EXHIBIT 99
CENTER TRUST, INC.
SUPPLEMENTAL INFORMATION
September 30, 2001
TABLE OF CONTENTS
| Page | ||||
| Company Profile | 5 | |||
| Operating Highlights/Capital Structure | 6-7 | |||
| Reconciliation of Common Shares and Operating Partnership Units Outstanding | 8 | |||
| Same Center Property Activity | 9 | |||
| Portfolio Highlights and Leasing Activity | 10 | |||
| Portfolio Summary | 11 | |||
| Portfolio Detail-By Region | 12-13 | |||
| Lease Expirations-Overall Portfolio/Total Community Shopping Centers | 14 | |||
| Tenant Concentration | 15 | |||
| Segment Concentration | 16 | |||
| Consolidated Statements of Operations and Reconciliation to Funds From Operations | 17 | |||
| Consolidated Balance Sheets | 18 | |||
| Summary of Outstanding Debt | 19 | |||
| Schedule of Mortgage Debt Maturities | 20 | |||
4
CENTER TRUST, INC.
COMPANY PROFILE
September 30, 2001
Center Trust, Inc., is an owner, manager and developer of retail shopping centers in the western United States. The Company owns or controls a portfolio of 35 shopping centers, comprised of 31 community shopping centers, 2 regional malls and 2 single tenant facilities comprising 7.9 million square feet of total shopping center gross leasable area (GLA) and 6.4 million square feet of Company owned GLA. The Company owns properties in four states, California, Oregon, Washington and Arizona.
The following Supplemental Information was prepared to provide additional financial, operational and portfolio information as of, and for the quarter ended, September 30, 2001 for the Company and its portfolio of assets. This information should be read in conjunction with the Company’s 2000 Form 10-K and 2001 quarterly filings on Form 10-Q.
Questions regarding the information contained in this document should be directed to Stuart Gulland, Chief Operating Officer or Ed Stokx, Senior Vice President of Finance, Center Trust, Inc., 3500 Sepulveda Boulevard, Manhattan Beach, California, 90266, telephone (310) 546-4520, fax (310) 546-5069 or e-mail at IR@centertrust.com
5
CENTER TRUST, INC.
OPERATING HIGHLIGHTS
September 30, 2001
(in thousands except share data)
(in thousands except share data)
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2001 | 2000 | 2001 | 2000 | ||||||||||||||
| Operating Highlights | |||||||||||||||||
| Funds From Operations (FFO) | |||||||||||||||||
| FFO — Basic and Diluted | $ | 6,498 | $ | 7,821 | $ | 17,985 | $ | 24,882 | |||||||||
| FFO per share — Basic and Diluted | $ | 0.22 | $ | 0.28 | $ | 0.62 | $ | 0.88 | |||||||||
| Net (Loss) Income Available to Common Shareholders | $ | 1,266 | $ | 2,802 | $ | (3,657 | ) | $ | 15,614 | ||||||||
| Net (Loss) Income Per Share — Basic and Diluted | $ | 0.05 | $ | 0.11 | $ | (0.13 | ) | $ | 0.59 | ||||||||
| EBITDA (1) | $ | 14,938 | $ | 22,692 | $ | 44,825 | $ | 69,098 | |||||||||
| Funds Available for Distribution (FAD) | $ | 6,621 | $ | 8,388 | $ | 19,288 | $ | 25,963 | |||||||||
| FAD per share — Basic | $ | 0.23 | $ | 0.30 | $ | 0.67 | $ | 0.91 | |||||||||
| Dividends Per Share | $ | 0.04 | $ | 0.21 | $ | 0.12 | $ | 0.63 | |||||||||
| Interest Expense Coverage Ratios | |||||||||||||||||
| Based on EBITDA (1) | 1.8 | 1.5 | 1.7 | 1.6 | |||||||||||||
| General & Administrative Expense (1) | $ | 1,196 | $ | 1,577 | $ | 4,207 | $ | 4,208 | |||||||||
| G&A as % of Total Rental Revenue (1) | 4.8 | % | 6.3 | % | 5.6 | % | 5.6 | % | |||||||||
| Ratio of Expense Recoveries to Recoverable Expenses | 86.1 | % | 89.7 | % | 83.9 | % | 88.7 | % | |||||||||
| Ratio of Operating Expenses to Total Rental Revenue | 41.2 | % | 33.9 | % | 40.6 | % | 34.3 | % | |||||||||
| (1) | Excludes $2.6 million which represents costs related to the restructuring of the Company’s overhead. |
6
CENTER TRUST, INC.
CAPITAL STRUCTURE
September 30, 2001
(in thousands except share data)
(in thousands except share data)
| �� | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2001 | 2000 | 2001 | 2000 | ||||||||||||||
| Equity Information | |||||||||||||||||
| Units Outstanding at End of Period | 1,339,644 | 1,759,442 | 1,339,644 | 1,759,442 | |||||||||||||
| Common Outstanding at End of Period | 27,622,072 | 26,701,759 | 27,622,072 | 26,701,759 | |||||||||||||
| Total Units and Common Shares Outstanding at End of Period | 28,961,716 | 28,461,201 | 28,961,716 | 28,461,201 | |||||||||||||
| Basic and Diluted Weighted Average Units Outstanding | 1,339,644 | 1,759,442 | 1,525,375 | 1,727,677 | |||||||||||||
| Basic and Diluted Weighted Average Common Shares Outstanding | 27,622,072 | 26,670,348 | 27,361,701 | 26,668,268 | |||||||||||||
| Basic and Diluted Weighted Average Units and Common Shares Outstanding | 28,961,716 | 28,429,790 | 28,887,076 | 28,395,945 | |||||||||||||
| As of | ||||||||||||||
| September 30, | December 31, | December 31, | ||||||||||||
| 2001 | 2000 | 1999 | ||||||||||||
| (in thousands, except share data) | ||||||||||||||
| Market Capitalization | ||||||||||||||
| Stock Price Activity | ||||||||||||||
| High | $ | 6.40 | $ | 10.50 | $ | 13.00 | ||||||||
| Low | $ | 3.60 | $ | 4.56 | $ | 9.06 | ||||||||
| Common Stock Price at End of Period | $ | 3.86 | $ | 4.69 | $ | 9.69 | ||||||||
| Equity Market Capitalization | $ | 111,792 | $ | 134,776 | $ | 274,253 | ||||||||
| Fixed-Rate Debt | 108,387 | 120,067 | 260,928 | |||||||||||
| Floating-Rate Debt | 291,306 | 197,985 | 263,540 | |||||||||||
| Subordinated Debentures | — | 128,548 | 158,548 | |||||||||||
| Total Capitalization | $ | 511,485 | $ | 581,376 | $ | 957,269 | ||||||||
| Debt-to-Total Capitalization | 78.1 | % | 76.8 | % | 71.4 | % | ||||||||
7
CENTER TRUST, INC.
