1
EXHIBIT 99
CENTER TRUST, INC.
SUPPLEMENTAL INFORMATION
MARCH 31, 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 Store Property Activity................................ 9
Portfolio Highlights and Leasing Activity................... 10
Portfolio Summary........................................... 11
Portfolio Detail -- by Region............................... 12 - 14
Lease Expirations -- Overall Portfolio/Total Community
Shopping Centers.......................................... 15
Tenant Concentration........................................ 16
Segment Concentration....................................... 17
Consolidated Statements of Operations and Reconciliation to
Funds From Operations..................................... 18
Consolidated Balance Sheets................................. 19
Summary of Outstanding Debt................................. 20
Schedule of Mortgage Debt Maturities........................ 21
4
2
CENTER TRUST, INC.
COMPANY PROFILE
MARCH 31, 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 37 shopping centers, comprised of 32 community shopping centers, 2 regional
malls and 3 single tenant facilities comprising 8.1 million square feet of total
shopping center gross leasable area (GLA) and 6.6 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, March 31, 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 email
at IR@centertrust.com.
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CENTER TRUST, INC.
OPERATING HIGHLIGHTS
MARCH 31, 2001
(IN THOUSANDS EXCEPT SHARE DATA)
THREE MONTHS ENDED
MARCH 31,
-------------------
2001 2000
-------- -------
OPERATING HIGHLIGHTS
Funds From Operations (FFO)
FFO - Basic and Diluted................................ $ 5,818 $ 8,942
FFO per share - Basic and Diluted(1)................... $ 0.20 $ 0.32
Net Income Available to Common Shareholders............... $ 821 $ 2,720
Net Income Per Share - Basic and Diluted.................. $ 0.03 $ 0.10
EBITDA.................................................... $ 15,748 $23,389
Funds Available for Distribution (FAD).................... $ 6,478 $ 9,097
FAD per share - Basic..................................... $ 0.23 $ 0.32
Dividends Per Share....................................... $ 0.04 $ 0.21
Interest Expense Coverage Ratio Based on EBITDA........... 1.6 1.6
General and Administrative Expense........................ $ 1,365 $ 1,307
G&A as % of Total Rental Revenue.......................... 7.5% 5.1%
Ratio of Expense Recoveries to Recoverable Expenses....... 83.1% 88.8%
Ratio of Operating Expenses to Total Rental Revenue....... 39.2% 34.0%
- ---------------
(1) OP units are included in weighted average shares outstanding.
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CENTER TRUST, INC.
CAPITAL STRUCTURE
MARCH 31, 2001
(IN THOUSANDS EXCEPT SHARE DATA)
THREE MONTHS ENDED
MARCH 31,
-----------------------
2001 2000
---------- ----------
EQUITY INFORMATION
Units Outstanding at End of Period........................ 1,638,699 1,759,442
Common Outstanding at End of Period....................... 27,225,749 26,686,488
---------- ----------
Total Units and Common Shares Outstanding at End of
Period................................................. 28,864,448 28,445,930
========== ==========
Basic and Diluted Weighted Average Units Outstanding...... 1,647,077 1,664,147
Basic and Diluted Weighted Average Common Shares
Outstanding............................................ 27,023,978 26,647,968
---------- ----------
Basic and Diluted Weighted Average Units and Common Shares
Outstanding............................................ 28,671,055 28,312,115
========== ==========
AS OF
-----------------------------------------
MARCH 31, DECEMBER 31, DECEMBER 31,
2001 2000 1999
--------- ------------ ------------
(IN THOUSAND, EXCEPT SHARE DATA)
MARKET CAPITALIZATION
Stock Price Activity
High............................................... $ 6.40 $ 10.50 $ 13.00
Low................................................ $ 3.85 $ 4.56 $ 9.06
Common Stock Price at End of Period................... $ 3.92 $ 4.69 $ 9.69
Equity Market Capitalization.......................... $113,149 $134,776 $ 274,253
Fixed-Rate Debt....................................... 111,970 120,067 260,928
Floating-Rate Debt.................................... 302,630 197,985 263,540
Subordinated Debentures............................... -- 128,548 158,548
-------- -------- ----------
Total Capitalization.................................. $527,749 $581,376 $ 957,269
======== ======== ==========
Debt-to-Total Capitalization.......................... 78.6% 76.8% 71.4%
======== ======== ==========
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5
CENTER TRUST, INC.
RECONCILIATION OF COMMON SHARES AND OPERATING PARTNERSHIP
UNITS OUTSTANDING
AS OF MARCH 31, 2001
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
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
========== ========== ==========
- ---------------
(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.
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CENTER TRUST, INC.
