Exhibit 99.1
June 30, 2001 Selected Financial Information
Information for the three and six months ended June 30, 2001 and 2000
are unaudited and may not be indicative of results that may be expected for
future interim periods or for the full year.
Cautionary Disclosure Relating to Forward Looking Statements
Statements made in this document include forward looking statements under the
federal securities laws. Statements that are not historical in nature, including
the words "anticipate," "estimate," "should," "expect," "believe," "intend," and
similar expressions are intended to identify forward looking statements. While
these statements reflect the Company's good faith beliefs based on current
expectations, estimates and projections about (among other things) the industry
and the markets in which the Company operates, they are not guarantees of future
performance, involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those in the forward looking
statements, and should not be relied upon as predictions of future events.
Factors which could impact future results include (among other things) general
economic conditions, local real estate conditions, oversupply of available
space, financial condition of tenants, timely ability to lease or re-lease space
upon favorable economic terms, agreements with anchor tenants, interest rates,
availability of financing, competitive factors, and similar considerations. The
Company disclaims any obligation to publicly update or revise any forward
looking statement, whether as a result of new information, future events or
otherwise. For a discussion of risks and uncertainties that could cause actual
results to differ materially from those contained in the forward looking
statements, see "Risk Factors" filed as Exhibit 99.1 to the Company's Form 10-K.
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
SUMMARY OF BALANCE SHEET INFORMATION
(UNAUDITED)
As of
June 30, 2001 June 30, 2000
----------------------------------
Closing Market Price $ 12.50 10.00
Current Annual Dividend 1.1300 1.0925
Dividend Yield (based on current annualized dividend) 9.0% 10.9%
Common Shares Outstanding 14,678,510 13,742,169
Operating Partnership Units 3,339,099 3,407,240
Convertible Debentures 466,762 1,259,143
----------------------------------
Fully Diluted Shares 18,484,371 18,408,552
----------------------------------
Fixed Rate Debt $ 175,151,368 163,531,985
Variable Rate Debt 55,579,065 54,000,000
----------------------------------
Total Debt $ 230,730,433 217,531,985
----------------------------------
% Fixed Rate Debt 75.9% 75.2%
% Variable Rate Debt 24.1% 24.8%
Weighted Average Interest Rate - Fixed Rate Debt 8.3% 8.4%
Weighted Average Interest Rate - Variable Rate Debt 6.9% 7.7%
2
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
DEBT SUMMARY AS OF JUNE 30,2001
Interest Maturity Balance
Property Name Property No. Loan Type Rate Maturity Year Debt Holder 06/30/01
- ------------------------------------------------------------------------------------------------------------------------------------
Arundel Plaza 040511 Mortgage 7.453% 09/01/2009 2009 Protective Life $ 11,577,191
Club Centre 052011 Mortgage 9.75% 01/01/2020 2020 Canada Life 5,169,181*
Del Alba Plaza 011711 Mortgage 7.51% 04/01/2010 2010 Wingate 7,002,852
Enchanted Forest SC 051611 Mortgage 8.00% 12/01/2003 2003 Luthem Bros. 11,147,501
Harford Mall 010011 Mortgage 9.78% 07/01/2003 2003 Aetna 18,657,835
Ingleside SC 051411 Mortgage 8.25% 09/01/2012 2012 First Union 12,486,300
New Town Village 010711 Mortgage 8.05% 04/01/2006 2006 West Southern 12,325,782
Orchard Square 052221 Mortgage 7.70% 09/01/2009 2009 Credit Suisse 2,563,793
Perry Hall Square 053011 Mortgage 6.84% 12/01/2008 2008 Southern Life 5,752,234
Rosedale SC 045811 Mortgage 10.25% 08/01/2001 2001 Canada Life 1,589,210
Saucon Valley Square 014511 Mortgage 8.18% 11/01/2010 2010 Provident Mutual 8,366,908
Shawan Plaza 052811 Mortgage 9.75% 01/01/2020 2020 Canada Life 13,414,026*
Shoppes at Easton 010611 Mortgage 8.63% 04/01/2002 2002 West Southern 7,250,624
Skyline Village 014711 Mortgage 7.55% 03/01/2011 2011 West Southern 4,507,282
Stonehedge Square 013011 Mortgage 8.61% 09/01/2007 2007 Mortgage Capital 5,487,759
Timonium SC 052411 Mortgage 6.85% 03/01/2011 2011 IDS/AmEx 10,913,617
Timonium Crossing 052611 Mortgage 7.475% 01/01/2009 2009 GE Capital 5,477,810
Wayne Plaza 012311 Mortgage 8.08% 09/01/2010 2010 UBS 8,951,274
Wilkens Beltway & Office II 047411/
