Exhibit 99.3
Supplemental Financial Information
September 30, 2005
(Unaudited)
Table of Contents
|
|
| Page # |
|
|
| |
Corporate Profile |
| 1 | |
Consolidated Balance Sheets |
| 2 | |
Consolidated Statements of Operations |
| 3 - 4 | |
Consolidated Statements of Operations - Segments |
| 5 - 6 | |
|
|
|
|
Summary of Operating Results |
|
| |
| Funds From Operations |
| 7 |
| Dividends – All Classes of Common Shares |
| 7 |
| Rental Income |
| 8 |
| Real Estate Revenue Allocation |
| 8 |
| Discontinued Operations |
| 9 |
| Interest Expense |
| 9 |
|
|
|
|
Summary Balance Sheet Information |
|
| |
| Common Share Data |
| 10 |
| Capitalization |
| 10 |
|
|
|
|
Debt Information |
|
| |
| Outstanding Balances and Terms |
| 11 - 12 |
| Fixed vs. Variable Rate Debt |
| 12 |
|
|
|
|
Property & Tenant Information |
|
| |
| Property Table |
| 13 - 14 |
| Tenant Diversification |
| 15 |
| Leasing Activity Report |
| 15 |
| Lease Expiration Schedule |
| 16 |
This Supplemental Financial Information package contains historical information of the Company and is intended to supplement the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, and its unaudited quarterly financial statements as of and for the period ended September 30, 2005. All financial information in this Supplemental Financial Information package is shown in thousands, except for per share data and share information.
Certain information contained in this Supplemental Financial Information package includes certain forward-looking statements reflecting AmREIT’s expectations in the near term that involve a number of risks and uncertainties; however, many factors may materially affect the actual results, including demand for our properties, changes in rental and occupancy rates, changes in property operating costs, interest rate fluctuations, and changes in local and general economic conditions. Accordingly, there is no assurance that AmREIT’s expectations will be realized.
Corporate Profile:
AmREIT (AMEX: AMY) is a real estate investment trust (“REIT”) primarily focused on the ownership, development and management of Irreplaceable Corners™ - defined as premier retail frontage properties typically located on “Main & Main” intersections in highly populated, high-traffic, affluent areas. Our portfolio consists of shopping centers anchored by market dominant tenants such as Kroger, Barnes & Noble and Walgreens and are supported by specialty retailers such as GAP, Starbucks, Hallmark and Verizon. Our business structure is unique within the REIT community and consists of a merchant development and operating business, a wholesale securities business and a retail partnership business. These synergistic businesses support our portfolio of Irreplaceable Corners, and allow the company access to multiple avenues of low-cost capital. Through the retail partnership funds, AmREIT captures recurring development, leasing, property management, and asset management fees for services performed while maintaining an ownership interest and profit participation in each sponsored fund. Our business structure allows the Company to expand both internally and externally, distinguishing AmREIT as a value creator and a source of dependable, increasing monthly income.
Corporate Office:
8 Greenway Plaza, Suite 1000
Houston, Texas 77046
(800) 888-4400
(713) 850-0498 (fax)
www.amreit.com
Stock Exchange:
American Stock Exchange – AMY
1
Consolidated Balance Sheets:
|
| September 30, |
| December 31, |
| ||
|
|
|
| ||||
ASSETS |
|
|
|
|
|
|
|
Real estate investments at cost |
|
|
|
|
|
|
|
Land |
| $ | 108,673 |
| $ | 68,138 |
|
Building |
|
| 120,831 |
|
| 88,211 |
|
Tenant improvements |
|
| 6,519 |
|
| 4,243 |
|
|
|
|
| ||||
|
|
| 236,023 |
|
| 160,592 |
|
Less accumulated depreciation and amortization |
|
| (4,711 | ) |
| (3,561 | ) |
|
|
|
| ||||
|
|
| 231,312 |
|
| 157,031 |
|
Real estate held for sale, net |
|
| 18,085 |
|
| 6,326 |
|
Net investment in direct financing leases held for investment |
|
| 19,214 |
|
| 19,219 |
|
Intangible lease cost, net |
|
| 17,797 |
|
| 10,628 |
|
Investment in retail partnerships and other affiliates |
|
| 2,548 |
|
| 1,979 |
|
|
|
|
| ||||
Net real estate investments |
|
| 288,956 |
|
| 195,183 |
|
Cash and cash equivalents |
|
| 6,326 |
|
| 2,960 |
|
Tenant receivables |
|
| 2,133 |
|
| 1,338 |
|
Accounts receivable |
|
| 840 |
|
| 37 |
|
Accounts receivable – related party |
|
| 9,608 |
|
| 910 |
|
Deferred costs |
|
| 1,346 |
|
| 1,040 |
|
Other assets |
|
| 2,562 |
|
| 1,683 |
|
|
|
|
| ||||
TOTAL ASSETS |
| $ | 311,771 |
| $ | 203,151 |
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Notes payable |
| $ | 115,962 |
| $ | 105,964 |
|
Accounts payable and other liabilities |
|
| 5,595 |
|
| 4,830 |
|
Below market leases, net |
|
| 3,049 |
|
| 2,504 |
|
Security deposits |
|
| 630 |
|
| 368 |
|
|
|
|
| ||||
TOTAL LIABILITIES |
|
| 125,236 |
|
| 113,666 |
