1 EXHIBIT 99 CENTER TRUST, INC. SUPPLEMENTAL INFORMATION JUNE 30, 2001 TABLE OF CONTENTS <Table> <Caption> PAGE ------- Company Profile............................................. 5 Operating Highlights/Capital Structure...................... 6 - 7 Reconciliation of Common Shares and Operating Partnership Units Outstanding......................................... 8 Same Center Property Activity............................... 9 Portfolio Highlights and Leasing Activity................... 10 Portfolio Summary........................................... 11 Portfolio Detail -- by Region............................... 12 - 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 </Table> 4 2 CENTER TRUST, INC. COMPANY PROFILE JUNE 30, 2001 Center Trust, Inc., is an owner, manager and developer of retail shopping centers in the western United States. The Company owns or controls a portfolio of 35 shopping centers, comprised of 31 community shopping centers, 2 regional malls and 2 single tenant facilities comprising 7.9 million square feet of total shopping center gross leasable area (GLA) and 6.4 million square feet of Company owned GLA. The Company owns properties in four states, California, Oregon, Washington and Arizona. The following Supplemental Information was prepared to provide additional financial, operational and portfolio information as of, and for the quarter ended, June 30, 2001 for the Company and its portfolio of assets. This information should be read in conjunction with the Company's 2000 Form 10-K and 2001 quarterly filings on Form 10-Q. Questions regarding the information contained in this document should be directed to Stuart Gulland, Chief Operating Officer or Ed Stokx, Senior Vice President of Finance, Center Trust, Inc., 3500 Sepulveda Boulevard, Manhattan Beach, California, 90266, telephone (310) 546-4520, fax (310) 546-5069 or email at IR@centertrust.com. 5 3 CENTER TRUST, INC. OPERATING HIGHLIGHTS JUNE 30, 2001 (IN THOUSANDS EXCEPT SHARE DATA) <Table> <Caption> THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------ ------------------ 2001 2000 2001 2000 ------- ------- ------- ------- OPERATING HIGHLIGHTS Funds From Operations (FFO) FFO - Basic and Diluted........................ $ 5,669 $ 8,119 $11,487 $17,061 FFO per share - Basic and Diluted.............. $ 0.20 $ 0.28 $ 0.40 $ 0.60 Net (Loss) Income Available to Common $(5,744) $10,092 $(4,923) $12,812 Shareholders................................... Net (Loss) Income Per Share - Basic and Diluted... $ (0.21) $ 0.38 $ (0.18) $ 0.48 EBITDA............................................ $14,139 $23,017 $29,887 $46,406 Funds Available for Distribution (FAD)............ $ 6,189 $ 8,478 $12,667 $17,575 FAD per share - Basic............................. $ 0.21 $ 0.29 $ 0.44 $ 0.62 Dividends Per Share............................... $ 0.04 $ 0.21 $ 0.08 $ 0.42 Interest Expense Coverage Ratio Based on EBITDA... 1.7 1.5 1.6 1.6 General and Administrative Expense................ $ 1,646 $ 1,324 $ 3,011 $ 2,631 G&A as % of Total Rental Revenue.................. 6.7% 3.9% 6.0% 3.8% Ratio of Expense Recoveries to Recoverable 81.5% 87.7% 82.8% 88.3% Expenses....................................... Ratio of Operating Expenses to Total Rental 41.9% 35.0% 40.3% 34.5% Revenue........................................ </Table> 6 4 CENTER TRUST, INC. CAPITAL STRUCTURE JUNE 30, 2001 (IN THOUSANDS EXCEPT SHARE DATA) <Table> <Caption> THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ----------------------- ----------------------- 2001 2000 2001 2000 ---------- ---------- ---------- ---------- EQUITY INFORMATION Units Outstanding at End of Period......... 1,339,644 1,759,442 1,339,644 1,759,442 Common Outstanding at End of Period........ 27,622,072 26,703,319 27,622,072 26,703,319 ---------- ---------- ---------- ---------- Total Units and Common Shares Outstanding at End of Period........................ 28,961,716 28,462,761 28,961,716 28,462,761 ========== ========== ========== ========== Basic and Diluted Weighted Average Units Outstanding............................. 1,589,404 1,759,442 1,618,240 1,711,794 Basic and Diluted Weighted Average Common Shares Outstanding...................... 27,372,312 26,686,488 27,231,516 26,667,228 ---------- ---------- ---------- ---------- Basic and Diluted Weighted Average Units and Common Shares Outstanding........... 28,961,716 28,445,930 28,849,756 28,379,022 ========== ========== ========== ========== </Table> <Table> <Caption> AS OF ---------------------------------------- JUNE 30, 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................................................ $ 3.60 $ 4.56 $ 9.06 Common Stock Price at End of Period................... $ 4.64 $ 4.69 $ 9.69 Equity Market Capitalization.......................... $134,382 $134,776 $274,253 Fixed-Rate Debt....................................... 109,797 120,067 260,928 Floating-Rate Debt.................................... 295,802 197,985 263,540 Subordinated Debentures............................... -- 128,548 158,548 -------- -------- -------- Total Capitalization.................................. $539,981 $581,376 $957,269 ======== ======== ======== Debt-to-Total Capitalization.......................... 75.1% 76.8% 71.4% ======== ======== ======== </Table> 7 5 CENTER TRUST, INC. RECONCILIATION OF COMMON SHARES AND OPERATING PARTNERSHIP UNITS OUTSTANDING AS OF JUNE 30 2001 <Table> <Caption> 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 Units Converted to Shares..................... 299,055 (299,055) -- Shares Issued................................. 97,268 -- 97,268 ---------- ---------- ---------- Balance, June 30, 2001.......................... 27,622,072 1,339,644 28,961,716 ========== ========== ========== </Table> - --------------- (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 CENTER PROPERTY ACTIVITY JUNE 30, 2001 (IN THOUSANDS) <Table> <Caption> THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ----------------- 2001 2000 % CHANGE 2001 2000 % CHANGE -------- -------- -------- ------- ------- -------- COMMUNITY SHOPPING CENTERS(1) Revenues: Rental Revenue........................ $11,226 $11,277 -0.5% $22,526 $22,277 1.1% Recoveries from Tenants............... 3,312 3,259 1.6% 6,499 6,677 -2.7% Other Income.......................... 160 196 -18.4% 288 317 -9.1% ------- ------- ------- ------- Total Revenues................ 14,698 14,732 -0.2% 29,313 29,271 0.1% Expenses: Recoverable Operating Expenses........ 3,501 3,456 1.3% 6,924 6,944 -0.3% Other Operating Expenses.............. 451 375 20.3% 911 725 25.7% ------- ------- ------- ------- Total Expenses................ 3,952 3,831 3.2% 7,835 7,669 2.2% ------- ------- ------- ------- Net Operating Income.................... $10,746 $10,901 -1.4% $21,478 $21,602 -0.6% ======= ======= ======= ======= Total Properties.............. 29 29 29 29 ======= ======= ======= ======= Percentage Leased....................... 92.9% 95.2% 92.9% 95.2% ======= ======= ======= ======= Average Base Rent per square foot....... $ 10.86 $ 10.64 $ 10.86 $ 10.64 ======= ======= ======= ======= </Table> <Table> <Caption> THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------- ----------------- 2001 2000 % CHANGE 2001 2000 % CHANGE -------- -------- -------- ------- ------- -------- REGIONAL MALLS Revenues: Rental Revenue........................ $ 4,532 $ 4,482 1.1% $ 9,223 $ 8,932 3.3% Recoveries from Tenants............... 2,279 2,250 1.3% 4,386 4,438 -1.2% Other Income.......................... 745 747 -0.3% 1,523 1,502 1.4% ------- ------- ------- ------- Total Revenues................ 7,556 7,479 1.0% 15,132 14,872 1.7% Expenses: Recoverable Operating Expenses........ 3,240 2,975 8.9% 6,136 5,921 3.6% Other Operating Expenses.............. 24 44 -45.5% 52 72 -27.8% ------- ------- ------- ------- Total Expenses................ 3,264 3,019 8.1% 6,188 5,993 3.3% ------- ------- ------- ------- Net Operating Income.................... $ 4,292 $ 4,460 -3.8% $ 8,944 $ 8,879 0.7% ======= ======= ======= ======= Total Properties.............. 2 2 2 2 ======= ======= ======= ======= Percentage Leased....................... 93.6% 91.3% 93.6 91.3% ======= ======= ======= ======= Average Base Rent per square foot....... $ 15.62 $ 15.11 $ 15.62 $ 15.11 ======= ======= ======= ======= </Table> Same Center properties are those which were owned as of January 1, 2000. - ------------------------- (1) Excludes El Camino North and Frontier Village which we are preparing for redevelopment. 9 7 CENTER TRUST, INC. PORTFOLIO HIGHLIGHTS AND LEASING ACTIVITY AS OF JUNE 30, 2001 <Table> <Caption> AS OF ------------------------------------------ JUNE 30, DECEMBER 31, DECEMBER 31, 2001 2000 1999 ---------- ------------ ------------ PORTFOLIO HIGHLIGHTS Company Owned GLA Community Shopping Centers....................... 4,852,421 5,397,270 7,547,955 Regional Malls................................... 1,328,009 1,328,109 1,178,109 Single Tenant Facilities......................... 218,926 391,884 672,007 Total Company Owned GLA........................ 6,399,356 7,117,263 9,398,071 Percentage Leased Community Shopping Centers....................... 92.1% 93.1% 95.0% Regional Malls................................... 93.6% 93.1% 90.9% Single Tenant Facilities......................... 100.0% 100.0% 100.0% Overall Portfolio.............................. 92.7% 93.3% 94.9% Average Base Rent Community Shopping Centers Anchor......................................... $ 7.78 $ 7.40 $ 8.70 Pad............................................ $ 14.25 $ 14.09 $ 15.05 Shop........................................... $ 15.84 $ 15.44 $ 15.32 Overall........................................ $ 10.91 $ 10.54 $ 11.11 Regional Malls Anchor......................................... $ 11.03 $ 10.98 $ 11.75 Pad............................................ $ 19.40 $ 19.60 $ 18.61 Shop........................................... $ 23.51 $ 26.79 $ 24.20 Overall........................................ $ 15.62 $ 16.51 $ 16.70 Single Tenant Facilities......................... $ 5.87 $ 5.39 $ 5.97 Overall Portfolio................................ $ 11.71 $ 11.33 $ 11.40 Number of Properties Community Shopping Centers....................... 31 35 47 Regional Malls................................... 2 2 2 Single Tenant Facilities......................... 2 4 7 Overall Portfolio.............................. 35 41 56 </Table> <Table> <Caption> THREE SIX MONTHS MONTHS ENDED ENDED JUNE 30, JUNE 30, 2001 2001 -------- --------- SUMMARY OF LEASING ACTIVITY -- COMMUNITY SHOPPING CENTERS Space Vacated Number of Leases....................................... 14 32 Gross Leasable Area.................................... 32,965 151,446 Base Rent per Square Foot.............................. $ 16.18 $ 8.77 New Leases Executed Number of Leases....................................... 5 15 Gross Leasable Area.................................... 14,725 76,067 Base Rent per Square Foot.............................. $ 13.38 $ 10.82 Lease Renewals Executed Number of Leases....................................... 23 51 Gross Leasable Area.................................... 95,822 279,064 New Annual Base Rent per Square Foot................... $ 13.31 $ 10.48 Percentage Change from Prior........................... 2.51% 3.56% Leases with Contractual Rent Adjustments Number of Leases....................................... 66 159 Gross Leasable Area.................................... 151,767 475,930 New Annual Base Rent per Square Foot................... $ 15.95 $ 15.39 Percentage Change from Prior........................... 4.1% 5.3% </Table> 10 8 CENTER TRUST, INC. PORTFOLIO SUMMARY AS OF JUNE 30, 2001 <Table> <Caption> NUMBER TOTAL LEASED GLA COMPANY OF ---------------- OWNED PERCENT PROPERTIES ANCHOR PAD SHOP GLA LEASED ---------- --------- ---------------- --------- --------- ------- COMMUNITY SHOPPING CENTERS Pacific Northwest Region..................... 6 497,656 96,388 316,304 1,025,085 88.8% Northern and Central California Region....... 5 228,983 11,808 241,373 523,784 92.1% Southern California Region................... 15 1,447,393 264,530 608,442 2,475,835 93.7% Southwest Region............................. 5 477,504 36,395 244,640 827,717 91.6% -- --------- ------- --------- --------- ----- TOTAL COMMUNITY SHOPPING CENTERS... 31 2,651,536 409,121 1,410,759 4,852,421 92.1% REGIONAL MALLS............................... 2 759,515 78,594 404,717 1,328,009 93.6% SINGLE TENANT FACILITIES..................... 2 215,026 3,900 -- 218,926 100.0% -- --------- ------- --------- --------- ----- TOTAL PORTFOLIO.................... 35 3,626,077 491,615 1,815,476 6,399,356 92.7% == ========= ======= ========= ========= ===== <Caption> AVERAGE BASE ANNUALIZED RENT BASE RENT PER SQ. FT. ----------- ----------- COMMUNITY SHOPPING CENTERS Pacific Northwest Region..................... $ 9,589,581 $10.53 Northern and Central California Region....... 5,113,790 10.61 Southern California Region................... 28,244,473 12.17 Southwest Region............................. 5,839,679 7.70 ----------- ------ TOTAL COMMUNITY SHOPPING CENTERS... 48,787,523 10.91 REGIONAL MALLS............................... 19,418,619 15.62 SINGLE TENANT FACILITIES..................... 1,284,341 5.87 ----------- ------ TOTAL PORTFOLIO.................... $69,490,483 $11.71 =========== ====== </Table> 11 9 <Table> <Caption> CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF JUNE 30, 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 33,776 153,320 80.0% $ 1,232,643 Center.......................... Lake Stevens, WA Gresham Town Fair................. 1988 159,282 26,587 69,969 266,049 96.2 2,356,716 Gresham, OR The Medford Center................ 1998 153,612 25,432 93,140 326,000 83.5 2,711,596 Medford, OR Ross Center....................... 1987 53,331 9,020 58,543 134,485 89.9 1,517,287 Portland, OR Silverdale Shopping Center........ 1990 29,020 -- 33,870 67,287 93.5 819,900 Silverdale, WA Vancouver Park Place.............. 1987 33,938 14,900 27,006 77,944 97.3 951,439 Vancouver, WA --------- ------- --------- ---------- ----- ----------- Pacific Northwest Region.......... 497,656 96,388 316,304 1,025,085 88.8 9,589,581 --------- ------- --------- ---------- ----- ----------- NORTHERN & CENTRAL CALIFORNIA REGION Bakersfield Shopping Center....... 1978 -- -- 11,540 14,115 81.8 83,826 Bakersfield, CA Mineral King Plaza................ 1983 -- -- 34,660 39,060 88.7 537,524 Visalia, CA Rheem Valley...................... 1990 51,009 5,150 76,650 153,999 86.2 1,586,936 Moraga, CA Rosedale Village Shopping 1991 72,324 6,658 45,190 127,547 97.4 1,402,231 Center.......................... Bakersfield, CA Southpointe Plaza................. 