RECONCILIATION OF COMMON SHARES AND OPERATING PARTNERSHIP
UNITS OUTSTANDING
As of September 30, 2001
As of September 30, 2001
| Operating | |||||||||||||
| Common | Partnership | ||||||||||||
| Stock | Units | Total | |||||||||||
| Balance, January 1, 1999 | 25,346,727 | 4,978,240 | 30,324,967 | ||||||||||
| Shares Repurchased (1) | (966,700 | ) | — | (966,700 | ) | ||||||||
| Units Converted to Shares | 40,000 | (40,000 | ) | — | |||||||||
| Shares issued for Convertible Debentures | 222 | — | 222 | ||||||||||
| Issuance to Stock Grants to Employees | 17,099 | — | 17,099 | ||||||||||
| Balance, March 31, 1999 | 24,437,348 | 4,938,240 | 29,375,588 | ||||||||||
| Shares Repurchased (1)(2) | (596,101 | ) | — | (596,101 | ) | ||||||||
| Units Repurchased (3) | — | (3,101,617 | ) | (3,101,617 | ) | ||||||||
| Shares Issued | 2,260,232 | — | 2,260,232 | ||||||||||
| Issuance to Stock Grants to Employees | 11,746 | — | 11,746 | ||||||||||
| Balance, June 30, 1999 | 26,113,225 | 1,836,623 | 27,949,848 | ||||||||||
| Issuance of Stock Grants to Employees | 35,610 | — | 35,610 | ||||||||||
| Shares Repurchased (1) | (3,900 | ) | — | (3,900 | ) | ||||||||
| Balance, September 30, 1999 | 26,144,935 | 1,836,623 | 27,981,558 | ||||||||||
| Units Converted to Shares | 22,375 | (22,375 | ) | — | |||||||||
| Units Retired through Sale of Assets | — | (159,523 | ) | (159,523 | ) | ||||||||
| Issuance to Stock Grants to Employees | 480,658 | — | 480,658 | ||||||||||
| Balance, December 31, 1999 | 26,647,968 | 1,654,725 | 28,302,693 | ||||||||||
| Units Issued | — | 104,717 | 104,717 | ||||||||||
| Issuance to Stock Grants to Employees | 38,520 | — | 38,520 | ||||||||||
| Balance, March 31, 2000 | 26,686,488 | 1,759,442 | 28,445,930 | ||||||||||
| Issuance to Stock Grants to Employees | 16,831 | — | 16,831 | ||||||||||
| Balance, June 30, 2000 | 26,703,319 | 1,759,442 | 28,462,761 | ||||||||||
| Cancelled Stock Grants | (33,333 | ) | — | (33,333 | ) | ||||||||
| Issuance to Stock Grants to Employees | 31,773 | — | 31,773 | ||||||||||
| Balance, September 30, 2000 | 26,701,759 | 1,759,442 | 28,461,201 | ||||||||||
| Units Issued | — | 256,250 | 256,250 | ||||||||||
| Issuance of Stock Grants to Employees | 19,467 | — | 19,467 | ||||||||||
| Balance, December 31, 2000 | 26,721,226 | 2,015,692 | 28,736,918 | ||||||||||
| Shares Issued | 127,530 | — | 127,530 | ||||||||||
| Units Converted to Shares | 376,993 | (376,993 | ) | — | |||||||||
| Balance, March 31, 2001 | 27,225,749 | 1,638,699 | 28,864,448 | ||||||||||
| Units Converted to Shares | 299,055 | (299,055 | ) | — | |||||||||
| Shares issued | 97,268 | — | 97,268 | ||||||||||
| Balance, June 30, 2001 | 27,622,072 | 1,339,644 | 28,961,716 | ||||||||||
| Balance, September 30, 2001 | 27,622,072 | 1,339,644 | 28,961,716 | ||||||||||
| (1) | Shares purchased under $25 million repurchase program approved by the Board of Directors. Average cost per share including commissions and other costs was $10.78. | |
| (2) | Includes 590,034 shares repurchased from the Haagen Family on May 25, 1999. | |
| (3) | Includes 2,839,284 units repurchased from the Haagen Family on May 25, 1999 and 262,333 units repurchased from a former officer on the Company. |
8
CENTER TRUST, INC.
SAME CENTER PROPERTY ACTIVITY
September 30, 2001
(in thousands)
(in thousands)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| 2001 | 2000 | % Change | 2001 | 2000 | % Change | |||||||||||||||||||||
Community Shopping Centers (1) | ||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Rental Revenue | 11,356 | 11,140 | 1.9 | % | 33,881 | 33,417 | 1.4 | % | ||||||||||||||||||
| Recoveries from Tenants | 3,520 | 3,214 | 9.5 | % | 10,019 | 9,891 | 1.3 | % | ||||||||||||||||||
| Other Income | 143 | 189 | -24.3 | % | 431 | 506 | -14.8 | % | ||||||||||||||||||
| Total Revenues | 15,019 | 14,543 | 3.3 | % | 44,331 | 43,814 | 1.2 | % | ||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| Recoverable Operating Expenses | 3,710 | 3,378 | 9.8 | % | 10,633 | 10,323 | 3.0 | % | ||||||||||||||||||
| Other Operating Expenses | 378 | 395 | -4.3 | % | 1,330 | 1,132 | 17.5 | % | ||||||||||||||||||
| Total Expenses | 4,088 | 3,773 | 8.3 | % | 11,963 | 11,455 | 4.4 | % | ||||||||||||||||||
| Net Operating Income | 10,931 | 10,770 | 1.5 | % | 32,368 | 32,359 | 0.0 | % | ||||||||||||||||||
| Total Properties | 29 | 29 | 29 | 29 | ||||||||||||||||||||||
| Percentage Leased | 92.6 | % | 94.5 | % | 92.6 | % | 94.5 | % | ||||||||||||||||||
| Average Base Rent per square foot | $ | 10.83 | $ | 10.70 | $ | 10.83 | $ | 10.70 | ||||||||||||||||||
| Regional malls | ||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Rental Revenue | 4,635 | 4,753 | -2.5 | % | 13,859 | 13,686 | 1.3 | % | ||||||||||||||||||
| Recoveries from Tenants | 2,286 | 2,048 | 11.6 | % | 6,672 | 6,828 | -2.3 | % | ||||||||||||||||||
| Other Income | 724 | 831 | -12.9 | % | 2,247 | 2,333 | -3.7 | % | ||||||||||||||||||
| Total Revenues | 7,645 | 7,632 | 0.2 | % | 22,778 | 22,847 | -0.3 | % | ||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| Recoverable Operating Expenses | 2,978 | 2,721 | 9.4 | % | 9,115 | 8,641 | 5.5 | % | ||||||||||||||||||
| Other Operating Expenses | 113 | 21 | 438.1 | % | 165 | 92 | 79.3 | % | ||||||||||||||||||
| Total Expenses | 3,091 | 2,742 | 12.7 | % | 9,280 | 8,733 | 6.3 | % | ||||||||||||||||||
| Net Operating Income | 4,554 | 4,890 | -6.9 | % | 13,498 | 14,114 | -4.4 | % | ||||||||||||||||||
| Total Properties | 2 | 2 | 2 | 2 | ||||||||||||||||||||||
| Percentage Leased | 92.6 | % | 92.7 | % | 92.6 | % | 92.7 | % | ||||||||||||||||||
| Average Base Rent per square foot | $ | 15.71 | $ | 15.44 | $ | 15.71 | $ | 15.44 | ||||||||||||||||||
Same Center properties are those which were owned as of January 1, 2000.
| (1) | Excludes El Camino North and Frontier Village which we are preparing for redevelopment. |
9
CENTER TRUST, INC.
