1 EXHIBIT 99 CENTER TRUST, INC. SUPPLEMENTAL INFORMATION SEPTEMBER 30, 2000 TABLE OF CONTENTS PAGE ------- Company Profile............................................. 5 Operating Highlights/Capital Structure...................... 6 - 7 Reconciliation of Common Shares and Operating Partnership Units Outstanding......................................... 8 Same Store Property Activity................................ 9 Portfolio Highlights and Leasing Activity................... 10 Portfolio Summary........................................... 11 Portfolio Detail -- by Region............................... 12 - 15 Lease Expirations -- Overall Portfolio/Total Community Shopping Centers.......................................... 16 Tenant Concentration........................................ 17 Segment Concentration....................................... 18 Consolidated Statements of Operations and Reconciliation to Funds From Operations..................................... 19 Consolidated Balance Sheets................................. 20 Summary of Outstanding Debt................................. 21 Schedule of Mortgage Debt Maturities........................ 22 4 2 CENTER TRUST, INC. COMPANY PROFILE SEPTEMBER 30, 2000 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 53 shopping centers, comprised of 45 community shopping centers, two regional malls and 6 single tenant facilities comprising 10.8 million square feet of total shopping center gross leasable area (GLA) and 9.0 million square feet of Company owned GLA. The Company owns properties in five states, California, Oregon, Washington, Nevada 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, 2000 for the Company and its portfolio of assets. This information should be read in conjunction with the Company's 1999 Form 10-K and 2000 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 email at IR@centertrust.com. 5 3 CENTER TRUST, INC. OPERATING HIGHLIGHTS SEPTEMBER 30, 2000 (IN THOUSANDS EXCEPT SHARE DATA) THREE MONTHS ENDED SIX MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------ ------------------ 2000 1999 2000 1999 ------- ------- ------- ------- OPERATING HIGHLIGHTS Funds From Operations (FFO) FFO - Basic.................................... $ 7,821 $10,588 $24,882 $31,953 FFO - Diluted(1)............................... $11,095 $13,864 $34,705 $42,144 FFO per share - Basic.......................... $ 0.28 $ 0.38 $ 0.88 $ 1.10 FFO per share - Diluted(1)..................... $ 0.30 $ 0.38 $ 0.93 $ 1.10 Net Income Available to Common Shareholders....... $ 2,802 $ 1,753 $15,614 $22,985 Net Income Per Share - Basic and Diluted....... $ 0.11 $ 0.07 $ 0.59 $ 0.90 EBITDA............................................ $22,692 $23,229 $69,098 $70,938 Funds Available for Distribution (FAD)............ $ 8,388 $10,659 $25,963 $32,320 FAD per share - Basic.......................... $ 0.30 $ 0.38 $ 0.91 $ 1.11 Dividends Per Share............................... $ 0.21 $ 0.36 $ 0.63 $ 1.08 Interest Expense Coverage Ratio Based on EBITDA... 1.5 1.7 1.6 1.7 General and Administrative Expense................ $ 1,577 $ 2,404 $ 4,208 $ 5,365 G&A as % of Total Rental Revenue............... 6.3% 8.8% 5.6% 6.6% Ratio of Expense Recoveries to Recoverable 89.7% 85.2% 88.7% 86.0% Expenses....................................... Ratio of Operating Expenses to Total Rental 33.9% 34.5% 34.3% 34.4% Revenue........................................ - --------------- (1) Common shares attributed to the exchangeable and convertible debentures are included in the weighted average calculation of diluted shares for purposes of calculating Funds From Operations. 6 4 CENTER TRUST, INC. CAPITAL STRUCTURE SEPTEMBER 30, 2000 (IN THOUSANDS EXCEPT SHARE DATA) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ----------------------- ----------------------- 2000 1999 2000 1999 ---------- ---------- ---------- ---------- EQUITY INFORMATION Units Outstanding at End of Period......... 1,759,442 1,836,623 1,759,442 1,836,623 Common Outstanding at End of Period........ 26,701,759 26,144,935 26,701,759 26,144,935 ---------- ---------- ---------- ---------- Total Units and Common Shares Outstanding at End of Period........................ 28,461,201 27,981,558 28,461,201 27,981,558 ========== ========== ========== ========== Basic Weighted Average Units Outstanding... 1,759,442 1,836,623 1,727,677 3,525,080 Basic Weighted Average Common Shares Outstanding............................. 26,670,348 26,144,845 26,668,268 25,539,348 ---------- ---------- ---------- ---------- Basic Weighted Average Units and Common Shares Outstanding...................... 28,429,790 27,981,468 28,395,945 29,064,428 Number of Common Shares Attributed to Convertible and Exchangeable Debentures(1)........................... 8,808,222 8,808,222 8,808,222 9,150,120 ---------- ---------- ---------- ---------- Diluted Weighted Average Common Shares and Common Share Equivalents................ 37,238,012 36,789,690 37,204,167 38,214,548 ========== ========== ========== ========== AS OF --------------------------------------------- SEPTEMBER 30, DECEMBER 31, DECEMBER 31, 2000 1999 1998 ------------- ------------ ------------ (IN THOUSAND, EXCEPT SHARE DATA) MARKET CAPITALIZATION Stock Price Activity During Period High............................................ $ 10.50 $ 13.00 $ 18.00 Low............................................. $ 4.88 $ 9.06 $ 9.50 Common Stock Price at End of Period................ $ 6.00 $ 9.69 $ 12.25 Equity Market Capitalization....................... $170,767 $274,253 $ 371,481 Fixed-Rate Debt.................................... 239,560 260,928 260,491 Floating-Rate Debt................................. 244,647 263,540 236,895 Subordinated Debentures............................ 