Exhibit 99.2
Supplemental Information |
For the three and nine months ended September 30, 2011 and 2010 |
GLIMCHER REALTY TRUST | ||||
Supplemental Information | ||||
For the Three and Nine Months Ended September 30, 2011 and 2010 | ||||
TABLE OF CONTENTS |
Income Statement Data: | ||
Quarterly Income Statements | Page 1 | |
Year-to-Date Income Statements | Page 2 | |
Components of Minimum Rents and Other Revenue | Page 3 | |
Components of Other Operating Expenses | Page 4 | |
Summary Financial Statement Information for Unconsolidated Entities | Page 5 | |
Calculation of Funds from Operations and FFO Payout Ratio | Page 6 | |
Unconsolidated Entities Calculation of FFO and Disclosure of Pro-Rata Share of Non-Cash Amounts in FFO | Page 7 | |
EBITDA, Operating Ratios and Earnings Per Share | Page 8 | |
Balance Sheet Data: | ||
Consolidated Balance Sheets | Page 9 | |
Market Capitalization and Debt Covenant Requirements | Page 10 | |
Consolidated Debt Schedule | Page 11 | |
Total Debt Maturities Schedule (Wholly-owned and Pro-Rata Share of Joint Venture Debt) | Page 12 | |
Joint Venture Debt Maturity Schedule | Page 13 | |
Operational Data: | ||
Occupancy Statistics | Page 14 | |
Leasing Results and Re-leasing Spreads | Page 15 | |
Mall Portfolio Statistics by Asset Category | Page 16 | |
Summary of Significant Tenants | Page 17 | |
Top 10 Regional Mall Tenants | Page 18 | |
Lease Expiration Schedule | Page 19 | |
Development Activity: | ||
Capital Expenditures | Page 20 | |
Scottsdale Quarter Update | Page 21 |
QUARTERLY INCOME STATEMENTS |
(in thousands) |
Three Months Ended September 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
As | Discontinued | Pre | As | Discontinued | Pre | |||||||||||||||||||
Reported | Operations | FAS 144 | Reported | Operations | FAS 144 | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Minimum rents (see components on page 3) | $ | 39,849 | $ | 1,540 | $ | 41,389 | $ | 37,420 | $ | 1,480 | $ | 38,900 | ||||||||||||
Percentage rents | 1,650 | - | 1,650 | 1,391 | - | 1,391 | ||||||||||||||||||
Tenant reimbursements | 19,284 | 431 | 19,715 | 18,935 | 396 | 19,331 | ||||||||||||||||||
Outparcel sale | 1,050 | - | 1,050 | - | - | - | ||||||||||||||||||
Other (see components on page 3) | 5,105 | - | 5,105 | 5,178 | 12 | 5,190 | ||||||||||||||||||
Total Revenues | 66,938 | 1,971 | 68,909 | 62,924 | 1,888 | 64,812 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Property operating expenses | (14,819 | ) | (211 | ) | (15,030 | ) | (13,762 | ) | (209 | ) | (13,971 | ) | ||||||||||||
Real estate taxes | (8,232 | ) | (225 | ) | (8,457 | ) | (7,681 | ) | (226 | ) | (7,907 | ) | ||||||||||||
Total recoverable expenses | (23,051 | ) | (436 | ) | (23,487 | ) | (21,443 | ) | (435 | ) | (21,878 | ) | ||||||||||||
Provision for doubtful accounts | (341 | ) | 87 | (254 | ) | (911 | ) | (25 | ) | (936 | ) | |||||||||||||
Other operating expenses (see components on page 4) | (2,630 | ) | (34 | ) | (2,664 | ) | (3,431 | ) | (2 | ) | (3,433 | ) | ||||||||||||
Costs related to the sale of an outparcel | (499 | ) | - | (499 | ) | - | - | - | ||||||||||||||||
Real estate depreciation and amortization | (17,649 | ) | (263 | ) | (17,912 | ) | (15,273 | ) | (347 | ) | (15,620 | ) | ||||||||||||
Non-real estate depreciation and amortization | (543 | ) | - | (543 | ) | (552 | ) | - | (552 | ) | ||||||||||||||
General and administrative | (5,398 | ) | (16 | ) | (5,414 | ) | (4,640 | ) | (8 | ) | (4,648 | ) | ||||||||||||
Total Expenses | (50,111 | ) | (662 | ) | (50,773 | ) | (46,250 | ) | (817 | ) | (47,067 | ) | ||||||||||||
Operating Income | 16,827 | 1,309 | 18,136 | 16,674 | 1,071 | 17,745 | ||||||||||||||||||
Interest income | 355 | - | 355 | 301 | 1 | 302 | ||||||||||||||||||
Interest expense | (15,804 | ) | (784 | ) | (16,588 | ) | (16,074 | ) | (786 | ) | (16,860 | ) | ||||||||||||
Loan fee amortization | (1,141 | ) | (21 | ) | (1,162 | ) | (1,609 | ) | (27 | ) | (1,636 | ) | ||||||||||||
Equity in income (loss) of unconsolidated real estate entities, net | 618 | - | 618 | (70 | ) | - | (70 | ) | ||||||||||||||||
Income (loss) from continuing operations | 855 | 504 | 1,359 | (778 | ) | 259 | (519 | ) | ||||||||||||||||
Discontinued Operations: | ||||||||||||||||||||||||
Income from operations | 504 | (504 | ) | - | 259 | (259 | ) | - | ||||||||||||||||
Net income (loss) | 1,359 | - | 1,359 | (519 | ) | - | (519 | ) | ||||||||||||||||
Allocation to noncontrolling interest | 122 | - | 122 | 2,053 | - | 2,053 | ||||||||||||||||||
Net income attributable to Glimcher Realty Trust | 1,481 | - | 1,481 | 1,534 | - | 1,534 | ||||||||||||||||||
Preferred stock dividends | (6,137 | ) | - | (6,137 | ) | (6,137 | ) | - | (6,137 | ) | ||||||||||||||
Net loss to common shareholders | $ | (4,656 | ) | $ | - | $ | (4,656 | ) | $ | (4,603 | ) | $ | - | $ | (4,603 | ) |
Note: Pre FAS 144 column includes both continuing and discontinued operations. |
Page 1
YEAR-TO-DATE INCOME STATEMENTS |
(in thousands) |
Nine Months Ended September 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
As | Discontinued | Pre | As | Discontinued | Pre | |||||||||||||||||||
Reported | Operations | FAS 144 | Reported | Operations | FAS 144 | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Minimum rents (see components on page 3) | $ | 118,712 | $ | 4,621 | $ | 123,333 | $ | 120,967 | $ | 4,233 | $ | 125,200 | ||||||||||||
Percentage rents | 4,000 | - | 4,000 | 3,052 | - | 3,052 | ||||||||||||||||||
Tenant reimbursements | 57,064 | 1,172 | 58,236 | 60,175 | 1,101 | 61,276 | ||||||||||||||||||
Outparcel sale | 1,050 | - | 1,050 | - | - | - | ||||||||||||||||||
Other (see components on page 3) | 15,045 | 3 | 15,048 | 14,890 | 88 | 14,978 | ||||||||||||||||||
Total Revenues | 195,871 | 5,796 | 201,667 | 199,084 | 5,422 | 204,506 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Property operating expenses | (43,062 | ) | (566 | ) | (43,628 | ) | (43,129 | ) | (656 | ) | (43,785 | ) | ||||||||||||
Real estate taxes | (23,866 | ) | (678 | ) | (24,544 | ) | (24,096 | ) | (682 | ) | (24,778 | ) | ||||||||||||
Total recoverable expenses | (66,928 | ) | (1,244 | ) | (68,172 | ) | (67,225 | ) | (1,338 | ) | (68,563 | ) | ||||||||||||
Provision for doubtful accounts | (1,990 | ) | (99 | ) | (2,089 | ) | (3,443 | ) | (48 | ) | (3,491 | ) | ||||||||||||
Other operating expenses (see components on page 4) | (7,860 | ) | (132 | ) | (7,992 | ) | (9,975 | ) | (79 | ) | (10,054 | ) | ||||||||||||
Costs related to the sale of an outparcel | (499 | ) | - | (499 | ) | - | - | - | ||||||||||||||||
Real estate depreciation and amortization | (49,757 | ) | (1,044 | ) | (50,801 | ) | (50,120 | ) | (1,038 | ) | (51,158 | ) | ||||||||||||
Non-real estate depreciation and amortization | (1,609 | ) | - | (1,609 | ) | (1,574 | ) | - | (1,574 | ) | ||||||||||||||
General and administrative | (15,460 | ) | (68 | ) | (15,528 | ) | (14,261 | ) | (51 | ) | (14,312 | ) | ||||||||||||
Impairment loss | (8,995 | ) | - | (8,995 | ) | - | - | - | ||||||||||||||||
Total Expenses | (153,098 | ) | (2,587 | ) | (155,685 | ) | (146,598 | ) | (2,554 | ) | (149,152 | ) | ||||||||||||
Operating Income | 42,773 | 3,209 | 45,982 | 52,486 | 2,868 | 55,354 | ||||||||||||||||||