|
|
|
|
| ||||
Minority Interest |
|
| 1,108 |
|
| 1,115 |
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Preferred Shares, $.01 par value, 10,000,000 shares authorized, note issued |
|
| — |
|
| — |
|
Class A Common shares, $.01 par value, 50,000,000 shares authorized, 6,469,698 and 3,462,767 shares issued, respectively |
|
| 65 |
|
| 35 |
|
Class B Common shares, $.01 par value, 3,000,000 shares authorized, 2,158,229 and 2,246,283 shares issued, respectively |
|
| 22 |
|
| 22 |
|
Class C Common shares, $.01 par value, 4,400,000 shares authorized, 4,088,927 and 4,079,174 shares issued, respectively |
|
| 41 |
|
| 41 |
|
Class D Common shares, $.01 par value, 17,000,000 shares authorized, 10,954,827 and 2,090,765 shares issued, respectively |
|
| 110 |
|
| 21 |
|
Capital in excess of par value |
|
| 204,962 |
|
| 104,114 |
|
Accumulated distributions in excess of earnings |
|
| (18,034 | ) |
| (15,038 | ) |
Deferred compensation |
|
| (1,521 | ) |
| (770 | ) |
Cost of treasury shares, 29,722 and 9,116 Class A shares, respectively |
|
| (218 | ) |
| (55 | ) |
|
|
|
| ||||
TOTAL SHAREHOLDERS’ EQUITY |
|
| 185,427 |
|
| 88,370 |
|
|
|
|
| ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
| $ | 311,771 |
| $ | 203,151 |
|
|
|
|
|
2
Consolidated Statements of Operations:
|
| Three months ended |
| Three months ended |
| ||
|
|
|
| ||||
Revenue: |
|
|
|
|
|
|
|
Rental income from operating leases |
| $ | 5,188 |
| $ | 2,612 |
|
Earned income from direct financing leases |
|
| 507 |
|
| 508 |
|
Real estate fee income |
|
| 58 |
|
| 8 |
|
Real estate fee income – related party |
|
| 1,654 |
|
| 407 |
|
Construction revenues |
|
| 388 |
|
| — |
|
Construction revenues – related party |
|
| 886 |
|
| — |
|
Securities commission income – related party |
|
| 3,909 |
|
| 1,780 |
|
Asset management fee income – related party |
|
| 130 |
|
| 96 |
|
Interest and other income |
|
| 358 |
|
| 19 |
|
|
|
|
| ||||
Total revenues |
|
| 13,078 |
|
| 5,430 |
|
|
|
|
| ||||
Expenses: |
|
|
|
|
|
|
|
General and administrative |
|
| 2,060 |
|
| 1,578 |
|
Property expense |
|
| 1,141 |
|
| 436 |
|
Construction costs |
|
| 1,197 |
|
| — |
|
Legal and professional |
|
| 356 |
|
| 311 |
|
Securities commissions |
|
| 2,988 |
|
| 1,388 |
|
Depreciation and amortization |
|
| 1,606 |
|
| 669 |
|
Deferred merger costs |
|
| — |
|
| — |
|
|
|
|
| ||||
Total expenses |
|
| 9,348 |
|
| 4,382 |
|
|
|
|
| ||||
Operating income |
|
| 3,730 |
|
| 1,048 |
|
Other income (expense): |
|
|
|
|
|
|
|
Income from retail partnerships and affiliates |
|
| 75 |
|
| 53 |
|
Federal income tax expense for TRS |
|
| (313 | ) |
| (122 | ) |
Interest expense |
|
| (1,779 | ) |
| (1,006 | ) |
Minority interest in income of consolidated joint ventures |
|
| (51 | ) |
| (40 | ) |
|
|
|
| ||||
Income (loss) before discontinued operations |
|
| 1,662 |
|
| (67 | ) |
Income from discontinued operations |
|
| 372 |
|
| 279 |
|
Gain on sales of real estate acquired for resale |
|
| — |
|
| 908 |
|
|
|
|
| ||||
Income from discontinued operations |
|
| 372 |
|
| 1,187 |
|
|
|
|
| ||||
Net income |
|
| 2,034 |
|
| 1,120 |
|
Distributions paid to class B,C, and D shareholders |
|
| (2,669 | ) |
| (1,168 | ) |
|
|
|
| ||||
Net loss available to class A shareholders |
| $ | (635 | ) | $ | (48 | ) |
|
|
|
| ||||
Net (loss) income per class A common share – basic and diluted |
|
|
|
|
|
|
|
Loss before discontinued operations |
| $ | (0.16 | ) | $ | (0.37 | ) |
Income from discontinued operations |
| $ | (0.06 | ) |
| 0.36 |
|
|
|
|
| ||||
Net loss |
| $ | (0.10 | ) | $ | (0.01 | ) |
|
|
|
| ||||
Weighted average class A common shares used to compute net (loss) income per share, basic and diluted |
|
| 6,431 |
|
| 3,382 |
|
|
|
|
|
3
Consolidated Statements of Operations, cont.:
|
| Nine months ended |
| Nine months ended |
| ||
|
|
|
| ||||
Revenue: |
|
|
|
|
|
|
|
Rental income from operating leases |
| $ | 13,621 |
| $ | 4,952 |
|
Earned income from direct financing leases |
|
| 1,522 |
|
| 1,522 |
|
Real estate fee income |
|
| 352 |
|
| 56 |
|
Real estate fee income – related party |
|
| 3,369 |
|
| 1,308 |
|
Construction revenues |
|
| 666 |
|
| — |
|
Construction revenues – related party |
|
| 1,073 |
|
| — |
|
Securities commission income – related party |
|
| 9,705 |
|
| 5,333 |
|
Asset management fee income – related party |
|
| 367 |
|
| 245 |
|
Interest and other income |
|
| 514 |
|
| 47 |
|
|
|
|
| ||||
Total revenues |
|
| 31,189 |
|
| 13,463 |
|
|
|
|
| ||||
Expenses: |
|
|
|
|
|
|
|
General and administrative |
|
| 5,862 |
|
| 4,145 |
|
Property expense |
|
| 2,771 |
|
| 784 |
|
Construction costs |
|
| 1,499 |
|
| — |
|
Legal and professional |
|
| 1,419 |
|
| 960 |
|
Securities commissions |
|
| 7,452 |
|
| 4,149 |
|
Depreciation and amortization |
|
| 3,985 |
|
| 1,030 |
|
Deferred merger costs |
|
| — |
|
| 1,682 |
|
|
|
|
| ||||
Total expenses |
|
