Exhibit 99.2
GLIMCHER REALTY TRUST
Supplemental Information
For the Nine Months Ended September 30, 2014 and 2013
TABLE OF CONTENTS
| Income Statement Data: | |
| Page 1 | |
| Year-to-Date Income Statements | Page 2 |
| Page 3 | |
| Page 4 | |
| Page 5 | |
| Page 6 | |
| Page 7 | |
| Page 8 | |
| Net Operating Income Growth for Comparable Properties (Including Pro-Rata Share of Unconsolidated Properties) | Page 9 |
| Balance Sheet Data: | |
| Page 10 | |
| Page 11 | |
| Page 12 | |
| Page 13 | |
| Operational Data: | |
| Page 14 | |
| Page 15 | |
| Page 16 | |
| Page 17 | |
| Page 18 | |
| Page 19 | |
| Development Activity: | |
| Page 20 | |
| Development Activity | Page 21 |
QUARTERLY INCOME STATEMENTS
(in thousands)
| Three Months Ended September 30, | |||||||||||||||||||||||
| 2014 | 2013 | ||||||||||||||||||||||
| As Reported | Discontinued Operations | Pre ASC-205 | As Reported | Discontinued Operations | Pre ASC-205 | ||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Minimum rents (see components on page 3) | $ | 60,653 | $ | 319 | $ | 60,972 | $ | 57,666 | $ | 1,146 | $ | 58,812 | |||||||||||
| Percentage rents | 3,298 | 9 | 3,307 | 3,225 | 9 | 3,234 | |||||||||||||||||
| Tenant reimbursements | 29,846 | 107 | 29,953 | 28,494 | 411 | 28,905 | |||||||||||||||||
| Outparcel sales | 813 | — | 813 | — | — | — | |||||||||||||||||
| Other (see components on page 3) | 3,724 | 13 | 3,737 | 3,720 | 64 | 3,784 | |||||||||||||||||
| Total Revenues | 98,334 | 448 | 98,782 | 93,105 | 1,630 | 94,735 | |||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Property operating expenses | (21,898 | ) | (168 | ) | (22,066 | ) | (21,107 | ) | (453 | ) | (21,560 | ) | |||||||||||
| Real estate taxes | (11,936 | ) | (69 | ) | (12,005 | ) | (10,957 | ) | (197 | ) | (11,154 | ) | |||||||||||
| Total recoverable expenses | (33,834 | ) | (237 | ) | (34,071 | ) | (32,064 | ) | (650 | ) | (32,714 | ) | |||||||||||
| Provision for doubtful accounts | (181 | ) | (5 | ) | (186 | ) | (394 | ) | (21 | ) | (415 | ) | |||||||||||
| Other operating expenses (see components on page 4) | (3,421 | ) | (44 | ) | (3,465 | ) | (4,147 | ) | (62 | ) | (4,209 | ) | |||||||||||
| Costs related to the sale of outparcels | (182 | ) | — | (182 | ) | — | — | — | |||||||||||||||
| Real estate depreciation and amortization | (31,286 | ) | — | (31,286 | ) | (28,565 | ) | (367 | ) | (28,932 | ) | ||||||||||||
| Non-real estate depreciation and amortization | (647 | ) | — | (647 | ) | (818 | ) | (8 | ) | (826 | ) | ||||||||||||
| Merger related costs | (5,588 | ) | — | (5,588 | ) | — | — | — | |||||||||||||||
| General and administrative | (6,926 | ) | (2 | ) | (6,928 | ) | (6,889 | ) | (8 | ) | (6,897 | ) | |||||||||||
| Total Expenses | (82,065 | ) | (288 | ) | (82,353 | ) | (72,877 | ) | (1,116 | ) | (73,993 | ) | |||||||||||
| Operating Income | 16,269 | 160 | 16,429 | 20,228 | 514 | 20,742 | |||||||||||||||||
| Interest expense, net | (19,596 | ) | (201 | ) | (19,797 | ) | (18,362 | ) | (624 | ) | (18,986 | ) | |||||||||||
| Loan fee amortization | (814 | ) | — | (814 | ) | (791 | ) | (5 | ) | (796 | ) | ||||||||||||
| Equity in income (loss) of unconsolidated real estate entities, net | 878 | — | 878 | (130 | ) | — | (130 | ) | |||||||||||||||
| (Loss) income from continuing operations | (3,263 | ) | (41 | ) | (3,304 | ) | 945 | (115 | ) | 830 | |||||||||||||
| Discontinued Operations: | |||||||||||||||||||||||
| Gain on debt extinguishment | 16,292 | — | 16,292 | — | — | — | |||||||||||||||||
| Gain on disposition of property | 1,284 | — | 1,284 | — | — | — | |||||||||||||||||
| Loss from operations | (41 | ) | 41 | — | (115 | ) | 115 | — | |||||||||||||||
| Net income | 14,272 | — | 14,272 | 830 | — | 830 | |||||||||||||||||
| Allocation to noncontrolling interests | (168 | ) | — | (168 | ) | 87 | — | 87 | |||||||||||||||
| Net income attributable to Glimcher Realty Trust | 14,104 | — | 14,104 | 917 | — | 917 | |||||||||||||||||
| Preferred share dividends | (5,895 | ) | — | (5,895 | ) | (5,895 | ) | — | (5,895 | ) | |||||||||||||
| Net income (loss) to common shareholders | $ | 8,209 | $ | — | $ | 8,209 | $ | (4,978 | ) | $ | — | $ | (4,978 | ) | |||||||||
Note: Pre ASC-205 column includes both continuing and discontinued operations.
1
YEAR-TO-DATE INCOME STATEMENTS
(in thousands)
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2014 | 2013 | ||||||||||||||||||||||
| As Reported | Discontinued Operations | Pre ASC-205 | As Reported | Discontinued Operations | Pre ASC-205 | ||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Minimum rents (see components on page 3) | $ | 180,752 | $ | 2,626 | $ | 183,378 | $ | 168,641 | $ | 3,460 | $ | 172,101 | |||||||||||
| Percentage rents | 7,624 | 43 | 7,667 | 7,141 | 73 | 7,214 | |||||||||||||||||
| Tenant reimbursements | 87,526 | 1,020 | 88,546 | 80,250 | 1,284 | 81,534 | |||||||||||||||||
| Outparcel sales | 2,813 | 900 | 3,713 | 4,435 | 3,320 | 7,755 | |||||||||||||||||
| Other (see components on page 3) | 10,722 | 115 | 10,837 | 13,774 | 219 | 13,993 | |||||||||||||||||
| Total Revenues | 289,437 | 4,704 | 294,141 | 274,241 | 8,356 | 282,597 | |||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Property operating expenses | (64,105 | ) | (1,179 | ) | (65,284 | ) | (58,103 | ) | (1,456 | ) | (59,559 | ) | |||||||||||
| Real estate taxes | (35,042 | ) | (461 | ) | (35,503 | ) | (32,322 | ) | (600 | ) | (32,922 | ) | |||||||||||
| Total recoverable expenses | (99,147 | ) | (1,640 | ) | (100,787 | ) | (90,425 | ) | (2,056 | ) | (92,481 | ) | |||||||||||
| Provision for doubtful accounts | (860 | ) | (56 | ) | (916 | ) | (2,139 | ) | 182 | (1,957 | ) | ||||||||||||
| Other operating expenses (see components on page 4) | (10,275 | ) | (141 | ) | (10,416 | ) | (13,333 | ) | (198 | ) | (13,531 | ) | |||||||||||
| Costs related to the sale of outparcels | (1,392 | ) | (528 | ) | (1,920 | ) | (4,089 | ) | (2,815 | ) | (6,904 | ) | |||||||||||
| Real estate depreciation and amortization | (92,334 | ) | (67 | ) | (92,401 | ) | (80,074 | ) | (1,122 | ) | (81,196 | ) | |||||||||||
| Non-real estate depreciation and amortization | (2,002 | ) | (2 | ) | (2,004 | ) | (1,915 | ) | (23 | ) | (1,938 | ) | |||||||||||
| Merger related costs | (5,588 | ) | — | (5,588 | ) | — | — | — | |||||||||||||||
| General and administrative | (22,037 | ) | (66 | ) | (22,103 | ) | (20,659 | ) | (29 | ) | (20,688 | ) | |||||||||||
| Total Expenses | (233,635 | ) | (2,500 | ) | (236,135 | ) | (212,634 | ) | (6,061 | ) | (218,695 | ) | |||||||||||
| Operating Income | 55,802 | 2,204 | 58,006 | 61,607 | 2,295 | 63,902 | |||||||||||||||||
| Gain on remeasurement of equity method investment | — | — | — | 19,227 | — | 19,227 | |||||||||||||||||
| Interest expense, net | (58,914 | ) | (1,394 | ) | (60,308 | ) | (52,551 | ) | (1,872 | ) | (54,423 | ) | |||||||||||
| Loan fee amortization | (2,473 | ) | (129 | ) | (2,602 | ) | (2,631 | ) | (24 | ) | (2,655 | ) | |||||||||||
| Equity in income of unconsolidated real estate entities, net | 1,883 | — | 1,883 | 13,181 | — | 13,181 | |||||||||||||||||
| (Loss) income from continuing operations | (3,702 | ) | 681 | (3,021 | ) | 38,833 | 399 | 39,232 | |||||||||||||||
| Discontinued Operations: | |||||||||||||||||||||||
| Gain on debt extinguishment | 16,292 | — | 16,292 | — | — | — | |||||||||||||||||
| Gain on disposition of assets | 2,613 | — | 2,613 | — | — | — | |||||||||||||||||
| Impairment loss | (2,513 | ) | — | (2,513 | ) | — | — | — | |||||||||||||||
| Income from operations | 681 | (681 | ) | — | 399 | (399 | ) | — | |||||||||||||||
| Net income | 13,371 | — | 13,371 | 39,232 | — | 39,232 | |||||||||||||||||
| Allocation to noncontrolling interests | (625 | ) | — | (625 | ) | (258 | ) | �� | (258 | ) | |||||||||||||
| Net income attributable to Glimcher Realty Trust | 12,746 | — | 12,746 | 38,974 | — | 38,974 | |||||||||||||||||
| Preferred share dividends | (17,685 | ) | — | (17,685 | ) | (18,521 | ) | — | (18,521 | ) | |||||||||||||
| Write-off related to preferred share redemptions | — | — | — | (9,426 | ) | — | (9,426 | ) | |||||||||||||||
| Net (loss) income to common shareholders | $ | (4,939 | ) | $ | — | $ | (4,939 | ) | $ | 11,027 | $ | — | $ | 11,027 | |||||||||
Note: Pre ASC-205 column includes both continuing and discontinued operations.