158,548 158,548 168,599 -------- -------- ---------- Total Capitalization............................... $813,522 $957,269 $1,037,466 ======== ======== ========== Debt-to-Total Capitalization....................... 79.0% 71.4% 64.2% ======== ======== ========== - --------------- (1) Common shares attributed to the exchangeable and convertible debentures are included in the weighted average calculation of diluted shares for purposes of calculating diluted funds from operations. Such shares are not included in the determination of diluted EPS if they are antidilutive. 7 5 CENTER TRUST, INC. RECONCILIATION OF COMMON SHARES AND OPERATING PARTNERSHIP UNITS OUTSTANDING AS OF SEPTEMBER 30, 2000 COMMON OPERATING 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 of 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 of 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 of 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 of Stock Grants to Employees......... 38,520 -- 38,520 ---------- ---------- ---------- Balance, March 31, 2000......................... 26,686,488 1,759,442 28,445,930 Issuance of 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 of Stock Grants to Employees......... 31,773 -- 31,773 ---------- ---------- ---------- Balance, September 30, 2000..................... 26,701,759 1,759,442 28,461,201 ========== ========== ========== - --------------- (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 of the Company. 8 6 CENTER TRUST, INC. SAME STORE PROPERTY ACTIVITY SEPTEMBER 30, 2000 (IN THOUSANDS) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------ ------------------ 2000 1999 % CHANGE 2000 1999 % CHANGE ------- ------- -------- ------- ------- -------- COMMUNITY SHOPPING CENTERS(1) Revenues: Rental Revenue............... $16,655 $16,664 -0.1% $50,122 $49,501 1.3% Recoveries from Tenants...... 4,650 4,618 0.7% 13,797 13,336 3.5% Other Income................. 220 124 77.4% 580 494 17.4% ------- ------- ------- ------- Total Revenues.......... 21,525 21,406 0.6% 64,499 63,331 1.8% Expenses: Recoverable Operating Expenses..................... 4,831 4,939 -2.2% 14,356 14,256 0.7% Other Operating Expenses........ 516 506 2.0% 1,502 1,497 0.3% ------- ------- ------- ------- Total Expenses.......... 5,347 5,445 -1.8% 15,858 15,753 0.7% ------- ------- ------- ------- Net Operating Income.............. $16,178 $15,961 1.4% $48,641 $47,578 2.2% ======= ======= ======= ======= Total Properties........ 40 40 40 40 ======= ======= ======= ======= Percentage Leased................. 95.1% 95.4% 95.1% 95.4% ======= ======= ======= ======= Average Base Rent per square foot............................ $ 11.02 $ 10.78 $ 11.02 $ 10.78 ======= ======= ======= ======= THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------ ------------------ 2000 1999 % CHANGE 2000 1999 % CHANGE ------- ------- -------- ------- ------- -------- REGIONAL MALLS Revenues: Rental Revenue............... $ 4,462 $ 4,405 1.3% $13,394 $13,457 -0.5% Recoveries from Tenants...... 2,390 2,306 3.6% 6,828 6,965 -2.0% Other Income.................... 830 736 12.8% 2,333 2,533 -7.9% ------- ------- ------- ------- Total Revenues.......... 7,682 7,447 3.2% 22,555 22,955 -1.7% Expenses: Recoverable Operating Expenses..................... 2,720 3,168 -14.1% 8,641 9,107 -5.1% Other Operating Expenses........ 20 40 -50.0% 92 68 35.3% ------- ------- ------- ------- Total Expenses.......... 2,740 3,208 -14.6% 8,733 9,175 -4.8% ------- ------- Net Operating Income.............. $ 4,942 $ 4,239 16.6% $13,822 $13,780 0.3% ======= ======= ======= ======= Total Properties........ 2 2 2 2 ======= ======= ======= ======= Percentage Leased................. 92.7% 91.2% 92.7% 91.2% ======= ======= ======= ======= Average Base Rent per square foot............................ $ 15.44 $ 16.58 $ 15.44 $ 16.58 ======= ======= ======= ======= Same Store properties are those which were owned as of January 1, 1999. - ------------------------- (1) Excludes Marshalls Plaza, Pacific Linen Plaza, Frontier Village and El Camino North which are properties where we are either re-tenanting or preparing for redevelopment. 9 7 CENTER TRUST, INC. PORTFOLIO HIGHLIGHTS AND LEASING ACTIVITY AS OF SEPTEMBER 30, 2000 AS OF --------------------------------------------- SEPTEMBER 30, DECEMBER 31, DECEMBER 31, 2000 1999 1998 ------------- ------------ ------------ PORTFOLIO HIGHLIGHTS Company Owned GLA Community Shopping Centers..................... 7,083,555 7,547,955 7,887,404 Regional Malls................................. 1,328,109 1,178,109 1,178,009 Single Tenant Facilities....................... 564,842 672,007 1,119,212 Total Company Owned GLA...................... 8,976,506 9,398,071 10,184,625 Percentage Leased Community Shopping Centers..................... 94.7% 95.0% 91.9% Regional Malls................................. 92.7% 90.9% 90.9% Single Tenant Facilities....................... 100.0% 100.0% 100.0% Overall Portfolio............................ 94.7% 94.9% 92.7% Average Base Rent Community Shopping Centers Anchor....................................... $ 8.21 $ 8.70 $ 9.14 Pad.......................................... $ 15.27 $ 15.05 $ 14.59 Shop......................................... $ 15.56 $ 15.32 $ 14.79 Overall...................................... $ 10.95 $ 11.11 $ 11.26 Regional Malls Anchor....................................... $ 10.98 $ 11.75 $ 11.69 Pad.......................................... $ 18.94 $ 18.61 $ 17.99 Shop......................................... $ 23.35 $ 24.20 $ 22.92 Overall...................................... $ 15.44 $ 16.70 $ 16.16 Single Tenant Facilities....................... $ 5.45 $ 5.97 $ 6.37 Overall Portfolio............................ $ 11.23 $ 11.40 $ 11.23 Number of Properties Community Shopping Centers..................... 45 47 49 Regional Malls................................. 