SAME STORE PROPERTY ACTIVITY
MARCH 31, 2001
(IN THOUSANDS)
THREE MONTHS ENDED
MARCH 31,
------------------
2001 2000 % CHANGE
------- ------- --------
COMMUNITY SHOPPING CENTERS(1)
Revenues:
Rental Revenue............................................ $11,467 $11,179 2.6%
Recoveries from Tenants................................... 3,289 3,459 -4.9%
Other Income.............................................. 128 124 3.2%
------- -------
Total Revenues.................................... 14,884 14,762 0.8%
Expenses:
Recoverable Operating Expenses............................ 3,466 3,623 -2.1%
Other Operating Expenses.................................. 460 352 30.7%
------- -------
Total Expenses.................................... 3,926 3,975 -1.2%
------- -------
Net Operating Income........................................ $10,958 $10,787 1.6%
======= =======
Total Properties.................................. 30 30
======= =======
Percentage Leased........................................... 92.7% 95.1%
======= =======
Average Base Rent per square foot........................... $ 10.83 $ 10.65
======= =======
THREE MONTHS ENDED
MARCH 31,
------------------
2001 2000 % CHANGE
------- ------- --------
REGIONAL MALLS
Revenues:
Rental Revenue............................................ $ 4,691 $ 4,451 5.4%
Recoveries from Tenants................................... 2,107 2,187 -3.7%
Other Income.............................................. 778 755 3.0%
------- -------
Total Revenues.................................... 7,576 7,393 2.5%
Expenses:
Recoverable Operating Expenses............................ 2,896 2,946 -1.7%
Other Operating Expenses.................................. 28 28 0.0%
------- -------
Total Expenses.................................... 2,924 2,974 -1.7%
------- -------
Net Operating Income........................................ $ 4,652 $ 4,419 5.3%
======= =======
Total Properties.................................. 2 2
======= =======
Percentage Leased........................................... 94.4% 91.3%
======= =======
Average Base Rent per square foot........................... $ 15.48 $ 15.23
======= =======
Same Store 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.
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CENTER TRUST, INC.
PORTFOLIO HIGHLIGHTS AND LEASING ACTIVITY
AS OF MARCH 31, 2001
AS OF
------------------------------------------
MARCH 31, DECEMBER 31, DECEMBER 31,
2001 2000 1999
---------- ------------ ------------
PORTFOLIO HIGHLIGHTS
Company Owned GLA
Community Shopping Centers....................... 4,932,714 5,397,270 7,547,955
Regional Malls................................... 1,328,109 1,328,109 1,178,109
Single Tenant Facilities......................... 305,405 391,884 672,007
Total Company Owned GLA........................ 6,566,228 7,117,263 9,398,071
Percentage Leased
Community Shopping Centers....................... 92.3% 93.1% 95.0%
Regional Malls................................... 94.4% 92.1% 90.9%
Single Tenant Facilities......................... 100.0% 100.0% 100.0%
Overall Portfolio.............................. 93.1% 93.3% 94.9%
Average Base Rent
Community Shopping Centers
Anchor......................................... $ 7.75 $ 7.40 $ 8.70
Pad............................................ $ 14.19 $ 14.09 $ 15.05
Shop........................................... $ 15.69 $ 15.44 $ 15.32
Overall........................................ $ 10.88 $ 10.54 $ 11.11
Regional Malls
Anchor......................................... $ 11.03 $ 10.98 $ 11.75
Pad............................................ $ 18.34 $ 19.60 $ 18.61
Shop........................................... $ 23.13 $ 26.79 $ 24.20
Overall........................................ $ 15.48 $ 16.51 $ 16.70
Single Tenant Facilities......................... $ 5.55 $ 5.39 $ 5.97
Overall Portfolio................................ $ 11.56 $ 11.33 $ 11.40
Number of Properties
Community Shopping Centers....................... 32 35 47
Regional Malls................................... 2 2 2
Single Tenant Facilities......................... 3 4 7
Overall Portfolio.............................. 37 41 56
THREE
MONTHS
ENDED
MARCH 31,
2001
---------
SUMMARY OF LEASING ACTIVITY -- COMMUNITY SHOPPING CENTERS
Space Vacated
Number of Leases....................................... 16
Gross Leasable Area.................................... 114,575
Base Rent per Square Foot.............................. $ 6.39
New Leases Executed
Number of Leases....................................... 11
Gross Leasable Area.................................... 64,927
Base Rent per Square Foot.............................. $ 10.45
Lease Renewals Executed
Number of Leases....................................... 27
Gross Leasable Area.................................... 180,072
New Annual Base Rent per Square Foot................... $ 9.41
Percentage Change from Prior........................... 3.52%
Leases with Contractual Rent Adjustments
Number of Leases....................................... 50
Gross Leasable Area.................................... 184,047
New Annual Base Rent per Square Foot................... $ 13.92
Percentage Change from Prior........................... 4.7%
10
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CENTER TRUST, INC.