| 22,988 |
|
| 12,750 |
|
|
|
|
| ||||
Operating income |
|
| 8,201 |
|
| 713 |
|
Other income (expense): |
|
|
|
|
|
|
|
Income from retail partnerships and other affiliates |
|
| 188 |
|
| 240 |
|
Federal income tax expense for TRS |
|
| (357 | ) |
| (315 | ) |
Interest expense |
|
| (4,768 | ) |
| (2,126 | ) |
Minority interest in income of consolidated joint ventures |
|
| (222 | ) |
| (132 | ) |
|
|
|
| ||||
Income (loss) before discontinued operations |
|
| 3,042 |
|
| (1,620 | ) |
Income from discontinued operations |
|
| 1,214 |
|
| 715 |
|
Gain on sales of real estate acquired for resale |
|
| 872 |
|
| 1,758 |
|
|
|
|
| ||||
Income from discontinued operations |
|
| 2,086 |
|
| 2,473 |
|
|
|
|
| ||||
Net income |
|
| 5,128 |
|
| 853 |
|
Distributions paid to class B,C, and D shareholders |
|
| (6,348 | ) |
| (3,087 | ) |
|
|
|
| ||||
Net loss available to class A shareholders |
| $ | (1,220 | ) | $ | (2,234 | ) |
|
|
|
| ||||
Net (loss) income per class A common share – basic and diluted |
|
|
|
|
|
|
|
Loss before discontinued operations |
| $ | (0.69 | ) | $ | (1.48 | ) |
Income from discontinued operations |
| $ | (0.44 | ) |
| 0.78 |
|
|
|
|
| ||||
Net loss |
| $ | (0.25 | ) | $ | (0.70 | ) |
|
|
|
| ||||
Weighted average class A common shares used to compute net (loss) income per share, basic and diluted |
|
| 4,790 |
|
| 3,191 |
|
|
|
|
|
4
Segmented Statements of Operations:
Three Months Ended September 30, 2005 |
| Portfolio |
| Real Estate |
| Securities |
| Retail |
| Total |
| |||||
|
|
|
|
|
| |||||||||||
Rental income |
| $ | 5,641 |
| $ | 54 |
| $ | — |
| $ | — |
| $ | 5,695 |
|
Securities commissions |
|
| — |
|
| — |
|
| 3,909 |
|
| — |
|
| 3,909 |
|
Real Estate fee income |
|
| — |
|
| 1,712 |
|
| — |
|
| — |
|
| 1,712 |
|
Construction fee income |
|
| — |
|
| 1,274 |
|
| — |
|
|
|
|
| 1,274 |
|
Other income |
|
| 308 |
|
| 54 |
|
| — |
|
| 126 |
|
| 488 |
|
|
|
|
|
|
|
| ||||||||||
Total revenue |
|
| 5,949 |
|
| 3,094 |
|
| 3,909 |
|
| 126 |
|
| 13,078 |
|
Securities commission Expense |
|
| — |
|
| — |
|
| 2,988 |
|
| — |
|
| 2,988 |
|
Professional fees |
|
| 287 |
|
| 29 |
|
| 8 |
|
| — |
|
| 324 |
|
Depreciation and amortization |
|
| 1,606 |
|
| — |
|
| — |
|
| — |
|
| 1,606 |
|
Property expense |
|
| 1,126 |
|
| 15 |
|
| — |
|
| — |
|
| 1,141 |
|
Construction expense |
|
| — |
|
| 1,197 |
|
| — |
|
| — |
|
| 1,197 |
|
Real estate commissions |
|
| — |
|
| 32 |
|
| — |
|
| — |
|
| 32 |
|
General and administrative |
|
| 273 |
|
| 905 |
|
| 799 |
|
| 83 |
|
| 2,060 |
|
|
|
|
|
|
|
| ||||||||||
Total expenses |
|
| 3,292 |
|
| 2,178 |
|
| 3,795 |
|
| 83 |
|
| 9,348 |
|
Interest expense |
|
| (1,746 | ) |
| (33 | ) |
| — |
|
| — |
|
| (1,779 | ) |
Other (expense) income |
|
| (48 | ) |
| (230 | ) |
| (26 | ) |
| 15 |
|
| (289 | ) |
Income from discontinued operations |
|
| 359 |
|
| 13 |
|
| — |
|
| — |
|
| 372 |
|
|
|
|
|
|
|
| ||||||||||
Net income |
| $ | 1,222 |
| $ | 666 |
| $ | 88 |
| $ | 58 |
| $ | 2,034 |
|
Three Months Ended September 30, 2004 |
| Portfolio |
| Real Estate |
| Securities |
| Retail |
| Total |
| |||||
|
|
|
|
|
| |||||||||||
Rental income |
| $ | 3,120 |
| $ | — |
| $ | — |
| $ | — |
| $ | 3,120 |
|
Securities commissions |
|
| — |
|
| — |
|
| 1,780 |
|
| — |
|
| 1,780 |
|
Real estate fee income |
|
| — |
|
| 415 |
|
| — |
|
| — |
|
| 415 |
|
Other income |
|
| 19 |
|
| — |
|
| — |
|
| 96 |
|
| 115 |
|
|
|
|
|
|
|
| ||||||||||
Total revenue |
|
| 3,139 |
|
| 415 |
|
| 1,780 |
|
| 96 |
|
| 5,430 |
|
Securities commission Expense |
|
| — |
|
| — |
|
| 1,388 |
|
| — |
|
| 1,388 |
|
Professional fees |
|
| 240 |
|
| 10 |
|
| 56 |
|
| — |
|
| 306 |
|
Depreciation and amortization |
|
| 669 |
|
| — |
|
| — |
|
| — |
|
| 669 |
|
Property expense |
|
| 436 |
|
| — |
|
| — |
|
| — |
|
| 436 |
|
Real estate commissions |
|
| — |
|
| 5 |
|
| — |
|
| — |
|
| 5 |
|
General and administrative |
|
| 176 |
|
| 613 |
|
| 752 |
|
| 37 |
|
| 1,578 |
|
|
|
|
|
|
|
| ||||||||||
Total Expenses |
|
| 1,521 |
|
| 628 |
|
| 2,196 |
|
| 37 |
|
| 4,382 |
|
Interest expense |
|
| (1,006 | ) |
| — |
|
| — |
|
| — |
|
| (1,006 | ) |
Other (expense) income |
|
| (42 | ) |
| (54 | ) |
| (19 | ) |
| 6 |
|
| (109 | ) |
Income from discontinued operations |
|
| 350 |
|
| 837 |
|
| — |
|
| — |
|
| 1,187 |
|
|
|
|
|
|
|
| ||||||||||
Net income (loss) |
| $ | 920 |
| $ | 570 |
| $ | (435 | ) | $ | 65 |
| $ | 1,120 |
|
5
Segmented Statements of Operations, cont’d –
Nine Months Ended September 30, 2005 |
| Portfolio |
| Real Estate Operations |
| Securities |
| Retail |
| Total |
| |||||
|
|
|
|
|
| |||||||||||
Rental income |
| $ | 15,049 |
| $ | 94 |
| $ | — |
| $ | — |
| $ | 15,143 |
|
Securities commissions |
|
| — |
|
| — |
|
| 9,705 |
|
| — |
|
| 9,705 |
|
Real Estate fee income |
|
| — |
|
| 3,721 |
|
| — |
|
| — |
|
| 3,721 |
|
Construction fee income |
|
|
|
|
| 1,739 |
|
|
|
|
|
|
|
| 1,739 |
