EXHIBIT 99
CENTER TRUST, INC.
SUPPLEMENTAL INFORMATION
MARCH 31, 2002
TABLE OF CONTENTS
Page
----
Company Profile .......................................................... 1
Operating Highlights/Capital Structure ................................... 2-3
Reconciliation of Common Shares and Operating Partnership Units
Outstanding .............................................................. 4
Same Center Property Activity ............................................ 5
Portfolio Highlights and Leasing Activity ................................ 6
Portfolio Summary ........................................................ 7
Portfolio Detail-By Region ............................................... 8-9
Lease Expirations-Overall Portfolio/Total Open Air Centers ............... 10
Tenant Concentration ..................................................... 11
Segment Concentration .................................................... 12
Consolidated Statements of Operations and Reconciliation to Funds
From Operations .......................................................... 13
Consolidated Balance Sheets .............................................. 14
Summary of Outstanding Debt .............................................. 15
Schedule of Mortgage Debt Maturities ..................................... 16
CENTER TRUST, INC.
COMPANY PROFILE
MARCH 31, 2002
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 open air 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, March 31, 2002 for the Company and its portfolio of assets. This
information should be read in conjunction with the Company's 2001 Form 10-K and
2002 quarterly filings on Form 10-Q.
Questions regarding the information contained in this document should be
directed to Stuart Gulland, President and Chief Operating Officer or Ed Stokx,
Chief Financial Officer and Secretary, Center Trust, Inc., 3500 Sepulveda
Boulevard, Manhattan Beach, California, 90266, telephone (310) 546-4520, fax
(310) 546-5069, e-mail at IR@centertrust.com or visit our website at
www.centertrust.com.
1
CENTER TRUST, INC.
OPERATING HIGHLIGHTS
MARCH 31, 2002
(IN THOUSANDS EXCEPT SHARE DATA)
Three Months Ended
March 31,
----------------------
2002 2001
----------------------
Operating Highlights
Funds From Operations (FFO)
FFO - Basic and Diluted $ 7,006 $ 5,818
FFO per share - Basic and Diluted $ 0.24 $ 0.20
Net Income Available to Common Shareholders $ 1,902 $ 821
Net Income Per Share - Basic and Diluted $ 0.07 $ 0.03
EBITDA $ 14,619 $ 23,389
Funds Available for Distribution (FAD) $ 6,756 $ 5,782
FAD per share - Basic $ 0.23 $ 0.20
Dividends Per Share $ 0.06 $ 0.04
Interest Expense Coverage Ratios
Based on EBITDA 2.1 2.4
General & Administrative Expense $ 1,130 $ 1,365
G&A as % of Total Revenue 6.5% 7.5%
Ratio of Expense Recoveries to Recoverable Expenses 82.1% 84.1%
Ratio of Operating Expenses to Total Rental Revenue 40.5% 38.7%
2
CENTER TRUST, INC.
CAPITAL STRUCTURE
MARCH 31, 2002
(IN THOUSANDS EXCEPT SHARE DATA)
Three Months Ended
March 31,
-------------------------
2002 2001
-------------------------
Equity Information
Units Outstanding at End of Period 1,323,504 1,638,699
Common Outstanding at End of Period 27,856,455 27,225,749
-------------------------
Total Units and Common Shares Outstanding at End of Period 29,179,959 28,864,448
=========================
Basic and Diluted Weighted Average Units Outstanding 1,328,887 1,647,077
Basic and Diluted Weighted Average Common Shares Outstanding 27,666,162 27,023,978
-------------------------
Basic and Diluted Weighted Average Units and Common Shares Outstanding 28,995,049 28,671,055
=========================
As of
--------------------------------------------
March 31, December 31, December 31,
2002 2001 2000
--------- ------------ ------------
(in thousands, except share data)
Market Capitalization
Stock Price Activity (during the period):
High $ 5.29 $ 6.40 $ 10.50
Low $ 4.04 $ 3.25 $ 4.56
Common Stock Price at End of Period $ 5.29 $ 4.25 $ 4.69
Equity Market Capitalization 154,362 $123,229 $134,776
Fixed-Rate Debt 175,599 176,644 120,067
Floating-Rate Debt 225,733 225,733 197,985
Subordinated Debentures -- -- 128,548
------------------------------------------
Total Capitalization 555,694 $525,606 $581,376
==========================================
Debt-to-Total Capitalization 72.2% 76.6% 76.8%
==========================================
3
CENTER TRUST, INC.