2 2 2 Single Tenant Facilities....................... 6 7 12 Overall Portfolio............................ 53 56 63 THREE NINE MONTHS MONTHS ENDED ENDED SEPTEMBER 30, SEPTEMBER 30, ------------- ------------- SUMMARY OF LEASING ACTIVITY -- COMMUNITY SHOPPING CENTERS Space Vacated Number of Leases....................................... 22 60 Gross Leasable Area.................................... 68,731 258,394 Base Rent per Square Foot.............................. $ 13.52 $ 18.15 New Leases Executed Number of Leases....................................... 14 41 Gross Leasable Area.................................... 21,505 178,926 Base Rent per Square Foot.............................. $ 16.85 $ 12.54 Lease Renewals Executed Number of Leases....................................... 33 105 Gross Leasable Area.................................... 104,157 332,454 New Annual Base Rent per Square Foot................... $ 14.20 $ 16.22 Percentage Change from Prior........................... .4% 2.87% Leases with Contractual Rent Adjustments Number of Leases....................................... 52 257 Gross Leasable Area.................................... 151,000 641,259 New Annual Base Rent per Square Foot................... $ 15.08 $ 15.47 Percentage Change from Prior........................... 7.6% 4.6% 10 8 CENTER TRUST, INC. PORTFOLIO SUMMARY AS OF SEPTEMBER 30, 2000 NUMBER TOTAL LEASED GLA COMPANY OF ---------------- OWNED PERCENT PROPERTIES ANCHOR PAD SHOP GLA LEASED ---------- --------- ---------------- --------- --------- ------- COMMUNITY SHOPPING CENTERS Pacific Northwest Region.................... 11 906,626 110,555 634,453 1,754,158 94.2% Northern and Central California Region...... 7 348,261 11,808 344,536 771,380 91.3% Southern California Region.................. 22 2,465,363 333,943 789,768 3,733,500 96.1% Southwest Region............................ 5 465,580 36,395 260,339 824,517 92.5% -- --------- ------- --------- --------- ----- TOTAL COMMUNITY SHOPPING CENTERS......................... 45 4,185,830 492,701 2,029,096 7,083,555 94.7% REGIONAL MALLS.............................. 2 759,515 78,594 392,647 1,328,109 92.7% SINGLE TENANT FACILITIES.................... 6 560,942 3,900 -- 564,842 100.0% -- --------- ------- --------- --------- ----- TOTAL PORTFOLIO................... 53 5,506,287 575,195 2,421,743 8,976,506 94.7% == ========= ======= ========= ========= ===== AVERAGE BASE ANNUALIZED RENT BASE RENT PER SQ. FT. ------------ ----------- COMMUNITY SHOPPING CENTERS Pacific Northwest Region.................... $ 18,154,588 $10.99 Northern and Central California Region...... 7,428,072 10.54 Southern California Region.................. 42,252,809 11.77 Southwest Region............................ 5,792,627 7.60 ------------ ------ TOTAL COMMUNITY SHOPPING CENTERS......................... 73,628,096 10.98 REGIONAL MALLS.............................. 18,996,893 15.44 SINGLE TENANT FACILITIES.................... 3,077,083 5.45 ------------ ------ TOTAL PORTFOLIO................... $ 95,702,072 $11.25 ============ ====== 11 9 CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF SEPTEMBER 30, 2000 YEAR TOTAL LEASED GLA COMPANY BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT ------------- -------- --------- ------- --------- ---------- ------- ------------ COMMUNITY RETAIL CENTERS PACIFIC NORTHWEST Covington Square.................. 1986 70,837 -- 62,083 150,163 88.5% $ 1,423,007 Covington, WA Fairwood Shopping Center.......... 1995 109,249 10,777 80,044 208,265 96.1 1,945,916 Renton, WA Frontier Village Shopping 1993 68,473 22,023 49,999 153,320 91.6 1,462,088 Center.......................... Lake Stevens, WA Gresham Town Fair................. 1988 159,282 26,587 67,295 264,649 95.7 2,267,136 Gresham, OR The Medford Center................ 1998 196,032 17,432 87,699 326,403 92.3 2,585,372 Medford, OR Pacific Linen Plaza............... 1988 25,000 -- 44,432 69,432 100.0 1,082,696 Lynnwood, WA Pavilions' Centre................. 1995 123,562 -- 76,647 200,209 100.0 3,101,410 Federal Way, WA Ross Center....................... 1987 53,331 7,000 65,615 132,465 95.1 1,506,262 Portland, OR Silverdale Shopping Center........ 1990 29,020 -- 33,870 67,287 93.5 778,071 Silverdale, WA Vancouver Park Place.............. 1987 33,938 14,900 27,006 77,944 97.3 934,373 Vancouver, WA Westgate North Shopping Center.... 1980 37,902 11,836 39,763 104,021 86.0 1,068,258 Tacoma, WA --------- ------- --------- ---------- ----- ------------ Pacific Northwest Region.......... 906,626 110,555 634,453 1,754,158 94.2 18,154,588 --------- ------- --------- ---------- ----- ------------ NORTHERN & CENTRAL CALIFORNIA REGION Bakersfield Shopping Center....... 1978 -- -- 11,540 14,115 81.8 81,057 Bakersfield, CA Madera Marketplace................ 1992 92,278 -- 66,488 168,596 94.2 1,633,411 Madera, CA Marshall's Plaza.................. 1989 27,000 -- 34,253 79,000 77.5 714,307 Modesto, CA CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF SEPTEMBER 30, 2000 AVERAGE BASE RENT PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS ------------- ----------- --------------------------- COMMUNITY RETAIL CENTERS PACIFIC NORTHWEST Covington Square.................. $10.71 Safeway, Rite-Aid Covington, WA Fairwood Shopping Center.......... 9.73 Safeway, Ace Hardware, Pic Renton, WA 'N' Save, Quality Food Centers Frontier Village Shopping 10.41 Safeway, Bartell Drugs Center.......................... Lake Stevens, WA Gresham Town Fair................. 8.96 Ross Stores, Emporium, GI Gresham, OR Joe's, Craft Warehouse The Medford Center................ 8.58 Cinemark Theatres, Sears, Medford, OR Emporium, Payless*, Safeway*, Circuit City, 24 Hour Fitness Pacific Linen Plaza............... 15.59 World Lighting Lynnwood, WA Pavilions' Centre................. 