2
COMPONENTS OF MINIMUM RENTS AND OTHER REVENUE
(in thousands)
| Three Months Ended September 30, | |||||||||||||||||||||||
| 2014 | 2013 | ||||||||||||||||||||||
| As Reported | Discontinued Operations | Pre ASC-205 | As Reported | Discontinued Operations | Pre ASC-205 | ||||||||||||||||||
| Components of Minimum Rents: | |||||||||||||||||||||||
| Base rent | $ | 60,027 | $ | 314 | $ | 60,341 | $ | 56,417 | $ | 1,138 | $ | 57,555 | |||||||||||
| Termination income | 221 | — | 221 | 272 | — | 272 | |||||||||||||||||
| Straight-line rents | 405 | 5 | 410 | 977 | 8 | 985 | |||||||||||||||||
| Total Minimum Rents | $ | 60,653 | $ | 319 | $ | 60,972 | $ | 57,666 | $ | 1,146 | $ | 58,812 | |||||||||||
| Components of Other Revenue: | |||||||||||||||||||||||
| Fee and service income | $ | 261 | $ | — | $ | 261 | $ | 258 | $ | — | $ | 258 | |||||||||||
| Specialty leasing and sponsorship income | 2,887 | 8 | 2,895 | 2,675 | 53 | 2,728 | |||||||||||||||||
| Other | 576 | 5 | 581 | 787 | 11 | 798 | |||||||||||||||||
| Total Other Revenue | $ | 3,724 | $ | 13 | $ | 3,737 | $ | 3,720 | $ | 64 | $ | 3,784 | |||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2014 | 2013 | ||||||||||||||||||||||
| As Reported | Discontinued Operations | Pre ASC-205 | As Reported | Discontinued Operations | Pre ASC-205 | ||||||||||||||||||
| Components of Minimum Rents: | |||||||||||||||||||||||
| Base rent | $ | 177,789 | $ | 2,621 | $ | 180,410 | $ | 162,602 | $ | 3,453 | $ | 166,055 | |||||||||||
| Termination income | 1,195 | 14 | 1,209 | 2,900 | 117 | 3,017 | |||||||||||||||||
| Straight-line rents | 1,768 | (9 | ) | 1,759 | 3,139 | (110 | ) | 3,029 | |||||||||||||||
| Total Minimum Rents | $ | 180,752 | $ | 2,626 | $ | 183,378 | $ | 168,641 | $ | 3,460 | $ | 172,101 | |||||||||||
| Components of Other Revenue: | |||||||||||||||||||||||
| Fee and service income | $ | 735 | $ | — | $ | 735 | $ | 3,978 | $ | — | $ | 3,978 | |||||||||||
| Specialty leasing and sponsorship income | 8,097 | 80 | 8,177 | 7,280 | 176 | 7,456 | |||||||||||||||||
| Other | 1,890 | 35 | 1,925 | 2,516 | 43 | 2,559 | |||||||||||||||||
| Total Other Revenue | $ | 10,722 | $ | 115 | $ | 10,837 | $ | 13,774 | $ | 219 | $ | 13,993 | |||||||||||
Note: Pre ASC-205 column includes both continuing and discontinued operations.
3
COMPONENTS OF OTHER OPERATING EXPENSES
(in thousands)
| Three Months Ended September 30, | |||||||||||||||||||||||
| 2014 | 2013 | ||||||||||||||||||||||
As Reported | Discontinued Operations | Pre ASC-205 | As Reported | Discontinued Operations | Pre ASC-205 | ||||||||||||||||||
| Components of Other Operating Expenses: | |||||||||||||||||||||||
| Cost of providing services to unconsolidated real estate entities | $ | 77 | $ | — | $ | 77 | $ | 87 | $ | — | $ | 87 | |||||||||||
| Specialty leasing costs | 434 | 14 | 448 | 465 | 19 | 484 | |||||||||||||||||
| Ground lease expense | 2,098 | — | 2,098 | 2,153 | — | 2,153 | |||||||||||||||||
| Other | 812 | 30 | 842 | 1,442 | 43 | 1,485 | |||||||||||||||||
| Total Other Operating Expenses | $ | 3,421 | $ | 44 | $ | 3,465 | $ | 4,147 | $ | 62 | $ | 4,209 | |||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2014 | 2013 | ||||||||||||||||||||||
| As Reported | Discontinued Operations | Pre ASC-205 | As Reported | Discontinued Operations | Pre ASC-205 | ||||||||||||||||||
| Components of Other Operating Expenses: | |||||||||||||||||||||||
| Cost of providing services to unconsolidated real estate entities | $ | 265 | $ | — | $ | 265 | $ | 2,191 | $ | — | $ | 2,191 | |||||||||||
| Specialty leasing costs | 1,362 | 55 | 1,417 | 1,435 | 60 | 1,495 | |||||||||||||||||
| Ground lease expense | 6,184 | — | 6,184 | 6,415 | — | 6,415 | |||||||||||||||||
| Other | 2,464 | 86 | 2,550 | 3,292 | 138 | 3,430 | |||||||||||||||||
| Total Other Operating Expenses | $ | 10,275 | $ | 141 | $ | 10,416 | $ | 13,333 | $ | 198 | $ | 13,531 | |||||||||||
Note: Pre ASC-205 column includes both continuing and discontinued operations.
4
SUMMARY FINANCIAL STATEMENT INFORMATION
FOR UNCONSOLIDATED ENTITIES
(in thousands)
| For the Three Months Ended September 30, 2014 | For the Three Months Ended September 30, 2013 | ||||||||||||||
| Total | Company's Pro-Rata Share of Unconsolidated Entities Operations | Total | Company's Pro-Rata Share of Unconsolidated Entities Operations | ||||||||||||
| Statements of Operations | |||||||||||||||
| Total revenues | $ | 6,135 | $ | 3,171 | $ | 5,731 | $ | 2,973 | |||||||
| Operating expenses | (3,620 | ) | (1,869 | ) | (3,600 | ) | (1,856 | ) | |||||||
| Net operating income | 2,515 | 1,302 | 2,131 | 1,117 | |||||||||||
| Depreciation and amortization | (85 | ) | (42 | ) | (1,615 | ) | (839 | ) | |||||||
| Other expenses, net | (13 | ) | (7 | ) | (19 | ) | (10 | ) | |||||||
| Interest expense, net | (773 | ) | (401 | ) | (763 | ) | (396 | ) | |||||||
| Net income (loss) | 1,644 | 852 | (266 | ) | (128 | ) | |||||||||
| Preferred dividend | (4 | ) | (2 | ) | (4 | ) | (2 | ) | |||||||
| Net income (loss) to partnership | 1,640 | 850 | (270 | ) | (130 | ) | |||||||||
| Preferred return | 28 | — | |||||||||||||
| GPLP's share of income (loss) from investment in unconsolidated entities | $ | 878 | $ | (130 | ) | ||||||||||
| For the Nine Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2013 | ||||||||||||||
| Total | Company's Pro-Rata Share of Unconsolidated Entities Operations | Total | Company's Pro-Rata Share of Unconsolidated Entities Operations | ||||||||||||
| Statements of Operations | |||||||||||||||
| Total revenues | $ | 17,410 | $ | 8,991 | $ | 42,510 | $ | 19,324 | |||||||
| Operating expenses | (10,385 | ) | (5,362 | ) | (21,217 | ) | (9,924 | ) | |||||||
| Net operating income | 7,025 | 3,629 | 21,293 | 9,400 | |||||||||||
| Depreciation and amortization | (1,013 | ) | (519 | ) | (11,637 | ) | (4,909 | ) | |||||||
| Other expenses, net | (127 | ) | (54 | ) | (152 | ) | (66 | ) | |||||||
| Interest expense, net | (2,302 | ) | (1,195 | ) | (8,342 | ) | (3,691 | ) | |||||||
| Gain on the sale of properties (1) | — | — | 25,615 | 12,455 | |||||||||||
| Net income | 3,583 | 1,861 | 26,777 | 13,189 | |||||||||||
| Preferred dividend | (12 | ) | (6 | ) | (16 | ) | (8 | ) | |||||||
| Net income to partnership | 3,571 | 1,855 | 26,761 | 13,181 | |||||||||||
| Preferred return | 28 | — | |||||||||||||
| GPLP's share of income from investment in unconsolidated entities | $ | 1,883 | $ | 13,181 | |||||||||||
(1) Gain on the sale of properties for the nine months ended September 30, 2013 relates to the sale of both Lloyd Center and Tulsa Promenade, including $13,250 of debt extinguishment for Tulsa Promenade.