Interest income | 1,051 | 2 | 1,053 | 869 | 2 | 871 | ||||||||||||||||||
Interest expense | (48,520 | ) | (2,333 | ) | (50,853 | ) | (52,857 | ) | (2,204 | ) | (55,061 | ) | ||||||||||||
Loan fee amortization | (4,621 | ) | (63 | ) | (4,684 | ) | (4,559 | ) | (51 | ) | (4,610 | ) | ||||||||||||
Equity in loss of unconsolidated real estate entities, net | (7,018 | ) | - | (7,018 | ) | (438 | ) | - | (438 | ) | ||||||||||||||
Loss from continuing operations | (16,335 | ) | 815 | (15,520 | ) | (4,499 | ) | 615 | (3,884 | ) | ||||||||||||||
Discontinued Operations: | ||||||||||||||||||||||||
Loss on disposition of property | - | - | - | (215 | ) | - | (215 | ) | ||||||||||||||||
Income from operations | 815 | (815 | ) | - | 615 | (615 | ) | - | ||||||||||||||||
Net loss | (15,520 | ) | - | (15,520 | ) | (4,099 | ) | - | (4,099 | ) | ||||||||||||||
Allocation to noncontrolling interests | 922 | - | 922 | 5,038 | - | 5,038 | ||||||||||||||||||
Net (loss) income attributable to Glimcher Realty Trust | (14,598 | ) | - | (14,598 | ) | 939 | - | 939 | ||||||||||||||||
Preferred stock dividends | (18,411 | ) | - | (18,411 | ) | (16,099 | ) | - | (16,099 | ) | ||||||||||||||
Net loss to common shareholders | $ | (33,009 | ) | $ | - | $ | (33,009 | ) | $ | (15,160 | ) | $ | - | $ | (15,160 | ) |
Note: Pre FAS 144 column includes both continuing and discontinued operations. |
Page 2
Components of Minimum Rents and Other Revenue |
(in thousands) |
Three Months Ended September 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
As | Discontinued | Pre | As | Discontinued | Pre | |||||||||||||||||||
Reported | Operations | FAS 144 | Reported | Operations | FAS 144 | |||||||||||||||||||
Components of Minimum Rents: | ||||||||||||||||||||||||
Base rent | $ | 38,611 | $ | 1,558 | $ | 40,169 | $ | 36,851 | $ | 1,503 | $ | 38,354 | ||||||||||||
Termination income | 257 | - | 257 | 148 | - | 148 | ||||||||||||||||||
Straight-line rents | 981 | (18 | ) | 963 | 421 | (23 | ) | 398 | ||||||||||||||||
Total Minimum Rents | $ | 39,849 | $ | 1,540 | $ | 41,389 | $ | 37,420 | $ | 1,480 | $ | 38,900 | ||||||||||||
Components of Other Revenue: | ||||||||||||||||||||||||
Fee and service income | $ | 2,184 | $ | - | $ | 2,184 | $ | 1,847 | $ | - | $ | 1,847 | ||||||||||||
Specialty leasing and sponsorship income | 2,275 | - | 2,275 | 2,417 | 12 | 2,429 | ||||||||||||||||||
Other | 646 | - | 646 | 914 | - | 914 | ||||||||||||||||||
Total Other Revenue | $ | 5,105 | $ | - | $ | 5,105 | $ | 5,178 | $ | 12 | $ | 5,190 |
Nine Months Ended September 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
As | Discontinued | Pre | As | Discontinued | Pre | |||||||||||||||||||
Reported | Operations | FAS 144 | Reported | Operations | FAS 144 | |||||||||||||||||||
Components of Minimum Rents: | ||||||||||||||||||||||||
Base rent | $ | 115,318 | $ | 4,637 | $ | 119,955 | $ | 119,549 | $ | 4,315 | $ | 123,864 | ||||||||||||
Termination income | 881 | - | 881 | 740 | - | 740 | ||||||||||||||||||
Straight-line rents | 2,513 | (16 | ) | 2,497 | 678 | (82 | ) | 596 | ||||||||||||||||
Total Minimum Rents | $ | 118,712 | $ | 4,621 | $ | 123,333 | $ | 120,967 | $ | 4,233 | $ | 125,200 | ||||||||||||
Components of Other Revenue: | ||||||||||||||||||||||||
Fee and service income | $ | 6,256 | $ | - | $ | 6,256 | $ | 4,174 | $ | - | $ | 4,174 | ||||||||||||
Specialty leasing and sponsorship income | 6,323 | 3 | 6,326 | 6,702 | 24 | 6,726 | ||||||||||||||||||
Other (1) | 2,466 | - | 2,466 | 4,014 | 64 | 4,078 | ||||||||||||||||||
Total Other Revenue | $ | 15,045 | $ | 3 | $ | 15,048 | $ | 14,890 | $ | 88 | $ | 14,978 |
Note: Pre FAS 144 column includes both continuing and discontinued operations. | |||||||
(1) Included in the nine months ended September 30, 2010 is a $547 gain on the sale of a 60% interest in both Lloyd Center and WestShore Plaza. This gain is | |||||||
excluded in the computation of FFO. |
Page 3
Components of Other Operating Expenses |
(in thousands) |
Three Months Ended September 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
As | Discontinued | Pre | As | Discontinued | Pre | |||||||||||||||||||
Components of Other Operating Expenses | Reported | Operations | FAS 144 | Reported | Operations | FAS 144 | ||||||||||||||||||
Cost of providing services to unconsolidated real estate entities | $ | 1,070 | $ | - | $ | 1,070 | $ | 944 | $ | - | $ | 944 | ||||||||||||
Discontinued development write-offs | 27 | - | 27 | - | - | - | ||||||||||||||||||
Specialty leasing costs | 491 | - | 491 | 438 | - | 438 | ||||||||||||||||||
Scottsdale ground lease | - | - | - | 772 | - | 772 | ||||||||||||||||||
Other | 1,042 | 34 | 1,076 | 1,277 | 2 | 1,279 | ||||||||||||||||||
Total Other Operating Expenses | $ | 2,630 | $ | 34 | $ | 2,664 | $ | 3,431 | $ | 2 | $ | 3,433 |
Nine Months Ended September 30, | ||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
As | Discontinued | Pre | As | Discontinued | Pre | |||||||||||||||||||
Components of Other Operating Expenses | Reported | Operations | FAS 144 | Reported | Operations | FAS 144 | ||||||||||||||||||
Cost of providing services to unconsolidated real estate entities | $ | 3,201 | $ | - | $ | 3,201 | $ | 2,147 | $ | - | $ | 2,147 | ||||||||||||
Discontinued development write offs | 27 | - | 27 | 230 | - | 230 | ||||||||||||||||||
Specialty leasing costs | 1,478 | - | 1,478 | 1,290 | - | 1,290 | ||||||||||||||||||
Scottsdale ground lease | - | - | - | 2,551 | - | 2,551 | ||||||||||||||||||
Other | 3,154 | 132 | 3,286 | 3,757 | 79 | 3,836 | ||||||||||||||||||
Total Other Operating Expenses | $ | 7,860 | $ | 132 | $ | 7,992 | $ | 9,975 | $ | 79 | $ | 10,054 |
Note: Pre FAS 144 column includes both continuing and discontinued operations. |
Page 4
SUMMARY FINANCIAL STATEMENT INFORMATION |
FOR UNCONSOLIDATED ENTITIES |
(in thousands) |
For the Three Months Ended September 30, 2011 | For the Three Months Ended September 30, 2010 | |||||||||||||||
Company's Pro-Rata | Company's Pro-Rata | |||||||||||||||
Share of Unconsolidated | Share of Unconsolidated | |||||||||||||||
Total | Entities Operations | Total | Entities Operations | |||||||||||||
Statements of Operations | ||||||||||||||||
Total revenues | $ | 32,334 | $ | 11,333 | $ | 19,645 | $ | 8,709 | ||||||||
Operating expenses | (15,961 | ) | (5,534 | ) | (9,445 | ) | (4,324 | ) | ||||||||
Net operating income | 16,373 | 5,799 | 10,200 | 4,385 | ||||||||||||
Depreciation and amortization | (8,853 | ) | (3,017 | ) | (5,968 | ) | (2,639 | ) | ||||||||
Other expenses, net | (54 | ) | (22 | ) | (3 | ) | (2 | ) | ||||||||
Interest expense, net | (6,058 | ) | (2,138 | ) | (4,130 | ) | (1,810 | ) | ||||||||
Net income (loss) | 1,408 | 622 | 99 | (66 | ) | |||||||||||
Preferred dividend | (8 | ) | (4 | ) | (8 | ) | (4 | ) | ||||||||
Net income available to partnership | $ | 1,400 | $ | 618 | $ | 91 | $ | (70 | ) | |||||||
GPLP's share of income (loss) from investment in unconsolidated entities | $ | 618 | $ | (70 | ) |
For the Nine Months Ended September 30, 2011 | For the Nine Months Ended September 30, 2010 | |||||||||||||||
Company's Pro-Rata | Company's Pro-Rata | |||||||||||||||
Share of Unconsolidated | Share of Unconsolidated | |||||||||||||||
Total | Entities Operations | Total | Entities Operations | |||||||||||||