047422 Mortgage 10.375% 11/01/2003 2003 MART/Kens Partners 402,183
York Road Plaza 041511 Mortgage 7.87% 01/01/2006 2006 Nationwide 8,207,006
-------------
Total Mortgages $161,250,368
-------------
Convertible Debentures 010000 Sub Debentures 7.625% 09/2003 2003 $ 4,901,000
Revolving Line of Credit 010000 Unsecured Line Libor + 125 04/2003 2003 Allfirst 44,000,000
Lutherville Station 010911 Construction Loan 8.00% 07/01/2001 2001 Mercantile 9,000,000
Security Square SC 013111 Construction Loan Libor + 150 10/2003 2003 Allfirst 6,334,806
Waverly Woods 010911 Construction Loan Libor + 150 06/2003 2003 Provident 5,244,259
--------------
Total Long Term Debt $ 230,730,433
--------------
* Includes FMV adjustments - Club Centre ($594,958) and Shawan ($1,543,917).
3
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
SUMMARY OF OPERATING INFORMATION
(UNAUDITED)
Three months ended June 30, Six months ended June 30,
2001 2000 2001 2000
------------------------------------ --------------------------------
Diluted Funds From Operations $ 6,874,344 6,907,962 $ 13,848,691 13,318,367
FFO Per Share 0.38 0.38 0.76 0.73
Dividends Per Share $ 0.2825 0.2700 $ 0.5650 0.5400
Dividend/FFO Payout Ratio 75.2% 70.9% 74.7% 73.8%
WEIGHTED AVERAGE SHARES
Basic 14,214,916 13,503,848 13,948,758 13,534,722
Diluted 18,311,178 18,146,400 18,304,596 18,203,760
UNVESTED RESTRICTED SHARES 250,196 257,244 250,196 257,244
INTEREST COVERAGE
Earnings Before Interest, Depreciation
and extraordinary gain $ 10,365,389 9,890,615 $ 20,649,761 19,164,578
Interest Expense $ 4,362,712 4,080,108 $ 8,718,715 7,922,573
Interest Coverage 2.38 2.42 2.37 2.42
FFO DILUTED RECONCILIATION
Operating results:
Earnings from operations $ 3,261,460 3,228,470 $ 6,556,124 6,155,475
Depreciation and amortization of
property and improvements 2,741,217 2,582,037 5,374,922 5,086,530
-------------------------------- ---------------------------------
FFO Basic 6,002,677 5,810,507 11,931,046 11,242,005
Debenture interest and amortization 87,923 268,014 342,787 538,252
OP Unit minority interest 783,744 829,441 1,574,858 1,538,110
FFO DILUTED $ 6,874,344 6,907,962 $ 13,848,691 13,318,367
-------------------------------- ---------------------------------
4
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
DEVELOPMENT/REDEVELOPMENT PROJECTS
As of June 30, 2001
(UNAUDITED)
Development Projects
--------------------
Total Costs Estimated Costs Projected/Actual
Property Location at 6/30/01 to Complete Opening Completion %
- ----------------------------------------------------------------------------------------------------------------------------------
Burke Town Plaza Shopping Center Burke, VA $ 2,237,419 $ - December 2000 100%
Glen Burnie Village Shopping Center Baltimore County, MD 864,406 - July 2000 100%
Rosedale Plaza Shopping Center Baltimore County, MD 4,763,221 50,000 August 2000 100%
Security Square Shopping Center Baltimore County, MD 11,722,380 66,847 Feb - Jul 2001 100%
Waverly Woods Shopping Center Baltimore County, MD 11,103,624 296,376 Mar - Aug 2001 100%
- ----------------------------------------------------------------------------------------------------------------------------------
$30,691,050 $ 413,223
- ----------------------------------------------------------------------------------------------------------------------------------
Expansion/Redevelopment Projects
--------------------------------
Total Costs Estimated Costs Projected
Property Location at 6/30/01 to Complete Opening Completion %
- ----------------------------------------------------------------------------------------------------------------------------------
Lutherville Station Shopping Center Baltimore County, MD $ 151,656 $ 500,000 Late 2001 0%
Perry Hall Super Fresh Baltimore County, MD 5,184,720 4,370,835 Spring 2002 0%
Shrewsbury Shopping Center Shrewsbury, PA 313,078 6,955,063 Late 2002 0%
Smoketown Plaza Shopping Center Dale City, VA 5,132,439 3,122,709 Late 2002 0%
- ----------------------------------------------------------------------------------------------------------------------------------
$ 10,781,893 $14,948,607
- ----------------------------------------------------------------------------------------------------------------------------------
5
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
LEASE EXPIRATIONS
As of June 30, 2001
(UNAUDITED)
Lease Number of Approximate Expiring Leases Average
Year Expiring Expiring Annualized Minimum Rent