|
Other income |
|
| 313 |
|
| 208 |
|
| — |
|
| 360 |
|
| 881 |
|
|
|
|
|
|
|
| ||||||||||
Total revenue |
|
| 15,362 |
|
| 5,762 |
|
| 9,705 |
|
| 360 |
|
| 31,189 |
|
Securities commission Expense |
|
| — |
|
| — |
|
| 7,452 |
|
| — |
|
| 7,452 |
|
Depreciation and amortization |
|
| 3,985 |
|
| — |
|
| — |
|
| — |
|
| 3,985 |
|
Property expense |
|
| 2,745 |
|
| 26 |
|
| — |
|
| — |
|
| 2,771 |
|
Construction expense |
|
| — |
|
| 1,499 |
|
| — |
|
| — |
|
| 1,499 |
|
Professional fees |
|
| 914 |
|
| 221 |
|
| 85 |
|
| 1 |
|
| 1,221 |
|
Real estate commissions |
|
| — |
|
| 198 |
|
| — |
|
| — |
|
| 198 |
|
General and administrative |
|
| 988 |
|
| 2,458 |
|
| 2,248 |
|
| 168 |
|
| 5,862 |
|
|
|
|
|
|
|
| ||||||||||
Total expenses |
|
| 8,632 |
|
| 4,402 |
|
| 9,785 |
|
| 169 |
|
| 22,988 |
|
Interest expense |
|
| (4,722 | ) |
| (46 | ) |
| — |
|
| — |
|
| (4,768 | ) |
Other (expense) income |
|
| (143 | ) |
| (241 | ) |
| (43 | ) |
| 36 |
|
| (391 | ) |
Income from discontinued operations |
|
| 1,783 |
|
| 303 |
|
| — |
|
| — |
|
| 2,086 |
|
|
|
|
|
|
|
| ||||||||||
Net income (loss) |
| $ | 3,648 |
| $ | 1,376 |
| $ | (123 | ) | $ | 227 |
| $ | 5,128 |
|
Nine Months Ended September 30, 2004 |
| Portfolio |
| Real Estate Operations |
| Securities |
| Retail |
| Total |
| |||||
|
|
|
|
|
| |||||||||||
Rental income |
| $ | 6,474 |
| $ | — |
| $ | — |
| $ | — |
| $ | 6,474 |
|
Securities commissions |
|
| — |
|
| — |
|
| 5,333 |
|
| — |
|
| 5,333 |
|
Real estate fee income |
|
| — |
|
| 1,364 |
|
| — |
|
| — |
|
| 1,364 |
|
Other income |
|
| 46 |
|
| 1 |
|
| — |
|
| 245 |
|
| 292 |
|
|
|
|
|
|
|
| ||||||||||
Total revenue |
|
| 6,520 |
|
| 1,365 |
|
| 5,333 |
|
| 245 |
|
| 13,463 |
|
Deferred merger expense |
|
| 1,682 |
|
| — |
|
| — |
|
| — |
|
| 1,682 |
|
Securities commission Expense |
|
| — |
|
| — |
|
| 4,149 |
|
| — |
|
| 4,149 |
|
Professional fees |
|
| 602 |
|
| 29 |
|
| 93 |
|
| — |
|
| 724 |
|
Depreciation and amortization |
|
| 1,030 |
|
| — |
|
| — |
|
| — |
|
| 1,030 |
|
Property expense |
|
| 782 |
|
| 2 |
|
| — |
|
| — |
|
| 784 |
|
Real estate commissions |
|
| — |
|
| 236 |
|
| — |
|
| — |
|
| 236 |
|
General and administrative |
|
| 764 |
|
| 1,319 |
|
| 1,996 |
|
| 66 |
|
| 4,145 |
|
|
|
|
|
|
|
| ||||||||||
Total Expenses |
|
| 4,860 |
|
| 1,586 |
|
| 6,238 |
|
| 66 |
|
| 12,750 |
|
Interest expense |
|
| (2,126 | ) |
| — |
|
| — |
|
| — |
|
| (2,126 | ) |
Other (expense) income |
|
| (133 | ) |
| (66 | ) |
| (26 | ) |
| 18 |
|
| 207 |
|
Income from discontinued operations |
|
| 884 |
|
| 1,589 |
|
| — |
|
| — |
|
| 2,473 |
|
|
|
|
|
|
|
| ||||||||||
Net income (loss) |
| $ | 285 |
| $ | 1,302 |
| $ | (931 | ) | $ | 197 |
| $ | 853 |
|
6
AmREIT
Summary of Operating Results
|
| Three Months Ended |
| ||||
|
|
| |||||
|
| 2005 |
| 2004 |
| ||
|
|
|
| ||||
Funds From Operations: |
|
|
|
|
|
|
|
Income (loss) before discontinued operations |
| $ | 1,662 |
| $ | (67 | ) |
Income from discontinued operations |
|
| 372 |
|
| 1,187 |
|
Depreciation of real estate assets – operations |
|
| 1,468 |
|
| 656 |
|
Depreciation of real estate assets – discontinued operations |
|
| — |
|
| 80 |
|
Adjustments for non consolidated affiliates |
|
| 21 |
|
| 8 |
|
Gain on sale of real estate acquired for investment |
|
| — |
|
| (85 | ) |
Class B, C, and D common share distributions |
|
| (2,669 | ) |
| (1,168 | ) |
|
|
|
| ||||
Total Funds from Operations available to Class A Shareholders |
| $ | 854 |
| $ | 611 |
|
|
|
|
| ||||
Weighted average class A shares outstanding |
|
| 6,431,005 |
|
| 3,381,899 |
|
Funds from operations per class A share |
| $ | 0.13 |
| $ | 0.18 |
|
|
| Three Months Ended |
| ||||
|
|
| |||||
|
| 2005 |
| 2004 |
| ||
|
|
|
| ||||
Dividends: |
|
|
|
|
|
|
|
Class A Dividends per Share |
| $ | 0.124 |
| $ | 0.120 |
|
As a Percentage of FFO |
|
| 91.2 | % |
| 67.10 | % |
Non-Traded Common Shares: |
|
|
|
|
|
|
|
Class B common share dividends per share (1) |
| $ | 0.19 |
| $ | 0.19 |
|
Class C common share dividends per share (2) |
| $ | 0.18 |
| $ | 0.18 |
|
Class D common share dividends per share (3) |
| $ | 0.16 |
| $ | 0.16 |
|
| ||
| (1) | The class B common shares receive a cumulative preferred dividend, fixed at 8%, payable quarterly. The shares are currently convertible on a one for one basis into our class A common shares, and are callable by the Company beginning in July 2005 on a one for one basis, or $10.18 in cash at the holders option. |
| (2) | The class C common shares receive a preferred dividend, fixed at 7%, payable monthly. The shares are convertible into our class A common shares based on 110% of invested capital (i.e. $1,000 in class C common shares will convert into $1,100 in class A common shares) after the seventh anniversary of issuance (beginning in 2010). The class C common shares are callable by the Company beginning in 2006, based on the same conversion formula (110% of invested capital). |