Statements of Operations | ||||||||||||||||
Total revenues | $ | 94,141 | $ | 33,202 | $ | 47,261 | $ | 21,509 | ||||||||
Operating expenses | (46,055 | ) | (16,015 | ) | (23,210 | ) | (10,894 | ) | ||||||||
Net operating income | 48,086 | 17,187 | 24,051 | 10,615 | ||||||||||||
Depreciation and amortization | (28,099 | ) | (9,732 | ) | (14,025 | ) | (6,372 | ) | ||||||||
Other expenses, net | (257 | ) | (100 | ) | (5 | ) | (3 | ) | ||||||||
Interest expense, net | (18,263 | ) | (6,484 | ) | (10,316 | ) | (4,666 | ) | ||||||||
Impairment loss | (15,149 | ) | (7,877 | ) | - | - | ||||||||||
Net loss | (13,682 | ) | (7,006 | ) | (295 | ) | (426 | ) | ||||||||
Preferred dividend | (23 | ) | (12 | ) | (23 | ) | (12 | ) | ||||||||
Net loss to partnership | $ | (13,705 | ) | $ | (7,018 | ) | $ | (318 | ) | $ | (438 | ) | ||||
GPLP's share of loss from investment in unconsolidated entities | $ | (7,018 | ) | $ | (438 | ) |
Page 5
CALCULATION OF FUNDS FROM OPERATIONS | ||||||||||
and FFO PAYOUT RATIO | ||||||||||
(in thousands, except per share data) |
2011 | 2010 | |||||||||||||||||||||||||||||||||||
3 mos | 3 mos | 3 mos | YTD | 3 mos | 3 mos | 3 mos | 3 mos | YTD | ||||||||||||||||||||||||||||
Mar. 31 | June 30 | Sept. 30 | Sept. 30 | Mar. 31 | June 30 | Sept. 30 | Dec. 31 | Dec. 31 | ||||||||||||||||||||||||||||
Funds from Operations ("FFO"): | ||||||||||||||||||||||||||||||||||||
Net loss to common shareholders | $ | (5,977 | ) | $ | (22,376 | ) | $ | (4,656 | ) | $ | (33,009 | ) | $ | (3,647 | ) | $ | (6,910 | ) | $ | (4,603 | ) | $ | (1,223 | ) | $ | (16,383 | ) | |||||||||
Real estate depreciation and amortization | 16,145 | 16,744 | 17,912 | 50,801 | 19,697 | 15,841 | 15,620 | 16,390 | 67,548 | |||||||||||||||||||||||||||
Partners share of consolidated joint venture depreciation | - | - | - | - | (350 | ) | (410 | ) | (484 | ) | (93 | ) | (1,337 | ) | ||||||||||||||||||||||
Equity in (income) loss of unconsolidated entities | (265 | ) | 7,901 | (618 | ) | 7,018 | 424 | (56 | ) | 70 | (469 | ) | (31 | ) | ||||||||||||||||||||||
Pro-rata share of unconsolidated entities funds from operations | 3,484 | (4,462 | ) | 3,614 | 2,636 | 723 | 2,589 | 2,533 | 3,486 | 9,331 | ||||||||||||||||||||||||||
Noncontrolling interest in operating partnership | (182 | ) | (618 | ) | (122 | ) | (922 | ) | (160 | ) | (298 | ) | (179 | ) | (54 | ) | (691 | ) | ||||||||||||||||||
Gain on disposition of properties, net | - | - | - | - | (332 | ) | - | - | - | (332 | ) | |||||||||||||||||||||||||
FFO | $ | 13,205 | $ | (2,811 | ) | $ | 16,130 | $ | 26,524 | $ | 16,355 | $ | 10,756 | $ | 12,957 | $ | 18,037 | $ | 58,105 | |||||||||||||||||
Adjusted Funds from Operations: | ||||||||||||||||||||||||||||||||||||
FFO | $ | 13,205 | $ | (2,811 | ) | $ | 16,130 | $ | 26,524 | $ | 16,355 | $ | 10,756 | $ | 12,957 | $ | 18,037 | $ | 58,105 | |||||||||||||||||
Add back: impairment adjustments (1) | - | 16,872 | - | 16,872 | - | - | - | - | - | |||||||||||||||||||||||||||
Add back: swap termination fees | 819 | - | - | 819 | - | - | - | - | - | |||||||||||||||||||||||||||
Add back: related deferred fees and defeasance charges | 729 | 739 | - | 1,468 | - | 1,070 | - | - | 1,070 | |||||||||||||||||||||||||||
Adjusted Funds from Operations | $ | 14,753 | $ | 14,800 | $ | 16,130 | $ | 45,683 | $ | 16,355 | $ | 11,826 | $ | 12,957 | $ | 18,037 | $ | 59,175 | ||||||||||||||||||
Weighted average common shares outstanding - diluted (2) | 101,562 | 105,753 | 110,668 | 106,051 | 71,958 | 72,225 | 83,235 | 88,360 | 78,997 | |||||||||||||||||||||||||||
FFO per diluted share | $ | 0.13 | $ | (0.03 | ) | $ | 0.15 | $ | 0.25 | $ | 0.23 | $ | 0.15 | $ | 0.16 | $ | 0.20 | $ | 0.74 | |||||||||||||||||
Adjustments: write-off of deferred loan fees, defeasance charges, impairments, and swap termination fees | 0.02 | 0.17 | - | 0.18 | - | 0.01 | - | - | 0.01 | |||||||||||||||||||||||||||
Adjusted FFO per diluted share | $ | 0.15 | $ | 0.14 | $ | 0.15 | $ | 0.43 | $ | 0.23 | $ | 0.16 | $ | 0.16 | $ | 0.20 | $ | 0.75 |
2011 | 2010 | |||||||||||||||||||||||||||||||||||
3 mos | 3 mos | 3 mos | YTD | 3 mos | 3 mos | 3 mos | 3 mos | YTD | ||||||||||||||||||||||||||||
Mar. 31 | June 30 | Sept. 30 | Sept. 30 | Mar. 31 | June 30 | Sept. 30 | Dec. 31 | 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 | 68.8% | 71.5% | 68.6% | 69.6% | 44.0% | 61.1% | 64.2% | 49.0% | 53.4% |
2011 | 2010 | |||||||||||||||||||||||||||||||||||
3 mos | 3 mos | 3 mos | YTD | 3 mos | 3 mos | 3 mos | 3 mos | YTD | ||||||||||||||||||||||||||||
Mar. 31 | June 30 | Sept. 30 | Sept. 30 | Mar. 31 | June 30 | Sept. 30 | Dec. 31 | Dec. 31 | ||||||||||||||||||||||||||||
Supplemental disclosure of amounts included in FFO for consolidated properties | ||||||||||||||||||||||||||||||||||||
Deferred leasing costs | $ | 1,088 | $ | 1,247 | $ | 1,091 | $ | 3,426 | $ | 1,034 | $ | 1,274 | $ | 898 | $ | 971 | $ | 4,177 | ||||||||||||||||||
Straight-line adjustment as an increase (decrease) to FFO | $ | 734 | $ | 800 | $ | 963 | $ | 2,497 | $ | (334 | ) | $ | (106 | ) | $ | 129 | $ | 125 | $ | (186 | ) | |||||||||||||||
Fair value of debt amortized as an (increase) reduction to interest expense | $ | (65 | ) | $ | (66 | ) | $ | (65 | ) | $ | (196 | ) | $ | 113 | $ | (66 | ) | $ | (65 | ) | $ | (65 | ) | $ | (83 | ) | ||||||||||
Intangible and inducement amortization as a net (decrease) increase to base rents (continuing and discontinued operations) | $ | (53 | ) | $ | (95 | ) | $ | (387 | ) | $ | (535 | ) | $ | 135 | $ | 74 | $ | 51 | $ | (44 | ) | $ | 216 | |||||||||||||
Discontinued development write-off's | $ | - | $ | - | $ | 27 | $ | 27 | $ | 227 | $ | 3 | $ | - | $ | 11 | $ | 241 |
(1) Amount includes Company's pro-rata share of an impairment charge of $7,877 related to its investment in unconsolidated entities. | ||||||||||
(2) Shares include all potential common share equivalents that may be excluded in the calculation of earnings per share. |
Page 6
UNCONSOLIDATED ENTITIES CALCULATION OF FUNDS FROM OPERATIONS |
AND DISCLOSURE OF PRO-RATA SHARE OF NON-CASH AMOUNTS IN FFO |
(in thousands) |
2011 | 2010 | |||||||||||||||||||||||||||||||||||
3 mos | 3 mos | 3 mos | YTD | 3 mos | 3 mos | 3 mos | 3 mos | YTD | ||||||||||||||||||||||||||||
Mar. 31 | June 30 | Sept. 30 | Sept. 30 | Mar. 31 | June 30 | Sept. 30 | Dec. 31 | Dec. 31 | ||||||||||||||||||||||||||||
Unconsolidated Entities Funds from Operations: | ||||||||||||||||||||||||||||||||||||
Net income (loss) to partnership | $ | 223 | $ | (15,328 | ) | $ | 1,400 | $ | (13,705 | ) | $ | (802 | ) | $ | 393 | $ | 91 | $ | 359 | $ | 41 | |||||||||||||||
Real estate depreciation and amortization | 9,388 | 9,735 | 8,808 | 27,931 | 2,256 | 5,695 | 5,891 | 8,221 | 22,063 | |||||||||||||||||||||||||||
FFO | $ | 9,611 | $ | (5,593 | ) | $ | 10,208 | $ | 14,226 | $ | 1,454 | $ | 6,088 | $ | 5,982 | $ | 8,580 | $ | 22,104 | |||||||||||||||||
Pro-rata share of unconsolidated entities funds from operations | $ | 3,484 | $ | (4,462 | ) | $ | 3,614 | $ | 2,636 | $ | 723 | $ | 2,589 | $ | 2,533 | $ | 3,486 | $ | 9,331 | |||||||||||||||||
Adjusted Funds from Operations (pro-rata share of unconsolidated entities): | ||||||||||||||||||||||||||||||||||||