1982 105,650 -- 73,333 189,063 94.7 1,503,273 Sacramento, CA --------- ------- --------- ---------- ----- ----------- Northern & Central California 228,983 11,808 241,373 523,784 92.1 5,113,790 Region............................ --------- ------- --------- ---------- ----- ----------- SOUTHERN CALIFORNIA REGION Country Fair Shopping Center...... 1992 96,225 27,341 27,664 168,173 89.9 2,161,869 Chino, CA Date Palm Center.................. 1987 99,919 -- 12,508 117,356 95.8 1,696,441 Cathedral City, CA <Caption> CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF JUNE 30, 2001 AVERAGE BASE RENT PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS ------------- ----------- --------------------------- COMMUNITY RETAIL CENTERS PACIFIC NORTHWEST Frontier Village Shopping $10.05 Safeway, Bartell Drugs Center.......................... Lake Stevens, WA Gresham Town Fair................. 9.21 Ross Stores, Emporium, GI Gresham, OR Joe's, Craft Warehouse, JoAnn Fabrics The Medford Center................ 9.96 Cinemark Theatres, Sears, Medford, OR Payless*, Safeway*, Circuit City, 24 Hour Fitness Ross Center....................... 12.55 Ross Stores, Michaels, Pier Portland, OR 1 Imports Silverdale Shopping Center........ 13.04 Ross Stores Silverdale, WA Vancouver Park Place.............. 12.54 T.J. Maxx, Pier 1 Imports Vancouver, WA ------ Pacific Northwest Region.......... 10.53 ------ NORTHERN & CENTRAL CALIFORNIA REGION Bakersfield Shopping Center....... 7.26 Bakersfield, CA Mineral King Plaza................ 15.51 Vons*, Longs Drugs* Visalia, CA Rheem Valley...................... 11.95 T. J. Maxx, Longs Drugs Moraga, CA Rosedale Village Shopping 11.29 Savemart, Payless Drugs, Center.......................... Kmart* Bakersfield, CA Southpointe Plaza................. 8.40 Big 5 Sporting Goods Sacramento, CA ------ Northern & Central California 10.61 Region............................ ------ SOUTHERN CALIFORNIA REGION Country Fair Shopping Center...... 14.30 Albertsons*, PETsMART, Chino, CA Rite-Aid, Staples, T.J. Maxx Date Palm Center.................. 15.09 Sam's Club (Wal-Mart) Cathedral City, CA </Table> 12 10 <Table> <Caption> CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF JUNE 30, 2001 YEAR TOTAL LEASED GLA COMPANY BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT ------------- -------- --------- ------- --------- ---------- ------- ----------- El Camino North................... 1982 68,902 122,713 48,139 273,806 87.6% $ 2,918,526 Oceanside, CA Fire Mountain Center.............. 1987 38,876 23,432 23,783 92,378 93.2 1,707,572 Oceanside, CA Fullerton Town Center............. 1987 171,613 19,722 39,132 264,647 87.1 3,452,584 Fullerton, CA Gardena Gateway Center............ 1990 41,300 5,062 17,330 65,987 96.5 1,023,176 Gardena, CA Kenneth Hahn Plaza................ 1987 97,334 14,598 51,263 165,195 98.8 1,675,686 Los Angeles, CA La Verne Towne Center............. 1986 158,860 1,940 62,235 231,376 96.4 1,419,142 La Verne, CA Lakewood Plaza.................... 1989 93,342 4,365 15,804 113,511 100.0 1,335,726 Bellflower, CA Loma Square....................... 1980 96,514 -- 101,870 210,704 94.2 2,687,972 San Diego, CA Mountain Square Shopping Center... 1988 185,945 -- 69,419 273,189 93.5 3,066,577 Upland, CA North County Plaza................ 1987 43,610 28,720 74,245 153,325 95.6 2,148,544 Carlsbad, CA Parkway Place..................... 1989 91,127 12,917 11,856 120,425 96.2 1,181,927 Escondido, CA Vermont-Slauson Shopping Center... 1981 142,411 3,720 23,613 169,744 100.0 1,020,492 Los Angeles, CA Vineyards Marketplace............. 1991 21,415 -- 29,581 56,019 91.0 748,239 Rancho Cucamonga, CA --------- ------- --------- ---------- ----- ----------- Southern California Region.......... 1,447,393 264,530 608,442 2,475,835 93.7 28,244,473 --------- ------- --------- ---------- ----- ----------- SOUTHWEST REGION Kyrene Village Shopping Center.... 1987 93,279 5,120 49,852 161,174 92.0 1,126,781 Chandler, AZ North Mountain Village............ 1985 41,215 -- 47,237 94,379 93.7 880,376 Phoenix, AZ Randolph Plaza.................... 1999 136,110 6,150 30,387 180,382 95.7 1,080,092 Tucson, AZ <Caption> CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF JUNE 30, 2001 AVERAGE BASE RENT PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS ------------- ----------- --------------------------- El Camino North................... $12.17 Mervyn's*, Toys 'R' Us*, Oceanside, CA Petco*, Ross Stores, Steinmart Fire Mountain Center.............. 19.83 Lamps Plus, Trader Joe's, Oceanside, CA Bookstar Fullerton Town Center............. 14.98 Costco*, AMC Theatres, Toys Fullerton, CA 'R' Us, Office Depot Gardena Gateway Center............ 16.06 Marukai (Rite-Aid), TAWA Gardena, CA Kenneth Hahn Plaza................ 10.27 Food 4 Less, Factory 2U, Los Angeles, CA Rite- Aid, Super Trak Auto La Verne Towne Center............. 6.36 Target, Vons La Verne, CA Lakewood Plaza.................... 