Exhibit 99.2
SUPPLEMENTAL DISCLOSURE | |||||||||||||||
Three Months Ended June 30, 2015 | |||||||||||||||
TABLE OF CONTENTS | |||||
Page | |||||
Glossary of Terms | 1 | ||||
Results Overview | 3 | ||||
Financial Summary | |||||
Consolidated Balance Sheets | 5 | ||||
Consolidated Statements of Operations | 6 | ||||
Consolidated Statements of Cash Flows | 7 | ||||
Reconciliation of Net Income to EBITDA | 8 | ||||
Reconciliation of Net Income to FFO | 9 | ||||
Supplemental Balance Sheet Detail | 10 | ||||
NOI Detail, Supplemental Statement of Operations Detail, Operating Ratios & Additional Disclosures | 11 | ||||
Same Property NOI Analysis & Reconciliation of Net Income Attributable to Common Stockholders | 12 | ||||
Capital Expenditures | 13 | ||||
Capitalization, Liquidity & Debt Ratios | 14 | ||||
Debt Overview | 15 | ||||
Summary of Outstanding Debt | 16 | ||||
Unsecured OP Notes Covenant Disclosure | 18 | ||||
Unsecured Credit Facility Covenant Disclosure | 19 | ||||
Reconciliation of GAAP Statements of Operations to Pro Forma Statements of Operations | 20 | ||||
Transaction Summary | |||||
Acquisitions | 22 | ||||
Dispositions | 23 | ||||
Portfolio Summary | |||||
Portfolio Overview | 25 | ||||
Top Forty Retailers Ranked by ABR | 26 | ||||
New & Renewal Lease Summary | 27 | ||||
New Lease Net Effective Rent | 28 | ||||
Anchor Space Repositioning Summary | 29 | ||||
Lease Expiration Schedule | 30 | ||||
Redevelopment & Outparcel Development Summary | 31 | ||||
Properties by Largest US MSAs | 32 | ||||
Largest MSAs by ABR | 34 | ||||
Properties by State | 37 | ||||
Property List | 38 | ||||
Guidance | |||||
Guidance & Additional Disclosures | 49 | ||||
This presentation includes financial information for the Company’s actual results and pro forma results reflecting the impact associated with the distribution of the Excluded Properties in connection with the IPO completed on November 4, 2013. | |||||
Note: Financial information is unaudited. | |||||
For additional information, please visit www.brixmor.com, follow Brixmor on Twitter at www.twitter.com/Brixmor or find Brixmor on LinkedIn at www.linkedin.com/company/brixmor. | |||||
This Supplemental Disclosure may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company’s expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. | |||||
Supplemental Disclosure - Three Months Ended June 30, 2015 |
GLOSSARY OF TERMS | |||
Term | Definition | ||
Anchor Spaces | Means space equal to or more than 10,000 sq. ft. of GLA. | ||
Anchor Space Repositioning | Anchor leasing that is primarily focused on reconfiguring or remerchandising existing space with minimal work required outside of normal tenant | ||
improvement costs. | |||
Annualized Base Rent or "ABR" | As of a specified date means monthly base rent as of such date, under leases which have been signed or commenced as of the specified date multiplied | ||
by 12. Annualized base rent (i) excludes tenant reimbursements or expenses borne by the tenants, such as the expenses for real estate taxes and | |||
insurance and common area and other operating expenses, (ii) does not reflect amounts due per percentage rent lease terms, (iii) is calculated on a cash | |||
basis and differs from how rent is calculated in accordance with GAAP for purposes of financial statements and (iv) does not include any ancillary | |||
income at a property. | |||
ABR per sq. ft. or "ABR/SF" | Is calculated as ABR divided by leased GLA, excluding ground leases. | ||
Billed GLA | Includes leases for spaces where the tenant is currently paying rent. | ||
Blended Lease Spreads | Means combined spreads for new and renewal leases (including exercised options) on comparable leases. | ||
Capitalization Rate ("Cap Rate") | Net operating income divided by purchase price. | ||
Community Shopping Center | Means a shopping center that meets the International Council of Shopping Centers’ (“ICSC”) definition of community center. ICSC generally defines a | ||
community center as a shopping center with general merchandise or convenience-oriented merchandise. Although similar to a neighborhood center (as | |||
defined below), a community shopping center offers a wider range of apparel and other soft goods than a neighborhood center. | |||
Community centers range from 125,000 to 400,000 sq. ft. in GLA and are usually configured in a straight line as a strip and are commonly anchored by | |||
discount stores, supermarkets, drugstores and large specialty discount stores. | |||
Comparable Leases | Include only those spaces that were occupied within the prior 12 months. | ||
EBITDA & Adjusted EBITDA | Is calculated as the sum of net income (loss) in accordance with generally accepted accounting principles in the United States of America (“GAAP”) | ||
before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA as adjusted for (i) acquisition related costs, | |||
(ii) gain (loss) on disposition of operating properties, (iii) impairment of real estate assets and real estate equity investments, (iv) gain (loss) on disposition of | |||
unconsolidated joint ventures, (v) gain (loss) on extinguishment of debt, (vi) other items that are not indicative of the Company's operating performance | |||
and (vii) after adjustments attributable to non-controlling interests not convertible into common stock. | |||
EBITDA and Adjusted EBITDA are supplemental, non-GAAP measures utilized in various financial ratios and are helpful to securities analysts, investors and | |||
other interested parties in the evaluation of REITs, as a measure of Brixmor’s operational performance because EBITDA and Adjusted EBITDA exclude | |||
various items that do not relate to or are not indicative of its operating performance. In addition, it includes the results of operations of real estate | |||
properties that have been sold or classified as real estate held for sale at the end of the reporting period. Accordingly, the use of EBITDA and Adjusted | |||
EBITDA in various ratios provides a meaningful performance measure as it relates to its ability to meet various coverage tests for the stated period. | |||
EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of financial | |||
performance and are not alternatives to cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity. | |||
Non-GAAP financial measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should | |||
always be considered as supplemental to financial results presented in accordance with GAAP. Computation of EBITDA and Adjusted EBITDA may differ | |||
in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to such other REITs. Investors are cautioned that | |||
items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and addressing financial performance. | |||
Excluded Properties | Includes 47 properties either distributed to certain investment funds affiliated with the Blackstone Group L.P. in connection with the IPO completed on | ||
November 4, 2013 or sold. | |||
Funds From Operations (“FFO") | Is a supplemental non-GAAP financial measure utilized to evaluate the operating performance of real estate companies. The National Association of Real | ||
Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) in accordance with GAAP excluding (i) gain (loss) on disposition of operating properties, | |||
and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties, (iv) impairment of operating properties and real estate equity | |||
investments, and (v) after adjustments for joint ventures calculated to reflect funds from operations on the same basis. FFO attributable to stockholders and | |||
non-controlling interests convertible into common stock is FFO as further adjusted to exclude net income (loss) attributable to non-controlling interests not | |||
convertible into common stock. The Company believes FFO attributable to stockholders and non-controlling interests convertible into common stock is a | |||
meaningful supplemental measure that is more reflective of its operating performance by excluding FFO attributable to non-controlling interests not | |||
convertible into common stock. | |||
The Company presents FFO and FFO attributable to stockholders and non-controlling interests convertible into common stock as it considers them | |||
important supplemental measures of its operating performance and the Company believes they are frequently used by securities analysts, investors and | |||
other interested parties in the evaluation of REITs. FFO and FFO attributable to stockholders and non-controlling interests convertible into common stock | |||
should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of financial performance and are not | |||
alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of liquidity. Non-GAAP financial measures have | |||
limitations as they do not include all items of income and expense that affect operations and, accordingly, should always be considered as supplemental | |||
to financial results presented in accordance with GAAP. Computation of FFO and FFO attributable to stockholders and non-controlling interests | |||
convertible into common stock may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to | |||
similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from FFO and FFO attributable to stockholders and | |||
non-controlling interests convertible into common stock are significant components in understanding and addressing financial performance. | |||
Gross Leasable Area or "GLA" | Represents the total amount of property square footage that can generate income by being leased to tenants. | ||
Ground Lease | A long-term lease of land in which the tenant erects improvements at its own expense. At the end of the lease term, the improvements become the | ||
property of the landowner. | |||
Leased GLA | Includes the aggregate GLA of all leases in effect on a given date, including those that are fully executed but as to which the tenant has not yet opened | ||
for business and/or not yet commenced the payment of rent. | |||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 1 |
LIBOR | Means London Interbank Offered Rate. | ||
Metropolitan Statistical Area or "MSA" | Is defined by the United States Office of Management and Budget (“OMB”) as a region associated with at least one urbanized area that has a population | ||
of at least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and | |||
economic integration with the central county or counties as measured through commuting. | |||
Neighborhood Shopping Center | Means a shopping center that meets ICSC’s definition of neighborhood center. ICSC generally defines a neighborhood center as a shopping center with | ||
offerings that are convenience-oriented. Neighborhood centers range from 30,000 to 125,000 sq. ft. in GLA and are generally anchored by a supermarket. | |||
Net Effective Rent | Adjusts for any tenant incentive / allowance, landlord work, third party leasing commissions and rent concessions at 100% of costs, weighted by GLA over | ||
the lease term. | |||
Net Operating Income or "NOI" | Is calculated as total property revenues (minimum rent, percentage rents, and recoveries from tenants and other income) less direct property operating | ||
expenses (operating and maintenance and real estate taxes) from the properties owned by Brixmor. NOI excludes corporate level income (including | |||
management, transaction, and other fees). | |||
NOI is a supplemental, non-GAAP measure utilized to evaluate the operating performance of real estate companies and is frequently used by securities | |||
analysts, investors and other interested parties in understanding business and operating results regarding the underlying economics of Brixmor's business | |||
operations. NOI is not intended to be a performance measure that should be regarded as an alternative to, or more meaningful than, net income | |||
(determined in accordance with GAAP) or other GAAP financial measures. Non-GAAP financial measures have limitations as they do not include all items | |||
of income and expense that affect operations, and accordingly, should always be considered as supplemental to financial results presented in | |||
accordance with GAAP. Computation of NOI may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be | |||
comparable to such other REITs. | |||
NOI Yield | Is calculated as projected NOI over incremental cost of a given anchor space repositioning / redevelopment project. | ||
Non-controlling Interests | The non-controlling interests relate to the portion of Brixmor Operating Partnership LP ("OP”), a consolidated subsidiary, held by the non-controlling | ||
interest holders. As of June 30, 2015, the Company, through its 100% ownership of BPG Subsidiary, Inc., owns 98.09% of the OP. The remaining 1.91% | |||
is held by certain investment funds affiliated with the Blackstone Group L.P. and management of the Company. | |||
Non-owned Major Tenant | Also called shadow anchor. Includes tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or | ||
immediately adjacent to shopping center, to the consumer appear as another retail tenant of the shopping center and, as a result, attract additional | |||
customer traffic to the center. | |||
Percent Leased | Refers to the percentage of GLA that is leased, includes lease agreements that have been signed but not yet commenced. | ||
Pro Forma | Reflects the impact associated with the distribution of 36 of the Excluded Properties during the first quarter of 2014. The pro forma adjustments | ||
assume that the distribution of the properties was completed as of January 1, 2014. | |||
PSF | Means per square foot ("sq. ft.") of GLA. | ||
Redevelopment Properties | Larger scale projects that typically involve substantial demolition of a portion of the shopping center to accommodate new retailers. These projects | ||
typically are accompanied with new construction and site infrastructure costs. | |||
Renewal Leases | Includes expiring leases renewed with the same tenant or the exercise of options by tenants to extend the term of expiring leases. All other leases are | ||
categorized as new. | |||
Rent Growth | Is calculated as ABR in the final year of the lease compared to ABR in the first year of the new lease. New lease spreads include only those spaces that | ||
were occupied within the prior 12 months. Renewal and option lease spreads include leases rolling over with the same tenant in the same location. Data | |||
includes all leases in effect, including those that are fully executed, but not yet open. | |||
Same Property Net Operating Income | Is calculated (using properties owned as of the end of both reporting periods and for the entirety of both periods excluding properties classified as | ||
or Same Property NOI | discontinued operations), as rental income (minimum rent, percentage rents, tenant recoveries and other property income) less rental operating expenses | ||
(property operating expenses, real estate taxes and bad debt expense) of the properties owned by Brixmor. Same property NOI includes an | |||
unconsolidated joint venture at pro rata share. Same property NOI excludes corporate level income (including transaction and other fees), lease | |||
termination income, straight-line rent and amortization of above- and below-market leases of the same property pool from the prior year reporting period | |||
to the current year reporting period. | |||
Same property NOI is a supplemental, non-GAAP financial measure utilized to evaluate the operating performance of real estate companies and the | |||
Company believes it is frequently used by securities analysts, investors and other interested parties in understanding business and operating results | |||
regarding the underlying economics of Brixmor's business operations. It includes only the net operating income of properties owned for the full period | |||
presented, which eliminates disparities in net income due to the acquisition or disposition of properties during the period presented, and therefore, | |||
provides a more consistent metric for comparing the performance of properties. Management uses same property NOI to review operating results for | |||
comparative purposes with respect to previous periods or forecasts, and also to evaluate future prospects. Same property NOI is not intended to be a | |||
performance measure that should be regarded as an alternative to, or more meaningful than, net income (determined in accordance with GAAP) or | |||
other GAAP financial measures. Non-GAAP financial measures have limitations as they do not include all items of income and expense that affect | |||
operations, and accordingly, should always be considered as supplemental to financial results presented in accordance with GAAP. Computation of | |||
same property NOI may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to such other REITs. | |||
Small Shop Spaces | Means space of less than 10,000 sq. ft. of GLA. | ||
Straight-line Rent | GAAP requirement to average the tenant's rent payments over the life of the lease, regardless of actual cash collected in the period. | ||
Year Built | Year of most recent anchor space repositioning / redevelopment or year built if no anchor space repositioning / redevelopment has occurred. | ||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 2 |
RESULTS OVERVIEW | ||||||||||||||||||||||||
Unaudited, dollars in thousands except per share and per square foot amounts | ||||||||||||||||||||||||
Actual Results | Actual Results | Pro Forma | Actual Results | |||||||||||||||||||||
Three Months Ended | Six Months Ended | Six Months | ||||||||||||||||||||||
Summary Financial Results | 6/30/15 | 6/30/14 | 6/30/15 | 6/30/14 | Ended 6/30/14 | |||||||||||||||||||
Total revenues (page 6) | $ | 312,111 | $ | 307,949 | $ | 627,404 | $ | 615,525 | $ | 615,525 | ||||||||||||||
Net income attributable to common stockholders (page 6) | 54,112 | 23,473 | 84,535 | 38,901 | 38,874 | |||||||||||||||||||
Net income attributable to common stockholders - per diluted share (page 6) | 0.18 | 0.10 | 0.28 | 0.17 | 0.17 | |||||||||||||||||||
Adjusted EBITDA (page 8) | 215,153 | 209,312 | 428,971 | 414,157 | 414,163 | |||||||||||||||||||
FFO (page 9) | 149,051 | 140,392 | 288,206 | 273,394 | 278,626 | |||||||||||||||||||
FFO attributable to stockholders and non-controlling interests convertible into | 149,051 | 140,070 | 288,206 | 272,748 | 272,748 | |||||||||||||||||||
common stock (page 9) | ||||||||||||||||||||||||
FFO per share/OP Unit - diluted (page 9) | 0.49 | 0.46 | 0.95 | 0.90 | 0.90 | |||||||||||||||||||
Items that impact FFO comparability, net per share (page 9) | (0.00 | ) | (0.00 | ) | (0.03 | ) | (0.01 | ) | 0.01 | |||||||||||||||
Dividends declared per share/OP Unit (page 9) | 0.225 | 0.200 | 0.450 | 0.400 | 0.400 | |||||||||||||||||||
Share/OP Unit dividend payout ratio (as % of FFO) (page 9) | 45.9 | % | 43.4 | % | 47.5 | % | 44.6 | % | 44.6 | % | ||||||||||||||
NOI (page 11) | 234,411 | 228,595 | 467,374 | 453,599 | 453,599 | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
Summary Operating and Financial Ratios | 6/30/15 | 3/31/15 | 12/31/14 | 9/30/14 | 6/30/2014 | |||||||||||||||||||
NOI margin (page 11) | 75.2 | % | 74.0 | % | 73.5 | % | 75.2 | % | 74.4 | % | ||||||||||||||
Same property NOI (page 12) (1) | 3.6 | % | 3.4 | % | 3.9 | % | 3.9 | % | 3.8 | % | ||||||||||||||
Fixed charge coverage (page 14) | 3.1x | 3.1x | 3.0x | 2.9x | 2.8x | |||||||||||||||||||
Net principal debt to adjusted EBITDA (GAAP) (page 14) | 6.8x | 6.9x | 6.9x | 6.9x | 7.0x | |||||||||||||||||||
Net principal debt to adjusted EBITDA (cash) (page 14) | 7.4x | 7.5x | 7.5x | 7.5x | 7.6x | |||||||||||||||||||
Outstanding Classes of Stock and Partnership Units | At 6/30/15 | At 3/31/15 | At 12/31/14 | At 9/30/14 | At 6/30/14 | |||||||||||||||||||
Common shares outstanding (page 14) | 298,489 | 298,484 | 296,552 | 245,086 | 245,086 | |||||||||||||||||||
Exchangeable BPG Sub shares held by non-controlling interests (page 14) | — | — | — | 50,182 | 50,182 | |||||||||||||||||||
Exchangeable OP Units held by non-controlling interests (page 14) | 5,814 | 5,821 | 7,695 | 8,953 | 8,953 | |||||||||||||||||||
Total | 304,303 | 304,305 | 304,247 | 304,221 | 304,221 | |||||||||||||||||||
Summary Portfolio Statistics | At 6/30/15 | At 3/31/15 | At 12/31/14 | At 9/30/14 | At 6/30/14 | |||||||||||||||||||
Number of properties (page 25) | 519 | 520 | 521 | 522 | 522 | |||||||||||||||||||
Percent leased (page 25) | 92.5 | % | 92.4 | % | 92.8 | % | 92.7 | % | 92.5 | % | ||||||||||||||
Percent billed (page 25) | 90.3 | % | 90.3 | % | 91.3 | % | 90.8 | % | 90.5 | % | ||||||||||||||
ABR / SF (page 25) | $ | 12.31 | $ | 12.19 | $ | 12.14 | $ | 12.10 | $ | 12.04 | ||||||||||||||
Total rent spread (page 27) | 16.1 | % | 13.7 | % | 13.9 | % | 13.9 | % | 11.3 | % | ||||||||||||||
New lease rent spread (page 27) | 50.4 | % | 39.4 | % | 41.6 | % | 32.5 | % | 27.3 | % | ||||||||||||||
Renewal lease rent spread (page 27) | 9.1 | % | 8.6 | % | 7.8 | % | 9.6 | % | 8.2 | % | ||||||||||||||
(1) Excludes Excluded Properties. Includes joint venture, Montecito Marketplace, at pro rata share. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 3 |
FINANCIAL SUMMARY | |||||||||||||||
Supplemental Disclosure Three Months Ended June 30, 2015 | |||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
Unaudited, dollars in thousands, except share information | ||||||||||||
6/30/15 | 12/31/14 | |||||||||||
Assets | ||||||||||||
Real estate | ||||||||||||
Land | $ | 2,008,601 | $ | 2,000,415 | ||||||||
Buildings and improvements | 8,870,376 | 8,801,834 | ||||||||||
10,878,977 | 10,802,249 | |||||||||||
Accumulated depreciation and amortization | (1,711,841 | ) | (1,549,234 | ) | ||||||||
Real estate, net | 9,167,136 | 9,253,015 | ||||||||||
Investments in and advances to unconsolidated joint ventures | 5,039 | 5,072 | ||||||||||
Cash and cash equivalents | 42,735 | 60,595 | ||||||||||
Restricted cash | 61,163 | 53,164 | ||||||||||
Marketable securities | 20,034 | 20,315 | ||||||||||
Receivables, net of allowance for doubtful accounts of $13,435 and $14,070 | 169,359 | 182,424 | ||||||||||
Deferred charges and prepaid expenses, net | 97,923 | 94,269 | ||||||||||