PORTFOLIO HIGHLIGHTS AND LEASING ACTIVITY
As of September 30, 2001
| As of | ||||||||||||||||
| September 30, | December 31, | December 31, | ||||||||||||||
| 2001 | 2000 | 1999 | ||||||||||||||
Portfolio Highlights | ||||||||||||||||
| Company Owned GLA | ||||||||||||||||
| Community Shopping Centers | 4,851,294 | 5,397,270 | 7,547,955 | |||||||||||||
| Regional Malls | 1,328,009 | 1,328,109 | 1,178,109 | |||||||||||||
| Single Tenant Facilities | 218,926 | 391,884 | 672,007 | |||||||||||||
| Total Company Owned GLA | 6,398,229 | 7,117,263 | 9,398,071 | |||||||||||||
| Percentage Leased | ||||||||||||||||
| Community Shopping Centers | 91.9 | % | 93.1 | % | 95.0 | % | ||||||||||
| Regional Malls | 92.6 | % | 93.1 | % | 90.9 | % | ||||||||||
| Single Tenant Facilities | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||
| Overall Portfolio | 92.3 | % | 93.3 | % | 94.9 | % | ||||||||||
| Average Base Rent | ||||||||||||||||
| Community Shopping Centers | ||||||||||||||||
| Anchor | $ | 7.77 | $ | 7.40 | $ | 8.70 | ||||||||||
| Pad | $ | 14.32 | $ | 14.09 | $ | 15.05 | ||||||||||
| Shop | $ | 15.78 | $ | 15.44 | $ | 15.32 | ||||||||||
| Overall | $ | 10.89 | $ | 10.54 | $ | 11.11 | ||||||||||
| Regional Malls | ||||||||||||||||
| Anchor | $ | 11.03 | $ | 10.98 | $ | 11.75 | ||||||||||
| Pad | $ | 19.40 | $ | 19.60 | $ | 18.61 | ||||||||||
| Shop | $ | 24.04 | $ | 26.79 | $ | 24.20 | ||||||||||
| Overall | $ | 15.71 | $ | 16.51 | $ | 16.70 | ||||||||||
| Single Tenant Facilities | $ | 5.87 | $ | 5.39 | $ | 5.97 | ||||||||||
| Overall Portfolio | $ | 11.70 | $ | 11.33 | $ | 11.40 | ||||||||||
| Number of Properties | ||||||||||||||||
| Community Shopping Centers | 31 | 35 | 47 | |||||||||||||
| Regional Malls | 2 | 2 | 2 | |||||||||||||
| Single Tenant Facilities | 2 | 4 | 7 | |||||||||||||
| Overall Portfolio | 35 | 41 | 56 | |||||||||||||
| Three | Nine | |||||||||
| Months Ended | Months Ended | |||||||||
| September 30, | September 30, | |||||||||
| 2001 | 2001 | |||||||||
Summary of Leasing Activity — Community Shopping Centers | ||||||||||
| Space Vacated | ||||||||||
| Number of Leases | 14 | 47 | ||||||||
| Gross Leasable Area | 28,049 | 181,245 | ||||||||
| Base Rent per Square Foot | $ | 14.93 | $ | 9.79 | ||||||
| New Leases Executed | ||||||||||
| Number of Leases | 4 | 19 | ||||||||
| Gross Leasable Area | 5,837 | 81,904 | ||||||||
| Base Rent per Square Foot | $ | 12.19 | $ | 10.52 | ||||||
| Leases Renewals Executed | ||||||||||
| Number of Leases | 15 | 66 | ||||||||
| Gross Leasable Area | 22,014 | 301,078 | ||||||||
| New Annual Base Rent per Square Foot | $ | 17.58 | $ | 10.99 | ||||||
| Percentage Change from Prior | 4.70 | % | 3.68 | % | ||||||
| Leases with Contractual Rent Adjustments | ||||||||||
| Number of Leases | 49 | 230 | ||||||||
| Gross Leasable Area | 104,705 | 634,400 | ||||||||
| New Annual Base Rent per Square Foot | $ | 16.13 | $ | 15.40 | ||||||
| Percentage Change from Prior | 7.92 | % | 5.80 | % | ||||||
10
CENTER TRUST, INC.
PORTFOLIO SUMMARY
As of September 30, 2001
| Average | ||||||||||||||||||||||||||||||||||
| Number | Total | Company | Base | |||||||||||||||||||||||||||||||
| of | Leased | Owned | Percent | Annualized | Rent | |||||||||||||||||||||||||||||
| Properties | Anchor | GLA Pad | Shop | GLA | Leased | Base Rent | per sq. ft. | |||||||||||||||||||||||||||
COMMUNITY RETAIL CENTERS | ||||||||||||||||||||||||||||||||||
| Pacific Northwest Region | 6 | 497,656 | 96,388 | 313,824 | 1,025,043 | 88.6 | % | $ | 9,523,713 | $ | 10.49 | |||||||||||||||||||||||
| Northern and Central California Region | 5 | 228,983 | 11,808 | 240,903 | 523,784 | 92.1 | % | 5,022,645 | 10.43 | |||||||||||||||||||||||||
| Southern California Region | 15 | 1,447,393 | 264,530 | 598,103 | 2,475,835 | 93.3 | % | 28,133,791 | 12.18 | |||||||||||||||||||||||||
| Southwest Region | 5 | 476,504 | 36,395 | 244,810 | 826,632 | 91.7 | % | 5,841,693 | 7.71 | |||||||||||||||||||||||||
| TOTAL COMMUNITY SHOPPING CENTERS | 31 | 2,650,536 | 409,121 | 1,397,640 | 4,851,294 | 91.9 | % | 48,521,842 | 10.89 | |||||||||||||||||||||||||
REGIONAL MALLS | 2 | 759,515 | 78,594 | 391,840 | 1,328,009 | 92.6 | % | 19,322,145 | 15.71 | |||||||||||||||||||||||||
SINGLE TENANT FACILITIES | 2 | 215,026 | 3,900 | — | 218,926 | 100.0 | % | 1,284,341 | 5.87 | |||||||||||||||||||||||||
| TOTAL PORTFOLIO | 35 | 3,625,077 | 491,615 | 1,789,480 | 6,398,229 | 92.3 | % | $ | 69,128,328 | $ | 11.70 | |||||||||||||||||||||||
11
CENTER TRUST, INC.