11.77 Stater Bros. (Albertsons), Bellflower, CA Staples Loma Square....................... 13.55 T.J. Maxx, Circuit City, San Diego, CA Sav- on Drugs Mountain Square Shopping Center... 12.01 Home Depot, Staples, Upland, CA Pavilions, Factory 2 U North County Plaza................ 14.66 Marshall's, Michael's, Kids Carlsbad, CA 'R' Us Parkway Place..................... 10.20 Albertsons, Office Depot Escondido, CA Vermont-Slauson Shopping Center... 6.01 Ralphs, Kmart, Sav-on Drugs Los Angeles, CA Vineyards Marketplace............. 14.67 Albertsons*, Sav-on Drugs Rancho Cucamonga, CA ------ Southern California Region.......... 12.17 ------ SOUTHWEST REGION Kyrene Village Shopping Center.... 7.60 Basha's, Kyrene Lanes, Chandler, AZ Audio Express, Greenbacks North Mountain Village............ 9.95 Fry's Food & Drug*, T. J. Phoenix, AZ Maxx, Greenbacks Randolph Plaza.................... 6.26 Fry's, Walgreen's, Tucson, AZ MacFrugal's </Table> 13 11 <Table> <Caption> CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF JUNE 30, 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 20,025 101,050 254,863 88.3% $ 2,083,888 Tempe, AZ Sunrise Place Center.............. 1992 103,025 5,100 16,114 136,919 90.7 668,542 Tucson, AZ --------- ------- --------- ---------- ----- ----------- Southwest Region.................... 477,504 36,395 244,640 827,717 91.6 5,839,679 --------- ------- --------- ---------- ----- ----------- COMMUNITY RETAIL CENTERS............ 2,651,536 409,121 1,410,759 4,852,421 92.1 48,787,523 --------- ------- --------- ---------- ----- ----------- REGIONAL MALLS Baldwin Hills Crenshaw Plaza...... 1988 291,554 29,610 164,125 509,604 95.2 7,173,179 Los Angeles, CA Media City Center................. 1992 467,961 48,984 240,592 818,405 92.6 12,245,440 Burbank, CA --------- ------- --------- ---------- ----- ----------- REGIONAL MALLS...................... 759,515 78,594 404,717 1,328,009 93.6 19,418,619 --------- ------- --------- ---------- ----- ----------- SINGLE TENANT FACILITIES Kmart............................. 1990 104,204 -- -- 104,204 100.0 551,576 Phoenix, AZ Sam's Club........................ 1988 110,822 3,900 -- 114,722 100.0 732,765 Downey, CA --------- ------- --------- ---------- ----- ----------- SINGLE TENANT FACILITIES............ 215,026 3,900 -- 218,926 100.0 1,284,341 --------- ------- --------- ---------- ----- ----------- TOTAL PROPERTIES.................... 3,626,077 491,615 1,815,476 6,399,356 92.7 $69,490,483 ========= ======= ========= ========== ===== =========== <Caption> CENTER TRUST, INC. PORTFOLIO DETAIL -- BY REGION AS OF JUNE 30, 2001 AVERAGE BASE RENT PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS ------------- ----------- --------------------------- Southern Palms Center............. $ 9.26 Food 4 Less, Heilig Meyer Tempe, AZ Furniture, Staples Sunrise Place Center.............. 5.38 Smith's Food & Drug Tucson, AZ ------ Southwest Region.................... 7.70 ------ COMMUNITY RETAIL CENTERS............ 10.91 ------ REGIONAL MALLS Baldwin Hills Crenshaw Plaza...... 14.78 Sears*, Robinsons-May*, Los Angeles, CA Wal- Mart, Albertsons, T.J. Maxx, Sony/Magic Johnson Theaters Media City Center................. 16.16 Macy's, IKEA*, Sears*, Burbank, CA Mervyn's*, AMC Theatres, Sports Chalet, CompUSA, Barnes & Noble, Virgin Megastore ------ REGIONAL MALLS...................... 15.62 ------ SINGLE TENANT FACILITIES Kmart............................. 5.29 Kmart Phoenix, AZ Sam's Club........................ 6.39 Sam's Club (Wal-Mart) Downey, CA ------ SINGLE TENANT FACILITIES............ 5.87 ------ TOTAL PROPERTIES.................... $11.71 ====== </Table> - --------------- * Anchor space non-owned by Company 14 12 CENTER TRUST, INC. LEASE EXPIRATIONS -- OVERALL PORTFOLIO JUNE 30, 2001 <Table> <Caption> 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................ 101 133,045 15.78 0 0.00 3,900 8.40 129,145 16.01 2001................. 126 237,832 14.79 34,420 3.20 4,950 14.18 198,462 16.82 2002................. 174 596,582 13.35 282,151 7.14 50,257 14.20 264,174 19.83 2003................. 127 396,202 14.32 121,350 6.72 36,575 16.65 238,277 17.84 2004................. 123 662,973 11.40 371,995 6.92 34,671 17.74 256,307 17.04 2005................. 111 502,070 16.68 229,340 14.96 39,809 18.87 232,921 18.00 2006................. 98 547,959 13.54 299,938 11.08 47,712 14.17 200,309 17.07 2007................. 34 316,927 9.05 177,915 5.06 33,642 10.49 105,370 15.33 2008................. 25 336,892 11.81 279,529 10.43 23,849 20.66 33,514 17.03 2009................. 18 355,406 6.82 303,864 4.67 38,679 17.77 12,863 24.56 2010................. 23 442,844 8.51 372,073 7.50 46,406 11.87 24,365 17.42 Thereafter........... 57 1,404,436 9.29 1,153,502 8.50 131,165 13.31 119,769 12.56 ----- --------- ----- --------- ----- ------- ----- --------- ----- TOTAL....... 