Other assets | 14,115 | 13,059 | ||||||||||
Total assets | $ | 9,577,504 | $ | 9,681,913 | ||||||||
Liabilities | ||||||||||||
Debt obligations, net | $ | 5,998,651 | $ | 6,022,508 | ||||||||
Accounts payable, accrued expenses and other liabilities | 636,610 | 679,102 | ||||||||||
Total liabilities | 6,635,261 | 6,701,610 | ||||||||||
Equity | ||||||||||||
Common stock, $0.01 par value; authorized 3,000,000,000 shares; | ||||||||||||
298,488,602 and 296,552,142 shares outstanding | 2,985 | 2,966 | ||||||||||
Additional paid in capital | 3,257,439 | 3,223,941 | ||||||||||
Accumulated other comprehensive loss | (6,136 | ) | (4,435 | ) | ||||||||
Distributions and accumulated losses | (369,194 | ) | (318,762 | ) | ||||||||
Total stockholders' equity | 2,885,094 | 2,903,710 | ||||||||||
Non-controlling interests | 57,149 | 76,593 | ||||||||||
Total equity | 2,942,243 | 2,980,303 | ||||||||||
Total liabilities and equity | $ | 9,577,504 | $ | 9,681,913 |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 5 |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||
Unaudited, dollars in thousands, except per share amounts | |||||||||||||||||||||||||
Actual Results | Actual Results | Pro Forma | Actual Results | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | Six Months | |||||||||||||||||||||||
6/30/15 | 6/30/14 | 6/30/15 | 6/30/14 | Ended 6/30/14 | |||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rental income | $ | 244,030 | $ | 239,987 | $ | 487,600 | $ | 477,154 | $ | 477,154 | |||||||||||||||
Expense reimbursements | 65,512 | 65,655 | 135,266 | 134,251 | 134,251 | ||||||||||||||||||||
Other revenues | 2,569 | 2,307 | 4,538 | 4,120 | 4,120 | ||||||||||||||||||||
Total revenues | 312,111 | — | 307,949 | 627,404 | 615,525 | 615,525 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Operating costs | 30,667 | 31,889 | 65,827 | 66,764 | 66,764 | ||||||||||||||||||||
Real estate taxes | 43,974 | 43,812 | 88,163 | 88,246 | 88,246 | ||||||||||||||||||||
Depreciation and amortization | 104,441 | 109,600 | 212,985 | 222,820 | 222,820 | ||||||||||||||||||||
Provision for doubtful accounts | 2,525 | 2,980 | 5,020 | 5,846 | 5,846 | ||||||||||||||||||||
Impairment of real estate assets | — | — | 807 | — | — | ||||||||||||||||||||
General and administrative | 20,285 | 19,939 | 51,000 | 39,597 | 39,597 | ||||||||||||||||||||
Total operating expenses | 201,892 | — | 208,220 | 423,802 | 423,273 | 423,273 | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Dividends and interest | 90 | 159 | 184 | 267 | 267 | ||||||||||||||||||||
Interest expense | (62,158 | ) | (65,953 | ) | (124,722 | ) | (133,919 | ) | (133,919 | ) | |||||||||||||||
Gain on sale of real estate assets | 9,224 | — | 9,224 | 378 | 378 | ||||||||||||||||||||
Gain (loss) on extinguishment of debt, net | 493 | (757 | ) | 785 | (3,033 | ) | (3,033 | ) | |||||||||||||||||
Other | (2,811 | ) | (1,969 | ) | (2,995 | ) | (4,130 | ) | (4,130 | ) | |||||||||||||||
Total other expense | (55,162 | ) | — | (68,520 | ) | (117,524 | ) | (140,437 | ) | (140,437 | ) | ||||||||||||||
Income before equity in income of unconsolidated joint ventures | 55,057 | 31,209 | 86,078 | 51,815 | 51,815 | ||||||||||||||||||||
Equity in income of unconsolidated joint ventures | 110 | 71 | 225 | 204 | 136 | ||||||||||||||||||||
Gain on disposition of investments in unconsolidated joint ventures | — | — | — | — | 1,820 | ||||||||||||||||||||
Income from continuing operations | 55,167 | — | 31,280 | 86,303 | 52,019 | 53,771 | |||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||||
Income from discontinued operations | — | 18 | — | 54 | 4,841 | ||||||||||||||||||||
Gain on disposition of operating properties | — | — | — | — | 14,426 | ||||||||||||||||||||
Income from discontinued operations | — | 18 | — | 54 | 19,267 | ||||||||||||||||||||
Net income | 55,167 | — | 31,298 | 86,303 | 52,073 | 73,038 | |||||||||||||||||||
Net income attributable to non-controlling interests | (1,055 | ) | (7,825 | ) | (1,768 | ) | (13,172 | ) | (34,164 | ) | |||||||||||||||
Net income attributable to common stockholders | $ | 54,112 | $ | 23,473 | $ | 84,535 | $ | 38,901 | $ | 38,874 | |||||||||||||||
Per common share: | |||||||||||||||||||||||||
Income from continuing operations: | |||||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.10 | $ | 0.28 | $ | 0.17 | $ | 0.17 | |||||||||||||||
Diluted | $ | 0.18 | $ | 0.10 | $ | 0.28 | $ | 0.17 | $ | 0.17 | |||||||||||||||
Net income attributable to common stockholders: | |||||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.10 | $ | 0.28 | $ | 0.17 | $ | 0.17 | |||||||||||||||
Diluted | $ | 0.18 | $ | 0.10 | $ | 0.28 | $ | 0.17 | $ | 0.17 | |||||||||||||||
Weighted average shares: | |||||||||||||||||||||||||
Basic | 298,464 | 228,978 | 297,332 | 228,547 | 228,547 | ||||||||||||||||||||
Diluted | 298,994 | 230,469 | 304,719 | 229,907 | 229,907 | ||||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 6 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Unaudited, dollars in thousands | |||||||||||
Six Months Ended | |||||||||||
6/30/15 | 6/30/14 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 86,303 | $ | 73,038 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 212,985 | 223,364 | |||||||||
Debt premium and discount amortization | (9,859 | ) | (10,547 | ) | |||||||
Deferred financing cost amortization | 4,090 | 4,656 | |||||||||
Above- and below-market lease intangible amortization | (24,437 | ) | (23,181 | ) | |||||||
Provisions for impairment | 807 | — | |||||||||
Gain on disposition of operating properties, disposition of investments in unconsolidated joint ventures and acquisition of joint venture interest | (9,224 | ) | (16,624 | ) | |||||||
Equity based compensation | 15,548 | 5,123 | |||||||||
Other | 90 | (113 | ) | ||||||||
Gain on extinguishment of debt, net | (795 | ) | (3,783 | ) | |||||||
Changes in operating assets and liabilities: | |||||||||||
Restricted cash | (8,863 | ) | 6,168 | ||||||||
Receivables | 13,057 | 6,064 | |||||||||
Deferred charges and prepaid expenses | (11,545 | ) | (16,867 | ) | |||||||
Other assets | (253 | ) | 330 | ||||||||
Accounts payable, accrued expenses and other liabilities | 3,489 | (28,988 | ) | ||||||||
Net cash provided by operating activities | 271,393 | 218,640 | |||||||||
Investing activities: | |||||||||||
Improvements to and investments in real estate assets | (97,875 | ) | (88,794 | ) | |||||||
Acquisitions of real estate assets | (52,278 | ) | — | ||||||||
Proceeds from sales of real estate assets | 41,795 | 2,778 | |||||||||
Distributions from unconsolidated joint venture | — | 187 | |||||||||
Change in restricted cash attributable to investing activities | 864 | 3,473 | |||||||||
Purchase of marketable securities | (9,651 | ) | (19,604 | ) | |||||||
Proceeds from sale of marketable securities | 9,905 | 20,085 | |||||||||
Net cash used in investing activities | (107,240 | ) | (81,875 | ) | |||||||
Financing activities: | |||||||||||
Repayment of debt obligations and financing liabilities | (495,437 | ) | (815,089 | ) | |||||||
Repayment of borrowings under unsecured revolving credit facility | (682,475 | ) | (655,047 | ) | |||||||
Proceeds from borrowings under unsecured revolving credit facility | 460,000 | 802,343 | |||||||||
Proceeds from unsecured term loan and notes | 695,156 | 600,000 | |||||||||
Deferred financing costs | (1,899 | ) | (2,995 | ) | |||||||
Distributions to common stockholders | (134,238 | ) | (75,109 | ) | |||||||
Distributions to non-controlling interests | (23,120 | ) | (42,953 | ) | |||||||
Net cash used in financing activities | (182,013 | ) | (188,850 | ) | |||||||
Change in cash and cash equivalents | (17,860 | ) | (52,085 | ) | |||||||
Cash and cash equivalents at beginning of period | 60,595 | 113,915 | |||||||||
Cash and cash equivalents at end of period | $ | 42,735 | $ | 61,830 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of amount capitalized of $1,475 and $1,627 | $ | 117,687 | $ | 143,619 | |||||||
Supplemental non-cash investing and/or financing activities: | |||||||||||
Net carrying value of properties distributed to non-controlling owners | $ | — | $ | 178,969 |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 7 |
RECONCILIATION OF NET INCOME TO EBITDA | |||||||||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||||||||
Actual Results | Actual Results | Pro Forma | Actual Results | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | Six Months | |||||||||||||||||||||||
6/30/15 | 6/30/14 | 6/30/15 | 6/30/14 | Ended 6/30/14 | |||||||||||||||||||||
Net income | $ | 55,167 | $ | 31,298 | $ | 86,303 | $ | 52,073 | $ | 73,038 | |||||||||||||||
Interest expense - continuing operations | 62,158 | 65,953 | 124,722 | 133,919 | 133,919 | ||||||||||||||||||||
Interest expense - discontinued operations | — | — | — | — | 259 | ||||||||||||||||||||
Interest expense - unconsolidated joint ventures | 43 | 44 | 86 | 84 | 86 | ||||||||||||||||||||
Federal and state taxes | 1,198 | 1,034 | 2,066 | 1,924 | 1,924 | ||||||||||||||||||||
Depreciation and amortization - continuing operations | 104,441 | 109,600 | 212,985 | 222,820 | 222,820 | ||||||||||||||||||||
Depreciation and amortization - discontinued operations | — | 66 | — | 114 | 545 | ||||||||||||||||||||
Depreciation and amortization - unconsolidated joint ventures | 21 | 21 | 43 | 41 | 123 | ||||||||||||||||||||
EBITDA | $ | 223,028 | $ | 208,016 | $ | 426,205 | $ | 410,975 | $ | 432,714 | |||||||||||||||
EBITDA | $ | 223,028 | $ | 208,016 | $ | 426,205 | $ | 410,975 | $ | 432,714 | |||||||||||||||
Gain on disposition of operating properties | (9,224 | ) | — | (9,224 | ) | (378 | ) | (14,804 | ) | ||||||||||||||||
Gain on disposition of unconsolidated joint ventures | — | — | — | — | (1,820 | ) | |||||||||||||||||||
(Gain) loss on extinguishment of debt, net | (493 | ) | 757 | (785 | ) | 3,033 | (3,041 | ) | |||||||||||||||||
Impairment of real estate assets | — | — | 807 | — | — | ||||||||||||||||||||
Non-operating items (1) | 1,842 | 861 | 11,968 | 1,173 | 1,173 | ||||||||||||||||||||
Adjustments to non-controlling interests not convertible into common stock | — | (322 | ) | — | (646 | ) | (59 | ) | |||||||||||||||||
Total adjustments | (7,875 | ) | 1,296 | 2,766 | 3,182 | (18,551 | ) | ||||||||||||||||||
Adjusted EBITDA | 215,153 | — | 209,312 | 428,971 | 414,157 | 414,163 | |||||||||||||||||||
Straight-line rent | (5,336 | ) | (4,856 | ) | (9,309 | ) | (9,764 | ) | (9,713 | ) | |||||||||||||||
Above- and below-market rent amortization | (10,907 | ) | (11,601 | ) | (24,437 | ) | (23,170 | ) | (23,181 | ) | |||||||||||||||
Adjustments to non-controlling interests not convertible into common stock | — | — | — | — | (46 | ) | |||||||||||||||||||
Total adjustments | (16,243 | ) | (16,457 | ) | (33,746 | ) | (32,934 | ) | (32,940 | ) | |||||||||||||||
Cash adjusted EBITDA | $ | 198,910 | $ | 192,855 | $ | 395,225 | $ | 381,223 | $ | 381,223 | |||||||||||||||
(1) Non-operating items consist of the following: (i) a non-cash, non-recurring charge related to compensation programs prior to the Company's IPO of $9,875 for the six months ended June 30, 2015; (ii) shareholder equity offering expenses of $355 and $861 for the three months ended June 30, 2015 and 2014, respectively; and $606 and $1,173 for the six months ended June 30, 2015 and 2014, respectively; and (iii) property acquisition expenses of $1,487 for each of the three and six months ended June 30, 2015. | |||||||||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 8 |
RECONCILIATION OF NET INCOME TO FFO | ||||||||||||||||||||||||
Unaudited, dollars in thousands, except per share amounts | ||||||||||||||||||||||||
Actual Results | Actual Results | Pro Forma | Actual Results | |||||||||||||||||||||
Three Months Ended | Six Months Ended | Six Months | ||||||||||||||||||||||
6/30/15 | 6/30/14 | 6/30/15 | 6/30/14 | Ended 6/30/14 | ||||||||||||||||||||
Net income | $ | 55,167 | $ | 31,298 | $ | 86,303 | $ | 52,073 | $ | 73,038 | ||||||||||||||
Gain on disposition of operating properties | (9,224 | ) | — | (9,224 | ) | (378 | ) | (14,804 | ) | |||||||||||||||
Gain on disposition of unconsolidated joint ventures | — | — | — | — | (1,820 | ) | ||||||||||||||||||
Depreciation and amortization- real estate related- continuing operations | 103,087 | 109,007 | 210,277 | 221,544 | 221,544 | |||||||||||||||||||
Depreciation and amortization- real estate related- discontinued operations | — | 66 | — | 114 | 545 | |||||||||||||||||||
Depreciation and amortization- real estate related- unconsolidated joint ventures | 21 | 21 | 43 | 41 | 123 | |||||||||||||||||||
Impairment of real estate assets | — | — | 807 | — | — | |||||||||||||||||||
FFO | 149,051 | 140,392 | 288,206 | 273,394 | 278,626 | |||||||||||||||||||
Adjustments attributable to non-controlling interests not convertible into common stock | — | (322 | ) | — | (646 | ) | (5,878 | ) | ||||||||||||||||
FFO attributable to stockholders and non-controlling interests convertible into common stock | $ | 149,051 | $ | 140,070 | $ | 288,206 | $ | 272,748 | $ | 272,748 | ||||||||||||||
FFO per share/OP Unit - diluted | $ | 0.49 | $ | 0.46 | $ | 0.95 | $ | 0.90 | $ | 0.90 | ||||||||||||||
Weighted average shares/OP Units outstanding - basic and diluted (1) | 304,826 | 304,390 | 304,730 | 304,253 | 304,253 | |||||||||||||||||||
Items that impact FFO comparability | ||||||||||||||||||||||||
Non-cash, non-recurring charge related to compensation programs prior to the Company's IPO | $ | — | $ | — | $ | (9,875 | ) | $ | — | $ | — | |||||||||||||
Property acquisition expenses | (1,487 | ) | — | (1,487 | ) | — | — | |||||||||||||||||
Gain (loss) on extinguishment of debt, net | 493 | (757 | ) | 785 | (3,033 | ) | 3,041 | |||||||||||||||||
Total items that impact FFO comparability | $ | (994 | ) | $ | (757 | ) | $ | (10,577 | ) | $ | (3,033 | ) | $ | 3,041 | ||||||||||
Items that impact FFO comparability, net per share | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.03 | ) | $ | (0.01 | ) | $ | 0.01 | ||||||||||
Dividends declared per share/OP Unit | $ | 0.225 | $ | 0.200 | $ | 0.450 | $ | 0.400 | $ | 0.400 | ||||||||||||||
Shares/OP Unit dividends declared | $ | 68,468 | $ | 60,846 | $ | 136,934 | $ | 121,692 | $ | 121,692 | ||||||||||||||
Share/OP Unit dividend payout ratio (as % of FFO) | 45.9 | % | 43.4 | % | 47.5 | % | 44.6% | 44.6% | ||||||||||||||||
(1) Basic and diluted shares/OP Units outstanding reflects an assumed conversion of certain BPG Sub shares and OP Units to common stock of the Company and the vesting of certain restricted | ||||||||||||||||||||||||
stock awards. | ||||||||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 9 |
SUPPLEMENTAL BALANCE SHEET DETAIL | |||||||||||
Unaudited, dollars in thousands | |||||||||||
6/30/15 | 12/31/14 | ||||||||||
Real estate, net | |||||||||||
Land | $ | 2,008,601 | $ | 2,000,415 | |||||||
Buildings and improvements | |||||||||||
Building | 7,355,857 | 7,332,073 | |||||||||
Building and tenant improvements | 580,167 | 522,601 | |||||||||
Construction in process (anchor space repositioning and redevelopment only) | 39,590 | 29,750 | |||||||||
Lease intangibles | 894,762 | 917,410 | |||||||||
10,878,977 | 10,802,249 | ||||||||||
Accumulated depreciation and amortization | (1,711,841 | ) | (1,549,234 | ) | |||||||
Total real estate, net | $ | 9,167,136 | $ | 9,253,015 | |||||||
Receivables, net | |||||||||||
Straight-line rent receivable | $ | 77,343 | $ | 67,771 | |||||||
Tenant receivables | 93,796 | 115,802 | |||||||||
Allowance for doubtful accounts | (13,435 | ) | (14,070 | ) | |||||||
Other | 11,655 | 12,921 | |||||||||
Total receivables, net | $ | 169,359 | $ | 182,424 | |||||||
Deferred charges and prepaid expenses, net | |||||||||||
Deferred charges, net | $ | 73,243 | $ | 67,539 | |||||||
Prepaid expenses, net | 24,680 | 26,730 | |||||||||
Total deferred charges and prepaid expenses, net | $ | 97,923 | $ | 94,269 | |||||||
Other assets | |||||||||||
Furniture, fixtures and leasehold improvements, net | $ | 8,514 | $ | 10,921 | |||||||
Other | 5,601 | 2,138 | |||||||||
Total other assets | $ | 14,115 | $ | 13,059 | |||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Accounts payable and accrued expenses | $ | 220,010 | $ | 239,287 | |||||||
Dividends payable | 69,444 | 68,821 | |||||||||
Below market leases, net | 296,636 | 325,935 | |||||||||
Other | 50,520 | 45,059 | |||||||||
Total accounts payable, accrued expenses and other liabilities | $ | 636,610 | $ | 679,102 | |||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 10 |
NOI DETAIL, SUPPLEMENTAL STATEMENT OF OPERATIONS DETAIL, OPERATING RATIOS & ADDITIONAL DISCLOSURES | ||||||||||||||||||||||||
Unaudited, dollars in thousands | ||||||||||||||||||||||||
Actual Results | Actual Results | Pro Forma | Actual Results | |||||||||||||||||||||
Three Months Ended | Six Months Ended | Six Months | ||||||||||||||||||||||
6/30/15 | 6/30/14 | 6/30/15 | 6/30/14 | Ended 6/30/14 | ||||||||||||||||||||
Net Operating Income Detail | ||||||||||||||||||||||||
Rental income | $ | 244,030 | $ | 239,987 | $ | 487,600 | $ | 477,154 | $ | 477,154 | ||||||||||||||
Expense reimbursements | 65,512 | 65,655 | 135,266 | 134,251 | 134,251 | |||||||||||||||||||
Percentage rents | 2,035 | 1,634 | 3,518 | 3,050 | 3,050 | |||||||||||||||||||
Operating costs | (30,667 | ) | (31,889 | ) | (65,827 | ) | (66,764 | ) | (66,764 | ) | ||||||||||||||
Real estate taxes | (43,974 | ) | (43,812 | ) | (88,163 | ) | (88,246 | ) | (88,246 | ) | ||||||||||||||
Provision for doubtful accounts | (2,525 | ) | (2,980 | ) | (5,020 | ) | (5,846 | ) | (5,846 | ) | ||||||||||||||
Net operating income | 234,411 | 228,595 | 467,374 | 453,599 | 453,599 | |||||||||||||||||||
Reconciliation of net operating income to net income attributable to common stockholders | ||||||||||||||||||||||||
Fee income | $ | 534 | $ | 673 | $ | 1,020 | $ | 1,070 | $ | 1,070 | ||||||||||||||
Depreciation and amortization | (104,441 | ) | (109,600 | ) | (212,985 | ) | (222,820 | ) | (222,820 | ) | ||||||||||||||
Impairment of real estate assets | — | — | (807 | ) | — | — | ||||||||||||||||||
General and administrative | (20,285 | ) | (19,939 | ) | (51,000 | ) | (39,597 | ) | (39,597 | ) | ||||||||||||||
Total other income (expense) | (55,162 | ) | (68,520 | ) | (117,524 | ) | (140,437 | ) | (140,437 | ) | ||||||||||||||
Equity in income of unconsolidated joint ventures | 110 | 71 | 225 | 204 | 136 | |||||||||||||||||||
Gain on disposition of investments in unconsolidated joint ventures | — | — | — | — | 1,820 | |||||||||||||||||||
Income from discontinued operations | — | 18 | — | 54 | 19,267 | |||||||||||||||||||
Net income attributable to non-controlling interests | (1,055 | ) | (7,825 | ) | (1,768 | ) | (13,172 | ) | (34,164 | ) | ||||||||||||||
Net income attributable to common stockholders | $ | 54,112 | $ | 23,473 | $ | 84,535 | $ | 38,901 | $ | 38,874 | ||||||||||||||
Supplemental Statement of Operations Detail | ||||||||||||||||||||||||
Rental income | ||||||||||||||||||||||||
Base rent | $ | 222,748 | $ | 218,457 | $ | 445,646 | $ | 436,624 | $ | 436,624 | ||||||||||||||
Lease termination fees | 285 | 1,266 | 718 | 1,573 | 1,573 | |||||||||||||||||||
Straight-line rent | 5,336 | 4,856 | 9,309 | 9,768 | 9,768 | |||||||||||||||||||
Above- and below-market rent amortization, net | 10,907 | 11,599 | 24,437 | 23,166 | 23,166 | |||||||||||||||||||
Ancillary and other | 4,754 | 3,809 | 7,490 | 6,023 | 6,023 | |||||||||||||||||||
Total rental income | $ | 244,030 | $ | 239,987 | $ | 487,600 | $ | 477,154 | $ | 477,154 | ||||||||||||||
Other revenues | ||||||||||||||||||||||||
Percentage rents | $ | 2,035 | $ | 1,634 | $ | 3,518 | $ | 3,050 | $ | 3,050 | ||||||||||||||
Fee income | 534 | 673 | 1,020 | 1,070 | 1,070 | |||||||||||||||||||
Total other revenues | $ | 2,569 | $ | 2,307 | $ | 4,538 | $ | 4,120 | $ | 4,120 | ||||||||||||||
Interest expense | ||||||||||||||||||||||||
Mortgage and note interest | $ | 52,456 | $ | 55,817 | $ | 105,566 | $ | 114,750 | $ | 114,750 | ||||||||||||||
Unsecured credit facility and term loan interest | 12,472 | 13,082 | 24,926 | 25,154 | 25,154 | |||||||||||||||||||
Deferred financing cost amortization | 2,043 | 2,134 | 4,091 | 4,656 | 4,656 | |||||||||||||||||||
Debt premium and discount amortization, net | (4,813 | ) | (5,080 | ) | (9,861 | ) | (10,641 | ) | (10,641 | ) | ||||||||||||||
Total interest expense | $ | 62,158 | $ | 65,953 | $ | 124,722 | $ | 133,919 | $ | 133,919 | ||||||||||||||
Other | ||||||||||||||||||||||||
Federal and state taxes | $ | 1,198 | $ | 1,034 | $ | 2,066 | $ | 1,924 | $ | 1,924 | ||||||||||||||
Other | 1,613 | 935 | 929 | 2,206 | 2,206 | |||||||||||||||||||
Total other | $ | 2,811 | $ | 1,969 | $ | 2,995 | $ | 4,130 | $ | 4,130 | ||||||||||||||
Operating Ratios | ||||||||||||||||||||||||
NOI margin (NOI / total rental revenues) (1)(2) | 75.2 | % | 74.4 | % | 74.6 | % | 73.8 | % | 73.8 | % | ||||||||||||||
Expense recovery ratio (expense reimbursements / (operating costs + real estate taxes)) | 87.8 | % | 86.7 | % | 87.8 | % | 86.6 | % | 86.6 | % | ||||||||||||||
Additional Disclosures | ||||||||||||||||||||||||
Capitalized interest | $ | 819 | $ | 954 | $ | 1,475 | $ | 1,626 | $ | 1,626 | ||||||||||||||
Equity based compensation (3) | 2,597 | 3,006 | 15,548 | 5,123 | 5,123 | |||||||||||||||||||
Capitalized direct leasing compensation costs | 3,769 | 3,794 | 7,565 | 7,531 | 7,531 | |||||||||||||||||||
Capitalized direct construction compensation costs | 1,442 | 1,518 | 3,051 | 2,912 | 2,912 | |||||||||||||||||||
(1) NOI excludes unconsolidated joint venture Montecito Marketplace NOI of $186 and $365 at pro rata share for the three and six months ended June 30, 2015, respectively. | ||||||||||||||||||||||||
(2) NOI includes straight-line rents and above- and below-market rent amortization, net. | ||||||||||||||||||||||||
(3) Includes a non-cash, non-recurring charge related to compensation programs prior to the Company's IPO of $9,875 for the six months ended June 30, 2015. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 11 |
SAME PROPERTY NOI ANALYSIS & RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||||||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