PORTFOLIO DETAIL - BY REGION
As of September 30, 2001
| Average | ||||||||||||||||||||||||||||||||||||||
| Year | Company | Base | ||||||||||||||||||||||||||||||||||||
| Built or | Owned | Percent | Annualized | Rent | ||||||||||||||||||||||||||||||||||
| Property Name | Remodeled | Anchor | Pad | Shop | GLA | Leased | Base Rent | per sq. ft. | Anchor or Principal Tenants | |||||||||||||||||||||||||||||
| COMMUNITY RETAIL CENTERS | ||||||||||||||||||||||||||||||||||||||
| Pacific Northwest | ||||||||||||||||||||||||||||||||||||||
| Frontier Village Shopping Center | 1993 | 68,473 | 20,449 | 33,776 | 153,320 | 80.0 | % | $ | 1,261,895 | $ | 10.28 | Safeway, Bartell Drugs | ||||||||||||||||||||||||||
| Lake Stevens, WA | ||||||||||||||||||||||||||||||||||||||
| Gresham Town Fair | 1988 | 159,282 | 26,587 | 67,295 | 266,049 | 95.2 | % | $ | 2,284,914 | $ | 9.03 | Ross Stores, Emporium, GI | ||||||||||||||||||||||||||
| Gresham, OR | Joe's Craft Warehouse | |||||||||||||||||||||||||||||||||||||
| The Medford Center | 1998 | 153,612 | 25,432 | 92,019 | 325,958 | 83.2 | % | $ | 2,660,706 | $ | 9.82 | Cinemark Theatres, Sears, | ||||||||||||||||||||||||||
| Medford, OR | Payless*, Safeway*, Circuit City, 24 Hour Fitness | |||||||||||||||||||||||||||||||||||||
| Ross Center | 1987 | 53,331 | 9,020 | 59,858 | 134,485 | 90.9 | % | $ | 1,535,697 | $ | 12.57 | Ross Stores, Michaels, | ||||||||||||||||||||||||||
| Portland, OR | Pier 1 Imports | |||||||||||||||||||||||||||||||||||||
| Silverdale Shopping Center | 1990 | 29,020 | — | 33,870 | 67,287 | 93.5 | % | $ | 822,430 | $ | 13.08 | Ross Stores | ||||||||||||||||||||||||||
| Silverdale, WA | ||||||||||||||||||||||||||||||||||||||
| Vancouver Park Place | 1987 | 33,938 | 14,900 | 27,006 | 77,944 | 97.3 | % | $ | 958,071 | $ | 12.63 | T.J. Maxx, Pier 1 Imports | ||||||||||||||||||||||||||
| Vancouver, WA | ||||||||||||||||||||||||||||||||||||||
| Pacific Northwest Region | 497,656 | 96,388 | 313,824 | 1,025,043 | 88.6 | % | $ | 9,523,713 | $ | 10.49 | ||||||||||||||||||||||||||||
Northern & Central California Region | ||||||||||||||||||||||||||||||||||||||
| Bakersfield Shopping Center | 1978 | — | — | 11,540 | 14,115 | 81.8 | % | $ | 84,084 | $ | 7.29 | |||||||||||||||||||||||||||
| Bakersfield, CA | ||||||||||||||||||||||||||||||||||||||
| Mineral King Plaza | 1983 | — | — | 34,660 | 39,060 | 88.7 | % | $ | 537,524 | $ | 15.51 | Vons*, Longs Drugs* | ||||||||||||||||||||||||||
| Visalia, CA | ||||||||||||||||||||||||||||||||||||||
| Rheem Valley | 1990 | 51,009 | 5,150 | 77,466 | 153,999 | 86.8 | % | $ | 1,567,301 | $ | 11.73 | T.J. Maxx, Longs Drugs | ||||||||||||||||||||||||||
| Moraga, CA | ||||||||||||||||||||||||||||||||||||||
| Rosedale Village Shopping Center | 1991 | 72,324 | 6,658 | 45,190 | 127,547 | 97.4 | % | $ | 1,402,231 | $ | 11.29 | Savemart, Payless Drugs, | ||||||||||||||||||||||||||
| Bakersfield, CA | Kmart* | |||||||||||||||||||||||||||||||||||||
| Southpointe Plaza | 1982 | 105,650 | — | 72,047 | 189,063 | 94.0 | % | $ | 1,431,505 | $ | 8.06 | Big 5 Sporting Goods | ||||||||||||||||||||||||||
| Sacramento, CA | ||||||||||||||||||||||||||||||||||||||
| Northern & Central California Region | 228,983 | 11,808 | 240,903 | 523,784 | 92.1 | % | $ | 5,022,645 | $ | 10.43 | ||||||||||||||||||||||||||||
Southern California Region | ||||||||||||||||||||||||||||||||||||||
| Country Fair Shopping Center | 1992 | 96,225 | 27,341 | 27,664 | 168,173 | 89.9 | % | $ | 2,163,673 | $ | 14.31 | Albertsons*, PETsMART, | ||||||||||||||||||||||||||
| Chino, CA | Rite-Aid, Staples, T.J. Maxx | |||||||||||||||||||||||||||||||||||||
| Date Palm Center | 1987 | 99,919 | — | 12,508 | 117,356 | 95.8 | % | $ | 1,696,441 | $ | 15.09 | Sam's Club (Wal-Mart) | ||||||||||||||||||||||||||
| Cathedral, CA | ||||||||||||||||||||||||||||||||||||||
| El Camino North | 1982 | 68,902 | 122,713 | 48,139 | 273,806 | 87.6 | % | $ | 2,930,025 | $ | 12.22 | Mervyn's*, Toys 'R Us*, | ||||||||||||||||||||||||||
| Oceanside, CA | Petco*, Ross Stores, Steinmart | |||||||||||||||||||||||||||||||||||||
| Fire Mountain Center | 1987 | 38,876 | 23,432 | 23,265 | 92,378 | 92.6 | % | $ | 1,677,566 | $ | 19.60 | Lamps Plus, Trader Joe's, | ||||||||||||||||||||||||||
| Oceanside, CA | Bookstar | |||||||||||||||||||||||||||||||||||||
| Fullerton Town Center | 1987 | 171,613 | 19,722 | 40,092 | 264,647 | 87.4 | % | $ | 3,469,911 | $ | 14.99 | Costco*, AMC Theatres, | ||||||||||||||||||||||||||
| Fullerton, CA | Toys 'R Us, Office Depot | |||||||||||||||||||||||||||||||||||||
| Gardena Gateway Center | 1990 | 41,300 | 5,062 | 15,930 | 65,987 | 94.4 | % | $ | 993,963 | $ | 15.96 | Marukai (Rite-Aid) | ||||||||||||||||||||||||||
| Gardena, CA | ||||||||||||||||||||||||||||||||||||||
| Kenneth Hahn Plaza | 1987 | 97,334 | 14,598 | 51,263 | 165,195 | 98.8 | % | $ | 1,690,959 | $ | 10.36 | Food 4 Less, Factory 2U, | ||||||||||||||||||||||||||
| Los Angeles, CA | Rite-Aid, Super Trak Auto | |||||||||||||||||||||||||||||||||||||
12
CENTER TRUST, INC.