1,017 5,933,168 11.71 3,626,077 8.34 491,615 15.03 1,815,476 17.55 ===== ========= ===== ========= ===== ======= ===== ========= ===== </Table> LEASE EXPIRATIONS -- TOTAL COMMUNITY SHOPPING CENTERS JUNE 30, 2001 <Table> <Caption> 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................ 46 58,324 15.34 0 0.00 0 0.00 58,324 15.34 2001................. 63 151,528 12.04 34,420 3.20 3,150 8.00 113,958 14.83 2002................. 138 544,064 11.83 282,151 7.14 49,217 13.57 212,696 17.65 2003................. 100 345,369 12.44 121,350 6.72 36,575 16.65 187,444 15.32 2004................. 99 587,831 10.25 341,423 6.48 28,171 19.70 218,237 14.91 2005................. 91 371,058 14.42 131,761 9.66 38,089 18.31 201,208 16.81 2006................. 88 500,429 12.82 274,634 10.09 41,302 15.14 184,493 16.35 2007................. 27 270,661 7.52 177,915 5.06 33,642 10.49 59,104 13.22 2008................. 20 283,287 10.21 234,572 9.12 18,849 16.59 29,866 14.76 2009................. 13 230,543 6.35 193,042 3.73 25,197 17.96 12,304 23.73 2010................. 16 254,484 8.55 196,620 7.16 41,406 11.42 16,458 17.91 THEREAFTER........... 40 873,838 9.61 663,648 9.20 93,523 10.37 116,667 11.36 --- --------- ----- --------- ----- ------- ----- --------- ----- TOTAL....... 741 4,471,416 10.91 2,651,536 7.78 409,121 14.25 1,410,759 15.84 === ========= ===== ========= ===== ======= ===== ========= ===== </Table> 15 13 CENTER TRUST, INC. SUMMARY OF TENANTS WITH RENTS EXCEEDING 1% OF TOTAL RENTS AS OF JUNE 30, 2001 <Table> <Caption> PERCENTAGE PERCENTAGE TOTAL OF COMPANY NUMBER OF ANNUALIZED OF TOTAL TENANT OWNED NUMBER RETAIL TENANT LOCATIONS BASE RENT BASE RENT GLA GLA - ------ ------------- --------- ----------- ---------- --------- ---------- 1 WAL-MART STORES INC.(1).......... 3 $ 3,038,834 4.37% 360,741 6.08% 2 AMC ENTERTAINMENT................ 3 2,931,939 4.22% 125,429 2.11% 3 TJX COMPANIES INC., THE.......... 7 1,663,264 2.39% 193,614 3.26% 4 LOEWS CINEPLEX ENTERTAINMENT..... 1 1,402,011 2.02% 67,579 1.14% 5 ALBERTSON'S INC. ................ 5 1,307,854 1.88% 188,432 3.18% 6 KROGER CO., THE.................. 5 1,254,006 1.80% 285,486 4.81% 7 STAPLES INC. .................... 5 1,245,128 1.79% 110,881 1.87% 8 SAFEWAY, INC. ................... 4 1,201,654 1.73% 164,207 2.77% 9 CIRCUIT CITY STORES INC.......... 3 1,088,400 1.57% 84,680 1.43% 10 HOME DEPOT INC., THE............. 1 965,930 1.39% 98,064 1.65% 11 ROSS STORES INC.................. 4 933,100 1.34% 117,852 1.99% 12 FEDERATED DEPARTMENT STORES...... 1 894,179 1.29% 237,145 4.00% 13 CINEMARK USA INC. ............... 1 798,566 1.15% 57,273 0.97% 14 TOYS 'R' US INC. ................ 2 787,272 1.13% 82,022 1.38% 15 THE LIMITED INC. ................ 10 780,398 1.12% 55,313 0.93% 16 SPORT CHALET INC. ............... 1 775,508 1.12% 44,957 0.76% 17 KMART CORP. ..................... 2 769,756 1.11% 186,708 3.15% 18 VIRGIN ENTERTAINMENT GROUP....... 1 756,000 1.09% 30,000 0.51% 19 PAYLESS SHOESOURCE INC........... 11 752,901 1.08% 36,634 0.62% 20 BARNES & NOBLE................... 2 742,531 1.07% 35,285 0.59% 21 OFFICE DEPOT INC. ............... 3 719,167 1.03% 77,000 1.30% 22 TARGET CORPORATION............... 2 708,507 1.02% 220,484 3.72% -- ----------- ------ --------- ------ TOTAL............................ 77 $25,516,905 36.72% 2,859,786 48.20% == =========== ====== ========= ====== </Table> - --------------- (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 JUNE 30, 2001 <Table> <Caption> 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..................... 16 $ 5,361,572 7.72% 758,220 12.78% 2 Restaurants...................... 62 5,201,652 7.49% 321,349 5.42% 3 Fast Food........................ 140 5,199,726 7.48% 238,302 4.02% 4 Theaters......................... 5 5,132,515 7.39% 250,281 4.22% 5 Discount Retailers............... 7 4,518,145 6.50% 767,831 12.94% 6 Family Apparel................... 27 3,893,497 5.60% 436,173 7.35% 7 Health & Beauty.................. 106 3,257,528 4.69% 196,444 3.31% 8 Electronics...................... 29 3,060,298 4.40% 167,718 2.83% 9 Music and Video.................. 28 2,811,705 4.05% 139,785 2.36% 10 Women's Apparel.................. 37 2,444,579 3.52% 164,251 2.77% 11 Home Furnishings/Housewares...... 25 2,322,929 3.34% 175,933 2.97% 12 Footwear......................... 33 1,996,251 2.87% 96,974 1.63% 13 Office Supply.................... 7 1,775,169 2.55% 173,557 2.93% --- ----------- ------ --------- ------ TOTAL ........................... 522 $46,975,566 67.60% 3,886,818 65.51% === =========== ====== ========= ====== </Table> 17 15 CENTER TRUST, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND RECONCILIATION TO FUNDS FROM OPERATIONS (IN THOUSANDS) <Table> <Caption> THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------ ------------------ 2001 2000 2001 2000 ------- ------- ------- ------- (UNAUDITED) (UNAUDITED) REVENUES: Rental revenues................................... $17,272 $24,452 $35,011 $49,661 Expense reimbursements............................ 