15.49 Quality Food Centers, Federal Way, WA Barnes & Noble, Blockbuster Music, Petco, JoAnn ETC. Ross Center....................... 11.96 Ross Stores, Michaels, Pier Portland, OR 1 Imports Silverdale Shopping Center........ 12.37 Ross Stores Silverdale, WA Vancouver Park Place.............. 12.32 T.J. Maxx, Pier 1 Imports Vancouver, WA Westgate North Shopping Center.... 11.94 Quality Food Centers Tacoma, WA ------ Pacific Northwest Region.......... 10.99 ------ NORTHERN & CENTRAL CALIFORNIA REGION Bakersfield Shopping Center....... 7.02 Bakersfield, CA Madera Marketplace................ 10.29 Wal-Mart*, Pak-N-Sav Madera, CA Marshall's Plaza.................. 11.66 Marshall's Modesto, CA 12 10 CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF SEPTEMBER 30, 2000 YEAR TOTAL LEASED GLA COMPANY BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT ------------- -------- --------- ------- --------- ---------- ------- ------------ Mineral King Plaza................ 1983 -- -- 34,660 39,060 88.7% $ 537,590 Visalia, CA Rheem Valley...................... 1990 51,009 5,150 81,753 153,999 89.6 1,593,251 Moraga, CA Rosedale Village Shopping 1991 72,324 6,658 48,565 127,547 100.0 1,427,576 Center.......................... Bakersfield, CA Southpointe Plaza................. 1982 105,650 -- 67,277 189,063 91.5 1,440,881 Sacramento, CA --------- ------- --------- ---------- ----- ------------ Northern & Central California 348,261 11,808 344,536 771,380 91.3 7,428,072 Region............................ --------- ------- --------- ---------- ----- ------------ SOUTHERN CALIFORNIA REGION Center of El Centro............... 1980 149,300 5,623 19,616 178,889 97.6 701,836 El Centro, CA Country Fair Shopping Center...... 1992 96,225 27,341 36,747 168,310 95.2 2,396,898 Chino, CA Covina Town Square................ 1997 171,233 15,918 63,618 264,461 94.8 2,755,020 Covina, CA Date Palm Center.................. 1987 99,919 -- 11,691 117,362 95.1 1,682,656 Cathedral City, CA El Camino North................... 1982 66,982 133,024 60,023 289,673 89.8 3,177,058 Oceanside, CA Fire Mountain Center.............. 1987 44,481 23,432 23,515 92,378 99.0 1,810,007 Oceanside, CA Fullerton Town Center............. 1987 186,613 19,722 33,144 264,647 90.5 3,537,728 Fullerton, CA Gardena Gateway Center............ 1990 41,300 5,062 19,625 65,987 100.0 947,666 Gardena, CA Huntington Center................. 1989 105,879 4,365 -- 110,244 100.0 1,285,121 Huntington Beach, CA Kenneth Hahn Plaza................ 1987 97,186 14,598 51,263 165,047 98.8 1,554,323 Los Angeles, CA La Verne Towne Center............. 1986 158,860 1,940 58,239 231,143 94.8 1,358,475 La Verne, CA Lakewood Plaza.................... 1989 93,342 4,365 15,804 113,511 100.0 1,309,621 Bellflower, CA CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF SEPTEMBER 30, 2000 AVERAGE BASE RENT PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS ------------- ----------- --------------------------- Mineral King Plaza................ $15.51 Vons*, Longs Drugs* Visalia, CA Rheem Valley...................... 11.55 T. J. Maxx, Longs Drugs Moraga, CA Rosedale Village Shopping 11.19 Savemart, Payless Drugs, Center.......................... Kmart* Bakersfield, CA Southpointe Plaza................. 8.33 Big 5 Sporting Goods Sacramento, CA ------ Northern & Central California 10.54 Region............................ ------ SOUTHERN CALIFORNIA REGION Center of El Centro............... 4.02 Sears, Mervyn's El Centro, CA Country Fair Shopping Center...... 14.95 Albertsons*, PETsMART, Chino, CA Rite-Aid, Staples, T.J. Maxx Covina Town Square................ 10.99 Home Depot, Staples, Covina, CA PETsMART, Michael's, AMC Theatres* Date Palm Center.................. 15.08 Sam's Club (Wal-Mart) Cathedral City, CA El Camino North................... 12.22 Mervyn's*, Toys 'R' Us*, Oceanside, CA Petco*, Ross Stores, Steinmart Fire Mountain Center.............. 19.80 Strouds, Lamps Plus, Trader Oceanside, CA Joe's, Bookstar Fullerton Town Center............. 14.77 Costco*, AMC Theatres, Toys Fullerton, CA 'R' Us, Office Depot Gardena Gateway Center............ 14.36 Marukai (Rite-Aid), 99 Gardena, CA Ranch Market Huntington Center................. 11.66 Toys 'R' Us, Albertsons Huntington Beach, CA Kenneth Hahn Plaza................ 9.53 Food 4 Less, Pic 'N' Save Los Angeles, CA Rite-Aid, Super Trak Auto La Verne Towne Center............. 6.20 Target, Top Valu La Verne, CA (Albertsons) Lakewood Plaza.................... 11.54 Stater Bros. (Albertsons), Bellflower, CA Staples 13 11 CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF SEPTEMBER 30, 2000 YEAR TOTAL LEASED GLA COMPANY BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT ------------- -------- --------- ------- --------- ---------- ------- ------------ Loma Square....................... 1980 96,514 -- 108,128 210,704 97.1% $ 2,728,100 San Diego, CA Montebello Town Square............ 1992 210,533 7,879 26,667 250,438 97.9 2,740,161 Montebello, CA Mountain Square Shopping Center... 1988 185,945 -- 74,319 273,189 95.3 3,153,819 Upland, CA North County Plaza................ 1987 43,610 28,720 70,270 153,325 93.0 2,084,669 Carlsbad, CA Parkway Place..................... 1989 91,127 8,958 16,381 120,425 96.7 1,245,260 Escondido, CA Pomona Gateway Center............. 1993 96,418 6,487 1,000 103,905 100.0 923,447 Pomona, CA San Fernando Mission Plaza........ 1991 50,508 2,293 14,391 67,192 100.0 908,650 San Fernando, CA Torrance Promenade................ 1991 215,562 20,496 30,183 266,907 99.8 4,175,687 Torrance, CA Vermont-Slauson Shopping Center... 1981 142,411 3,720 23,613 169,744 100.0 998,547 Los Angeles, CA Vineyards Marketplace............. 1991 21,415 -- 31,531 56,019 94.5 778,059 Rancho Cucamonga, CA --------- ------- --------- ---------- ----- ------------ Southern California Region.......... 