[AMREIT LOGO]
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Supplemental Financial Information
March 31, 2007
(Unaudited)
Table of Contents Page #
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Corporate Profile 1
Consolidated Balance Sheets 2
Consolidated Statements of Operations 3
Consolidated Statements of Operations - Segments 4 - 5
Summary of Operating Results
Funds From Operations 6
Dividends - All Classes of Common Shares 6
Rental Income 7
Real Estate Revenue Allocation 7
Discontinued Operations 8
Interest Expense 8
Summary Balance Sheet Information
Common Share Data 9
Capitalization 9
Portfolio Net Asset Value 9
Debt Information
Outstanding Balances and Terms 10 - 11
Fixed vs. Variable Rate Debt 11
Property & Tenant Information
Property Table 12- 13
Tenant Diversification 14
Leasing Activity Report 14
Lease Expiration Schedule 15
This Supplemental Financial Information package contains historical information
of the Company and is intended to supplement the Company's Quarterly Report on
Form 10-Q for the three months ended March 31, 2007. All financial information
in this Supplemental Financial Information package is shown in thousands, except
for per share data and share information.
Certain information contained in this Supplemental Financial Information package
includes certain forward-looking statements reflecting AmREIT's expectations in
the near term that involve a number of risks and uncertainties; however, many
factors may materially affect the actual results, including demand for our
properties, changes in rental and occupancy rates, changes in property operating
costs, interest rate fluctuations, and changes in local and general economic
conditions. Accordingly, there is no assurance that AmREIT's expectations will
be realized.
Corporate Profile:
AmREIT (AMEX: AMY) is a growing real estate company focused on the development,
acquisition, construction, disposition, brokerage, leasing and management of
shopping centers in major metropolitan markets throughout the Southwest and
Southeast. The company deploys its broad range of real estate development and
operating expertise to grow two distinct businesses within AmREIT. The first is
a 1.1 million square foot portfolio of "Irreplaceable Corners TM" - Premier
retail properties in high traffic, densely populated areas. The second is an
advisory and sponsorship business that had a total of $280 million in assets
under management as of March 31, 2007. Founded in 1985, AmREIT is a fully
integrated equity real estate investment trust that has been public since 2002.
Corporate Office:
8 Greenway Plaza, Suite 1000
Houston, Texas 77046
(800) 888-4400
(713) 850-0498 (fax)
www.amreit.com
Stock Exchange:
American Stock Exchange - AMY
1
Consolidated Balance Sheets:
March 31, December 31,
2007 2006
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(unaudited)
ASSETS
Real estate investments at cost:
Land $ 133,345 $ 124,751
Buildings 140,360 140,487
Tenant improvements 9,409 9,296
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283,114 274,534
Less accumulated depreciation and amortization (11,871) (10,628)
------------ ------------
271,243 263,906
Net investment in direct financing leases held for investment 19,200 19,204
Intangible lease cost, net 15,278 16,016
Investment in merchant development funds and other affiliates 2,564 2,651
------------ ------------
Nettreal estate investments 308,285 301,777
Cash and cash equivalents 7,274 3,415
Tenant receivables, net 4,480 4,330
Accounts receivable, net 703 1,772
Accounts receivable - related party 2,482 1,665
Notes receivable - related party 11,269 10,104
Deferred costs 2,247 2,045
Other assets 2,841 3,322
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TOTAL ASSETS $ 339,581 $ 328,430
============ ============
LIABILITIES AND SHAREH0LDERS' EQUITY
Liabilities:
Notes payable $ 161,914 $ 144,453
Accounts payable and other liabilities 4,850 9,162
Below market leases, net 3,822 3,960
Security deposits 678 668
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TOTAL LIABILITIES 171,264 158,243
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Minority interest 1,153 1,137
Shareholders' equity:
Preferred shares, $.01 par value, 10,000,000 shares authorized, none issue- --