PORTFOLIO SUMMARY
AS OF MARCH 31, 2001
NUMBER TOTAL LEASED GLA COMPANY
OF ---------------- OWNED PERCENT
PROPERTIES ANCHOR PAD SHOP GLA LEASED
---------- --------- ---------------- --------- --------- -------
COMMUNITY SHOPPING CENTERS
Pacific Northwest Region..................... 6 497,656 88,388 324,572 1,025,085 88.8%
Northern and Central California Region....... 6 255,983 11,808 279,107 602,784 90.7%
Southern California Region................... 15 1,445,893 269,530 624,142 2,477,128 94.4%
Southwest Region............................. 5 477,589 36,395 240,540 827,717 91.2%
-- --------- ------- --------- --------- -----
TOTAL COMMUNITY SHOPPING CENTERS... 32 2,677,121 406,121 1,468,361 4,932,714 92.3%
REGIONAL MALLS............................... 2 759,515 82,794 411,267 1,328,109 94.4%
SINGLE TENANT FACILITIES..................... 3 301,505 3,900 -- 305,405 100.0%
-- --------- ------- --------- --------- -----
TOTAL PORTFOLIO.................... 37 3,738,141 492,815 1,879,628 6,566,228 93.1%
== ========= ======= ========= ========= =====
AVERAGE
BASE
ANNUALIZED RENT
BASE RENT PER SQ. FT.
----------- -----------
COMMUNITY SHOPPING CENTERS
Pacific Northwest Region..................... $ 9,519,838 $10.45
Northern and Central California Region....... 5,828,281 10.66
Southern California Region................... 28,446,827 12.16
Southwest Region............................. 5,740,899 7.61
----------- ------
TOTAL COMMUNITY SHOPPING CENTERS... 49,535,845 10.88
REGIONAL MALLS............................... 19,408,373 15.48
SINGLE TENANT FACILITIES..................... 1,695,473 5.55
----------- ------
TOTAL PORTFOLIO.................... $70,639,691 $11.56
=========== ======
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CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2001
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
Frontier Village Shopping 1993 68,473 20,449 39,176 153,320 83.5% $ 1,301,709
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 1988 159,282 26,587 68,469 266,049 95.6 2,314,858
Gresham, OR
The Medford Center................ 1998 153,612 17,432 96,193 326,000 82.0 2,645,090
Medford, OR
Ross Center....................... 1987 53,331 9,020 59,858 134,485 90.9 1,502,814
Portland, OR
Silverdale Shopping Center........ 1990 29,020 -- 33,870 67,287 93.5 810,447
Silverdale, WA
Vancouver Park Place.............. 1987 33,938 14,900 27,006 77,944 97.3 944,920
Vancouver, WA
--------- ------- --------- ---------- ----- -----------
Pacific Northwest Region.......... 497,656 88,388 324,572 1,025,085 88.8 9,519,838
--------- ------- --------- ---------- ----- -----------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 1978 -- -- 11,540 14,115 81.8 81,326
Bakersfield, CA
Marshall's Plaza.................. 1989 27,000 -- 38,375 79,000 82.8 780,080
Modesto, CA
Mineral King Plaza................ 1983 -- -- 34,660 39,060 88.7 536,541
Visalia, CA
Rheem Valley...................... 1990 51,009 5,150 77,295 153,999 86.7 1,551,702
Moraga, CA
Rosedale Village Shopping 1991 72,324 6,658 45,190 127,547 97.4 1,386,653
Center..........................
Bakersfield, CA
Southpointe Plaza................. 1982 105,650 -- 72,047 189,063 94.0 1,491,979
Sacramento, CA
--------- ------- --------- ---------- ----- -----------
Northern & Central California 255,983 11,808 279,107 602,784 90.7 5,828,281
Region............................
--------- ------- --------- ---------- ----- -----------
SOUTHERN CALIFORNIA REGION
Country Fair Shopping Center...... 1992 96,225 27,341 27,664 168,173 89.9 2,158,828
Chino, CA
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2001
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
COMMUNITY RETAIL CENTERS
PACIFIC NORTHWEST
Frontier Village Shopping $10.16 Safeway, Bartell Drugs
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 9.10 Ross Stores, Emporium, GI
Gresham, OR Joe's, Craft Warehouse,
JoAnn Fabrics
The Medford Center................ 9.90 Cinemark Theatres, Sears,
Medford, OR Payless*, Safeway*, Circuit
City, 24 Hour Fitness
Ross Center....................... 12.30 Ross Stores, Michaels, Pier
Portland, OR 1 Imports
Silverdale Shopping Center........ 12.89 Ross Stores
Silverdale, WA
Vancouver Park Place.............. 12.46 T.J. Maxx, Pier 1 Imports
Vancouver, WA
------
Pacific Northwest Region.......... 10.45
------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 7.05
Bakersfield, CA
Marshall's Plaza.................. 11.93 Marshall's
Modesto, CA
Mineral King Plaza................ 15.48 Vons*, Longs Drugs*
Visalia, CA
Rheem Valley...................... 11.63 T. J. Maxx, Longs Drugs
Moraga, CA
Rosedale Village Shopping 11.17 Savemart, Payless Drugs,
Center.......................... Kmart*
Bakersfield, CA
Southpointe Plaza................. 8.40 Big 5 Sporting Goods
Sacramento, CA
------
Northern & Central California 10.66
Region............................
