EXHIBIT 99.1
September 30, 2002 Selected Financial Information
Information for the three and nine months ended September 30, 2002 and 2001 are unaudited and may not be indicative of results that may be expected for future interim periods or for the full year.
Cautionary Disclosure Relating to Forward Looking Statements
Statements made in this document include forward looking statements under the federal securities laws. Statements that are not historical in nature, including the words “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions are intended to identify forward looking statements. While these statements reflect the Company’s good faith beliefs based on current expectations, estimates and projections about (among other things) the industry and the markets in which the Company operates, they are not guarantees of future performance, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements, and should not be relied upon as predictions of future events. Factors which could impact future results include (among other things) general economic conditions, local real estate conditions, oversupply of available space, financial condition of tenants, timely ability to lease or re-lease space upon favorable economic terms, agreements with anchor tenants, interest rates, availability of financing, competitive factors, and similar considerations. The Company disclaims any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise. For a discussion of risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements, see “Risk Factors” filed as Exhibit 99.1 to the Company’s Form 10-K for the year ended December 31, 2001.
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED FINANCIAL DATA
(UNAUDITED)
|
| As of |
| |||
|
| September 30, 2002 |
| September 30, 2001 |
| |
Diluted EPS: |
|
|
|
|
| |
Common shares outstanding |
| 17,778,852 |
| 14,718,130 |
| |
Operating partnership units |
| 3,020,776 |
| 3,324,962 |
| |
Convertible debentures |
| 260,381 |
| 463,429 |
| |
Diluted EPS |
| 21,060,009 |
| 18,506,521 |
| |
|
|
|
|
|
| |
Indebtedness: |
|
|
|
|
| |
Fixed rate debt |
| $ | 185,716,894 |
| 172,843,982 |
|
Variable rate debt |
| 56,378,540 |
| 59,359,037 |
| |
Total indebtedness |
| $ | 242,095,434 |
| 232,203,019 |
|
|
|
|
|
|
| |
Total Indebtedness %: |
|
|
|
|
| |
% Fixed rate debt |
| 76.7 | % | 74.4 | % | |
% Variable rate debt |
| 23.3 | % | 25.6 | % | |
|
|
|
|
|
| |
Portfolio Weighted Average Interest Rates: |
|
|
|
|
| |
Fixed rate debt |
| 8.0 | % | 8.1 | % | |
Variable rate debt |
| 3.3 | % | 5.1 | % | |
|
|
|
|
|
| |
Current Annual Dividend Yield (based on current annualized dividend): |
|
|
|
|
| |
Closing market price |
| $ | 16.03 |
| 14.00 |
|
Current annual dividend |
| 1.18 |
| 1.13 |
| |
Dividend yield |
| 7.4 | % | 8.1 | % | |
2
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
INDEBTEDNESS MATURITY AS OF SEPTEMBER 30, 2002
Mortgages: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Maturity Year |
| Weighted Avg. Int. Rate |
| Balance @ 09/30/02 |
|
|
| |
2003 |
| 9.79% |
| $ | 18,761,219 |
|
|
|
2006 |
| 7.98% |
| 20,205,507 |
|
|
| |
2007 |
| 8.61% |
| 5,419,307 |
|
|
| |
2008 |
| 6.84% |
| 5,621,333 |
|
|
| |
2009 |
| 7.49% |
| 19,297,994 |
|
|
| |
2010 |
| 7.97% |
| 37,392,189 |
| (1 | ) | |
2011 |
| 7.05% |
| 14,647,832 |
|
|
| |
2012 |
| 7.54% |
| 34,947,843 |
|
|
| |
2020 |
| 9.75% |
| 18,032,776 |
| (1 | ) | |
Total mortgages |
|
|
| $ | 174,325,999 |
|
|
|
|
|
|
|
|
|
|
| |
Other Fixed Rate Debt: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
2003 |
| 7.63% |
| $ | 2,734,000 |
|
|
|
2004 |
| 7.00% |
| 8,656,895 |
|
|
| |
Total other fixed rate debt |
|
|
| $ | 11,390,895 |
|
|
|
|
|
|
|
|
|
|
| |
Variable Rate Debt: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
2003 |
| Variable |
| $ | 46,000,000 |
|
|
|
2004 |
| Variable |
| 10,378,540 |
|
|
| |
Total variable rate debt |
|
|
| $ | 56,378,540 |
|
|
|
|
|
|
|
|
|
|
| |
Total Indebtedness |
|
|
| $ | 242,095,434 |
|
|
|
(1) Includes FMV adjustment aggregating $3,077,939.