Class A Common shares, $.01 par value, 50,000,000 shares authorized,
6,580,305 and 6,549,950 shares issued, respectively 66 65
Class B Common shares, $.01 par value, 3,000,000 shares authorized,
1,049,825 and 1,080,180 shares issued, respectively 10 11
Class C Common shares, $.01 par value, 4,400,000 shares authorized,
4,167,338 and 4,145,531 shares issued, respectively 42 41
Class D Common shares, $.01 par value, 17,000,000 shares authorized,
11,058,788 and 11,039,803 shares issued, respectively 111 110
Capital in excess of par value 194,462 194,696
Accumulated distributions in excess of earnings (26,236) (23,749)
Cost of treasury shares, 177,984 and 292,238 Class A shares, respectively (1,291) (2,124)
------------ ------------
TOTAL SHAREHOLDERS' EQUITY 167,164 169,050
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TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $ 339,581 $ 328,430
============ ============
2
Consolidated Statements of Operations:
2007 2006
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Revenues:
Rental income from operating leases $ 7,082 $ 5,973
Earned income from direct financing leases 507 507
Real estate fee income 694 751
Real estate fee income - related party 713 767
Construction revenues 97 621
Construction revenues - related party 876 1,173
Securities commission income - related party 993 1,391
Asset management fee income - related party 284 158
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Total revenues 11,246 11,341
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Expenses:
General and administrative 2,210 1,879
Property expense 1,730 1,015
Construction costs 861 1,675
Legal and professional 295 312
Real estate commissions 421 540
Securities commissions 829 1,257
Depreciation and amortization 1,941 2,182
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Total expenses 8,287 8,860
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Operating income 2,959 2,481
Other income (expense):
Interest and other income - related party 244 235
Income from merchant development funds and other affiliates (12) 98
Federal income tax expense for taxable REIT subsidiary 20 83
Interest expense (2,357) (1,743)
Minority interest in income of consolidated joint ventures (36) (36)
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Income (loss) before discontinued operations 999 1,118
Income (loss) from discontinued operations, net of taxes 5 (30)
Gain on sales of real estate acquired for resale, net of taxes (1) 5
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Income from discontinued operations 4 (25)
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Net income 1,003 1,093
Distributions paid to class B, C and D shareholders (2,705) (2,906)
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Net (loss) income available to class A shareholders $ (1,702) $ (1,813)
========== ==========
Net (loss) income per class A common share - basic and diluted
Loss before discontinued operations $ (0.27) $ (0.28)
Income from discontinued operations 0.00 (0.00)
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Net (loss) income $ (0.27) $ (0.28)
========== ==========
Weighted average class A common shares used to
compute net (loss) income per share, basic and diluted 6,320 6,425
========== ==========
3
Segmented Statements of Operations:
Asset Advisory Business
------------------------------
For the three months Real Estate Merchant
ended Development & Securities Development
March 31, 2007 Portfolio Operations Operations Funds Total
- ----------------------------- ------------- ------------- ------------- ------------- -------------
Rental income $ 7,589 $ -- $ -- $ -- $ 7,589
Securities commission income -- -- 993 -- 993
Real estate fee income -- 1,407 -- -- 1,407
Construction revenues -- 973 -- -- 973
Asset management fee income -- -- -- 284 284
------------- ------------- ------------- ------------- -------------
Total revenues 7,589 2,380 993 284 11,246
General and
administrative 435 1,223 486 66 2,210
Property expense 1,694 36 -- -- 1,730
Construction costs -- 861 -- -- 861
Legal and professional 198 87 10 -- 295
Real estate commissions -- 421 -- -- 421
Securities commissions -- -- 829 -- 829
Depreciation and
amortization 1,941 -- -- -- 1,941