| (3) | The class D common shares receive a preferred dividend, fixed at 6.5%, payable monthly. The shares are convertible into our class A common shares based on 107.7% of invested capital (i.e. $1,000 in class C common shares will convert into $1,077 in class A common shares) after the seventh anniversary of issuance (beginning in 2011). The class D common shares are callable by the Company beginning in 2005, based on the same conversion formula, prorated for the time outstanding (107.7% of invested capital). |
7
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
|
|
| ||||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
|
|
|
|
|
| ||||||||
Rental and Earned Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Base minimum rent |
| $ | 3,984 |
| $ | 2,180 |
| $ | 10,347 |
| $ | 4,160 |
|
Earned Income from direct financing leases |
|
| 507 |
|
| 508 |
|
| 1,522 |
|
| 1,522 |
|
Straight line rent |
|
| 93 |
|
| 47 |
|
| 231 |
|
| 84 |
|
Over/Under market rent |
|
| 58 |
|
| 20 |
|
| 187 |
|
| 20 |
|
Percentage rent |
|
| — |
|
| — |
|
| 84 |
|
| 65 |
|
Tenant reimbursements |
|
| 1,054 |
|
| 365 |
|
| 2,772 |
|
| 623 |
|
|
|
|
|
|
| ||||||||
Total Rental and Earned Income |
| $ | 5,696 |
| $ | 3,120 |
| $ | 15,143 |
| $ | 6,474 |
|
|
|
|
|
|
|
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
|
| |||||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
|
|
|
|
|
| ||||||||
Real Estate Operating Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Development and construction management fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail partnerships and affiliates |
| $ | 767 |
| $ | 312 |
| $ | 1,060 |
| $ | 960 |
|
Unrelated third parties |
|
| 10 |
|
| 8 |
|
| 30 |
|
| 8 |
|
Leasing and brokerage commissions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail partnerships and affiliates |
|
| 854 |
|
| 35 |
|
| 2,226 |
|
| 208 |
|
Unrelated third parties |
|
| 48 |
|
| — |
|
| 322 |
|
| 48 |
|
Property management fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail partnerships and affiliates |
|
| 33 |
|
| 60 |
|
| 83 |
|
| 140 |
|
Unrelated third parties |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Total Real Estate Operating Revenue |
| $ | 1,712 |
| $ | 415 |
| $ | 3,721 |
| $ | 1,364 |
|
|
|
|
|
|
| ||||||||
Percent attributable to retail partnerships and affiliates |
|
| 97 | % |
| 98 | % |
| 91 | % |
| 96 | % |
Percent attributable to unrelated third parties |
|
| 3 | % |
| 2 | % |
| 9 | % |
| 4 | % |
8
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
|
|
| ||||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
|
|
|
|
|
| ||||||||
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental revenue and earned income from DFL |
| $ | 427 |
| $ | 446 |
| $ | 1,454 |
| $ | 1,763 |
|
Gain on sale of real estate held for investment |
|
| — |
|
| 85 |
|
| 595 |
|
| 85 |
|
Interest and other income |
|
| — |
|
| — |
|
| 146 |
|
| 936 |
|
Gain on sale of real estate held for resale |
|
| — |
|
| 908 |
|
| 872 |
|
| 1,758 |
|
|
|
|
|
|
| ||||||||
Total revenues |
|
| 427 |
|
| 1,439 |
|
| 3,067 |
|
| 4,542 |
|
Property expense |
|
| (24 | ) |
| (70 | ) |
| (177 | ) |
| (247 | ) |
General and administrative |
|
| (1 | ) |
| (3 | ) |
| (8 | ) |
| (71 | ) |
Federal income tax expense |
|
| (7 | ) |
| (31 | ) |
| (295 | ) |
| (113 | ) |
Legal and professional |
|
| — |
|
| (1 | ) |
| (8 | ) |
| (2 | ) |
Depreciation and amortization |
|
| — |
|
| (80 | ) |
| (116 | ) |
| (261 | ) |
Minority interest |
|
| (2 | ) |
| (45 | ) |
| (269 | ) |
| (166 | ) |
Interest expense |
|
| (21 | ) |
| (22 | ) |
| (108 | ) |
| (106 | ) |
Impairment charge |
|
| — |
|
| — |
|
| — |
|
| (1,103 | ) |
|
|
| |||||||||||
Total expenses |
|
| (55 | ) |
| (252 | ) |
| (981 | ) |
| (2,069 | ) |
|
|
|
|
|
| ||||||||
Income from discontinued operations |
| $ | 372 |
| $ | 1,187 |
| $ | 2,086 |
| $ | 2,473 |
|
|
|
|
|
|
| ||||||||
Basic and diluted income from discontinued operations per class A common share |
| $ | 0.06 |
| $ | 0.36 |
| $ | 0.44 |
| $ | 0.78 |
|
|
|
|
|
|
|
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
|
|
| ||||||||||
|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
| ||||
|
|
|
|
|
| ||||||||
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid – floating rate |
| $ | — |
| $ | 270 |
| $ | 619 |
| $ | 1,012 |
|
Interest paid – fixed rate |
|
| 1,773 |
|
| 729 |
|
| 4,147 |
|
| 1,018 |
|
Loan cost amortization |
|
| 62 |
|
| 31 |
|
| 171 |
|
| 120 |
|
Out-of-market debt amortization |
|
| (56 | ) |
| (24 | ) |
| (169 | ) |
| (24 | ) |
|
|
|
|
|
| ||||||||
Total Interest Expense |
| $ | 1,779 |
| $ | 1,006 |
| $ | 4,768 |
| $ | 2,126 |
|
|
|
|
|
|
|
9
AmREIT
Summary Balance Sheet Information
|
| September30, |
| December 31, |
| ||
|
|
|
| ||||
Class A Common Share Data: |
|
|
|
|
|
|
|
Closing market price |
| $ | 7.82 |