Impairment loss | $ | - | $ | 7,877 | $ | - | $ | 7,877 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Adjusted Funds from Operations | $ | 3,484 | $ | 3,415 | $ | 3,614 | $ | 10,513 | $ | 723 | $ | 2,589 | $ | 2,533 | $ | 3,486 | $ | 9,331 |
2011 | 2010 | |||||||||||||||||||||||||||||||||||
3 mos | 3 mos | 3 mos | YTD | 3 mos | 3 mos | 3 mos | 3 mos | YTD | ||||||||||||||||||||||||||||
Mar. 31 | June 30 | Sept. 30 | Sept. 30 | Mar. 31 | June 30 | Sept. 30 | Dec. 31 | Dec. 31 | ||||||||||||||||||||||||||||
Non-cash amounts included in FFO (pro-rata share of unconsolidated entities) | ||||||||||||||||||||||||||||||||||||
Straight-line adjustment as an increase (decrease) to base rent | $ | 104 | $ | (68 | ) | $ | 100 | $ | 136 | $ | 19 | $ | (67 | ) | $ | (39 | ) | $ | 35 | $ | (52 | ) | ||||||||||||||
Intangible amortization as an increase to minimum rents | $ | 340 | $ | 334 | $ | 327 | $ | 1,001 | $ | 191 | $ | 325 | $ | 233 | $ | 310 | $ | 1,059 | ||||||||||||||||||
Straight-line adjustment - ground lease expense | $ | (124 | ) | $ | (125 | ) | $ | (124 | ) | $ | (373 | ) | $ | - | $ | - | $ | - | $ | (81 | ) | $ | (81 | ) | ||||||||||||
Impairment loss | $ | - | $ | (7,877 | ) | $ | - | $ | (7,877 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Loan fee amortization | $ | (77 | ) | $ | (78 | ) | $ | (78 | ) | $ | (233 | ) | $ | (93 | ) | $ | (91 | ) | $ | (61 | ) | $ | (72 | ) | $ | (317 | ) |
Page 7
EBITDA, OPERATING RATIOS and EARNINGS PER SHARE | ||||||||||
(dollars and shares in thousands) |
2011 | 2010 | |||||||||||||||||||||||||||||||||||
3 mos | 3 mos | 3 mos | YTD | 3 mos | 3 mos | 3 mos | 3 mos | YTD | ||||||||||||||||||||||||||||
Mar. 31 | June 30 | Sept. 30 | Sept. 30 | Mar. 31 | June 30 | Sept. 30 | Dec. 31 | Dec. 31 | ||||||||||||||||||||||||||||
Calculation of EBITDA: | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Glimcher Realty Trust | $ | 160 | $ | (16,239 | ) | $ | 1,481 | $ | (14,598 | ) | $ | 712 | $ | (1,307 | ) | $ | 1,534 | $ | 4,914 | $ | 5,853 | |||||||||||||||
Interest expense (continuing and discontinued operations) | 16,737 | 17,528 | 16,588 | 50,853 | 20,077 | 18,124 | 16,860 | 17,285 | 72,346 | |||||||||||||||||||||||||||
Loan fee amortization (continuing and discontinued operations) | 2,159 | 1,363 | 1,162 | 4,684 | 979 | 1,995 | 1,636 | 1,878 | 6,488 | |||||||||||||||||||||||||||
Taxes (continuing and discontinued operations) | 266 | 261 | 219 | 746 | 449 | 497 | 588 | 377 | 1,911 | |||||||||||||||||||||||||||
Depreciation and amortization (continuing and discontinued operations) | 16,667 | 17,288 | 18,455 | 52,410 | 20,201 | 16,359 | 16,172 | 16,811 | 69,543 | |||||||||||||||||||||||||||
EBITDA | 35,989 | 20,201 | 37,905 | 94,095 | 42,418 | 35,668 | 36,790 | 41,265 | 156,141 | |||||||||||||||||||||||||||
Allocation to noncontrolling interest | (182 | ) | (618 | ) | (122 | ) | (922 | ) | (1,306 | ) | (1,679 | ) | (2,053 | ) | (435 | ) | (5,473 | ) | ||||||||||||||||||
EBITDA adjustments related to pro-rata share of unconsolidated entities, net | 5,488 | 13,535 | 5,181 | 24,204 | 2,107 | 4,491 | 4,455 | 5,360 | 16,413 | |||||||||||||||||||||||||||
Impairment loss | - | 8,995 | - | 8,995 | - | - | - | - | - | |||||||||||||||||||||||||||
Gain on disposition of properties, net | - | - | - | - | (332 | ) | - | - | - | (332 | ) | |||||||||||||||||||||||||
Adjusted EBITDA | $ | 41,295 | $ | 42,113 | $ | 42,964 | $ | 126,372 | $ | 42,887 | $ | 38,480 | $ | 39,192 | $ | 46,190 | $ | 166,749 | ||||||||||||||||||
Operating Ratios: | ||||||||||||||||||||||||||||||||||||
General and administrative / total revenues | 7.7% | 7.9% | 8.1% | 7.9% | 6.6% | 7.7% | 7.4% | 7.4% | 7.1% | |||||||||||||||||||||||||||
Tenant reimbursements / (real estate taxes + property operating expenses) | 86.8% | 85.4% | 83.7% | 85.3% | 89.9% | 90.2% | 88.3% | 88.0% | 89.0% | |||||||||||||||||||||||||||
Earnings per Share: | ||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - basic | 98,234 | 102,406 | 107,444 | 102,752 | 68,782 | 68,926 | 79,967 | 85,050 | 75,738 | |||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 101,220 | 105,351 | 110,252 | 105,664 | 71,768 | 71,912 | 82,953 | 88,036 | 78,724 | |||||||||||||||||||||||||||
Loss per share - basic | $ | (0.06 | ) | $ | (0.22 | ) | $ | (0.04 | ) | $ | (0.32 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.22 | ) | |||||||||
Loss per share - diluted | $ | (0.06 | ) | $ | (0.22 | ) | $ | (0.04 | ) | $ | (0.32 | ) | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.22 | ) |
Page 8
CONSOLIDATED BALANCE SHEETS | ||||
(dollars in thousands) |
2011 | 2010 | |||||||||||||||
Mar. 31 | June 30 | Sept. 30 | Dec. 31 | |||||||||||||
Assets: | ||||||||||||||||
Land | $ | 258,133 | $ | 296,150 | $ | 281,445 | $ | 250,408 | ||||||||
Buildings, improvements and equipment | 1,676,961 | 1,775,431 | 1,755,391 | 1,657,154 | ||||||||||||
Developments in progress | 199,673 | 62,555 | 56,052 | 210,797 | ||||||||||||
2,134,767 | 2,134,136 | 2,092,888 | 2,118,359 | |||||||||||||
Less accumulated depreciation | 601,729 | 616,686 | 618,752 | 588,351 | ||||||||||||
Property and equipment, net | 1,533,038 | 1,517,450 | 1,474,136 | 1,530,008 | ||||||||||||
Deferred leasing costs, net | 20,009 | 21,052 | 21,038 | 19,997 | ||||||||||||
Real estate assets held-for-sale | - | - | 47,813 | - | ||||||||||||
Investment in and advances to unconsolidated real estate entities | 136,763 | 126,492 | 125,229 | 138,194 | ||||||||||||
Investment in real estate, net | 1,689,810 | 1,664,994 | 1,668,216 | 1,688,199 | ||||||||||||
Cash and cash equivalents | 7,200 | 6,688 | 6,123 | 9,245 | ||||||||||||
Non-real estate assets associated with property held-for-sale | - | - | 4,507 | - | ||||||||||||
Restricted cash | 14,886 | 25,031 | 20,969 | 17,037 | ||||||||||||
Tenant accounts receivable, net | 20,729 | 20,989 | 21,763 | 25,342 | ||||||||||||
Deferred expenses, net | 15,251 | 15,183 | 13,286 | 14,828 | ||||||||||||
Prepaid and other assets | 39,758 | 41,257 | 38,569 | 37,697 | ||||||||||||
Total Assets | $ | 1,787,634 | $ | 1,774,142 | $ | 1,773,433 | $ | 1,792,348 | ||||||||
Liabilities and Equity: | ||||||||||||||||
Mortgage notes payable | $ | 1,140,644 | $ | 1,159,262 | $ | 1,110,067 | $ | 1,243,759 | ||||||||
Mortgage note payable associated with property held-for-sale | - | - | 45,326 | - | ||||||||||||
Notes payable | 156,052 | 92,000 | 102,000 | 153,553 | ||||||||||||
Other liabilities associated with property held-for-sale | - | - | 1,267 | - | ||||||||||||
Accounts payable and accrued expenses | 39,798 | 37,550 | 42,585 | 48,328 | ||||||||||||
Distributions payable | 16,425 | 17,142 | 17,165 | 14,941 | ||||||||||||
Total Liabilities | 1,352,919 | 1,305,954 | 1,318,410 | 1,460,581 | ||||||||||||
Equity: | ||||||||||||||||
Series F cumulative preferred shares | 60,000 | 60,000 | 60,000 | 60,000 | ||||||||||||
Series G cumulative preferred shares | 222,074 | 222,074 | 222,074 | 222,074 | ||||||||||||
Common shares of beneficial interest | 999 | 1,072 | 1,075 | 851 | ||||||||||||
Additional paid-in capital | 877,682 | 942,892 | 945,574 | 763,951 | ||||||||||||
Distributions in excess of accumulated earnings | (734,495 | ) | (767,586 | ) | (782,992 | ) | (718,529 | ) | ||||||||
Accumulated other comprehensive loss | (1,363 | ) | (576 | ) | (500 | ) | (3,707 | ) | ||||||||