6/30/15 | 6/30/14 | Change | 6/30/15 | 6/30/14 | Change | ||||||||||||||||||
Same Property NOI Analysis | |||||||||||||||||||||||
Number of properties | 516 | 516 | — | 516 | 516 | — | |||||||||||||||||
Percent billed | 90.3 | % | 90.5 | % | (0.2%) | 90.3 | % | 90.5 | % | (0.2%) | |||||||||||||
Percent leased | 92.5 | % | 92.5 | % | — | 92.5 | % | 92.5 | % | — | |||||||||||||
Revenues | |||||||||||||||||||||||
Rental income | $ | 227,511 | $ | 221,756 | $ | 452,861 | $ | 441,390 | |||||||||||||||
Expense reimbursements | 65,476 | 65,428 | 135,100 | 133,806 | |||||||||||||||||||
Percentage rents | 2,061 | 1,623 | 3,541 | 3,040 | |||||||||||||||||||
295,048 | 288,807 | 2.2% | 591,502 | 578,236 | 2.3% | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Operating costs | (30,498 | ) | (31,755 | ) | (65,773 | ) | (66,435 | ) | |||||||||||||||
Real estate taxes | (44,003 | ) | (43,531 | ) | (87,990 | ) | (87,719 | ) | |||||||||||||||
Provision for doubtful accounts | (2,487 | ) | (2,986 | ) | (4,918 | ) | (5,853 | ) | |||||||||||||||
(76,988 | ) | (78,272 | ) | (1.6%) | (158,681 | ) | (160,007 | ) | (0.8%) | ||||||||||||||
Same property NOI | $ | 218,060 | $ | 210,535 | 3.6% | $ | 432,821 | $ | 418,229 | 3.5% | |||||||||||||
Same property NOI excluding redevelopments (1) | $ | 214,542 | $ | 207,228 | 3.5% | $ | 425,762 | $ | 411,761 | 3.4% | |||||||||||||
NOI margin (2) | 73.9 | % | 72.9 | % | 1.4% | 73.2 | % | 72.3 | % | 1.2% | |||||||||||||
Expense recovery ratio | 87.9 | % | 86.9 | % | 1.1% | 87.9 | % | 86.8 | % | 1.2% | |||||||||||||
Percent contribution to same property NOI growth: | |||||||||||||||||||||||
Change | Percent Change | Change | Percent Change | ||||||||||||||||||||
Rent growth | $ | 5,755 | 2.8% | $ | 11,471 | 2.8% | |||||||||||||||||
Net recoveries | 833 | 0.4% | 1,685 | 0.4% | |||||||||||||||||||
Other revenues | 438 | 0.2% | 501 | 0.1% | |||||||||||||||||||
Provision for doubtful accounts | 499 | 0.2% | 935 | 0.2% | |||||||||||||||||||
3.6% | 3.5% | ||||||||||||||||||||||
Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | 54,112 | $ | 23,473 | $ | 84,535 | $ | 38,874 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Revenue adjustments (3) | (16,171 | ) | (17,625 | ) | (33,985 | ) | (34,337 | ) | |||||||||||||||
Depreciation and amortization | 104,441 | 109,600 | 212,985 | 222,820 | |||||||||||||||||||
Impairment of real estate assets | — | — | 807 | — | |||||||||||||||||||
General and administrative | 20,285 | 19,939 | 51,000 | 39,597 | |||||||||||||||||||
Total other expense | 55,162 | 68,520 | 117,524 | 140,437 | |||||||||||||||||||
Equity in income of unconsolidated joint ventures | (110 | ) | (71 | ) | (225 | ) | (136 | ) | |||||||||||||||
Gain on disposition of investments in unconsolidated joint ventures | — | — | — | (1,820 | ) | ||||||||||||||||||
Pro rata share of same property NOI of unconsolidated joint ventures | 186 | 172 | 365 | 362 | |||||||||||||||||||
Income from discontinued operations | — | (18 | ) | — | (19,267 | ) | |||||||||||||||||
Net income attributable to non-controlling interests | 1,055 | 7,825 | 1,768 | 34,164 | |||||||||||||||||||
Non-same property NOI | (900 | ) | (1,280 | ) | (1,953 | ) | (2,465 | ) | |||||||||||||||
Same property NOI | $ | 218,060 | $ | 210,535 | $ | 432,821 | $ | 418,229 | |||||||||||||||
Impact of redevelopments | (3,518 | ) | (3,307 | ) | (7,059 | ) | (6,468 | ) | |||||||||||||||
Same property NOI excluding redevelopments (1) | $ | 214,542 | $ | 207,228 | $ | 425,762 | $ | 411,761 | |||||||||||||||
(1) Excludes three redevelopment properties for the three and six months ended June 30, 2015 and June 30, 2014. | |||||||||||||||||||||||
(2) NOI excludes straight-line rents and above- and below-market rent amortization, net. | |||||||||||||||||||||||
(3) Includes adjustments for lease settlement income, straight-line rents, above- and below-market rent amortization, net and fee income from managed properties and unconsolidated joint | |||||||||||||||||||||||
ventures. | |||||||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 12 |
CAPITAL EXPENDITURES | |||||||||||
Unaudited, dollars in thousands | |||||||||||
Three Months | Six Months | ||||||||||
Ended 6/30/15 | Ended 6/30/15 | ||||||||||
Leasing related: | |||||||||||
Anchor space repositioning and redevelopment | $ | 25,642 | $ | 46,384 | |||||||
Tenant improvements | 22,062 | 36,421 | |||||||||
External leasing commissions | 2,974 | 4,414 | |||||||||
50,678 | 87,219 | ||||||||||
Maintenance capital expenditures | 6,119 | 8,337 | |||||||||
$ | 56,797 | $ | 95,556 | ||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 13 |
CAPITALIZATION, LIQUIDITY & DEBT RATIOS | ||||||||||||||
Unaudited, dollars in thousands | ||||||||||||||
6/30/15 | 12/31/14 | |||||||||||||
Debt: | ||||||||||||||
Revolving credit facility | $ | 297,000 | $ | 519,475 | ||||||||||
Term loans | 2,100,000 | 2,100,000 | ||||||||||||
Unsecured notes | 843,453 | 243,453 | ||||||||||||
Secured mortgages | 2,728,444 | 3,116,882 | ||||||||||||
Total principal debt | 5,968,897 | 5,979,810 | ||||||||||||
Add: Net unamortized premium | 52,622 | 63,187 | ||||||||||||
Less: Deferred financing fees | (22,868 | ) | (20,489 | ) | ||||||||||
Total debt | 5,998,651 | 6,022,508 | ||||||||||||
Less: cash, cash equivalents and restricted cash | (103,898 | ) | (113,759 | ) | ||||||||||
Net debt | 5,894,753 | 5,908,749 | ||||||||||||
Equity: | ||||||||||||||
Stockholders' equity | 2,885,094 | 2,903,710 | ||||||||||||
Non-controlling interests | 57,149 | 76,593 | ||||||||||||
Total equity | 2,942,243 | 2,980,303 | ||||||||||||
Total capitalization | $ | 8,836,996 | $ | 8,889,052 | ||||||||||
Outstanding classes of stock and partnership units: | ||||||||||||||
Common shares outstanding | 298,489 | 296,552 | ||||||||||||
Exchangeable OP Units held by non-controlling interests | 5,814 | 7,695 | ||||||||||||
304,303 | 304,247 | |||||||||||||
Liquidity: | ||||||||||||||
Cash and cash equivalents and restricted cash | $ | 103,898 | $ | 113,759 | ||||||||||
Available under unsecured credit facility | 953,000 | 730,525 | ||||||||||||
$ | 1,056,898 | $ | 844,284 | |||||||||||
Ratios: | ||||||||||||||
Principal debt to total market capitalization (1) | 45.9 | % | 44.2 | % | ||||||||||
Principal debt to total assets, before depreciation (consolidated portfolio only) | 52.9 | % | 53.1 | % | ||||||||||
Secured principal debt to total assets, before depreciation | 24.2 | % | 27.7 | % | ||||||||||
Net principal debt to adjusted EBITDA (GAAP) | 6.8x | 6.9x | ||||||||||||
Net principal debt to adjusted EBITDA (cash) | 7.4x | 7.5x | ||||||||||||
Unencumbered assets to unsecured debt | 2.0x | 2.0x | ||||||||||||
Interest coverage (adjusted EBITDA / interest expense) | 3.5x | 3.3x | ||||||||||||
Debt service coverage (adjusted EBITDA / (interest expense + scheduled principal payments)) | 3.1x | 3.0x | ||||||||||||
Fixed charge coverage (adjusted EBITDA / (interest expense + scheduled principal payments + preferred dividends)) | 3.1x | 3.0x | ||||||||||||
6/30/2015 | ||||||||||||||
Percentage of total debt: | ||||||||||||||
Fixed | 85.0 | % | ||||||||||||
Floating | 15.0 | % | ||||||||||||
Unencumbered summary: | ||||||||||||||
Percent of properties | 55.7 | % | ||||||||||||
Percent of NOI | 55.6 | % | ||||||||||||
Weighted average maturity (years): | ||||||||||||||
Fixed | 3.89 | |||||||||||||
Floating | 3.18 | |||||||||||||
Total | 3.78 | |||||||||||||
Credit Ratings: | ||||||||||||||
Fitch Ratings | BBB- | |||||||||||||
Moody's Investors Service | Baa3 | |||||||||||||
Standard & Poor's Ratings Services | BBB- | |||||||||||||
(1) Market capitalization based on the June 30, 2015 closing stock price of $23.13. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 14 |
DEBT OVERVIEW | |||||||||||||||||||||||||||||||
Unaudited, dollars in thousands | |||||||||||||||||||||||||||||||
Maturity Schedule - Debt obligations | |||||||||||||||||||||||||||||||
Year | Scheduled Amortization | Scheduled Maturities | Total | Weighted Avg Interest Rate | |||||||||||||||||||||||||||
2015 | $ | 15,195 | $ | 142,324 | $ | 157,519 | 5.33 | % | |||||||||||||||||||||||
2016 | 22,458 | 1,235,404 | 1,257,862 | 5.60 | % | ||||||||||||||||||||||||||
2017 | 21,842 | 624,817 | 646,659 | 4.24 | % | ||||||||||||||||||||||||||
2018 | 19,476 | 1,500,000 | 1,519,476 | 2.39 | % | ||||||||||||||||||||||||||
2019 | 20,126 | 600,000 | 620,126 | 1.74 | % | ||||||||||||||||||||||||||
2020 | 15,212 | 840,365 | 855,577 | 6.50 | % | ||||||||||||||||||||||||||
2021 | — | 186,225 | 186,225 | 6.24 | % | ||||||||||||||||||||||||||
2022 | — | — | — | — | |||||||||||||||||||||||||||
2023+ | — | 725,453 | 725,453 | 3.94 | % | ||||||||||||||||||||||||||
Total Debt Maturities (1) | $ | 114,309 | $ | 5,854,588 | $ | 5,968,897 | 4.17 | % | |||||||||||||||||||||||
Net unamortized discount on notes | (1,787 | ) | |||||||||||||||||||||||||||||
Net unamortized premiums on mortgages | 54,409 | ||||||||||||||||||||||||||||||
Deferred financing costs | (22,868 | ) | |||||||||||||||||||||||||||||
Debt obligations, net | $ | 5,998,651 | |||||||||||||||||||||||||||||
Detailed Maturity Schedule - Debt obligations | |||||||||||||||||||||||||||||||
Fixed Rate Secured Mortgages | Fixed Rate Unsecured Notes (2) | Variable Rate Unsecured Credit Facility / Fixed Rate Unsecured Credit Facility (2) | |||||||||||||||||||||||||||||
Year | Scheduled Amortization | Scheduled Maturities | Weighted Avg Interest Rate | Scheduled Maturities | Weighted Avg Interest Rate | Scheduled Maturities | Weighted Avg Interest Rate | ||||||||||||||||||||||||
2015 | $ | 15,195 | $ | 17,324 | 5.62% | $ | 125,000 | 5.25% | $ | — | — | ||||||||||||||||||||
2016 | 22,458 | 1,235,404 | 5.60% | — | — | — | — | ||||||||||||||||||||||||
2017 | 21,842 | 327,817 | 6.42% | — | — | 297,000 | 1.69 | % | |||||||||||||||||||||||
2018 | 19,476 | — | 6.23% | — | — | 1,500,000 | 2.34 | % | |||||||||||||||||||||||
2019 | 20,126 | — | 6.18% | — | — | 600,000 | 1.59 | % | |||||||||||||||||||||||
2020 | 15,212 | 840,365 | 6.50% | — | — | — | — | ||||||||||||||||||||||||
2021 | — | 186,225 | 6.24% | — | — | — | — | ||||||||||||||||||||||||
2022 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
2023+ | — | 7,000 | 4.40 | % | 718,453 | 3.94 | % | — | — | ||||||||||||||||||||||
Total Debt Maturities | $ | 114,309 | $ | 2,614,135 | 6.03% | $ | 843,453 | 4.13 | % | $ | 2,397,000 | 2.07 | % | ||||||||||||||||||
(1) Excludes unconsolidated joint venture debt obligations of $2,907 at pro rata share. | |||||||||||||||||||||||||||||||
(2) No scheduled amortization until maturity dates. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 15 |
SUMMARY OF OUTSTANDING DEBT | ||||||||||||||||||||||
Unaudited, dollars in thousands | ||||||||||||||||||||||
Number of | Outstanding | Actual | Maturity | Percent of | ||||||||||||||||||
Loan / Property Name | MSA | Properties | Balance | Interest Rate | Date | Total Indebtedness | ||||||||||||||||
FIXED RATE DEBT: | ||||||||||||||||||||||
Secured Mortgages | ||||||||||||||||||||||
Wilmington Island | Wilmington Island | GA | 1 | $ | 8,475 | 5.05 | % | 11/11/15 | 0.14 | % | ||||||||||||
Streetsboro Crossing | Streetsboro | OH | 1 | 8,925 | 5.37 | % | 12/1/15 | 0.15 | % | |||||||||||||
REIT 4 LP 169 | — | — | 22 | 151,002 | 5.62 | % | 1/1/16 | 2.53 | % | |||||||||||||
South Plaza Shopping Center | California | MD | 1 | 15,020 | 5.42 | % | 1/11/16 | 0.25 | % | |||||||||||||
REIT 5 LP 240 | — | — | 12 | 217,977 | 5.63 | % | 2/1/16 | 3.65 | % | |||||||||||||
Chicopee Marketplace | Chicopee | MA | 1 | 17,415 | 5.97 | % | 6/1/16 | 0.29 | % | |||||||||||||
Cobblestone Village | Royal Palm Beach | FL | 1 | 9,994 | 5.97 | % | 6/1/16 | 0.17 | % | |||||||||||||
Springdale | Mobile | AL | 1 | 36,907 | 5.97 | % | 6/1/16 | 0.62 | % | |||||||||||||
Wilkes-Barre Township Marketplace | Wilkes-Barre | PA | 1 | 10,613 | 5.97 | % | 6/1/16 | 0.18 | % | |||||||||||||
Fashion Square | Orange Park | FL | 1 | 7,517 | 5.97 | % | 6/1/16 | 0.13 | % | |||||||||||||
REIT 7 LP 86 | — | — | 7 | 86,000 | 6.32 | % | 8/1/16 | 1.44 | % | |||||||||||||
REIT 16 LP 220 | — | — | 14 | 220,936 | 5.39 | % | 11/1/16 | 3.70 | % | |||||||||||||
REIT 14 LP 226 | — | — | 15 | 226,109 | 5.44 | % | 12/1/16 | 3.79 | % | |||||||||||||
REIT 15 LP 233 | — | — | 15 | 233,977 | 5.44 | % | 12/9/16 | 3.92 | % | |||||||||||||
Dublin Village * | — | — | 1 | 6,270 | 5.78 | % | 12/11/16 | 0.11 | % | |||||||||||||
Conyers Plaza I * | — | — | 1 | 10,800 | 5.77 | % | 1/1/17 | 0.18 | % | |||||||||||||
Freshwater - Stateline Plaza | Enfield | CT | 1 | 17,823 | 8.00 | % | 2/1/17 | 0.30 | % | |||||||||||||
Greensboro Village | Gallatin | TN | 1 | 8,855 | 5.52 | % | 2/11/17 | 0.15 | % | |||||||||||||
LP - JPM 300 | — | — | 18 | 290,764 | 6.38 | % | 9/1/17 | 4.87 | % | |||||||||||||
Whitaker Square | Winston Salem | NC | 1 | 9,087 | 6.32 | % | 12/1/17 | 0.15 | % | |||||||||||||
Christmas Tree Plaza | Orange | CT | 1 | 3,254 | 7.89 | % | 5/11/18 | 0.06 | % | |||||||||||||
LP - JPM CMBS | — | — | 72 | 545,436 | 6.78 | % | 8/1/20 | 9.14 | % | |||||||||||||
Monroe ShopRite Plaza | Monroe | NY | 1 | 8,391 | 6.50 | % | 8/1/20 | 0.14 | % | |||||||||||||
Bethel Park Shopping Center | Bethel Park | PA | 1 | 9,750 | 6.50 | % | 8/1/20 | 0.16 | % | |||||||||||||
Ivyridge | Philadelphia | PA | 1 | 13,601 | 6.50 | % | 8/1/20 | 0.23 | % | |||||||||||||
Roosevelt Mall | Philadelphia | PA | 1 | 48,485 | 6.50 | % | 8/1/20 | 0.81 | % | |||||||||||||
Inland (Brixmor/IA, LLC) - Pool A | — | — | 9 | 100,766 | 5.91 | % | 12/6/20 | 1.69 | % | |||||||||||||
Inland (Brixmor/IA, LLC) - Pool B | — | — | 8 | 92,290 | 5.91 | % | 12/6/20 | 1.55 | % | |||||||||||||
Inland (Brixmor/IA, LLC) - Pool C | — | — | 7 | 98,998 | 5.91 | % | 12/31/20 | 1.66 | % | |||||||||||||
REIT 20 LP 51 A | — | — | 4 | 47,803 | 6.24 | % | 1/6/21 | 0.80 | % | |||||||||||||
REIT 20 LP 45 B | — | — | 4 | 42,979 | 6.24 | % | 1/6/21 | 0.72 | % | |||||||||||||
REIT 20 LP 42 C | — | — | 5 | 40,179 | 6.24 | % | 1/6/21 | 0.67 | % | |||||||||||||
REIT 20 LP 37 D | — | — | 3 | 34,697 | 6.24 | % | 1/6/21 | 0.58 | % | |||||||||||||
REIT 20 LP 43 E | — | — | 4 | 40,349 | 6.24 | % | 1/6/21 | 0.68 | % | |||||||||||||
Larchmont Centre | Philadelphia | PA | 1 | 7,000 | 4.40 | % | 3/1/24 | 0.12 | % | |||||||||||||
TOTAL FIXED RATE SECURED MORTGAGES | 2,728,444 | 6.03 | % | 45.71 | % | |||||||||||||||||
Unsecured Credit Facility | ||||||||||||||||||||||
Term Loan Facility (1) | — | — | $ | 1,500,000 | 2.34 | % | 7/31/18 | 25.13 | % | |||||||||||||
TOTAL FIXED RATE UNSECURED CREDIT FACILITY | 1,500,000 | 2.34 | % | 25.13 | % | |||||||||||||||||
Unsecured Notes | ||||||||||||||||||||||
5.25%, 2015 Brixmor LLC Notes | — | — | 125,000 | 5.25 | % | 9/15/15 | 2.09 | % | ||||||||||||||
3.85%, 2025 Brixmor OP Notes | — | — | 700,000 | 3.85 | % | 2/28/25 | 11.73 | % | ||||||||||||||
7.97%, 2026 Brixmor LLC Notes | — | — | 694 | 7.97 | % | 8/14/26 | 0.01 | % | ||||||||||||||
7.65%, 2026 Brixmor LLC Notes | — | — | 6,100 | 7.65 | % | 11/2/26 | 0.10 | % |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 16 |
SUMMARY OF OUTSTANDING DEBT | ||||||||||||||||||||||
Unaudited, dollars in thousands | ||||||||||||||||||||||
Number of | Outstanding | Actual | Maturity | Percent of | ||||||||||||||||||
Loan / Property Name | MSA | Properties | Balance | Interest Rate | Date | Total Indebtedness | ||||||||||||||||
7.68%, 2026 Brixmor LLC Notes | — | — | 748 | 7.68 | % | 11/2/26 | 0.01 | % | ||||||||||||||
6.90%, 2028 Brixmor LLC Notes | — | — | 2,222 | 6.90 | % | 2/15/28 | 0.04 | % | ||||||||||||||
6.90%, 2028 Brixmor LLC Notes | — | — | 5,486 | 6.90 | % | 2/15/28 | 0.09 | % | ||||||||||||||
7.50%, 2029 Brixmor LLC Notes | — | — | 3,203 | 7.50 | % | 7/30/29 | 0.05 | % | ||||||||||||||
TOTAL FIXED RATE UNSECURED NOTES | 843,453 | 4.13 | % | 14.13 | % | |||||||||||||||||
TOTAL FIXED RATE DEBT | $ | 5,071,897 | 4.63 | % | 84.97 | % | ||||||||||||||||
VARIABLE RATE DEBT: | ||||||||||||||||||||||
Unsecured Credit Facility | ||||||||||||||||||||||
Revolving Credit Facility - L+150bps | — | — | $ | 297,000 | 1.69 | % | 7/31/17 | 4.98 | % | |||||||||||||
Term Loan Facility - L+140bps | — | — | 600,000 | 1.59 | % | 3/18/19 | 10.05 | % | ||||||||||||||
TOTAL VARIABLE RATE UNSECURED CREDIT FACILITY | 897,000 | 1.62 | % | 15.03 | % | |||||||||||||||||
TOTAL VARIABLE RATE DEBT | $ | 897,000 | 1.62 | % | 15.03 | % | ||||||||||||||||
TOTAL DEBT OBLIGATIONS | $ | 5,968,897 | 4.17 | % | 100.00 | % | ||||||||||||||||
Net unamortized discount on notes | (1,787 | ) | ||||||||||||||||||||
Net unamortized premiums on mortgages | 54,409 | |||||||||||||||||||||
Deferred financing costs | (22,868 | ) | ||||||||||||||||||||
DEBT OBLIGATIONS, NET | $ | 5,998,651 | ||||||||||||||||||||
* Indicates property is part of a larger shopping center. | ||||||||||||||||||||||
(1) Term loan facility has been swapped from 1 month Libor to fixed at a combined rate of 0.844% (spread of 150bps). |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 17 |
UNSECURED OP NOTES COVENANT DISCLOSURE | |||||||||||||
Unaudited, dollars in thousands | |||||||||||||
Covenants | As of 6/30/15 | ||||||||||||
I. Aggregate debt test | < 65% | 53.9 | % | ||||||||||
Total Debt | 5,998,651 | ||||||||||||
Total Assets | 11,119,736 | ||||||||||||
II. Secured debt test | < 40% | 24.8 | % | ||||||||||
Total Secured Debt | 2,759,985 | ||||||||||||
Total Assets | 11,119,736 | ||||||||||||
III. Unencumbered asset ratio | > 150% | 192.8 | % | ||||||||||
Total Unencumbered Assets | 6,245,371 | ||||||||||||
Unsecured Debt | 3,238,666 | ||||||||||||
�� | |||||||||||||
IV. Debt service test | > 1.5x | 3.6x | |||||||||||
Consolidated EBITDA | 857,942 | ||||||||||||
Annual Debt Service Charge | 241,270 | ||||||||||||
Definitions for unsecured notes covenants: | |||||||||||||
Debt: | Debt means, with respect to any person, any: | ||||||||||||
• indebtedness of such person in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments, | |||||||||||||
• indebtedness secured by any Lien on any property or asset owned by such person, but only to the extent of the lesser of (a) the amount of indebtedness | |||||||||||||
so secured and (b) the fair market value (determined in good faith by the Operating Partnership) of the property subject to such Lien, | |||||||||||||
• reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred | |||||||||||||
and unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable, or | |||||||||||||
• any lease of property by such person as lessee which is required to be reflected on such person’s balance sheet as a capitalized lease in accordance | |||||||||||||
with GAAP; | |||||||||||||
in the case of items of indebtedness under (i) through (iii) above to the extent that any such items (other than letters of credit) would appear as liabilities | |||||||||||||
on such person’s balance sheet in accordance with GAAP; provided, however, that the term “Debt” will (1) include, to the extent not otherwise included, | |||||||||||||
any non-contingent obligation of such person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the | |||||||||||||
ordinary course of business), Debt of the types referred to above of another person, other than obligations to be liable for the Debt of another person solely | |||||||||||||
as a result of non-recourse carveouts (it being understood that Debt shall be deemed to be incurred by such person whenever such person shall create, | |||||||||||||
assume, guarantee or otherwise become liable in respect thereof) and (2) exclude any such indebtedness (or obligation referenced in clause (1) above) | |||||||||||||
that has been the subject of an “in substance” defeasance in accordance with GAAP and Intercompany Indebtedness that is subordinate in right of | |||||||||||||
payment to the notes (or an obligation to be liable for, or to pay, Intercompany Indebtedness that is subordinate in right of payment to the notes). | |||||||||||||
Total Assets: | The sum of, without duplication: (i) Undepreciated Real Estate Assets and (ii) all other assets (excluding accounts receivable and non-real estate intangibles) | ||||||||||||
of Brixmor OP and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. | |||||||||||||
Total Unencumbered Assets: | The sum of, without duplication: (i) those Undepreciated Real Estate Assets which are not subject to a Lien securing Debt; and (ii) all other assets (excluding | ||||||||||||
accounts receivable and non-real estate intangibles) of us and our Subsidiaries not subject to a Lien securing Debt, all determined on a consolidated basis | |||||||||||||
in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for | |||||||||||||
purposes of the covenant set forth above in “Certain Covenants—Maintenance of Total Unencumbered Assets,” all investments in unconsolidated limited | |||||||||||||
partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets. | |||||||||||||
Unsecured Debt: | Debt of Brixmor OP or any of its Subsidiaries which is not secured by a Lien on any property or assets of Brixmor OP or any of its Subsidiaries. | ||||||||||||
Consolidated EBITDA: | For any period means Consolidated Net Income of Brixmor OP and its Subsidiaries for such period, plus amounts which have been deducted and minus | ||||||||||||
amounts which have been added for, without duplication: (i) interest expense on Debt; (ii) provision for taxes based on income; (iii) amortization of debt | |||||||||||||
discount, premium and deferred financing costs; (iv) the income or expense attributable to transactions involving derivative instruments that do not qualify | |||||||||||||
for hedge accounting in accordance with GAAP; (v) impairment losses and gains on sales or other dispositions of properties and other investments; | |||||||||||||
(vi) depreciation and amortization; (vii) net amount of extraordinary items or non-recurring items, as may be determined by us in good faith; | |||||||||||||
(viii) amortization of deferred charges; (ix) gains or losses on early extinguishment of debt; and (x) noncontrolling interests; all determined on a | |||||||||||||
consolidated basis in accordance with GAAP. | |||||||||||||
Annual Debt Service Charge: | For any period, the interest expense of Brixmor OP and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. | ||||||||||||