RECONCILIATION OF COMMON SHARES AND OPERATING PARTNERSHIP
UNITS OUTSTANDING
AS OF MARCH 31, 2002
Operating
Common Partnership
Stock Units Total
----------- ----------- -----------
Balance, January 1, 2000 26,647,968 1,654,725 28,302,693
Units Issued -- 104,717 104,717
Issuance to Stock Grants to Employees 38,520 -- 38,520
----------- ----------- -----------
Balance, March 31, 2000 26,686,488 1,759,442 28,445,930
Issuance to Stock Grants to Employees 16,831 -- 16,831
----------- ----------- -----------
Balance, June 30, 2000 26,703,319 1,759,442 28,462,761
Cancelled Stock Grants (33,333) -- (33,333)
Issuance to Stock Grants to Employees 31,773 -- 31,773
----------- ----------- -----------
Balance, September 30, 2000 26,701,759 1,759,442 28,461,201
Units Issued -- 256,250 256,250
Issuance of Stock Grants to Employees 19,467 -- 19,467
----------- ----------- -----------
Balance, December 31, 2000 26,721,226 2,015,692 28,736,918
Shares Issued 127,530 -- 127,530
Units Converted to Shares 376,993 (376,993) --
----------- ----------- -----------
Balance, March 31, 2001 27,225,749 1,638,699 28,864,448
Shares issued 97,268 -- 97,268
Units Converted to Shares 299,055 (299,055) --
----------- ----------- -----------
Balance, June 30, 2001 27,622,072 1,339,644 28,961,716
Shares issued -- -- --
Units Converted to Shares -- -- --
----------- ----------- -----------
Balance, September 30, 2001 27,622,072 1,339,644 28,961,716
Shares issued 33,333 -- 33,333
Units Converted to Shares 1,000 (1,000) --
----------- ----------- -----------
Balance, December 31, 2001 27,656,405 1,338,644 28,995,049
Shares issued 184,910 184,910
Units Converted to Shares 15,140 (15,140) --
----------- ----------- -----------
Balance, March 31, 2002 27,856,455 1,323,504 29,179,959
=========== =========== ===========
4
CENTER TRUST, INC.
SAME CENTER PROPERTY ACTIVITY
MARCH 31, 2002
(IN THOUSANDS)
Three Months Ended
March 31,
-----------------------
2002 2001 % Change
-------- -------- --------
OPEN AIR CENTERS(1)
Revenues:
Rental Revenue $ 10,419 $ 10,411 0.1%
Recoveries from Tenants 2,826 2,785 1.5%
Other Income 230 122 88.5%
-------- --------
Total Revenues 13,475 13,318 1.2%
Expenses:
Recoverable Operating Expenses 3,154 3,008 4.9%
Other Operating Expenses 386 468 -17.5%
-------- --------
Total Expenses 3,540 3,476 1.8%
-------- --------
Net Operating Income $ 9,935 $ 9,842 0.9%
======== ========
Total Properties 27 27
======== ========
Percentage Leased 89.5% 92.8%
======== ========
Average Base Rent per square foot $ 11.55 $ 11.15
======== ========
Regional malls
Revenues:
Rental Revenue $ 4,757 $ 4,691 1.4%
Recoveries from Tenants 2,218 2,107 5.3%
Other Income 768 778 -1.3%
-------- --------
Total Revenues 7,743 7,576 2.2%
Expenses:
Recoverable Operating Expenses 3,134 2,896 8.2%
Other Operating Expenses 31 28 10.7%
-------- --------
Total Expenses 3,165 2,924 8.2%
-------- --------
Net Operating Income $ 4,578 $ 4,652 -1.6%
======== ========
Total Properties 2 2
======== ========
Percentage Leased 92.8% 94.4%
======== ========
Average Base Rent per square foot $ 15.54 $ 15.48
======== ========
Same Center properties are those which were owned as of January 1, 2001.
- -------
(1) Excludes El Camino North, Frontier Village, Vermont Slauson and Southern
Palms which we are preparing for redevelopment or are re-positioning anchor
tenants.
5
CENTER TRUST, INC.
PORTFOLIO HIGHLIGHTS AND LEASING ACTIVITY
AS OF MARCH 31, 2002
As of
---------------------------------------------
March 31, December 31, December 31,
2002 2001 2000
---------- ------------ ------------
PORTFOLIO HIGHLIGHTS
Company Owned GLA
Open Air Centers 4,865,149 4,865,139 5,397,270
Regional Malls 1,328,009 1,328,009 1,328,109
Single Tenant Facilities 218,926 218,926 391,884
Total Company Owned GLA 6,412,084 6,412,074 7,117,263
Percentage Leased
Open Air Centers 88.6% 91.8% 93.1%
Regional Malls 92.8% 94.4% 92.1%
Single Tenant Facilities 100.0% 100.0% 100.0%
Overall Portfolio 89.8% 92.6% 93.3%
Average Base Rent
Open Air Centers
Anchor $ 8.01 $ 7.83 $ 7.40
Pad $ 14.88 $ 14.53 $ 14.09
Shop $ 15.98 $ 15.95 $ 15.44
Overall $ 11.29 $ 11.02 $ 10.54
Regional Malls
Anchor $ 11.17 $ 11.17 $ 10.98
Pad $ 19.46 $ 19.46 $ 19.60
Shop $ 23.17 $ 26.19 $ 26.79
Overall $ 15.54 $ 16.67 $ 16.51
Single Tenant Facilities $ 5.87 $ 5.87 $ 5.39
Overall Portfolio $ 11.99 $ 12.02 $ 11.33
Number of Properties
Open Air Centers 31 31 35
Regional Malls 2 2 2
Single Tenant Facilities 2 2 4
--------------------------------------------
Overall Portfolio 35 35 41
============================================
Three
Months Ended
March 31,
2002
------------
SUMMARY OF LEASING ACTIVITY - OPEN AIR CENTERS
Space Vacated
Number of Leases 12
Gross Leaseable Area 170,307
Base Rent per Square Foot $ 6.99
New Leases Executed
Number of Leases 14
Gross Leaseable Area 30,207
Base Rent per Square Foot $ 13.56
Leases Renewals Executed
Number of Leases 30
Gross Leaseable Area 60,044
New Annual Base Rent per Square Foot $ 18.99
Percentage Change from Prior 4.44%
Leases with Contractual Rent Adjustments
Number of Leases 63
Gross Leaseable Area 219,608
New Annual Base Rent per Square Foot $ 15.08
Percentage Change from Prior 10.56%
6
CENTER TRUST, INC.