5
CALCULATION OF FUNDS FROM OPERATIONS
AND FFO PAYOUT RATIO
(in thousands, except per share data)
| 2014 | 2013 | ||||||||||||||||||||||||||||||||||
3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | YTD Sept. 30 | 3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | 3 mos Dec. 31 | YTD Dec. 31 | |||||||||||||||||||||||||||
| Funds from Operations ("FFO"): | |||||||||||||||||||||||||||||||||||
| Net (loss) income to common shareholders | $ | (7,544 | ) | $ | (5,604 | ) | $ | 8,209 | $ | (4,939 | ) | $ | (13,911 | ) | $ | 29,916 | $ | (4,978 | ) | $ | (49,018 | ) | $ | (37,991 | ) | ||||||||||
| Real estate depreciation and amortization, including joint venture impact | 31,279 | 30,236 | 31,289 | 92,804 | 28,462 | 27,780 | 29,751 | 32,008 | 118,001 | ||||||||||||||||||||||||||
| Pro-rata share of unconsolidated entity impairment loss | — | — | — | — | — | — | — | 45,064 | 45,064 | ||||||||||||||||||||||||||
| Pro-rata share of joint venture gain on the sale of assets, net | (502 | ) | — | — | (502 | ) | — | (5,565 | ) | — | — | (5,565 | ) | ||||||||||||||||||||||
| Noncontrolling interest in operating partnership | (128 | ) | (89 | ) | 133 | (84 | ) | (222 | ) | 453 | (76 | ) | (774 | ) | (619 | ) | |||||||||||||||||||
| Gain on the remeasurement of equity method investment | — | — | — | — | — | (19,227 | ) | — | — | (19,227 | ) | ||||||||||||||||||||||||
| Impairment loss / Gain on sale of assets | — | 2,188 | (1,284 | ) | 904 | — | — | — | — | — | |||||||||||||||||||||||||
| FFO | $ | 23,105 | $ | 26,731 | $ | 38,347 | $ | 88,183 | $ | 14,329 | $ | 33,357 | $ | 24,697 | $ | 27,280 | $ | 99,663 | |||||||||||||||||
| Adjusted Funds from Operations: | |||||||||||||||||||||||||||||||||||
| FFO | $ | 23,105 | $ | 26,731 | $ | 38,347 | $ | 88,183 | $ | 14,329 | $ | 33,357 | $ | 24,697 | $ | 27,280 | $ | 99,663 | |||||||||||||||||
| Add back: write-off related to preferred share redemptions | — | — | — | — | 9,266 | 160 | — | — | 9,426 | ||||||||||||||||||||||||||
| Add back: write-off of defeasance costs | — | — | — | — | — | — | — | 2,387 | 2,387 | ||||||||||||||||||||||||||
| Add back: merger related costs | — | — | 5,588 | 5,588 | — | — | — | — | — | ||||||||||||||||||||||||||
| Less: gain on debt extinguishment | — | — | (16,292 | ) | (16,292 | ) | — | — | — | — | — | ||||||||||||||||||||||||
| Less: pro-rata share of joint venture debt extinguishment | — | — | — | — | — | (6,890 | ) | — | — | (6,890 | ) | ||||||||||||||||||||||||
| Adjusted Funds from Operations | $ | 23,105 | $ | 26,731 | $ | 27,643 | $ | 77,479 | $ | 23,595 | $ | 26,627 | $ | 24,697 | $ | 29,667 | $ | 104,586 | |||||||||||||||||
| Weighted average common shares outstanding - diluted (1) | 148,012 | 148,298 | 148,683 | 148,324 | 146,301 | 147,420 | 147,894 | 147,904 | 147,384 | ||||||||||||||||||||||||||
| FFO per diluted share | $ | 0.16 | $ | 0.18 | $ | 0.26 | $ | 0.59 | $ | 0.10 | $ | 0.23 | $ | 0.17 | $ | 0.18 | $ | 0.68 | |||||||||||||||||
| Total adjustments | — | — | (0.07 | ) | (0.07 | ) | 0.06 | (0.05 | ) | — | 0.02 | 0.03 | |||||||||||||||||||||||
| Adjusted FFO per diluted share | $ | 0.16 | $ | 0.18 | $ | 0.19 | $ | 0.52 | $ | 0.16 | $ | 0.18 | $ | 0.17 | $ | 0.20 | $ | 0.71 | |||||||||||||||||
| 2014 | 2013 | ||||||||||||||||||||||||||||||||||
3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | YTD Sept. 30 | 3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | 3 mos Dec. 31 | YTD Dec. 31 | |||||||||||||||||||||||||||
| FFO Payout Ratio: | |||||||||||||||||||||||||||||||||||
| Dividend paid per common share/unit | $ | 0.1000 | $ | 0.1000 | $ | 0.1000 | $ | 0.3000 | $ | 0.1000 | $ | 0.1000 | $ | 0.1000 | $ | 0.1000 | $ | 0.4000 | |||||||||||||||||
| FFO payout ratio after adjustments | 64.1 | % | 55.5 | % | 53.8 | % | 57.4 | % | 62.0 | % | 55.4 | % | 59.9 | % | 49.9 | % | 56.4 | % | |||||||||||||||||
| 2014 | 2013 | ||||||||||||||||||||||||||||||||||
3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | YTD Sept. 30 | 3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | 3 mos Dec. 31 | YTD Dec. 31 | |||||||||||||||||||||||||||
| Supplemental disclosure of amounts included in FFO for consolidated properties: | |||||||||||||||||||||||||||||||||||
| Deferred leasing costs | $ | 1,796 | $ | 1,899 | $ | 1,638 | $ | 5,333 | $ | 1,514 | $ | 1,747 | $ | 1,533 | $ | 1,732 | $ | 6,526 | |||||||||||||||||
| Straight-line adjustment as an increase to minimum rents (continuing and discontinued operations) | $ | 460 | $ | 890 | $ | 410 | $ | 1,760 | $ | 1,177 | $ | 868 | $ | 985 | $ | 469 | $ | 3,499 | |||||||||||||||||
| Straight-line and fair market value adjustment for ground lease expense recorded as an increase to other operating expense | $ | 664 | $ | 664 | $ | 664 | $ | 1,992 | $ | 860 | $ | 860 | $ | 860 | $ | 860 | $ | 3,440 | |||||||||||||||||
| Fair value of debt amortized as a decrease to interest expense | $ | 348 | $ | 348 | $ | 348 | $ | 1,044 | $ | 348 | $ | 348 | $ | 348 | $ | 348 | $ | 1,392 | |||||||||||||||||
| Intangible and inducement amortization as a net increase to base rents (continuing and discontinued operations) | $ | 2,157 | $ | 1,206 | $ | 1,483 | $ | 4,846 | $ | 1,209 | $ | 1,373 | $ | 1,484 | $ | 1,762 | $ | 5,828 | |||||||||||||||||
| Discontinued development write-offs | $ | — | $ | 4 | $ | — | $ | 4 | $ | 122 | $ | — | $ | — | $ | — | $ | 122 | |||||||||||||||||
(1) Shares include all potential common share equivalents that may be excluded in the calculation of earnings per share.