| $ | 8.05 |
|
Dividend yield |
|
| 6.34 | % |
| 5.96 | % |
90-Day average trading volume |
|
| 9,909 |
|
| 2,659 |
|
Total Capitalization: |
|
|
|
|
|
|
|
Debt |
| $ | 115,962 |
| $ | 105,964 |
|
Class A common shares at market |
|
| 50,361 |
|
| 27,802 |
|
Class B common shares as converted |
|
| 16,877 |
|
| 18,083 |
|
Class C common shares as converted |
|
| 44,978 |
|
| 44,871 |
|
Class D common shares as converted |
|
| 117,983 |
|
| 22,518 |
|
|
|
|
| ||||
Total Capitalization |
| $ | 346,161 |
| $ | 219,238 |
|
|
|
|
| ||||
Debt to Total Capitalization |
|
| 33.5 | % |
| 48.3 | % |
10
AmREIT
Debt Information
Description |
| Amount |
| Amount |
| Interest |
| Annual |
| Maturity |
| |||||
|
|
|
|
|
| |||||||||||
Credit Facility* |
| $ | — |
| $ | 38,014 |
|
| 5.61 | % | $ | — |
|
| 11/4/2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2005 Maturities |
| $ | — |
| $ | 38,014 |
|
|
|
|
|
|
|
|
|
|
MacArthur Park |
| $ | 13,410 |
| $ | 13,410 |
|
| 6.17 | % | $ | 827 |
|
| 12/1/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2008 Maturities |
| $ | 13,410 |
| $ | 13,410 |
|
|
|
|
|
|
|
|
|
|
Hollywood Video, MS |
| $ | 937 |
| $ | 946 |
|
| 8.38 | % | $ | 91 |
|
| 4/1/2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2009 Maturities |
| $ | 937 |
| $ | 946 |
|
|
|
|
|
|
|
|
|
|
Merger Dissenters |
| $ | 760 |
| $ | 760 |
|
| 5.47 | % | $ | 43 |
|
| 7/23/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2010 Maturities |
| $ | 760 |
| $ | 760 |
|
|
|
|
|
|
|
|
|
|
Sugarland IHOP |
| $ | 1,205 |
| $ | 1,233 |
|
| 8.25 | % | $ | 138 |
|
| 3/1/2011 |
|
Sugar Land Plaza |
|
| 2,319 |
|
| 2,336 |
|
| 7.60 | % |
| 203 |
|
| 11/1/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2011 Maturities |
| $ | 3,524 |
| $ | 3,569 |
|
|
|
|
|
|
|
|
|
|
Albuquerque IHOP |
| $ | 697 |
| $ | 712 |
|
| 7.82 | % | $ | 75 |
|
| 4/24/2012 |
|
Baton Rouge IHOP |
|
| 1,151 |
|
| 1,176 |
|
| 7.82 | % |
| 124 |
|
| 4/24/2012 |
|
Beaverton IHOP |
|
| 817 |
|
| 834 |
|
| 7.82 | % |
| 88 |
|
| 4/16/2012 |
|
Charlottesville IHOP |
|
| 580 |
|
| 593 |
|
| 7.82 | % |
| 62 |
|
| 4/24//2012 |
|
El Paso #1934 IHOP |
|
| 700 |
|
| 715 |
|
| 7.82 | % |
| 75 |
|
| 4/16/2012 |
|
Rochester IHOP |
|
| 875 |
|
| 894 |
|
| 7.82 | % |
| 94 |
|
| 4/16/2012 |
|
Shawnee IHOP |
|
| 691 |
|
| 706 |
|
| 7.82 | % |
| 74 |
|
| 4/18/2012 |
|
5115 Buffalo Spdwy. |
|
| 2,768 |
|
| 2,789 |
|
| 7.58 | % |
| 241 |
|
| 5/11/2012 |
|
Salem IHOP |
|
| 573 |
|
| 585 |
|
| 7.82 | % |
| 61 |
|
| 5/17/2012 |
|
Springfield IHOP |
|
| 951 |
|
| 971 |
|
| 7.82 | % |
| 102 |
|
| 6/21/2012 |
|
Roanoke IHOP |
|
| 659 |
|
| 673 |
|
| 7.89 | % |
| 71 |
|
| 7/26/2012 |
|
Centerville IHOP |
|
| 1,153 |
|
| 1,176 |
|
| 7.89 | % |
| 124 |
|
| 7/26/2012 |
|
Memphis #4462 IHOP |
|
| 1,246 |
|
| 1,271 |
|
| 7.89 | % |
| 134 |
|
| 7/19/2012 |
|
Alexandria IHOP |
|
| 665 |
|
| 679 |
|
| 7.89 | % |
| 71 |
|
| 7/19/2012 |
|
El Paso #1938 IHOP |
|
| 832 |
|
| 849 |
|
| 7.89 | % |
| 89 |
|
| 8/23/2012 |
|
La Verne IHOP |
|
| 693 |
|
| 707 |
|
| 7.89 | % |
| 74 |
|
| 8/23/2012 |
|
Memphis #4482 IHOP |
|
| 723 |
|
| 737 |
|
| 7.89 | % |
| 77 |
|
| 8/23/2012 |
|
Parker IHOP |
|
| 778 |
|
| 793 |
|
| 7.89 | % |
| 83 |
|
| 8/23/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2012 Maturities |
| $ | 16,552 |
| $ | 16,861 |
|
|
|
|
|
|
|
|
|
|
11
Description |
| Amount Outstanding |
| Amount Outstanding |
| Interest |
| Annual Debt |
| Maturity |
| |||||
|
|
|
|
|
| |||||||||||
Cinco Ranch |
| $ | 8,462 |
| $ | 8,555 |
|
| 5.60 | % | $ | 601 |
|
| 7/10/2013 |
|
Plaza in the Park |
|
| 17,884 |
|
| 18,081 |
|
| 5.60 | % |
| 1,270 |
|
| 7/10/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2013 Maturities |
| $ | 26,346 |
| $ | 26,635 |
|
|
|
|
|
|
|
|
|
|
Uptown Park |
| $ | 49,000 |
| $ | — |
|
| 5.37 | % | $ | 2,631 |
|
| 6/1/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2015 Maturities |
| $ | 49,000 |
| $ | — |
|
|
|
|
|
|
|
|
|
|
Bakery Square |
| $ | 4,268 |
| $ | 4,435 |
|
| 8.00 | % | $ | 571 |
|
| 2/10/2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
2017 Maturities |
| $ | 4,268 |
| $ | 4,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Maturities** |
| $ | 114,797 |
| $ | 104,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Our revolving credit facility is a variable-rate debt instrument, and its outstanding balance fluctuates throughout the year based on our liquidity needs. Annual Debt Service on this debt instrument assumes that the amount outstanding ($0 as of September 30, 2005) remains constant through maturity. |
|
**Total maturities above is $1.2 million less than total debt as reported in our consolidated financial statements due to the premium recorded on above-market debt assumed in conjunction with certain of our 2004 property acquisitions. |
Fixed vs. Variable Rate Debt:
|
| September 30, 2005 |
| % of |
| December 31, |
| % of |
| ||||
