EXHIBIT 99.1
March 31, 2002 Selected Financial Information
Information for the three months ended March 31, 2002 and 2001 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.
1
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED FINANCIAL DATA
(UNAUDITED)
As of
March 31, 2002 March 31, 2001
- --------------------------------------------------------------------------------
Diluted EPS:
Common shares outstanding 17,229,392 14,306,502
Operating partnership units 3,008,532 3,339,099
Convertible debentures 430,857 816,762
--------------------------------------
Diluted EPS 20,668,781 18,462,363
======================================
Indebtedness:
Fixed rate debt $ 186,553,778 179,515,080
Variable rate debt 29,298,369 51,967,262
--------------------------------------
Total indebtedness 215,852,147 231,482,342
======================================
Total indebtedness %:
% Fixed rate debt 86.4% 77.6%
% Variable rate debt 13.6% 22.4%
Portfolio Weighted Average Interest Rates:
Fixed rate debt 8.0% 8.1%
Variable rate debt 3.8% 5.1%
Current Annual Dividend Yield (based on
current annualized dividend):
Closing market price $ 15.30 14.00
Current annual dividend 1.18 1.13
Dividend yield 7.7% 8.1%
2
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
INDEBTEDNESS SUMMARY AS OF MARCH 31, 2002
Interest Ending
Property/Description Loan Type Rate Maturity Balance
- ---------------------------------------------------------------------------------------------------------------------
Arundel Plaza Shopping Center Mortgage 7.453% 09/01/09 $ 11,449,155
Club Centre at Pikesville Shopping Center (1) Mortgage 9.75% 01/01/20 5,082,165
Convertible Debentures Sub Debentures 7.625% 09/15/03 4,524,000
Del Alba Shopping Center Mortgage 7.51% 03/11/10 6,955,211
Enchanted Forest Shopping Center Mortgage 8.00% 12/01/03 10,947,060
Harford Mall Mortgage 9.78% 07/01/03 18,491,464
Ingleside Shopping Center Mortgage 8.25% 09/01/12 12,425,494
Lutherville Station Shopping Center Construction Loan 7.00% 06/01/04 8,828,948
New Town Village Shopping Center Mortgage 8.05% 04/01/06 12,204,137
Orchard Square Medical Office Mortgage 7.70% 09/29/09 2,546,245
Perry Hall Shopping Center Mortgage 6.84% 12/01/08 5,678,711
Saucon Valley Square Shopping Center Mortgage 8.18% 11/01/10 8,292,373
Security Square Shopping Center Mortgage 7.09% 02/01/12 10,687,169
Shawan Plaza Shopping Center (2) Mortgage 9.75% 01/01/20 13,188,218
Shoppes at Easton Shopping Center Mortgage 8.63% 04/01/02 -
Skyline Village Shopping Center Mortgage 7.55% 03/29/11 4,269,261
Stonehedge Square Shopping Center Mortgage 8.61% 09/01/07 5,449,484
Timonium Shopping Center Mortgage 6.85% 03/01/11 10,696,560
Timonium Crossing Shopping Center Mortgage 7.475% 01/01/09 5,440,988
Waverly Woods Shopping Center Mortgage 7.200% 01/01/12 11,971,513
Wayne Avenue Plaza Shopping Center Mortgage 8.08% 09/01/10 8,899,600
Wilkens Beltway Plaza SC & Wilkens Office II Mortgage 10.375% 11/01/03 394,545
York Road Plaza Shopping Center Mortgage 7.87% 01/29/06 8,131,477
--------------
Total fixed rate debt $ 186,553,778
--------------
Revolving Line of Credit Unsecured Line Variable 04/01/03 22,000,000
Perry Hall Super Fresh Shopping Center Construction Loan Variable 01/01/04 4,498,369
Smoketown Plaza Shopping Center Construction Loan Variable 03/01/04 2,800,000
--------------
Total variable rate debt $ 29,298,369
--------------
--------------
$ 215,852,147
==============
FMV Adjustments Included in Ending Balance:
- --------------------------------------------------
(1) Club Centre ($568,781)
(2) Shawan Plaza ($1,475,987)
3