6
UNCONSOLIDATED ENTITIES CALCULATION OF FUNDS FROM OPERATIONS
AND DISCLOSURE OF PRO-RATA SHARE OF NON-CASH AMOUNTS IN FFO
(in thousands)
| 2014 | 2013 | ||||||||||||||||||||||||||||||||||
3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | YTD Sept. 30 | 3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | 3 mos Dec. 31 | YTD Dec. 31 | |||||||||||||||||||||||||||
| Unconsolidated Entities Funds from Operations: | |||||||||||||||||||||||||||||||||||
| Net income (loss) to partnership | $ | 461 | $ | 1,470 | $ | 1,640 | $ | 3,571 | $ | 687 | $ | 26,344 | $ | (270 | ) | $ | (86,526 | ) | $ | (59,765 | ) | ||||||||||||||
| Real estate depreciation and amortization | 855 | 71 | 85 | 1,011 | 5,254 | 4,728 | 1,612 | 1,291 | 12,885 | ||||||||||||||||||||||||||
| Gain on sale of properties, net | — | — | — | — | — | (12,365 | ) | — | — | (12,365 | ) | ||||||||||||||||||||||||
| Impairment loss | — | — | — | — | — | — | — | 86,661 | 86,661 | ||||||||||||||||||||||||||
| FFO | $ | 1,316 | $ | 1,541 | $ | 1,725 | $ | 4,582 | $ | 5,941 | $ | 18,707 | $ | 1,342 | $ | 1,426 | $ | 27,416 | |||||||||||||||||
| Pro-rata share of unconsolidated entities funds from operations | $ | 692 | $ | 789 | $ | 919 | $ | 2,400 | $ | 2,602 | $ | 9,198 | $ | 707 | $ | 740 | $ | 13,247 | |||||||||||||||||
| 2014 | 2013 | ||||||||||||||||||||||||||||||||||
3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | YTD Sept. 30 | 3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | 3 mos Dec. 31 | YTD Dec. 31 | |||||||||||||||||||||||||||
| Non-cash amounts included in FFO (pro-rata share of unconsolidated entities): | |||||||||||||||||||||||||||||||||||
| Straight-line adjustment as a (decrease) increase to base rent | $ | (20 | ) | $ | (9 | ) | $ | (11 | ) | $ | (40 | ) | $ | 55 | $ | 14 | $ | 26 | $ | (57 | ) | $ | 38 | ||||||||||||
| Intangible amortization as an increase to minimum rents | $ | 49 | $ | 44 | $ | 44 | $ | 137 | $ | 122 | $ | 117 | $ | 66 | $ | 63 | $ | 368 | |||||||||||||||||
| Gain on extinguishment of debt | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,890 | $ | — | $ | — | $ | 6,890 | |||||||||||||||||
| Loan fee amortization | $ | (27 | ) | $ | (27 | ) | $ | (27 | ) | $ | (81 | ) | $ | (126 | ) | $ | (120 | ) | $ | (27 | ) | $ | (27 | ) | $ | (300 | ) | ||||||||
7
EBITDA, OPERATING RATIOS AND EARNINGS PER SHARE
(dollars and shares in thousands)
| 2014 | 2013 | |||||||||||||||||||||||||||||||||||
3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | YTD Sept. 30 | 3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | 3 mos Dec. 31 | YTD Dec. 31 | ||||||||||||||||||||||||||||
| Calculation of EBITDA: | ||||||||||||||||||||||||||||||||||||
| Net (loss) income attributable to Glimcher Realty Trust | $ | (1,649 | ) | $ | 291 | $ | 14,104 | $ | 12,746 | $ | 1,514 | $ | 36,543 | $ | 917 | $ | (43,124 | ) | $ | (4,150 | ) | |||||||||||||||
| Interest expense (continuing and discontinued operations) | 20,272 | 20,379 | 19,862 | 60,513 | 17,688 | 17,759 | 18,993 | 22,464 | 76,904 | |||||||||||||||||||||||||||
| Loan fee amortization (continuing and discontinued operations) | 910 | 878 | 814 | 2,602 | 1,057 | 802 | 796 | 873 | 3,528 | |||||||||||||||||||||||||||
| Taxes (continuing and discontinued operations) | 213 | 357 | 264 | 834 | 205 | 262 | 235 | 268 | 970 | |||||||||||||||||||||||||||
| Depreciation and amortization (continuing and discontinued operations) | 31,549 | 30,923 | 31,933 | 94,405 | 26,788 | 26,588 | 29,758 | 32,009 | 115,143 | |||||||||||||||||||||||||||
| EBITDA | 51,295 | 52,828 | 66,977 | 171,100 | 47,252 | 81,954 | 50,699 | 12,490 | 192,395 | |||||||||||||||||||||||||||
| Allocation to noncontrolling interests | (128 | ) | (89 | ) | 133 | (84 | ) | (222 | ) | 453 | (76 | ) | (774 | ) | (619 | ) | ||||||||||||||||||||
| Adjustment for consolidated joint venture | (551 | ) | (64 | ) | (57 | ) | (672 | ) | (87 | ) | (35 | ) | (33 | ) | (21 | ) | (176 | ) | ||||||||||||||||||
| EBITDA adjustments related to pro-rata share of unconsolidated entities, net | 888 | 436 | 424 | 1,748 | 4,058 | (9,086 | ) | 1,247 | 46,192 | 42,411 | ||||||||||||||||||||||||||
| Impairment loss | — | 2,513 | — | 2,513 | — | — | — | — | — | |||||||||||||||||||||||||||
| Gain on remeasurement of equity method investments | — | — | — | — | — | (19,227 | ) | — | — | (19,227 | ) | |||||||||||||||||||||||||
| Merger related costs | — | — | 5,588 | 5,588 | — | — | — | — | — | |||||||||||||||||||||||||||
| Gain on disposition of assets and debt extinguishment, net | — | (325 | ) | (17,576 | ) | (17,901 | ) | — | — | — | — | — | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 51,504 | $ | 55,299 | $ | 55,489 | $ | 162,292 | $ | 51,001 | $ | 54,059 | $ | 51,837 | $ | 57,887 | $ | 214,784 | ||||||||||||||||||
| Operating Ratios: | ||||||||||||||||||||||||||||||||||||
| General and administrative / Total revenues | 8.3 | % | 7.5 | % | 7.0 | % | 7.6 | % | 7.9 | % | 7.3 | % | 7.4 | % | 7.4 | % | 7.4 | % | ||||||||||||||||||
| Tenant reimbursements / (Real estate taxes + property operating expenses) | 88.6 | % | 88.0 | % | 88.2 | % | 88.3 | % | 89.4 | % | 88.0 | % | 88.9 | % | 88.1 | % | 88.2 | % | ||||||||||||||||||
| Earnings per Share: | ||||||||||||||||||||||||||||||||||||
| Weighted average common shares outstanding - basic | 145,080 | 145,234 | 145,505 | 145,274 | 143,408 | 144,532 | 145,043 | 145,067 | 144,519 | |||||||||||||||||||||||||||
| Weighted average common shares outstanding - diluted | 147,528 | 147,682 | 147,944 | 147,719 | 145,716 | 147,420 | 147,250 | 147,313 | 146,765 | |||||||||||||||||||||||||||
| (Loss) earnings per share - basic | $ | (0.05 | ) | $ | (0.04 | ) | $ | 0.06 | $ | (0.03 | ) | $ | (0.10 | ) | $ | 0.21 | $ | (0.03 | ) | $ | (0.34 | ) | $ | (0.26 | ) | |||||||||||
| (Loss) earnings per share - diluted | $ | (0.05 | ) | $ | (0.04 | ) | $ | 0.06 | $ | (0.03 | ) | $ | (0.10 | ) | $ | 0.21 | $ | (0.03 | ) | $ | (0.34 | ) | $ | (0.26 | ) | |||||||||||
8
NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES
(INCLUDING PRO-RATA SHARE OF UNCONSOLIDATED PROPERTIES)
(in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2014 | 2013 | Variance | 2014 | 2013 | Variance | |||||||||||||||||||
| Operating Income (continuing operations) | $ | 16,269 | $ | 20,228 | $ | (3,959 | ) | $ | 55,802 | $ | 61,607 | $ | (5,805 | ) | ||||||||||
| Depreciation and amortization | 31,933 | 29,383 | 2,550 | 94,336 | 81,989 | 12,347 | ||||||||||||||||||
| General and administrative | 6,926 | 6,889 | 37 | 22,037 | 20,659 | 1,378 | ||||||||||||||||||
| Merger related costs | 5,588 | — | 5,588 | 5,588 | — | 5,588 | ||||||||||||||||||
| Proportionate share of unconsolidated joint venture comparable NOI | 1,069 | 897 | 172 | 2,940 | 2,649 | 291 | ||||||||||||||||||
| Non-comparable Properties (1) | (1,517 | ) | (260 | ) | (1,257 | ) | (7,285 | ) | 1,636 | (8,921 | ) | |||||||||||||
| Comparable Properties in discontinued operations (2) | — | — | — | 1,323 | 1,469 | (146 | ) | |||||||||||||||||
| Termination income and net outparcel sales income | (852 | ) | (272 | ) | (580 | ) | (2,616 | ) | (3,246 | ) | 630 | |||||||||||||
| Straight line rents | (405 | ) | (977 | ) | 572 | (1,768 | ) | (3,139 | ) | 1,371 | ||||||||||||||
| Non-cash ground lease adjustments | 664 | 860 | (196 | ) | 1,992 | 2,580 | (588 | ) | ||||||||||||||||
| Above/below market lease amortization | (1,618 | ) | (1,660 | ) | 42 | (5,267 | ) | (4,507 | ) | (760 | ) | |||||||||||||
| Fee income | (261 | ) | (258 | ) | (3 | ) | (735 | ) | (2,136 | ) | 1,401 | |||||||||||||
| Other (3) | 287 | 485 | (198 | ) | 740 | 1,106 | (366 | ) | ||||||||||||||||
| Comparable NOI | $ | 58,083 | $ | 55,315 | $ | 2,768 | $ | 167,087 | $ | 160,667 | $ | 6,420 | ||||||||||||
| Comparable NOI percentage change | 5.0 | % | 4.0 | % | ||||||||||||||||||||
(1) Amounts include Community Centers, Arbor Hills, Oklahoma City Properties, and WestShore Plaza.
(2) Amounts include Eastland Mall.
(3) Other adjustments include discontinued development costs, non-property income and expenses, and other non-recurring income or expenses.