3
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED OPERATING INFORMATION
(UNAUDITED)
|
| Three months ended September 30, |
| Nine months ended September 30, |
| |||||
|
| 2002 |
| 2001 |
| 2002 |
| 2001 |
| |
Diluted funds from operations |
| $ | 9,238,060 |
| 7,772,713 |
| 25,200,990 |
| 21,621,404 |
|
FFO per share (1) |
| 0.44 |
| 0.42 |
| 1.24 |
| 1.18 |
| |
|
|
|
|
|
|
|
|
|
| |
Diluted adjusted funds from operations |
| $ | 8,801,978 |
| 7,772,713 |
| 24,764,908 |
| 21,621,404 |
|
AFFO per share (1) |
| 0.42 |
| 0.42 |
| 1.22 |
| 1.18 |
| |
|
|
|
|
|
|
|
|
|
| |
Dividends per share |
| $ | 0.2950 |
| 0.2825 |
| 0.8850 |
| 0.8475 |
|
Dividend/FFO payout ratio |
| 66.8 | % | 66.7 | % | 71.2 | % | 71.8 | % | |
Dividend/AFFO payout ratio |
| 70.2 | % | 66.7 | % | 72.5 | % | 71.8 | % | |
|
|
|
|
|
|
|
|
|
| |
Weighted average number of shares outstanding — EPS: |
|
|
|
|
|
|
|
|
| |
Basic |
| 17,565,284 |
| 14,450,624 |
| 16,840,220 |
| 14,114,120 |
| |
Diluted |
| 20,934,111 |
| 18,353,637 |
| 20,280,915 |
| 18,318,264 |
| |
|
|
|
|
|
|
|
|
|
| |
Unvested restricted shares |
| 208,309 |
| 250,196 |
| 208,309 |
| 250,196 |
| |
|
|
|
|
|
|
|
|
|
| |
Leverage Ratio: |
|
|
|
|
|
|
|
|
| |
EBITDA |
| $ | 12,210,931 |
| 11,092,979 |
| 34,808,711 |
| 31,742,740 |
|
Interest expense |
| 4,001,597 |
| 4,302,837 |
| 12,320,321 |
| 13,021,552 |
| |
Interest coverage ratio |
| 3.05 |
| 2.58 |
| 2.83 |
| 2.44 |
| |
|
|
|
|
|
|
|
|
|
| |
Reconciliation of FFO Diluted: |
|
|
|
|
|
|
|
|
| |
Earnings before extraordinary loss |
| $ | 5,454,411 |
| 3,741,576 |
| 13,844,008 |
| 10,297,700 |
|
Depreciation and amortization of property and improvements |
| 2,754,923 |
| 3,048,566 |
| 8,644,382 |
| 8,423,488 |
| |
FFO basic |
| $ | 8,209,334 |
| 6,790,142 |
| 22,488,390 |
| 18,721,188 |
|
Debenture interest and amortization |
| 54,082 |
| 98,398 |
| 195,737 |
| 441,185 |
| |
OP unit minority interest |
| 974,644 |
| 884,173 |
| 2,516,863 |
| 2,459,031 |
| |
FFO diluted |
| $ | 9,238,060 |
| 7,772,713 |
| 25,200,990 |
| 21,621,404 |
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of FFO Diluted to AFFO Diluted: |
|
|
|
|
|
|
|
|
| |
FFO basic |
| $ | 8,209,334 |
| 6,790,142 |
| 22,488,390 |
| 18,721,188 |
|
Less straight-line rents |
| (436,082 | ) | — |
| (436,082 | ) | — |
| |
AFFO basic |
| $ | 7,773,252 |
| 6,790,142 |
| 22,052,308 |
| 18,721,188 |
|
|
|
|
|
|
|
|
|
|
| |
FFO diluted |
| $ | 9,238,060 |
| 7,772,713 |
| 25,200,990 |
| 21,621,404 |
|
Less straight-line rents |
| (436,082 | ) | — |
| (436,082 | ) | — |
| |
AFFO diluted |
| $ | 8,801,978 |
| 7,772,713 |
| 24,764,908 |
| 21,621,404 |
|