2,465,363 333,943 789,768 3,733,500 96.1 42,252,809 --------- ------- --------- ---------- ----- ------------ SOUTHWEST REGION Kyrene Village Shopping Center.... 1987 81,355 5,120 48,715 161,174 83.9 1,047,149 Chandler, AZ North Mountain Village............ 1985 41,215 -- 49,996 94,379 100.0 887,193 Phoenix, AZ Randolph Plaza.................... 1999 136,110 6,150 33,267 180,382 97.3 1,086,218 Tucson, AZ CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF SEPTEMBER 30, 2000 AVERAGE BASE RENT PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS ------------- ----------- --------------------------- Loma Square....................... $13.33 T.J. Maxx, Circuit City, San Diego, CA Sav- on Drugs, Super Crown Books, Staples Montebello Town Square............ 11.18 Sears, Toys 'R' Us, AMC Montebello, CA Theatres, Petco Mountain Square Shopping Center... 12.12 Home Depot, Staples, Upland, CA Pavilions, Factory 2 U North County Plaza................ 14.62 Marshall's, Michael's, Kids Carlsbad, CA 'R' Us Parkway Place..................... 10.69 Albertsons, Office Depot Escondido, CA Pomona Gateway Center............. 8.89 Vons, Pic 'N' Save Pomona, CA San Fernando Mission Plaza........ 13.52 Value Plus (Vons) San Fernando, CA Torrance Promenade................ 15.68 Ross, Marshall's, Office Torrance, CA Depot, Linens 'n Things, Bookstar, Sears Homelife, Loehmann's, Kids 'R' Us Vermont-Slauson Shopping Center... 5.88 Ralphs, Kmart, Sav-on Drugs Los Angeles, CA Vineyards Marketplace............. 14.70 Albertsons*, Sav-on Drugs Rancho Cucamonga, CA ------ Southern California Region.......... 11.77 ------ SOUTHWEST REGION Kyrene Village Shopping Center.... 7.75 Basha's, Kyrene Lanes, Chandler, AZ Audio Express North Mountain Village............ 9.73 Fry's Food & Drug*, T. J. Phoenix, AZ Maxx, Greenbacks Randolph Plaza.................... 6.19 Fry's, Walgreen's, Tucson, AZ MacFrugal's 14 12 CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF SEPTEMBER 30, 2000 YEAR TOTAL LEASED GLA COMPANY BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT ------------- -------- --------- ------- --------- ---------- ------- ------------ Southern Palms Center............. 1980 103,875 20,025 110,747 251,663 93.2% $ 2,090,569 Tempe, AZ Sunrise Place Center.............. 1992 103,025 5,100 17,614 136,919 91.8 681,497 Tucson, AZ --------- ------- --------- ---------- ----- ------------ Southwest Region.................... 465,580 36,395 260,339 824,517 92.5 5,792,627 --------- ------- --------- ---------- ----- ------------ COMMUNITY RETAIL CENTERS............ 4,185,830 492,701 2,029,096 7,083,555 94.7 73,628,096 --------- ------- --------- ---------- ----- ------------ REGIONAL MALLS Baldwin Hills Crenshaw Plaza...... 1988 291,554 29,610 157,692 509,704 93.9 7,000,520 Los Angeles, CA Media City Center................. 1992 467,961 48,984 234,955 818,405 91.9 11,996,373 Burbank, CA --------- ------- --------- ---------- ----- ------------ REGIONAL MALLS...................... 759,515 78,594 392,647 1,328,109 92.7 18,996,893 --------- ------- --------- ---------- ----- ------------ SINGLE TENANT FACILITIES Kmart............................. 1990 104,204 -- -- 104,204 100.0 551,576 Phoenix, AZ Kmart............................. 1990 86,479 -- -- 86,479 100.0 457,744 Banning, CA Kmart............................. 1990 86,479 -- -- 86,479 100.0 507,915 El Centro, CA Kmart............................. 1990 86,479 -- -- 86,479 100.0 415,951 Madera, CA Kmart............................. 1990 86,479 -- -- 86,479 100.0 411,132 Rocklin, CA Sam's Club........................ 1988 110,822 3,900 -- 114,722 100.0 732,765 Downey, CA --------- ------- --------- ---------- ----- ------------ SINGLE TENANT FACILITIES............ 560,942 3,900 -- 564,842 100.0 3,077,083 --------- ------- --------- ---------- ----- ------------ TOTAL PROPERTIES.................... 5,506,287 575,195 2,421,743 8,976,506 94.7 $ 95,702,072 ========= ======= ========= ========== ===== ============ CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF SEPTEMBER 30, 2000 AVERAGE BASE RENT PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS ------------- ----------- --------------------------- Southern Palms Center............. $ 8.91 Food 4 Less, Heilig Meyer Tempe, AZ Furniture, Staples, Coomers Craft Mall Sunrise Place Center.............. 5.42 Smith's Food & Drug Tucson, AZ ------ Southwest Region.................... 7.60 ------ COMMUNITY RETAIL CENTERS............ 10.98 ------ REGIONAL MALLS Baldwin Hills Crenshaw Plaza...... 14.62 Sears*, Robinsons-May*, Los Angeles, CA Wal-Mart, Albertsons, T.J. Maxx, Sony/Magic Johnson Theaters Media City Center................. 15.95 Macy's, IKEA*, Sears*, Burbank, CA Mervyn's*, AMC Theatres, Sports Chalet, CompUSA, Barnes & Noble, Virgin Megastore ------ REGIONAL MALLS...................... 15.44 ------ SINGLE TENANT FACILITIES Kmart............................. 5.29 Kmart Phoenix, AZ Kmart............................. 5.29 Kmart Banning, CA Kmart............................. 5.87 Kmart El Centro, CA Kmart............................. 4.81 Kmart Madera, CA Kmart............................. 4.75 Kmart Rocklin, CA Sam's Club........................ 6.39 Sam's Club (Wal-Mart) Downey, CA ------ SINGLE TENANT FACILITIES............ 5.45 ------ TOTAL PROPERTIES.................... $11.25 ====== - --------------- * Anchor space non-owned by Company 15 13 CENTER TRUST, INC. LEASE EXPIRATIONS -- OVERALL PORTFOLIO SEPTEMBER 30, 2000 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................ 114 155,784 15.56 0 0.00 4,900 9.34 150,884 15.76 2000................. 57 112,956 14.13 25,165 5.21 0 0.00 87,791 16.68 2001................. 215 684,959 13.03 279,978 7.15 26,182 16.58 378,799 17.13 2002................. 