------------- ------------- ------------- ------------- -------------
Total expenses 4,268 2,628 1,325 66 8,287
Interest expense (2,229) (125) (3) -- (2,357)
Other income/(expense) 217 163 114 (97) 397
Income (loss) from
discontinued operations -- 4 -- -- 4
------------- ------------- ------------- ------------- -------------
Net income (loss) $ 1,309 $ (206) $ (221) $ 121 $ 1,003
------------- ------------- ------------- ------------- -------------
4
Asset Advisory Business
------------------------------
For the three months Real Estate Merchant
ended Development Securities Development
March 31, 2006 Portfolio & Operations Operations Funds Total
- ----------------------------- ------------- ------------- ------------- ------------- -------------
Rental income $ 6,480 $ -- $ -- $ -- $ 6,480
Securities commission income -- -- 1,391 -- 1,391
Real estate fee income -- 1,518 -- -- 1,518
Construction revenues -- 1,794 -- -- 1,794
Asset management fee income -- -- -- 158 158
------------- ------------- ------------- ------------- -------------
Total revenues 6,480 3,312 1,391 158 11,341
General and
administrative 372 1,001 489 17 1,879
Property expense 1,004 11 -- -- 1,015
Construction costs -- 1,675 -- -- 1,675
Legal and professional 242 60 10 -- 312
Real estate commissions -- 540 -- -- 540
Securities commissions -- -- 1,257 -- 1,257
Depreciation and
amortization 2,182 -- -- -- 2,182
------------- ------------- ------------- ------------- -------------
Total expenses 3,800 3,287 1,756 17 8,860
Interest expense (1,579) (161) (3) -- (1,743)
Other income/ (expense) 309 58 (10) 23 380
Income from
discontinued operations (27) 2 -- -- (25)
------------- ------------- ------------- ------------- -------------
Net income (loss) $ 1,383 $ (76) $ (378) $ 164 $ 1,093
============= ============= ============= ============= =============
5
AmREIT
Summary of Operating Results
Three Months Ended
March 31,
------------------------
Funds From Operations: 2007 2006
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Income - before discontinued operations $ 999 $ 1,118
(Loss) Income - from discontinued operations 4 (25)
Plus depreciation of real estate assets - from operations 1,940 2,164
Plus depreciation of real estate assets - from
discontinued operations 3 10
Adjustments for nonconsolidated affiliates 17 30
Less class B, C & D distributions (2,705) (2,906)
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Total Funds From Operations available to class A
shareholders $ 258 $ 391
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Weighted Average Class A Shares Outstanding 6,320 6,425
========== ==========
Funds from Operations per Class A Share $ 0.04 $ 0.06
Dividends:
Class A Common share dividends per share $ 0.12 $ 0.12
Class B Common share dividends per share (1) $ 0.19 $ 0.19
Class C Common share dividends per share (2) $ 0.17 $ 0.17
Class D Common share dividends per share (3) $ 0.16 $ 0.16
(1) The class B common shares receive a cumulative preferred dividend, fixed
at 8%, payable quarterly. The shares are currently convertible on a one
for one basis into our class A common shares, and became callable by the
Company beginning in July 2005 on a one for one basis, or $10.18 in cash
at the holders option.
(2) The class C common shares receive a preferred dividend, fixed at 7%,
payable monthly. The shares are convertible into our class A common shares
based on 110% of invested capital (i.e. $1,000 in class C common shares
will convert into $1,100 in class A common shares) after the seventh
anniversary of issuance (beginning in 2010). The class C common shares
became callable by the Company beginning in August 2006, based on the same
conversion formula (110% of invested capital).
(3) The class D common shares receive a fixed 6.5% annual dividend, payable
monthly. The shares are convertible into our class A common shares based
on 107.7% of invested capital (i.e. $1,000 in class C common shares will
convert into $1,077 in class A common shares) after the seventh
anniversary of issuance (beginning in 2011). The class D common shares
became callable by the Company beginning in July 2005, based on the same
conversion formula, prorated for the time the shares were outstanding
(107.7% of invested capital).