(1) The Company believes that Funds from Operations (FFO) provides relevant and meaningful information about its operating performance that is necessary, along with net earnings, for an understanding of its operating results. Funds from operations is defined by the National Association of Real Estate Investment Trusts, Inc. (NAREIT) as net earnings (computed in accordance with accounting principles generally accepted in the United States of America), excluding cumulative effects of changes in accounting principles, extraordinary items and gains or losses on sales of properties, plus depreciation and amortization, and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. FFO does not represent cash flows from operations as defined by accounting principles generally accepted in the United States of America (GAAP). In addition, the Company reports Adjusted Funds from Operations (“AFFO”) wherein the Company deducts the positive non-cash impact of recognizing rents due from tenants under leases on a straight-line basis from reported FFO. FFO and AFFO are not indicative that cash flows are adequate to fund all cash needs and should not be considered as alternatives to cash flows as a measure of liquidity. The Company’s FFO may not be comparable to the FFO of other REIT’s because they may not use the current NAREIT definition or they may interpret the definition differently.
4
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION RELATED TO
ACQUISITIONS and DEVELOPMENT/REDEVELOPMENT PROJECTS
AS OF SEPTEMBER 30, 2002
(UNAUDITED)
Acquisitions Since October 1, 2001:
Property |
| Location |
| Acquisition Cost |
| Date Acquired |
| Total Square Footage |
|
|
| |
Pottstown Plaza Shopping Center |
| Pottstown, PA |
| $ | 10,700,000 |
| 10/03/02 |
| 162,256 |
|
|
|
Greenbrier Shopping Center |
| Harford County, MD |
| 21,900,000 | (1) | 08/13/02 |
| 115,398 |
| (1 | ) | |
|
|
|
| $ | 32,600,000 |
|
|
| 277,654 |
|
|
|
(1) Excludes additional $3.6 million for land, on and offsite improvements which are allocated to an approximate 50,000 square foot expansion scheduled for a 2003 construction start.
Development Projects Completed Since February 2001:
Property |
| Location |
| Total Costs |
| Date Opened |
| Total Square Footage |
| |
Perry Hall Super Fresh Shopping Center |
| Baltimore County, MD |
| $ | 9,534,943 |
| April 2002 |
| 65,059 |
|
Waverly Woods Shopping Center |
| Baltimore County, MD |
| 11,103,624 |
| March 2001 |
| 103,547 |
| |
Security Square Shopping Center |
| Baltimore County, MD |
| 11,722,380 |
| February 2001 |
| 77,287 |
| |
|
|
|
| $ | 32,360,947 |
|
|
| 245,893 |
|
Expansion/Redevelopment Projects In Progress
Property |
| Location |
| Total Costs as of 9/30/02 |
| Estimated Costs to Complete |
| Projected Opening Date |
| Completion % |
| ||
Lutherville Station Shopping Center |
| Baltimore County, MD |
| $ | 156,773 |
| $ | 1,376,334 |
| 2003 |
| 75 | % |
Shrewsbury Shopping Center |
| Shrewsbury, PA |
| 3,601,555 |
| 3,666,586 |
| Summer 2003 |