PORTFOLIO SUMMARY
AS OF MARCH 31, 2002
AVERAGE
NUMBER TOTAL LEASED GLA COMPANY BASE
OF ----------------------------------- OWNED PERCENT ANNUALIZED RENT
PROPERTIES ANCHOR PAD SHOP GLA LEASED BASE RENT PER SQ. FT.
---------- ----------- -------- ---------- ---------- ------- ----------- -----------
OPEN AIR CENTERS
Pacific Northwest Region 6 497,656 96,388 334,408 1,032,829 89.9% $ 9,851,653 $10.61
Northern and Central
California Region 5 129,301 11,808 231,052 529,762 70.3% 4,571,181 12.28
Southern California Region 15 1,407,657 260,571 616,694 2,475,926 92.3% 28,570,921 12.50
Southwest Region 5 448,504 36,395 238,786 826,632 87.5% 5,643,924 7.80
---------- ----------- -------- ---------- ---------- ------ ----------- ------
TOTAL OPEN AIR CENTERS 31 2,483,118 405,162 1,420,940 4,865,149 88.6% 48,637,679 11.29
REGIONAL MALLS 2 759,515 78,594 394,610 1,328,009 92.8% 19,159,665 15.54
SINGLE TENANT FACILITIES 2 215,026 3,900 -- 218,926 100.0% 1,284,341 5.87
---------- ----------- -------- ---------- ---------- ------ ----------- ------
TOTAL PORTFOLIO 35 3,457,659 487,656 1,815,550 6,412,084 89.8% $69,081,685 $11.99
========== =========== ======== ========== ========== ====== =========== ======
7
CENTER TRUST, INC.
PORTFOLIO DETAIL - BY REGION
AS OF MARCH 31, 2002
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ------------------------------------- OWNED PERCENT
PROPERTY NAME REMODELED ANCHOR PAD SHOP GLA LEASED
- ------------- --------- --------- ------- --------- --------- -------
OPEN AIR CENTERS
PACIFIC NORTHWEST
Frontier Village Shopping Center 1993 68,473 20,449 42,414 153,320 85.7%
Lake Stevens, WA
Gresham Town Fair 1988 159,282 26,587 72,961 265,765 97.4
Gresham, OR
The Medford Center 1998 153,612 25,432 93,219 333,958 81.5
Medford, OR
Ross Center 1987 53,331 9,020 64,118 134,555 94.0
Portland, OR
Silverdale Shopping Center 1990 29,020 -- 32,590 67,287 91.6
Silverdale, WA
Vancouver Park Place 1987 33,938 14,900 29,106 77,944 100.0
Vancouver, WA
----------------------------------------------------------------
Pacific Northwest Region 497,656 96,388 334,408 1,032,829 89.9
----------------------------------------------------------------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center 1978 -- -- 5,215 14,115 36.9
Bakersfield, CA
Mineral King Plaza 1983 -- -- 32,860 39,060 84.1
Visalia, CA
Rheem Valley 1990 56,977 5,150 80,656 159,967 89.3
Moraga, CA
Rosedale Village Shopping Center 1991 72,324 6,658 40,290 127,547 93.5
Bakersfield, CA
Southpointe Plaza 1982 -- -- 72,031 189,073 38.1
Sacramento, CA
----------------------------------------------------------------
Northern & Central California Region 129,301 11,808 231,052 529,762 70.3
----------------------------------------------------------------
SOUTHERN CALIFORNIA REGION
Country Fair Shopping Center 1992 71,165 27,341 44,698 168,264 85.1
Chino, CA
Date Palm Center 1987 99,919 -- 11,268 117,356 94.7
Cathedral, CA
El Camino North 1982 88,646 122,713 45,170 273,806 93.7
Oceanside, CA
Fire Mountain Center 1987 38,876 23,432 22,139 92,378 91.4
Oceanside, CA
Fullerton Town Center 1987 171,613 19,722 41,644 264,647 88.0
Fullerton, CA
Gardena Gateway Center 1990 41,300 5,062 16,825 65,987 95.8
Gardena, CA
Kenneth Hahn Plaza 1987 97,334 14,598 50,363 165,195 98.2
Los Angeles, CA
AVERAGE
BASE
ANNUALIZED RENT
PROPERTY NAME BASE RENT PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
- ------------- ----------- ----------- --------------------------------------
OPEN AIR CENTERS
PACIFIC NORTHWEST
Frontier Village Shopping Center $ 1,334,050 $10.16 Safeway, Bartell Drugs
Lake Stevens, WA
Gresham Town Fair 2,400,772 9.28 Ross Stores, Emporium, GI Joe's
Gresham, OR Craft Warehouse
The Medford Center 2,689,914 9.88 Cinemark Theatres, Sears, Rite-Aid*,
Medford, OR Safeway*, Circuit City, 24 Hour Fitness