Total Glimcher Realty Trust Shareholders' Equity | 424,897 | 457,876 | 445,231 | 324,640 | ||||||||||||
Noncontrolling interest | 9,818 | 10,312 | 9,792 | 7,127 | ||||||||||||
Total equity | 434,715 | 468,188 | 455,023 | 331,767 | ||||||||||||
Total Liabilities and Equity | $ | 1,787,634 | $ | 1,774,142 | $ | 1,773,433 | $ | 1,792,348 |
Page 9
MARKET CAPITALIZATION and DEBT COVENANT REQUIREMENTS |
(dollars and shares in thousands, except per share price) |
2011 | 2010 | |||||||||||||||||||||||||||||||
3 mos | 3 mos | 3 mos | YTD | 3 mos | 3 mos | 3 mos | 3 mos | |||||||||||||||||||||||||
Mar. 31 | June 30 | Sept. 30 | Sept. 30 | Mar. 31 | June 30 | Sept. 30 | Dec. 31 | |||||||||||||||||||||||||
Share price (end of period) | $ | 9.25 | $ | 9.50 | $ | 7.08 | $ | 7.08 | $ | 5.07 | $ | 5.98 | $ | 6.15 | $ | 8.40 | ||||||||||||||||
Market Capitalization Ratio: | ||||||||||||||||||||||||||||||||
Common shares outstanding | 99,895 | 107,158 | 107,489 | 107,489 | 68,914 | 68,937 | 85,044 | 85,053 | ||||||||||||||||||||||||
Operating partnership units outstanding | 2,986 | 2,889 | 2,789 | 2,789 | 2,986 | 2,986 | 2,986 | 2,986 | ||||||||||||||||||||||||
Total common shares and units outstanding at end of period | 102,881 | 110,047 | 110,278 | 110,278 | 71,900 | 71,923 | 88,030 | 88,039 | ||||||||||||||||||||||||
Valuation - Common shares and operating partnership units outstanding | $ | 951,649 | $ | 1,045,447 | $ | 780,768 | $ | 780,768 | $ | 364,533 | $ | 430,100 | $ | 541,385 | $ | 739,528 | ||||||||||||||||
Preferred shares | 282,074 | 282,074 | 282,074 | 282,074 | 210,000 | 282,174 | 282,174 | 282,074 | ||||||||||||||||||||||||
Total wholly-owned debt (end of period) | 1,296,696 | 1,251,262 | 1,257,393 | 1,257,393 | 1,238,091 | 1,185,211 | 1,207,974 | 1,397,312 | ||||||||||||||||||||||||
Total market capitalization | $ | 2,530,419 | $ | 2,578,783 | $ | 2,320,235 | $ | 2,320,235 | $ | 1,812,624 | $ | 1,897,485 | $ | 2,031,533 | $ | 2,418,914 | ||||||||||||||||
Debt / Market capitalization | 51.2% | 48.5% | 54.2% | 54.2% | 68.3% | 62.5% | 59.5% | 57.8% | ||||||||||||||||||||||||
Debt / Market capitalization including pro-rata share of joint ventures | 54.1% | 51.5% | 57.1% | 57.1% | 71.3% | 65.9% | 62.9% | 60.4% |
Facility | 2011 | ||||||||
Credit Facility Debt Covenant Requirements:(1) | Requirements | Sept. 30 | |||||||
Maximum Corporate Debt to Total Asset Value | 60.0% | 51.1% | |||||||
Minimum Interest Coverage Ratio | 1.75x | 2.26x | |||||||
Minimum Fixed Charge Coverage Ratio | 1.35x | 1.46x | |||||||
Maximum Recourse Debt | 12.5% | 4.2% |
(1) Covenant requirement for the credit facility after the October 2011 amendment. |
Page 10
CONSOLIDATED DEBT SCHEDULE |
(dollars in thousands) |
Mortgage Notes Payable: | ||||||||||||||||||||||||
Sept. 30, | Dec. 31, | Interest Rates | Interest | Payment | Balloon Pmt. | Initial/Final | ||||||||||||||||||
Fixed Rate | 2011 | 2010 | 2011 | 2010 | Terms | Terms | at Maturity | Maturity | ||||||||||||||||
Scottsdale Phase III Land (Senior Loan) | $ | 12,500 | $ | 12,500 | 5.50% | 5.50% | (b) | $ | 12,500 | November 5, 2011 | ||||||||||||||
Scottsdale Phase III Land (Junior Loan) | 3,500 | 3,500 | 6.00% | 6.00% | (b) | $ | 3,500 | November 5, 2011 | ||||||||||||||||
Dayton Mall | 50,856 | 51,789 | 8.27% | 8.27% | (h) | (a) | $ | 49,864 | (d) | |||||||||||||||
Polaris Fashion Place | 129,342 | 131,581 | 5.24% | 5.24% | (a) | $ | 124,572 | April 11, 2013 | ||||||||||||||||
Jersey Gardens | 144,689 | 147,138 | 4.83% | 4.83% | (a) | $ | 135,194 | June 8, 2014 | ||||||||||||||||
The Mall at Fairfield Commons | 100,105 | 101,709 | 5.45% | 5.45% | (a) | $ | 92,762 | November 1, 2014 | ||||||||||||||||
Supermall of the Great Northwest | 54,623 | 55,518 | 7.54% | 7.54% | (h) | (a) | $ | 49,969 | (e) | |||||||||||||||
Merritt Square Mall | 56,254 | 56,815 | 5.35% | 5.35% | (a) | $ | 52,914 | September 1, 2015 | ||||||||||||||||
Scottsdale Quarter Fee Interest | 69,088 | 69,838 | 4.91% | 4.91% | (a) | $ | 64,577 | October 1, 2015 | ||||||||||||||||
River Valley Mall | 48,274 | 48,784 | 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 | ||||||||||||||||
Eastland Mall | 41,535 | 41,958 | 5.87% | 5.87% | (a) | $ | 38,057 | December 11, 2016 | ||||||||||||||||
Polaris Towne Center (j) | 45,326 | 45,680 | 6.76% | 6.76% | (a) | $ | 39,934 | April 1, 2020 | ||||||||||||||||
The Mall at Johnson City | 54,298 | 54,706 | 6.76% | 6.76% | (a) | $ | 47,768 | May 6, 2020 | ||||||||||||||||
Grand Central Mall | 44,413 | 44,799 | 6.05% | 6.05% | (a) | $ | 38,307 | July 6, 2020 | ||||||||||||||||
Ashland Town Center | 41,983 | - | 4.90% | (a) | $ | 34,569 | July 6, 2021 | |||||||||||||||||
Tax Exempt Bonds | 19,000 | 19,000 | 6.00% | 6.00% | (c) | $ | 19,000 | November 1, 2028 | ||||||||||||||||
975,786 | 945,315 | |||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||
Colonial Park Mall | 40,000 | 40,000 | 3.40% | 3.54% | (f) | (b) | $ | 40,000 | April 23, 2012 | |||||||||||||||
Scottsdale Quarter | 140,633 | 138,179 | 2.85% | 5.94% | (g) | (b) | $ | 140,633 | May 29, 2012 | |||||||||||||||
180,633 | 178,179 | |||||||||||||||||||||||
Other | ||||||||||||||||||||||||
Fair Value Adjustment - Merritt Square Mall | (1,026 | ) | (1,223 | ) | ||||||||||||||||||||
Extinguished Debt | - | 121,488 | (i) | |||||||||||||||||||||
Total Mortgage Notes Payable | $ | 1,155,393 | $ | 1,243,759 |
(a) The loan requires monthly payments of principal and interest. |
(b) The loan requires monthly payments of interest only. |
(c) The loan requires semi-annual payments of interest. |
(d) The loan matures in July 2027, with an optional prepayment (without penalty) date on July 11, 2012. |
(e) The loan matures in September 2029, with an optional prepayment (without penalty) date on February 11, 2015. |
(f) Interest rate of LIBOR plus 300 basis points. $30 million has been fixed through a swap agreement at a rate of 3.64% at December 31, 2010 and 3.45% at September 30, 2011. |
(g) Interest rate of LIBOR plus 250 basis points. The full loan amount was fixed through a swap agreement at a rate of 5.94% at December 31, 2010 and $125 million was fixed through a swap agreement at a rate of 2.86% at September 30, 2011. |
(h) Interest rate escalates after optional prepayment date. |
(i) Interest rates ranging from 3.76% to 7.25% at December 31, 2010. |
(j) Mortgage note payable associated with a property held-for-sale. |
Page 11
TOTAL DEBT MATURITIES SCHEDULE (Wholly-owned and Pro-Rata Share of Joint Venture Debt) |
(dollars in thousands) |
Initial | Extension | Interest | Balance | Principal Payments - Assumes Exercise of Extension Options (c) | ||||||||||||||||||||||||||||||
Description | Maturity | Option | Rate | 9/30/2011 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017+ | |||||||||||||||||||||||
Wholly Owned Properties | ||||||||||||||||||||||||||||||||||
Scottsdale Phase III Land (Senior Loan) | 11/2011 | 5.50% | $ | 12,500 | $ | 12,500 | ||||||||||||||||||||||||||||
Scottsdale Phase III Land (Junior Loan) | 11/2011 | 6.00% | 3,500 | 3,500 | ||||||||||||||||||||||||||||||
Colonial Park Mall (d) | 04/2012 | 04/2013 | 3.40% | 40,000 | - | $ | - | $ | 40,000 | |||||||||||||||||||||||||
Scottsdale Quarter (a) | 05/2012 | 05/2013 | 2.85% | 140,633 | - | - | 140,633 | |||||||||||||||||||||||||||