205 791,926 12.54 369,599 6.89 48,698 17.50 373,629 17.49 2003................. 161 618,349 12.02 246,434 5.01 46,772 16.17 325,143 16.73 2004................. 145 844,679 11.08 501,480 7.20 39,488 17.54 303,711 16.65 2005................. 145 643,282 15.81 256,340 14.35 57,569 17.48 329,373 16.66 2006................. 65 504,913 12.98 299,068 10.25 41,470 13.43 164,375 17.82 2007................. 41 354,751 11.67 194,957 8.31 45,363 11.84 114,431 17.32 2008................. 28 369,628 11.81 305,137 10.39 26,153 21.34 38,338 16.65 2009................. 25 446,615 7.89 372,835 5.66 55,017 17.94 18,763 22.52 THEREAFTER........... 97 2,975,383 9.18 2,649,994 8.56 183,583 14.28 141,806 13.81 ----- --------- ------ --------- ------ ------- ------ --------- ------ TOTAL....... 1,298 8,503,225 11.25 5,500,987 8.34 575,195 15.73 2,427,043 16.82 ===== ========= ====== ========= ====== ======= ====== ========= ====== LEASE EXPIRATIONS -- TOTAL COMMUNITY SHOPPING CENTERS SEPTEMBER 30, 2000 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................ 57 81,060 14.41 0 0.00 1,000 13.00 80,060 14.43 2000................. 36 90,676 14.12 25,165 5.21 0 0.00 65,511 17.54 2001................. 175 635,126 11.65 279,978 7.15 26,182 16.58 328,966 15.09 2002................. 167 731,214 11.39 369,599 6.89 47,658 16.92 313,957 15.84 2003................. 135 567,516 10.87 246,434 5.01 46,772 16.17 274,310 15.22 2004................. 119 768,677 10.11 470,908 6.90 31,188 18.68 266,581 14.78 2005................. 126 513,906 13.99 158,761 9.05 55,849 17.05 299,296 16.03 2006................. 56 459,139 12.42 273,764 9.44 35,060 14.43 150,315 17.36 2007................. 34 304,193 10.63 194,957 8.31 45,363 11.84 63,873 16.86 2008................. 24 318,462 10.49 260,180 9.20 21,153 17.87 37,129 15.32 2009................. 20 321,752 7.97 262,013 5.39 41,535 18.11 18,204 21.90 THEREAFTER........... 74 1,915,906 10.19 1,638,771 9.69 140,941 12.83 136,194 13.32 ----- --------- ------ --------- ------ ------- ------ --------- ------ TOTAL....... 1,023 6,707,627 10.98 4,180,530 8.25 492,701 15.27 2,034,396 15.56 ===== ========= ====== ========= ====== ======= ====== ========= ====== 16 14 CENTER TRUST, INC. SUMMARY OF TENANTS WITH RENTS EXCEEDING 1% OF TOTAL RENTS AS OF SEPTEMBER 30, 2000 PERCENTAGE PERCENTAGE TOTAL OF COMPANY NUMBER OF ANNUALIZED OF TOTAL TENANT OWNED NUMBER RETAIL TENANT STORES BASE RENT BASE RENT GLA GLA - ------ ------------- --------- ----------- ---------- --------- ---------- 1 AMC ENTERTAINMENT(1)............. 5 $ 3,510,000 3.67% 164,692 1.94% 2 SAFEWAY INC...................... 7 3,321,091 3.47% 393,819 4.63% 3 WAL-MART STORES INC.(2).......... 3 3,038,834 3.18% 360,741 4.24% 4 ALBERTSONS INC................... 8 2,744,748 2.87% 362,349 4.26% 5 KMART CORP....................... 6 2,562,498 2.68% 532,624 6.26% 6 KROGER CO., THE (Ralph's/FFL/QFC)................ 7 2,271,504 2.37% 361,260 4.25% 7 TJX COMPANIES INC., THE.......... 9 1,974,430 2.06% 247,614 2.91% 8 HOME DEPOT INC., THE............. 2 1,875,930 1.96% 200,549 2.36% 9 TOYS 'R' US INC. ................ 5 1,802,233 1.88% 189,740 2.23% 10 STAPLES INC. .................... 6 1,512,321 1.58% 136,513 1.61% 11 LOEWS CINEPLEX ENTERTAINMENT..... 1 1,484,853 1.55% 67,579 0.79% 12 BARNES & NOBLE INC............... 4 1,434,609 1.50% 70,276 0.83% 13 ROSS STORES INC.................. 5 1,166,621 1.22% 142,852 1.68% 14 OFFICE DEPOT INC................. 4 1,111,023 1.16% 101,594 1.19% 15 SEARS............................ 5 1,105,248 1.15% 258,446 3.04% 16 CIRCUIT CITY STORES INC.......... 3 1,088,400 1.14% 84,680 1.00% 17 PAYLESS SHOESOURCE INC........... 15 1,024,366 1.07% 51,259 0.60% -- ----------- ------ --------- ------ TOTAL............................ 95 $33,028,709 34.51% 3,726,587 43.83% == =========== ====== ========= ====== - --------------- (1) Includes $628,208 of annualized base rent for location at Montebello Town Square which was subsequently sold on October 27, 2000. As a result, Percentage of Total Base Rent is now 3.01% (2) Includes location at Baldwin Hills Crenshaw Plaza where rent has not yet commenced. 17 15 CENTER TRUST, INC. MAJOR SEGMENT CONCENTRATION EXCEEDING 2% OF TOTAL RENTS AS OF SEPTEMBER 30, 2000 PERCENTAGE TOTAL SEGMENT PERCENT TOTAL OF COMPANY NUMBER OF ANNUALIZED OF TOTAL SEGMENT OWNED NUMBER RETAIL TENANT LEASES BASE RENT BASE RENT GLA GLA - ------ ------------- --------- ------------- --------- --------- ---------- 1 Supermarkets..................... 25 $ 9,660,413 10.09% 1,227,514 14.44% 2 Fast Food........................ 182 6,684,919 6.99% 305,607 3.59% 3 Theaters/Entertainment(1)........ 13 6,410,128 6.70% 354,115 4.16% 4 Discount Retailers............... 11 6,310,887 6.59% 1,113,747 13.10% 5 Restaurants...................... 69 5,614,252 5.87% 363,354 4.27% 6 Family Apparel................... 36 4,539,449 4.74% 549,551 6.46% 7 Home Furnishings/Housewares...... 35 4,038,872 4.22% 297,301 3.50% 8 Health & Beauty.................. 136 3,979,672 4.16% 237,123 2.79% 9 Music and Video.................. 36 3,571,530 3.73% 184,735 2.17% 10 Women's Apparel.................. 51 3,556,032 3.72% 242,767 2.85% 11 Electronics...................... 34 2,902,737 3.03% 173,192 2.04% 12 Office Supply.................... 9 2,435,243 2.54% 224,007 2.63% 13 Footwear......................... 39 2,423,815 2.53% 120,793 1.42% 14 Home Improvement................. 10 2,348,359 2.45% 256,266 3.01% 15 Crafts........................... 15 1,964,255 2.05% 192,288 2.26% --- ----------- ------ --------- ------ TOTAL............................ 701 $66,440,563 69.42% 5,842,360 68.71% === =========== ====== ========= ====== - --------------- (1) Includes $628,208 of annualized base rent for location at Montebello Town Square which was subsequently sold on October 27, 2000. As a result, Percentage of Total Base Rent is now 6.04%. 