PORTFOLIO DETAIL - BY REGION
As of September 30, 2001
As of September 30, 2001
| Average | |||||||||||||||||||||||||||||||||||||
| Year | Company | Base | |||||||||||||||||||||||||||||||||||
| Built or | Owned | Percent | Annualized | Rent | |||||||||||||||||||||||||||||||||
| Property Name | Remodeled | Anchor | Pad | Shop | GLA | Leased | Base Rent | per sq. ft. | Anchor or Principal Tenants | ||||||||||||||||||||||||||||
| La Verne Towne Center La Verne, CA | 1986 | 158,860 | 1,940 | 62,235 | 231,376 | 96.4 | % | $ | 1,435,060 | $ | 6.43 | Target, Vons | |||||||||||||||||||||||||
| Lakewood Plaza Bellflower, CA | 1989 | 93,342 | 4,365 | 15,804 | 113,511 | 100.0 | % | $ | 1,337,237 | $ | 11.78 | Stater Bros. (Albertsons), Staples | |||||||||||||||||||||||||
| Loma Square San Diego, CA | 1980 | 96,514 | — | 97,670 | 210,704 | 92.2 | % | $ | 2,637,885 | $ | 13.58 | T.J. Maxx, Circuit City, Sav-on Drugs | |||||||||||||||||||||||||
| Mountain Square Shopping Center Upland, CA | 1988 | 185,945 | — | 68,219 | 273,189 | 93.0 | % | $ | 3,049,847 | $ | 12.00 | Home Depot, Staples, Pavilions, Factory 2U | |||||||||||||||||||||||||
| North County Plaza Carlsbad, CA | 1987 | 43,610 | 28,720 | 72,220 | 153,325 | 94.3 | % | $ | 2,111,158 | $ | 14.61 | Marshall's, Michael's, Kids 'R Us | |||||||||||||||||||||||||
| Parkway Place Escondido, CA | 1989 | 91,127 | 12,917 | 11,856 | 120,425 | 96.2 | % | $ | 1,184,211 | $ | 10.22 | Albertsons, Office Depot | |||||||||||||||||||||||||
| Vermont-Slauson Shopping Center Los Angeles, CA | 1981 | 142,411 | 3,720 | 23,613 | 169,744 | 100.0 | % | $ | 1,024,031 | $ | 6.03 | Kmart, Sav-on Drugs | |||||||||||||||||||||||||
| Vineyards Marketplace Rancho Cucamonga, CA | 1991 | 21,415 | — | 27,625 | 56,019 | 87.5 | % | $ | 731,824 | $ | 14.92 | Albertsons*, Sav-on Drugs | |||||||||||||||||||||||||
| Southern California Region | 1,447,393 | 264,530 | 598,103 | 2,475,835 | 93.3 | % | $ | 28,133,791 | $ | 12.18 | |||||||||||||||||||||||||||
Southwest Region | |||||||||||||||||||||||||||||||||||||
| Kyrene Village Shopping Center Chandler, AZ | 1987 | 93,279 | 5,120 | 48,102 | 161,089 | 90.9 | % | $ | 1,104,697 | $ | 7.54 | Basha's, Kyrene Lanes, Audio Express, Greenbacks | |||||||||||||||||||||||||
| North Mountain Village Phoenix, AZ | 1985 | 41,215 | — | 47,237 | 94,379 | 93.7 | % | $ | 883,291 | $ | 9.99 | Fry's Food & Drug*, T.J. Maxx, Greenbacks | |||||||||||||||||||||||||
| Randolph Plaza Tucson, AZ | 1999 | 135,110 | 6,150 | 33,267 | 179,382 | 97.3 | % | $ | 1,110,624 | $ | 6.36 | Fry's, Walgreen's, MacFrugal's | |||||||||||||||||||||||||
| Southern Palms Center Tempe, AZ | 1980 | 103,875 | 20,025 | 100,090 | 254,863 | 87.9 | % | $ | 2,073,054 | $ | 9.26 | Food 4 Less, Staples | |||||||||||||||||||||||||
| Sunrise Place Center Tucson, AZ | 1992 | 103,025 | 5,100 | 16,114 | 136,919 | 90.7 | % | $ | 670,027 | $ | 5.39 | Smith's Food & Drug | |||||||||||||||||||||||||
| Southwest Region | 476,504 | 36,395 | 244,810 | 826,632 | 91.7 | % | $ | 5,841,693 | $ | 7.71 | |||||||||||||||||||||||||||
| COMMUNITY RETAIL CENTERS | 2,650,536 | 409,121 | 1,397,640 | 4,851,294 | 91.9 | % | $ | 48,521,842 | $ | 10.89 | |||||||||||||||||||||||||||
| REGIONAL MALLS | |||||||||||||||||||||||||||||||||||||
| Baldwin Hills Crenshaw Plaza Los Angeles, CA | 1988 | 291,554 | 29,610 | 160,623 | 509,604 | 94.5 | % | $ | 7,173,701 | $ | 14.89 | Sears*, Robinsons-May*, Wal-Mart, Albertsons, T.J. Maxx | |||||||||||||||||||||||||
| Media City Center Burbank, CA | 1992 | 467,961 | 48,984 | 231,217 | 818,405 | 91.4 | % | $ | 12,148,444 | $ | 16.24 | Macy's, IKEA*, Sears*, Mervyn's*, AMC Theatres, Sports Chalet | |||||||||||||||||||||||||
| REGIONAL MALLS | 759,515 | 78,594 | 391,840 | 1,328,009 | 92.6 | % | $ | 19,322,145 | $ | 15.71 | |||||||||||||||||||||||||||
| SINGLE TENANT FACILITIES | |||||||||||||||||||||||||||||||||||||
| Kmart Phoenix, AZ | 1990 | 104,204 | — | — | 104,204 | 100.0 | % | $ | 551,576 | $ | 5.29 | Kmart | |||||||||||||||||||||||||
| Sam’s Club Downey, CA | 1988 | 110,822 | 3,900 | — | 114,722 | 100.0 | % | $ | 732,765 | $ | 6.39 | Sam's Club (Wal-Mart) | |||||||||||||||||||||||||
| SINGLE TENANT FACILITIES | 215,026 | 3,900 | — | 218,926 | 100.0 | % | $ | 1,284,341 | $ | 5.87 | |||||||||||||||||||||||||||
| TOTAL PROPERTIES | 3,625,077 | 491,615 | 1,789,480 | 6,398,229 | 92.3 | % | $ | 69,128,328 | $ | 11.70 | |||||||||||||||||||||||||||
* Anchor space non-owned by Company.
13
CENTER TRUST, INC.
LEASE EXPIRATIONS-OVERALL PORTFOLIO
September 30, 2001
| Overall Portfolio | Anchors | Pads | Shops | |||||||||||||||||||||||||||||||||
| Number | Base | Base | Base | Base | ||||||||||||||||||||||||||||||||
| Year of | of | Square | Rent Per | Square | Rent Per | Square | Rent Per | Square | Rent Per | |||||||||||||||||||||||||||
| Expiration | Leases | Feet | Sq. Ft. | Feet | Sq. Ft. | Feet | Sq. Ft. | Feet | Sq. Ft. | |||||||||||||||||||||||||||
| M-T-M | 125 | 158,892 | 17.64 | — | — | 7,050 | 9.12 | 151,842 | 18.03 | |||||||||||||||||||||||||||
| 2001 | 68 | 141,840 | 14.49 | 34,420 | 3.20 | 1,800 | 25.00 | 105,620 | 17.98 | |||||||||||||||||||||||||||
| 2002 | 180 | 579,043 | 13.47 | 258,469 | 7.10 | 42,257 | 14.68 | 278,317 | 19.21 | |||||||||||||||||||||||||||
| 2003 | 128 | 394,238 | 14.35 | 121,350 | 6.62 | 36,575 | 16.65 | 236,313 | 17.97 | |||||||||||||||||||||||||||
| 2004 | 129 | 668,525 | 11.51 | 370,995 | 6.94 | 34,671 | 17.74 | 262,859 | 17.15 | |||||||||||||||||||||||||||
| 2005 | 110 | 496,506 | 16.60 | 229,340 | 14.96 | 39,809 | 18.87 | 227,357 | 17.85 | |||||||||||||||||||||||||||
| 2006 | 110 | 577,117 | 14.02 | 299,938 | 11.58 | 47,712 | 14.17 | 229,467 | 17.18 | |||||||||||||||||||||||||||