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED OPERATING INFORMATION
(UNAUDITED)
As of
March 31, 2002 March 31, 2001
- --------------------------------------------------------------------------------
Diluted funds from operations $ 7,506,805 6,974,347
FFO per share 0.40 0.38
Dividends per share $ 0.2950 0.2825
Dividend/FFO payout ratio 74.7% 74.0%
Weighted average number of shares
outstanding - EPS:
Basic 15,427,779 13,679,638
Diluted 18,996,813 18,273,836
Unvested restricted shares 211,930 248,078
Leverage Ratio:
EBITDA $ 10,878,880 10,284,371
Interest expense 4,194,271 4,356,002
Interest coverage ratio 2.59 2.36
FFO Diluted Reconciliation:
Earnings from operations $ 3,778,140 3,294,664
Depreciation and amortization of
property and improvements 2,906,469 2,633,705
--------------------------------------
FFO Basic 6,684,609 5,928,369
Debenture interest and amortization 90,430 254,864
OP unit minority interest 731,766 791,114
--------------------------------------
FFO diluted $ 7,506,805 6,974,347
======================================
4
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
DEVELOPMENT/REDEVELOPMENT PROJECTS
AS OF MARCH 31, 2002
(UNAUDITED)
Development Projects Included in Operating Properties
-----------------------------------------------------
Total Costs Estimated Costs Projected/Actual Completion
Property Location at 3/31/02 to Complete Opening Date %
- ------------------------------------------------------------------------------------------------------------------------------------
Security Square Shopping Center Baltimore County, MD 11,722,380 - February 2001 100%
Waverly Woods Shopping Center Baltimore County, MD 11,103,624 126,300 March 2001 100%
- ------------------------------------------------------------------------------------------------------------------------------------
$22,826,004 $ 126,300
====================================================================================================================================
Expansion/Redevelopment Projects
--------------------------------
Total Costs Estimated Costs Projected Completion
Property Location at 3/31/02 to Complete Opening Date %
- ------------------------------------------------------------------------------------------------------------------------------------
Lutherville Station Shopping Center Baltimore County, MD $ 1,224,387 $ 1,923,000 Late 2002 75%
Perry Hall Super Fresh Baltimore County, MD 9,087,790 467,765 April 2002 95%
Shrewsbury Shopping Center Shrewsbury, PA 630,494 6,637,647 Late 2002 0%
Smoketown Plaza Shopping Center Dale City, VA 6,020,554 2,234,594 Spring 2003 0%
Miscellaneous Projects 1,695,805 -
- ------------------------------------------------------------------------------------------------------------------------------------
$18,659,030 $ 11,263,006
====================================================================================================================================
5
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
LEASE EXPIRATIONS
AS OF MARCH 31, 2002
(UNAUDITED)
Lease Number of Approximate Expiring Leases Average
Year Expiring Expiring Annualized Minimum Rent
Expiration Leases GLA Minimum Rent Per Square Foot
- --------------------------------------------------------------------------------
2002 75 183,443 $ 2,473,440 $ 13.48
2003 106 367,584 4,361,309 11.86
2004 126 388,028 5,717,349 14.73
2005 96 493,655 4,775,365 9.67
2006 114 378,682 5,931,752 15.66
2007 65 389,732 4,233,082 10.86
2008 26 418,786 2,960,592 7.07
2009 20 218,430 2,386,610 10.93
2010 32 268,540 3,546,102 13.21
2011 26 279,194 2,403,122 8.61
2012 17 134,360 1,636,908 12.18