| 0 | % | ||
Smoketown Plaza Shopping Center |
| Dale City, VA |
| 8,059,057 |
| 278,475 |
| Spring 2003 |
| 0 | % | ||
Miscellaneous Projects |
|
|
| 1,032,486 |
| — |
|
|
|
|
| ||
|
|
|
| $ | 12,849,871 |
| $ | 5,321,395 |
|
|
|
|
|
5
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
LEASE EXPIRATIONS
AS OF SEPTEMBER 30, 2002
(UNAUDITED)
Lease Year Expiration |
| Number of Expiring Leases |
| Approximate Expiring GLA |
| Expiring Leases Annualized Minimum Rent |
| Average Minimum Rent Per Square Foot |
| ||
2002 |
| 30 |
| 59,946 |
| $ | 864,323 |
| $ | 14.42 |
|
2003 |
| 108 |
| 299,054 |
| 3,920,713 |
| 13.11 |
| ||
2004 |
| 124 |
| 388,559 |
| 5,726,131 |
| 14.74 |
| ||
2005 |
| 110 |
| 515,927 |
| 5,098,225 |
| 9.88 |
| ||
2006 |
| 120 |
| 385,005 |
| 5,972,121 |
| 15.51 |
| ||
2007 |
| 84 |
| 406,130 |
| 4,866,766 |
| 11.98 |
| ||
2008 |
| 39 |
| 577,834 |
| 3,952,424 |
| 6.84 |
| ||
2009 |
| 19 |
| 222,420 |
| 2,485,487 |
| 11.17 |
| ||
2010 |
| 39 |
| 336,522 |
| 4,332,579 |
| 12.87 |
| ||
2011 |
| 29 |
| 281,302 |
| 2,451,781 |
| 8.72 |
| ||
2012 |
| 28 |
| 223,367 |
| 3,323,116 |
| 14.88 |
| ||
Thereafter |
| 76 |
| 1,550,484 |
| 19,804,104 |
| 12.77 |
| ||
|
| 806 |
| 5,246,550 |
| $ | 62,797,770 |
| $ | 11.97 |
|
6
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
LEASED RATES
AS OF SEPTEMBER 30, 2002
(UNAUDITED)
MARYLAND |
| Total SQ. FT. |
| LEASED SQ. FT. |
| PERCENT LEASED |
|
Arundel Plaza Shopping Center |
| 249,746 |
| 249,746 |
| 100 | % |
Clinton Property |
| 28,956 |
| 28,956 |
| 100 | % |
Club Centre at Pikesville Shopping Center |
| 44,253 |
| 33,287 |
| 75 | % |
Enchanted Forest Shopping Center |
| 139,898 |
| 137,003 |
| 98 | % |
Fullerton Plaza Shopping Center |
| 152,834 |
| 151,334 |
| 99 | % |
Glen Burnie Village Shopping Center |
| 75,185 |
| 63,775 |
| 85 | % |
Greenbrier Shopping Center |
| 115,398 |
| 112,403 |
| 97 | % |
Harford Mall and Business Center |
| 625,387 |
| 607,851 |
| 97 | % |
Ingleside Shopping Center |
| 115,410 |
| 115,410 |
| 100 | % |
Little Glen Shopping Center |
| 18,823 |
| 12,909 |
| 69 | % |
Lutherville Station — Office |
| 90,611 |
| 82,611 |
| 91 | % |
Lutherville Station — Retail |
| 183,829 |
| 123,229 |
| 67 | % |
New Town Village Shopping Center |
| 117,593 |
| 115,447 |
| 98 | % |
North East Station Shopping Center |
| 80,190 |
| 70,390 |
| 88 | % |
Orchard Square Office |
| 28,005 |
| 24,600 |
| 88 | % |
Patriots Office |
| 28,289 |
| 23,270 |
| 82 | % |
Patriots Plaza Shopping Center |
| 38,727 |
| 38,727 |
| 100 | % |
Perry Hall Square Shopping Center |
| 183,055 |
| 173,790 |
| 95 | % |
Perry Hall Super Fresh Shopping Center |
| 65,059 |
| 65,059 |
| 100 | % |
Radcliffe Shopping Center at Towson |
| 82,280 |
| 82,280 |
| 100 | % |
Rolling Road Plaza Shopping Center |
| 63,047 |
| 63,047 |