18 16 CENTER TRUST, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND RECONCILIATION TO FUNDS FROM OPERATIONS (IN THOUSANDS) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------ -------------------- 2000 1999 2000 1999 ------- ------- -------- -------- (UNAUDITED) (UNAUDITED) Rental income..................................... $24,540 $26,870 $ 74,201 $ 79,710 Expense reimbursements............................ 7,579 8,065 23,004 24,054 Percentage rents.................................. 428 532 1,422 1,541 Other income...................................... 1,494 1,234 4,595 3,755 ------- ------- -------- -------- Total Revenues.......................... 34,041 36,701 103,222 109,060 ------- ------- -------- -------- Interest.......................................... 14,993 13,938 44,693 40,544 Depreciation and amortization..................... 6,444 6,263 19,227 18,387 Property operating costs: Common area..................................... 4,943 5,722 15,215 16,565 Property taxes.................................. 3,241 3,476 9,915 10,781 Leasehold rentals............................... 369 438 1,094 1,285 Marketing....................................... 269 265 801 610 Other operating................................. 950 1,167 2,891 3,516 General and administrative........................ 1,577 2,404 4,208 5,365 ------- ------- -------- -------- Total Expenses.......................... 32,786 33,673 98,044 97,053 ------- ------- -------- -------- Income from Operations before Other Items......... 1,255 3,028 5,178 12,007 Gain (Loss) on the Sale of Assets................. 2,473 (214) 14,197 20,361 Minority Interests -- Operating Partnership....... (258) (126) (1,079) (4,255) Minority Interests -- Other....................... (79) (78) (229) (223) ------- ------- -------- -------- Net Income before Extraordinary Loss.............. 3,391 2,610 18,067 27,890 Extraordinary Loss -- Early Extinguishment of Debt............................................ (589) (857) (2,453) (4,905) ------- ------- -------- -------- Net Income........................................ 2,802 1,753 15,614 22,985 Adjustments to reconcile net income to FFO: Depreciation of real property................... 6,275 6,225 18,937 18,285 Minority Interests.............................. 167 41 797 4,005 Extraordinary Loss -- Early Extinguishment of Debt......................................... 589 857 2,453 4,905 (Gain) Loss on the Sale of Assets............... (2,473) 214 (14,197) (20,361) Other........................................... 461 1,498 1,278 2,134 ------- ------- -------- -------- Funds From Operations -- Basic.................... 7,821 10,588 24,882 31,953 Adjustments to reconcile Basic to Diluted FFO: Debenture interest.............................. 2,954 2,954 8,862 9,221 Amortization of Deferred costs -- Debentures.... 320 322 961 970 ------- ------- -------- -------- Funds From Operations -- Diluted(1)............... $11,095 $13,864 $ 34,705 $ 42,144 ======= ======= ======== ======== - --------------- (1) For purposes of computing FFO, diluted information assumes the conversion of the Company's Debentures at $18 per share as well as other common stock equivalents. 19 17 CENTER TRUST, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) ASSETS SEPTEMBER 30, DECEMBER 31, 2000 1999 ------------- ------------ (UNAUDITED) ASSETS Rental Properties........................................... $ 980,504 $1,030,689 Accumulated depreciation and amortization................... (153,566) (143,610) ---------- ---------- Rental properties, net.................................... 826,938 887,079 Cash and cash equivalents................................... 12,050 5,204 Tenant receivables, net..................................... 14,969 12,267 Other receivables........................................... 7,085 6,181 Restricted cash and securities.............................. 26,467 20,577 Deferred charges, net....................................... 20,946 20,966 Other assets................................................ 2,277 3,305 ---------- ---------- Total............................................. $ 910,732 $ 955,579 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Secured debt................................................ $ 484,207 $ 524,468 7 1/2% Convertible subordinated debentures.................. 128,548 128,548 7 1/4% Exchangeable subordinated debentures................. 30,000 30,000 Accrued distributions....................................... 5,991 9,963 Accrued interest............................................ 4,544 5,441 Accounts payable and other accrued expenses................. 9,608 6,760 Accrued construction costs.................................. 817 1,753 Tenant security and other deposits.......................... 4,632 5,948 ---------- ---------- Total liabilities........................................... 668,347 712,881 ========== ========== MINORITY INTERESTS Operating partnership (1,759,442 and 1,654,725 units issued as of September 30, 2000 and December 31, 1999, respectively)............................................. 14,529 14,091 Other minority interests.................................... 1,547 1,319 ---------- ---------- Total minority interest..................................... 16,076 15,410 ---------- ---------- STOCKHOLDERS' EQUITY Common stock ($.01 par value, 100,000,000 shares authorized; 206,701,759 and 26,647,968 shares issued and outstanding as of September 30, 2000 and December 31, 1999, respectively)............................................. 266 266 Additional paid-in capital.................................. 361,886 361,412 Accumulated distributions and deficit....................... (135,843) (134,390) ---------- ---------- Total stockholders' equity.................................. 