6
Three Months Ended
March 31,
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Rental and Earned Income: 2007 2006
-------- --------
Base minimum rent $ 5,222 $ 4,697
Earned income from direct financing leases 507 507
Straight line rent 146 68
Over/Under market rent 31 1
Percentage rent -- 136
Tenant reimbursements 1,683 920
Lease termination fees -- 151
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Total Rental and Earned Income $ 7,589 $ 6,480
======== ========
Three Months Ended
March 31,
--------------------
Real Estate Operating Revenue: 2007 2006
-------- --------
Development and construction management fees
Merchant development funds and affiliates $ 408 $ 164
Unrelated third parties 66 --
Leasing and brokerage commissions
Merchant development funds and affiliates 98 501
Unrelated third parties 628 751
Property management fees
Merchant development funds and affiliates 207 102
Unrelated third parties -- --
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Total Real Estate Operating Revenue $ 1,407 $ 1,518
======== ========
Percent attributable to merchant
development funds and affiliates 51% 51%
Percent attributable to unrelated third parties 49% 49%
7
Three Months Ended
Discontinued operations: March 31,
--------------------
2007 2006
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Rental revenue and earned income from DFL $ 24 $ 28
Gain on sale of real estate held for investment -- (7)
Interest and other income -- --
Gain on sale of real estate held for resale -- 5
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Total revenues 24 26
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Property expense -- (12)
General and administrative (1) (15)
Federal income tax expense (4) --
Legal and professional (1) (8)
Depreciation and amortization (3) (10)
Minority interest (6) --
Interest expense (5) (6)
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Total expenses (20) (51)
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Income (loss) from discontinued operations 4 (25)
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Basic and diluted income (loss) from discontinued
operations per class A common share $ 0.00 $ 0.00
======== ========
Three Months Ended
March 31,
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Interest Expense: 2007 2006
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Interest paid - floating rate $ 357 $ 120
Interest paid - fixed rate 1,992 1,622
Loan cost amortization 67 58
Out-of-market debt amortization (59) (57)
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Total Interest Expense $ 2,357 $ 1,743
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8
AmREIT
Summary Balance Sheet Information
March 31, 2007 December 31, 2006
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Class A Common Share Data:
Closing market price $ 8.79 $ 8.33
Dividend yield 5.69% 6.00%
90-day average trading volume 23,211 16,474
Total Capitalization:
Debt $ 161,914 $ 144,453
Class A common shares at market 56,276 52,127
Class B common shares as converted 9,228 8,998
Class C common shares as converted 45,841 45,601
Class D common shares as converted 119,103 118,899
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Total Capitalization $ 392,362 $ 370,078
================== ==================
Debt to Total Capitalization 41.3% 39.0%
Portfolio Net Asset Value Calculation:
Annual Property NOI $ 23,327,750
Average Property Cap Rate 6.25% 6.50%
Property Gross Value 373,244,000 358,888,000
Notes Receivable 11,269,000 11,269,000
Cash, Receivables, Other 17,483,000 17,483,000
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Total Asset Value 401,996,000 387,640,000
Notes Payable (157,761,000) (157,761,000)
Security Deposits & A/P (5,528,000) (5,528,000)
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Total Liabilities (163,289,000) (163,289,000)
Minority Interest (1) (2,083,000) (2,083,000)
Total Net Asset Value (NAV) 236,624,000 222,268,000
NAV - Non Traded Shares (2) 165,908,000 165,908,000
NAV - class A common shares (2) 70,716,000 56,360,000
NAV - Per Class A common (2) $ 11.05 $ 8.80
(1) Includes the portion of the net asset value that is owned by third parties
or management, such as management's ownership interest in AAA CTL.
(2) NAV and NAV per share represent only the portfolio value and other liquid
assets. We have not valued the asset advisory business or any of our general
partner back end interests in the above analysis.