Note: For full detailed descriptions of the OP Unsecured Notes Covenant calculations and definitions of capitalized terms please refer to the Prospectus Supplement filed by the OP with the | |||||||||||||
Securities and Exchange Commission on January 15, 2015. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 18 |
UNSECURED CREDIT FACILITY COVENANT DISCLOSURE | |||||||||||||
Unaudited, dollars in thousands | |||||||||||||
Covenants | As of 6/30/15 | ||||||||||||
I. Leverage ratio | < 60% | 44.8 | % | ||||||||||
Total Outstanding Indebtedness | 5,971,804 | ||||||||||||
Balance Sheet Cash | 106,532 | ||||||||||||
Total Asset Value | 13,088,853 | ||||||||||||
II. Secured leverage ratio | < 40% | 20.1 | % | ||||||||||
Total Secured Indebtedness | 2,731,351 | ||||||||||||
Balance Sheet Cash | 106,532 | ||||||||||||
Total Asset Value | 13,088,853 | ||||||||||||
III. Unsecured leverage ratio | < 60% | 43.8 | % | ||||||||||
Total Unsecured Indebtedness | 3,240,453 | ||||||||||||
Unrestricted Cash | 45,369 | ||||||||||||
Unencumbered Asset Value | 7,294,465 | ||||||||||||
IV. Fixed charge coverage ratio | > 1.5x | 3.2 | x | ||||||||||
Total Net Operating Income | 912,351 | ||||||||||||
Capital Expenditure Reserve | 13,032 | ||||||||||||
Fixed Charges | 280,720 | ||||||||||||
Definitions for line of credit covenants: | |||||||||||||
Total Outstanding Indebtedness: | Total Indebtedness including capital leases, financing liabilities, redeemable non-controlling interests, letters of credit, guarantee obligations, and the Company's applicable share of joint venture Indebtedness. | ||||||||||||
Balance Sheet Cash: | Cash and cash equivalents, Restricted cash, and certain Marketable securities. | ||||||||||||
Total Asset Value: | An amount equal to the sum of the following for the Company and the Company's applicable share of its joint ventures: (i) Net Operating Income from Stabilized Projects for the most recent six months annualized divided by 7.00%, (ii) the amount of Management Fees received by the Company for the most recent six months annualized divided by 7.00%, (iii) Acquisition Assets valued at the higher of their capitalization value (Net Operating Income for the most recent six months annualized divided by 7.00%) or acquisition cost, (iv) undepreciated Book Value of Land, (v) undepreciated Book Value of Assets Under Development, (vi) undepreciated Book Value of Non-Stabilized Projects, (vii) value of Mezzanine Debt Investments, (viii) value of all First Mortgage Receivables. The aggregate contributions to Total Asset Value from items (v), (vi), and (vii) above shall not exceed 35% of Total Asset Value. | ||||||||||||
Total Secured Indebtedness: | All indebtedness that is secured by a lien on any asset. | ||||||||||||
Total Unsecured Indebtedness: | All Indebtedness that is not Secured Indebtedness. | ||||||||||||
Unrestricted Cash: | Cash and cash equivalents, and certain marketable securities but excluding restricted cash. | ||||||||||||
Unencumbered Asset Value: | Total Asset Value from Unencumbered Assets. | ||||||||||||
Unencumbered Assets: | Any acquisition asset, land, operating property and any asset under development located in the Unites States which, as of any date of determination is not subject to any liens, claims, or restrictions on transferability or assignability of any kind other than (i) permitted encumbrances or liens in favor of the administrative agent and (ii) customary restrictions on transferability that result in a change of control or that trigger a right of first offer or right of first refusal. | ||||||||||||
Total Net Operating Income: | For the Company and the Company's applicable share of its joint ventures, as determined in accordance with GAAP, an amount equal to (i) the aggregate rental income and other revenues from the operation of all real estate assets, including from straight-lined rent and amortization of above- and below-market leases minus (ii) all expenses and other charges incurred in connection with the operation of such real estate assets but excluding the payment of or provision for debt service charges, income taxes, capital expenses, depreciation, amortization and other non-cash expenses. | ||||||||||||
Fixed Charges: | For any period, the sum of (i) total interest expense, (ii) all scheduled principal payments due on account of total outstanding indebtedness (excluding balloon payments) and (iii) all dividends payable on account of preferred stock or preferred operating partnership units of the borrower or any other person in the consolidated group. | ||||||||||||
Capital Expenditure Reserve: | For any Operating Property, an amount equal to (i) $0.15 multiplied by (ii) the number of square feet of such Operating Property. | ||||||||||||
Note: For full detailed descriptions of the Credit Facility Covenant calculations and definitions of capitalized terms please refer to the Revolving Credit and Term Loan Agreement, dated as of July 16, 2013 filed as Exhibit 10.6 to Amendment No. 1 to Form S-11, filed with the Securities and Exchange Commission on August 23, 2013. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 19 |
RECONCILIATION OF GAAP STATEMENTS OF OPERATIONS TO PRO FORMA | ||||||||||||||||
STATEMENTS OF OPERATIONS | ||||||||||||||||
Unaudited, dollars in thousands, except per share amounts | ||||||||||||||||
Six Months Ended 6/30/14 | ||||||||||||||||
Actual Results | Adjustments (1) | Pro Forma | ||||||||||||||
Revenues | ||||||||||||||||
Rental income | $ | 477,154 | $ | — | $ | 477,154 | ||||||||||
Expense reimbursements | 134,251 | — | 134,251 | |||||||||||||
Other revenues | 4,120 | — | 4,120 | |||||||||||||
Total revenues | 615,525 | — | 615,525 | |||||||||||||
Operating expenses | ||||||||||||||||
Operating costs | 66,764 | — | 66,764 | |||||||||||||
Real estate taxes | 88,246 | — | 88,246 | |||||||||||||
Depreciation and amortization | 222,820 | — | 222,820 | |||||||||||||
Provision for doubtful accounts | 5,846 | — | 5,846 | |||||||||||||
General and administrative | 39,597 | — | 39,597 | |||||||||||||
Total operating expenses | 423,273 | — | 423,273 | |||||||||||||
Other income (expense) | ||||||||||||||||
Dividends and interest | 267 | — | 267 | |||||||||||||
Interest expense | (133,919 | ) | — | (133,919 | ) | |||||||||||
Gain on sale of real estate assets | 378 | — | 378 | |||||||||||||
Loss on extinguishment of debt, net | (3,033 | ) | — | (3,033 | ) | |||||||||||
Other | (4,130 | ) | — | (4,130 | ) | |||||||||||
Total other expense | (140,437 | ) | — | (140,437 | ) | |||||||||||
Income before equity in income of unconsolidated joint ventures | 51,815 | — | 51,815 | |||||||||||||
Equity in income of unconsolidated joint ventures | 136 | 68 | 204 | |||||||||||||
Gain on disposition of investments in unconsolidated joint ventures | 1,820 | (1,820 | ) | — | ||||||||||||
Income from continuing operations | 53,771 | (1,752 | ) | 52,019 | ||||||||||||
Discontinued operations | ||||||||||||||||
Income from discontinued operations | 4,841 | (4,787 | ) | 54 | ||||||||||||
Gain on disposition of operating properties | 14,426 | (14,426 | ) | — | ||||||||||||
Income from discontinued operations | 19,267 | (19,213 | ) | 54 | ||||||||||||
Net income | 73,038 | (20,965 | ) | 52,073 | ||||||||||||
Net income attributable to non-controlling interests | (34,164 | ) | 20,992 | (13,172 | ) | |||||||||||
Net income attributable to common stockholders | $ | 38,874 | $ | 27 | $ | 38,901 | ||||||||||
Per common share: | ||||||||||||||||
Income from continuing operations: | ||||||||||||||||
Basic | $ | 0.17 | $ | — | $ | 0.17 | ||||||||||
Diluted | $ | 0.17 | $ | — | $ | 0.17 | ||||||||||
Net income attributable to common stockholders: | ||||||||||||||||
Basic | $ | 0.17 | $ | — | $ | 0.17 | ||||||||||
Diluted | $ | 0.17 | $ | — | $ | 0.17 | ||||||||||
Weighted average number of vested common shares: | ||||||||||||||||
Basic | 228,547 | — | 228,547 | |||||||||||||
Diluted | 229,907 | — | 229,907 | |||||||||||||
(1) Reflects the impact associated with the distribution of 36 of the Excluded Properties during the first quarter of 2014. The pro forma adjustments assume that the distribution of the properties | ||||||||||||||||
was completed as of January 1, 2014. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 20 |
TRANSACTION SUMMARY | |||||||||||||||
Supplemental Disclosure Three Months Ended June 30, 2015 | |||||||||||||||
ACQUISITIONS | ||||||||||||||||||||||||||
Dollars in thousands | ||||||||||||||||||||||||||
Property Name | Property Type (1) | MSA | Purchase Date | Purchase Amount | Cap- Rate | GLA | Percent Leased | ABR/ SF | Major Tenants | |||||||||||||||||
Three Months Ended June 30, 2015 | ||||||||||||||||||||||||||
Retail Building at Bardin Place Center | B | Dallas-Fort Worth-Arlington, TX | 6/10/15 | $ | 9,258 | 6.8 | % | 96,127 | 100.0 | % | $ | 6.75 | Hobby Lobby | |||||||||||||
Webster Square Shopping Center | S | Boston-Cambridge-Newton, MA-NH | 6/30/15 | 31,950 | 6.6 | % | 182,756 | 97.9 | % | 12.16 | Marshalls, Star Market | |||||||||||||||
Larchmont Centre | S | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 6/30/15 | 18,000 | 6.8 | % | 103,787 | 92.3 | % | 12.92 | ShopRite | |||||||||||||||
$ | 59,208 | 6.7 | % | 382,670 | ||||||||||||||||||||||
TOTAL - SIX MONTHS ENDED 6/30/15 | $ | 59,208 | 6.7 | % | 382,670 | |||||||||||||||||||||
(1) B - Building, S - Shopping Center. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 22 |
DISPOSITIONS | |||||||||||||||||||||||||||||||
Dollars in thousands | |||||||||||||||||||||||||||||||
Property Name | Property Type (1) | MSA | Sale Date | Sale Amount | Gain / (loss) | Cap- Rate | GLA / Acres | Percent Leased | ABR/ SF | ||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||
Parkwest Crossing | S | Durham-Chapel Hill, NC | 1/30/15 | $ | 10,250 | $ | (807 | ) | 7.2 | % | 85,602 | 94.9 | % | $ | 10.03 | ||||||||||||||||
10,250 | (807 | ) | 7.2 | % | 85,602 | ||||||||||||||||||||||||||
Three Months Ended June 30, 2015 | |||||||||||||||||||||||||||||||
Portfolio Sale | $ | 32,349 | $ | 9,224 | 7.3 | % | |||||||||||||||||||||||||
Brenham Four Corners | S | Brenham, TX | 4/27/15 | — | — | — | — | 114,571 | 100.0 | % | 8.27 | ||||||||||||||||||||
Davenport Retail Center | S | Davenport-Moline-Rock Island, IA-IL | 6/16/15 | — | — | — | — | 62,588 | 100.0 | % | 11.50 | ||||||||||||||||||||
BJ's Plaza | S | Portland-South Portland, ME | 6/16/15 | — | — | — | — | 104,233 | 100.0 | % | 7.70 | ||||||||||||||||||||
Outparcels at Midway Market Square | O | Cleveland-Elyria, OH | 6/16/15 | — | — | — | — | 7,922 | 100.0 | % | — | ||||||||||||||||||||
32,349 | 9,224 | 7.3 | % | 289,314 | |||||||||||||||||||||||||||
TOTAL - SIX MONTHS ENDED 6/30/15 | $ | 42,599 | $ | 8,417 | 7.2 | % | 374,916 | ||||||||||||||||||||||||
(1) S - Shopping Center, O - Outparcels. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 23 |
PORTFOLIO SUMMARY | ||||||||||||||
Supplemental Disclosure Three Months Ended June 30, 2015 | ||||||||||||||
Joint venture, Montecito Marketplace is included at 100% |
PORTFOLIO OVERVIEW | ||||||||||||||||||||||||||||||
As of: | ||||||||||||||||||||||||||||||
6/30/15 | 3/31/15 | 12/31/14 | 9/30/14 | 6/30/14 | ||||||||||||||||||||||||||
Number of properties | 519 | 520 | 521 | 522 | 522 | |||||||||||||||||||||||||
GLA | 86,602,682 | 86,547,975 | 86,828,506 | 86,769,179 | 86,764,493 | |||||||||||||||||||||||||
Percent leased | 92.5 | % | 92.4 | % | 92.8 | % | 92.7 | % | 92.5 | % | ||||||||||||||||||||
TOTAL ≥ 10,000 SF | 96.2 | % | 96.3 | % | 97.1 | % | 97.0 | % | 97.0 | % | ||||||||||||||||||||
TOTAL < 10,000 SF | 83.6 | % | 83.2 | % | 82.6 | % | 82.6 | % | 82.1 | % | ||||||||||||||||||||
Percent billed | 90.3 | % | 90.3 | % | 91.3 | % | 90.8 | % | 90.5 | % | ||||||||||||||||||||
ABR | $ | 929,956,921 | $ | 919,517,500 | $ | 915,619,305 | $ | 910,849,214 | $ | 903,423,457 | ||||||||||||||||||||
ABR/SF | $ | 12.31 | $ | 12.19 | $ | 12.14 | $ | 12.10 | $ | 12.04 | ||||||||||||||||||||
Percent grocery anchored | 71 | % | 70 | % | 71 | % | 70 | % | 70 | % | ||||||||||||||||||||
Percent community shopping centers | 63 | % | 63 | % | 63 | % | 63 | % | 63 | % | ||||||||||||||||||||
Percent neighborhood shopping centers | 37 | % | 37 | % | 37 | % | 37 | % | 37 | % | ||||||||||||||||||||
PORTFOLIO BY UNIT SIZE AS OF 6/30/15 | ||||||||||||||||||||||||||||||
Number of Units | GLA | Percent Leased | Percent Billed | Percent of Vacant GLA | ABR | ABR/SF | ||||||||||||||||||||||||
≥ 35,000 SF | 580 | 36,069,516 | 98.5 | % | 96.7 | % | 8.5 | % | $ | 277,219,915 | $ | 8.66 | ||||||||||||||||||
20,000 – 34,999 SF | 552 | 14,527,889 | 94.8 | % | 92.9 | % | 11.6 | % | 130,687,593 | 9.59 | ||||||||||||||||||||
10,000 - 19,999 SF | 757 | 10,288,354 | 90.2 | % | 87.3 | % | 15.4 | % | 113,070,585 | 12.51 | ||||||||||||||||||||
5,000 - 9,999 SF | 1,375 | 9,457,743 | 85.7 | % | 83.4 | % | 20.7 | % | 122,069,454 | 15.66 | ||||||||||||||||||||
< 5,000 SF | 7,880 | 16,259,180 | 82.4 | % | 79.7 | % | 43.8 | % | 286,909,373 | 21.98 | ||||||||||||||||||||
TOTAL | 11,144 | 86,602,682 | 92.5 | % | 90.3 | % | 100.0 | % | $ | 929,956,921 | $ | 12.31 | ||||||||||||||||||
TOTAL ≥ 10,000 SF | 1,889 | 60,885,759 | 96.2 | % | 94.2 | % | 35.5 | % | $ | 520,978,094 | $ | 9.53 | ||||||||||||||||||
TOTAL < 10,000 SF | 9,255 | 25,716,923 | 83.6 | % | 81.0 | % | 64.5 | % | 408,978,827 | 19.62 | ||||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 25 |
TOP FORTY RETAILERS RANKED BY ABR | ||||||||||||||||||||||
Retailer | Owned Leases | GLA | Percent of Portfolio GLA | ABR | Percent of Portfolio ABR | |||||||||||||||||
1 | The Kroger Co. (1) | 68 | 4,362,484 | 5.0 | % | $ | 30,216,306 | 3.2 | % | |||||||||||||
2 | The TJX Companies, Inc. (2) | 91 | 2,907,531 | 3.4 | % | 29,534,262 | 3.2 | % | ||||||||||||||
3 | Dollar Tree Stores, Inc. (3) | 169 | 1,874,923 | 2.2 | % | 18,257,427 | 2.0 | % | ||||||||||||||
4 | Wal-Mart Stores, Inc. (4) | 29 | 3,548,000 | 4.1 | % | 16,904,532 | 1.8 | % | ||||||||||||||
5 | Publix Super Markets, Inc. (5) | 39 | 1,801,416 | 2.1 | % | 16,658,007 | 1.8 | % | ||||||||||||||
6 | Ahold USA, Inc. (6) | 22 | 1,314,212 | 1.5 | % | 14,663,586 | 1.6 | % | ||||||||||||||
7 | Albertsons Companies, Inc. (7) | 22 | 1,233,543 | 1.4 | % | 12,389,160 | 1.3 | % | ||||||||||||||
8 | Burlington Stores, Inc. | 18 | 1,354,842 | 1.6 | % | 10,227,253 | 1.1 | % | ||||||||||||||
9 | Sears Holdings Corporation (8) | 23 | 2,135,926 | 2.5 | % | 9,317,212 | 1.0 | % | ||||||||||||||
10 | Office Depot, Inc. (9) | 38 | 860,298 | 1.0 | % | 9,306,541 | 1.0 | % | ||||||||||||||
TOP 10 RETAILERS | 519 | 21,393,175 | 24.7 | % | 167,474,286 | 18.0 | % | |||||||||||||||
11 | PetSmart, Inc. | 30 | 652,714 | 0.8 | % | 9,302,581 | 1.0 | % | ||||||||||||||
12 | Bed Bath & Beyond Inc. (10) | 30 | 737,711 | 0.9 | % | 9,209,103 | 1.0 | % | ||||||||||||||
13 | Ross Stores, Inc. (11) | 30 | 844,474 | 1.0 | % | 9,103,541 | 1.0 | % | ||||||||||||||
14 | Best Buy Co., Inc. | 16 | 660,392 | 0.8 | % | 8,832,072 | 0.9 | % | ||||||||||||||
15 | Big Lots, Inc. | 45 | 1,448,043 | 1.7 | % | 8,687,148 | 0.9 | % | ||||||||||||||
16 | Kohl's Corporation | 12 | 1,002,715 | 1.2 | % | 7,330,353 | 0.8 | % | ||||||||||||||
17 | PETCO Animal Supplies, Inc. (12) | 33 | 447,905 | 0.5 | % | 6,947,171 | 0.7 | % | ||||||||||||||
18 | DICK'S Sporting Goods, Inc. (13) | 13 | 542,121 | 0.6 | % | 6,861,644 | 0.7 | % | ||||||||||||||
19 | Staples, Inc. | 28 | 600,331 | 0.7 | % | 6,860,817 | 0.7 | % | ||||||||||||||
20 | Hobby Lobby Stores, Inc. | 17 | 1,039,742 | 1.2 | % | 6,842,171 | 0.7 | % | ||||||||||||||
TOP 20 RETAILERS | 773 | 29,369,323 | 33.9 | % | 247,450,888 | 26.6 | % | |||||||||||||||
21 | Party City Corporation | 35 | 475,341 | 0.5 | % | 6,674,631 | 0.7 | % | ||||||||||||||
22 | L.A. Fitness International, LLC | 10 | 427,095 | 0.5 | % | 6,385,224 | 0.7 | % | ||||||||||||||
23 | Ascena Retail Group, Inc. (14) | 55 | 339,597 | 0.4 | % | 6,042,795 | 0.6 | % | ||||||||||||||
24 | Southeastern Grocers (15) | 17 | 791,373 | 0.9 | % | 5,991,490 | 0.6 | % | ||||||||||||||
25 | Michaels Stores, Inc. | 26 | 570,345 | 0.7 | % | 5,961,789 | 0.6 | % | ||||||||||||||
26 | The Home Depot, Inc. | 8 | 799,388 | 0.9 | % | 5,755,311 | 0.6 | % | ||||||||||||||
27 | Giant Eagle, Inc. | 7 | 555,560 | 0.6 | % | 5,155,366 | 0.6 | % | ||||||||||||||
28 | CVS Health | 26 | 329,568 | 0.4 | % | 5,142,613 | 0.6 | % | ||||||||||||||
29 | Walgreen Co. | 21 | 300,253 | 0.3 | % | 4,890,391 | 0.5 | % | ||||||||||||||
30 | H.E. Butt Grocery Company (16) | 8 | 401,380 | 0.5 | % | 4,671,167 | 0.5 | % | ||||||||||||||
31 | The Great Atlantic & Pacific Tea Company (17) | 7 | 330,480 | 0.4 | % | 4,396,267 | 0.5 | % | ||||||||||||||
32 | Barnes & Noble, Inc. | 11 | 248,673 | 0.3 | % | 4,193,769 | 0.5 | % | ||||||||||||||
33 | Jo-Ann Stores, Inc. | 22 | 422,528 | 0.5 | % | 4,131,846 | 0.4 | % | ||||||||||||||
34 | Gap, Inc. (18) | 16 | 257,085 | 0.3 | % | 4,123,111 | 0.4 | % | ||||||||||||||
35 | Payless ShoeSource | 68 | 210,807 | 0.2 | % | 4,098,174 | 0.4 | % | ||||||||||||||
36 | Sally Beauty Holdings, Inc. | 116 | 194,975 | 0.2 | % | 4,081,815 | 0.4 | % | ||||||||||||||
37 | Wakefern Food Corporation (19) | 7 | 354,575 | 0.4 | % | 4,064,206 | 0.4 | % | ||||||||||||||
38 | JPMorgan Chase & Co. | 30 | 111,604 | 0.1 | % | 4,045,829 | 0.4 | % | ||||||||||||||
39 | ULTA Beauty | 17 | 194,478 | 0.2 | % | 3,915,876 | 0.4 | % | ||||||||||||||
40 | Toys"R"Us, Inc. (20) | 11 | 410,868 | 0.5 | % | 3,875,599 | 0.4 | % | ||||||||||||||
TOTAL TOP 40 RETAILERS | 1,291 | 37,095,296 | 42.8 | % | $ | 345,048,157 | 37.1 | % | ||||||||||||||
(1) Includes Kroger (54), Harris Teeter (3), King Soopers (3), Ralphs (3), Smith's (2), | (7) Includes Vons (4), Albertsons (4), Randalls (3), Tom Thumb (3), Dominick's (2), | (14) Includes dressbarn (23), Catherines (11), Lane Bryant (8), Justice (7), | ||||||||||||||||||||
Dillons (1), Food 4 Less (1) and Pay Less (1). | Shaw's (2), Jewel-Osco (1), Acme (1), Foodarama(1) and $.99 Only Store (1). | maurices (5) and Ann Taylor (1). | ||||||||||||||||||||
(2) Includes T.J. Maxx (49), Marshalls (34) and HomeGoods (8). | (8) Includes Kmart (20), Sears (2) and Sears Outlet (1). | (15) Includes Winn-Dixie (9), BI-LO (5) and Harveys (3). | ||||||||||||||||||||
(3) Includes Dollar Tree (130), Family Dollar (35) Deals (3) and Dollar Stop (1). | (9) Includes Office Depot (21) and OfficeMax (17). | (16) Includes H-E-B (7) and Central Market (1). | ||||||||||||||||||||
(4) Includes Supercenters (14), Discount Stores (9), Walmart Neighborhood | (10) Includes Bed Bath & Beyond (17), Harmon Face Values (6), Christmas Tree | (17) Includes A&P (3), Pathmark (2), Superfresh (1) and Waldbaum's (1). | ||||||||||||||||||||
Market (5) and Sam's Club (1). | Shops (4), World Market (2) and buybuy BABY (1). | (18) Includes Old Navy (12), GAP Factory (2), GAP (1) and Banana | ||||||||||||||||||||
(5) Includes Publix (38) and Publix Sabor (1). | (11) Includes Ross Dress for Less (29) and dd's Discounts (1). | Republic Factory (1). | ||||||||||||||||||||
(6) Includes Giant Food (9), Super Stop & Shop (7), Martin's Food Markets (2), | (12) Includes PETCO (32) and Unleashed (1). | (19) Includes ShopRite (4) and PriceRite (3). | ||||||||||||||||||||
ShopRite(1), Stop & Shop (1), McCaffrey's(1) and Tops (1). | (13) Includes DICK'S Sporting Goods (10) and Golf Galaxy (3). | (20) Includes Babies"R"Us (7) and Toys"R"Us (4). | ||||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 26 |
NEW & RENEWAL LEASE SUMMARY | |||||||||||||||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||||||||||||||
Tenant Improvements PSF (1) | Leasing Commissions PSF | Weighted Average Lease Term (years) | Comparable Only | ||||||||||||||||||||||||||||||||||||||||||||
Leases | GLA | New ABR | New ABR/SF | Leases | GLA | New ABR/SF | Old ABR/SF | Rent Growth (2) | |||||||||||||||||||||||||||||||||||||||
TOTAL - ALL LEASES | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 6/30/15 | 505 | 3,355,591 | $ | 41,924 | $ | 12.49 | $ | 5.05 | $ | 0.93 | 5.5 | 389 | 2,995,769 | $ | 12.12 | $ | 10.44 | 16.1 | % | ||||||||||||||||||||||||||||
Three months ended 3/31/15 | 485 | 2,790,404 | 38,137 | 13.67 | 5.47 | 0.71 | 5.8 | 385 | 2,391,199 | 13.53 | 11.90 | 13.7 | % | ||||||||||||||||||||||||||||||||||
Three months ended 12/31/14 | 466 | 3,107,911 | 40,064 | 12.89 | 5.57 | 1.09 | 6.3 | 365 | 2,635,743 | 13.05 | 11.46 | 13.9 | % | ||||||||||||||||||||||||||||||||||
Three months ended 9/30/14 | 535 | 3,352,890 | 43,369 | 12.93 | 6.16 | 0.96 | 6.3 | 415 | 3,023,596 | 12.68 | 11.14 | 13.9 | % | ||||||||||||||||||||||||||||||||||
TOTAL - TTM | 1,991 | 12,606,796 | $ | 163,495 | $ | 12.97 | $ | 5.57 | $ | 0.93 | 6.0 | 1,554 | 11,046,307 | $ | 12.80 | $ | 11.19 | 14.4 | % | ||||||||||||||||||||||||||||
NEW LEASES | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 6/30/15 | 206 | 856,542 | $ | 13,614 | $ | 15.89 | $ | 18.54 | $ | 3.59 | 7.4 | 90 | 496,720 | $ | 16.08 | $ | 10.69 | 50.4 | % | ||||||||||||||||||||||||||||
Three months ended 3/31/15 | 169 | 801,983 | 12,388 | 15.45 | 17.40 | 2.42 | 9.2 | 69 | 402,778 | 16.37 | 11.74 | 39.4 | % | ||||||||||||||||||||||||||||||||||
Three months ended 12/31/14 | 177 | 995,012 | 13,381 | 13.45 | 16.31 | 3.26 | 8.1 | 76 | 522,844 | 14.77 | 10.43 | 41.6 | % | ||||||||||||||||||||||||||||||||||
Three months ended 9/30/14 | 194 | 1,015,260 | 13,403 | 13.20 | 18.04 | 3.09 | 8.6 | 74 | 685,966 | 12.19 | 9.20 | 32.5 | % | ||||||||||||||||||||||||||||||||||
TOTAL - TTM | 746 | 3,668,797 | $ | 52,786 | $ | 14.39 | $ | 17.55 | $ | 3.10 | 8.3 | 309 | 2,108,308 | $ | 14.55 | $ | 10.34 | 40.7 | % | ||||||||||||||||||||||||||||
RENEWAL & OPTION LEASES | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 6/30/15 | 299 | 2,499,049 | $ | 28,310 | $ | 11.33 | $ | 0.42 | $ | 0.02 | 4.9 | 299 | 2,499,049 | $ | 11.33 | $ | 10.39 | 9.1 | % | ||||||||||||||||||||||||||||
Three months ended 3/31/15 | 316 | 1,988,421 | 25,749 | 12.95 | 0.66 | 0.02 | 4.5 | 316 | 1,988,421 | 12.95 | 11.93 | 8.6 | % | ||||||||||||||||||||||||||||||||||
Three months ended 12/31/14 | 289 | 2,112,899 | 26,684 | 12.63 | 0.52 | 0.07 | 5.4 | 289 | 2,112,899 | 12.63 | 11.71 | 7.8 | % | ||||||||||||||||||||||||||||||||||