Expiration Leases GLA Minimum Rent Per Square Foot
- -----------------------------------------------------------------------------------------------------------------------
2001 49 107,214 $ 1,414,206 $ 13.19
2002 96 268,631 3,666,282 13.65
2003 98 500,577 4,468,051 8.93
2004 119 352,511 5,363,175 15.21
2005 81 451,293 4,470,533 9.91
2006 117 463,574 5,885,329 12.70
2007 37 321,917 3,153,944 9.80
2008 23 135,530 2,416,367 17.83
2009 16 207,075 2,093,395 10.11
2010 32 268,540 3,545,252 13.20
2011 28 461,738 2,750,823 5.96
Thereafer 56 1,374,993 16,563,522 12.05
-----------------------------------------------------------------------------------
752 4,913,593 $ 55,790,879 $ 11.35
-----------------------------------------------------------------------------------
6
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
LEASED RATES
As of June 30, 2001
(UNAUDITED)
- -------------------------------------------------------------------------------------------------------------------------
Total SQ. LEASED PERCENT
MARYLAND FT. SQ.FT. LEASED
- -------------------------------------------------------------------------------------------------------------------------
Arundel Plaza Shopping Center 249,746 249,746 100%
Clinton Centre 28,956 28,956 100%
Club Centre at Pikesville Shopping Center 44,253 37,933 86%
Enchanted Forest Shopping Center 139,898 139,898 100%
Fullerton Plaza Shopping Center 152,834 144,334 94%
Glen Burnie Village Shopping Center 75,185 57,805 77%
- -------------------------------------------------------------------------------------------------------------------------
Harford Mall and Business Center 624,904 614,616 98%
Ingleside Shopping Center 115,410 115,410 100%
Little Glen Shopping Center 18,823 10,318 55%
Lutherville Station - Office 45,473 45,473 100%
Lutherville Station - Retail 240,087 123,229 51%
- -------------------------------------------------------------------------------------------------------------------------
New Town Village Shopping Center 117,593 115,447 98%
North East Station Shopping 80,190 71,790 90%
Orchard Square Office 27,959 27,959 100%
Patriots Office 28,289 17,548 62%
Patriots Plaza Shopping Center 38,727 38,727 100%
Perry Hall Shopping Center 210,587 185,415 88%
- -------------------------------------------------------------------------------------------------------------------------
Radcliffe Shopping Center at Towson 82,280 82,280 100%
Rolling Road Plaza Shopping Center 64,257 36,357 57%
Rosedale Plaza Shopping 90,622 85,684 95%
Security Square Shopping Center 77,287 77,287 100%
Shawan Plaza Shopping Center 94,653 89,353 94%
- -------------------------------------------------------------------------------------------------------------------------
Shoppes at Easton Shopping Center 113,330 109,830 97%
Southwest Mixed Use Property 24,743 24,743 100%
Timonium Crossing Shopping Center 59,462 55,112 93%
Timonium Shopping Center 207,135 185,957 90%
Waldorf Bowl 26,128 26,128 100%
- -------------------------------------------------------------------------------------------------------------------------
Waldorf Retail 4,500 4,500 100%
Waverly Woods Shopping Center 99,347 92,995 94%
Wilkens Beltway Plaza Shopping Center 79,740 79,740 100%
Wilkens Office I, II, III 52,770 50,844 96%
York Road Plaza Shopping Center 90,903 90,903 100%
- -------------------------------------------------------------------------------------------------------------------------
MARYLAND TOTALS 3,406,071 3,116,317 91%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
DELAWARE
- -------------------------------------------------------------------------------------------------------------------------
Brandywine Commons Shopping Center 165,805 165,805 100%
Milford Commons Shopping Center 61,100 61,100 100%
- -------------------------------------------------------------------------------------------------------------------------
DELAWARE TOTALS 226,905 226,905 100%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
LEASED Percent
VIRGINIA SQ. FT. Leased
- -------------------------------------------------------------------------------------------------------------------------
Burke Town Plaza Shopping Center 132,778 132,778 100%
Skyline Crossing Shopping Center 126,641 121,291 96%
Smoketown Plaza Shopping Center 175,991 104,936 60%*
- -------------------------------------------------------------------------------------------------------------------------
*Under redevelopment.