Ross Center 1,611,448 12.74 Ross Stores, Michaels, Pier 1 Imports
Portland, OR
Silverdale Shopping Center 811,387 13.17 Ross Stores
Silverdale, WA
Vancouver Park Place 1,004,082 12.88 T.J. Maxx, Pier 1 Imports
Vancouver, WA
-----------------------
Pacific Northwest Region 9,851,653 10.61
-----------------------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center 42,874 8.22
Bakersfield, CA
Mineral King Plaza 511,604 15.57 Vons*, Longs Drugs*
Visalia, CA
Rheem Valley 1,698,442 11.37 T.J. Maxx, Longs Drugs
Moraga, CA
Rosedale Village Shopping Center 1,315,205 10.99 Savemart, Payless Drugs, Kmart*
Bakersfield, CA
Southpointe Plaza 1,003,056 8.02 Big 5 Sporting Goods
Sacramento, CA
-----------------------
Northern & Central California Region 4,571,181 12.28
-----------------------
SOUTHERN CALIFORNIA REGION
Country Fair Shopping Center 2,152,652 15.03 Albertsons*, PETsMART, Rite-Aid,
Chino, CA Staples
Date Palm Center 1,678,493 15.10 Sam's Club (Wal-Mart)
Cathedral, CA
El Camino North 3,021,898 11.78 Mervyn's*, Toys 'R Us*, Petco*,
Oceanside, CA Ross Stores, Steinmart
Fire Mountain Center 1,862,804 22.06 Trader Joe's, Bookstar
Oceanside, CA
Fullerton Town Center 3,604,327 15.47 Costco*, AMC Theatres, Toys 'R Us,
Fullerton, CA Office Depot
Gardena Gateway Center 1,024,279 16.21 Marukai (Rite-Aid), 99 Ranch Market
Gardena, CA
Kenneth Hahn Plaza 1,677,393 10.34 Food 4 Less, Factory 2U, Rite-Aid,
Los Angeles, CA Kragen Auto
8
CENTER TRUST, INC.
PORTFOLIO DETAIL - BY REGION
AS OF MARCH 31, 2002
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ------------------------------------- OWNED PERCENT
PROPERTY NAME REMODELED ANCHOR PAD SHOP GLA LEASED
- ------------- --------- --------- ------- --------- --------- -------
La Verne Towne Center 1986 158,860 1,940 57,355 231,376 94.3
La Verne, CA
Lakewood Plaza 1989 93,342 4,365 15,804 113,511 100.0
Bellflower, CA
Loma Square 1980 96,514 -- 106,070 210,704 96.1
San Diego, CA
Mountain Square Shopping Center 1988 185,945 -- 71,819 273,189 94.4
Upland, CA
North County Plaza 1987 43,610 28,720 69,470 153,325 92.5
Carlsbad, CA
Parkway Place 1989 91,127 8,958 11,856 120,425 93.0
Escondido, CA
Vermont-Slauson Shopping Center 1981 107,991 3,720 23,613 169,744 79.7
Los Angeles, CA
Vineyards Marketplace 1991 21,415 -- 28,600 56,019 89.3
Rancho Cucamonga, CA
----------------------------------------------------------------
Southern California Region 1,407,657 260,571 616,694 2,475,926 92.3
----------------------------------------------------------------
SOUTHWEST REGION
Kyrene Village Shopping Center 1987 93,279 5,120 46,003 161,089 89.6
Chandler, AZ
North Mountain Village 1985 41,215 -- 46,257 94,379 92.7
Phoenix, AZ
Randolph Plaza 1999 135,110 6,150 33,267 179,382 97.3
Tucson, AZ
Southern Palms Center 1980 75,875 20,025 97,145 254,863 75.7
Tempe, AZ
Sunrise Place Center 1992 103,025 5,100 16,114 136,919 90.7
Tucson, AZ
----------------------------------------------------------------
Southwest Region 448,504 36,395 238,786 826,632 87.5
----------------------------------------------------------------
OPEN AIR CENTERS 2,483,118 405,162 1,420,940 4,865,149 88.6
----------------------------------------------------------------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza 1988 291,554 29,610 170,297 509,604 96.4
Los Angeles, CA
Media City Center 1992 467,961 48,984 224,313 818,405 90.6
Burbank, CA
----------------------------------------------------------------
REGIONAL MALLS 759,515 78,594 394,610 1,328,009 92.8
----------------------------------------------------------------
SINGLE TENANT FACILITIES
Kmart 1990 104,204 -- -- 104,204 100.0
Phoenix, AZ
Sam's Club 1988 110,822 3,900 -- 114,722 100.0
Downey, CA
----------------------------------------------------------------
SINGLE TENANT FACILITIES 215,026 3,900 -- 218,926 100.0