| 2007 | 35 | 348,609 | 9.13 | 201,597 | 5.36 | 41,642 | 10.96 | 105,370 | 15.61 | |||||||||||||||||||||||||||
| 2008 | 25 | 336,892 | 11.80 | 279,529 | 10.43 | 23,849 | 20.66 | 33,514 | 17.01 | |||||||||||||||||||||||||||
| 2009 | 18 | 355,406 | 6.82 | 303,864 | 4.67 | 38,679 | 17.77 | 12,863 | 24.56 | |||||||||||||||||||||||||||
| 2010 | 23 | 442,844 | 8.52 | 372,073 | 7.50 | 46,406 | 12.00 | 24,365 | 17.42 | |||||||||||||||||||||||||||
| Thereafter | 58 | 1,406,260 | 9.42 | 1,153,502 | 8.50 | 131,165 | 13.35 | 121,593 | 13.94 | |||||||||||||||||||||||||||
| Total | 1009 | 5,906,172 | 11.70 | 3,625,077 | 8.34 | 491,615 | 15.08 | 1,789,480 | 17.59 | |||||||||||||||||||||||||||
LEASE EXPIRATIONS-TOTAL COMMUNITY SHOPPING CENTERS
September 30, 2001
| Overall Portfolio | Anchors | Pads | Shops | |||||||||||||||||||||||||||||||||
| Number | Base | Base | Base | Base | ||||||||||||||||||||||||||||||||
| Year of | of | Square | Rent Per | Square | Rent Per | Square | Rent Per | Square | Rent Per | |||||||||||||||||||||||||||
| Expiration | Leases | Feet | Sq. Ft. | Feet | Sq. Ft. | Feet | Sq. Ft. | Feet | Sq. Ft. | |||||||||||||||||||||||||||
| M-T-M | 50 | 66,084 | 14.56 | — | — | 3,150 | 10.00 | 62,934 | 14.79 | |||||||||||||||||||||||||||
| 2001 | 38 | 107,109 | 10.59 | 34,420 | 3.20 | — | — | 72,689 | 14.09 | |||||||||||||||||||||||||||
| 2002 | 132 | 503,272 | 11.96 | 258,469 | 7.10 | 41,217 | 13.94 | 203,586 | 17.72 | |||||||||||||||||||||||||||
| 2003 | 100 | 346,118 | 12.45 | 121,350 | 6.62 | 36,575 | 16.65 | 188,193 | 15.40 | |||||||||||||||||||||||||||
| 2004 | 104 | 592,906 | 10.35 | 340,423 | 6.50 | 28,171 | 19.70 | 224,312 | 15.01 | |||||||||||||||||||||||||||
| 2005 | 90 | 365,494 | 14.43 | 131,761 | 9.66 | 38,089 | 18.31 | 195,644 | 16.88 | |||||||||||||||||||||||||||
| 2006 | 101 | 529,995 | 13.36 | 274,634 | 10.63 | 41,302 | 15.14 | 214,059 | 16.53 | |||||||||||||||||||||||||||
| 2007 | 28 | 302,343 | 7.76 | 201,597 | 5.36 | 41,642 | 10.96 | 59,104 | 13.71 | |||||||||||||||||||||||||||
| 2008 | 20 | 283,287 | 10.21 | 234,572 | 9.12 | 18,849 | 16.59 | 29,866 | 14.74 | |||||||||||||||||||||||||||
| 2009 | 13 | 230,543 | 6.35 | 193,042 | 3.73 | 25,197 | 17.96 | 12,304 | 23.73 | |||||||||||||||||||||||||||
| 2010 | 16 | 254,484 | 8.57 | 196,620 | 7.16 | 41,406 | 11.56 | 16,458 | 17.91 | |||||||||||||||||||||||||||
| Thereafter | 41 | 875,662 | 9.81 | 663,648 | 9.20 | 93,523 | 10.42 | 118,491 | 12.78 | |||||||||||||||||||||||||||
| Total | 733 | 4,457,297 | 10.89 | 2,650,536 | 7.77 | 409,121 | 14.32 | 1,397,640 | 15.78 | |||||||||||||||||||||||||||
14
CENTER TRUST
SUMMARY OF TENANTS WITH RENTS EXCEEDING 1% OF TOTAL RENTS
As of September 30, 2001
| Percentage | ||||||||||||||||||||||||
| Number | Percentage | Total | of Company | |||||||||||||||||||||
| of | Annualized | of Total | Tenant | Owned | ||||||||||||||||||||
| Number | Retail Tenant | Locations | Base Rent | Base Rent | GLA | GLA | ||||||||||||||||||
| 1 | Wal-Mart Stores Inc. (1) | 3 | 3,038,834 | 4.396 | % | 360,741 | 6.11 | % | ||||||||||||||||
| 2 | AMC Entertainment | 3 | 2,931,939 | 4.241 | % | 125,429 | 2.12 | % | ||||||||||||||||
| 3 | TJX Companies, Inc., The | 7 | 1,663,264 | 2.406 | % | 193,614 | 3.28 | % | ||||||||||||||||
| 4 | Loews Cineplex Entertainment | 1 | 1,402,011 | 2.028 | % | 67,579 | 1.14 | % | ||||||||||||||||
| 5 | Albertson's Inc. | 5 | 1,307,854 | 1.892 | % | 188,432 | 3.19 | % | ||||||||||||||||
| 6 | Kroger Co., The | 5 | 1,254,006 | 1.814 | % | 285,486 | 4.83 | % | ||||||||||||||||
| 7 | Staples Inc. | 5 | 1,245,128 | 1.801 | % | 110,881 | 1.88 | % | ||||||||||||||||
| 8 | Safeway Inc. | 4 | 1,201,654 | 1.738 | % | 164,207 | 2.78 | % | ||||||||||||||||
| 9 | Circuit City Stores Inc. | 3 | 1,088,400 | 1.574 | % | 84,680 | 1.43 | % | ||||||||||||||||
| 10 | Home Depot Inc., The | 1 | 965,930 | 1.397 | % | 98,064 | 1.66 | % | ||||||||||||||||
| 11 | Ross Stores Inc. | 4 | 933,100 | 1.350 | % | 117,852 | 2.00 | % | ||||||||||||||||
| 12 | Federated Department Stores | 1 | 894,179 | 1.294 | % | 237,145 | 4.02 | % | ||||||||||||||||
| 13 | Cinemark USA Inc. | 1 | 798,566 | 1.155 | % | 57,273 | 0.97 | % | ||||||||||||||||
| 14 | Toys 'R' Us Inc. | 2 | 787,272 | 1.139 | % | 82,022 | 1.39 | % | ||||||||||||||||
| 15 | The Limited Inc. | 10 | 780,398 | 1.129 | % | 55,313 | 0.94 | % | ||||||||||||||||
| 16 | Sport Chalet Inc. | 1 | 775,508 | 1.122 | % | 44,957 | 0.76 | % | ||||||||||||||||
| 17 | Kmart Corp | 2 | 769,756 | 1.114 | % | 186,708 | 3.16 | % | ||||||||||||||||
| 18 | Virgin Entertainment Group | 1 | 756,000 | 1.094 | % | 30,000 | 0.51 | % | ||||||||||||||||
| 19 | Payless Shoesource Inc. | 11 | 752,901 | 1.089 | % | 36,634 | 0.62 | % | ||||||||||||||||
| 20 | Barnes & Noble | 2 | 742,531 | 1.074 | % | 35,285 | 0.60 | % | ||||||||||||||||
| 21 | Office Depot Inc. | 3 | 718,679 | 1.040 | % | 77,000 | 1.30 | % | ||||||||||||||||
| 22 | Target Corporation | 2 | 709,555 | 1.026 | % | 220,382 | 3.73 | % | ||||||||||||||||
| Total | 77 | 25,517,465 | 36.913 | % | 2,859,684 | 48.42 | % | |||||||||||||||||
| (1) | Includes location at Baldwin Hills Crenshaw Plaza where rent has not yet commenced. |
15
CENTER TRUST
MAJOR TENANT CONCENTRATION EXCEEDING 2% OF TOTAL RENTS
As of September 30, 2001
| Percentage | ||||||||||||||||||||||||
| Number | Total Segment | Percentage | Total | of Company | ||||||||||||||||||||
| of | Annualized | of Total | Segment | Owned | ||||||||||||||||||||
| Number | Retail Tenant | Leases | Base Rent | Base Rent | GLA | GLA | ||||||||||||||||||
| 1 | Supermarkets | 16 | 5,361,572 | 7.76 | % | 758,220 | 12.84 | % | ||||||||||||||||