| 100 | % |
Rosedale Plaza Shopping Center |
| 90,622 |
| 89,482 |
| 99 | % |
Security Square Shopping Center |
| 77,287 |
| 77,287 |
| 100 | % |
Shawan Plaza Shopping Center |
| 94,653 |
| 92,653 |
| 98 | % |
Shoppes at Easton Shopping Center |
| 113,330 |
| 113,330 |
| 100 | % |
Southwest Mixed Use Property |
| 24,743 |
| 24,743 |
| 100 | % |
Timonium Crossing Shopping Center |
| 59,829 |
| 53,121 |
| 89 | % |
Timonium Shopping Center |
| 207,135 |
| 186,655 |
| 90 | % |
Waldorf Bowl |
| 26,128 |
| 26,128 |
| 100 | % |
Waldorf Retail |
| 4,500 |
| 4,500 |
| 100 | % |
Waverly Woods Shopping Center |
| 103,547 |
| 102,147 |
| 99 | % |
Wilkens Beltway Plaza Shopping Center |
| 79,740 |
| 79,740 |
| 100 | % |
Wilkens Office I,II,III |
| 52,770 |
| 52,027 |
| 99 | % |
York Road Plaza Shopping Center |
| 90,903 |
| 88,944 |
| 98 | % |
MARYLAND TOTALS |
| 3,551,762 |
| 3,365,881 |
| 95 | % |
|
|
|
|
|
|
|
|
DELAWARE |
|
|
|
|
|
|
|
Brandywine Commons Shopping Center |
| 165,805 |
| 165,805 |
| 100 | % |
Milford Commons Shopping Center |
| 61,100 |
| 51,900 |
| 85 | % |
DELAWARE TOTALS |
| 226,905 |
| 217,705 |
| 96 | % |
|
|
|
|
|
|
|
|
7
VIRGINIA |
| Total SQ. FT. |
| LEASED SQ. FT. |
| PERCENT LEASED |
|
Burke Town Plaza Shopping Center |
| 132,778 |
| 132,778 |
| 100 | % |
Skyline Village Shopping Center |
| 126,641 |
| 125,941 |
| 99 | % |
Smoketown Plaza Shopping Center |
| 84,428 |
| 50,428 |
| 60 | %* |
Spotsylvania Crossing Shopping Center |
| 141,857 |
| 139,832 |
| 99 | % |
Sudley Towne Plaza Shopping Center |
| 107,761 |
| 107,761 |
| 100 | % |
VIRGINIA TOTALS |
| 593,465 |
| 556,740 |
| 94 | % |
|
|
|
|
|
|
|
|
NEW YORK |
|
|
|
|
|
|
|
Colonie Plaza Shopping Center |
| 140,406 |
| 129,739 |
| 92 | % |
Columbia Plaza Shopping Center |
| 132,523 |
| 112,380 |
| 85 | % |
NEW YORK TOTALS |
| 272,929 |
| 242,119 |
| 89 | % |
|
|
|
|
|
|
|
|
PENNSYLVANIA |
|
|
|
|
|
|
|
Pottstown Plaza Shopping Center |
| 162,256 |
| 156,517 |
| 96 | % |
Saucon Valley Square Shopping Center |
| 80,695 |
| 80,695 |
| 100 | % |
Stonehedge Square Shopping Center |
| 88,010 |
| 86,010 |
| 98 | % |
Wayne Heights Shopping Center |
| 107,549 |
| 98,549 |
| 92 | % |
Wayne Avenue Plaza Shopping Center |
| 121,202 |
| 118,467 |
| 98 | % |
PENNSYLVANIA TOTALS |
| 559,712 |
| 540,238 |
| 97 | % |
|
|
|
|
|
|
|
|
MASSACHUSETTS |
|
|
|
|
|
|
|
Del Alba Shopping Center |
| 71,985 |
| 66,485 |
| 92 | % |
MASSACHUSETTS TOTALS |
| 71,985 |
| 66,485 |
| 92 | % |
|
|
|
|
|
|
|
|
MID-ATLANTIC TOTALS |
| 5,276,758 |
| 4,989,168 |
| 95 | % |
|
|
|
|
|
|
|
|
ILLINOIS |
|
|
|
|
|
|
|
Rolling Meadows |
| 37,225 |
| 37,225 |
| 100 | % |
ILLINOIS TOTALS |
| 37,225 |
| 37,225 |
| 100 | % |
|
|
|
|
|
|
|
|
SUBTOTAL OPERATING PROPERTIES |
| 5,313,983 |
| 5,026,393 |
| 95 | % |
|
|
|
|
|
|
|
|
DEVELOPMENT OPERATIONS — VIRGINIA |