9
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
| 2014 | 2013 | ||||||||||||||
| Mar. 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||
| Assets: | |||||||||||||||
| Land | $ | 410,710 | $ | 408,421 | $ | 409,191 | $ | 401,325 | |||||||
| Buildings, improvements and equipment | 2,699,628 | 2,713,615 | 2,747,349 | 2,729,775 | |||||||||||
| Developments in progress | 71,516 | 70,409 | 73,415 | 53,992 | |||||||||||
| 3,181,854 | 3,192,445 | 3,229,955 | 3,185,092 | ||||||||||||
| Less accumulated depreciation | 795,328 | 818,787 | 843,274 | 801,654 | |||||||||||
| Property and equipment, net | 2,386,526 | 2,373,658 | 2,386,681 | 2,383,438 | |||||||||||
| Deferred leasing costs, net | 35,662 | 35,888 | 35,480 | 35,388 | |||||||||||
| Real estate assets held-for-sale | 34,899 | 29,326 | 3,658 | 5,667 | |||||||||||
| Investment in and advances to unconsolidated real estate entities | 28,652 | 29,307 | 33,500 | 30,428 | |||||||||||
| Investment in real estate, net | 2,485,739 | 2,468,179 | 2,459,319 | 2,454,921 | |||||||||||
| Cash and cash equivalents | 17,009 | 21,289 | 18,455 | 59,614 | |||||||||||
| Non-real estate assets associated with properties held-for-sale | 1,888 | 1,491 | — | 51 | |||||||||||
| Restricted cash | 24,644 | 23,546 | 21,545 | 33,674 | |||||||||||
| Tenant accounts receivable, net | 31,976 | 32,870 | 33,922 | 37,062 | |||||||||||
| Deferred expenses, net | 17,482 | 16,600 | 15,719 | 17,457 | |||||||||||
| Prepaid and other assets | 58,782 | 54,119 | 54,486 | 55,230 | |||||||||||
| Total Assets | $ | 2,637,520 | $ | 2,618,094 | $ | 2,603,446 | $ | 2,658,009 | |||||||
| Liabilities, Redeemable Noncontrolling Interests, and Equity: | |||||||||||||||
| Mortgage notes payable | $ | 1,802,719 | $ | 1,799,086 | $ | 1,702,425 | $ | 1,846,573 | |||||||
| Mortgage notes payable associated with properties held-for-sale | 39,975 | 39,812 | — | 1,330 | |||||||||||
| Notes payable | 23,000 | 26,000 | 133,000 | — | |||||||||||
| Other liabilities associated with assets held-for-sale | 1,013 | 695 | 8 | 89 | |||||||||||
| Accounts payable and accrued expenses | 117,764 | 118,108 | 134,689 | 136,670 | |||||||||||
| Distributions payable | 20,083 | 20,109 | 20,188 | 20,081 | |||||||||||
| Total Liabilities | 2,004,554 | 2,003,810 | 1,990,310 | 2,004,743 | |||||||||||
| Redeemable noncontrolling interests | 2,321 | 2,403 | 5,678 | 1,886 | |||||||||||
| Equity: | |||||||||||||||
| Series G cumulative preferred shares | 109,868 | 109,868 | 109,868 | 109,868 | |||||||||||
| Series H cumulative preferred shares | 96,466 | 96,466 | 96,466 | 96,466 | |||||||||||
| Series I cumulative preferred shares | 91,591 | 91,591 | 91,591 | 91,591 | |||||||||||
| Common shares of beneficial interest | 1,451 | 1,454 | 1,457 | 1,451 | |||||||||||
| Additional paid-in capital | 1,290,612 | 1,292,403 | 1,294,359 | 1,289,097 | |||||||||||
| Distributions in excess of accumulated earnings | (971,495 | ) | (991,635 | ) | (997,997 | ) | (949,442 | ) | |||||||
| Accumulated other comprehensive loss | (1,008 | ) | (920 | ) | (802 | ) | (1,022 | ) | |||||||
| Total Glimcher Realty Trust Shareholders' Equity | 617,485 | 599,227 | 594,942 | 638,009 | |||||||||||
| Noncontrolling interests | 13,160 | 12,654 | 12,516 | 13,371 | |||||||||||
| Total equity | 630,645 | 611,881 | 607,458 | 651,380 | |||||||||||
| Total Liabilities, Redeemable Noncontrolling Interests, and Equity | $ | 2,637,520 | $ | 2,618,094 | $ | 2,603,446 | $ | 2,658,009 | |||||||
10
MARKET CAPITALIZATION AND DEBT COVENANT REQUIREMENTS
(dollars and shares in thousands, except per share price)
| 2014 | 2013 | |||||||||||||||||||||||||||
3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | 3 mos Mar. 31 | 3 mos June 30 | 3 mos Sept. 30 | 3 mos Dec. 31 | ||||||||||||||||||||||
| Share price (end of period) | $ | 10.03 | $ | 10.83 | $ | 13.54 | $ | 11.60 | $ | 10.92 | $ | 9.75 | $ | 9.36 | ||||||||||||||
| Market Capitalization Ratio: | ||||||||||||||||||||||||||||
| Common shares outstanding | 145,088 | 145,355 | 145,709 | 144,143 | 144,934 | 145,058 | 145,075 | |||||||||||||||||||||
| Operating partnership units outstanding | 2,448 | 2,448 | 2,437 | 2,308 | 2,210 | 2,206 | 2,448 | |||||||||||||||||||||
| Total common shares and units outstanding at end of period | 147,536 | 147,803 | 148,146 | 146,451 | 147,144 | 147,264 | 147,523 | |||||||||||||||||||||
| Valuation - Common shares and operating partnership units outstanding | $ | 1,479,786 | $ | 1,600,706 | $ | 2,005,897 | $ | 1,698,832 | $ | 1,606,812 | $ | 1,435,824 | $ | 1,380,815 | ||||||||||||||
| Preferred shares | 297,925 | 297,925 | 297,925 | 382,962 | 297,948 | 297,934 | 297,925 | |||||||||||||||||||||
| Total consolidated debt (end of period) | 1,865,694 | 1,864,898 | 1,835,425 | 1,564,730 | 1,725,438 | 1,749,496 | 1,847,903 | |||||||||||||||||||||
| Total market capitalization | $ | 3,643,405 | $ | 3,763,529 | $ | 4,139,247 | $ | 3,646,524 | $ | 3,630,198 | $ | 3,483,254 | $ | 3,526,643 | ||||||||||||||
| Debt / Market capitalization | 51.2 | % | 49.6 | % | 44.3 | % | 42.9 | % | 47.5 | % | 50.2 | % | 52.4 | % | ||||||||||||||
| Debt / Market capitalization including pro-rata share of unconsolidated entities | 51.6 | % | 50.0 | % | 44.8 | % | 45.0 | % | 48.0 | % | 50.7 | % | 52.8 | % | ||||||||||||||
| 2014 | ||||||
| Credit Facility Debt Covenant Requirements: | Facility Requirements | Sept. 30 | ||||
| Maximum Corporate Debt to Total Asset Value | 60.0 | % | 50.1 | % | ||
| Minimum Interest Coverage Ratio | 1.75 x | 2.62 x | ||||
| Minimum Fixed Charge Coverage Ratio | 1.50 x | 1.84 x | ||||
| Maximum Recourse Debt | 10.0 | % | 4.0 | % | ||
11
CONSOLIDATED DEBT SCHEDULE
(dollars in thousands)
| Mortgage Notes Payable: | |||||||||||||||||||||||
| Sept. 30, | Dec. 31, | Interest Rates | |||||||||||||||||||||
| Fixed Rate: | 2014 | 2013 | 2014 | 2013 | Interest Terms | Payment Terms | Balloon Pmt. at Maturity | Initial/Final Maturity | |||||||||||||||
| The Outlet Collection | Seattle | $ | 50,487 | $ | 51,611 | 7.54 | % | 7.54 | % | (i) | (a) | $ | 49,969 | (e) | ||||||||||
| Merritt Square Mall | 53,766 | 54,359 | 5.35 | % | 5.35 | % | (a) | $ | 52,914 | September 1, 2015 | |||||||||||||
| Scottsdale Quarter Fee Interest | 65,792 | 66,663 | 4.91 | % | 4.91 | % | (a) | $ | 64,577 | October 1, 2015 | |||||||||||||
| Pearlridge Center | 172,788 | 174,774 | 4.60 | % | 4.60 | % | (a) | $ | 169,551 | November 1, 2015 | |||||||||||||
| River Valley Mall | 46,003 | 46,608 | 5.65 | % | 5.65 | % | (a) | $ | 44,931 | January 11, 2016 | |||||||||||||
| Weberstown Mall | 60,000 | 60,000 | 5.90 | % | 5.90 | % | (b) | $ | 60,000 | June 8, 2016 | |||||||||||||
| The Mall at Johnson City | 52,439 | 52,940 | 6.76 | % | 6.76 | % | (a) | $ | 47,768 | May 6, 2020 | |||||||||||||
| Grand Central Mall | 42,677 | 43,141 | 6.05 | % | 6.05 | % | (a) | $ | 38,307 | July 6, 2020 | |||||||||||||
| The Outlet Collection | Jersey Gardens | 350,000 | 350,000 | 3.83 | % | 3.83 | % | (b) | $ | 350,000 | November 1, 2020 | |||||||||||||
| Ashland Town Center | 40,072 | 40,577 | 4.90 | % | 4.90 | % | (a) | $ | 34,569 | July 6, 2021 | |||||||||||||
| Dayton Mall | 82,000 | 82,000 | 4.57 | % | 4.57 | % | (d) | $ | 75,241 | September 1, 2022 | |||||||||||||
| Polaris Fashion Place | 225,000 | 225,000 | 3.90 | % | 3.90 | % | (f) | $ | 203,576 | March 1, 2025 | |||||||||||||
| Arbor Hills | 25,500 | 25,500 | 4.27 | % | 4.27 | % | (o) | $ | 20,949 | (k) | |||||||||||||
| Town Center Plaza | 73,945 | 74,873 | 5.00 | % | 5.00 | % | (a) | $ | 52,465 | (j) | |||||||||||||
| Town Center Crossing | 36,804 | 37,305 | 4.25 | % | 4.25 | % | (a) | $ | 25,820 | (j) | |||||||||||||
| University Park Village | 55,000 | 55,000 | 3.85 | % | 3.85 | % | (g) | $ | 45,977 | May 1, 2028 | |||||||||||||
| Tax Exempt Bonds | 19,000 | 19,000 | 6.00 | % | 6.00 | % | (c) | $ | 19,000 | November 1, 2028 | |||||||||||||
| 1,451,273 | 1,459,351 | ||||||||||||||||||||||
| Variable Rate: | |||||||||||||||||||||||
| Scottsdale Quarter | 130,000 | 130,000 | 3.27 | % | 3.27 | % | (h) | (b) | $ | 130,000 | (l) | ||||||||||||