------
SOUTHERN CALIFORNIA REGION
Country Fair Shopping Center...... 14.28 Albertsons*, PETsMART,
Chino, CA Rite-Aid, Staples, T.J.
Maxx
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CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2001
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED
PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT
------------- -------- --------- ------- --------- ---------- ------- -----------
Date Palm Center.................. 1987 99,919 -- 11,691 117,362 95.1% $ 1,698,446
Cathedral City, CA
El Camino North................... 1982 68,902 127,713 49,426 275,093 89.4 2,972,235
Oceanside, CA
Fire Mountain Center.............. 1987 37,376 23,432 23,783 92,378 91.6 1,697,160
Oceanside, CA
Fullerton Town Center............. 1987 171,613 19,722 40,092 264,647 87.4 3,474,887
Fullerton, CA
Gardena Gateway Center............ 1990 41,300 5,062 19,625 65,987 100.0 1,038,687
Gardena, CA
Kenneth Hahn Plaza................ 1987 97,334 14,598 51,263 165,195 98.8 1,667,739
Los Angeles, CA
La Verne Towne Center............. 1986 158,860 1,940 62,235 231,376 96.4 1,400,210
La Verne, CA
Lakewood Plaza.................... 1989 93,342 4,365 15,804 113,511 100.0 1,314,954
Bellflower, CA
Loma Square....................... 1980 96,514 -- 111,670 210,704 98.8 2,831,920
San Diego, CA
Mountain Square Shopping Center... 1988 185,945 -- 70,619 273,189 93.9 3,074,802
Upland, CA
North County Plaza................ 1987 43,610 28,720 74,245 153,325 95.6 2,162,170
Carlsbad, CA
Parkway Place..................... 1989 91,127 12,917 11,856 120,425 96.2 1,181,163
Escondido, CA
Vermont-Slauson Shopping Center... 1981 142,411 3,720 23,613 169,744 100.0 1,015,374
Los Angeles, CA
Vineyards Marketplace............. 1991 21,415 -- 30,556 56,019 92.8 758,252
Rancho Cucamonga, CA
--------- ------- --------- ---------- ----- -----------
Southern California Region.......... 1,445,893 269,530 624,142 2,477,128 94.4 28,446,827
--------- ------- --------- ---------- ----- -----------
SOUTHWEST REGION
Kyrene Village Shopping Center.... 1987 93,364 5,120 48,952 161,174 91.5 1,111,154
Chandler, AZ
North Mountain Village............ 1985 41,215 -- 47,237 94,379 93.7 867,188
Phoenix, AZ
Randolph Plaza.................... 1999 136,110 6,150 30,387 180,382 95.7 1,072,658
Tucson, AZ
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2001
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
Date Palm Center.................. $15.22 Sam's Club (Wal-Mart)
Cathedral City, CA
El Camino North................... 12.08 Mervyn's*, Toys 'R' Us*,
Oceanside, CA Petco*, Ross Stores,
Steinmart
Fire Mountain Center.............. 20.06 Lamps Plus, Trader Joe's,
Oceanside, CA Bookstar
Fullerton Town Center............. 15.02 Costco*, AMC Theatres, Toys
Fullerton, CA 'R' Us, Office Depot
Gardena Gateway Center............ 15.74 Marukai (Rite-Aid), TAWA
Gardena, CA
Kenneth Hahn Plaza................ 10.22 Food 4 Less, Factory 2U,
Los Angeles, CA Rite- Aid, Super Trak Auto
La Verne Towne Center............. 6.28 Target, Vons
La Verne, CA
Lakewood Plaza.................... 11.58 Stater Bros. (Albertsons),
Bellflower, CA Staples
Loma Square....................... 13.60 T.J. Maxx, Circuit City,
San Diego, CA Sav- on Drugs
Mountain Square Shopping Center... 11.98 Home Depot, Staples,
Upland, CA Pavilions, Factory 2 U
North County Plaza................ 14.75 Marshall's, Michael's, Kids
Carlsbad, CA 'R' Us
Parkway Place..................... 10.19 Albertsons, Office Depot
Escondido, CA
Vermont-Slauson Shopping Center... 5.98 Ralphs, Kmart, Sav-on Drugs
Los Angeles, CA
Vineyards Marketplace............. 14.59 Albertsons*, Sav-on Drugs
Rancho Cucamonga, CA
------
Southern California Region.......... 12.16
------
SOUTHWEST REGION
Kyrene Village Shopping Center.... 7.54 Basha's, Kyrene Lanes,
Chandler, AZ Audio Express, Greenbacks
North Mountain Village............ 9.80 Fry's Food & Drug*, T. J.