Dayton Mall | 07/2012 | 8.27% | 50,856 | 327 | 50,529 | |||||||||||||||||||||||||||||
Polaris Fashion Place | 04/2013 | 5.24% | 129,342 | 772 | 3,155 | 125,415 | ||||||||||||||||||||||||||||
Jersey Gardens | 06/2014 | 4.83% | 144,689 | 843 | 3,437 | 3,629 | $ | 136,780 | ||||||||||||||||||||||||||
The Mall at Fairfield Commons | 11/2014 | 5.45% | 100,105 | 555 | 2,265 | 2,409 | 94,876 | |||||||||||||||||||||||||||
Supermall of the Great Northwest | 02/2015 | 7.54% | 54,623 | 313 | 1,292 | 1,406 | 1,517 | $ | 50,095 | |||||||||||||||||||||||||
Merritt Square Mall | 09/2015 | 5.35% | 56,254 | 195 | 790 | 842 | 889 | 53,538 | ||||||||||||||||||||||||||
Scottsdale Quarter Fee Interest | 10/2015 | 4.91% | 69,088 | 259 | 1,052 | 1,115 | 1,171 | 65,491 | ||||||||||||||||||||||||||
River Valley Mall | 01/2016 | 5.65% | 48,274 | 177 | 719 | 770 | 815 | 863 | $ | 44,930 | ||||||||||||||||||||||||
Weberstown Mall | 06/2016 | 5.90% | 60,000 | - | - | - | - | - | 60,000 | |||||||||||||||||||||||||
Eastland Mall | 12/2016 | 5.87% | 41,535 | 147 | 597 | 641 | 680 | 722 | 38,748 | |||||||||||||||||||||||||
Polaris Towne Center (e) | 04/2020 | 6.76% | 45,326 | 121 | 489 | 533 | 571 | 611 | 646 | $ | 42,355 | |||||||||||||||||||||||
The Mall at Johnson City | 05/2020 | 6.76% | 54,298 | 144 | 581 | 633 | 677 | 726 | 766 | 50,771 | ||||||||||||||||||||||||
Grand Central Mall | 07/2020 | 6.05% | 44,413 | 135 | 547 | 589 | 626 | 665 | 700 | 41,151 | ||||||||||||||||||||||||
Ashland Town Center | 07/2021 | 4.90% | 41,983 | 150 | 609 | 646 | 679 | 714 | 744 | 38,441 | ||||||||||||||||||||||||
Tax Exempt Bonds | 11/2028 | 6.00% | 19,000 | - | - | - | - | - | - | 19,000 | ||||||||||||||||||||||||
Fair Value Adjustment Amortization - Merritt Square Mall | (1,026 | ) | (65 | ) | (262 | ) | (262 | ) | (262 | ) | (175 | ) | ||||||||||||||||||||||
Subtotal (b) | 1,155,393 | 20,073 | 65,800 | 318,999 | 239,019 | 173,250 | 146,534 | 191,718 | ||||||||||||||||||||||||||
Credit Facility | 12/2011 | 12/2013 | 3.79% | 102,000 | - | - | 102,000 | |||||||||||||||||||||||||||
Total Wholly Owned Maturities | $ | 1,257,393 | $ | 20,073 | $ | 65,800 | $ | 420,999 | $ | 239,019 | $ | 173,250 | $ | 146,534 | $ | 191,718 | ||||||||||||||||||
Total Joint Venture Maturities (pro-rata share) | $ | 158,408 | $ | 3,032 | $ | 73,102 | $ | 47,360 | $ | 536 | $ | 34,378 | $ | - | $ | - | ||||||||||||||||||
Total Wholly Owned and Joint Venture Maturities | $ | 1,415,801 | $ | 23,105 | $ | 138,902 | $ | 468,359 | $ | 239,555 | $ | 207,628 | $ | 146,534 | $ | 191,718 |
(a) $125 million of the loan has been fixed through an interest rate swap agreement and the remaining $15.6 million incurs interest at a rate of LIBOR plus 250 basis points. | ||
(b) Weighted Average interest rate for the fixed rate mortgage debt was 5.4% as of September 30, 2011 with an initial weighted average maturity of 3.7 years when considering available extension options. | ||
(c) Loan 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. | ||
(d) $30 million of the loan has been fixed through an interest rate swap agreement and the remaining $10 million incurs interest at a rate of LIBOR plus 300 basis points. | ||
(e) Mortgage note payable associated with a property held-for-sale. |
Page 12
JOINT VENTURE DEBT MATURITY SCHEDULE |
(dollars in thousands) |
Interest Rate | Loan | Final | Balance | Principal Payments | ||||||||||||||||||||||
Description | 9/30/2011 | Terms | Maturity | 9/30/2011 | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||||
Fixed Rate Mortgages | ||||||||||||||||||||||||||
Puente Hills Mall | 2.74% | (a) | June 1, 2012 | $ | 44,424 | $ | 121 | $ | 44,303 | |||||||||||||||||
WestShore Plaza | 5.09% | September 9, 2012 | 86,723 | 513 | 86,210 | |||||||||||||||||||||
Lloyd Center | 5.42% | June 11, 2013 | 121,741 | 699 | 2,856 | $ | 118,186 | |||||||||||||||||||
Pearlridge Center | 4.60% | (b) | November 1, 2015 | 175,000 | - | - | 431 | $ | 2,681 | $ | 171,888 | |||||||||||||||
Total Fixed Rate Mortgages | 427,888 | 1,333 | 133,369 | 118,617 | 2,681 | 171,888 | ||||||||||||||||||||
Variable Rate Mortgages | ||||||||||||||||||||||||||
Tulsa Promenade (e) | 5.25% | (c) | March 14, 2012 | 28,068 | 300 | 27,768 | - | - | - | |||||||||||||||||
Town Square at Surprise | 5.50% | (d) | October 1, 2011 | 4,653 | 4,653 | - | - | - | - | |||||||||||||||||
Total Variable Rate Mortgages | 32,721 | 4,953 | 27,768 | - | - | - | ||||||||||||||||||||
Total Joint Venture Mortgages | $ | 460,609 | $ | 6,286 | $ | 161,137 | $ | 118,617 | $ | 2,681 | $ | 171,888 | ||||||||||||||
Joint Venture Debt (Pro Rata Share) | $ | 158,408 | $ | 3,032 | $ | 73,102 | $ | 47,360 | $ | 536 | $ | 34,378 |
(a) Interest rate of LIBOR plus 235 basis points, loan requires monthly payments of principal and interest. The interest rate is fixed with a swap. |
(b) The loan requires monthly payments of interest only until November 2013. |
(c) Interest rate is the greater of 5.25% or LIBOR plus 4.25%. The loan requires monthly payments of principal and interest, however net cashflows from the property will also be used to reduce the principal balance on a quarterly basis. |
(d) Interest rate is the greater of 5.50% or LIBOR plus 4.00%. The loan requires monthly payments of interest only. The Company is in discussions with the existing lender regarding an extension and modification of the existing loan. |
(e) Mortgage note payable associated with a property held-for-sale. |
Page 13
OCCUPANCY STATISTICS |
Portfolio Occupancy Statistics | |||||
Portfolio occupancy statistics by property type are summarized below: |
Occupancy (1) | |||||
9/30/2011 (2) | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | |
Core Malls (3) | |||||
Mall Anchors | 96.1% | 96.1% | 95.7% | 95.7% | 94.4% |
Mall Non-Anchor | 91.4% | 89.7% | 91.5% | 92.8% | 90.9% |
Total Occupancy | 94.3% | 93.6% | 94.1% | 94.6% | 93.2% |
Mall Portfolio - excluding Joint Ventures (4) | |||||
Mall Anchors | 94.7% | 94.7% | 94.6% | 94.6% | 92.7% |
Mall Non-Anchor | 91.0% | 88.6% | 90.8% | 92.0% | 90.9% |
Total Occupancy | 93.3% | 92.4% | 93.2% | 93.6% | 92.0% |
(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) The Company placed the square footage for the completed phases of our Scottsdale Quarter project in service during the second quarter of 2011. Excluding the impact of Scottsdale Quarter, mall non-anchor occupancy and total occupancy for core malls were 92.4% and 94.7% during the third quarter of 2011, respectively. | |||||
(3) Includes the Company's joint venture malls. | |||||
(4) Excludes mall properties that are held in joint ventures as of September 30, 2011. |
Page 14
LEASING RESULTS AND RE-LEASING SPREADS |
Permanent Leasing Activity (includes joint venture properties) | |||
The following table summarizes the new and rollover lease activity by type for the nine months ended September 30, 2011: |
GLA Analysis | Average Annualized Base Rents | |||||||||||||||||||
New | Rollover | New | Rollover | |||||||||||||||||
Property Type | Leases | Leases | Total | Leases | Leases | Total | ||||||||||||||
Mall Anchors | 132,823 | 20,050 | 152,873 | $ | 8.62 | $ | 24.28 | $ | 11.87 | |||||||||||
Mall Non-Anchor | 268,776 | 539,256 | 808,032 | $ | 24.75 | $ | 33.08 | $ | 30.18 |