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9
AmREIT
Debt Information
Amount Amount
Outstanding Outstanding Interest Annual Debt Maturity
Description 03-31-2007 12-31-2006 Rate Service Date
- -------------------- ------------- ------------- ------------- ------------- -------------
Credit Facility (1) $ 9,855 $ 11,929 7.82% $ 771 11/4/2007
------------- -------------
2007 Maturities $ 9,855 $ 11,929
MacArthur Park $ 13,410 $ 13,410 6.17% $ 827 12/1/2008
------------- -------------
2008 Maturities $ 13,410 $ 13,410
Sugarland IHOP $ 1,144 $ 1,155 8.25% $ 138 3/1/2011
Sugar Land Plaza 2,279 2,286 7.60% 203 11/1/2011
------------- -------------
2011 Maturities $ 3,423 $ 3,441
Albuquerque IHOP $ 664 $ 670 7.82% $ 75 4/24/2012
Baton Rouge IHOP 1,098 1,107 7.82% 124 4/24/2012
Beaverton IHOP 779 785 7.82% 88 4/16/2012
Charlottesville IHOP 553 558 7.82% 62 4/24/2012
El Paso #1934 IHOP 668 673 7.82% 75 4/16/2012
Rochester IHOP 835 842 7.82% 94 4/16/2012
Shawnee IHOP 659 665 7.82% 74 4/18/2012
5115 Buffalo Spdwy 2,723 2,731 7.58% 241 5/11/2012
Salem IHOP 547 551 7.82% 61 5/17/2012
Springfield IHOP 907 915 7.82% 102 6/21/2012
Roanoke IHOP 629 635 7.89% 71 7/26/2012
Centerville IHOP 1,101 1,110 7.89% 124 7/26/2012
Memphis #4462 IHOP 1,190 1,199 7.89% 134 7/19/2012
Alexandria IHOP 635 640 7.89% 71 7/19/2012
El Paso #1938 IHOP 795 802 7.89% 89 8/23/2012
La Verne IHOP 662 668 7.89% 74 8/23/2012
Memphis #4482 IHOP 690 696 7.89% 77 8/23/2012
Parker IHOP 743 749 7.89% 83 8/23/2012
------------- -------------
2012 Maturities $ 15,878 $ 15,996
Cinco Ranch $ 8,264 $ 8,298 5.60% $ 601 7/10/2013
Plaza in the Park 17,466 17,538 5.60% 1,270 7/10/2013
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2013 Maturities $ 25,730 $ 25,836
10
Amount Amount Annual
Outstanding Outstanding Interest Debt Maturity
Description 09-30-2006 12-31-2005 Rate Service Date
- ---------------------- ------------- ------------- ------------- ------------- -------------
Uptown Park $ 49,000 $ 49,000 5.37% $ 2,631 6/1/2015
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2015 Maturities $ 49,000 $ 49,000
Southbank - Riverwalk $ 20,000 $ -- 5.91% $ 1,182 6/1/2016
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2016 Maturities $ 20,000 $ --
Bakery Square $ 3,903 $ 3,967 8.00% $ 571 2/10/2017
Uptown Plaza Dallas $ 19,900 $ -- 5.64% $ 1,122 4/1/2017
------------- -------------
2017 Maturities $ 23,803 $ 3,967
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Total Maturities (2) $ 161,099 $ 143,579
============= =============
(1) Our revolving credit facility is a variable-rate debt instrument, and its
outstanding balance fluctuates throughout the year based on our liquidity needs.
Annual Debt Service on this debt instrument assumes that the amount outstanding
and the interest rate as of March 31, 2007 remain constant through maturity.
(2) Total maturities above are $815 thousand and $874 thousand less than total
debt as reported in our consolidated financial statements as of March 31, 2007
and December 31, 2006, respectively, due to the premium recorded on above-market
debt assumed in conjunction with certain of our property acquisitions.