|
|
|
|
|
| ||||||||
Variable rate |
| $ | — |
|
| — | % | $ | 38,014 |
|
| 35.9 | % |
Fixed rate |
|
| 115,962 |
|
| 100.0 | % |
| 67,950 |
|
| 64.1 | % |
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 115,962 |
|
|
|
| $ | 105,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
AmREIT
Property & Tenant Information
Multi-Tenant |
| Major Tenants |
| City |
| State |
| Date |
| GLA |
| Annualized |
| % |
| |||||||
|
|
|
|
|
|
|
| |||||||||||||||
Uptown Park – Phase 1 |
|
| Ann Taylor, McCormick & Schmick’s |
|
| Houston |
|
| TX |
|
| 06/01/05 |
|
| 147,000 |
| $ | 3,806,013 |
|
| 86 | % |
Uptown Park – Phase 2 |
|
|
|
|
| Houston |
|
| TX |
|
| 06/01/05 |
|
| 22,000 |
|
| (1 | ) |
| (1 | ) |
MacArthur Park |
|
| Kroger |
|
| Dallas |
|
| TX |
|
| 12/27/04 |
|
| 198,443 |
|
| 2,965,004 |
|
| 100 | % |
Plaza in the Park |
|
| Kroger |
|
| Houston |
|
| TX |
|
| 07/01/04 |
|
| 138,663 |
|
| 2,465,648 |
|
| 97 | % |
Cinco Ranch |
|
| Kroger |
|
| Houston |
|
| TX |
|
| 07/01/04 |
|
| 97,297 |
|
| 1,245,828 |
|
| 100 | % |
The Southbank (6) |
|
| Planet Hollywood |
|
| San Antonio |
|
| TX |
|
| 9/30/05 |
|
| 47,000 |
|
| 1,338,295 |
|
| 87 | % |
Bakery Square |
|
| Walgreens & Bank of America |
|
| Houston |
|
| TX |
|
| 07/21/04 |
|
| 34,614 |
|
| 849,456 |
|
| 100 | % |
Uptown Plaza |
|
| CVS/pharmacy |
|
| Houston |
|
| TX |
|
| 12/10/03 |
|
| 26,400 |
|
| 1,236,646 |
|
| 100 | % |
Woodlands Plaza |
|
| FedEx/Kinkos & Rug Gallery |
|
| The Woodlands |
|
| TX |
|
| 06/03/98 |
|
| 20,018 |
|
| 373,317 |
|
| 100 | % |
Sugarland Plaza |
|
| Mattress Giant |
|
| Sugarland |
|
| TX |
|
| 07/01/98 |
|
| 16,750 |
|
| 349,545 |
|
| 100 | % |
Terrace Shops |
|
| Starbucks |
|
| Houston |
|
| TX |
|
| 12/15/03 |
|
| 16,395 |
|
| 385,342 |
|
| 100 | % |
Copperfield Medical (2) |
|
| Texas Children’s Pediatrics |
|
| Houston |
|
| TX |
|
| 09/26/95 |
|
| 14,000 |
|
| 219,212 |
|
| 100 | % |
Courtyard at Post Oak |
|
| Verizon Wireless |
|
| Houston |
|
| TX |
|
| 06/15/04 |
|
| 13,597 |
|
| 477,360 |
|
| 100 | % |
San Felipe and Winrock (1) |
|
| (1) |
|
| Houston |
|
| TX |
|
| 11/17/03 |
|
| 8,400 |
|
| (1) |
|
| (1 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Multi-Tenant |
|
|
|
|
|
|
|
|
|
|
| 800,577 |
|
| 15,711,666 |
|
| 97 | % | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single Tenant (Ground Leases) |
| City |
| State |
| Date |
| GLA |
| Annualized |
| % |
| |||||||||
|
|
|
|
|
|
| ||||||||||||||||
CVS Corporation |
|
|
|
|
| Houston |
|
| TX |
|
| 01/10/03 |
|
| 13,824 |
| $ | 327,167 |
|
| 100 | % |
Darden Restaurants |
|
|
|
|
| Peachtree City |
|
| GA |
|
| 12/18/98 |
|
| 6,867 |
|
| 79,366 |
|
| 100 | % |
Carlson Restaurants |
|
|
|
|
| Hanover |
|
| MD |
|
| 09/16/03 |
|
| 6,802 |
|
| 141,674 |
|
| 100 | % |
410-Blanco (1) |
|
|
|
|
| San Antonio |
|
| TX |
|
| 12/17/04 |
|
| 5,000 |
|
| (1 | ) |
| (1 | ) |
Bank of America (2) |
|
|
|
|
| Houston |
|
| TX |
|
| 11/17/03 |
|
| 4,420 |
|
| 247,975 |
|
| 100 | % |
Comerica Bank (1) |
|
|
|
|
| Houston |
|
| TX |
|
| 04/30/04 |
|
| 4,277 |
|
| (1 | ) |
| (1 | ) |
Washington Mutual |
|
|
|
|
| Houston |
|
| TX |
|
| 12/11/96 |
|
| 3,685 |
|
| 98,160 |
|
| 100 | % |
Washington Mutual |
|
|
|
|
| The Woodlands |
|
| TX |
|
| 09/23/96 |
|
| 3,685 |
|
| 61,060 |
|
| 100 | % |
Yum Brands (2) (3) |
|
|
|
|
| Houston |
|
| TX |
|
| 10/14/03 |
|
| 2,818 |
|
| 79,440 |
|
| 100 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Single Tenant (Ground Leases) Total |
|
|
|
|
|
|
|
|
|
|
| 51,378 |
|
| 1,034,842 |
|
| 100 | % | |||
|
|
|
|
|
|
|
|
|
|
|
|
13
Single Tenant (Fee Simple) |
| City |
| State |
| Date |
| GLA |
| Annualized |
| % |
| |||||||||
|
|
|
|
|
|
| ||||||||||||||||
Vacant (2) |
|
| Baton Rouge |
|
| LA |
|
| 06/09/97 |
|
| 20,575 |
|
| — |
|
| 0 | % | |||
Baptist Memorial Medical Plaza |
|
| Memphis |
|
| TN |
|
| 07/23/02 |
|
| 15,000 |
|
| 222,643 |
|
| 100 | % | |||
Comp USA (2) |
|
| Roseville |
|
| MN |
|
| 07/23/02 |
|
| 15,000 |
|
| 267,584 |
|
| 100 | % | |||
Energy Wellness (2) |
|
| Sugarland |
|
| TX |
|
| 07/23/02 |
|
| 15,000 |
|
| 187,857 |
|
| 100 | % | |||
Transworld Entertainment (2) |
|
| Independence |
|
| MO |
|
| 07/23/02 |
|
| 14,047 |
|
| 162,500 |
|
| 100 | % | |||
Golden Corral |
|
| Houston |
|
| TX |
|
| 07/23/02 |
|
| 12,000 |
|
| 182,994 |
|
| 100 | % | |||
Golden Corral |
|
| Humble |
|
| TX |
|
| 07/23/02 |
|
| 12,000 |
|
| 181,688 |
|
| 100 | % | |||
Carlson Restaurants |
|
| Houston |
|
| TX |
|
| 07/23/02 |
|
| 8,500 |
|
| 200,000 |
|
| 100 | % | |||
Pier One Imports (2) |
|
| Longmont |
|
| CO |
|
| 07/23/02 |
|
| 8,014 |
|
| 135,152 |
|
| 100 | % | |||
Hollywood Entertainment Corp. (2) |
|
| Lafayette |
|
| LA |
|
| 10/31/97 |
|
| 7,488 |
|
| 150,874 |
|
| 100 | % | |||
Hollywood Entertainment Corp. (2) |
|
| Ridgeland |
|
| MS |
|
| 12/31/97 |
|
| 7,488 |
|
| 155,067 |
|
| 100 | % | |||