Thereafter 63 1,508,598 18,439,357 12.22
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766 5,029,032 $ 58,864,988 $ 11.71
===================================================================
6
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
LEASED RATES
AS OF MARCH 31, 2002
(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 31,417 71%
Enchanted Forest Shopping Center 139,898 138,398 99%
Fullerton Plaza Shopping Center 152,834 147,334 96%
Glen Burnie Village Shopping Center 75,185 60,160 80%
- ------------------------------------------------------------------------------------------------------------
Harford Mall and Business Center 625,204 600,363 96%
Ingleside Shopping Center 115,410 115,410 100%
Little Glen Shopping Center 18,823 12,909 69%
Lutherville Station - Office 162,331 69,473 43%
Lutherville Station - Retail 123,229 123,229 100%
- ------------------------------------------------------------------------------------------------------------
New Town Village Shopping Center 117,593 115,447 98%
North East Station Shopping Center 80,190 70,390 88%
Orchard Square Office 27,959 27,959 100%
Patriots Office 28,289 20,756 73%
Patriots Plaza Shopping Center 38,727 38,727 100%
Perry Hall Shopping Center 183,055 173,790 95%
- ------------------------------------------------------------------------------------------------------------
Radcliffe Shopping Center at Towson 82,280 82,280 100%
Rolling Road Plaza Shopping Center 63,047 58,103 92%
Rosedale Plaza Shopping Center 90,622 88,082 97%
Security Square Shopping Center 77,287 77,287 100%
Shawan Plaza Shopping Center 94,653 92,653 98%
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Shoppes at Easton Shopping Center 113,330 113,330 100%
Southwest Mixed Use Property 24,743 24,743 100%
Timonium Crossing Shopping Center 59,829 51,021 85%
Timonium Shopping Center 207,135 171,985 83%
Waldorf Bowl 26,128 26,128 100%
- ------------------------------------------------------------------------------------------------------------
Waldorf Retail 4,500 4,500 100%
Waverly Woods Shopping Center 99,832 96,151 96%
Wilkens Beltway Plaza Shopping Center 79,740 79,740 100%
Wilkens Office I,II,III 52,770 50,192 95%
York Road Plaza Shopping Center 90,903 90,903 100%
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MARYLAND TOTALS 3,378,481 3,131,562 93%
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- ------------------------------------------------------------------------------------------------------------
DELAWARE
- ------------------------------------------------------------------------------------------------------------
Brandywine Commons Shopping Center 165,805 165,805 100%
Milford Commons Shopping Center 61,100 47,400 78%
- ------------------------------------------------------------------------------------------------------------
DELAWARE TOTALS 226,905 213,205 94%
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VIRGINIA
- ------------------------------------------------------------------------------------------------------------
Burke Town Plaza Shopping Center 132,778 132,778 100%
Skyline Crossing Shopping Center 126,641 123,841 98%
Smoketown Plaza Shopping Center 176,057 58,828 33%*
Spotsylvania Crossing Shopping Center 141,857 140,832 99%
Sudley Towne Plaza Shopping Center 107,761 107,761 100%
- ------------------------------------------------------------------------------------------------------------
VIRGINIA TOTALS 685,094 564,040 82%
- ------------------------------------------------------------------------------------------------------------
*Under redevelopment.