----------------------------------------------------------------
TOTAL PROPERTIES 3,457,659 487,656 1,815,550 6,412,084 89.8%
================================================================
BASE
ANNUALIZED RENT
PROPERTY NAME BASE RENT PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
- ------------- ----------- ----------- --------------------------------------
La Verne Towne Center 1,370,144 6.30 Target, Top Valu(Albertsons)
La Verne, CA
Lakewood Plaza 1,339,938 11.80 Stater Bros. (Albertsons), Staples
Bellflower, CA
Loma Square 2,742,338 13.54 T.J. Maxx, Circuit City, Sav-on Drugs
San Diego, CA
Mountain Square Shopping Center 3,124,098 12.12 Home Depot, Staples, Pavilions,
Upland, CA Factory 2U
North County Plaza 2,109,886 14.88 Marshall's, Michael's, Kids 'R Us
Carlsbad, CA
Parkway Place 1,185,715 10.59 Albertsons, Office Depot
Escondido, CA
Vermont-Slauson Shopping Center 923,206 6.82 Ralphs, Kmart, Sav-on Drugs
Los Angeles, CA
Vineyards Marketplace 753,750 15.07 Albertsons*, Sav-on Drugs
Rancho Cucamonga, CA
-----------------------
Southern California Region 28,570,921 12.50
-----------------------
SOUTHWEST REGION
Kyrene Village Shopping Center 1,103,417 7.64 Basha's, Kyrene Lanes, Audio Express,
Chandler, AZ Greenbacks
North Mountain Village 880,318 10.06 Fry's Food & Drug*, T.J. Maxx,
Phoenix, AZ Greenbacks
Randolph Plaza 1,115,067 6.39 Fry's, MacFrugal's
Tucson, AZ
Southern Palms Center 1,872,306 9.70 Food 4 Less, Staples
Tempe, AZ
Sunrise Place Center 672,816 5.42 Smith's Food & Drug
Tucson, AZ
-----------------------
Southwest Region 5,643,924 7.80
-----------------------
OPEN AIR CENTERS 48,637,679 11.29
-----------------------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza 7,228,863 14.71 Sears*, Robinsons-May*, Wal-Mart,
Los Angeles, CA Albertsons, T.J. Maxx,
Media City Center 11,930,802 16.10 Macy's, IKEA*, Sears*, Mervyn's*,
Burbank, CA AMC Theatres, Sports Chalet,
-----------------------
REGIONAL MALLS 19,159,665 15.54
-----------------------
SINGLE TENANT FACILITIES
Kmart 551,576 5.29 Kmart
Phoenix, AZ
Sam's Club 732,765 6.39 Sam's Club (Wal-Mart)
Downey, CA
-----------------------
SINGLE TENANT FACILITIES 1,284,341 5.87
-----------------------
TOTAL PROPERTIES $69,081,685 $11.99
=======================
* Anchor space non-owned by Company
9
CENTER TRUST, INC.
LEASE EXPIRATIONS-OVERALL PORTFOLIO
MARCH 31, 2002
TOTAL 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 131 182,933 $17.09 -- -- 9,890 $15.99 173,043 $17.16
2002 135 259,084 16.90 48,268 $ 7.27 11,158 20.50 199,658 19.03
2003 140 422,522 14.57 131,331 7.56 41,675 16.39 249,516 17.95
2004 136 581,157 11.91 272,931 5.89 34,671 17.74 273,555 17.18
2005 117 514,115 16.44 245,950 14.92 39,809 18.92 228,356 17.65
2006 135 620,257 15.03 274,773 12.33 47,712 15.24 297,772 17.48
2007 61 417,646 10.33 201,597 5.36 54,642 13.11 161,407 15.60
2008 27 362,578 11.58 304,429 10.13 23,849 21.07 34,300 17.88
2009 21 456,222 7.61 401,928 5.94 38,679 17.77 15,615 25.50
2010 23 442,844 8.66 372,073 7.66 46,406 12.00 24,365 17.51
2011 26 163,098 16.28 97,995 12.57 30,200 21.10 34,903 22.53
Thereafter 52 1,338,409 8.67 1,106,384 8.13 108,965 12.15 123,060 10.45
--------------------------------------------------------------------------------------------------------------
Total 1004 5,760,865 $11.99 3,457,659 $ 8.57 487,656 $15.56 1,815,550 $17.55
==============================================================================================================
LEASE EXPIRATIONS-TOTAL OPEN AIR CENTERS
MARCH 31, 2002
TOTAL ANCHORS PADS SHOPS
---------------------- ---------------------- -------------------- ----------------------
NUMBER BASE BASE BASE BASE
YEAR OF OF SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER
EXPIRATION LEASES FEET SQ. FT. FEET SQ. FT. FEET SQ. FT. FEET SQ. FT.