7
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
LEASED RATES (Continued)
As of June 30, 2001
(UNAUDITED)
- ------------------------------------------------------------------------------------------------------------
Spotsylvania Crossing'Shopping Center 141,857 140,832 99%
Sudley Towne Plaza Shopping Center 107,761 107,761 100%
- ------------------------------------------------------------------------------------------------------------
VIRGINIA TOTALS 685,028 607,598 89%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
NEW YORK
- ------------------------------------------------------------------------------------------------------------
Colonie Plaza Shopping Center 140,406 126,749 90%
Columbia Plaza Shopping Center 132,523 129,863 98%
- ------------------------------------------------------------------------------------------------------------
NEW YORK TOTALS 272,929 256,612 94%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
PENNSYLVANIA
- ------------------------------------------------------------------------------------------------------------
Wayne Heights Shopping Center 107,549 98,549 92%
Wayne Avenue Plaza Shopping Center 121,202 121,202 100%
Saucon Valley Square Shopping Center 80,695 80,695 100%
Stonehedge Square Shopping Center 87,860 87,860 100%
- ------------------------------------------------------------------------------------------------------------
PENNSYLVANIA TOTALS 397,306 388,306 98%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
MASSACHUSETTS
- ------------------------------------------------------------------------------------------------------------
Del Alba Shopping Center 69,985 69,985 100%
- ------------------------------------------------------------------------------------------------------------
MASSACHUSETTS TOTALS 69,985 69,985 100%
- ------------------------------------------------------------------------------------------------------------
MID-ATLANTIC TOTALS 5,058,224 4,665,723 92%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
ILLINOIS
- ------------------------------------------------------------------------------------------------------------
Rolling Meadows 37,225 37,225 100%
- ------------------------------------------------------------------------------------------------------------
ILLINOIS TOTALS 37,225 37,225 100%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
SUBTOTAL OPERATINU PROPERTIES 5,095,449 4,702,948 92%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
DEVELOPMENT OPERATIONS - MARYLAND
Perry Hall Super Fresh Shopping Center 56,329 56,329 100%
Waverly Woods - Animal Hospital 4,200 4,200 100%
- ------------------------------------------------------------------------------------------------------------
DEVELOPMENT OPERATIONS - MARYLAND 60,529 60,529 100%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
DEVELOPMENT OPERATIONS - VIRGINIA
- ------------------------------------------------------------------------------------------------------------
Smoketown Plaza Shopping Center 160,000 160,000 100%
- ------------------------------------------------------------------------------------------------------------
DEVELOPMENT OPERATIONS - VIRGINIA 160,000 160,000 100%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL OPERATING & DEVELOPMENT 5,315,978 4,923,477 93%
- ------------------------------------------------------------------------------------------------------------
8
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
TOP 10 CENTERS BY SIZE
CENTER NAME GLA % OF TOTAL PORTFOLIO
- ----------- --- --------------------
Harford Mall 598,004 11.2%
Lutherville Station Shopping Center 285,560 5.4%
Arundel Plaza Shopping Center 249,746 4.7%
Perry Hall Square Shopping Center 210,587 4.0%