Three months ended 9/30/14 | 341 | 2,337,630 | 29,967 | 12.82 | 1.00 | 0.03 | 5.4 | 341 | 2,337,630 | 12.82 | 11.70 | 9.6 | % | ||||||||||||||||||||||||||||||||||
TOTAL - TTM | 1,245 | 8,937,999 | $ | 110,709 | $ | 12.39 | $ | 0.65 | $ | 0.04 | 5.1 | 1,245 | 8,937,999 | $ | 12.39 | $ | 11.39 | 8.8 | % | ||||||||||||||||||||||||||||
RENT GROWTH BY TENANT SIZE | LEASES BY ANCHOR AND SMALL SHOP - THREE MONTHS ENDED 6/30/15 | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | % of Leases | % of GLA | % of ABR | New ABR/SF | |||||||||||||||||||||||||||||||||||||||||||
TOTAL - ALL LEASES | 6/30/15 | 3/31/15 | 12/31/14 | 9/30/14 | Anchor Leases (≥ 10,000 SF) | ||||||||||||||||||||||||||||||||||||||||||
≥ 35,000 SF | 22.9 | % | 10.9 | % | 16.3 | % | 14.1 | % | Total - All leases | 17 | % | 68 | % | 48 | % | $ | 8.94 | ||||||||||||||||||||||||||||||
20,000 – 34,999 SF | 4.2 | % | 8.9 | % | 16.1 | % | 15.3 | % | New leases | 10 | % | 45 | % | 33 | % | 11.57 | |||||||||||||||||||||||||||||||
10,000 - 19,999 SF | 20.8 | % | 17.5 | % | 14.6 | % | 32.5 | % | Renewal leases | 21 | % | 75 | % | 56 | % | 8.40 | |||||||||||||||||||||||||||||||
5,000 - 9,999 SF | 14.8 | % | 17.9 | % | 12.7 | % | 9.8 | % | |||||||||||||||||||||||||||||||||||||||
< 5,000 SF | 16.8 | % | 14.4 | % | 11.2 | % | 10.1 | % | Small Shop Leases (< 10,000 SF) | ||||||||||||||||||||||||||||||||||||||
TOTAL | 16.1 | % | 13.7 | % | 13.9 | % | 13.9 | % | Total - All leases | 83 | % | 32 | % | 52 | % | $ | 19.90 | ||||||||||||||||||||||||||||||
TOTAL ≥ 10,000 SF | 15.8 | % | 12.0 | % | 15.9 | % | 17.8 | % | New leases | 90 | % | 55 | % | 67 | % | 19.46 | |||||||||||||||||||||||||||||||
TOTAL < 10,000 SF | 16.3 | % | 15.3 | % | 11.5 | % | 10.0 | % | Renewal leases | 79 | % | 25 | % | 44 | % | 20.23 | |||||||||||||||||||||||||||||||
(1) Excludes Landlord Costs. | |||||||||||||||||||||||||||||||||||||||||||||||
(2) Cash. | |||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 27 |
NEW LEASE NET EFFECTIVE RENT | |||||||||||||||||||||||
Twelve Months Ended | Three Months Ended | ||||||||||||||||||||||
6/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | 9/30/14 | |||||||||||||||||||
NEW LEASES | |||||||||||||||||||||||
Weighted average over lease term: | |||||||||||||||||||||||
Base rent | $ | 15.06 | $ | 16.84 | $ | 15.97 | $ | 14.12 | $ | 13.78 | |||||||||||||
TI/TA allowance | (2.20 | ) | (2.33 | ) | (2.09 | ) | (2.20 | ) | (2.18 | ) | |||||||||||||
Landlord work | (0.36 | ) | (0.28 | ) | (0.43 | ) | (0.45 | ) | (0.27 | ) | |||||||||||||
Third party leasing commissions | (0.37 | ) | (0.43 | ) | (0.29 | ) | (0.40 | ) | (0.37 | ) | |||||||||||||
Rent concessions | — | — | — | — | — | ||||||||||||||||||
EQUIVALENT NET EFFECTIVE RENT | $ | 12.13 | $ | 13.80 | $ | 13.16 | $ | 11.07 | $ | 10.96 | |||||||||||||
Net effective rent / base rent | 81 | % | 82 | % | 82 | % | 78 | % | 80 | % | |||||||||||||
Weighted average term (years) | 8.3 | 7.4 | 9.2 | 8.1 | 8.6 | ||||||||||||||||||
PERCENT OF TOTAL EQUIVALENT NET EFFECTIVE RENT BY ANCHOR AND SMALL SHOP | |||||||||||||||||||||||
≥ 10,000 SF | 39 | % | 31 | % | 37 | % | 45 | % | 42 | % | |||||||||||||
< 10,000 SF | 61 | % | 69 | % | 63 | % | 55 | % | 58 | % | |||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 28 |
ANCHOR SPACE REPOSITIONING SUMMARY | |||||||||||||||||
Dollars in thousands | |||||||||||||||||
Property Name | MSA | Description | |||||||||||||||
IN PROCESS ANCHOR SPACE REPOSITIONINGS | |||||||||||||||||
1 | California Oaks Center | Riverside-San Bernardino-Ontario, CA | Remerchandise former Ralphs with a 19K SF Barons Market | ||||||||||||||
2 | Metro 580 | San Francisco-Oakland-Hayward, CA | Remerchandise former Borders with a 23K SF Party City | ||||||||||||||
3 | Arapahoe Crossings | Denver-Aurora-Lakewood, CO | Remerchandise former OfficeMax with a 24K SF buybuy BABY | ||||||||||||||
4 | Stratford Square | Bridgeport-Stamford-Norwalk, CT | Reconfigure former movie theatre with a 49K SF LA Fitness | ||||||||||||||
5 | The Manchester Collection | Hartford-West Hartford-East Hartford, CT | Combination of former Office Depot and adjacent anchor vacancy for a 39K SF The Edge Fitness Clubs | ||||||||||||||
6 | Marketplace at Wycliffe | Miami-Fort Lauderdale-West Palm Beach, FL | Remerchandise former Winn-Dixie with a 45K SF Walmart Neighborhood Market | ||||||||||||||
7 | Park Shore Plaza | Naples-Immokalee-Marco Island, FL | Remerchandise former Kmart with a 60K SF Burlington Stores, a 19K SF Party City and an additional 16K SF junior anchor and a 5K SF small shop space | ||||||||||||||
8 | Wilmington Island | Savannah, GA | Reconfigure junior anchor and small shop space to accommodate expansion of existing Kroger to 75K SF prototype store and addition of Kroger fuel center | ||||||||||||||
9 | Annex of Arlington | Chicago-Naperville-Elgin, IL-IN-WI | Downsize existing 27K SF Petco to 14K SF to accommodate a 13K SF Chuck E. Cheese’s | ||||||||||||||
10 | The Commons of Crystal Lake | Chicago-Naperville-Elgin, IL-IN-WI | Remerchandise former Marshalls and Toys R Us with a 58K SF Burlington Stores | ||||||||||||||
11 | Westridge Court | Chicago-Naperville-Elgin, IL-IN-WI | Remerchandise former Hollywood Palms Cinema with a 50K SF Star Cinema Grill | ||||||||||||||
12 | Speedway Super Center | Indianapolis-Carmel-Anderson, IN | Remerchandise former Party City with a 17K SF Oak Street Health center | ||||||||||||||
13 | Westlane Shopping Center | Indianapolis-Carmel-Anderson, IN | Remerchandise former Marsh Supermarket with a 17K SF specialty grocer and a 12K SF Citi Trends | ||||||||||||||
14 | Southfield Plaza | Detroit-Warren-Dearborn, MI | Addition of a 22K SF Party City in addition to existing Planet Fitness to complete remerchandise of former Farm Jack | ||||||||||||||
15 | West Ridge | Detroit-Warren-Dearborn, MI | Remerchandise former Tile Shop with a 25K SF Bed Bath & Beyond and relocation of existing Party City to 25K SF prototype | ||||||||||||||
16 | Ellisville Square | St. Louis, MO-IL | Remerchandise former Kmart with a 40K SF Sports Authority, a 19K SF Michaels, a 16K SF Party City and a 4K SF outparcel | ||||||||||||||
17 | Galleria Commons | Las Vegas-Henderson-Paradise, NV | Remerchandise former Pacific Sales with a 13K SF Tuesday Morning and a 10K SF Kirkland's | ||||||||||||||
18 | Willow Springs Plaza | Manchester-Nashua, NH | Remerchandise former Namco Pools with a 33K SF New Hampshire Liquor and Wine Outlet | ||||||||||||||
19 | Hamilton Plaza-Kmart Plaza | Trenton, NJ | Reconfigure former Acme with a 19K SF Planet Fitness and a 13K SF Hibachi Grill | ||||||||||||||
20 | College Plaza | New York-Newark-Jersey City, NY-NJ-PA | Remerchandise former Rite Aid with an 18K SF A.C. Moore | ||||||||||||||
21 | Kmart Plaza | Syracuse, NY | Remerchandise former Kmart with a 50K SF Dick's Sporting Goods, an additional 34K SF junior anchor, a 7K SF small shop space and a 6K SF outparcel | ||||||||||||||
22 | Franklin Square | Charlotte-Concord-Gastonia, NC-SC | Remerchandise former OfficeMax with relocation and expansion of existing Michaels to 20K SF | ||||||||||||||
23 | McMullen Creek Market | Charlotte-Concord-Gastonia, NC-SC | Reconfigure 25K SF Staples and adjacent vacant junior anchor with a 45K SF Walmart Neighborhood Market and relocate existing 6K SF Lebo's Footwear to enable rightsizing of Staples to 13K SF | ||||||||||||||
24 | The Commons at Chancellor Park | Charlotte-Concord-Gastonia, NC-SC | Remerchandise former Hobby Lobby with a 61K SF Gabe's | ||||||||||||||
25 | Florence Plaza - Florence Square | Cincinnati, OH-KY-IN | Remerchandise former Kroger (Kroger previously relocated within center) with a 44K SF Burlington Stores | ||||||||||||||
26 | The Commons at Wolfcreek | Memphis, TN-MS-AR | Remerchandise former OfficeMax with a 15K SF DSW and a 9K SF Five Below | ||||||||||||||
27 | Parmer Crossing | Austin-Round Rock, TX | Remerchandise former RoomStore with a 29K SF Mega Furniture and a 27K SF junior anchor | ||||||||||||||
28 | Bardin Place Center | Dallas-Fort Worth-Arlington, TX | Reconfigure former Sports Authority and adjacent small shop space with an 86K SF WinCo Foods | ||||||||||||||
29 | Mequon Pavilions | Milwaukee-Waukesha-West Allis, WI | Combination of four adjacent small shop spaces for a 25K SF Marshalls and relocation of existing 5K SF Men's Wearhouse and 3K SF Fitness Together | ||||||||||||||
COMPLETED ANCHOR SPACE REPOSITIONINGS - SIX MONTHS ENDED 6/30/15 | |||||||||||||||||
1 | Pointe Orlando | Orlando-Kissimmee-Sanford, FL | Addition of a 7K SF Blue Martini Lounge, a 6K SF RA Sushi and a 3K SF Minus 5 Ice Bar | ||||||||||||||
2 | Panama City Square | Panama City, FL | Remerchandise former Michaels with a 28K SF Harbor Freight Tools | ||||||||||||||
3 | Mansell Crossing | Atlanta-Sandy Springs-Roswell, GA | Remerchandise former OfficeMax with a 24K SF REI | ||||||||||||||
4 | Northeast Plaza | Atlanta-Sandy Springs-Roswell, GA | Remerchandise former G-Mart International Foods with a 56K SF City Farmers Market grocer | ||||||||||||||
5 | The Village at Mableton | Atlanta-Sandy Springs-Roswell, GA | Remerchandise former Shoppes at Mableton with a 30K SF Ollie's Bargain Outlet | ||||||||||||||
6 | Westview Center | Chicago-Naperville-Elgin, IL-IN-WI | Relocation and expansion of existing Dollar Tree to 17K SF and rightsizing of Premiere Furniture to 12K SF to accommodate a 22K SF Sears Home Outlet | ||||||||||||||
7 | Karam Shopping Center | Lafayette, LA | Remerchandise former Conn's with a 21K SF dd's Discount (Ross Dress for Less) | ||||||||||||||
8 | Harpers Station | Cincinnati, OH-KY-IN | Remerchandise former Bova furniture with a 29K SF Fresh Thyme Farmers Market (Meijer) and combination of adjacent small shop vacancies for an 8K SF Pet Supplies Plus | ||||||||||||||
9 | Collegetown Shopping Center | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Reconfigure former Acme with a 42K SF LA Fitness and an additional 5K SF of retail space | ||||||||||||||
10 | Town Plaza | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | Addition of a 20K SF Tractor Supply Co. in remainder of former Ames space | ||||||||||||||
11 | Festival Centre | Charleston-North Charleston, SC | Remerchandise former Hamrick's with a 40K SF Sears Outlet | ||||||||||||||
12 | Kingston Overlook | Knoxville, TN | Remerchandise former American Signature Home with a 53K SF Sears Home Outlet | ||||||||||||||
13 | Watson Glen Shopping Center | Nashville-Davidson--Murfreesboro--Franklin, TN | Remerchandise former Kmart with an 86K SF At Home (Garden Ridge) | ||||||||||||||
14 | Williamson Square | Nashville-Davidson--Murfreesboro--Franklin, TN | Remerchandise former grocer with a 29K SF SkyZone and a 17K SF Planet Fitness | ||||||||||||||
15 | Ridgeview Centre | Wise, VA | Remerchandise former Kmart with a 29K SF Ollie's Bargain Outlet | ||||||||||||||
2015 Anchor Space Repositionings: | |||||||||||||||||
Number of Projects | Expected Total Project Costs | NOI Yield | |||||||||||||||
In Process | 29 | $ | 83,456 | 13.5 | % | ||||||||||||
Completed | 15 | 38,071 | 15.5 | % | |||||||||||||
TOTAL | 44 | $ | 121,528 | 14.1 | % |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 29 |
LEASE EXPIRATION SCHEDULE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL PORTFOLIO | SPACES > 10,000 SF | SPACES < 10,000 SF | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Percent of | Percent | Number of | Percent of | Percent | Number of | Percent of | Percent | ||||||||||||||||||||||||||||||||||||||||||||
Leases | Leased GLA | Leased GLA | ABR / SF | of ABR | Leases | Leased GLA | Leased GLA | ABR / SF | of ABR | Leases | Leased GLA | Leased GLA | ABR / SF | of ABR | ||||||||||||||||||||||||||||||||||||||
ASSUMES NO EXERCISE OF RENEWAL OPTIONS AND NO BASE RENT ESCALATIONS OVER LEASE TERM | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Month to Month | 535 | 1,655,360 | 2.1 | % | $ | 12.37 | 2.2 | % | 24 | 488,078 | 0.8 | % | $ | 7.43 | 0.7 | % | 511 | 1,167,282 | 5.4 | % | $ | 14.44 | 4.1 | % | ||||||||||||||||||||||||||||
2015 | 525 | 2,735,020 | 3.4 | % | 11.03 | 3.2 | % | 56 | 1,620,468 | 2.8 | % | 6.78 | 2.1 | % | 469 | 1,114,552 | 5.2 | % | 17.22 | 4.7 | % | |||||||||||||||||||||||||||||||
2016 | 1,592 | 11,064,738 | 13.8 | % | 11.39 | 13.6 | % | 222 | 7,395,749 | 12.6 | % | 8.15 | 11.6 | % | 1,370 | 3,668,989 | 17.1 | % | 17.92 | 16.1 | % | |||||||||||||||||||||||||||||||
2017 | 1,622 | 10,621,517 | 13.3 | % | 12.23 | 14.0 | % | 233 | 7,087,552 | 12.1 | % | 8.77 | 11.9 | % | 1,389 | 3,533,965 | 16.4 | % | 19.18 | 16.6 | % | |||||||||||||||||||||||||||||||
2018 | 1,413 | 9,729,911 | 12.2 | % | 12.43 | 13.0 | % | 207 | 6,443,482 | 11.0 | % | 8.99 | 11.1 | % | 1,206 | 3,286,429 | 15.3 | % | 19.19 | 15.4 | % | |||||||||||||||||||||||||||||||
2019 | 1,261 | 10,152,553 | 12.7 | % | 11.59 | 12.7 | % | 216 | 7,224,356 | 12.3 | % | 8.53 | 11.8 | % | 1,045 | 2,928,197 | 13.6 | % | 19.13 | 13.7 | % | |||||||||||||||||||||||||||||||
2020 | 946 | 9,548,340 | 11.9 | % | 11.09 | 11.4 | % | 214 | 7,477,642 | 12.8 | % | 8.73 | 12.5 | % | 732 | 2,070,698 | 9.6 | % | 19.61 | 9.9 | % | |||||||||||||||||||||||||||||||
2021 | 310 | 4,272,866 | 5.3 | % | 11.02 | 5.1 | % | 113 | 3,563,919 | 6.1 | % | 9.44 | 6.5 | % | 197 | 708,947 | 3.3 | % | 18.99 | 3.3 | % | |||||||||||||||||||||||||||||||
2022 | 257 | 3,664,410 | 4.6 | % | 10.78 | 4.2 | % | 85 | 3,012,162 | 5.1 | % | 8.55 | 4.9 | % | 172 | 652,248 | 3.0 | % | 21.12 | 3.4 | % | |||||||||||||||||||||||||||||||
2023 | 262 | 3,646,354 | 4.6 | % | 10.18 | 4.0 | % | 93 | 2,975,205 | 5.1 | % | 8.08 | 4.6 | % | 169 | 671,149 | 3.1 | % | 19.47 | 3.2 | % | |||||||||||||||||||||||||||||||
2024+ | 760 | 12,976,864 | 16.2 | % | 11.95 | 16.7 | % | 309 | 11,277,756 | 19.3 | % | 10.26 | 22.2 | % | 451 | 1,699,108 | 7.9 | % | 23.18 | 9.6 | % | |||||||||||||||||||||||||||||||
ASSUMES EXERCISE OF ALL RENEWAL OPTIONS AND ANY BASE RENT ESCALATIONS OVER LEASE TERM (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Month to Month | 535 | 1,655,360 | 2.1 | % | $ | 12.91 | 1.8 | % | 24 | 488,078 | 0.8 | % | $ | 8.72 | 0.6 | % | 511 | 1,167,282 | 5.4 | % | $ | 14.66 | 3.7 | % | ||||||||||||||||||||||||||||
2015 | 395 | 1,207,461 | 1.5 | % | 14.56 | 1.5 | % | 24 | 367,276 | 0.6 | % | 8.94 | 0.4 | % | 371 | 840,185 | 3.9 | % | 17.01 | 3.1 | % | |||||||||||||||||||||||||||||||
2016 | 1,012 | 3,758,452 | 4.7 | % | 13.82 | 4.3 | % | 65 | 1,506,330 | 2.6 | % | 7.54 | 1.5 | % | 947 | 2,252,122 | 10.5 | % | 18.02 | 8.9 | % | |||||||||||||||||||||||||||||||
2017 | 1,017 | 3,470,789 | 4.3 | % | 15.17 | 4.4 | % | 56 | 1,243,116 | 2.1 | % | 8.75 | 1.5 | % | 961 | 2,227,673 | 10.4 | % | 18.74 | 9.1 | % | |||||||||||||||||||||||||||||||
2018 | 804 | 2,557,893 | 3.2 | % | 16.84 | 3.6 | % | 44 | 828,203 | 1.4 | % | 11.26 | 1.2 | % | 760 | 1,729,690 | 8.0 | % | 19.50 | 7.4 | % | |||||||||||||||||||||||||||||||
2019 | 717 | 2,913,002 | 3.6 | % | 14.53 | 3.5 | % | 52 | 1,271,117 | 2.2 | % | 8.72 | 1.5 | % | 665 | 1,641,885 | 7.6 | % | 19.03 | 6.8 | % | |||||||||||||||||||||||||||||||
2020 | 567 | 2,700,557 | 3.4 | % | 13.75 | 3.1 | % | 51 | 1,405,832 | 2.4 | % | 8.79 | 1.7 | % | 516 | 1,294,725 | 6.0 | % | 19.14 | 5.4 | % | |||||||||||||||||||||||||||||||
2021 | 388 | 1,947,463 | 2.4 | % | 15.02 | 2.4 | % | 39 | 911,094 | 1.6 | % | 10.01 | 1.2 | % | 349 | 1,036,369 | 4.8 | % | 19.42 | 4.4 | % | |||||||||||||||||||||||||||||||
2022 | 392 | 1,825,963 | 2.3 | % | 16.28 | 2.5 | % | 40 | 792,582 | 1.4 | % | 9.67 | 1.0 | % | 352 | 1,033,381 | 4.8 | % | 21.34 | 4.8 | % | |||||||||||||||||||||||||||||||
2023 | 418 | 2,192,883 | 2.7 | % | 15.59 | 2.8 | % | 47 | 1,038,986 | 1.8 | % | 9.50 | 1.3 | % | 371 | 1,153,897 | 5.4 | % | 21.07 | 5.3 | % | |||||||||||||||||||||||||||||||
2024+ | 3,238 | 55,838,110 | 69.7 | % | 15.15 | 70.2 | % | 1,330 | 48,713,755 | 83.2 | % | 13.54 | 88.1 | % | 1,908 | 7,124,355 | 33.1 | % | 26.17 | 40.8 | % | |||||||||||||||||||||||||||||||
LEASE RETENTION RATE | ||||||||||||||||||||||||||||||||||||||||||||||||||||
By Count | By GLA | |||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve Months Ended 6/30/15 | 76.7% | 83.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) ABR for leases whose future option rent is based on fair market value or CPI is reported as the ABR for the last year of the current lease term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ABR/SF includes ground leases. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 30 |
REDEVELOPMENT & OUTPARCEL DEVELOPMENT SUMMARY | |||||||||||||||||||||||
Dollars in thousands | |||||||||||||||||||||||
Construction | Expected | ||||||||||||||||||||||
Percent | Stabilization | Percent | Total | NOI | |||||||||||||||||||
Property Name | MSA | Project Description | Leased | Quarter | Complete | Project Cost | Yield | ||||||||||||||||
OUTPARCEL DEVELOPMENTS: | |||||||||||||||||||||||
IN PROCESS OUTPARCEL DEVELOPMENTS | |||||||||||||||||||||||
1 | Century Plaza Shopping Center | Miami-Fort Lauderdale-West Palm Beach, FL | Construction of a new 13K SF CVS drive-thru pharmacy outparcel | 100.0 | % | Dec-16 | 13 | % | $ | 3,831 | 11.8 | % | |||||||||||
2 | Applegate Ranch Shopping Center | Merced, CA | Construction of a new 5K SF Applebee's Neighborhood Grill & Bar outparcel | 96.5 | % | Dec-15 | 8 | % | 702 | 10.6 | % | ||||||||||||
3 | Puente Hills Town Center | Los Angeles-Long Beach-Anaheim, CA | Reconfigure former freestanding Barnes & Noble with a 3K SF Habit Burger Grill, a 3K SF Pacific Fish Grill and two additional small shop retailers | 94.5 | % | Dec-15 | 9 | % | 2,561 | 11.1 | % | ||||||||||||
4 | Park Hills Plaza | Altoona, PA | Construction of a 4K SF Red Robin outparcel | 96.4 | % | Dec-15 | 30 | % | 253 | 23.7 | % | ||||||||||||
5 | Mira Mesa Mall | San Diego-Carlsbad, CA | Construction of a 3K SF Habit Burger Grill outparcel | 96.5 | % | Mar-16 | 9 | % | 1,038 | 20.7 | % | ||||||||||||
6 | Wadsworth Crossings | Cleveland-Elyria, OH | Construction of a 4K SF Mattress Firm outparcel | 94.0 | % | Dec-15 | 4 | % | 1,664 | 11.5 | % | ||||||||||||
7 | Wynnewood Village | Dallas-Fort Worth-Arlington, TX | Construction of a 3K SF Popeyes Louisiana Kitchen outparcel | 88.6 | % | Mar-16 | 0 | % | 53 | 159.0 | % | ||||||||||||
TOTAL IN PROCESS OUTPARCEL DEVELOPMENT ACTIVITIES / WEIGHTED AVERAGE | $ | 10,102 | 13.5 | % |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 31 |
PROPERTIES BY LARGEST US MSAs | |||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest US MSAs by 2013 Population | Properties | GLA | Leased | Billed | ABR | ABR / SF | Properties | of GLA | of ABR | ||||||||||||||||||||||||||
1 | New York-Newark-Jersey City, NY-NJ-PA | 30 | 3,631,566 | 94.4 | % | 92.2 | % | $ | 62,356 | $ | 18.70 | 5.8 | % | 4.2 | % | 6.7 | % | ||||||||||||||||||
2 | Los Angeles-Long Beach-Anaheim, CA | 9 | 1,685,121 | 98.3 | % | 97.1 | % | 28,273 | 17.23 | 1.7 | % | 1.9 | % | 3.0 | % | ||||||||||||||||||||
3 | Chicago-Naperville-Elgin, IL-IN-WI | 16 | 3,954,163 | 91.2 | % | 88.6 | % | 44,440 | 12.87 | 3.1 | % | 4.6 | % | 4.8 | % | ||||||||||||||||||||
4 | Dallas-Fort Worth-Arlington, TX | 16 | 3,076,050 | 93.3 | % | 91.7 | % | 41,028 | 14.53 | 3.1 | % | 3.6 | % | 4.4 | % | ||||||||||||||||||||
5 | Houston-The Woodlands-Sugar Land, TX | 37 | 4,624,796 | 94.3 | % | 94.0 | % | 47,925 | 11.29 | 7.1 | % | 5.3 | % | 5.2 | % | ||||||||||||||||||||
6 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 29 | 4,391,931 | 94.5 | % | 92.7 | % | 56,109 | 15.13 | 5.6 | % | 5.1 | % | 6.0 | % | ||||||||||||||||||||
7 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 3 | 451,260 | 95.6 | % | 95.6 | % | 4,624 | 10.72 | 0.6 | % | 0.5 | % | 0.5 | % | ||||||||||||||||||||
8 | Miami-Fort Lauderdale-West Palm Beach, FL | 10 | 1,681,268 | 90.8 | % | 86.2 | % | 20,070 | 13.69 | 1.9 | % | 1.9 | % | 2.2 | % | ||||||||||||||||||||
9 | Atlanta-Sandy Springs-Roswell, GA | 25 | 3,663,047 | 91.6 | % | 90.3 | % | 34,856 | 10.49 | 4.8 | % | 4.2 | % | 3.7 | % | ||||||||||||||||||||
10 | Boston-Cambridge-Newton, MA-NH | 6 | 719,035 | 87.1 | % | 86.9 | % | 7,402 | 12.10 | 1.2 | % | 0.8 | % | 0.8 | % | ||||||||||||||||||||
Top 10 Largest US MSAs by Population | 181 | 27,878,237 | 93.3 | % | 91.6 | % | 347,085 | 13.86 | 34.9 | % | 32.2 | % | 37.3 | % | |||||||||||||||||||||
11 | San Francisco-Oakland-Hayward, CA | 2 | 476,983 | 99.3 | % | 92.1 | % | 9,241 | 24.48 | 0.4 | % | 0.6 | % | 1.0 | % | ||||||||||||||||||||
12 | Phoenix-Mesa-Scottsdale, AZ | 1 | 119,525 | 65.9 | % | 33.7 | % | 1,039 | 13.20 | 0.2 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||
13 | Riverside-San Bernardino-Ontario, CA | 4 | 537,795 | 95.1 | % | 94.3 | % | 6,531 | 12.87 | 0.8 | % | 0.6 | % | 0.7 | % | ||||||||||||||||||||
14 | Detroit-Warren-Dearborn, MI | 9 | 1,599,938 | 94.4 | % | 87.2 | % | 16,536 | 11.78 | 1.7 | % | 1.8 | % | 1.8 | % | ||||||||||||||||||||
15 | Seattle-Tacoma-Bellevue, WA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
16 | Minneapolis-St. Paul-Bloomington, MN-WI | 8 | 1,182,982 | 93.1 | % | 89.7 | % | 13,009 | 12.57 | 1.5 | % | 1.4 | % | 1.4 | % | ||||||||||||||||||||
17 | San Diego-Carlsbad, CA | 2 | 507,514 | 97.2 | % | 96.6 | % | 8,957 | 18.75 | 0.4 | % | 0.6 | % | 1.0 | % | ||||||||||||||||||||
18 | Tampa-St. Petersburg-Clearwater, FL | 15 | 2,381,987 | 93.7 | % | 92.5 | % | 26,532 | 12.54 | 2.9 | % | 2.8 | % | 2.9 | % | ||||||||||||||||||||
19 | St. Louis, MO-IL | 4 | 658,025 | 91.4 | % | 79.6 | % | 5,340 | 8.92 | 0.8 | % | 0.8 | % | 0.6 | % | ||||||||||||||||||||
20 | Baltimore-Columbia-Towson, MD | 1 | 218,862 | 100.0 | % | 100.0 | % | 2,631 | 12.02 | 0.2 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||||
Top 20 Largest US MSAs by Population | 227 | 35,561,848 | 93.5 | % | 91.2 | % | 436,900 | 13.72 | 43.7 | % | 41.1 | % | 47.0 | % | |||||||||||||||||||||
21 | Denver-Aurora-Lakewood, CO | 5 | 1,199,699 | 93.5 | % | 93.1 | % | 13,954 | 12.51 | 1.0 | % | 1.4 | % | 1.5 | % | ||||||||||||||||||||
22 | Pittsburgh, PA | 1 | 218,714 | 95.7 | % | 95.7 | % | 1,614 | 8.51 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||||
23 | Charlotte-Concord-Gastonia, NC-SC | 6 | 1,707,550 | 89.9 | % | 81.8 | % | 13,903 | 9.93 | 1.2 | % | 2.0 | % | 1.5 | % | ||||||||||||||||||||