Phoenix, AZ Maxx, Greenbacks
Randolph Plaza.................... 6.21 Fry's, Walgreen's,
Tucson, AZ MacFrugal's
13
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CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2001
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 97,850 254,863 87.0% $ 2,023,734
Tempe, AZ
Sunrise Place Center.............. 1992 103,025 5,100 16,114 136,919 90.7 666,165
Tucson, AZ
--------- ------- --------- ---------- ----- -----------
Southwest Region.................... 477,589 36,395 240,540 827,717 91.2 5,740,899
--------- ------- --------- ---------- ----- -----------
COMMUNITY RETAIL CENTERS............ 2,677,121 406,121 1,468,361 4,932,714 92.3 49,535,845
--------- ------- --------- ---------- ----- -----------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 1988 291,554 33,810 161,651 509,704 95.5 7,107,993
Los Angeles, CA
Media City Center................. 1992 467,961 48,984 249,616 818,405 93.7 12,300,380
Burbank, CA
--------- ------- --------- ---------- ----- -----------
REGIONAL MALLS...................... 759,515 82,794 411,267 1,328,109 94.4 19,408,373
--------- ------- --------- ---------- ----- -----------
SINGLE TENANT FACILITIES
Kmart............................. 1990 104,204 -- -- 104,204 100.0 551,576
Phoenix, AZ
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............ 301,505 3,900 -- 305,405 100.0 1,695,473
--------- ------- --------- ---------- ----- -----------
TOTAL PROPERTIES.................... 3,738,141 492,815 1,879,628 6,566,228 93.1 $70,639,691
========= ======= ========= ========== ===== ===========
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2001
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
Southern Palms Center............. $ 9.13 Food 4 Less, Heilig Meyer
Tempe, AZ Furniture, Staples
Sunrise Place Center.............. 5.36 Smith's Food & Drug
Tucson, AZ
------
Southwest Region.................... 7.61
------
COMMUNITY RETAIL CENTERS............ 10.88
------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 14.60 Sears*, Robinsons-May*,
Los Angeles, CA Wal- Mart, Albertsons, T.J.
Maxx, Sony/Magic Johnson
Theaters
Media City Center................. 16.05 Macy's, IKEA*, Sears*,
Burbank, CA Mervyn's*, AMC Theatres,
Sports Chalet, CompUSA,
Barnes & Noble, Virgin
Megastore
------
REGIONAL MALLS...................... 15.48
------
SINGLE TENANT FACILITIES
Kmart............................. 5.29 Kmart
Phoenix, AZ
Kmart............................. 4.75 Kmart
Rocklin, CA
Sam's Club........................ 6.39 Sam's Club (Wal-Mart)
Downey, CA
------
SINGLE TENANT FACILITIES............ 5.55
------
TOTAL PROPERTIES.................... $11.56
======
- ---------------
* Anchor space non-owned by Company
14
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CENTER TRUST, INC.
LEASE EXPIRATIONS -- OVERALL PORTFOLIO
MARCH 31, 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................ 106 166,689 14.47 32,000 8.00 3,900 8.40 130,789 16.23
2001................. 162 348,198 15.08 77,980 9.16 7,350 6.04 262,868 17.09
2002................. 175 588,569 13.47 257,091 6.89 50,257 14.05 281,221 19.39
2003................. 127 396,030 14.11 121,350 6.72 36,575 16.42 238,105 17.52
2004................. 119 653,040 11.25 371,995 6.87 36,471 18.00 244,574 16.90
2005................. 118 536,220 16.10 256,340 13.93 39,809 18.65 240,071 18.00
2006................. 84 481,771 12.96 248,023 10.63 52,712 14.21 181,036 15.77
2007................. 34 321,219 9.15 177,915 5.06 33,642 10.49 109,662 15.38
2008................. 25 336,892 11.61 279,529 10.42 23,849 20.56 33,514 15.13
2009................. 18 355,406 6.80 303,864 4.66 38,679 17.77 12,863 24.56
2010................. 23 442,844 8.59 372,073 7.50 46,406 11.81 24,365 19.04
Thereafter........... 56 1,483,706 8.98 1,239,981 8.24 123,165 13.82 120,560 11.68
----- --------- ----- --------- ----- ------- ----- --------- -----
TOTAL....... 1,047 6,110,584 11.56 3,738,141 8.23 492,815 14.84 1,879,628 17.32
===== ========= ===== ========= ===== ======= ===== ========= =====
LEASE EXPIRATIONS -- TOTAL COMMUNITY SHOPPING CENTERS
MARCH 31, 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................ 48 91,974 13.24 32,000 8.00 0 0.00 59,974 16.04
2001................. 94 257,865 13.07 77,980 9.16 3,150 8.00 176,735 14.89
2002................. 140 534,892 11.94 257,091 6.89 49,217 13.41 228,584 17.30
2003................. 101 345,197 12.46 121,350 6.72 36,575 16.42 187,272 15.41
2004................. 95 576,666 10.10 341,423 6.43 28,171 19.57 207,072 14.86
2005................. 97 404,640 13.74 158,761 8.90 38,089 18.07 207,790 16.65
2006................. 74 434,241 12.06 222,719 9.36 46,302 15.08 165,220 14.85
2007................. 27 270,661 7.51 177,915 5.06 33,642 10.49 59,104 13.18
2008................. 20 283,287 10.19 234,572 9.12 18,849 16.47 29,866 14.64
2009................. 13 230,543 6.33 193,042 3.70 25,197 17.96 12,304 23.73
2010................. 16 254,484 8.54 196,620 7.16 41,406 11.35 16,458 17.86
THEREAFTER........... 39 867,153 9.68 663,648 9.20 85,523 11.14 117,982 11.33
--- --------- ----- --------- ---- ------- ----- --------- -----
TOTAL....... 764 4,551,603 10.88 2,677,121 7.75 406,121 14.19 1,468,361 15.69
=== ========= ===== ========= ==== ======= ===== ========= =====
15
13
CENTER TRUST, INC.