5,964 7,715 11,906 15,425 Percentage rents.................................. 173 661 694 994 Other income...................................... 1,108 1,512 2,534 3,101 ------- ------- ------- ------- Total revenues............................ 24,517 34,340 50,145 69,181 ------- ------- ------- ------- EXPENSES: Interest.......................................... 8,443 15,009 18,131 29,700 Depreciation and amortization..................... 5,175 6,314 10,414 12,783 Property operating costs: Common area.................................... 4,513 5,146 8,879 10,272 Property taxes................................. 2,390 3,340 4,910 6,674 Leasehold rentals.............................. 269 361 534 725 Marketing...................................... 411 314 594 532 Other operating................................ 1,149 838 2,330 1,941 Reorganization Costs.............................. 2,613 -- 2,613 -- General and administrative........................ 1,646 1,324 3,011 2,631 ------- ------- ------- ------- Total expenses............................ 26,609 32,646 51,416 65,258 ------- ------- ------- ------- (Loss) Income from Operations before Other Items.... (2,092) 1,694 (1,271) 3,923 (Loss) Gain on Sale of Rental Assets................ (3,279) 9,149 (2,379) 11,724 Minority Interests -- Operating Partnership......... 333 (675) 281 (821) Minority Interests -- Other......................... (140) (76) (169) (150) ------- ------- ------- ------- Net (Loss) Income before Extraordinary Item......... (5,178) 10,092 (3,538) 14,676 Extraordinary Loss -- Early Extinguishment of Debt.............................................. (566) -- (1,385) (1,864) ------- ------- ------- ------- Net (Loss) Income................................... $(5,744) $10,092 $(4,923) $12,812 ======= ======= ======= ======= Adjustments to reconcile net income to FFO: Depreciation of real property..................... 4,955 6,251 9,991 12,662 Minority interests................................ (377) 571 (496) 630 Loss (Gain) on sale of rental assets.............. 3,279 (9,149) 2,379 (11,724) Extraordinary loss -- early extinguishment of debt........................................... 566 -- 1,385 1,864 Reorganization Costs.............................. 2,613 -- 2,613 -- Other............................................. 377 354 538 817 ------- ------- ------- ------- Funds From Operations -- Basic...................... 5,669 8,119 $11,487 $17,061 ======= ======= ======= ======= </Table> 18 16 CENTER TRUST, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) ASSETS <Table> <Caption> JUNE 30, DECEMBER 31, 2001 2000 ------------ ------------ (UNAUDITED) Rental properties........................................... $ 729,191 $ 776,667 Accumulated depreciation and amortization................... (140,650) (136,828) --------- ---------- Rental properties, net.................................... 588,541 639,839 Cash and cash equivalents................................... 6,049 6,164 Tenant receivables, net..................................... 7,239 11,920 Other receivables........................................... 6,251 5,603 Restricted cash............................................. 9,656 9,531 Deferred charges, net....................................... 16,045 18,030 Other assets................................................ 3,090 3,492 --------- ---------- Total............................................. $ 636,871 $ 694,579 ========= ========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Secured debt................................................ $ 405,599 $ 318,052 7 1/2% Convertible subordinated debentures.................. -- 128,548 Accrued dividend and distributions.......................... 1,173 6,035 Accrued interest............................................ 1,087 5,827 Accounts payable and other accrued expenses................. 10,652 10,161 Accrued construction costs.................................. 629 1,060 Tenant security and other deposits.......................... 1,703 1,797 --------- ---------- Total liabilities........................................... 420,843 471,480 --------- ---------- MINORITY INTERESTS Operating partnership (1,339,644 and 2,015,692 units issued as of June 30, 2001 and December 31, 2000, respectively)............................................. 11,796 15,075 Other minority interests.................................... 1,366 1,620 --------- ---------- Total minority interest..................................... 13,162 16,695 --------- ---------- STOCKHOLDERS' EQUITY Common stock ($.01 par value, 100,000,000 shares authorized; 27,622,072 and 26,721,226 shares issued and outstanding as of June 30, 2001 and December 31, 2000, respectively)..... 276 266 Additional paid-in capital.................................. 