The following table summarizes the new and rollover lease activity and the comparative prior rents for the three and nine months ended September 30, 2011, for only those leases where the space was occupied in the previous 24 months: |
GLA Analysis | Average Annualized Base Rents | Percent | |||||||||||||||||||||||||||||
New | Rollover | New | Prior | Rollover | Prior | Total | Total Prior | Change in | |||||||||||||||||||||||
Property Type | Leases | Leases | Total | Leases | Tenants | Leases | Rent | New/Rollover | Tenants/Rent | Base Rent | |||||||||||||||||||||
Three months ended September 30, 2011 | |||||||||||||||||||||||||||||||
Mall Anchors | - | - | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | - | |||||||||||||||
Mall Non-Anchor | 61,036 | 153,576 | 214,612 | $ | 24.41 | $ | 15.73 | $ | 34.95 | $ | 33.46 | $ | 31.96 | $ | 28.42 | 12% | |||||||||||||||
Nine months ended September 30, 2011 | |||||||||||||||||||||||||||||||
Mall Anchors | - | 20,050 | 20,050 | $ | - | $ | - | $ | 24.28 | $ | 23.00 | $ | 24.28 | $ | 23.00 | 6% | |||||||||||||||
Mall Non-Anchor | 122,146 | 404,260 | 526,406 | $ | 25.40 | $ | 18.21 | $ | 32.94 | $ | 32.23 | $ | 31.19 | $ | 28.98 | 8% |
Page 15
MALL PORTFOLIO STATISTICS BY ASSET CATEGORY |
as of September 30, 2011 |
TIER 1 | Property | Location | MSA Ranking | Total GLA | Avg. Mall Store Sales PSF (1) Sept. 2011 | Avg. Mall Store Sales PSF (1) Sept. 2010 | Total Mall Occupancy 9/30/11 | Total Mall Occupancy 9/30/10 | % of Mall Portfolio NOI (2) | |||||||||||||
(Malls with sales productivity greater than $300 psf) | Ashland Town Center | Ashland, KY | >100 | 414,941 | ||||||||||||||||||
Dayton Mall | Dayton, OH | 61 | 1,417,138 | |||||||||||||||||||
Eastland Mall | Columbus, OH | 32 | 999,458 | |||||||||||||||||||
Grand Central Mall | Parkersburg, WV | >100 | 846,189 | |||||||||||||||||||
Jersey Gardens | Elizabeth, NJ | 1 | 1,290,191 | |||||||||||||||||||
Lloyd Center (JV) | Portland, OR | 23 | 1,475,699 | |||||||||||||||||||
Mall at Fairfield Commons | Dayton, OH | 61 | 1,138,303 | |||||||||||||||||||
Mall at Johnson City | Johnson City, TN | >100 | 569,259 | |||||||||||||||||||
Merritt Square Mall | Merritt Island, FL | 27 | 807,787 | |||||||||||||||||||
Morgantown Mall | Morgantown, WV | >100 | 557,740 | |||||||||||||||||||
Northtown Mall | Minneapolis, MN | 16 | 694,347 | |||||||||||||||||||
Pearlridge Center (JV) | Honolulu, HI | 55 | 1,145,282 | |||||||||||||||||||
Polaris Fashion Place | Columbus, OH | 32 | 1,570,297 | |||||||||||||||||||
Scottsdale Quarter | Scottsdale, AZ | 12 | 520,572 | |||||||||||||||||||
Weberstown Mall | Stockton, CA | 78 | 857,755 | |||||||||||||||||||
WestShore Plaza (JV) | Tampa, FL | 19 | 1,071,713 | |||||||||||||||||||
15,376,671 | $ | 445 | $ | 395 | 95.2% | 94.2% | 83% |
TIER 2 | Property | Location | MSA Ranking | Total GLA | Avg. Mall Store Sales PSF (1) Sept. 2011 | Avg. Mall Store Sales PSF (1) Sept. 2010 | Total Mall Occupancy 9/30/11 | Total Mall Occupancy 9/30/10 | % of Mall Portfolio NOI (2) | ||||||||||||||||
(Malls with moderate sales productivity) | Colonial Park Mall | Harrisburg, PA | 96 | 740,974 | |||||||||||||||||||||
Indian Mound Mall | Columbus, OH | 32 | 557,098 | ||||||||||||||||||||||
New Towne Mall | New Philadelphia, OH | >100 | 512,260 | ||||||||||||||||||||||
Puente Hills Mall (JV) | City of Industry, CA | 2 | 1,097,598 | ||||||||||||||||||||||
River Valley Mall | Columbus, OH | 32 | 584,551 | ||||||||||||||||||||||
Supermall of the Great NW | Seattle, WA | 15 | 933,145 | ||||||||||||||||||||||
Tulsa Promenade (JV) | Tulsa, OK | 53 | 926,606 | ||||||||||||||||||||||
5,352,232 | $ | 248 | $ | 243 | 91.6% | 90.3% | 17% | ||||||||||||||||||
TOTAL MALL ASSETS | 20,728,903 | $ | 396 | $ | 354 | 94.3% | 93.2% | ||||||||||||||||||
TOTAL MALL ASSETS EXCLUDING JOINT VENTURE (JV) MALLS | 15,012,005 | $ | 403 | $ | 365 | 93.3% | 92.0% |
(1) Sales for in-line stores with less than 10,000 square feet. |
(2) Based on net operating income for the nine months ended September 30, 2011. |
Note: The Company's market dominant properties had sales of $496 and occupancy of 97.4% at September 30, 2011. The Company's trade dominant malls had sales of $292 and occupancy of 91.5% at September 30, 2011. |
Page 16
SUMMARY OF SIGNIFICANT TENANTS |
As of September 30, 2011 |
Tenants Representing > 1.0% of Total Portfolio Annualized Minimum Rent
% of Total | ||||||||||||||||
Annualized | Annualized | |||||||||||||||
Number of | GLA of | Minimum | Minimum | |||||||||||||
Tenant Name | Tenant DBA's in Portfolio | Stores | Stores | Rent | Rent | |||||||||||
Gap, Inc. | Banana Republic, Gap, Gap Kids, Old Navy | 28 | 371,197 | $ | 5,510,821 | 2.4 | % | |||||||||
Limited Brands, Inc. | Bath & Body Works/White Barn Candle, Victoria's Secret | 44 | 202,988 | 4,993,777 | 2.2 | % | ||||||||||
Foot Locker, Inc. | Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker | 43 | 177,547 | 4,531,058 | 2.0 | % | ||||||||||
Signet Jewelers, Ltd. | J.B. Robinson, Jared's, Kay Jewelers, Leroy's Jewelers, Ostermans' Jewelry | 34 | 63,494 | 4,266,008 | 1.9 | % | ||||||||||
AMC Entertainment, Inc. | 2 | 148,344 | 4,189,000 | 1.8 | % | |||||||||||
Bain Capital, LLC | Burlington Coat Factory, Cohoes Fashion, Guitar Center, Gymboree, Janie & Jack, Crazy 8 | 18 | 427,873 | 4,090,780 | 1.8 | % | ||||||||||
Forever 21, Inc. | 9 | 190,634 | 3,900,617 | 1.7 | % | |||||||||||
Sears Holding Corp. | Great Indoors, K-Mart, Sears | 23 | 2,685,330 | 3,683,642 | 1.6 | % | ||||||||||
The Bon-Ton Stores, Inc. | Bon-Ton, Elder Beerman, Herbergers | 11 | 1,126,171 | 3,502,419 | 1.5 | % | ||||||||||
JCPenney Company, Inc. | 18 | 1,882,705 | 3,392,640 | 1.5 | % | |||||||||||
Genesco, Inc. | Hat World, Johnston & Murphy, Journeys, Lids, Shi, Underground Station | 49 | 76,419 | 3,108,545 | 1.4 | % | ||||||||||
American Eagle Outfitters, Inc. | aerie, American Eagle | 17 | 103,846 | 2,722,930 | 1.2 | % | ||||||||||
Luxottica Group | DOC Eyeworld, Lenscrafters, Pearle Vision, Sunglass Hut, Watch Station | 35 | 85,534 | 2,604,409 | 1.1 | % | ||||||||||
Zale Corp. | Gordon's Jewelers, Piercing Pagoda, Silver & Gold Connection, Zales Jewelers | 28 | 27,543 | 2,480,865 | 1.1 | % | ||||||||||
Saks, Inc. | Saks Fifth Avenue, Saks Off Fifth | 3 | 228,156 | 2,360,100 | 1.0 | % | ||||||||||
Finish Line, Inc. | Finish Line, Man Alive | 19 | 105,153 | 2,305,915 | 1.0 | % | ||||||||||
Total tenants representing > 1.0% | 381 | 7,902,934 | $ | 57,643,526 | 25.2 | % |
Note: Information includes wholly-owned and joint venture properties. |
Page 17
TOP 10 REGIONAL MALL TENANTS |
As of September 30, 2011 |
Mall Stores (ranked by percent of total minimum mall rents) |
% of Total | |||||||||||||||||
Annualized | Annualized | ||||||||||||||||
Number of | GLA of | Minimum | Minimum | ||||||||||||||
Tenant Name | Stores | Stores | Rents | Mall Rents | |||||||||||||
Limited Brands, Inc. | 44 | 202,988 | $ | 4,993,777 | 2.3 | % | |||||||||||
Foot Locker, Inc. | 43 | 177,547 | $ | 4,531,058 | 2.1 | % | |||||||||||
Signet Jewelers, Ltd. | 33 | 57,714 | $ | 4,169,419 | 1.9 | % | |||||||||||
Gap, Inc. | 24 | 291,188 | $ | 4,002,215 | 1.8 | % | |||||||||||
Genesco, Inc. | 49 | 76,419 | $ | 3,108,545 | 1.4 | % | |||||||||||