SUMMARY OF TENANTS WITH RENTS EXCEEDING 1% OF TOTAL RENTS
AS OF MARCH 31, 2001
PERCENTAGE
PERCENTAGE TOTAL OF COMPANY
NUMBER OF ANNUALIZED OF TOTAL TENANT OWNED
NUMBER RETAIL TENANT STORES BASE RENT BASE RENT GLA GLA
- ------ ------------- --------- ---------- ---------- --------- ----------
1 WAL-MART STORES INC.(1)........... 3.... 3,038,834 4.30% 360,741 5.90%
2 AMC ENTERTAINMENT................. 4 2,931,939 4.15% 125,429 2.05%
3 TJX COMPANIES INC., THE........... 8 1,843,264 2.61% 220,614 3.61%
4 LOEWS CINEPLEX ENTERTAINMENT...... 1 1,402,011 1.98% 67,579 1.11%
5 ALBERTSON'S INC. ................. 5 1,307,854 1.85% 188,432 3.08%
6 KROGER CO., THE................... 5 1,254,006 1.78% 285,486 4.67%
7 STAPLES INC. ..................... 5 1,227,548 1.74% 110,881 1.81%
8 KMART CORP. ...................... 3 1,180,888 1.67% 273,187 4.47%
9 SAFEWAY INC. ..................... 3 1,111,654 1.57% 156,207 2.56%
10 CIRCUIT CITY STORES INC........... 3 1,088,400 1.54% 84,680 1.39%
11 HOME DEPOT INC., THE.............. 1 965,930 1.37% 98,064 1.60%
12 ROSS STORES INC................... 4 933,100 1.32% 117,852 1.93%
13 FEDERATED DEPARTMENT STORES....... 1 894,179 1.27% 237,145 3.88%
14 THE LIMITED INC. ................. 10 893,697 1.27% 59,605 0.98%
15 CINEMARK USA INC. ................ 1 798,566 1.13% 57,273 0.94%
16 TOYS 'R' US INC. ................. 2 787,272 1.11% 92,022 1.34%
17 SPORT CHALET INC. ................ 1 775,508 1.10% 44,957 0.74%
18 VIRGIN ENTERTAINMENT GROUP........ 1 756,000 1.07% 30,000 0.49%
19 PAYLESS SHOESOURCE INC............ 11 752,901 1.07% 36,634 0.60%
20 BARNES & NOBLE.................... 2 742,531 1.05% 35,285 0.58%
21 OFFICE DEPOT INC. ................ 3 719,167 1.02% 77,000 1.26%
22 TARGET CORPORATION................ 2 710,247 1.01% 220,671 3.61%
-- ---------- ------ --------- ------
TOTAL............................. 79 26,115,494 36.97% 2,969,744 48.60%
== ========== ====== ========= ======
- ---------------
(1) Includes location at Baldwin Hills Crenshaw Plaza where rent has not yet
commenced.
16
14
CENTER TRUST, INC.