| 2 | Restaurants | 62 | 5,213,898 | 7.54 | % | 321,349 | 5.44 | % | ||||||||||||||||
| 3 | Fast Food | 139 | 5,179,187 | 7.49 | % | 237,733 | 4.03 | % | ||||||||||||||||
| 4 | Theaters | 5 | 5,141,515 | 7.44 | % | 250,502 | 4.24 | % | ||||||||||||||||
| 5 | Discount Retailers | 7 | 4,518,145 | 6.54 | % | 767,831 | 13.00 | % | ||||||||||||||||
| 6 | Family Apparel | 27 | 3,894,233 | 5.63 | % | 436,173 | 7.39 | % | ||||||||||||||||
| 7 | Health & Beauty | 107 | 3,258,164 | 4.71 | % | 196,445 | 3.33 | % | ||||||||||||||||
| 8 | Electronics | 28 | 3,031,962 | 4.39 | % | 165,794 | 2.81 | % | ||||||||||||||||
| 9 | Music and Video | 28 | 2,813,682 | 4.07 | % | 139,785 | 2.37 | % | ||||||||||||||||
| 10 | Women's Apparel | 39 | 2,494,054 | 3.61 | % | 163,763 | 2.77 | % | ||||||||||||||||
| 11 | Home Furnishings/Housewares | 23 | 2,040,689 | 2.95 | % | 169,777 | 2.87 | % | ||||||||||||||||
| 12 | Footwear | 33 | 2,007,931 | 2.90 | % | 96,974 | 1.64 | % | ||||||||||||||||
| 13 | Office Supply | 7 | 1,775,706 | 2.57 | % | 173,781 | 2.94 | % | ||||||||||||||||
| Total | 521 | 46,730,738 | 67.60 | 3,878,127 | 65.66 | % | ||||||||||||||||||
16
CENTER TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||
| 2001 | 2000 | 2001 | 2000 | ||||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||||
| Rental income | $ | 17,108 | $ | 24,540 | $ | 52,119 | $ | 74,201 | |||||||||||
| Expense reimbursements | 6,160 | 7,579 | 18,066 | 23,004 | |||||||||||||||
| Percentage rents | 274 | 428 | 968 | 1,422 | |||||||||||||||
| Other income | 1,200 | 1,494 | 3,734 | 4,595 | |||||||||||||||
| Total revenues | 24,742 | 34,041 | 74,887 | 103,222 | |||||||||||||||
| Interest | 8,099 | 14,993 | 26,230 | 44,693 | |||||||||||||||
| Depreciation and amortization | 5,099 | 6,444 | 15,513 | 19,227 | |||||||||||||||
| Property operating costs: | |||||||||||||||||||
| Common area | 4,510 | 4,943 | 13,389 | 15,215 | |||||||||||||||
| Property taxes | 2,412 | 3,241 | 7,322 | 9,915 | |||||||||||||||
| Leasehold rentals | 272 | 369 | 806 | 1,094 | |||||||||||||||
| Marketing | 232 | 269 | 826 | 801 | |||||||||||||||
| Other operating | 1,182 | 950 | 3,512 | 2,891 | |||||||||||||||
| Reorganization Costs | — | — | 2,613 | — | |||||||||||||||
| General and administrative | 1,196 | 1,577 | 4,207 | 4,208 | |||||||||||||||
| Total expenses | 23,002 | 32,786 | 74,418 | 98,044 | |||||||||||||||
| Income from Operations before Other Items | 1,740 | 1,255 | 469 | 5,178 | |||||||||||||||
| Gain (Loss) on the Sale of Rental Assets | — | 2,473 | (2,379 | ) | 14,197 | ||||||||||||||
| Minority Interests — Operating Partnership | (383 | ) | (258 | ) | (102 | ) | (1,079 | ) | |||||||||||
| Minority Interests — Other | (91 | ) | (79 | ) | (260 | ) | (229 | ) | |||||||||||
| Net Income (Loss) before Extraordinary Item | 1,266 | 3,391 | (2,272 | ) | 18,067 | ||||||||||||||
| Extraordinary Loss — Early Extinguishment of Debt | — | (589 | ) | (1,385 | ) | (2,453 | ) | ||||||||||||
| Net Income (Loss) | 1,266 | 2,802 | (3,657 | ) | 15,614 | ||||||||||||||
| Adjustments to reconcile net income to FFO: | |||||||||||||||||||
| Depreciation of real property | 4,889 | 6,275 | 14,880 | 18,937 | |||||||||||||||
| Minority Interests | 287 | 167 | (209 | ) | 797 | ||||||||||||||
| Extraordinary Loss — Early Extinguishment of Debt | — | 589 | 1,385 | 2,453 | |||||||||||||||
| (Gain) Loss on the Sale of Assets | — | (2,473 | ) | 2,379 | (14,197 | ) | |||||||||||||
| Reorganization Costs | — | — | 2,613 | — | |||||||||||||||
| Other | 56 | 461 | 594 | 1,278 | |||||||||||||||
| Funds From Operations — Basic | $ | 6,498 | $ | 7,821 | $ | 17,985 | $ | 24,882 | |||||||||||
17
CENTER TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
ASSETS
| September 30, | December 31, | ||||||||||
| 2001 | 2000 | ||||||||||
| (unaudited) | |||||||||||
| Rental properties | $ | 730,661 | $ | 776,667 | |||||||
| Accumulated depreciation and amortization | (144,863 | ) | (136,828 | ) | |||||||
| Rental properties, net | 585,798 | 639,839 | |||||||||
| Cash and cash equivalents | 4,895 | 6,164 | |||||||||
| Tenant receivables, net | 8,086 | 11,920 | |||||||||
| Other receivables | 5,621 | 5,603 | |||||||||
| Restricted cash | 10,416 | 9,531 | |||||||||
| Deferred charges, net | 15,348 | 18,030 | |||||||||
| Other assets | 2,875 | 3,492 | |||||||||
| Total | $ | 633,039 | $ | 694,579 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| LIABILITIES | |||||||||||
| Secured debt | $ | 399,693 | $ | 318,052 | |||||||
| 7 1/2% Convertible subordinated debentures | — | 128,548 | |||||||||
| Accrued dividend and distributions | 1,173 | 6,035 | |||||||||
| Accrued interest | 1,592 | 5,827 | |||||||||
| Accounts payable and other accrued expenses | 11,807 | 10,161 | |||||||||
| Accrued construction costs | 570 | 1,060 | |||||||||
| Tenant security and other deposits | 1,624 | 1,797 | |||||||||
| Total liabilities | 416,459 | 471,480 | |||||||||
| MINORITY INTERESTS | |||||||||||
| Operating partnership (1,339,644 and 2,015,692 units issued as of September 30, 2001 and December 31, 2000, respectively | 11,025 | 15,075 | |||||||||
| Other minority interests | 1,457 | 1,620 | |||||||||
| Total minority interests | 12,482 | 16,695 | |||||||||
| STOCKHOLDERS’ EQUITY | |||||||||||
| Common stock ($.01 par value, 100,000,000 shares authorized; 27,622,072 and 26,721,226 shares issued and outstanding as of September 30, 2001 and December 31, 2000, respectively) | 276 | 266 | |||||||||
| Additional paid-in capital | 364,166 | 359,419 | |||||||||
| Accumulated distributions and deficit | (160,344 | ) | (153,281 | ) | |||||||
| Total stockholders’ equity | 204,098 | 206,404 | |||||||||
| Total | $ | 633,039 | $ | 694,579 | |||||||
