financing activities | $ 251,488 | $ (93,156 | ) $ 289,271 | $ (12,247 | ) $ (21,476) | ||||
Gross Leasable Area Open: | |||||||||
Wholly-owned | 8,261 | 5,066 | 5,299 | 5,469 | 5,332 �� | ||||
Partially-owned (consolidated) | --- | 3,271 | 3,273 | --- | --- | ||||
Partially-owned (unconsolidated) | 402 | 402 | 324 | 260 | --- | ||||
Managed | 64 | 105 | 434 | 457 | 105 | ||||
Number of centers: | |||||||||
Wholly-owned | 31 | 23 | 26 | 28 | 29 | ||||
Partially-owned (consolidated) | --- | 9 | 9 | --- | --- | ||||
Partially-owned (unconsolidated) | 1 | 1 | 1 | 1 | --- | ||||
Managed | 1 | 3 | 4 | 5 | 3 | ||||
(1) In December 2003, COROC, a joint venture in which we initially had a one-third ownership interest and have consolidated for financial reporting purposes under the provisions of FIN 46R, purchased the 3.3 million square foot Charter Oak portfolio of outlet center properties for $491.0 million, including the assumption of $186.4 million of cross-collateralized debt which has a stated, fixed interest rate of 6.59% and matures in July 2008. We recorded the debt at its fair value of $198.3 million, with an effective interest rate of 4.97%. Accordingly, a debt premium of $11.9 million was recorded and is being amortized over the life of the debt. We funded the majority of our share of the equity required for the transaction through the issuance of 4.6 million common shares on December 10, 2003, generating approximately $88.0 million in net proceeds. The results of the Charter Oak portfolio have been included in the consolidated financial statements since December 2003.
In November 2005, we purchased for $286.0 million (including acquisition costs) the remaining two-thirds interest in this joint venture. The transaction was funded with a combination of common and preferred shares and senior unsecured notes.