- ---------- ------ --------- -------- --------- -------- ------- -------- --------- --------
M-T-M 50 57,508 $14.85 -- -- 3,150 $10.95 54,358 $15.08
2002 84 196,330 15.01 48,268 $ 7.27 11,158 20.50 136,904 17.29
2003 105 369,815 12.75 131,331 7.56 41,675 16.39 196,809 15.45
2004 108 498,895 10.59 242,359 5.15 28,171 19.70 228,365 15.23
2005 98 391,148 14.46 148,371 10.18 38,089 18.36 204,688 16.84
2006 122 570,242 14.35 249,469 11.36 41,302 16.37 279,471 16.72
2007 53 370,864 9.00 201,597 5.36 54,642 13.11 114,625 13.46
2008 21 306,787 9.92 259,472 8.89 18,849 17.11 28,466 14.53
2009 16 331,359 7.58 291,106 5.79 25,197 17.96 15,056 24.85
2010 16 254,484 8.58 196,620 7.16 41,406 11.56 16,458 18.05
2011 17 124,577 11.39 72,292 7.08 22,600 17.04 29,685 17.59
Thereafter 39 837,211 9.57 642,233 9.29 78,923 10.07 116,055 10.79
--------------------------------------------------------------------------------------------------------------
Total 729 4,309,220 $11.29 2,483,118 $ 8.01 405,162 $14.88 1,420,940 $15.98
==============================================================================================================
10
CENTER TRUST
SUMMARY OF TENANTS WITH RENTS EXCEEDING 1% OF TOTAL RENTS
AS OF MARCH 31, 2002
NUMBER PERCENTAGE TOTAL PERCENTAGE
OF ANNUALIZED OF TOTAL TENANT OF LEASED
NUMBER RETAIL TENANT LOCATIONS BASE RENT BASE RENT GLA GLA
- ------ ------------- --------- ----------- ---------- --------- ----------
1 Wal Mart Stores Inc. 3 $ 3,038,834 4.40% 360,741 6.26%
2 AMC Entertainment 3 2,983,344 4.32% 125,429 2.18%
3 TJX Companies, Inc., The 6 1,492,605 2.16% 174,522 3.03%
4 Loews Cineplex Entertainment 1 1,402,011 2.03% 67,579 1.17%
5 Albertson's Inc. 5 1,307,854 1.89% 188,432 3.27%
6 Staples Inc. 5 1,245,128 1.80% 110,881 1.92%
7 Safeway Inc. 4 1,201,654 1.74% 164,207 2.85%
8 Kroger Co., The 4 1,144,006 1.66% 251,066 4.36%
9 Circuit City Stores Inc. 3 1,088,400 1.58% 84,680 1.47%
10 Home Depot Inc., The 2 1,052,330 1.52% 102,864 1.79%
11 Ross Stores Inc. 4 933,100 1.35% 117,852 2.05%
12 Federated Department Stores 1 894,179 1.29% 237,145 4.12%
13 The Limited Inc. 9 869,822 1.26% 54,845 0.95%
14 Toys 'R' Us Inc. 2 851,072 1.23% 82,022 1.42%
15 Cinemark USA Inc. 1 798,566 1.16% 57,273 0.99%
16 Sport Chalet Inc. 1 775,508 1.12% 44,957 0.78%
17 Kmart Corp. 2 769,756 1.11% 186,708 3.24%
18 Virgin Entertainment Group 1 756,000 1.09% 30,000 0.52%
19 Barnes & Noble 2 742,531 1.07% 35,285 0.61%
20 Payless Shoesource Inc. 11 730,234 1.06% 36,634 0.64%
21 Office Depot Inc. 3 718,679 1.04% 77,000 1.34%
22 Michaels Stores, Inc. 4 696,401 1.01% 53,236 0.92%
---------------------------------------------------------------------
Total 77 $25,492,014 36.90% 2,643,358 45.88%
=====================================================================
11
CENTER TRUST
MAJOR TENANT CONCENTRATION EXCEEDING 2% OF TOTAL RENTS
AS OF MARCH 31, 2002
NUMBER TOTAL SEGMENT PERCENT TOTAL PERCENTAGE
OF ANNUALIZED OF TOTAL SEGMENT OF LEASED
NUMBER RETAIL TENANT LEASES BASE RENT BASE RENT GLA GLA
- ------ ------------- -------- ------------- ---------- --------- ----------
1 Restaurants 64 $ 5,347,919 7.74% 323,105 5.61%
2 Fast Food 139 5,302,640 7.68% 237,141 4.12%
3 Supermarkets 15 5,290,557 7.66% 723,800 12.56%
4 Theaters 5 5,183,921 7.50% 250,281 4.34%
5 Financial/Business Services 123 4,254,533 6.16% 258,994 4.50%
6 Discount Retailers 6 4,008,240 5.80% 662,181 11.49%
7 Family Apparel 26 3,832,884 5.55% 427,881 7.43%
8 Health & Beauty 105 3,252,501 4.71% 195,797 3.40%
9 Electronics 27 3,148,090 4.56% 164,933 2.86%
10 Music and Video 29 2,910,837 4.21% 143,249 2.49%
11 Women's Apparel 37 2,544,410 3.68% 165,003 2.86%
12 Home Furnishings/Housewares 24 2,012,045 2.91% 148,233 2.57%
13 Footwear 33 1,951,681 2.83% 104,955 1.82%
14 Office Supply 7 1,775,706 2.57% 173,781 3.02%