|
|
|
|
|
|
|
Smoketown Plaza Shopping Center |
| 160,000 |
| 160,000 |
| 100 | % |
DEVELOPMENT OPERATIONS — VIRGINIA |
| 160,000 |
| 160,000 |
| 100 | % |
|
|
|
|
|
|
|
|
TOTAL OPERATING & DEVELOPMENT |
| 5,473,983 |
| 5,186,393 |
| 95 | % |
|
|
|
|
|
|
|
|
*Under development
8
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
TOP 10 CENTERS BY SIZE
CENTER NAME |
| GLA |
| % OF TOTAL PORTFOLIO |
|
|
Harford Mall |
| 598,487 |
| 10.8 | % |
|
Lutherville Station Shopping Center |
| 274,440 |
| 4.9 | % |
|
Arundel Plaza Shopping Center |
| 249,746 |
| 4.5 | % |
|
Smoketown Plaza Shopping Center |
| 244,428 |
| 4.4 | % | * |
Timonium Shopping Center |
| 207,135 |
| 3.7 | % |
|
Perry Hall Square Shopping Center |
| 183,055 |
| 3.3 | % |
|
Brandywine Commons Shopping Center |
| 165,805 |
| 3.0 | % |
|
Pottstown Plaza Shopping Center |
| 162,256 |
| 2.9 | % |
|
Fullerton Plaza Shopping Center |
| 152,834 |
| 2.7 | % |
|
Spotsylvania Crossing Shopping Center |
| 141,857 |
| 2.5 | % |
|
*Includes 160,000 GLA currently under redevelopment.
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
TOP 10 ASSETS BY ANNUALIZED MINIMUM RENT
CENTER NAME |
| MINIMUM RENT |
| % OF TOTAL PORTFOLIO |
| ||
Harford Mall |
| $ | 5,374,000 |
| 9.4 | % | |
Enchanted Forest Shopping Center |
| 2,457,000 |
| 4.3 | % | ||
Lutherville Station Shopping Center |
| 2,250,000 |
| 3.9 | % | ||
Brandywine Commons Shopping Center |
| 2,195,000 |
| 3.9 | % | ||
New Town Village Shopping Center |
| 2,139,000 |
| 3.8 | % | ||
Greenbrier Shopping Center |
| 2,061,000 |
| 3.6 | % | ||
Timonium Shopping Center |
| 1,955,000 |
| 3.4 | % | ||
Radcliffe Shopping Center at Towson |
| 1,803,000 |
| 3.2 | % | ||
Shawan Plaza Shopping Center |
| 1,768,000 |
| 3.1 | % | ||
Ingleside Shopping Center |
| 1,715,000 |
| 3.0 | % | ||
APPROXIMATE ANNUALIZED MINIMUM RENT TOTAL PORTFOLIO |
| $ | 57,000,000 |
|
|
| |
9
GROCERS BY OWNERSHIP
SEPTEMBER 30, 2002
CENTER |
| TENANT NAME |
| GLA |
| ANNUAL |
| |
ROYAL AHOLD UNITS: |
|
|
|
|
|
|
| |
Giant of Maryland |
|
|
|
|
|
|
| |
Arundel Plaza Shopping Center |
| Giant Food |
| 51,976 |
| $ | 74,200 |
|
New Town Village Shopping Center |
| Giant Food |
| 60,985 |
| 946,677 |
| |
Shawan Plaza Shopping Center |
| Giant Food |
| 55,330 |
| 597,486 |
| |
Shoppes at Easton Shopping Center |
| Giant Food |
| 64,885 |
| 772,131 |
| |
Wilkens Beltway Plaza Shopping Center |
| Giant Food |
| 55,108 |
| 452,887 |
| |
York Road Plaza Shopping Center |
| Giant Food |
| 56,892 |
| 655,000 |
| |
Giant of Carlisle |
|
|
|
|
|
|
| |
Pottstown Plaza Shopping Center |
| Giant Food |
| 57,200 |
| 521,586 |
| |
Wayne Heights Shopping Center |
| Martin’s |
| 31,409 |
| 122,000 |
| |
Wayne Avenue Plaza Shopping Center |
| Giant Food |
| 53,760 |
| 537,600 |
| |
Stop & Shop |
|
|
|
|
|
|
| |