226,309 227,288 ---------- ---------- Total............................................. $ 910,732 $ 955,579 ========== ========== 20 18 CENTER TRUST, INC. SUMMARY OF OUTSTANDING DEBT SEPTEMBER 30, 2000 (IN THOUSANDS) BALANCE BALANCE MATURITY AVERAGE SEPTEMBER 30, DECEMBER 31, LENDER PROPERTY RATE DATE MATURITIES 2000 1999 ------ -------- ------ -------- ---------- ------------- ------------ FIXED RATE MORTGAGES Principal Mutual Life Insurance Company........................... North Mountain Village 8.250% 05/01/01 0.6 $ 8,139 $ 8,182 Metropolitan Life Insurance Company........................... Date Palm 10.450% 07/31/02 1.8 9,142 9,254 The Travelers Insurance Company..... North County 10.375% 01/31/03 2.3 15,320 15,573 Nomura Asset Capital Corporation(1).................... Tranche A 8.938% 04/01/05 4.5 22,060 22,198 DLJ Mortgage Acceptance Corp........ Charleston 8.050% 01/01/06 5.3 -- 15,201 Teachers............................ Pavilions 7.440% 08/01/06 5.8 23,716 24,064 Column Financial, Inc............... Mineral King 9.680% 08/01/06 5.8 3,603 3,673 Eastrich #79 Corporation (AEW)(2)... Loan #1 11.450% 10/15/06 6.0 15,910 19,908 Eastrich #79 Corporation (AEW)(3)... Loan #2 10.900% 10/15/06 6.0 8,834 9,153 Chase Commercial Mortgage Banking Corp.............................. Torrance Promenade 8.300% 11/10/09 9.1 29,840 29,981 Chase Commercial Mortgage Banking Corp.............................. Vineyards Marketplace 8.300% 11/10/09 9.1 5,166 5,191 Chase Commercial Mortgage Banking Corp.............................. Kyrene Village 8.300% 11/10/09 9.1 7,908 7,945 Nomura Asset Capital Corporation(1).................... Tranche B 9.000% 04/01/10 9.5 32,774 32,975 Aid Association for Lutherans....... Westgate North 8.300% 04/01/14 13.5 5,671 5,846 First Union National Bank........... Gardena, Gresham, Loma 7.750% 07/01/09 8.8 51,477 51,784 Square and Southpointe -------- -------- Total Fixed-Rate Mortgages.... 8.790% 7.08 239,560 260,928 -------- -------- VARIABLE-RATE MORTGAGES First Union National Bank(8)........ Covina, Randolph Plaza 9.250% 06/01/02 1.7 57,474 58,017 Fairwood and Mountain Square First Union National Bank(8)........ Fire Mountain 9.250% 08/01/02 1.8 11,334 11,448 -------- -------- Total Variable-Rate Mortgages................... 9.250% 1.70 68,808 69,465 -------- -------- OTHER SECURED DEBT CRA -- Certificates of Participation, Series 1985........ Baldwin Hills 5.300% 12/01/14 14.2 30,000 30,000 CDC -- Certificates of Participation, Series 1985........ Kenneth Hahn Plaza 5.200% 12/01/15 15.2 6,000 6,000 Chase Manhattan Bank(4)............. Secured Line of Credit 158,075 G.E. Capital(5)..................... Secured Line of Credit 9.130% 03/31/02 1.50 139,839 -------- -------- Total Other Secured Debt...... 8.342% 4.13 175,839 194,075 -------- -------- TOTAL SECURED DEBT............ 8.693% 5.24 484,207 524,468 -------- -------- Convertible debentures(6)........... 7.500% 01/15/01 0.3 128,548 128,548 Exchangeable debentures(7).......... 7.250% 12/27/03 3.5 30,000 30,000 -------- -------- TOTAL DEBT OUTSTANDING........ 8.387% 4.16 $642,755 $683,016 ======== ======== - --------------- (1) Secured by San Fernando Mission, Rosedale, Country Fair, Fullerton, La Verne, and $10.6 million of U.S. Treasury Securities. (2) Secured by KMart - Rocklin, KMart - El Centro, KMart - Banning, KMart - Madera, KMart - Phoenix and Huntington Beach. (3) Secured by Lakewood, Sam's Club - Downey, and Parkway Place. (4) Secured line of credit replaced with new GE Capital line of credit March 31, 2000. See (5) below. (5) Secured by Media City, Montebello, Medford Shopping Center, Ross Center, Madera Marketplace, Pacific Linen, Vancouver Park Place, Sunrise Place, Marshall's Plaza, Ross Plaza - Silverdale, Covington, Frontier Village, Rheem Valley, Pomona and Southern Palms. Interest based on LIBOR plus 250 basis points. (6) Convertible debentures bear interest at 7 1/2% and mature January 15, 2001. Such debentures are convertible into common stock at a conversion price of $18.00 per share. (7) Exchangeable debentures bear interest at 7 1/4% and mature December 31, 2003. Such debentures are convertible into common stock at a conversion price of $18.00 per share or may be put to the Company after December 27, 2000 for the principal amount plus accrued interest. The debentures were repaid as of November 3, 2000. (8) Interest based on LIBOR plus 250 basis points. (9) Loan secured by freestanding AMC Theatre; Theatre was subsequently sold April 17, 2000 and loan assumed by new owner. 21 19 CENTER TRUST, INC. SCHEDULE OF MORTGAGE DEBT MATURITIES SEPTEMBER 30, 2000 SCHEDULED PERCENT OF AMORTIZATION SCHEDULED DEBT YEAR PAYMENTS MATURITIES MATURING TOTAL ---- ------------ ---------- ---------- -------- 2000........................................... $ 1,168 -- $ 1,168 2001........................................... 4,876 $ 8,105 1.8% 12,981 2002........................................... 4,670 216,348(1) 48.4% 221,018 2003........................................... 4,148 14,434 3.2% 18,582 2004........................................... 4,432 -- 4,432 2005........................................... 4,432 20,953 4.7% 25,385 2006........................................... 3,838 38,151 8.5% 41,989 2007........................................... 2,176 -- 2,176 2008........................................... 2,333 -- 2,333 2009........................................... 1,906 85,212 19.0% 87,118 Thereafter..................................... 2,639 64,386 14.4% 67,025 ------- -------- ---- -------- Total.......................................... $36,618 $447,589 100% $484,207 ======= ======== ==== ======== - --------------- (1) Represents amount outstanding on the Company's secured credit facility which is due on March 31, 2002. 22