| WestShore Plaza | 119,600 | 119,600 | 3.65 | % | 3.65 | % | (m) | (b) | $ | 119,600 | (n) | ||||||||||||
| 249,600 | 249,600 | ||||||||||||||||||||||
| Other: | |||||||||||||||||||||||
| Fair Value Adjustment - Merritt Square Mall | (240 | ) | (437 | ) | |||||||||||||||||||
| Fair Value Adjustment - Pearlridge Center | 1,792 | 3,033 | |||||||||||||||||||||
| Extinguished Debt | — | 135,026 | (p) | ||||||||||||||||||||
| Total Mortgage Notes Payable | $ | 1,702,425 | $ | 1,846,573 | |||||||||||||||||||
| Mortgage Notes Payable Associated with Property Held-for-Sale: | |||||||||||||||||||||||
| Extinguished Debt | $ | — | $ | 1,330 | — | 5.50 | % | ||||||||||||||||
| (a) | The loan requires monthly payments of principal and interest. |
| (b) | The loan requires monthly payments of interest only. |
| (c) | The bonds require semi-annual payments of interest only. |
| (d) | The loan requires monthly payments of interest only until October 2017. Thereafter, monthly payments of principal and interest are required. |
| (e) | The loan matures in September 2029, with an optional prepayment (without penalty) date on February 11, 2015. |
| (f) | The loan requires monthly payments of interest only until April 2020. Thereafter, monthly payments of principal and interest are required. |
| (g) | The loan requires monthly payments of interest only until May 2020. Thereafter, monthly payments of principal and interest are required. |
| (h) | $105,000 was fixed through a swap agreement at a rate of 3.14% at September 30, 2014 and December 31, 2013, and the remaining $25,000 incurs interest at an average rate of LIBOR plus 3.65%. |
| (i) | Interest rate escalates after optional prepayment date. |
| (j) | The loans for Town Center Plaza and Town Center Crossing are cross-collateralized and have a call date of February 1, 2027. |
| (k) | The loan has a call date of January 1, 2026. |
| (l) | The loan matures May 22, 2015, however, a portion of the loan ($107,000) may be extended for one year subject to certain loan extension fees and conditions. |
| (m) | Debt consists of two notes with average interest rate equal to the greater of 3.65% or LIBOR plus 3.15%. The rate has been capped at 7.15%. |
| (n) | The loans mature October 1, 2015, however, the loans may be extended for two years subject to certain loan extension fees and conditions. |
| (o) | The loan requires primarily monthly payments of interest only until February 2017. Thereafter, monthly payments of principal and interest are required. |
| (p) | Interest rates ranging from 5.45% to 5.87% at December 31, 2013. |
12
TOTAL DEBT MATURITIES SCHEDULE (CONSOLIDATED AND PRO-RATA SHARE OF UNCONSOLIDATED DEBT)
(dollars in thousands)
| Principal Payments - Assumes Exercise of Extension Options | ||||||||||||||||||||||||||||||||||
| Description | Initial Maturity | Extension Option (d) | Interest Rate | Balance 9/30/2014 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019+ | ||||||||||||||||||||||||
| Consolidated Properties | ||||||||||||||||||||||||||||||||||
| The Outlet Collection | Seattle | 02/2015 | 7.54% | $ | 50,487 | $ | 393 | $ | 50,094 | ||||||||||||||||||||||||||
| Scottsdale Quarter (a) | 05/2015 | (b) | 3.27% | 130,000 | — | 130,000 | ||||||||||||||||||||||||||||
| Merritt Square Mall | 09/2015 | 5.35% | 53,766 | 229 | 53,537 | |||||||||||||||||||||||||||||
| Scottsdale Quarter Fee Interest | 10/2015 | 4.91% | 65,792 | 300 | 65,492 | |||||||||||||||||||||||||||||
| WestShore Plaza (e) | 10/2015 | 10/2017 | 3.65% | 119,600 | — | — | $ | — | $ | 119,600 | ||||||||||||||||||||||||
| Pearlridge Center | 11/2015 | 4.60% | 172,788 | 685 | 172,103 | |||||||||||||||||||||||||||||
| River Valley Mall | 01/2016 | 5.65% | 46,003 | 210 | 863 | 44,930 | ||||||||||||||||||||||||||||
| Weberstown Mall | 06/2016 | 5.90% | 60,000 | — | — | 60,000 | ||||||||||||||||||||||||||||
| The Mall at Johnson City | 05/2020 | 6.76% | 52,439 | 176 | 725 | 767 | 831 | $ | 890 | $ | 49,050 | |||||||||||||||||||||||
| Grand Central Mall | 07/2020 | 6.05% | 42,677 | 162 | 666 | 700 | 752 | 799 | 39,598 | |||||||||||||||||||||||||
| The Outlet Collection | Jersey Gardens | 11/2020 | 3.83% | 350,000 | — | — | — | — | — | 350,000 | |||||||||||||||||||||||||
| Ashland Town Center | 07/2021 | 4.90% | 40,072 | 174 | 714 | 744 | 788 | 828 | 36,824 | |||||||||||||||||||||||||
| Dayton Mall | 09/2022 | 4.57% | 82,000 | — | — | — | 311 | 1,268 | 80,421 | |||||||||||||||||||||||||
| Polaris Fashion Place | 03/2025 | 3.90% | 225,000 | — | — | — | — | — | 225,000 | |||||||||||||||||||||||||
| Arbor Hills | 01/2026 | 4.27% | 25,500 | — | 1 | 1 | 393 | 445 | 24,660 | |||||||||||||||||||||||||
| Town Center Plaza | 02/2027 | 5.00% | 73,945 | 317 | 1,309 | 1,375 | 1,446 | 1,520 | 67,978 | |||||||||||||||||||||||||
| Town Center Crossing | 02/2027 | 4.25% | 36,804 | 170 | 700 | 730 | 762 | 795 | 33,647 | |||||||||||||||||||||||||
| University Park Village | 05/2028 | 3.85% | 55,000 | — | — | — | — | — | 55,000 | |||||||||||||||||||||||||
| Tax Exempt Bonds | 11/2028 | 6.00% | 19,000 | — | — | — | — | — | 19,000 | |||||||||||||||||||||||||
| Fair Value Adjustment Amortization - Merritt Square Mall | (240 | ) | (65 | ) | (175 | ) | ||||||||||||||||||||||||||||
| Fair Value Adjustment Amortization - Pearlridge Center | 1,792 | 414 | 1,378 | |||||||||||||||||||||||||||||||
| Subtotal (c) | 1,702,425 | 3,165 | 477,407 | 109,247 | 124,883 | 6,545 | 981,178 | |||||||||||||||||||||||||||
| Credit Facility | 02/2018 | 02/2019 | 1.91% | 133,000 | — | — | — | — | — | 133,000 | ||||||||||||||||||||||||
| Total Consolidated Maturities | $ | 1,835,425 | $ | 3,165 | $ | 477,407 | $ | 109,247 | $ | 124,883 | $ | 6,545 | $ | 1,114,178 | ||||||||||||||||||||
| Unconsolidated Properties | ||||||||||||||||||||||||||||||||||
| Puente Hills Mall (f) | 07/2017 | 4.50% | $ | 60,000 | $ | — | $ | — | $ | — | $ | 60,000 | ||||||||||||||||||||||
| Pro-Rata Share of Unconsolidated Maturities | $ | 31,200 | $ | — | $ | — | $ | — | $ | 31,200 | $ | — | $ | — | ||||||||||||||||||||
| Total Consolidated Maturities and Pro-rata Share of Unconsolidated Maturities | $ | 1,866,625 | $ | 3,165 | $ | 477,407 | $ | 109,247 | $ | 156,083 | $ | 6,545 | $ | 1,114,178 | ||||||||||||||||||||
| (a) | $105,000 of the loan has been fixed through an interest rate swap agreement and the remaining $25,000 incurs interest at an average rate of LIBOR plus 3.65%. |
| (b) | A portion of the loan ($107,000) may be extended for one year subject to certain loan extension fees and conditions. |
| (c) | Weighted average interest rate for the fixed rate mortgage debt was 4.59% as of September 30, 2014 with an initial weighted average maturity of 5.9 years when considering available extension options. |
| (d) | Loans may be extended to date indicated subject to certain loan extension fees and conditions. Extension availability is subject to the inherent risk of the Company's ability to satisfy such conditions. |
| (e) | Debt consists of two notes with average interest rate equal to the greater of 3.65% or LIBOR plus 3.15%. The rate has been capped at 7.15%. |
| (f) | The loan requires monthly payments of interest only. Puente Hills Mall is held-for-sale as of September 30, 2014. |
13
OCCUPANCY STATISTICS
Portfolio Occupancy Statistics
Portfolio occupancy statistics by property type are summarized below:
| Occupancy (1) | |||||||||
| 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 | |||||
| Core Malls (2) | |||||||||
| Mall Anchors | 98.8% | 97.2% | 96.1% | 96.3% | 96.1% | ||||
| Mall Non-Anchors | 92.6% | 92.5% | 92.3% | 94.7% | 93.3% | ||||
| Total Occupancy | 96.3% | 95.3% | 94.5% | 95.6% | 95.0% | ||||
| Occupancy Cost (3) | 10.3% | 10.0% | 10.4% | 10.4% | 10.3% | ||||
| (1) | Occupied space is defined as any space where a tenant is occupying the space or paying rent at the date indicated, excluding all tenants with leases having an initial term of less than one year. |