Del Alba Shopping Center |
| Stop & Shop |
| 63,935 |
| 959,796 |
| |
ROYAL AHOLD UNIT TOTALS |
|
|
| 551,480 |
| $ | 5,639,364 |
|
|
|
|
|
|
|
|
| |
DELHAIZE AMERICA, INC.: |
|
|
|
|
|
|
| |
Milford Commons Shopping Center |
| Food Lion |
| 33,000 |
| $ | 264,000 |
|
North East Station Shopping Center |
| Food Lion |
| 38,372 |
| 285,000 |
| |
DELHAIZE AMERICA, INC. TOTALS |
|
|
| 71,372 |
| $ | 549,000 |
|
|
|
|
|
|
|
|
| |
ASSOCIATED WHOLESALERS, INC.: |
|
|
|
|
|
|
| |
Stonehedge Square Shopping Center |
| Nells Market |
| 42,552 |
| $ | 321,232 |
|
ASSOCIATED WHOLESALERS, INC. TOTALS |
| 42,552 |
| $ | 321,232 |
| ||
|
|
|
|
|
|
|
| |
GOLUB CORPORATION: |
|
|
|
|
|
|
| |
Colonie Plaza Shopping Center |
| Price Chopper |
| 60,000 |
| $ | 330,000 |
|
Columbia Plaza Shopping Center |
| Price Chopper |
| 65,895 |
| 629,297 |
| |
GOLUB CORPORATION TOTALS |
|
|
| 125,895 |
| $ | 959,297 |
|
|
|
|
|
|
|
|
| |
SUPERVALU, INC.: |
|
|
|
|
|
|
| |
Lutherville Station Shopping Center |
| Vacant-paying rent |
| 60,275 |
| $ | 723,300 |
|
Skyline Village Shopping Center |
| Vacant-paying rent |
| 64,485 |
| 509,432 |
| |
SUPERVALU, INC. TOTALS |
|
|
| 124,760 |
| $ | 1,232,732 |
|
|
|
|
|
|
|
|
| |
SAFEWAY STORES: |
|
|
|
|
|
|
| |
Burke Town Plaza Shopping Center |
| Safeway |
| 53,495 |
| $ | 202,207 |
|
Enchanted Forest Shopping Center |
| Safeway |
| 50,093 |
| 500,930 |
| |
Greenbrier Shopping Center |
| Safeway |
| 55,032 |
| 915,480 |
| |
Ingleside Shopping Center |
| Safeway |
| 54,200 |
| 685,630 |
| |
SAFEWAY STORES TOTALS |
|
|
| 212,820 |
| $ | 2,304,247 |
|
|
|
|
|
|
|
|
| |
WAKEFERN FOOD CORPORATION: |
|
|
|
|
|
|
| |
Brandywine Commons Shopping Center |
| Shoprite |
| 58,236 |
| $ | 789,837 |
|
WAKEFERN FOOD CORPORATION TOTALS |
| 58,236 |
| $ | 789,837 |
| ||
10
CENTER |
| TENANT NAME |
| GLA |
| ANNUAL MINIMUM RENT |
| |
GREAT ATLANTIC & PACIFIC TEA COMPANY: |
|
|
|
|
| |||
Perry Hall Super Fresh Shopping Center |
| Super Fresh |
| 56,848 |
| $ | 1,023,264 |
|
Rosedale Plaza Shopping Center |
| Super Fresh |
| 50,510 |
| 631,375 |
| |
Saucon Valley Square Shopping Center |
| Super Fresh |
| 47,827 |
| 621,751 |
| |
Security Square Shopping Center |
| Super Fresh |
| 58,187 |
| 989,179 |
| |
GREAT ATLANTIC & PACIFIC TEA COMPANY TOTALS | 156,524 |
| $ | 3,265,569 |
| |||
|
|
|
|
|
|
|
| |
WEIS MARKETS: |
|
|
|
|
|
|
| |
Waverly Woods Shopping Center |
| Weis Market |
| 53,500 |
| $ | 588,500 |
|
WEIS MARKETS TOTALS |
|
|
| 53,500 |
| $ | 588,500 |
|
GROCER TOTALS |
|
|
| 1,397,139 |
| $ | 15,649,778 |
|
Based on 5.5 million square feet of space at September 30, 2002, grocery leased space represents approximately 25.4% of leasable square footage and based on minimum rentals of $57 million for that same period, grocery leased space represents approximately 27.5% of such rental.
11