American Eagle Outfitters, Inc. | 17 | 103,846 | $ | 2,722,930 | 1.3 | % | |||||||||||
Luxottica Group | 35 | 85,534 | $ | 2,604,409 | 1.2 | % | |||||||||||
Zale Corp. | 28 | 27,543 | $ | 2,480,865 | 1.1 | % | |||||||||||
Finish Line, Inc. | 19 | 105,153 | $ | 2,305,915 | 1.1 | % | |||||||||||
Aeropostale | 23 | 81,872 | $ | 2,137,301 | 1.0 | % |
Mall Anchors (ranked by total GLA) |
Annualized | |||||||||||||||||
Number of | GLA of | Minimum | % of Total | ||||||||||||||
Tenant Name | Stores | Stores | Rents | Mall GLA | |||||||||||||
Sears Holding Corp. | 18 | 2,498,188 | $ | 2,538,973 | 12.1 | % | |||||||||||
Macy's, Inc. | 10 | 1,843,944 | $ | 658,630 | 8.9 | % | |||||||||||
JCPenney Company, Inc. | 15 | 1,841,903 | $ | 3,392,640 | 8.9 | % | |||||||||||
The Bon-Ton Stores, Inc. | 11 | 1,126,171 | $ | 3,502,419 | 5.4 | % | |||||||||||
Dillard's | 3 | 522,967 | $ | - | 2.5 | % | |||||||||||
Belk, Inc. | 6 | 416,131 | $ | 1,856,852 | 2.0 | % | |||||||||||
Bain Capital, LLC | 5 | 390,950 | $ | 3,274,262 | 1.9 | % | |||||||||||
Saks, Inc. | 3 | 228,156 | $ | 2,360,100 | 1.1 | % | |||||||||||
Boscov's Department Store, LLC | 1 | 182,609 | $ | - | 0.9 | % | |||||||||||
Dick's Sporting Goods, Inc. | 3 | 179,000 | $ | 1,539,000 | 0.9 | % |
Note: Information includes wholly-owned and joint venture properties. |
Page 18
LEASE EXPIRATION SCHEDULE |
As of September 30, 2011 |
Total Portfolio
Percent of | Percent of | |||||||||||||||||||||||||||||||||
Occupied | Anchor | Non-Anchor | Annualized | |||||||||||||||||||||||||||||||
Anchor | Non-Anchor | Total | GLA | Anchor | Non-Anchor | Total | Annualized | Annualized | Base Rents | |||||||||||||||||||||||||
Lease | Number | Square Feet | Square Feet | Square Feet | Represented | Annualized | Annualized | Annualized | Base Rents/ | Base Rents/ | Represented | |||||||||||||||||||||||
Expiration | of | of GLA | of GLA | of GLA | by Expiring | Base Rents | Base Rents | Base Rents | Square Foot | Square Foot | by Expiring | |||||||||||||||||||||||
Year | Leases | Expiring | Expiring | Expiring | Leases | Expiring | Expiring | Expiring | Expiring (1) | Expiring (1) | Leases | |||||||||||||||||||||||
2011 | 240 | 55,498 | 449,102 | 504,600 | 2.5% | $ | 715,074 | $ | 11,101,065 | $ | 11,816,139 | $ | 12.88 | $ | 28.71 | 5.2% | ||||||||||||||||||
2012 | 548 | 410,757 | 1,382,999 | 1,793,756 | 8.8% | 3,338,039 | 26,312,334 | 29,650,373 | $ | 8.13 | $ | 22.51 | 13.1% | |||||||||||||||||||||
2013 | 373 | 876,154 | 1,005,589 | 1,881,743 | 9.3% | 2,586,077 | 21,810,148 | 24,396,225 | $ | 2.95 | $ | 26.08 | 10.8% | |||||||||||||||||||||
2014 | 300 | 1,110,900 | 713,598 | 1,824,498 | 9.0% | 7,531,855 | 19,156,312 | 26,688,167 | $ | 6.78 | $ | 30.32 | 11.8% | |||||||||||||||||||||
2015 | 232 | 1,426,721 | 792,299 | 2,219,020 | 10.9% | 9,170,034 | 18,464,483 | 27,634,517 | $ | 7.18 | $ | 26.80 | 12.2% | |||||||||||||||||||||
Thereafter | 843 | 8,801,483 | 3,257,084 | 12,058,567 | 59.5% | 31,771,321 | 74,825,107 | 106,596,428 | $ | 7.51 | $ | 25.94 | 46.9% | |||||||||||||||||||||
2,536 | 12,681,513 | 7,600,671 | 20,282,184 | 100.0% | $ | 55,112,400 | $ | 171,669,449 | $ | 226,781,849 | $ | 6.92 | $ | 26.02 | 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. |
Page 19
CAPITAL EXPENDITURES |
(dollars in thousands) |
Three months ended September 30, 2011 | Three months ended September 30, 2010 | |||||||||||||||||||||||
Unconsolidated | Unconsolidated | |||||||||||||||||||||||
Consolidated | Joint Venture | Consolidated | Joint Venture | |||||||||||||||||||||
Properties | Proportionate | Properties | Proportionate | |||||||||||||||||||||
2011 | Share | Total | 2010 | Share | Total | |||||||||||||||||||
Development projects | $ | 3,955 | $ | - | $ | 3,955 | $ | 102,658 | $ | - | $ | 102,658 | ||||||||||||
Redevelopment projects | $ | 2,386 | $ | 1 | $ | 2,387 | $ | 4 | $ | 13 | $ | 17 | ||||||||||||
Renovation with no incremental GLA | $ | 1,862 | $ | 8 | $ | 1,870 | $ | 203 | $ | - | $ | 203 | ||||||||||||
Property Capital Expenditures: | ||||||||||||||||||||||||
Tenant improvements and tenant allowances: | ||||||||||||||||||||||||
Anchor stores | $ | 257 | $ | 526 | $ | 783 | $ | 2,717 | $ | 256 | $ | 2,973 | ||||||||||||
Non-anchor stores | 2,947 | 1,129 | 4,076 | 3,552 | 27 | 3,579 | ||||||||||||||||||
Operational capital expenditures | 2,103 | 234 | 2,337 | 917 | 212 | 1,129 | ||||||||||||||||||
Total Property Capital Expenditures | $ | 5,307 | $ | 1,889 | $ | 7,196 | $ | 7,186 | $ | 495 | $ | 7,681 |
Nine months ended September 30, 2011 | Nine months ended September 30, 2010 | |||||||||||||||||||||||
Unconsolidated | Unconsolidated | |||||||||||||||||||||||
Consolidated | Joint Venture | Consolidated | Joint Venture | |||||||||||||||||||||
Properties | Proportionate | Properties | Proportionate | |||||||||||||||||||||
2011 | Share | Total | 2010 | Share | Total | |||||||||||||||||||
Development projects | $ | 16,157 | $ | - | $ | 16,157 | $ | 111,305 | $ | - | $ | 111,305 | ||||||||||||
Redevelopment projects | $ | 3,579 | $ | 30 | $ | 3,609 | $ | 3,446 | $ | 16 | $ | 3,462 | ||||||||||||
Renovation with no incremental GLA | $ | 2,248 | $ | 23 | $ | 2,271 | $ | 395 | $ | 5 | $ | 400 | ||||||||||||
Property Capital Expenditures: | ||||||||||||||||||||||||
Tenant improvements and tenant allowances: | ||||||||||||||||||||||||
Anchor stores | $ | 1,892 | $ | 657 | $ | 2,549 | $ | 5,648 | $ | 1,317 | $ | 6,965 | ||||||||||||
Non-anchor stores | 8,040 | 1,691 | 9,731 | 6,913 | 139 | 7,052 | ||||||||||||||||||
Operational capital expenditures | 3,834 | 665 | 4,499 | 3,460 | 321 | 3,781 | ||||||||||||||||||
Total Property Capital Expenditures | $ | 13,766 | $ | 3,013 | $ | 16,779 | $ | 16,021 | $ | 1,777 | $ | 17,798 |
Page 20
Scottsdale Quarter Update |
(dollars in thousands) |
Investment Update: | Total Project Costs (1) | Project Costs Incurred thru 9/30/2011 (1) | Stabilized Yield | |||||||||||||
Scottsdale Quarter: | ||||||||||||||||
Scottsdale, Arizona | ||||||||||||||||
Development of new retail/office lifestyle | ||||||||||||||||
center (530,000 square feet for Phase I/ II) | ||||||||||||||||
Range | ||||||||||||||||
Phase I / II | Low | High | ||||||||||||||
Hard Costs | $ | 229,000 | $ | 234,000 | $ | 229,275 | ||||||||||
Land Purchase | 96,000 | 96,000 | 96,000 | |||||||||||||
Noncontrolling Partner Interest | (10,000 | ) | (10,000 | ) | (10,000 | ) | ||||||||||
$ | 315,000 | $ | 320,000 | $ | 315,275 | 6.5% - 7.0% | ||||||||||
Occupancy Update: | 9/30/2011 | |||||||||||||||
Office | 90% | |||||||||||||||
Retail | 73% | |||||||||||||||
Total | 79% |
Leasing Update: | |||||
Phase I/II square footage is approximately 90% addressed for both retail and office. The leases that are addressed include signed leases, letters of intent and leases out for signature. | |||||
(1) Project costs include items such as construction and design costs, tenant improvements, third party leasing commissions, ground lease payments prior to land purchase in September 2010 and the cost of the land. Costs that are excluded are the allocation of internal costs such as labor, development fees, interest and taxes. | |||||
Note: Estimated yield of project is 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. | |||||
Page 21