15 Personal Services 53 1,708,516 2.47% 102,286 1.78%
------ ----------- --------- --------- ---------
Total 693 $52,524,480 76.03% 4,081,620 70.85%
====== =========== ========= ========= =========
12
CENTER TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended
March 31,
-----------------------
2002 2001
-----------------------
(unaudited)
Rental income $ 17,067 $ 17,739
Expense reimbursements 5,808 5,942
Percentage rents 401 521
Other income 1,132 1,426
-----------------------
Total revenues 24,408 25,628
-----------------------
Interest 6,967 9,688
Depreciation and amortization 5,249 5,239
Property operating costs:
Common area 4,328 4,366
Property taxes 2,471 2,520
Leasehold rentals 276 265
Marketing 271 183
Other operating 1,313 1,181
General and administrative 1,130 1,365
Transactional costs 343 --
-----------------------
Total expenses 22,348 24,807
-----------------------
Income from Operations before Other Items 2,060 821
Gain on the Sale of Rental Assets -- 900
Minority Interests - Operating Partnership (92) (52)
Minority Interests - Other (66) (29)
-----------------------
Net Income before Extraordinary Item 1,902 1,640
Extraordinary Loss - Early Extinguishment of Debt -- (819)
-----------------------
Net Income 1,902 821
Adjustments to reconcile net income to FFO:
Depreciation of rental property 5,033 5,036
Minority Interests 25 (119)
Extraordinary Loss - Early Extinguishment of Debt -- 819
Gain on the Sale of Assets -- (900)
Other 46 161
-----------------------
Funds From Operations - Basic $ 7,006 $ 5,818
=======================
13
CENTER TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
ASSETS
March 31, December 31,
2002 2001
----------- ------------
(unaudited)
Rental properties $ 735,528 $ 732,818
Accumulated depreciation and amortization (153,493) (149,185)
--------- ---------
Rental properties, net 582,035 583,633
Cash and cash equivalents 6,060 6,816
Tenant receivables, net 8,354 7,668
Other receivables 7,152 5,161
Restricted cash 14,174 13,282
Deferred charges, net 16,846 16,636
Other assets 2,605 3,877
--------- ---------
Total $ 637,226 $ 637,073
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Secured debt $ 401,732 $ 402,377
Accrued dividend and distributions 1,741 1,160
Accrued interest 1,924 2,057
Accounts payable and other accrued expenses 12,430 11,309
Accrued construction costs 634 1,059
Tenant security and other deposits 1,780 2,233
--------- ---------
Total liabilities 420,241 420,195
--------- ---------
MINORITY INTERESTS
Operating partnership (1,323,504 and 1,338,644 units issued
as of March 31, 2002 and December 31, 2001, respectively 9,703 9,696
Other minority interests 1,313 1,529
--------- ---------
Total minority interests 11,016 11,225
--------- ---------
STOCKHOLDERS' EQUITY
Common stock ($.01 par value, 100,000,000 shares authorized;
27,856,455 and 26,656,405 shares issued and outstanding
as of March 31, 2002 and December 31, 2001, respectively) 279 276
Additional paid-in capital 366,603 365,474
Accumulated distributions and deficit (160,913) (160,097)
--------- ---------
Total stockholders' equity 205,969 205,653
--------- ---------
Total $ 637,226 $ 637,073
========= =========
14
CENTER TRUST, INC
SUMMARY OF OUTSTANDING DEBT
MARCH 31, 2002
(IN THOUSANDS)
BALANCE BALANCE
MATURITY AVERAGE AS OF AS OF
LENDER PROPERTY RATE DATE MATURITIES 31-MAR-02 31-DEC-01
- ------------------------------------------------------------------------------------------------------------------------------------
FIXED RATE MORTGAGES
Metropolitan Life Insurance Company Date Palm 10.450% 07/01/02 0.3 $ 8,888 $ 8,933
The Travelers Insurance Company North County 10.375% 01/31/03 0.8 14,768 14,865
Column Financial, Inc. Mineral King 9.680% 08/01/06 4.3 3,454 3,481
Eastrich #79 Corporation (AEW Loan #1)(1) K-Mart Phoenix 11.450% 10/15/06 4.5 1,335 1,382