| (2) | Includes the Company's core properties held at the end of each reporting period, including material joint venture properties. |
| (3) | Percent of tenant's total occupancy cost (rent and reimbursement of CAM, tax and insurance) to tenant sales for stores of 10,000 sf or less. |
14
LEASING RESULTS AND RE-LEASING SPREADS
Permanent Leasing Activity (includes joint venture properties)
The following table summarizes the new and renewal lease activity by type for the nine months ended September 30, 2014:
| GLA Analysis | Average Annualized Base Rents | ||||||||||||||||||||
| Property Type | New Leases | Renewal Leases | Total | New Leases | Renewal Leases | Total | |||||||||||||||
| Mall Anchors | 75,187 | — | 75,187 | $ | 8.50 | $ | — | $ | 8.50 | ||||||||||||
| Mall Non-Anchors | 335,357 | 530,853 | 866,210 | $ | 30.21 | $ | 36.63 | $ | 33.97 | ||||||||||||
The following table summarizes the new and renewal lease activity and the comparative prior rents for the three and nine months ended September 30, 2014, for only those leases where the space was occupied in the previous 24 months:
| GLA Analysis | Average Annualized Base Rents | |||||||||||||||||||||||||||||||||||
| Property Type | New Leases | Renewal Leases | Total | New Leases | Prior Tenants | Renewal Leases | Prior Rent | Total New/Renewal | Total Prior Tenants/Rent | Percent Change in Base Rent | ||||||||||||||||||||||||||
| Three months ended September 30, 2014 | ||||||||||||||||||||||||||||||||||||
| Mall Anchors | — | — | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | |||||||||||||||||||
| Mall Non-Anchors | 41,294 | 118,955 | 160,249 | $ | 34.28 | $ | 27.44 | $ | 30.93 | $ | 26.61 | $ | 31.79 | $ | 26.83 | 19 | % | |||||||||||||||||||
| Nine months ended September 30, 2014 | ||||||||||||||||||||||||||||||||||||
| Mall Anchors | — | — | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | |||||||||||||||||||
| Mall Non-Anchors | 122,406 | 402,726 | 525,132 | $ | 33.25 | $ | 27.54 | $ | 38.28 | $ | 32.39 | $ | 37.11 | $ | 31.26 | 19 | % | |||||||||||||||||||
15
MALL PORTFOLIO STATISTICS BY ASSET CATEGORY
as of September 30, 2014
| TIER 1 | Property | Location | MSA Ranking | Total GLA (3) | Avg. Mall Store Sales PSF (1) Sept. 2014 | Avg. Mall Store Sales PSF (1) Sept. 2013 | Total Mall Occupancy 9/30/14 | Total Mall Occupancy 9/30/13 | % of Mall Portfolio NOI (2) | |||||||||||||||||
| (Malls with highly productive tenant sales) | Arbor Hills Crossing (JV) | Ann Arbor, MI | >100 | 87,395 | ||||||||||||||||||||||
| Ashland Town Center | Ashland, KY | >100 | 434,310 | |||||||||||||||||||||||
| Dayton Mall | Dayton, OH | 71 | 1,424,520 | |||||||||||||||||||||||
| Grand Central Mall | Parkersburg, WV | >100 | 848,400 | |||||||||||||||||||||||
| Malibu Lumber Yard | Malibu, CA | 2 | 31,471 | |||||||||||||||||||||||
| Mall at Fairfield Commons | Dayton, OH | 71 | 1,138,898 | |||||||||||||||||||||||
| Mall at Johnson City | Johnson City, TN | >100 | 571,069 | |||||||||||||||||||||||
| Merritt Square Mall | Merritt Island, FL | 98 | 810,714 | |||||||||||||||||||||||
| Morgantown Mall | Morgantown, WV | >100 | 555,222 | |||||||||||||||||||||||
| Northtown Mall | Minneapolis, MN | 16 | 543,405 | |||||||||||||||||||||||
| Outlet Collection | Jersey Gardens | Elizabeth, NJ | 1 | 1,309,009 | |||||||||||||||||||||||
| Oklahoma City Properties (JV) | Oklahoma City, OK | 42 | 287,573 | |||||||||||||||||||||||
| Pearlridge Center | Honolulu, HI | 54 | 1,140,428 | |||||||||||||||||||||||
| Polaris Fashion Place | Columbus, OH | 32 | 1,437,868 | |||||||||||||||||||||||
| River Valley Mall | Lancaster, OH | >100 | 521,796 | |||||||||||||||||||||||
| Scottsdale Quarter | Scottsdale, AZ | 13 | 541,637 | |||||||||||||||||||||||
| Town Center Plaza (4) | Leawood, KS | 30 | 605,599 | |||||||||||||||||||||||
| University Park Village | Fort Worth, TX | 4 | 154,026 | |||||||||||||||||||||||
| Weberstown Mall | Stockton, CA | 76 | 838,705 | |||||||||||||||||||||||
| WestShore Plaza | Tampa, FL | 18 | 1,076,526 | |||||||||||||||||||||||
| 14,358,571 | $ | 513 | $ | 502 | 96.9 | % | 95.4 | % | 92 | % | ||||||||||||||||
| TIER 2 | Property | Location | MSA Ranking | Total GLA (3) | Avg. Mall Store Sales PSF (1) Sept. 2014 | Avg. Mall Store Sales PSF (1) Sept. 2013 | Total Mall Occupancy 9/30/14 | Total Mall Occupancy 9/30/13 | % of Mall Portfolio NOI (2) | |||||||||||||||||
| (Malls with moderately productive tenant sales) | Colonial Park Mall | Harrisburg, PA | 96 | 739,044 | ||||||||||||||||||||||
| Indian Mound Mall | Heath, OH | >100 | 556,814 | |||||||||||||||||||||||
| New Towne Mall | New Philadelphia, OH | >100 | 509,704 | |||||||||||||||||||||||
| Outlet Collection | Seattle | Seattle, WA | 15 | 921,898 | |||||||||||||||||||||||
| Puente Hills Mall (JV) | City of Industry, CA | 2 | 1,107,941 | |||||||||||||||||||||||
| 3,835,401 | $ | 272 | $ | 260 | 94.2 | % | 93.3 | % | 8 | % | ||||||||||||||||
| TOTAL MALL ASSETS | 18,193,972 | $ | 472 | $ | 465 | 96.3 | % | 95.0 | % | |||||||||||||||||
| (1) | Sales for in-line stores with less than 10,000 square feet. |
| (2) | Based on net operating income for the twelve months ended September 30, 2014 (pro-rata share for JV Malls). |
| (3) | Included in the total GLA is 3,744,378 sf which is owned by the tenants. |
| (4) | Included in the square footage amount is the square footage for both Town Center Plaza and Town Center Crossing. |
16
SUMMARY OF SIGNIFICANT TENANTS
As of September 30, 2014
Tenants Representing > 1.0% of Total Portfolio Annualized Minimum Rent
| Tenant Name | Tenant DBA's in Portfolio | Number of Stores | GLA of Stores | Annualized Minimum Rent | % of Total Annualized Minimum Rent | ||||||||||
| Signet Jewelers, Ltd. | Goodman Jewelers, J.B. Robinson, Jared's, Kay Jewelers, Leroy's Jewelers, Marks & Morgan, Ostermans' Jewelry, Piercing Pagoda, Zales Jewelers | 52 | 79,867 | $ | 6,302,515 | 2.7 | % | ||||||||
| Limited Brands, Inc. | Bath & Body Works/White Barn Candle, Victoria's Secret, Victoria's Secret Sport | 48 | 212,508 | 6,256,157 | 2.6 | % | |||||||||
| Gap, Inc. | Athleta, Banana Republic, Banana Republic Outlet, Gap, Gap Kids, Gap Outlet, Intermix, Old Navy | 27 | 297,149 | 6,087,744 | 2.6 | % | |||||||||
| Bain Capital, LLC | Burlington Coat Factory, Cohoes Fashion, Crazy 8, Guitar Center, Gymboree, Janie & Jack | 24 | 441,778 | 4,960,020 | 2.1 | % | |||||||||
| AMC Entertainment, Inc. | 2 | 148,344 | 4,269,000 | 1.8 | % | ||||||||||
| Dick's Sporting Goods, Inc. | 7 | 382,244 | 4,163,322 | 1.8 | % | ||||||||||
| Foot Locker, Inc. | Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker | 32 | 133,266 | 3,717,387 | 1.6 | % | |||||||||
| Sears Holding Corp. (1) | K-Mart, Sears | 16 | 2,150,914 | 3,696,801 | 1.6 | % | |||||||||
| Genesco, Inc. | Buckeye Corner, Buckeye Room, Cardboard Heroes, Hat World, Johnston & Murphy, Journeys, Journeys Kidz, Lids, Lids Locker Room, Shi, Underground Station | 49 | 97,246 | 3,463,435 | 1.5 | % | |||||||||
| Williams-Sonoma, Inc. | Pottery Barn, Pottery Barn Kids, West Elm, Williams-Sonoma | 12 | 106,831 | 3,329,585 | 1.4 | % | |||||||||
| JCPenney Company, Inc. (1) | 13 | 1,548,939 | 3,185,532 | 1.3 | % | ||||||||||
| American Eagle Outfitters, Inc. | aerie, American Eagle | 16 | 100,381 | 3,063,190 | 1.3 | % | |||||||||
| Forever 21, Inc. | 8 | 185,998 | 3,045,253 | 1.3 | % | ||||||||||
| The Bon-Ton Stores, Inc. | Bon-Ton, Elder Beerman, Elder Beerman for Her, Herbergers | 11 | 1,133,574 | 2,689,545 | 1.1 | % | |||||||||
| Luxottica Group | Apex, Lenscrafters, Oakley, Pearle Vision, Shaded, Sunglass Hut | 33 | 74,793 | 2,627,083 | 1.1 | % | |||||||||
| Golden Gate Capital | California Pizza Kitchen, Eddie Bauer, Express, Express Men, J. Jill, Red Lobster | 20 | 114,112 | 2,495,714 | 1.0 | % | |||||||||
| Ascena Retail Group, Inc. | Dress Barn, Justice, Lane Bryant, Maurices, Brothers | 33 | 167,764 | 2,487,205 | 1.0 | % | |||||||||
| Total tenants representing > 1.0% | 403 | 7,375,708 | $ | 65,839,488 | 27.8 | % | |||||||||
Note: Information includes wholly-owned and joint venture properties.