18
CENTER TRUST, INC
SUMMARY OF OUTSTANDING DEBT
September 30, 2001
(In Thousands)
(In Thousands)
| Maturity | Average | Balance | Balance | ||||||||||||||||||||||
| Lender | Property | Rate | Date | Maturities | 30-Sep-01 | 31-Dec-00 | |||||||||||||||||||
| Fixed Rate Mortgages | |||||||||||||||||||||||||
| Metropolitan Life Insurance Company | Date Palm | 10.450 | % | 07/31/02 | 0.8 | 8,977 | 9,102 | ||||||||||||||||||
| The Travelers Insurance Company | North County | 10.375 | % | 01/31/03 | 1.3 | 14,959 | 15,232 | ||||||||||||||||||
| Column Financial, Inc. | Mineral King | 9.680 | % | 08/01/06 | 4.8 | 3,503 | 3,578 | ||||||||||||||||||
| Eastrich #79 Corporation (AEW)(1) | K-Mart Phoenix (Loan #1) | 11.450 | % | 10/15/06 | 5.0 | 1,418 | 5,269 | ||||||||||||||||||
| Eastrich #79 Corporation (AEW)(2) | Lakewood, Sam's Club-Downey and Parkway Place (Loan #2) | 10.900 | % | 10/15/06 | 5.0 | 8,368 | 8,723 | ||||||||||||||||||
| Chase Commercial Mortgage Banking Corp. | Vineyards Marketplace | 8.300 | % | 11/10/09 | 8.1 | 5,129 | 5,157 | ||||||||||||||||||
| Chase Commercial Mortgage Banking Corp. | Kyrene Village | 8.300 | % | 11/10/09 | 8.1 | 7,851 | 7,893 | ||||||||||||||||||
| First Union National Bank(3) | Gardena | 7.750 | % | 07/01/09 | 7.8 | 6,772 | 6,818 | ||||||||||||||||||
| First Union National Bank(3) | Gresham | 7.750 | % | 07/01/09 | 7.8 | 16,489 | 16,599 | ||||||||||||||||||
| First Union National Bank(3) | Loma Square | 7.750 | % | 07/01/09 | 7.8 | 18,206 | 18,328 | ||||||||||||||||||
| First Union National Bank(3) | Southpointe | 7.750 | % | 07/01/09 | 7.8 | 9,569 | 9,633 | ||||||||||||||||||
| Principal Capital(4) | North Mountain Village | 7.680 | % | 08/01/11 | 9.8 | 7,146 | 8,125 | ||||||||||||||||||
| Aid Association for Lutherans(5) | Westgate North | — | 5,610 | ||||||||||||||||||||||
| Total Fixed-Rate Mortgages | 8.751 | % | 6.1 | 108,387 | 120,067 | ||||||||||||||||||||
| Variable-Rate Mortgages | |||||||||||||||||||||||||
| First Union National Bank(6) | Randolph Plaza | 6.125 | % | 06/01/02 | 0.7 | 5,222 | 5,278 | ||||||||||||||||||
| First Union National Bank(6) | Mountain Square | 6.125 | % | 06/01/02 | 0.7 | 17,843 | 18,031 | ||||||||||||||||||
| First Union National Bank(6) | Fire Mountain | 6.125 | % | 06/01/02 | 0.7 | 10,056 | 10,147 | ||||||||||||||||||
| Chase Manhattan Bank(7) | Chino | 6.006 | % | 12/10/02 | 1.2 | 16,150 | 16,150 | ||||||||||||||||||
| Chase Manhattan Bank(7) | Fullerton | 6.006 | % | 12/10/02 | 1.2 | 24,000 | 24,000 | ||||||||||||||||||
| Chase Manhattan Bank(7) | La Verne | 6.006 | % | 12/10/02 | 1.2 | 10,035 | 10,035 | ||||||||||||||||||
| Sanwa Bank California (UCB)(8) | El Camino North | 6.188 | % | 02/28/03 | 1.4 | 25,000 | 25,000 | ||||||||||||||||||
| Total Variable-Rate Mortgages | 6.085 | % | 1.1 | 108,306 | 108,641 | ||||||||||||||||||||
| Other Secured Debt | |||||||||||||||||||||||||
| CRA — Certificates of Participation, Series 1985 | Baldwin Hills | 5.300 | % | 12/01/14 | 13.2 | 30,000 | 30,000 | ||||||||||||||||||
| CDC — Certificates of Participation, Series 1985 | Willowbrook | 5.200 | % | 12/01/15 | 14.2 | 6,000 | 6,000 | ||||||||||||||||||
| G.E. Capital(9) | Secured Line of Credit | 6.004 | % | 04/01/02 | 0.5 | 147,000 | 53,344 | ||||||||||||||||||
| Total Other Secured Debt | 5.862 | % | 3.0 | 183,000 | 89,344 | ||||||||||||||||||||
| Total Secured Debt | 6.706 | % | 3.4 | 399,693 | 318,052 | ||||||||||||||||||||
| Convertible debentures.(10) | 01/15/01 | — | 128,548 | ||||||||||||||||||||||
| Total Debt Outstanding | 6.706 | % | 3.4 | $ | 399,693 | $ | 446,600 | ||||||||||||||||||
| (1) | Mortgage cross-collateralized with properties in AEW Loan #2 | |
| (2) | Mortgage cross-collateralized with property in AEW Loan #1 | |
| (3) | Gardena, Gresham, Loma Square and Southpointe are cross-collateralized and cross-defaulted. | |
| (4) | Refinanced on 7/6/01 | |
| (5) | Asset sold 3/14/01 | |
| (6) | Interest based on LIBOR plus 250 basis points. Randolph Plaza, Mountain Square and Fire Mountain are cross-collateralized. | |
| (7) | Interest based on LIBOR plus 230 basis points. Mortgage provides for three one-year extensions. | |
| (8) | Interest based on LIBOR plus 250 basis points. Loan provides for two one-year extensions. | |
| (9) | Secured by Media City Center, Medford Shopping Center, Ross Center, Vancouver Park Place, Sunrise Place, Silverdale Shopping Center, Frontier Village, Rheem Valley, Southern Palms, Rosedale Village and Walmart-Baldwin Hills. Interest based on LIBOR plus 250 basis points. Loan agreement provides for one one-year extension. | |
| (10) | Repaid on January 16, 2001. |
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CENTER TRUST, INC.
SCHEDULE OF MORTGAGE DEBT MATURITIES
September 30, 2001
(In thousands)
(In thousands)
| Scheduled | |||||||||||||
| Amortization | Scheduled | ||||||||||||
| Year | Payments | Maturities | Total | ||||||||||
| 2001 | 624 | — | 624 | ||||||||||
| 2002 | 2,189 | 188,604 | (1) | 190,793 | |||||||||
| 2003 | 1,629 | 89,619 | 91,248 | ||||||||||
| 2004 | 1,727 | — | 1,727 | ||||||||||
| 2005 | 1,870 | — | 1,870 | ||||||||||
| 2006 | 1,718 | 8,496 | 10,214 | ||||||||||
| 2007 | 962 | — | 962 | ||||||||||
| 2008 | 1,025 | — | 1,025 | ||||||||||
| 2009 | 542 | 58,157 | 58,699 | ||||||||||
| 2010 | 106 | — | 106 | ||||||||||
| Thereafter | 67 | 42,358 | 42,425 | ||||||||||
| Total | $ | 12,459 | $ | 387,234 | $ | 399,693 | |||||||
| (1) | Includes amount outstanding on the Company’s secured credit facility which is due on March 31, 2002. Loan agreement provides for a one-year extension. |
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