MAJOR SEGMENT CONCENTRATION EXCEEDING 2% OF TOTAL RENTS
AS OF MARCH 31, 2001
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..................... 6 $ 5,321,972 7.53% 756,720 12.38%
2 Fast Food........................ 144 5,269,737 7.46% 241,583 3.95%
3 Restaurants...................... 62 5,160,292 7.31% 321,391 5.26%
4 Theaters......................... 16 5,132,514 7.27% 256,529 4.20%
5 Discount Retailers............... 8 4,929,277 6.98% 854,310 13.98%
6 Family Apparel................... 29 3,938,025 5.57% 467,297 7.65%
7 Health & Beauty.................. 112 3,412,777 4.83% 203,707 3.33%
8 Electronics...................... 30 2,839,847 4.02% 166,578 2.73%
9 Music and Video.................. 28 2,774,083 3.93% 139,785 2.29%
10 Women's Apparel.................. 40 2,718,123 3.85% 182,585 2.99%
11 Home Furnishings/Housewares...... 26 2,353,253 3.33% 180,933 2.96%
12 Footwear......................... 33 1,996,276 2.83% 97,610 1.60%
13 Office Supply.................... 7 1,757,912 2.49% 173,734 2.84%
--- ----------- ------ --------- ------
TOTAL............................ 541 $47,604,058 68.26% 4,042,762 66.16%
=== =========== ====== ========= ======
17
15
CENTER TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND RECONCILIATION TO FUNDS FROM OPERATIONS
(IN THOUSANDS)
THREE MONTHS ENDED
MARCH 31,
-------------------
2001 2000
-------- -------
Rental revenues............................................. $ 17,739 $25,209
Expense reimbursements...................................... 5,942 7,710
Percentage rents............................................ 521 333
Other income................................................ 1,426 1,589
-------- -------
Total Revenues.................................... 25,628 34,841
-------- -------
Interest.................................................... 9,688 14,691
Depreciation and amortization............................... 5,239 6,469
Property operating costs:
Common area............................................... 4,366 5,126
Property taxes............................................ 2,520 3,334
Leasehold rentals......................................... 265 364
Marketing................................................. 183 218
Other operating........................................... 1,181 1,103
General and administrative.................................. 1,365 1,307
-------- -------
Total Expenses.................................... 24,807 32,612
-------- -------
Income from Operations before Other Items................... 821 2,229
Gain on Sale of Rental Assets............................... 900 2,575
Minority Interests -- Operating Partnership................. (52) (146)
Minority Interests -- Other................................. (29) (74)
-------- -------
Net Income before Extraordinary Loss........................ 1,640 4,584
Extraordinary Loss -- Early Extinguishment of Debt.......... (819) (1,864)
-------- -------
Net Income.................................................. 821 2,720
Adjustments to reconcile net income to FFO:
Depreciation of real property............................. 5,036 6,411
Minority Interests........................................ (119) 59
Extraordinary Loss -- Early Extinguishment of Debt........ 819 1,864
Gain on Sale of Rental Assets............................. (900) (2,575)
Other..................................................... 161 463
-------- -------
Funds From Operations....................................... $ 5,818 $ 8,942
======== =======
18
16
CENTER TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
ASSETS
MARCH 31, DECEMBER 31,
2001 2000
--------- ------------
Rental properties........................................... $ 742,262 $ 776,667
Accumulated depreciation and amortization................... (138,212) (136,828)
--------- ----------
Rental properties, net.................................... 604,050 639,839
Cash and cash equivalents................................... 4,187 6,164
Tenant receivables, net..................................... 9,560 11,920
Other receivables........................................... 6,723 5,603
Restricted cash............................................. 9,826 9,531
Deferred charges, net....................................... 16,762 18,030
Other assets................................................ 3,399 3,492
--------- ----------
Total............................................. $ 654,507 $ 694,579
========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Secured debt................................................ $ 414,600 $ 318,052
7 1/2% Convertible subordinated debentures.................. -- 128,548
Accrued dividend and distributions.......................... 1,161 6,035
Accrued interest............................................ 1,429 5,827
Accounts payable and other accrued expenses................. 11,447 10,161
Accrued construction costs.................................. 1,069 1,060
Tenant security and other deposits.......................... 1,898 1,797
--------- ----------
Total liabilities........................................... 431,604 471,480
--------- ----------
MINORITY INTERESTS
Operating partnership (1,638,699 and 2,015,692 units issued
as of March 31, 2001 and December 31, 2000,
respectively)............................................. 12,187 15,075
Other minority interests.................................... 1,226 1,620
--------- ----------
Total minority interest..................................... 13,413 16,695
--------- ----------
STOCKHOLDERS' EQUITY
Common stock ($.01 par value, 100,000,000 shares authorized;
27,225,749 and 26,721,226 shares issued and outstanding as
of March 31, 2001 and December 31, 2000, respectively).... 266 266
Additional paid-in capital.................................. 362,808 359,419
Accumulated distributions and deficit....................... (153,584) (153,281)
--------- ----------
Total stockholders' equity.................................. 209,490 206,404
--------- ----------
Total............................................. $ 654,507 $ 694,579
========= ==========
19
17
CENTER TRUST, INC.