24 | Portland-Vancouver-Hillsboro, OR-WA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
25 | San Antonio-New Braunfels, TX | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
26 | Orlando-Kissimmee-Sanford, FL | 7 | 996,317 | 91.2 | % | 89.4 | % | 14,962 | 16.83 | 1.3 | % | 1.2 | % | 1.6 | % | ||||||||||||||||||||
27 | Sacramento--Roseville--Arden-Arcade, CA | 1 | 103,695 | 96.4 | % | 96.4 | % | 1,967 | 19.69 | 0.2 | % | 0.1 | % | 0.2 | % | ||||||||||||||||||||
28 | Cincinnati, OH-KY-IN | 7 | 1,923,802 | 96.5 | % | 93.7 | % | 20,530 | 12.71 | 1.3 | % | 2.2 | % | 2.2 | % | ||||||||||||||||||||
29 | Cleveland-Elyria, OH | 7 | 1,446,201 | 93.3 | % | 91.6 | % | 14,606 | 10.84 | 1.3 | % | 1.7 | % | 1.6 | % | ||||||||||||||||||||
30 | Kansas City, MO-KS | 4 | 602,466 | 91.5 | % | 90.5 | % | 4,294 | 7.93 | 0.8 | % | 0.7 | % | 0.5 | % | ||||||||||||||||||||
31 | Las Vegas-Henderson-Paradise, NV | 3 | 609,661 | 94.1 | % | 92.5 | % | 8,067 | 14.07 | 0.6 | % | 0.7 | % | 0.9 | % | ||||||||||||||||||||
32 | Columbus, OH | 4 | 449,488 | 88.1 | % | 87.0 | % | 3,857 | 10.32 | 0.8 | % | 0.5 | % | 0.4 | % | ||||||||||||||||||||
33 | Indianapolis-Carmel-Anderson, IN | 4 | 881,306 | 82.7 | % | 80.4 | % | 6,296 | 8.67 | 0.8 | % | 1.0 | % | 0.7 | % | ||||||||||||||||||||
34 | San Jose-Sunnyvale-Santa Clara, CA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
35 | Austin-Round Rock, TX | 1 | 168,112 | 83.7 | % | 62.9 | % | 1,539 | 10.94 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||||
36 | Nashville-Davidson--Murfreesboro--Franklin, TN | 7 | 1,276,589 | 92.5 | % | 91.0 | % | 12,266 | 10.49 | 1.3 | % | 1.5 | % | 1.3 | % | ||||||||||||||||||||
37 | Virginia Beach-Norfolk-Newport News, VA-NC | 2 | 205,245 | 91.9 | % | 91.9 | % | 3,350 | 17.89 | 0.4 | % | 0.2 | % | 0.4 | % | ||||||||||||||||||||
38 | Providence-Warwick, RI-MA | 1 | 148,126 | 100.0 | % | 100.0 | % | 1,553 | 10.48 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||||
39 | Milwaukee-Waukesha-West Allis, WI | 4 | 710,335 | 91.7 | % | 90.6 | % | 6,607 | 10.14 | 0.8 | % | 0.8 | % | 0.7 | % | ||||||||||||||||||||
40 | Jacksonville, FL | 5 | 827,528 | 81.9 | % | 76.5 | % | 8,217 | 12.22 | 1.0 | % | 1.0 | % | 0.9 | % | ||||||||||||||||||||
41 | Memphis, TN-MS-AR | 1 | 658,778 | 90.2 | % | 85.9 | % | 7,350 | 12.60 | 0.2 | % | 0.8 | % | 0.8 | % | ||||||||||||||||||||
42 | Oklahoma City, OK | 0 | — | — | — | — | — | — | — | — |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 32 |
PROPERTIES BY LARGEST US MSAs | |||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest US MSAs by 2013 Population | Properties | GLA | Leased | Billed | ABR | ABR / SF | Properties | of GLA | of ABR | ||||||||||||||||||||||||||
43 | Louisville/Jefferson County, KY-IN | 4 | 685,704 | 89.3 | % | 88.4 | % | 6,294 | 10.59 | 0.8 | % | 0.8 | % | 0.7 | % | ||||||||||||||||||||
44 | Richmond, VA | 2 | 215,897 | 77.0 | % | 76.0 | % | 2,438 | 14.67 | 0.4 | % | 0.2 | % | 0.3 | % | ||||||||||||||||||||
45 | New Orleans-Metairie, LA | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
46 | Hartford-West Hartford-East Hartford, CT | 4 | 890,443 | 93.8 | % | 89.5 | % | 11,403 | 16.32 | 0.8 | % | 1.0 | % | 1.2 | % | ||||||||||||||||||||
47 | Raleigh, NC | 2 | 291,027 | 94.1 | % | 94.1 | % | 3,447 | 12.69 | 0.4 | % | 0.3 | % | 0.4 | % | ||||||||||||||||||||
48 | Salt Lake City, UT | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
49 | Birmingham-Hoover, AL | 0 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
50 | Buffalo-Cheektowaga-Niagara Falls, NY | 1 | 95,544 | 97.1 | % | 92.5 | % | 1,353 | 14.97 | 0.2 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||
Top 50 Largest US MSAs by Population | 310 | 51,874,075 | 92.8 | % | 90.3 | % | 606,765 | 13.16 | 59.7 | % | 59.9 | % | 65.2 | % | |||||||||||||||||||||
MSAs Ranked 51 - 100 by Population | 68 | 11,807,339 | 90.6 | % | 88.4 | % | 115,982 | 11.54 | 13.1 | % | 13.6 | % | 12.5 | % | |||||||||||||||||||||
Other MSAs | 141 | 22,921,268 | 92.7 | % | 91.2 | % | 207,210 | 10.70 | 27.2 | % | 26.5 | % | 22.3 | % | |||||||||||||||||||||
TOTAL | 519 | 86,602,682 | 92.5 | % | 90.3 | % | $ | 929,957 | $ | 12.31 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 33 |
LARGEST MSAs BY ABR | |||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest MSAs by ABR | MSA Rank | Properties | GLA | Leased | Billed | ABR | ABR / SF | Properties | of GLA | of ABR | |||||||||||||||||||||||||
1 | New York-Newark-Jersey City, NY-NJ-PA | 1 | 30 | 3,631,566 | 94.4 | % | 92.2 | % | $ | 62,356 | $ | 18.70 | 5.8 | % | 4.2 | % | 6.7 | % | |||||||||||||||||
2 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 6 | 29 | 4,391,931 | 94.5 | % | 92.7 | % | 56,109 | 15.13 | 5.6 | % | 5.1 | % | 6.0 | % | |||||||||||||||||||
3 | Houston-The Woodlands-Sugar Land, TX | 5 | 37 | 4,624,796 | 94.3 | % | 94.0 | % | 47,925 | 11.29 | 7.1 | % | 5.3 | % | 5.2 | % | |||||||||||||||||||
4 | Chicago-Naperville-Elgin, IL-IN-WI | 3 | 16 | 3,954,163 | 91.2 | % | 88.6 | % | 44,440 | 12.87 | 3.1 | % | 4.6 | % | 4.8 | % | |||||||||||||||||||
5 | Dallas-Fort Worth-Arlington, TX | 4 | 16 | 3,076,050 | 93.3 | % | 91.7 | % | 41,028 | 14.53 | 3.1 | % | 3.6 | % | 4.4 | % | |||||||||||||||||||
6 | Atlanta-Sandy Springs-Roswell, GA | 9 | 25 | 3,663,047 | 91.6 | % | 90.3 | % | 34,856 | 10.49 | 4.8 | % | 4.2 | % | 3.7 | % | |||||||||||||||||||
7 | Los Angeles-Long Beach-Anaheim, CA | 2 | 9 | 1,685,121 | 98.3 | % | 97.1 | % | 28,273 | 17.23 | 1.7 | % | 1.9 | % | 3.0 | % | |||||||||||||||||||
8 | Tampa-St. Petersburg-Clearwater, FL | 18 | 15 | 2,381,987 | 93.7 | % | 92.5 | % | 26,532 | 12.54 | 2.9 | % | 2.8 | % | 2.9 | % | |||||||||||||||||||
9 | Cincinnati, OH-KY-IN | 28 | 7 | 1,923,802 | 96.5 | % | 93.7 | % | 20,530 | 12.71 | 1.3 | % | 2.2 | % | 2.2 | % | |||||||||||||||||||
10 | Miami-Fort Lauderdale-West Palm Beach, FL | 8 | 10 | 1,681,268 | 90.8 | % | 86.2 | % | 20,070 | 13.69 | 1.9 | % | 1.9 | % | 2.2 | % | |||||||||||||||||||
10 Largest MSAs by ABR | — | 194 | 31,013,731 | 93.7 | % | 91.9 | % | 382,119 | 13.78 | 37.4 | % | 35.8 | % | 41.1 | % | ||||||||||||||||||||
11 | Detroit-Warren-Dearborn, MI | 14 | 9 | 1,599,938 | 94.4 | % | 87.2 | % | 16,536 | 11.78 | 1.7 | % | 1.8 | % | 1.8 | % | |||||||||||||||||||
12 | Orlando-Kissimmee-Sanford, FL | 26 | 7 | 996,317 | 91.2 | % | 89.4 | % | 14,962 | 16.83 | 1.3 | % | 1.2 | % | 1.6 | % | |||||||||||||||||||
13 | Cleveland-Elyria, OH | 29 | 7 | 1,446,201 | 93.3 | % | 91.6 | % | 14,606 | 10.84 | 1.3 | % | 1.7 | % | 1.6 | % | |||||||||||||||||||
14 | Denver-Aurora-Lakewood, CO | 21 | 5 | 1,199,699 | 93.5 | % | 93.1 | % | 13,954 | 12.51 | 1.0 | % | 1.4 | % | 1.5 | % | |||||||||||||||||||
15 | Charlotte-Concord-Gastonia, NC-SC | 23 | 6 | 1,707,550 | 89.9 | % | 81.8 | % | 13,903 | 9.93 | 1.2 | % | 2.0 | % | 1.5 | % | |||||||||||||||||||
16 | Allentown-Bethlehem-Easton, PA-NJ | 68 | 5 | 1,298,479 | 98.4 | % | 97.3 | % | 13,774 | 11.45 | 1.0 | % | 1.5 | % | 1.5 | % | |||||||||||||||||||
17 | Minneapolis-St. Paul-Bloomington, MN-WI | 16 | 8 | 1,182,982 | 93.1 | % | 89.7 | % | 13,009 | 12.57 | 1.5 | % | 1.4 | % | 1.4 | % | |||||||||||||||||||
18 | Nashville-Davidson--Murfreesboro--Franklin, TN | 36 | 7 | 1,276,589 | 92.5 | % | 91.0 | % | 12,266 | 10.49 | 1.3 | % | 1.5 | % | 1.3 | % | |||||||||||||||||||
19 | Hartford-West Hartford-East Hartford, CT | 46 | 4 | 890,443 | 93.8 | % | 89.5 | % | 11,403 | 16.32 | 0.8 | % | 1.0 | % | 1.2 | % | |||||||||||||||||||
20 | Oxnard-Thousand Oaks-Ventura, CA | 66 | 3 | 677,512 | 98.1 | % | 98.1 | % | 10,570 | 16.15 | 0.6 | % | 0.8 | % | 1.1 | % | |||||||||||||||||||
20 Largest MSAs by ABR | — | 255 | 43,289,441 | 93.6 | % | 91.4 | % | 517,103 | 13.38 | 49.1 | % | 50.0 | % | 55.6 | % | ||||||||||||||||||||
21 | Naples-Immokalee-Marco Island, FL | 149 | 4 | 755,309 | 95.8 | % | 84.9 | % | 10,305 | 14.31 | 0.8 | % | 0.9 | % | 1.1 | % | |||||||||||||||||||
22 | Binghamton, NY | 186 | 4 | 751,207 | 99.4 | % | 98.9 | % | 9,838 | 13.17 | 0.8 | % | 0.9 | % | 1.1 | % | |||||||||||||||||||
23 | San Francisco-Oakland-Hayward, CA | 11 | 2 | 476,983 | 99.3 | % | 92.1 | % | 9,241 | 24.48 | 0.4 | % | 0.6 | % | 1.0 | % | |||||||||||||||||||
24 | San Diego-Carlsbad, CA | 17 | 2 | 507,514 | 97.2 | % | 96.6 | % | 8,957 | 18.75 | 0.4 | % | 0.6 | % | 1.0 | % | |||||||||||||||||||
25 | Jacksonville, FL | 40 | 5 | 827,528 | 81.9 | % | 76.5 | % | 8,217 | 12.22 | 1.0 | % | 1.0 | % | 0.9 | % | |||||||||||||||||||
26 | Las Vegas-Henderson-Paradise, NV | 31 | 3 | 609,661 | 94.1 | % | 92.5 | % | 8,067 | 14.07 | 0.6 | % | 0.7 | % | 0.9 | % | |||||||||||||||||||
27 | Vallejo-Fairfield, CA | 122 | 1 | 495,239 | 98.8 | % | 97.2 | % | 7,927 | 16.28 | 0.2 | % | 0.6 | % | 0.9 | % | |||||||||||||||||||
28 | Boston-Cambridge-Newton, MA-NH | 10 | 6 | 719,035 | 87.1 | % | 86.9 | % | 7,402 | 12.10 | 1.2 | % | 0.8 | % | 0.8 | % | |||||||||||||||||||
29 | Fresno, CA | 56 | 2 | 436,334 | 98.4 | % | 96.2 | % | 7,398 | 17.24 | 0.4 | % | 0.5 | % | 0.8 | % | |||||||||||||||||||
30 | New Haven-Milford, CT | 63 | 6 | 572,225 | 92.1 | % | 89.8 | % | 7,382 | 14.03 | 1.2 | % | 0.7 | % | 0.8 | % | |||||||||||||||||||
31 | Memphis, TN-MS-AR | 41 | 1 | 658,778 | 90.2 | % | 85.9 | % | 7,350 | 12.60 | 0.2 | % | 0.8 | % | 0.8 | % | |||||||||||||||||||
32 | Norwich-New London, CT | 169 | 2 | 433,532 | 98.9 | % | 95.6 | % | 7,110 | 16.58 | 0.4 | % | 0.5 | % | 0.8 | % | |||||||||||||||||||
33 | Port St. Lucie, FL | 116 | 5 | 628,830 | 79.1 | % | 78.0 | % | 6,973 | 14.02 | 1.0 | % | 0.7 | % | 0.7 | % | |||||||||||||||||||
34 | Milwaukee-Waukesha-West Allis, WI | 39 | 4 | 710,335 | 91.7 | % | 90.6 | % | 6,607 | 10.14 | 0.8 | % | 0.8 | % | 0.7 | % | |||||||||||||||||||
35 | Riverside-San Bernardino-Ontario, CA | 13 | 4 | 537,795 | 95.1 | % | 94.3 | % | 6,531 | 12.87 | 0.8 | % | 0.6 | % | 0.7 | % | |||||||||||||||||||
36 | Indianapolis-Carmel-Anderson, IN | 33 | 4 | 881,306 | 82.7 | % | 80.4 | % | 6,296 | 8.67 | 0.8 | % | 1.0 | % | 0.7 | % | |||||||||||||||||||
37 | Louisville/Jefferson County, KY-IN | 43 | 4 | 685,704 | 89.3 | % | 88.4 | % | 6,294 | 10.59 | 0.8 | % | 0.8 | % | 0.7 | % | |||||||||||||||||||
38 | Worcester, MA-CT | 58 | 4 | 589,104 | 82.0 | % | 79.8 | % | 6,160 | 12.76 | 0.8 | % | 0.7 | % | 0.7 | % | |||||||||||||||||||
39 | St. Louis, MO-IL | 19 | 4 | 658,025 | 91.4 | % | 79.6 | % | 5,340 | 8.92 | 0.8 | % | 0.8 | % | 0.6 | % | |||||||||||||||||||
40 | Scranton--Wilkes-Barre--Hazleton, PA | 95 | 2 | 610,539 | 98.9 | % | 98.9 | % | 5,285 | 19.60 | 0.4 | % | 0.7 | % | 0.6 | % |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 34 |
LARGEST MSAs BY ABR | |||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest MSAs by ABR | MSA Rank | Properties | GLA | Leased | Billed | ABR | ABR / SF | Properties | of GLA | of ABR | |||||||||||||||||||||||||
41 | Springfield, MA | 86 | 3 | 450,657 | 96.9 | % | 96.0 | % | 5,066 | 13.69 | 0.6 | % | 0.5 | % | 0.5 | % | |||||||||||||||||||
42 | Dayton, OH | 71 | 3 | 532,562 | 96.7 | % | 93.4 | % | 5,006 | 11.95 | 0.6 | % | 0.6 | % | 0.5 | % | |||||||||||||||||||
43 | College Station-Bryan, TX | 189 | 4 | 491,763 | 94.2 | % | 93.4 | % | 4,945 | 15.39 | 0.8 | % | 0.6 | % | 0.5 | % | |||||||||||||||||||
44 | Wilmington, NC | 175 | 2 | 379,107 | 89.8 | % | 89.8 | % | 4,919 | 14.61 | 0.4 | % | 0.4 | % | 0.5 | % | |||||||||||||||||||
45 | Winston-Salem, NC | 82 | 3 | 438,898 | 92.6 | % | 91.6 | % | 4,876 | 12.39 | 0.6 | % | 0.5 | % | 0.5 | % | |||||||||||||||||||
46 | Greensboro-High Point, NC | 73 | 1 | 406,768 | 99.3 | % | 98.1 | % | 4,825 | 11.94 | 0.2 | % | 0.5 | % | 0.5 | % | |||||||||||||||||||
47 | North Port-Sarasota-Bradenton, FL | 74 | 4 | 556,862 | 91.2 | % | 90.5 | % | 4,680 | 9.29 | 0.8 | % | 0.6 | % | 0.5 | % | |||||||||||||||||||
48 | Corpus Christi, TX | 114 | 4 | 565,070 | 84.5 | % | 84.3 | % | 4,635 | 11.86 | 0.8 | % | 0.7 | % | 0.5 | % | |||||||||||||||||||
49 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 7 | 3 | 451,260 | 95.6 | % | 95.6 | % | 4,624 | 10.72 | 0.6 | % | 0.5 | % | 0.5 | % | |||||||||||||||||||
50 | Ann Arbor, MI | 147 | 3 | 663,535 | 97.5 | % | 97.5 | % | 4,544 | 9.19 | 0.6 | % | 0.8 | % | 0.5 | % | |||||||||||||||||||
50 Largest MSAs by ABR | — | 354 | 60,770,906 | 93.2 | % | 90.9 | % | 713,903 | 13.30 | 68.2 | % | 70.2 | % | 76.8 | % | ||||||||||||||||||||
51 | Kansas City, MO-KS | 30 | 4 | 602,466 | 91.5 | % | 90.5 | % | 4,294 | 7.93 | 0.8 | % | 0.7 | % | 0.5 | % | |||||||||||||||||||
52 | Manchester-Nashua, NH | 131 | 2 | 348,189 | 98.0 | % | 88.2 | % | 4,195 | 19.86 | 0.4 | % | 0.4 | % | 0.5 | % | |||||||||||||||||||
53 | Columbus, OH | 32 | 4 | 449,488 | 88.1 | % | 87.0 | % | 3,857 | 10.32 | 0.8 | % | 0.5 | % | 0.4 | % | |||||||||||||||||||
54 | Pittsfield, MA | 314 | 1 | 442,354 | 100.0 | % | 100.0 | % | 3,821 | 19.63 | 0.2 | % | 0.5 | % | 0.4 | % | |||||||||||||||||||
55 | Mobile, AL | 127 | 1 | 606,731 | 90.2 | % | 90.2 | % | 3,637 | 6.75 | 0.2 | % | 0.7 | % | 0.4 | % | |||||||||||||||||||
56 | Charleston-North Charleston, SC | 76 | 3 | 556,809 | 78.3 | % | 77.2 | % | 3,539 | 8.18 | 0.6 | % | 0.6 | % | 0.4 | % | |||||||||||||||||||
57 | Roanoke, VA | 159 | 4 | 522,010 | 88.5 | % | 88.2 | % | 3,519 | 8.73 | 0.8 | % | 0.6 | % | 0.4 | % | |||||||||||||||||||
58 | Boulder, CO | 160 | 1 | 278,730 | 74.7 | % | 70.9 | % | 3,510 | 16.86 | 0.2 | % | 0.3 | % | 0.4 | % | |||||||||||||||||||
59 | Panama City, FL | 226 | 2 | 397,512 | 97.8 | % | 97.8 | % | 3,469 | 8.92 | 0.4 | % | 0.5 | % | 0.4 | % | |||||||||||||||||||
60 | Raleigh, NC | 47 | 2 | 291,027 | 94.1 | % | 94.1 | % | 3,447 | 12.69 | 0.4 | % | 0.3 | % | 0.4 | % | |||||||||||||||||||
61 | Virginia Beach-Norfolk-Newport News, VA-NC | 37 | 2 | 205,245 | 91.9 | % | 91.9 | % | 3,350 | 17.89 | 0.4 | % | 0.2 | % | 0.4 | % | |||||||||||||||||||
62 | Greenville-Anderson-Mauldin, SC | 65 | 2 | 220,723 | 98.0 | % | 92.4 | % | 3,284 | 15.18 | 0.4 | % | 0.3 | % | 0.4 | % | |||||||||||||||||||
63 | Spartanburg, SC | 152 | 1 | 357,051 | 85.5 | % | 85.5 | % | 3,273 | 11.31 | 0.2 | % | 0.4 | % | 0.4 | % | |||||||||||||||||||
64 | Atlantic City-Hammonton, NJ | 168 | 1 | 179,199 | 99.1 | % | 96.0 | % | 3,249 | 18.29 | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
65 | Bakersfield, CA | 62 | 1 | 240,328 | 97.4 | % | 97.4 | % | 3,189 | 13.87 | 0.2 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
66 | Jackson, MS | 93 | 3 | 406,316 | 73.7 | % | 73.4 | % | 3,113 | 10.57 | 0.6 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
67 | Saginaw, MI | 220 | 2 | 466,381 | 79.4 | % | 79.1 | % | 3,065 | 10.80 | 0.4 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
68 | Lexington-Fayette, KY | 107 | 2 | 414,960 | 97.9 | % | 97.0 | % | 2,959 | 7.29 | 0.4 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
69 | Greenville, NC | 237 | 1 | 233,153 | 96.8 | % | 96.8 | % | 2,931 | 12.99 | 0.2 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
70 | Savannah, GA | 143 | 2 | 224,201 | 95.3 | % | 80.8 | % | 2,899 | 13.75 | 0.4 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
71 | Hilton Head Island-Bluffton-Beaufort, SC | 218 | 2 | 227,761 | 94.1 | % | 93.4 | % | 2,868 | 13.38 | 0.4 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
72 | Elkhart-Goshen, IN | 217 | 2 | 445,534 | 97.1 | % | 96.8 | % | 2,831 | 6.54 | 0.4 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
73 | Toledo, OH | 89 | 2 | 609,066 | 75.0 | % | 75.0 | % | 2,800 | 6.13 | 0.4 | % | 0.7 | % | 0.3 | % | |||||||||||||||||||
74 | Odessa, TX | 279 | 1 | 365,559 | 100.0 | % | 100.0 | % | 2,760 | 12.08 | 0.2 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||
75 | Tullahoma-Manchester, TN | 378 | 3 | 433,744 | 94.2 | % | 94.2 | % | 2,692 | 6.59 | 0.6 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
76 | Des Moines-West Des Moines, IA | 91 | 2 | 507,008 | 89.5 | % | 82.1 | % | 2,666 | 5.88 | 0.4 | % | 0.6 | % | 0.3 | % | |||||||||||||||||||
77 | Traverse City, MI | 288 | 1 | 412,755 | 96.9 | % | 96.9 | % | 2,647 | 27.58 | 0.2 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
78 | Baltimore-Columbia-Towson, MD | 20 | 1 | 218,862 | 100.0 | % | 100.0 | % | 2,631 | 12.02 | 0.2 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
79 | Lafayette, LA | 108 | 3 | 433,329 | 93.9 | % | 89.1 | % | 2,525 | 6.20 | 0.6 | % | 0.5 | % | 0.3 | % | |||||||||||||||||||
80 | Lancaster, PA | 102 | 3 | 236,006 | 98.3 | % | 94.7 | % | 2,463 | 10.61 | 0.6 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
81 | Richmond, VA | 44 | 2 | 215,897 | 77.0 | % | 76.0 | % | 2,438 | 14.67 | 0.4 | % | 0.2 | % | 0.3 | % |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 35 |
LARGEST MSAs BY ABR | |||||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||||
Largest MSAs by ABR | MSA Rank | Properties | GLA | Leased | Billed | ABR | ABR / SF | Properties | of GLA | of ABR | |||||||||||||||||||||||||
82 | Chattanooga, TN-GA | 99 | 2 | 339,426 | 96.0 | % | 94.7 | % | 2,429 | 8.08 | 0.4 | % | 0.4 | % | 0.3 | % | |||||||||||||||||||
83 | Fort Wayne, IN | 123 | 2 | 254,101 | 80.9 | % | 80.2 | % | 2,415 | 13.72 | 0.4 | % | 0.3 | % | 0.3 | % | |||||||||||||||||||
84 | Bridgeport-Stamford-Norwalk, CT | 57 | 1 | 160,536 | 87.9 | % | 57.9 | % | 2,414 | 17.10 | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
85 | Blacksburg-Christiansburg-Radford, VA | 232 | 1 | 180,220 | 96.5 | % | 96.5 | % | 2,347 | 13.73 | 0.2 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
86 | Dover, DE | 243 | 1 | 191,974 | 100.0 | % | 100.0 | % | 2,317 | 12.07 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
87 | Altoona, PA | 323 | 1 | 278,586 | 96.4 | % | 94.9 | % | 2,252 | 8.38 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
88 | Merced, CA | 176 | 1 | 144,558 | 96.5 | % | 90.5 | % | 2,176 | 15.60 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
89 | Corning, NY | 383 | 1 | 253,335 | 99.0 | % | 99.0 | % | 2,052 | 8.18 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
90 | Duluth, MN-WI | 166 | 1 | 182,969 | 99.3 | % | 99.3 | % | 2,014 | 11.08 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
91 | Concord, NH | 287 | 1 | 182,887 | 100.0 | % | 100.0 | % | 1,989 | 11.13 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
92 | York-Hanover, PA | 115 | 1 | 153,088 | 100.0 | % | 100.0 | % | 1,967 | 13.09 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
93 | Sacramento--Roseville--Arden-Arcade, CA | 27 | 1 | 103,695 | 96.4 | % | 96.4 | % | 1,967 | 19.69 | 0.2 | % | 0.1 | % | 0.2 | % | |||||||||||||||||||
94 | Santa Maria-Santa Barbara, CA | 120 | 1 | 179,495 | 96.4 | % | 96.4 | % | 1,906 | 11.91 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
95 | Hickory-Lenoir-Morganton, NC | 145 | 2 | 295,970 | 77.7 | % | 76.6 | % | 1,882 | 8.19 | 0.4 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
96 | Rutland, VT | 525 | 1 | 224,514 | 98.2 | % | 98.2 | % | 1,875 | 8.50 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
97 | Springfield, IL | 207 | 2 | 178,644 | 93.0 | % | 93.0 | % | 1,846 | 11.12 | 0.4 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
98 | Trenton, NJ | 142 | 2 | 205,670 | 94.4 | % | 70.1 | % | 1,801 | 9.28 | 0.4 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
99 | Portland-South Portland, ME | 104 | 1 | 287,513 | 89.4 | % | 89.4 | % | 1,801 | 20.33 | 0.2 | % | 0.3 | % | 0.2 | % | |||||||||||||||||||
100 | Harrisburg-Carlisle, PA | 96 | 1 | 214,628 | 89.7 | % | 89.7 | % | 1,793 | 9.31 | 0.2 | % | 0.2 | % | 0.2 | % | |||||||||||||||||||
100 Largest MSAs by ABR | — | 441 | 76,331,109 | 92.8 | % | 90.5 | % | 851,066 | 12.78 | 85.0 | % | 88.1 | % | 91.5 | % | ||||||||||||||||||||
Other MSAs | — | 78 | 10,271,573 | 90.0 | % | 88.3 | % | 78,891 | 8.82 | 15.0 | % | 11.9 | % | 8.5 | % | ||||||||||||||||||||
TOTAL | — | 519 | 86,602,682 | 92.5 | % | 90.3 | % | $ | 929,957 | $ | 12.31 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 36 |
PROPERTIES BY STATE | |||||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||||
Percent of | |||||||||||||||||||||||||||||||||
Number of | Percent | Percent | Number of | Percent | Percent | ||||||||||||||||||||||||||||
State | Properties | GLA | Leased | Billed | ABR | ABR / SF | Properties | of GLA | of ABR | ||||||||||||||||||||||||
1 | Alabama | 4 | 984,573 | 92.8 | % | 92.5 | % | $ | 6,902 | $ | 7.62 | 0.8 | % | 1.1 | % | 0.7 | % | ||||||||||||||||
2 | Arizona | 2 | 288,110 | 75.5 | % | 60.1 | % | 2,652 | 12.19 | 0.4 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||
3 | California | 29 | 5,782,212 | 97.8 | % | 96.2 | % | 90,146 | 16.54 | 5.6 | % | 6.7 | % | 9.7 | % | ||||||||||||||||||
4 | Colorado | 6 | 1,478,429 | 90.0 | % | 88.9 | % | 17,464 | 13.19 | 1.2 | % | 1.7 | % | 1.9 | % | ||||||||||||||||||
5 | Connecticut | 15 | 2,259,192 | 93.9 | % | 88.9 | % | 30,037 | 15.21 | 2.9 | % | 2.6 | % | 3.2 | % | ||||||||||||||||||
6 | Delaware | 1 | 191,974 | 100.0 | % | 100.0 | % | 2,317 | 12.07 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||
7 | Florida | 58 | 8,971,611 | 90.7 | % | 87.8 | % | 102,127 | 12.89 | 11.2 | % | 10.4 | % | 11.0 | % | ||||||||||||||||||
8 | Georgia | 37 | 5,263,365 | 89.6 | % | 88.1 | % | 45,382 | 9.70 | 7.1 | % | 6.1 | % | 4.9 | % | ||||||||||||||||||
9 | Illinois | 24 | 4,790,026 | 91.4 | % | 89.3 | % | 50,999 | 12.09 | 4.6 | % | 5.5 | % | 5.5 | % | ||||||||||||||||||
10 | Indiana | 12 | 1,963,313 | 87.8 | % | 86.6 | % | 15,172 | 8.97 | 2.3 | % | 2.3 | % | 1.6 | % | ||||||||||||||||||
11 | Iowa | 4 | 717,060 | 89.7 | % | 84.5 | % | 3,983 | 6.20 | 0.8 | % | 0.8 | % | 0.4 | % | ||||||||||||||||||
12 | Kansas | 2 | 367,778 | 90.3 | % | 88.6 | % | 2,816 | 11.05 | 0.4 | % | 0.4 | % | 0.3 | % | ||||||||||||||||||
13 | Kentucky | 12 | 2,583,516 | 95.8 | % | 93.4 | % | 21,323 | 9.20 | 2.3 | % | 3.0 | % | 2.3 | % | ||||||||||||||||||
14 | Louisiana | 4 | 612,368 | 95.1 | % | 91.6 | % | 3,607 | 6.20 | 0.8 | % | 0.7 | % | 0.4 | % | ||||||||||||||||||
15 | Maine | 1 | 287,513 | 89.4 | % | 89.4 | % | 1,801 | 20.33 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||
16 | Maryland | 5 | 776,424 | 97.9 | % | 97.9 | % | 9,601 | 12.68 | 1.0 | % | 0.9 | % | 1.0 | % | ||||||||||||||||||
17 | Massachusetts | 11 | 1,885,703 | 93.2 | % | 92.3 | % | 20,655 | 14.31 | 2.1 | % | 2.2 | % | 2.2 | % | ||||||||||||||||||