Timonium Shoppping Center 207,135 3.9%
Smoketown Plaza Shopping Center 175,991 3.3%
Brandywine Commons Shopping Center 165,805 3.1%
Fullerton Plaza Shopping Center 152,834 2.9%
Spotsylvania Crossing Shopping Center 141,857 2.7%
Colonie Plaza Shopping Center 140,406 2.6%
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
TOP 10 ASSETS BY ANNUALIZED MINIMUM RENT
CENTER NAME MINIMUM RENT % OF TOTAL PORTFOLIO
- ----------- ------------ --------------------
Harford Mall $ 5,000,000 10.0%
Enchanted Forest Shopping Center 2,400,000 4.8%
Brandywine Commons Shopping Center 2,200,000 4.4%
New Town Village Shopping Center 2,100,000 4.2%
Timonium Shoppping Center 1,900,000 3.8%
Radcliffe Center Shopping Center 1,800,000 3.6%
Lutherville Station Shopping Center 1,700,000 3.4%
Ingleside Shopping Center 1,700,000 3.4%
Shawan Plaza Shopping Center 1,700,000 3.4%
Perry Hall Square Shopping Center 1,600,000 3.2%
APPROXIMATE ANNUALIZED MINIMUM RENT
TOTAL PORTFOLIO $50,200,000
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
TOP 10 TENANTS BY ANNUALIZED MINIMUM RENT
CENTER NAME TENANT MINIMUM RENT %OF TOTAL PORTFOLIO
- ----------- ------ ------------ -------------------
Security Square Shopping Center Super Fresh $989,179 2.0%
New Town Village Shopping Center Giant 946,677 1.9%
Del Alba Shopping Center Stop & Shop 924,796 1.8%
Shoppes at Easton Shopping Center Giant 772,131 1.5%
Brandywine Commons Shopping Center Shoprite 763,746 1.5%
Arundel Plaza Shopping Center Lowes 760,000 1.5%
Lutherville Station Shopping Center SuperValue 723,300 1.4%
Ingleside Shopping Center Safeway 685,630 1.4%
York Road Plaza Sopping Center Giant 655,000 1.3%
Rosedale Plaza Shopping Center Super Fresh 631,375 1.3%
APPROXIMATE ANNUALIZED MINIMUM RENT
TOTAL PORTFOLIO $ 50,200,000
9
Grocers by Ownership
June 30, 2001
Total Annual Minimum Rent - Grocers $13,029,524
CENTER TENANT NAME GLA
------ ----------- ---
ROYAL AHOLD UNITS
GIANT OF MARYLAND
Arundel Plaza Giant 51,976
Wilkens Beltway Plaza Giant 55,108
Shawan Plaza Giant 55,330
York Road Plaza Giant 56,892
New Town Village Giant 60,985
Shoppes at Easton Giant 64,885
GIANT OF CARLISLE
Wayne Heights Mall Martin's 31,409
Wayne Plaza Giant 53,760
STOP & SHOP
Del Alba Plaza Stop & Shop 61,935
Total Annual Minimum Rent from Royal Ahold Units $5,082,775
DELHAIZE AMERICA, INC.
Milford Commons Food Lion 33,000
North East Station Food Lion 38,372
Total Annual Minimum Rent from Food Lion $ 549,000
ASSOCIATED WHOLESALERS, INC.
Stonehedge Square Nells Market 42,552
Total Annual Minimum Rent from Nells Market $ 321,232
GOLUB CORPORATION
Colonie Plaza Price Chopper 60,000
Columbia Plaza Price Chopper 65,895
Total Annual Minimum Rent from Price Chopper $ 959,298
SUPERVALU, INC.
Lutherville Station Vacant-Paying Rent 60,275
Skyline Village Vacant-Paying Rent 64,485
Total Annual Minimum Rent from Supervalu, Inc. $1,171,471
SAFEWAY STORES
Enchanted Forest Safeway 50,093
Burke Town Plaza Safeway 53,495
Ingleside Shopping Center Safeway 54,200
Total Annual Minimum Rent from Sateway Stores $1,351,197
WAKEFERN FOOD CORPORATION
Brandywine Commons Shoprite 58,236
Total Annual Minimum Rent from Shoprite $ 763,7461
GREAT ATLANTIC & PACIFIC TEA COMPANY
Saucon Valley Super Fresh 47,827
Security Square Super Fresh 58,187
Rosedale Plaza Super Fresh 50,510
Total Annual Minimum Rent from Super Fresh $2,242,305
WEIS MARKETS
Waverly Woods Weis Markets 53,500
Total Annual Minimum Rent from Weis Markets $ 588,500
Based on 5.3 million square feet of space at June 30, 2001, grocery
leased space represents approximately 24.2% of leasable square footage and based
on minimum rentals of $50 million for that same period, grocery leased space
represents approximately 26.1% of such rental.
10