(1) Does not include the associated auto centers.
17
TOP 10 REGIONAL MALL TENANTS
As of September 30, 2014
Mall Stores (ranked by percent of total minimum mall rents)
| Tenant Name | Number of Stores | GLA of Stores | Annualized Minimum Rents | % of Total Annualized Minimum Mall Rents | ||||||||
| Signet Jewelers, Ltd. | 52 | 79,867 | $ | 6,302,515 | 2.7 | % | ||||||
| Limited Brands, Inc. | 48 | 212,508 | $ | 6,256,157 | 2.6 | % | ||||||
| Gap, Inc. | 24 | 234,840 | $ | 4,862,338 | 2.1 | % | ||||||
| Foot Locker, Inc. | 32 | 133,266 | $ | 3,717,387 | 1.6 | % | ||||||
| Genesco, Inc. | 49 | 97,246 | $ | 3,463,435 | 1.5 | % | ||||||
| Williams-Sonoma, Inc. | 12 | 106,831 | $ | 3,329,585 | 1.4 | % | ||||||
| American Eagle Outfitters, Inc. | 16 | 100,381 | $ | 3,063,190 | 1.3 | % | ||||||
| Luxottica Group | 33 | 74,793 | $ | 2,627,083 | 1.1 | % | ||||||
| Golden Gate Capital | 19 | 114,112 | $ | 2,495,714 | 1.1 | % | ||||||
| Ascena Retail Group, Inc. | 33 | 167,764 | $ | 2,487,205 | 1.1 | % | ||||||
Mall Anchors (ranked by total GLA)
| Tenant Name | Number of Stores | GLA of Stores | Annualized Minimum Rents | % of Total Mall GLA | ||||||||
| Sears Holding Corp. | 15 | 2,016,247 | $ | 2,552,131 | 11.1 | % | ||||||
| JCPenney Company, Inc. | 13 | 1,548,939 | $ | 3,185,532 | 8.5 | % | ||||||
| Macy's, Inc. | 8 | 1,370,536 | $ | 403,967 | 7.5 | % | ||||||
| The Bon-Ton Stores, Inc. | 10 | 1,126,171 | $ | 2,685,141 | 6.2 | % | ||||||
| Belk, Inc. | 6 | 416,131 | $ | 1,876,852 | 2.3 | % | ||||||
| Bain Capital, LLC | 5 | 390,950 | $ | 3,643,330 | 2.1 | % | ||||||
| Dick's Sporting Goods, Inc. | 6 | 379,000 | $ | 4,163,322 | 2.1 | % | ||||||
| Dillard's | 2 | 292,997 | $ | — | 1.6 | % | ||||||
| Boscov's Department Store, LLC | 1 | 182,609 | $ | — | 1.0 | % | ||||||
| Wal-Mart Stores, Inc. | 1 | 154,154 | $ | 800,004 | 0.8 | % | ||||||
Note: Information includes wholly-owned and joint venture properties.
18
LEASE EXPIRATION SCHEDULE
As of September 30, 2014
Total Portfolio
| Lease Expiration Year | Number of Leases | Anchor Square Feet of GLA Expiring | Non-Anchor Square Feet of GLA Expiring | Total Square Feet of GLA Expiring | Percent of Occupied GLA Represented by Expiring Leases | Anchor Annualized Base Rents Expiring | Non-Anchor Annualized Base Rents Expiring | Total Annualized Base Rents Expiring | Anchor Annualized Base Rents/ Square Foot Expiring (1) | Non-Anchor Annualized Base Rents/ Square Foot Expiring (1) | Percent of Annualized Base Rents Represented by Expiring Leases | |||||||||||||||||||||||||||
| 2014 | 165 | 173,119 | 345,035 | 518,154 | 2.9 | % | $ | 744,636 | $ | 7,112,317 | $ | 7,856,953 | $ | 4.30 | $ | 22.66 | 3.3 | % | ||||||||||||||||||||
| 2015 | 460 | 348,278 | 1,175,148 | 1,523,426 | 8.6 | % | 2,000,835 | 22,510,051 | 24,510,886 | $ | 5.74 | $ | 21.61 | 10.3 | % | |||||||||||||||||||||||
| 2016 | 365 | 930,911 | 901,307 | 1,832,218 | 10.3 | % | 6,037,616 | 22,683,515 | 28,721,131 | $ | 7.06 | $ | 27.79 | 12.1 | % | |||||||||||||||||||||||
| 2017 | 291 | 997,851 | 783,441 | 1,781,292 | 10.0 | % | 5,391,912 | 19,962,631 | 25,354,543 | $ | 5.78 | $ | 28.40 | 10.7 | % | |||||||||||||||||||||||
| 2018 | 214 | 718,322 | 703,760 | 1,422,082 | 8.0 | % | 4,370,342 | 19,945,996 | 24,316,338 | $ | 6.08 | $ | 29.86 | 10.2 | % | |||||||||||||||||||||||
| Thereafter | 823 | 7,629,854 | 3,039,838 | 10,669,692 | 60.2 | % | 37,810,418 | 89,160,876 | 126,971,294 | $ | 9.31 | $ | 31.91 | 53.4 | % | |||||||||||||||||||||||
| 2,318 | 10,798,335 | 6,948,529 | 17,746,864 | 100.0 | % | $ | 56,355,759 | $ | 181,375,386 | $ | 237,731,145 | $ | 7.95 | $ | 28.62 | 100.0 | % | |||||||||||||||||||||
(1) The base rents per square foot calculation excludes outlot and ground leases that do not pay rents or pay nominal amounts for rents.
Note: Information includes wholly-owned and joint venture properties.
19
CAPITAL EXPENDITURES
(dollars in thousands)
| Three months ended September 30, 2014 | Three months ended September 30, 2013 | |||||||||||||||||||||||
Consolidated Properties 2014 | Unconsolidated Joint Venture Proportionate Share | Total | Consolidated Properties 2013 | Unconsolidated Joint Venture Proportionate Share | Total | |||||||||||||||||||
| Total Redevelopments, Renovations, and Anchor Store Improvements and Allowances | $ | 17,300 | $ | — | $ | 17,300 | $ | 19,235 | $ | 179 | $ | 19,414 | ||||||||||||
| Property Capital Expenditures: | ||||||||||||||||||||||||
| Non-Anchor stores tenant improvements and allowances | $ | 4,172 | $ | 158 | $ | 4,330 | $ | 2,823 | $ | 8 | $ | 2,831 | ||||||||||||
| Operational capital expenditures | 2,872 | 80 | 2,952 | 1,887 | 131 | 2,018 | ||||||||||||||||||
| Total Property Capital Expenditures | $ | 7,044 | $ | 238 | $ | 7,282 | $ | 4,710 | $ | 139 | $ | 4,849 | ||||||||||||
| Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | |||||||||||||||||||||||
| Consolidated Properties 2014 | Unconsolidated Joint Venture Proportionate Share | Total | Consolidated Properties 2013 | Unconsolidated Joint Venture Proportionate Share | Total | |||||||||||||||||||
| Total Redevelopments, Renovations, and Anchor Store Improvements and Allowances | $ | 39,979 | $ | — | $ | 39,979 | $ | 47,953 | $ | 1,862 | $ | 49,815 | ||||||||||||
| Property Capital Expenditures: | ||||||||||||||||||||||||
| Non-Anchor stores tenant improvements and allowances | $ | 11,425 | $ | 173 | $ | 11,598 | $ | 9,773 | $ | 1,152 | $ | 10,925 | ||||||||||||
| Operational capital expenditures | 6,753 | 80 | 6,833 | 3,861 | 159 | 4,020 | ||||||||||||||||||
| Total Property Capital Expenditures | $ | 18,178 | $ | 253 | $ | 18,431 | $ | 13,634 | $ | 1,311 | $ | 14,945 | ||||||||||||
20
DEVELOPMENT ACTIVITY
(dollars in thousands)
| Project | Description | Estimated Total Project Costs (1) | Project Costs Incurred thru 9/30/2014 (1) | Opening Date | Estimated Project Yield | |||||||
| PROPERTY DEVELOPMENT AND ANCHOR RE-TENANTING: | ||||||||||||
Scottsdale Quarter - Phase III Scottsdale, Arizona | Multi-use addition to existing center | $130,000 - $140,000 | $ | 29,300 | 2015/2016 | 7% - 8% | ||||||
Three new H&M stores Dayton, Ohio and Stockton, California | New stores at Dayton Mall, Mall at Fairfield Commons, and Weberstown Mall | $8,000 | $ | 4,700 | Q4-2014 | 8% - 9% | ||||||
Mall at Fairfield Commons Anchor Redevelopment Dayton, Ohio | Demolish former department store and replace with a cluster of restaurants | $18,000 | $ | 24 | 2015 | 7% - 8% | ||||||
(1) Project costs exclude the allocation of internal costs such as labor, interest, and taxes.
Note: Anticipated opening date, estimated project costs and project yield are subject to adjustment as a result of changes (some of which are not under the direct control of the company) that are inherent in the development process.
21