18 | Michigan | 19 | 3,700,324 | 92.4 | % | 88.8 | % | 31,834 | 11.54 | 3.7 | % | 4.3 | % | 3.4 | % | ||||||||||||||||||
19 | Minnesota | 10 | 1,474,437 | 92.4 | % | 89.7 | % | 15,471 | 12.07 | 1.9 | % | 1.7 | % | 1.7 | % | ||||||||||||||||||
20 | Mississippi | 3 | 406,316 | 73.7 | % | 73.4 | % | 3,113 | 10.57 | 0.6 | % | 0.5 | % | 0.3 | % | ||||||||||||||||||
21 | Missouri | 6 | 862,775 | 92.7 | % | 83.7 | % | 6,477 | 8.23 | 1.2 | % | 1.0 | % | 0.7 | % | ||||||||||||||||||
22 | Nevada | 3 | 609,661 | 94.1 | % | 92.5 | % | 8,067 | 14.07 | 0.6 | % | 0.7 | % | 0.9 | % | ||||||||||||||||||
23 | New Hampshire | 5 | 769,563 | 88.6 | % | 83.9 | % | 7,450 | 13.99 | 1.0 | % | 0.9 | % | 0.8 | % | ||||||||||||||||||
24 | New Jersey | 18 | 3,083,621 | 94.0 | % | 89.3 | % | 41,681 | 15.29 | 3.5 | % | 3.6 | % | 4.5 | % | ||||||||||||||||||
25 | New Mexico | 2 | 83,800 | 100.0 | % | 100.0 | % | 919 | 10.97 | 0.4 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||
26 | New York | 33 | 4,340,537 | 94.1 | % | 91.7 | % | 63,574 | 15.66 | 6.4 | % | 5.0 | % | 6.8 | % | ||||||||||||||||||
27 | North Carolina | 21 | 4,325,419 | 90.7 | % | 87.1 | % | 39,851 | 10.59 | 4.0 | % | 5.0 | % | 4.3 | % | ||||||||||||||||||
28 | Ohio | 24 | 4,521,122 | 91.5 | % | 90.4 | % | 42,182 | 10.78 | 4.6 | % | 5.2 | % | 4.5 | % | ||||||||||||||||||
29 | Oklahoma | 1 | 186,851 | 100.0 | % | 100.0 | % | 1,765 | 9.44 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||
30 | Pennsylvania | 37 | 6,055,424 | 95.8 | % | 94.8 | % | 67,704 | 13.48 | 7.1 | % | 7.0 | % | 7.3 | % | ||||||||||||||||||
31 | Rhode Island | 1 | 148,126 | 100.0 | % | 100.0 | % | 1,553 | 10.48 | 0.2 | % | 0.2 | % | 0.2 | % | ||||||||||||||||||
32 | South Carolina | 8 | 1,362,344 | 86.0 | % | 84.6 | % | 12,964 | 11.25 | 1.5 | % | 1.6 | % | 1.4 | % | ||||||||||||||||||
33 | Tennessee | 16 | 3,239,996 | 93.4 | % | 91.9 | % | 28,961 | 10.03 | 3.1 | % | 3.7 | % | 3.1 | % | ||||||||||||||||||
34 | Texas | 66 | 9,545,799 | 93.1 | % | 92.0 | % | 104,896 | 12.54 | 12.7 | % | 11.0 | % | 11.3 | % | ||||||||||||||||||
35 | Vermont | 1 | 224,514 | 98.2 | % | 98.2 | % | 1,875 | 8.50 | 0.2 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||
36 | Virginia | 11 | 1,446,496 | 84.5 | % | 84.3 | % | 13,537 | 11.68 | 2.1 | % | 1.7 | % | 1.5 | % | ||||||||||||||||||
37 | West Virginia | 2 | 251,500 | 96.9 | % | 94.2 | % | 2,002 | 8.21 | 0.4 | % | 0.3 | % | 0.2 | % | ||||||||||||||||||
38 | Wisconsin | 5 | 760,890 | 91.0 | % | 90.0 | % | 7,096 | 10.25 | 1.0 | % | 0.9 | % | 0.8 | % | ||||||||||||||||||
TOTAL | 519 | 86,602,682 | 92.5 | % | 90.3 | % | $ | 929,957 | $ | 12.31 | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 37 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
1 | Winchester Plaza | Huntsville | AL | Huntsville, AL | 2006 | 75,780 | 96.5 | % | $ | 907 | $ | 12.41 | Publix | — | |||||||||||||||||
2 | Springdale | Mobile | AL | Mobile, AL | 2004 | 606,731 | 90.2 | % | 3,637 | 6.75 | Sam's Club* | Belk, Best Buy, Big Lots, Burlington Stores, Marshalls, Michaels, Staples | |||||||||||||||||||
3 | Payton Park | Sylacauga | AL | Talladega-Sylacauga, AL | 1995 | 231,820 | 99.0 | % | 1,536 | 6.70 | Walmart Supercenter | Burke's Outlet | |||||||||||||||||||
4 | Shops of Tuscaloosa | Tuscaloosa | AL | Tuscaloosa, AL | 2005 | 70,242 | 90.7 | % | 822 | 12.89 | Publix | — | |||||||||||||||||||
5 | Glendale Galleria | Glendale | AZ | Phoenix-Mesa-Scottsdale, AZ | 1991 | 119,525 | 65.9 | % | 1,039 | 13.21 | — | Sears Outlet | |||||||||||||||||||
6 | Northmall Centre | Tucson | AZ | Tucson, AZ | 1996 | 168,585 | 82.4 | % | 1,612 | 11.61 | Sam's Club* | CareMore, JC Penney Home Store, Stein Mart | |||||||||||||||||||
7 | Applegate Ranch Shopping Center | Atwater | CA | Merced, CA | 2006 | 144,558 | 96.5 | % | 2,176 | 15.60 | SuperTarget*, Walmart Supercenter* | Marshalls, Petco | |||||||||||||||||||
8 | Bakersfield Plaza | Bakersfield | CA | Bakersfield, CA | 2014 | 240,328 | 97.4 | % | 3,189 | 13.87 | Lassens Natural Foods & Vitamins | Burlington Stores, Ross Dress for Less | |||||||||||||||||||
9 | Carmen Plaza | Camarillo | CA | Oxnard-Thousand Oaks-Ventura, CA | 2000 | 129,173 | 94.4 | % | 1,966 | 17.04 | Trader Joe's* | 24 Hour Fitness, CVS, Michaels | |||||||||||||||||||
10 | Plaza Rio Vista | Cathedral | CA | Riverside-San Bernardino-Ontario, CA | 2005 | 67,622 | 85.3 | % | 1,028 | 17.82 | Stater Bros. | — | |||||||||||||||||||
11 | Clovis Commons | Clovis | CA | Fresno, CA | 2004 | 174,990 | 98.5 | % | 3,721 | 21.59 | — | Best Buy, Office Depot, PetSmart, T.J.Maxx | Target | ||||||||||||||||||
12 | Cudahy Plaza | Cudahy | CA | Los Angeles-Long Beach-Anaheim, CA | 1994 | 147,804 | 100.0 | % | 1,361 | 9.21 | — | Big Lots, Kmart | |||||||||||||||||||
13 | University Mall | Davis | CA | Sacramento--Roseville--Arden-Arcade, CA | 2011 | 103,695 | 96.4 | % | 1,967 | 19.69 | Trader Joe's | Forever 21, World Market | |||||||||||||||||||
14 | Felicita Plaza | Escondido | CA | San Diego-Carlsbad, CA | 2001 | 98,714 | 100.0 | % | 1,420 | 14.39 | Vons (Safeway) | Chuze Fitness | |||||||||||||||||||
15 | Arbor - Broadway Faire | Fresno | CA | Fresno, CA | 1995 | 261,344 | 98.3 | % | 3,677 | 14.32 | Smart & Final Extra! | PetSmart, The Home Depot, United Artists Theatres | |||||||||||||||||||
16 | Lompoc Center | Lompoc | CA | Santa Maria-Santa Barbara, CA | 2012 | 179,495 | 96.4 | % | 1,906 | 11.91 | Vons (Safeway) | Marshalls, Michaels, Staples | |||||||||||||||||||
17 | Briggsmore Plaza | Modesto | CA | Modesto, CA | 1998 | 99,315 | 100.0 | % | 1,137 | 12.07 | Grocery Outlet | Fallas Paredes, Sears Outlet | |||||||||||||||||||
18 | Montebello Plaza | Montebello | CA | Los Angeles-Long Beach-Anaheim, CA | 2012 | 283,631 | 96.0 | % | 4,427 | 16.58 | Albertsons | 99¢ Only, Best Buy, CVS, Ross Dress for Less | |||||||||||||||||||
19 | California Oaks Center | Murrieta | CA | Riverside-San Bernardino-Ontario, CA | 2015 | 125,187 | 93.7 | % | 1,681 | 14.81 | Baron's Market | — | |||||||||||||||||||
20 | Esplanade Shopping Center | Oxnard | CA | Oxnard-Thousand Oaks-Ventura, CA | 2012 | 356,864 | 98.3 | % | 6,644 | 19.11 | Walmart Neighborhood Market | Bed Bath & Beyond, Dick's Sporting Goods, LA Fitness, Nordstrom Rack, T.J.Maxx | The Home Depot | ||||||||||||||||||
21 | Pacoima Center | Pacoima | CA | Los Angeles-Long Beach-Anaheim, CA | 1995 | 202,773 | 100.0 | % | 2,038 | 10.05 | Food 4 Less (Kroger) | Ross Dress for Less, Target | |||||||||||||||||||
22 | Paradise Plaza | Paradise | CA | Chico, CA | 1997 | 198,323 | 95.5 | % | 875 | 5.73 | Save Mart | Kmart | |||||||||||||||||||
23 | Metro 580 | Pleasanton | CA | San Francisco-Oakland-Hayward, CA | 2015 | 176,510 | 100.0 | % | 2,632 | 32.49 | — | Kohl's, Party City, Sport Chalet | Walmart | ||||||||||||||||||
24 | Rose Pavilion | Pleasanton | CA | San Francisco-Oakland-Hayward, CA | 2014 | 300,473 | 98.9 | % | 6,609 | 22.29 | 99 Ranch Market | Golfsmith, Macy's Home Store | |||||||||||||||||||
25 | Puente Hills Town Center | Rowland Heights | CA | Los Angeles-Long Beach-Anaheim, CA | 1984 | 258,772 | 94.5 | % | 5,101 | 20.86 | — | Marshalls, Michaels | |||||||||||||||||||
26 | San Bernardino Center | San Bernardino | CA | Riverside-San Bernardino-Ontario, CA | 2003 | 143,082 | 100.0 | % | 1,041 | 7.28 | — | Big Lots, Target | |||||||||||||||||||
27 | Ocean View Plaza | San Clemente | CA | Los Angeles-Long Beach-Anaheim, CA | 1997 | 169,963 | 100.0 | % | 4,565 | 26.86 | Ralphs (Kroger), Trader Joe's | CVS, Fitness Elite for Women | |||||||||||||||||||
28 | Mira Mesa Mall | San Diego | CA | San Diego-Carlsbad, CA | 2003 | 408,800 | 96.5 | % | 7,537 | 19.88 | Vons (Safeway) | Bed Bath & Beyond, Kohl's, Marshalls, Mira Mesa Lanes | |||||||||||||||||||
29 | San Dimas Plaza | San Dimas | CA | Los Angeles-Long Beach-Anaheim, CA | 2013 | 164,757 | 98.5 | % | 3,470 | 21.39 | Smart & Final Extra! | T.J.Maxx | Rite Aid | ||||||||||||||||||
30 | Bristol Plaza | Santa Ana | CA | Los Angeles-Long Beach-Anaheim, CA | 2003 | 111,403 | 100.0 | % | 2,770 | 26.67 | Trader Joe's | Big Lots, Petco, Rite Aid | |||||||||||||||||||
31 | Gateway Plaza | Santa Fe Springs | CA | Los Angeles-Long Beach-Anaheim, CA | 2002 | 289,268 | 100.0 | % | 3,530 | 12.20 | El Super, Walmart Supercenter | LA Fitness, Marshalls | Target | ||||||||||||||||||
32 | Santa Paula Center | Santa Paula | CA | Oxnard-Thousand Oaks-Ventura, CA | 1995 | 191,475 | 100.0 | % | 1,960 | 10.24 | Vons (Safeway) | Big Lots, Heritage Hardware | |||||||||||||||||||
33 | Vail Ranch Center | Temecula | CA | Riverside-San Bernardino-Ontario, CA | 2003 | 201,904 | 95.7 | % | 2,780 | 14.39 | Stater Bros. | Rite Aid, Stein Mart | |||||||||||||||||||
34 | Country Hills Shopping Center | Torrance | CA | Los Angeles-Long Beach-Anaheim, CA | 1977 | 56,750 | 100.0 | % | 1,011 | 19.01 | Ralphs (Kroger) | — | |||||||||||||||||||
35 | Gateway Plaza - Vallejo | Vallejo | CA | Vallejo-Fairfield, CA | 1991 | 495,239 | 98.8 | % | 7,927 | 16.28 | Costco* | Bed Bath & Beyond, Century Theatres, Marshalls, Ross Dress for Less, Toys"R"Us | Target | ||||||||||||||||||
36 | Arvada Plaza | Arvada | CO | Denver-Aurora-Lakewood, CO | 1994 | 95,236 | 100.0 | % | 710 | 7.46 | King Soopers (Kroger) | Arc | |||||||||||||||||||
37 | Arapahoe Crossings | Aurora | CO | Denver-Aurora-Lakewood, CO | 2015 | 466,363 | 92.5 | % | 5,887 | 13.64 | King Soopers (Kroger) | 2nd & Charles, AMC Theatres, Big Lots, buybuy BABY, Gordmans, Kohl's | |||||||||||||||||||
38 | Aurora Plaza | Aurora | CO | Denver-Aurora-Lakewood, CO | 1996 | 178,491 | 97.2 | % | 1,310 | 7.82 | King Soopers (Kroger) | Cinema Latino, Gen-X | |||||||||||||||||||
39 | Villa Monaco | Denver | CO | Denver-Aurora-Lakewood, CO | 2013 | 122,139 | 85.7 | % | 1,395 | 13.32 | Walmart Neighborhood Market | — | |||||||||||||||||||
40 | Superior Marketplace | Superior | CO | Boulder, CO | 2004 | 278,730 | 74.7 | % | 3,510 | 16.86 | Whole Foods Market, Costco*, SuperTarget* | T.J.Maxx | |||||||||||||||||||
41 | Westminster City Center | Westminster | CO | Denver-Aurora-Lakewood, CO | 2014 | 337,470 | 93.9 | % | 4,652 | 14.68 | — | Babies"R"Us, Barnes & Noble, Gordmans, Jo-Ann Fabric & Craft Stores, Ross Dress for Less, Tile Shop, Ulta | |||||||||||||||||||
42 | Freshwater - Stateline Plaza | Enfield | CT | Hartford-West Hartford-East Hartford, CT | 2004 | 295,647 | 95.9 | % | 2,447 | 16.67 | Costco | Dick's Sporting Goods, P.C. Richard & Son | The Home Depot | ||||||||||||||||||
43 | The Shoppes at Fox Run | Glastonbury | CT | Hartford-West Hartford-East Hartford, CT | 2012 | 105,127 | 98.4 | % | 2,428 | 23.47 | Whole Foods Market | Petco | |||||||||||||||||||
44 | Groton Square | Groton | CT | Norwich-New London, CT | 1987 | 196,802 | 100.0 | % | 2,698 | 13.71 | Super Stop & Shop (Ahold) | Kohl's | |||||||||||||||||||
45 | Parkway Plaza | Hamden | CT | New Haven-Milford, CT | 2006 | 72,353 | 89.8 | % | 900 | 13.84 | PriceRite (ShopRite) | — | |||||||||||||||||||
46 | Killingly Plaza | Killingly | CT | Worcester, MA-CT | 1990 | 76,960 | 94.5 | % | 528 | 7.25 | — | Kohl's | |||||||||||||||||||
47 | The Manchester Collection | Manchester | CT | Hartford-West Hartford-East Hartford, CT | 2015 | 339,775 | 87.8 | % | 4,002 | 13.41 | Sam's Club*, Walmart Supercenter* | Ashley Furniture, Babies"R"Us, Bed Bath & Beyond, Hobby Lobby, Savers | Walmart | ||||||||||||||||||
48 | Chamberlain Plaza | Meriden | CT | New Haven-Milford, CT | 2004 | 54,302 | 100.0 | % | 575 | 10.59 | — | Dollar Tree, Savers | |||||||||||||||||||
49 | Milford Center | Milford | CT | New Haven-Milford, CT | 1966 | 25,056 | 100.0 | % | 341 | 13.61 | Xpect Discounts | — | |||||||||||||||||||
50 | Turnpike Plaza | Newington | CT | Hartford-West Hartford-East Hartford, CT | 2004 | 149,894 | 100.0 | % | 2,525 | 16.85 | Price Chopper | Dick's Sporting Goods | |||||||||||||||||||
51 | North Haven Crossing | North Haven | CT | New Haven-Milford, CT | 1993 | 104,017 | 88.4 | % | 1,635 | 17.78 | — | Barnes & Noble, Dollar Tree, DSW, PetSmart | |||||||||||||||||||
52 | Christmas Tree Plaza | Orange | CT | New Haven-Milford, CT | 1996 | 132,791 | 98.6 | % | 1,869 | 14.28 | — | A.C. Moore, Christmas Tree Shops | |||||||||||||||||||
53 | Stratford Square | Stratford | CT | Bridgeport-Stamford-Norwalk, CT | 2015 | 160,536 | 87.9 | % | 2,414 | 17.10 | — | LA Fitness, Marshalls | |||||||||||||||||||
54 | Torrington Plaza | Torrington | CT | Torrington, CT | 1994 | 125,496 | 93.5 | % | 1,200 | 11.18 | — | Jo-Ann Fabric & Craft Stores, Staples, T.J.Maxx | |||||||||||||||||||
55 | Waterbury Plaza | Waterbury | CT | New Haven-Milford, CT | 2000 | 183,706 | 87.0 | % | 2,063 | 12.96 | Super Stop & Shop (Ahold) | Pretty Woman | Target | ||||||||||||||||||
56 | Waterford Commons | Waterford | CT | Norwich-New London, CT | 2004 | 236,730 | 98.0 | % | 4,412 | 19.02 | — | Babies"R"Us, Dick’s Sporting Goods | Best Buy |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 38 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
57 | North Dover Center | Dover | DE | Dover, DE | 2013 | 191,974 | 100.0 | % | 2,317 | 12.07 | Acme (Albertsons) | Party City, Staples, T.J.Maxx, Toys"R"Us | |||||||||||||||||||
58 | Apopka Commons | Apopka | FL | Orlando-Kissimmee-Sanford, FL | 2010 | 42,507 | 81.3 | % | 457 | 13.22 | — | Dollar Tree, Staples | The Home Depot | ||||||||||||||||||
59 | Brooksville Square | Brooksville | FL | Tampa-St. Petersburg-Clearwater, FL | 2013 | 156,361 | 96.0 | % | 1,610 | 10.72 | Publix | Sears Outlet | |||||||||||||||||||
60 | Coastal Way - Coastal Landing | Brooksville | FL | Tampa-St. Petersburg-Clearwater, FL | 2008 | 368,098 | 98.1 | % | 3,307 | 12.26 | — | Bed Bath & Beyond, Belk, hhgregg, Marshalls, Michaels, Office Depot, Petco, Sears, Ulta | |||||||||||||||||||
61 | Midpoint Center | Cape Coral | FL | Cape Coral-Fort Myers, FL | 2002 | 75,386 | 100.0 | % | 998 | 13.24 | Publix | — | Target | ||||||||||||||||||
62 | Clearwater Mall | Clearwater | FL | Tampa-St. Petersburg-Clearwater, FL | 2012 | 300,929 | 97.1 | % | 6,064 | 21.88 | Costco*, SuperTarget* | hhgregg, Michaels, PetSmart, Ross Dress for Less | Lowe's | ||||||||||||||||||
63 | Coconut Creek Plaza | Coconut Creek | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2005 | 265,671 | 80.7 | % | 2,749 | 12.82 | Publix | Bealls Outlet, Big Lots, Off the Wall Trampoline, Planet Fitness, Rainbow | |||||||||||||||||||
64 | Century Plaza Shopping Center | Deerfield Beach | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2006 | 71,869 | 100.0 | % | 1,615 | 22.48 | — | Broward County Library | |||||||||||||||||||
65 | Northgate Shopping Center | DeLand | FL | Deltona-Daytona Beach-Ormond Beach, FL | 1993 | 186,396 | 97.2 | % | 1,268 | 7.00 | Publix | — | |||||||||||||||||||
66 | Eustis Village | Eustis | FL | Orlando-Kissimmee-Sanford, FL | 2002 | 156,927 | 96.1 | % | 1,699 | 11.27 | Publix | Bealls Outlet | |||||||||||||||||||
67 | First Street Village | Fort Meyers | FL | Cape Coral-Fort Myers, FL | 2006 | 54,926 | 93.7 | % | 752 | 14.61 | Publix | — | |||||||||||||||||||
68 | Sun Plaza | Ft. Walton Beach | FL | Crestview-Fort Walton Beach-Destin, FL | 2004 | 158,118 | 99.1 | % | 1,611 | 10.28 | Publix | Bealls Outlet, Books-A-Million, Office Depot, T.J.Maxx | |||||||||||||||||||
69 | Normandy Square | Jacksonville | FL | Jacksonville, FL | 1996 | 87,240 | 100.0 | % | 741 | 8.49 | Winn-Dixie (Southeastern Grocers) | CVS, Family Dollar | |||||||||||||||||||
70 | Regency Park Shopping Center | Jacksonville | FL | Jacksonville, FL | 2006 | 334,065 | 78.3 | % | 2,227 | 8.52 | — | American Signature Furniture, Bealls Outlet, Books-A-Million, Hard Knocks, Hobby Lobby | |||||||||||||||||||
71 | The Shoppes at Southside | Jacksonville | FL | Jacksonville, FL | 2004 | 109,113 | 63.3 | % | 1,765 | 25.54 | — | Best Buy, David's Bridal | |||||||||||||||||||
72 | Ventura Downs | Kissimmee | FL | Orlando-Kissimmee-Sanford, FL | 2005 | 98,191 | 98.6 | % | 1,253 | 12.95 | Publix Sabor | — | |||||||||||||||||||
73 | Marketplace at Wycliffe | Lake Worth | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2015 | 133,520 | 91.1 | % | 1,977 | 16.26 | Walmart Neighborhood Market | Walgreens | |||||||||||||||||||
74 | Venetian Isle Shopping Ctr | Lighthouse Point | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1992 | 181,401 | 94.8 | % | 1,757 | 10.52 | Publix | Dollar Tree, Petco, Staples, Tuesday Morning, T.J.Maxx | |||||||||||||||||||
75 | Marco Town Center | Marco Island | FL | Naples-Immokalee-Marco Island, FL | 2001 | 109,830 | 94.9 | % | 2,099 | 20.14 | Publix | — | |||||||||||||||||||
76 | Mall at 163rd Street | Miami | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2007 | 339,478 | 85.8 | % | 4,165 | 17.25 | Walmart Supercenter* | Citi Trends, Marshalls, Office Depot, Ross Dress for Less | |||||||||||||||||||
77 | Miami Gardens | Miami | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1996 | 244,719 | 100.0 | % | 2,586 | 10.57 | Winn-Dixie (Southeastern Grocers) | Ross Dress for Less | |||||||||||||||||||
78 | Freedom Square | Naples | FL | Naples-Immokalee-Marco Island, FL | 1995 | 211,839 | 100.0 | % | 1,924 | 9.08 | Publix | — | |||||||||||||||||||
79 | Naples Plaza | Naples | FL | Naples-Immokalee-Marco Island, FL | 2013 | 200,820 | 100.0 | % | 3,387 | 17.16 | Publix | Marshalls, Office Depot, PGA TOUR Superstore | |||||||||||||||||||
80 | Park Shore Plaza | Naples | FL | Naples-Immokalee-Marco Island, FL | 2015 | 232,820 | 88.7 | % | 2,895 | 14.01 | The Fresh Market | Big Lots, Burlington Stores, HomeGoods, YouFit Health Club | |||||||||||||||||||
81 | Chelsea Place | New Port Richey | FL | Tampa-St. Petersburg-Clearwater, FL | 1992 | 81,144 | 95.1 | % | 866 | 11.23 | Publix | Zone Fitness Club | |||||||||||||||||||
82 | Southgate Center | New Port Richey | FL | Tampa-St. Petersburg-Clearwater, FL | 2012 | 238,838 | 97.9 | % | 2,309 | 10.32 | Publix | Bealls Outlet, Big Lots, Lumber Liquidators, Old Time Pottery, YouFit Health Club | |||||||||||||||||||
83 | Presidential Plaza West | North Lauderdale | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2006 | 88,306 | 80.8 | % | 702 | 9.84 | Sedano's | Family Dollar | |||||||||||||||||||
84 | Fashion Square | Orange Park | FL | Jacksonville, FL | 1996 | 36,029 | 50.4 | % | 379 | 29.37 | — | Miller's Orange Park Ale House, Ruby Tuesday, Samurai Japanese Steakhouse | |||||||||||||||||||
85 | Colonial Marketplace | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2014 | 141,069 | 99.1 | % | 2,279 | 16.30 | — | Burlington Stores, LA Fitness | Target | ||||||||||||||||||
86 | Conway Crossing | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2002 | 76,321 | 98.7 | % | 943 | 12.52 | Publix | — | |||||||||||||||||||
87 | Hunter's Creek Plaza | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 1998 | 73,204 | 98.2 | % | 1,114 | 15.50 | — | Office Depot | |||||||||||||||||||
88 | Pointe Orlando | Orlando | FL | Orlando-Kissimmee-Sanford, FL | 2015 | 408,098 | 83.3 | % | 7,216 | 22.56 | — | Regal Cinemas | |||||||||||||||||||
89 | Martin Downs Town Center | Palm City | FL | Port St. Lucie, FL | 1996 | 64,546 | 100.0 | % | 826 | 12.79 | Publix | — | |||||||||||||||||||
90 | Martin Downs Village Center | Palm City | FL | Port St. Lucie, FL | 1987 | 154,964 | 86.5 | % | 2,379 | 17.75 | — | Goodwill, Martin Memorial, Walgreens | |||||||||||||||||||
91 | 23rd Street Station | Panama City | FL | Panama City, FL | 1995 | 98,827 | 91.2 | % | 1,072 | 11.89 | Publix | — | |||||||||||||||||||
92 | Panama City Square | Panama City | FL | Panama City, FL | 2015 | 298,685 | 100.0 | % | 2,396 | 8.02 | Walmart Supercenter | Big Lots, Harbor Freight Tools, Sports Authority, T.J.Maxx | |||||||||||||||||||
93 | Pensacola Square | Pensacola | FL | Pensacola-Ferry Pass-Brent, FL | 1995 | 142,767 | 83.2 | % | 1,087 | 9.78 | — | Bealls Outlet, Big Lots, Sears Home Appliance Showroom | Hobby Lobby | ||||||||||||||||||
94 | Shopper's Haven Shopping Ctr | Pompano Beach | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1998 | 206,791 | 97.5 | % | 2,640 | 13.50 | Winn-Dixie (Southeastern Grocers) | A.C. Moore, Bealls Outlet, Bed Bath & Beyond, Party City, Petland, YouFit Health Club | |||||||||||||||||||
95 | East Port Plaza | Port St. Lucie | FL | Port St. Lucie, FL | 1991 | 162,831 | 82.7 | % | 1,797 | 13.34 | Publix | Fortis Institute, Walgreens | |||||||||||||||||||
96 | Shoppes of Victoria Square | Port St. Lucie | FL | Port St. Lucie, FL | 1990 | 95,243 | 81.4 | % | 913 | 11.78 | Winn-Dixie (Southeastern Grocers) | Dollar Tree | |||||||||||||||||||
97 | Lake St. Charles | Riverview | FL | Tampa-St. Petersburg-Clearwater, FL | 1999 | 57,015 | 95.4 | % | 550 | 10.11 | Winn-Dixie (Southeastern Grocers) | — | |||||||||||||||||||
98 | Cobblestone Village | Royal Palm Beach | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 2005 | 39,404 | 87.4 | % | 610 | 17.71 | SuperTarget* | Blue Fish Restaurant, The Zoo Health Club | |||||||||||||||||||
99 | Beneva Village Shoppes | Sarasota | FL | North Port-Sarasota-Bradenton, FL | 1987 | 141,532 | 83.4 | % | 1,300 | 11.02 | Publix | Harbor Freight Tools, Walgreens, YouFit Health Club | |||||||||||||||||||
100 | Sarasota Village | Sarasota | FL | North Port-Sarasota-Bradenton, FL | 2011 | 173,184 | 99.0 | % | 1,945 | 11.63 | Publix | Big Lots, Crunch Fitness, HomeGoods | |||||||||||||||||||
101 | Atlantic Plaza | Satellite Beach | FL | Palm Bay-Melbourne-Titusville, FL | 2008 | 128,405 | 73.3 | % | 1,205 | 12.79 | Publix | — | |||||||||||||||||||
102 | Seminole Plaza | Seminole | FL | Tampa-St. Petersburg-Clearwater, FL | 1995 | 146,579 | 95.1 | % | 1,093 | 7.84 | — | Burlington Stores, T.J.Maxx | |||||||||||||||||||
103 | Cobblestone Village | St. Augustine | FL | Jacksonville, FL | 2003 | 261,081 | 92.5 | % | 3,105 | 12.86 | Publix | Bealls, Bed Bath & Beyond, Michaels, Petco | |||||||||||||||||||
104 | Dolphin Village | St. Pete Beach | FL | Tampa-St. Petersburg-Clearwater, FL | 1990 | 134,324 | 85.9 | % | 1,643 | 14.24 | Publix | CVS, Dollar Tree | |||||||||||||||||||
105 | Bay Pointe Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 103,986 | 82.4 | % | 887 | 10.35 | Publix | Bealls Outlet | |||||||||||||||||||