7
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
LEASED RATES (Continued)
AS OF MARCH 31, 2002
(UNAUDITED)
- ------------------------------------------------------------------------------------------------------------
Total SQ. LEASED PERCENT
NEW YORK FT. SQ. FT. LEASED
- ------------------------------------------------------------------------------------------------------------
Colonie Plaza Shopping Center 140,406 126,749 90%
Columbia Plaza Shopping Center 132,523 124,405 94%
- ------------------------------------------------------------------------------------------------------------
NEW YORK TOTALS 272,929 251,154 92%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
PENNSYLVANIA
- ------------------------------------------------------------------------------------------------------------
Pottstown Plaza Shopping Center 162,256 128,016 79%
Saucon Valley Square Shopping Center 80,695 80,695 100%
Stonehedge Square Shopping Center 87,860 84,360 96%
Wayne Heights Shopping Center 107,549 98,549 92%
Wayne Avenue Plaza Shopping Center 121,202 118,467 98%
- ------------------------------------------------------------------------------------------------------------
PENNSYLVANIA TOTALS 559,562 510,087 91%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
MASSACHUSETTS
- ------------------------------------------------------------------------------------------------------------
Del Alba Shopping Center 71,985 66,485 92%
- ------------------------------------------------------------------------------------------------------------
MASSACHUSETTS TOTALS 71,985 66,485 92%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
MID-ATLANTIC TOTALS 5,194,956 4,736,533 91%
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- ------------------------------------------------------------------------------------------------------------
ILLINOIS
- ------------------------------------------------------------------------------------------------------------
Rolling Meadows 37,225 37,225 100%
- ------------------------------------------------------------------------------------------------------------
ILLINOIS TOTALS 37,225 37,225 100%
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- ------------------------------------------------------------------------------------------------------------
SUBTOTAL OPERATING PROPERTIES 5,232,181 4,773,758 91%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
DEVELOPMENT OPERATIONS - MARYLAND
- ------------------------------------------------------------------------------------------------------------
Perry Hall Super Fresh Shopping Center 56,743 56,743 100%
- ------------------------------------------------------------------------------------------------------------
Waverly Woods Shopping Center 3,715 3,715 100%
- ------------------------------------------------------------------------------------------------------------
DEVELOPMENT OPERATIONS - MARYLAND 60,458 60,458 100%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
DEVELOPMENT OPERATIONS - VIRGINIA
- ------------------------------------------------------------------------------------------------------------
Smoketown Plaza Shopping Center 160,000 160,000 100%
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DEVELOPMENT OPERATIONS - VIRGINIA 160,000 160,000 100%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL OPERATING & DEVELOPMENT 5,452,639 4,994,216 92%
- ------------------------------------------------------------------------------------------------------------
8
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
TOP 10 CENTERS BY SIZE
% OF TOTAL
CENTER NAME GLA PORTFOLIO
- -------------------------------------------------------------------------
Harford Mall 598,304 11.3%
Lutherville Station 285,560 5.4%
Arundel Plaza Shopping Center 249,746 4.7%
Timonium Shopping Center 207,135 3.9%
Perry Hall Shopping Center 183,055 3.5%
Smoketown Plaza Shopping Center 176,057 3.3%
Brandywine Commons Shopping Center 165,805 3.1%
Pottstown Plaza Shopping Center 162,256 3.1%
Fullerton Plaza Shopping Center 152,834 2.9%
Spotsylvania Crossing Shopping Center 141,857 2.7%
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
TOP 10 ASSETS BY ANNUALIZED MINIMUM RENT
% OF TOTAL
CENTER NAME MINIMUM RENT PORTFOLIO
- --------------------------------------------------------------------------
Harford Mall $ 4,861,000 9.5%
Enchanted Forest Shopping Center 2,408,000 4.7%
Brandywine Commons II 2,195,000 4.3%
New Town Village 2,132,000 4.2%
Lutherville Station Shopping Center 2,068,000 4.1%
Timonium Shopping Center 1,828,000 3.6%
Radcliffe Center 1,798,000 3.5%
Shawan Plaza 1,719,000 3.4%
Ingleside Shopping Center 1,708,000 3.3%