Fixed vs. Variable Rate Debt:
March 31, % of December 31, % of
2007 Total 2006 Total
------------ ------------ ------------ ------------
Variable rate $ 9,855 6.1% $ 11,929 8.3%
Fixed rate 152,059 93.9% 132,524 91.7%
------------ ------------ ------------ ------------
$ 161,914 100.0% $ 144,453 100.0%
11
AmREIT
Property & Tenant Information
Date
Multi-Tenant Shopping Centers Major Tenants City State Acquired GLA
- ----------------------------------- --------------------- ------------- ----- ------------ ----------
Uptown Park - Phase I and II Ann Taylor,
McCormick &
Schmick's Houston TX 6/1/2005 169,110
Southbank - Riverwalk Hard Rock Cafe San Antonio TX 9/30/2005 46,673
MacArthur Park and Pad Sites Kroger Irving TX 12/04 &12/05 237,381
Plaza in the Park Kroger Houston TX 7/1/2004 144,062
Cinco Ranch Kroger Houston TX 7/1/2004 97,297
Bakery Square Walgreens & Bank
of America Houston TX 7/21/2004 34,614
Uptown Plaza CVS/pharmacy Houston TX 12/10/2003 28,000
Woodlands Plaza FedEx/Kinkos &
Rug Gallery The Woodlands TX 6/3/1998 20,018
Sugarland Plaza Mattress Giant Sugarland TX 7/1/1998 16,750
Terrace Shops Starbucks Houston TX 12/15/2003 16,395
584 N. Germantown Pkwy Auto Zone &
(Baptist Memorial Medical Plaza) Baptist Memorial Memphis TN 7/23/2002 15,000
Courtyard on Post Oak Verizon Wireless Houston TX 6/15/2004 13,597
Grotto, Century Bank,
Uptown Plaza - Dallas Pei Wei Dallas TX 3/30/2006 33,840
----------
Multi-Tenant Shopping Centers Total 872,737
Annualized
Base Rent
as of
March 31,
Multi-Tenant Shopping Centers 2007 % Leased
- ----------------------------------- ---------- ----------
Uptown Park - Phase I and II $4,520,617 94%
Southbank - Riverwalk 1,513,352 100%
MacArthur Park and Pad Sites 3,886,451 96%
Plaza in the Park 2,642,150 98%
Cinco Ranch 1,228,515 99%
Bakery Square 823,484 97%
Uptown Plaza 1,236,646 100%
Woodlands Plaza 373,317 100%
Sugarland Plaza 349,612 100%
Terrace Shops 440,628 93%
584 N. Germantown Pkwy
(Baptist Memorial Medical Plaza) 194,026 75%
Courtyard on Post Oak 477,361 100%
Uptown Plaza - Dallas 1,619,902 100%
----------
Multi-Tenant Shopping Centers Total 19,306,061
Annualized
Base Rent
Single Tenant Date as of
(Ground Leases) City State Acquired GLA March 31, 2007 % Leased
- ----------------------------------- -------------- ----- ---------- ---------- --------------- ----------
CVS Corporation Houston TX 1/10/2003 13,824 $ 327,167 100%
Darden Restaurants Peachtree City GA 12/18/1998 6,867 79,366 100%
Carlson Restaurants Hanover MD 9/16/2003 6,802 141,674 100%
Citibank San Antonio TX 12/17/2004 4,439 155,000 100%
Washington Mutual Houston TX 12/11/1996 3,685 98,155 100%
Washington Mutual The Woodlands TX 9/23/1996 3,685 63,996 100%
Woodlands Ring Road - Ground Leases The Woodlands TX 2/1/2007 66,349 596,093 100%
---------- ---------------
Single Tenant (Ground Leases) Total 105,651 1,461,451
12
Annualized Base
Date Rent as of
Single Tenant (Fee Simple) City State Acquired GLA March 31, 2007 % Leased
- -------------------------------- ----------- -------- ---------- ---------- --------------- ----------
Golden Corral Houston TX 7/23/2002 12,000 182,994 100%
Golden Corral Humble TX 7/23/2002 12,000 181,688 100%
Carlson Restaurants Houston TX 7/23/2005 8,500 200,000 100%
#1483 IHOP Corporation Sugarland TX 9/22/1999 4,020 189,516 100%
#1737 IHOP Corporation (5) Centerville UT 7/25/2002 4,020 163,380 100%
#4462 IHOP Corporation (5) Memphis TN 8/23/2002 4,020 179,376 100%
#5318 IHOP Corporation Topeka KS 9/30/1999 4,020 158,748 100%
AFC, Inc. Atlanta GA 7/23/2002 2,583 119,279 100%
Advance Auto (1)(2)(3)(4) Various Various Various 14,000 Note (1) Note (1)
---------- ---------------
Single Tenant (Fee Simple) Total 65,163 1,374,981
Annualized Base
Date Rent as of
Single Tenant (Leasehold) City State Acquired GLA March 31, 2007 % Leased
- -------------------------------- ----------- -------- ---------- ---------- --------------- ----------
IHOP Corporation (5) Various Various Various 60,300 $ 1,558,056 100%
---------- --------------- ----------
Company Total GLA % Leased 1,103,851 $ 23,700,549 97%
---------------------------------------------------------------------------
(1) Under Development (GLA represents proposed leaseable square footage).