362,798 359,419 Accumulated distributions and deficit....................... (160,208) (153,281) --------- ---------- Total stockholders' equity.................................. 202,866 206,404 --------- ---------- Total............................................. $ 636,871 $ 694,579 ========= ========== </Table> 19 17 CENTER TRUST, INC. SUMMARY OF OUTSTANDING DEBT JUNE 30, 2001 (IN THOUSANDS) <Table> <Caption> BALANCE BALANCE MATURITY AVERAGE JUNE 30, DECEMBER 31, LENDER PROPERTY RATE DATE MATURITIES 2001 2000 ------ -------- ------ -------- ---------- -------- ------------ FIXED RATE MORTGAGES Principal Mutual Life Insurance Company(1)............................. North Mountain Village 8.250% 07/01/01 -- $ 8,105 $ 8,125 Metropolitan Life Insurance Company...... Date Palm 10.450% 07/31/02 1.1 9,020 9,102 The Travelers Insurance Company.......... North County 10.375% 01/31/03 1.6 15,052 15,232 Column Financial, Inc.................... Mineral King 9.680% 08/01/06 5.1 3,528 3,578 Eastrich #79 Corporation (AEW)(2)........ Loan #1 11.450% 10/15/06 5.3 1,459 5,269 Eastrich #79 Corporation (AEW)(3)........ Loan #2 10.900% 10/15/06 5.3 8,490 8,723 Chase Commercial Mortgage Banking Corp. ................................. Vineyards Marketplace 8.300% 11/10/09 8.4 5,138 5,157 Chase Commercial Mortgage Banking Corp. ................................. Kyrene Village 8.300% 11/10/09 8.4 7,864 7,893 Aid Association for Lutherans(4)......... Westgate North 8.300% 04/01/14 12.8 -- 5,610 First Union National Bank................ Gardena, Gresham, Loma 7.750% 07/01/09 8.0 51,141 51,378 Square and Southpointe -------- -------- Total Fixed-Rate Mortgages......... 8.788% 5.67 109,797 120,067 -------- -------- VARIABLE-RATE MORTGAGES First Union National Bank(5)............. Randolph Plaza and Mountain Square 6.625% 06/01/02 0.9 23,164 23,309 First Union National Bank(5)............. Fire Mountain 6.625% 08/01/02 1.1 10,089 10,147 Sanwa Bank California(5)................. El Camino North 7.813% 02/28/03 1.7 25,000 25,000 Chase Manhattan Bank(6).................. Chino 6.478% 11/29/03 2.4 16,150 16,150 Chase Manhattan Bank(6).................. Fullerton 6.478% 11/29/03 2.4 24,000 24,000 Chase Manhattan Bank(6).................. LaVerne 6.478% 11/29/03 2.4 10,035 10,035 -------- -------- Total Variable-Rate Mortgages...... 6.831% 1.80 108,438 108,641 -------- -------- OTHER SECURED DEBT CRA -- Certificates of Participation, Series 1985............................ Baldwin Hills 5.300% 12/01/14 13.4 30,000 30,000 CDC -- Certificates of Participation, Series 1985............................ Willowbrook 5.200% 12/01/15 14.4 6,000 6,000 G.E. Capital(7).......................... Secured Line of Credit 6.485% 03/31/02 0.75 151,364 53,344 -------- -------- Total Other Secured Debt........... 6,254% 3.21 187,364 89,344 -------- -------- TOTAL SECURED DEBT................. 7.094% 3.50 405,599 318,052 Convertible debentures(8)................ 7.500% 01/15/01 -- 128,548 -------- -------- TOTAL DEBT OUTSTANDING............. 7.094% 3.50 $405,599 $446,600 ======== ======== </Table> - --------------- (1) Refinanced on 7/6/01 with Principal Commercial Funding at 7.68%; Matures on 8/1/11. (2) Secured by KMart - Phoenix. (3) Secured by Lakewood, Sam's Club - Downey, and Parkway Place. (4) Asset sold 3/14/01. (5) Interest based on LIBOR plus 250 basis points. (6) Interest based on LIBOR plus 230 basis points. (7) Secured by Media City Center, Medford Shopping Center, Ross Center, Vancouver Park Place, Sunrise Place, Silverdale Shopping Center, Frontier Village, Rheem Valley, Southern Palms and Rosedale Village. Interest based on LIBOR plus 250 basis points. (8) Repaid on January 16, 2001. 20 18 CENTER TRUST, INC. SCHEDULE OF MORTGAGE DEBT MATURITIES JUNE 30, 2001 (IN THOUSANDS) <Table> <Caption> SCHEDULED AMORTIZATION SCHEDULED YEAR PAYMENTS MATURITIES TOTAL ---- ------------ ---------- -------- 2001...................................................... $ 1,179 $ 8,105 $ 9,284 2002...................................................... 2,104 193,014(1) 195,118 2003...................................................... 1,567 89,619 91,186 2004...................................................... 1,662 -- 1,662 2005...................................................... 1,798 -- 1,798 2006...................................................... 1,641 8,496 10,137 2007...................................................... 877 -- 877 2008...................................................... 936 -- 936 2009...................................................... 444 58,157 58,601 2010...................................................... -- -- -- Thereafter................................................ -- 36,000 36,000 ------- -------- -------- Total..................................................... $12,208 $393,391 $405,599 ======= ======== ======== </Table> - --------------- (1) Includes amount outstanding on the Company's secured credit facility which is due on March 31, 2002. 21