IHOP Corporation #1483 |
|
| Sugarland |
|
| TX |
|
| 09/22/99 |
|
| 4,020 |
|
| 188,112 |
|
| 100 | % | |||
IHOP Corporation #1737 (5) |
|
| Centerville |
|
| UT |
|
| 07/25/02 |
|
| 4,020 |
|
| 160,849 |
|
| 100 | % | |||
IHOP Corporation #4462 (5) |
|
| Memphis |
|
| TN |
|
| 08/23/02 |
|
| 4,020 |
|
| 176,768 |
|
| 100 | % | |||
IHOP Corporation #5318 |
|
| Topeka |
|
| KS |
|
| 09/30/99 |
|
| 4,020 |
|
| 156,395 |
|
| 100 | % | |||
Payless Shoesources Inc. (2) |
|
| Austin |
|
| TX |
|
| 07/23/02 |
|
| 4,000 |
|
| 80,000 |
|
| 100 | % | |||
AFC, Inc. |
|
| Atlanta |
|
| GA |
|
| 07/23/02 |
|
| 2,583 |
|
| 119,279 |
|
| 100 | % | |||
Advance Auto (1)(2)(3)(4) |
|
| Various |
|
| Various |
|
| Various |
|
| 42,000 |
|
| (1 | ) |
| (1 | ) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Single Tenant (Fee Simple) Total |
|
|
|
|
|
|
|
|
|
|
| 199,775 |
|
| 2,727,762 |
|
| 88 | % | |||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single Tenant (Leasehold) |
| City |
| State |
| Date Acquired |
| GLA |
| Annualized Base Rent as of September 30, 2005 |
| % |
| |||||||||
|
|
|
|
|
|
| ||||||||||||||||
IHOP Corporation (5) |
|
| Various |
|
| Various |
|
| Various |
|
| 60,300 |
| $ | 1,565,674 |
|
| 100 | % | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
| Company Total GLA/ % Leased |
|
|
|
|
|
|
|
| 1,112,030 |
|
|
|
|
| 95 | % |
(1) | Under Development (GLA represents proposed leaseable square footage). |
(2) | Held for Sale |
(3) | Held in joint venture of which we are the managing 50% owner |
(4) | Advance Auto properties are located in MO and IL. Each of the properties has a proposed GLA of 7,000 square feet. |
(5) | IHOP properties are located in NM, LA, OR, VA, TX, CA, TN, CO, VA, NY, OR, KS, UT and MO. Each of the properties has a GLA of 4,020 square feet. These properties are held by a consolidated subsidiary, 79.0% of which is owned by AmREIT, 19.6% of which is owned by AmREIT Income & Growth Corporation, one of our affiliated retail partnerships, and 1.4% of which is owned by unaffiliated third parties. |
(6) | Property was acquired during the quarter ended September 30, 2005. |
14
Top 10 Tenants by revenue concentration for the nine months ended September 30, 2005:
Tenant |
| Rental Income |
| % of Total | |||
|
|
| |||||
Kroger |
| $ | 2,136 |
|
| 6.85 | % |
IHOP |
|
| 1,687 |
|
| 5.41 | % |
CVS/pharmacy |
|
| 726 |
|
| 2.33 | % |
Linens ‘N Things |
|
| 487 |
|
| 1.56 | % |
Golden Corral Corporation |
|
| 341 |
|
| 1.09 | % |
Bank of America |
|
| 339 |
|
| 1.09 | % |
Landry’s |
|
| 330 |
|
| 1.06 | % |
Barnes & Noble |
|
| 314 |
|
| 1.01 | % |
Carlson Restaurants Worldwide |
|
| 256 |
|
| 0.82 | % |
Texas Children’s Pediatrics Associates, Inc. |
|
| 242 |
|
| 0.78 | % |
|
|
|
| ||||
Total |
| $ | 6,858 |
|
| 22.00 | % |
Leasing Activity for the quarter ended September 30, 2005:
|
|
|
|
|
|
|
| Rent per sq. ft. |
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| # of leases |
| Total sq. ft. |
| New Rent |
| Old Rent |
| % Change |
| |||||
|
|
|
|
|
|
| ||||||||||
New leases |
|
| 2 |
|
| 4,870 |
|
| 27.66 |
|
| N/A |
|
| N/A |
|
Expired/ cancelled leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease renewals |
|
| 2 |
|
| 3,543 |
|
| 26.89 |
|
| 26.19 |
|
| 2.69 | % |
Non-renewals |
|
| 1 |
|
| 1,420 |
|
| N/A |
|
| 26.50 |
|
| N/A |
|
Cancelled leases (1) |
|
| 4 |
|
| 19,485 |
|
| N/A |
|
| 22.76 |
|
| N/A |
|
(1) | Two tenants in Uptown Park have vacated their space; however, the seller has guaranteed their rent for a year, which represents $24,032 of rent per month. Rent payments are being made by the seller and are not being recorded as rental income, but rather as a reduction to our purchase price. |
15
Lease Expirations by Year:
Expiration Year |
| Number |
| Square |
| Percent |
| |||
|
|
|
| |||||||
2005 (remainder of year) |
|
| 8 |
|
| 25,632 |
|
| 2.46 | % |
2006 |
|
| 18 |
|
| 39,985 |
|
| 3.84 | % |
2007 |
|
| 17 |
|
| 60,805 |
|
| 5.84 | % |
2008 |
|
| 24 |
|
| 79,144 |
|
| 7.61 | % |
2009 |
|
| 31 |
|
| 102,793 |
|
| 9.88 | % |
2010 |
|
| 28 |
|
| 109,857 |
|
| 10.56 | % |
2011 |
|
| 29 |
|
| 146,765 |
|
| 14.11 | % |
2012 |
|
| 10 |
|
| 60,220 |
|
| 5.79 | % |
2013 |
|
| 6 |
|
| 25,373 |
|
| 2.44 | % |
2014 |
|
| 8 |
|
| 28,504 |
|
| 2.74 | % |
2015 |
|
| — |
|
| — |
|
| — |
|
2016 |
|
| — |
|
| — |
|
| — |
|
2017 |
|
| — |
|
| — |
|
| — |
|
2018 |
|
| — |
|
| — |
|
| — |
|
2019 |
|
| 3 |
|
| 13,838 |
|
| 1.33 | % |
2020 |
|
| 5 |
|
| 85,413 |
|
| 8.21 | % |
2021 |
|
| 2 |
|
| 92,926 |
|
| 8.93 | % |
2022 |
|
| 1 |
|
| 4,020 |
|
| 0.39 | % |
2023 |
|
| 1 |
|
| 63,373 |
|
| 6.09 | % |
2024 |
|
| 4 |
|
| 26,284 |
|
| 2.56 | % |
2025 |
|
| 6 |
|
| 32,100 |
|
| 3.09 | % |
2026 |
|
| 4 |
|
| 16,080 |
|
| 1.54 | % |
2027 |
|
| 3 |
|
| 12,060 |
|
| 1.15 | % |
2056 |
|
| 1 |
|
| 15,120 |
|
| 1.44 | % |
|
|
|
|
| ||||||
Totals |
|
| 209 |
|
| 1,040,292 |
|
| 100.00 | % |
16