Burke Town Plaza 1,616,000 3.2%
APPROXIMATE ANNUALIZED MINIMUM RENT
TOTAL PORTFOLIO $ 51,000,000
9
GROCERS BY OWNERSHIP
MARCH 31, 2002
ANNUAL
CENTER TENANT NAME GLA MINIMUM RENT
- -----------------------------------------------------------------------------------------------------------------
ROYAL AHOLD UNITS:
Giant of Maryland
Arundel Plaza Giant Food 51,976 $ 74,200
Wilkens Beltway Plaza Giant Food 55,108 452,887
Shawan Plaza Giant Food 55,330 597,486
York Road Plaza Giant Food 56,892 655,000
New Town Village Giant Food 60,985 946,677
Shoppes at Easton Giant Food 64,885 772,131
Giant of Carlisle
Pottstown Plaza Giant Food 57,200 521,586
Wayne Heights Mall Martin's 31,409 122,000
Wayne Plaza Giant Food 53,760 537,600
Stop & Shop
Del Alba Plaza Stop & Shop 63,935 959,796
- ----------------------------------------------------------------------------------------------------------------
ROYAL AHOLD UNIT TOTALS 551,480 $ 5,639,364
- ----------------------------------------------------------------------------------------------------------------
DELHAIZE AMERICA, INC.:
Milford Commons Food Lion 33,000 $ 264,000
North East Station Food Lion 38,372 285,000
- ----------------------------------------------------------------------------------------------------------------
DELHAIZE AMERICA, INC. TOTALS 71,372 $ 549,000
- ----------------------------------------------------------------------------------------------------------------
ASSOCIATED WHOLESALERS, INC.:
Stonehedge Square Nells Market 42,552 $ 321,232
- ----------------------------------------------------------------------------------------------------------------
ASSOCIATED WHOLESALERS, INC. TOTALS 42,552 $ 321,232
- ----------------------------------------------------------------------------------------------------------------
GOLUB CORPORATION:
Colonie Plaza Price Chopper 60,000 $ 330,000
Columbia Plaza Price Chopper 65,895 629,297
- ----------------------------------------------------------------------------------------------------------------
GOLUB CORPORATION TOTALS 125,895 $ 959,297
- ----------------------------------------------------------------------------------------------------------------
SUPERVALU, INC.:
Lutherville Station Vacant-paying rent 60,275 $ 723,300
Skyline Village Vacant-paying rent 64,485 509,432
- ----------------------------------------------------------------------------------------------------------------
SUPERVALU, INC. TOTALS 124,760 $ 1,232,732
- ----------------------------------------------------------------------------------------------------------------
SAFEWAY STORES:
Enchanted Forest Safeway 50,093 $ 500,930
Burke Town Plaza Safeway 53,495 202,207
Ingleside Shopping Center Safeway 54,200 685,630
- ----------------------------------------------------------------------------------------------------------------
SAFEWAY STORES TOTALS 157,788 $ 1,388,767
- ----------------------------------------------------------------------------------------------------------------
WAKEFERN FOOD CORPORATION:
Brandywine Commons Shoprite 58,236 $ 789,837
- ----------------------------------------------------------------------------------------------------------------
WAKEFERN FOOD CORPORATION TOTALS 58,236 $ 789,837
- ----------------------------------------------------------------------------------------------------------------
10
GROCERS BY OWNERSHIP (CONTINUED)
MARCH 31, 2002
ANNUAL
CENTER TENANT NAME GLA MINIMUM RENT
- -----------------------------------------------------------------------------------------------------------------
GREAT ATLANTIC & PACIFIC TEA COMPANY:
Saucon Valley Super Fresh 47,827 $ 621,751
Security Square Super Fresh 58,187 989,179
Rosedale Plaza Super Fresh 50,510 631,375
- ----------------------------------------------------------------------------------------------------------------
GREAT ATLANTIC & PACIFIC TEA COMPANY TOTALS 156,524 $ 2,242,305
- ----------------------------------------------------------------------------------------------------------------
WEIS MARKETS:
Waverly Woods Weis Market 53,500 $ 588,500
- ----------------------------------------------------------------------------------------------------------------
WEIS MARKETS TOTALS 53,500 $ 588,500
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
GROCER TOTALS 1,342,107 $13,711,034
- ----------------------------------------------------------------------------------------------------------------
Based on 5.5 million square feet of space at March 31, 2002, grocery leased space represents approximately 24.4% of leasable
square footage and based on minimum rentals of $51 million for that same period, grocery leased space represents approximately
26.9% of such rental.
11