(2) Held for Sale
(3) Held in joint venture of which we are the managing 50% owner.
(4) Advance Auto properties are located in MO and IL. Each of the properties
has a proposed GLA of 7,000 square feet.
(5) IHOP properties are located in NM, LA, OR, VA, TX, CA, TN, CO, VA, NY, OR,
KS, UT and MO. Each of the properties has a GLA of 4,020 square feet.
These properties are held by a consolidated subsidiary, 79.0% of which is
owned by AmREIT,19.6% of which is owned by AmREIT Income & Growth Fund,
one of our affiliated merchant development funds, and 1.4% of which is
owned by unaffiliated third parties. We have assigned to management
approximately 50% of our back-end participation interest in this entity as
part of our long-term incentive compensation program. Accordingly,
approximately half of the future net cash flows from such participation
interest are owned by management.
13
Top Tenants by revenue concentration for the three months ended March 31, 2007:
% of Total
Operating
Tenant Rental Income Revenue
- ---------------------------- ------------- -------------
Kroger $ 585 5.20%
IHOP Corporation 562 5.00%
Landry's 261 2.32%
CVS/Pharmacy 242 2.15%
Hard Rock Cafe International 178 1.58%
Cosniac Restaurant Group 154 1.37%
Champps Entertainment, Inc. 138 1.23%
Starbucks 135 1.20%
Linens `N Things 120 1.07%
McCormick & Schmicks 117 1.04%
------------- -------------
Total $ 2,492 22.16%
============= =============
Leasing Activity for the quarter ended March 31, 2007:
Rent per sq. ft.
---------------------------
# of leases Total sq. ft. New Rent Old Rent % Change
------------ ------------ ------------ ------------ ------------
New leases 6 9,519 32.16 N/A N/A
Activity on Existing Leases:
Lease renewals 2 3,773 24.14 20.32 18.77%
Non-renewals 1 1,200 N/A 26.00 N/A
Expired/Cancelled leases 2 2,827 N/A 26.51 N/A
14
Lease Expirations by Year:
Number of
Leases Square Percent
Expiration Year Expiring Footage of Total
- --------------- ---------- ---------- ----------
2007 10 24,874 2.37%
2008 23 69,186 6.60%
2009 33 93,252 8.90%
2010 32 129,476 12.36%
2011 51 191,675 18.29%
2012 9 29,942 2.86%
2013 8 34,308 3.27%
2014 6 26,237 2.50%
2015 2 7,251 0.69%
2016 11 53,168 5.07%
2017 3 40,661 3.88%
2019 1 4,020 0.38%
2020 4 75,991 7.25%
2021 3 89,676 8.56%
2022 1 4,020 0.38%
2023 1 63,373 6.05%
2024 3 21,864 2.09%
2025 7 45,597 4.35%
2026 4 16,080 1.53%
2027 3 12,060 1.15%
2056 1 15,120 1.47%
- --------------- ---------- ---------- ----------
Totals 216 1,047,831 100.00%
15