Eastrich #79 Corporation (AEW Loan #2)(2) Lakewood, Sam's Club-Downey 10.900% 10/15/06 4.5 8,158 8,286
and Parkway Place
Chase Commercial Mortgage Banking Corp. Vineyards Marketplace 8.300% 11/10/09 7.6 5,108 5,119
Chase Commercial Mortgage Banking Corp. Kyrene Village 8.300% 11/10/09 7.6 7,818 7,835
First Union National Bank(3) Gardena 7.750% 06/01/09 7.2 6,745 6,762
First Union National Bank(3) Gresham 7.750% 06/01/09 7.2 16,422 16,464
First Union National Bank(3) Loma Square 7.750% 06/01/09 7.2 18,132 18,179
First Union National Bank(3) Southpointe 7.750% 06/01/09 7.2 9,531 9,555
Principal Capital North Mountain Village 7.680% 08/01/11 9.3 7,117 7,133
Prudential Mortgage Capital Co. Randolph Plaza 6.760% 01/01/12 9.8 7,086 7,100
Prudential Mortgage Capital Co. Mountain Square 6.760% 01/01/12 9.8 24,578 24,625
Prudential Mortgage Capital Co. Fire Mountain 7.130% 01/01/12 9.8 11,829 11,850
Prudential Mortgage Capital Co. Silverdale Shopping Center 7.100% 01/01/12 9.8 5,690 5,700
Prudential Mortgage Capital Co. Ross Center 7.100% 01/01/12 9.8 11,754 11,775
Prudential Mortgage Capital Co. Vancouver Park Place 6.910% 01/01/12 9.8 7,586 7,600
----- -------------------------------
Total Fixed-Rate Mortgages 8.036% 7.2 175,999 176,644
----- -------------------------------
VARIABLE-RATE MORTGAGES
Chase Manhattan Bank(4) Chino 5.500% 12/10/02 0.7 16,150 16,150
Chase Manhattan Bank(4) Fullerton 5.500% 12/10/02 0.7 24,000 24,000
Chase Manhattan Bank(4) La Verne 5.500% 12/10/02 0.7 10,035 10,035
United California Bank(5) El Camino North 4.520% 02/28/03 0.9 25,000 25,000
----- -------------------------------
Total Variable-Rate Mortgages 5.174% 3.4 75,185 75,185
----- -------------------------------
OTHER SECURED DEBT
CRA - Certificates of Participation, Series 1985 Baldwin Hills 2.970% 12/01/14 12.7 30,000 30,000
CDC - Certificates of Participation, Series 1985 Kenneth Hahn Plaza 3.120% 11/01/15 13.6 6,000 6,000
G.E. Capital (6) Secured Line of Credit 4.400% 04/01/04 2.0 114,548 114,548
----- -------------------------------
Total Other Secured Debt 4.064% 4.6 150,548 150,548
----- -------------------------------
Total Secured Debt Outstanding 6.012% 5.0 $401,732 $402,377
===== ===============================
- -----------------------
(1) Mortgage cross-collateralized with properties in AEW Loan #2
(2) Mortgage cross-collateralized with property in AEW Loan #1
(3) Gardena, Gresham, Loma Square and Southpointe are cross-collateralized and
cross-defaulted.
(4) Interest based on LIBOR plus 230 basis points. Mortgages have a LIBOR floor
of 3.2%. Mortgage provides for three one-year extensions.
(5) Interest based on LIBOR plus 250 basis points. Loan provides for two
one-year extensions.
(6) Secured by Media City Center, Medford Shopping Center, Sunrise Place,
Frontier Village, Rheem Valley, Southern Palms, Rosedale Village and
Walmart-Baldwin Hills. Interest based on LIBOR plus 250 basis points. Loan
agreement provides for one one-year extension option.
15
CENTER TRUST, INC.
SCHEDULE OF MORTGAGE DEBT MATURITIES
MARCH 31, 2002
(IN THOUSANDS)
SCHEDULED
AMORTIZATION SCHEDULED
YEAR PAYMENTS MATURITIES TOTAL
- -----------------------------------------------------------------------------
2002 $ 1,912 $ 59,027 $ 60,939
2003 2,301 39,434 41,735
2004 2,437 114,548(1) 116,985
2005 2,641 - 2,641
2006 2,642 8,496 11,138
2007 1,859 - 1,859
2008 1,975 - 1,975
2009 1,641 58,157 59,798
2010 1,218 - 1,218
2011 1,260 6,353 7,613
Thereafter - 95,831 95,831
---------------------------------------------------------
Total $19,886 $381,846 $401,732
=========================================================
- --------------------
(1) Amount outstanding on the Company's secured credit facility which is due on
April 1, 2004. Loan agreement provides for a one-year extension.
16