SUMMARY OF OUTSTANDING DEBT
MARCH 31, 2001
(IN THOUSANDS)
BALANCE BALANCE
MATURITY AVERAGE MARCH 31, DECEMBER 31,
LENDER PROPERTY RATE DATE MATURITIES 2001 2000
------ -------- ------ -------- ---------- ------------ ------------
FIXED RATE MORTGAGES
Principal Mutual Life Insurance
Company............................ North Mountain Village 8.250% 05/01/01 0.1 $ 8,110 $ 8,125
Metropolitan Life Insurance
Company............................ Date Palm 10.450% 07/31/02 1.3 9,061 9,102
The Travelers Insurance Company...... North County 10.375% 01/31/03 1.8 15,143 15,232
Column Financial, Inc................ Mineral King 9.680% 08/01/06 5.3 3,554 3,578
Eastrich #79 Corporation (AEW)(1).... Loan #1 11.450% 10/15/06 5.5 3,216 5,269
Eastrich #79 Corporation (AEW)(2).... Loan #2 10.900% 10/15/06 5.5 8,608 8,723
Chase Commercial Mortgage Banking
Corp............................... Vineyards Marketplace 8.300% 11/10/09 8.6 5,146 5,157
Chase Commercial Mortgage Banking
Corp............................... Kyrene Village 8.300% 11/10/09 8.6 7,877 7,893
Aid Association for Lutherans(3)..... Westgate North 8.300% 04/01/14 13.0 -- 5,610
First Union National Bank............ Gardena, Gresham, Loma 7.750% 07/01/09 8.3 51,255 51,378
Square and Southpointe
-------- --------
Total Fixed-Rate Mortgages..... 8.833% 5.90 111,970 120,067
-------- --------
VARIABLE-RATE MORTGAGES
First Union National Bank(4)......... Randolph Plaza & Mountain
Square 7.875% 06/01/02 1.2 23,242 23,309
First Union National Bank(4)......... Fire Mountain 7.875% 08/01/02 1.3 10,118 10,147
Sanwa Bank California(4)............. El Camino North 7.813% 02/28/03 1.9 25,000 25,000
Chase Manhattan Bank(5).............. Chino 7.871% 11/29/03 2.7 16,150 16,150
Chase Manhattan Bank(5).............. Fullerton 7.871% 11/29/03 2.7 24,000 24,000
Chase Manhattan Bank(5).............. LaVerne 7.871% 11/29/03 2.7 10,035 10,035
-------- --------
Total Variable-Rate
Mortgages.................... 7.859% 2.05 108,545 108,641
-------- --------
OTHER SECURED DEBT
CRA -- Certificates of Participation,
Series 1985........................ Baldwin Hills 5.300% 12/01/14 13.7 30,000 30,000
CDC -- Certificates of Participation,
Series 1985........................ Willowbrook 5.200% 12/01/15 14.7 6,000 6,000
G.E. Capital(6)...................... Secured Line of Credit 7.711% 03/31/02 1.00 158,085 53,344
-------- --------
Total Other Secured Debt....... 7.261% 3.38 194,085 89,344
-------- --------
TOTAL SECURED DEBT............. 7.842% 3.71 414,600 318,052
Convertible debentures(7)............ 7.500% 01/15/01 0.0 -- 128,548
-------- --------
TOTAL DEBT OUTSTANDING......... 7.842% 3.71 $414,600 $446,600
======== ========
- ---------------
(1) Secured by KMart - Rocklin and KMart - Phoenix.
(2) Secured by Lakewood, Sam's Club - Downey, and Parkway Place.
(3) Asset sold 3/14/01.
(4) Interest based on LIBOR plus 250 basis points.
(5) Interest based on LIBOR plus 230 basis points.
(6) Secured by Media City Center, Medford Shopping Center, Ross Center,
Vancouver Park Place, Sunrise Place, Marshall's Plaza, Silverdale Shopping
Center, Frontier Village, Rheem Valley, Southern Palms and Rosedale
Village. Interest based on LIBOR plus 250 basis points.
(7) Repaid on January 16, 2001.
20
18
CENTER TRUST, INC.
SCHEDULE OF MORTGAGE DEBT MATURITIES
MARCH 31, 2001
(IN THOUSANDS)
SCHEDULED
AMORTIZATION SCHEDULED
YEAR PAYMENTS MATURITIES TOTAL
---- ------------ ---------- --------
2001...................................................... $ 1,773 $ 8,105 $ 9,878
2002...................................................... 2,205 199,851(1) 202,056
2003...................................................... 1,700 89,619 91,319
2004...................................................... 1,805 -- 1,805
2005...................................................... 1,926 -- 1,926
2006...................................................... 1,747 9,455 11,202
2007...................................................... 877 -- 877
2008...................................................... 937 -- 937
2009...................................................... 444 58,156 58,600
2010...................................................... -- -- --
Thereafter................................................ -- 36,000 36,000
------- -------- --------
Total..................................................... $13,414 $401,186 $414,600
======= ======== ========
- ---------------
(1) Includes amount outstanding on the Company's Secured Credit Facility which
is due on March 31, 2002.
21