106 | Rutland Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 149,562 | 92.2 | % | 1,122 | 8.13 | Winn-Dixie (Southeastern Grocers) | Bealls Outlet, Big Lots | |||||||||||||||||||
107 | Skyway Plaza | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 110,799 | 90.7 | % | 951 | 9.46 | Winn-Dixie (Southeastern Grocers)** | Dollar Tree | |||||||||||||||||||
108 | Tyrone Gardens | St. Petersburg | FL | Tampa-St. Petersburg-Clearwater, FL | 1998 | 209,337 | 81.1 | % | 1,506 | 8.88 | Winn-Dixie (Southeastern Grocers) | Bealls Outlet, Big Lots, Chuck E. Cheese’s | |||||||||||||||||||
109 | Downtown Publix | Stuart | FL | Port St. Lucie, FL | 2000 | 151,246 | 57.2 | % | 1,058 | 12.23 | Publix | Family Dollar | |||||||||||||||||||
110 | Sunrise Town Center | Sunrise | FL | Miami-Fort Lauderdale-West Palm Beach, FL | 1989 | 110,109 | 94.2 | % | 1,269 | 12.24 | Patel Brothers | Dollar Tree, LA Fitness | Walmart | ||||||||||||||||||
111 | Carrollwood Center | Tampa | FL | Tampa-St. Petersburg-Clearwater, FL | 2002 | 88,558 | 96.9 | % | 1,314 | 15.31 | Publix | Rarehues | |||||||||||||||||||
112 | Ross Plaza | Tampa | FL | Tampa-St. Petersburg-Clearwater, FL | 1996 | 90,625 | 91.4 | % | 1,111 | 13.41 | — | Deal$, Ross Dress for Less | |||||||||||||||||||
113 | Tarpon Mall | Tarpon Springs | FL | Tampa-St. Petersburg-Clearwater, FL | 2003 | 145,832 | 100.0 | % | 2,198 | 15.08 | Publix | Petco, T.J.Maxx, Ulta |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 39 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
114 | Venice Plaza | Venice | FL | North Port-Sarasota-Bradenton, FL | 1999 | 132,345 | 98.3 | % | 908 | 6.98 | Winn-Dixie (Southeastern Grocers) | Lumber Liquidators, Pet Supermarket, T.J.Maxx | |||||||||||||||||||
115 | Venice Shopping Center | Venice | FL | North Port-Sarasota-Bradenton, FL | 2000 | 109,801 | 80.3 | % | 527 | 5.98 | Publix | Bealls Outlet | |||||||||||||||||||
116 | Governors Town Square | Acworth | GA | Atlanta-Sandy Springs-Roswell, GA | 2005 | 68,658 | 95.9 | % | 1,123 | 17.06 | Publix | — | |||||||||||||||||||
117 | Albany Plaza | Albany | GA | Albany, GA | 1995 | 114,169 | 75.1 | % | 539 | 6.28 | Harveys (BI-LO) | Big Lots, OK Beauty & Fashions Outlet, ULTA | |||||||||||||||||||
118 | Mansell Crossing | Alpharetta | GA | Atlanta-Sandy Springs-Roswell, GA | 2015 | 332,364 | 98.2 | % | 4,980 | 15.25 | — | AMC Theatres, Barnes & Noble, DSW, Macy's Furniture Gallery, REI, Sports Authority, T.J.Maxx | Toys"R"Us | ||||||||||||||||||
119 | Perlis Plaza | Americus | GA | Americus, GA | 1972 | 165,315 | 83.5 | % | 765 | 5.54 | — | Belk, Roses | |||||||||||||||||||
120 | Northeast Plaza | Atlanta | GA | Atlanta-Sandy Springs-Roswell, GA | 2015 | 442,200 | 95.5 | % | 4,274 | 10.25 | City Farmers Market | Atlanta Ballroom Dance Club, dd's Discounts, Goodwill | |||||||||||||||||||
121 | Augusta West Plaza | Augusta | GA | Augusta-Richmond County, GA-SC | 2006 | 207,823 | 69.5 | % | 1,074 | 7.43 | — | Burlington Stores, Dollar Tree | |||||||||||||||||||
122 | Sweetwater Village | Austell | GA | Atlanta-Sandy Springs-Roswell, GA | 1985 | 66,197 | 100.0 | % | 480 | 7.26 | Food Depot | Family Dollar | |||||||||||||||||||
123 | Vineyards at Chateau Elan | Braselton | GA | Atlanta-Sandy Springs-Roswell, GA | 2002 | 79,047 | 87.7 | % | 959 | 13.84 | Publix | — | |||||||||||||||||||
124 | Cedar Plaza | Cedartown | GA | Cedartown, GA | 1994 | 83,300 | 76.5 | % | 544 | 8.55 | Kroger | — | |||||||||||||||||||
125 | Conyers Plaza | Conyers | GA | Atlanta-Sandy Springs-Roswell, GA | 2001 | 171,374 | 96.5 | % | 1,933 | 11.69 | Walmart Supercenter* | Mattress Firm, PetSmart, Value Village | The Home Depot | ||||||||||||||||||
126 | Cordele Square | Cordele | GA | Cordele, GA | 2002 | 127,953 | 82.6 | % | 662 | 6.26 | Harveys (BI-LO) | Belk, Citi Trends, Cordele Theatres | |||||||||||||||||||
127 | Covington Gallery | Covington | GA | Atlanta-Sandy Springs-Roswell, GA | 1991 | 174,857 | 88.2 | % | 954 | 6.19 | Ingles | Kmart | |||||||||||||||||||
128 | Salem Road Station | Covington | GA | Atlanta-Sandy Springs-Roswell, GA | 2000 | 67,270 | 90.9 | % | 671 | 10.98 | Publix | — | |||||||||||||||||||
129 | Keith Bridge Commons | Cumming | GA | Atlanta-Sandy Springs-Roswell, GA | 2002 | 94,886 | 90.3 | % | 1,113 | 12.99 | Kroger | Anytime Fitness | |||||||||||||||||||
130 | Northside | Dalton | GA | Dalton, GA | 2001 | 73,931 | 85.2 | % | 500 | 7.95 | BI-LO (Southeastern Grocers) | Family Dollar | |||||||||||||||||||
131 | Cosby Station | Douglasville | GA | Atlanta-Sandy Springs-Roswell, GA | 1994 | 77,811 | 94.0 | % | 804 | 10.99 | Publix | — | |||||||||||||||||||
132 | Park Plaza | Douglasville | GA | Atlanta-Sandy Springs-Roswell, GA | 1986 | 46,494 | 77.1 | % | 560 | 15.61 | Kroger* | — | |||||||||||||||||||
133 | Dublin Village | Dublin | GA | Dublin, GA | 2005 | 93,720 | 98.5 | % | 668 | 7.24 | Kroger | — | |||||||||||||||||||
134 | Westgate | Dublin | GA | Dublin, GA | 2004 | 113,138 | 94.0 | % | 673 | 6.56 | Harveys (BI-LO) | Bealls Outlet, Big Lots | The Home Depot | ||||||||||||||||||
135 | Venture Pointe | Duluth | GA | Atlanta-Sandy Springs-Roswell, GA | 2012 | 155,172 | 97.1 | % | 1,627 | 10.81 | — | American Signature Furniture, Ollie's Bargain Outlet, Studio Movie Grill | |||||||||||||||||||
136 | Banks Station | Fayetteville | GA | Atlanta-Sandy Springs-Roswell, GA | 2006 | 176,451 | 85.3 | % | 1,168 | 8.97 | Food Depot | Cinemark, Staples | |||||||||||||||||||
137 | Barrett Place | Kennesaw | GA | Atlanta-Sandy Springs-Roswell, GA | 1994 | 218,818 | 100.0 | % | 2,133 | 9.75 | — | Best Buy, Michaels, OfficeMax, PetSmart, Sports Authority, The Furniture Mall | |||||||||||||||||||
138 | Shops of Huntcrest | Lawrenceville | GA | Atlanta-Sandy Springs-Roswell, GA | 2003 | 97,040 | 95.6 | % | 1,219 | 13.14 | Publix | — | |||||||||||||||||||
139 | Mableton Walk | Mableton | GA | Atlanta-Sandy Springs-Roswell, GA | 1994 | 105,884 | 82.2 | % | 1,104 | 12.69 | Publix | — | |||||||||||||||||||
140 | The Village at Mableton | Mableton | GA | Atlanta-Sandy Springs-Roswell, GA | 2015 | 239,013 | 81.3 | % | 758 | 4.03 | — | Dollar Tree, Kmart, Ollie's Bargain Outlet | |||||||||||||||||||
141 | North Park | Macon | GA | Macon, GA | 2013 | 216,795 | 97.4 | % | 1,279 | 6.06 | Kroger | Kmart | |||||||||||||||||||
142 | Marshalls at Eastlake | Marietta | GA | Atlanta-Sandy Springs-Roswell, GA | 1982 | 54,976 | 97.8 | % | 512 | 9.53 | — | Marshalls | |||||||||||||||||||
143 | New Chastain Corners | Marietta | GA | Atlanta-Sandy Springs-Roswell, GA | 2004 | 113,079 | 77.0 | % | 860 | 9.88 | Kroger | — | |||||||||||||||||||
144 | Pavilions at Eastlake | Marietta | GA | Atlanta-Sandy Springs-Roswell, GA | 1996 | 154,224 | 87.9 | % | 1,637 | 12.07 | Kroger | J. Christopher's | |||||||||||||||||||
145 | Perry Marketplace | Perry | GA | Warner Robins, GA | 2004 | 179,973 | 76.5 | % | 923 | 6.71 | Kroger | Ace Hardware, Bealls Outlet, Goody's | |||||||||||||||||||
146 | Creekwood Village | Rex | GA | Atlanta-Sandy Springs-Roswell, GA | 1990 | 69,778 | 88.4 | % | 525 | 8.51 | Food Depot | — | |||||||||||||||||||
147 | Shops of Riverdale | Riverdale | GA | Atlanta-Sandy Springs-Roswell, GA | 1995 | 16,808 | 82.2 | % | 269 | 19.50 | Walmart Supercenter* | — | |||||||||||||||||||
148 | Holcomb Bridge Crossing | Roswell | GA | Atlanta-Sandy Springs-Roswell, GA | 1988 | 105,420 | 94.0 | % | 958 | 9.67 | — | PGA TOUR Superstore | |||||||||||||||||||
149 | Victory Square | Savannah | GA | Savannah, GA | 2007 | 122,739 | 97.4 | % | 1,770 | 15.16 | SuperTarget* | Citi Trends, Dollar Tree, Frank Theatres, Staples | The Home Depot | ||||||||||||||||||
150 | Stockbridge Village | Stockbridge | GA | Atlanta-Sandy Springs-Roswell, GA | 2008 | 188,135 | 86.7 | % | 2,463 | 15.09 | Kroger | — | |||||||||||||||||||
151 | Stone Mountain Festival | Stone Mountain | GA | Atlanta-Sandy Springs-Roswell, GA | 2006 | 347,091 | 92.5 | % | 1,772 | 5.52 | Walmart Supercenter | Hobby Lobby, NCG Cinemas | |||||||||||||||||||
152 | Wilmington Island | Wilmington Island | GA | Savannah, GA | 2015 | 101,462 | 92.7 | % | 1,129 | 12.01 | Kroger | — | |||||||||||||||||||
153 | Kimberly West Shopping Center | Davenport | IA | Davenport-Moline-Rock Island, IA-IL | 1987 | 113,713 | 87.3 | % | 603 | 6.08 | Hy-Vee | — | |||||||||||||||||||
154 | Haymarket Mall | Des Moines | IA | Des Moines-West Des Moines, IA | 2002 | 238,803 | 97.9 | % | 1,293 | 5.53 | — | Burlington Stores, Hobby Lobby | |||||||||||||||||||
155 | Haymarket Square | Des Moines | IA | Des Moines-West Des Moines, IA | 2002 | 268,205 | 82.0 | % | 1,373 | 6.25 | Price Chopper | Big Lots, Northern Tool + Equipment, Office Depot | |||||||||||||||||||
156 | Warren Plaza | Dubuque | IA | Dubuque, IA | 1993 | 96,339 | 93.4 | % | 714 | 7.93 | Hy-Vee | Target | Target | ||||||||||||||||||
157 | Annex of Arlington | Arlington Heights | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2015 | 192,904 | 100.0 | % | 2,905 | 15.06 | Trader Joe's | Barnes & Noble, Binny's Beverage Depot, hhgregg, Petco | |||||||||||||||||||
158 | Ridge Plaza | Arlington Heights | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2000 | 151,643 | 90.5 | % | 1,955 | 14.25 | — | Savers, XSport Fitness | Kohl's | ||||||||||||||||||
159 | Bartonville Square | Bartonville | IL | Peoria, IL | 2001 | 61,678 | 95.2 | % | 319 | 5.76 | Kroger | — | |||||||||||||||||||
160 | Festival Center | Bradley | IL | Kankakee, IL | 2006 | 63,796 | 76.7 | % | 294 | 6.02 | — | Big Lots, Dollar General | |||||||||||||||||||
161 | Southfield Plaza | Bridgeview | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 198,331 | 94.7 | % | 2,065 | 11.00 | Shop 'n Save | Hobby Lobby, Walgreens | |||||||||||||||||||
162 | Commons of Chicago Ridge | Chicago Ridge | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 324,977 | 94.8 | % | 4,029 | 14.10 | — | Marshalls, Office Depot, The Home Depot, XSport Fitness | |||||||||||||||||||
163 | Rivercrest Shopping Center | Crestwood | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2013 | 488,680 | 90.8 | % | 5,282 | 13.13 | Ultra Foods | Best Buy, Party City, PetSmart, Ross Dress for Less, T.J.Maxx | |||||||||||||||||||
164 | The Commons of Crystal Lake | Crystal Lake | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2015 | 273,060 | 86.3 | % | 2,337 | 9.91 | Jewel-Osco (Albertsons) | Burlington Stores | Hobby Lobby | ||||||||||||||||||
165 | Elk Grove Town Center | Elk Grove Village | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 131,849 | 99.5 | % | 2,216 | 16.89 | Joe Caputo & Sons Fruit Market | Walgreens | |||||||||||||||||||
166 | Crossroads Centre | Fairview Heights | IL | St. Louis, MO-IL | 1975 | 242,198 | 90.3 | % | 2,012 | 9.20 | — | Big Lots, Hobby Lobby, T.J.Maxx | |||||||||||||||||||
167 | Frankfort Crossing Shopping Center | Frankfort | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1992 | 114,534 | 96.8 | % | 1,398 | 12.60 | Jewel-Osco (Albertsons) | Ace Hardware | |||||||||||||||||||
168 | Freeport Plaza | Freeport | IL | Freeport, IL | 2000 | 87,846 | 100.0 | % | 570 | 6.49 | Cub Foods (Supervalu) | Stone's Hallmark | |||||||||||||||||||
169 | Westview Center | Hanover Park | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2015 | 326,422 | 92.8 | % | 2,578 | 8.80 | Tony's Finer Foods | Big Lots, LA Fitness, Sears Outlet | Value City | ||||||||||||||||||
170 | The Quentin Collection | Kildeer | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2006 | 171,530 | 100.0 | % | 2,861 | 16.68 | The Fresh Market | Best Buy, DSW, PetSmart, Stein Mart | |||||||||||||||||||
171 | Butterfield Square | Libertyville | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2013 | 106,755 | 98.8 | % | 1,569 | 14.89 | Sunset Foods | — |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 40 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
172 | High Point Centre | Lombard | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1992 | 240,046 | 66.7 | % | 1,735 | 10.84 | Ultra Foods | Jo-Ann Fabric & Craft Stores, Office Depot | |||||||||||||||||||
173 | Long Meadow Commons | Mundelein | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1997 | 118,470 | 87.1 | % | 1,538 | 15.79 | Dominick's** | — | |||||||||||||||||||
174 | Westridge Court | Naperville | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2015 | 680,553 | 97.0 | % | 7,976 | 12.08 | — | Art Van Furniture, Big Lots, buybuy BABY, Gordmans, hhgregg, Hollywood Palms Cinema, Marshalls, Old Navy, Savers, Ulta | |||||||||||||||||||
175 | Sterling Bazaar | Peoria | IL | Peoria, IL | 1992 | 87,359 | 96.7 | % | 808 | 10.12 | Kroger | — | |||||||||||||||||||
176 | Rollins Crossing | Round Lake Beach | IL | Chicago-Naperville-Elgin, IL-IN-WI | 1998 | 192,849 | 96.3 | % | 1,976 | 17.49 | — | LA Fitness, Regal Cinemas | |||||||||||||||||||
177 | Twin Oaks Shopping Center | Silvis | IL | Davenport-Moline-Rock Island, IA-IL | 1991 | 114,342 | 96.4 | % | 710 | 6.44 | Hy-Vee | Eye Surgeons Associates | |||||||||||||||||||
178 | Parkway Pointe | Springfield | IL | Springfield, IL | 1994 | 38,737 | 85.9 | % | 584 | 17.54 | ALDI* | dressbarn, Family Christian Stores, Shoe Carnival | Target, Walmart | ||||||||||||||||||
179 | Sangamon Center North | Springfield | IL | Springfield, IL | 1996 | 139,907 | 94.9 | % | 1,262 | 9.52 | Schnucks | U.S. Post Office | |||||||||||||||||||
180 | Tinley Park Plaza | Tinley Park | IL | Chicago-Naperville-Elgin, IL-IN-WI | 2005 | 241,560 | 69.9 | % | 2,021 | 11.98 | Walt's Fine Foods | Tile Shop | |||||||||||||||||||
181 | Meridian Village | Carmel | IN | Indianapolis-Carmel-Anderson, IN | 1990 | 130,769 | 85.4 | % | 929 | 8.32 | — | Godby Home Furnishings, Ollie's Bargain Outlet | |||||||||||||||||||
182 | Columbus Center | Columbus | IN | Columbus, IN | 2005 | 143,050 | 100.0 | % | 1,516 | 10.60 | — | Big Lots, MC Sports, OfficeMax, T.J.Maxx | Target | ||||||||||||||||||
183 | Elkhart Plaza West | Elkhart | IN | Elkhart-Goshen, IN | 1997 | 81,651 | 91.2 | % | 577 | 7.75 | Martin's Super Market | CVS | |||||||||||||||||||
184 | Apple Glen Crossing | Fort Wayne | IN | Fort Wayne, IN | 2002 | 150,163 | 96.5 | % | 1,905 | 16.53 | Walmart Supercenter* | Best Buy, Dick's Sporting Goods, PetSmart | Kohl's | ||||||||||||||||||
185 | Market Centre | Goshen | IN | Elkhart-Goshen, IN | 1994 | 363,883 | 98.4 | % | 2,254 | 6.29 | Sam's Club | Walmart | |||||||||||||||||||
186 | Marwood Plaza | Indianapolis | IN | Indianapolis-Carmel-Anderson, IN | 1992 | 107,080 | 70.9 | % | 606 | 7.98 | Kroger | — | |||||||||||||||||||
187 | Westlane Shopping Center | Indianapolis | IN | Indianapolis-Carmel-Anderson, IN | 2015 | 71,490 | 76.4 | % | 548 | 10.03 | — | Citi Trends, Family Dollar | |||||||||||||||||||
188 | Valley View Plaza | Marion | IN | Marion, IN | 1997 | 29,974 | 83.0 | % | 326 | 13.11 | Walmart Supercenter* | Aaron's | |||||||||||||||||||
189 | Bittersweet Plaza | Mishawaka | IN | South Bend-Mishawaka, IN-MI | 2000 | 91,798 | 91.3 | % | 731 | 8.72 | Martin's Super Market | — | |||||||||||||||||||
190 | Lincoln Plaza | New Haven | IN | Fort Wayne, IN | 1968 | 103,938 | 58.4 | % | 510 | 8.40 | Kroger | — | |||||||||||||||||||
191 | Speedway Super Center | Speedway | IN | Indianapolis-Carmel-Anderson, IN | 2015 | 571,967 | 85.0 | % | 4,213 | 8.71 | Kroger | Kohl's, Sears Outlet, T.J.Maxx | |||||||||||||||||||
192 | Sagamore Park Centre | West Lafayette | IN | Lafayette-West Lafayette, IN | 2003 | 117,550 | 89.3 | % | 1,057 | 10.07 | Pay Less (Kroger) | — | |||||||||||||||||||
193 | Westchester Square | Lenexa | KS | Kansas City, MO-KS | 1987 | 155,518 | 86.2 | % | 1,145 | 8.54 | Hy-Vee | — | |||||||||||||||||||
194 | West Loop Shopping Center | Manhattan | KS | Manhattan, KS | 2013 | 212,260 | 93.2 | % | 1,671 | 13.83 | Dillons (Kroger) | Bellus Academy, Jo-Ann Fabric & Craft Stores, Marshalls | |||||||||||||||||||
195 | Green River Plaza | Campbellsville | KY | Campbellsville, KY | 1989 | 203,239 | 99.0 | % | 1,379 | 6.85 | Kroger | Burke's Outlet, Goody’s, JC Penney, Jo-Ann Fabric & Craft Stores, Tractor Supply Co. | |||||||||||||||||||
196 | Kmart Plaza | Elizabethtown | KY | Elizabethtown-Fort Knox, KY | 1992 | 130,466 | 100.0 | % | 874 | 6.70 | — | Kmart, Staples | |||||||||||||||||||
197 | Florence Plaza - Florence Square | Florence | KY | Cincinnati, OH-KY-IN | 2015 | 686,488 | 96.6 | % | 6,707 | 12.77 | Kroger | Barnes & Noble, Burlington Stores, Harbor Freight Tools, hhgregg, Hobby Lobby, Old Navy, Ollie's Bargain Outlet, Staples, T.J.Maxx | |||||||||||||||||||
198 | Highland Commons | Glasgow | KY | Glasgow, KY | 1992 | 130,466 | 98.9 | % | 754 | 5.84 | Food Lion | Kmart | |||||||||||||||||||
199 | Jeffersontown Commons | Jeffersontown | KY | Louisville/Jefferson County, KY-IN | 2005 | 208,374 | 85.4 | % | 1,581 | 9.42 | — | King Pin Lanes, Louisville Athletic Club | |||||||||||||||||||
200 | Mist Lake Plaza | Lexington | KY | Lexington-Fayette, KY | 1993 | 217,292 | 97.2 | % | 1,529 | 7.24 | — | Gabriel Brothers, Walmart | |||||||||||||||||||
201 | London Marketplace | London | KY | London, KY | 1994 | 169,032 | 100.0 | % | 1,121 | 6.63 | Kroger | Goody's, Kmart | |||||||||||||||||||
202 | Eastgate Shopping Center | Louisville | KY | Louisville/Jefferson County, KY-IN | 2002 | 174,947 | 97.1 | % | 1,725 | 10.15 | Kroger | — | |||||||||||||||||||
203 | Plainview Village | Louisville | KY | Louisville/Jefferson County, KY-IN | 1997 | 165,467 | 84.5 | % | 1,364 | 10.35 | Kroger | — | |||||||||||||||||||
204 | Stony Brook I & II | Louisville | KY | Louisville/Jefferson County, KY-IN | 1988 | 136,916 | 91.0 | % | 1,624 | 13.03 | Kroger | — | |||||||||||||||||||
205 | Towne Square North | Owensboro | KY | Owensboro, KY | 1988 | 163,161 | 100.0 | % | 1,236 | 7.58 | — | Books-A-Million, Hobby Lobby, Office Depot | |||||||||||||||||||
206 | Lexington Road Plaza | Versailles | KY | Lexington-Fayette, KY | 2007 | 197,668 | 98.6 | % | 1,430 | 7.34 | Kroger | Kmart | |||||||||||||||||||
207 | Karam Shopping Center | Lafayette | LA | Lafayette, LA | 2015 | 100,238 | 83.8 | % | 277 | 3.29 | Super 1 Foods | Conn's | |||||||||||||||||||
208 | Iberia Plaza | New Iberia | LA | Lafayette, LA | 1992 | 131,731 | 96.5 | % | 742 | 5.84 | Super 1 Foods | — | |||||||||||||||||||
209 | Lagniappe Village | New Iberia | LA | Lafayette, LA | 2010 | 201,360 | 97.3 | % | 1,507 | 7.69 | — | Big Lots, Citi Trends, Stage, T.J.Maxx | |||||||||||||||||||
210 | The Pines Shopping Center | Pineville | LA | Alexandria, LA | 1991 | 179,039 | 97.8 | % | 1,082 | 6.18 | Super 1 Foods | Kmart | |||||||||||||||||||
211 | Points West Plaza | Brockton | MA | Boston-Cambridge-Newton, MA-NH | 2007 | 133,432 | 98.5 | % | 1,066 | 8.11 | PriceRite (ShopRite) | Citi Trends, Ocean State Job Lot | |||||||||||||||||||
212 | Burlington Square I, II & III | Burlington | MA | Boston-Cambridge-Newton, MA-NH | 1992 | 86,290 | 93.1 | % | 1,784 | 22.20 | — | Golf Galaxy, Pyara Aveda Spa & Salon, Staples | |||||||||||||||||||
213 | Chicopee Marketplace | Chicopee | MA | Springfield, MA | 2005 | 150,959 | 100.0 | % | 2,512 | 17.23 | Walmart Supercenter* | Marshalls, Staples | |||||||||||||||||||
214 | Holyoke Shopping Center | Holyoke | MA | Springfield, MA | 2000 | 195,795 | 94.7 | % | 1,444 | 11.38 | Super Stop & Shop (Ahold) | Ocean State Job Lot | |||||||||||||||||||
215 | WaterTower Plaza | Leominster | MA | Worcester, MA-CT | 2000 | 282,591 | 89.7 | % | 3,705 | 14.62 | Shaw's (Albertsons) | Ocean State Job Lot, T.J.Maxx | |||||||||||||||||||
216 | Lunenberg Crossing | Lunenburg | MA | Worcester, MA-CT | 1994 | 25,515 | 29.4 | % | 165 | 22.02 | Hannaford Bros. (Delhaize)* | — | Walmart | ||||||||||||||||||
217 | Lynn Marketplace | Lynn | MA | Boston-Cambridge-Newton, MA-NH | 1968 | 78,092 | 100.0 | % | 1,112 | 14.24 | Shaw's (Albertsons) | Rainbow | |||||||||||||||||||
218 | Webster Square Shopping Center | Marshfield | MA | Boston-Cambridge-Newton, MA-NH | 2005 | 182,734 | 97.9 | % | 2,175 | 12.16 | Star Market | Marshalls | |||||||||||||||||||
219 | Berkshire Crossing | Pittsfield | MA | Pittsfield, MA | 1994 | 442,354 | 100.0 | % | 3,821 | 19.63 | Market 32 | Barnes & Noble, Michaels, Staples, The Home Depot, Ulta, Walmart | |||||||||||||||||||
220 | Westgate Plaza | Westfield | MA | Springfield, MA | 1996 | 103,903 | 96.6 | % | 1,110 | 11.39 | — | Ocean State Job Lot, Staples, T.J.Maxx | |||||||||||||||||||
221 | Perkins Farm Marketplace | Worcester | MA | Worcester, MA-CT | 1998 | 204,038 | 73.1 | % | 1,762 | 11.82 | Super Stop & Shop (Ahold) | Citi Trends, CW Price | |||||||||||||||||||
222 | South Plaza Shopping Center | �� | California | MD | California-Lexington Park, MD | 2005 | 92,335 | 100.0 | % | 1,667 | 18.06 | — | Best Buy, Old Navy, Petco, Ross Dress for Less | ||||||||||||||||||
223 | Campus Village Shoppes | College Park | MD | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1986 | 25,529 | 93.5 | % | 645 | 27.03 | — | — | |||||||||||||||||||
224 | Fox Run | Prince Frederick | MD | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1997 | 292,849 | 96.5 | % | 2,908 | 10.30 | Giant Food (Ahold) | Jo-Ann Fabric & Craft Stores, Kmart, Peebles | |||||||||||||||||||
225 | Liberty Plaza | Randallstown | MD | Baltimore-Columbia-Towson, MD | 2012 | 218,862 | 100.0 | % | 2,631 | 12.02 | Walmart Supercenter | Marshalls | |||||||||||||||||||
226 | Rising Sun Towne Centre | Rising Sun | MD | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2013 | 146,849 | 97.3 | % | 1,749 | 12.54 | Martin's Food (Ahold) | Big Lots | |||||||||||||||||||
227 | Pine Tree Shopping Center | Portland | ME | Portland-South Portland, ME | 1958 | 287,513 | 89.4 | % | 1,801 | 20.33 | — | Big Lots, Lowe's | |||||||||||||||||||
228 | Maple Village | Ann Arbor | MI | Ann Arbor, MI | 2000 | 293,525 | 98.3 | % | 2,599 | 9.01 | Plum Market | Dunham's Sports |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 41 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
229 | Grand Crossing | Brighton | MI | Detroit-Warren-Dearborn, MI | 2005 | 85,389 | 98.6 | % | 864 | 10.26 | VG's Food (SpartanNash) | ACE Hardware | |||||||||||||||||||
230 | Farmington Crossroads | Farmington | MI | Detroit-Warren-Dearborn, MI | 2013 | 87,391 | 93.6 | % | 786 | 9.61 | — | Dollar Tree, Ollie's Bargain Outlet, True Value | |||||||||||||||||||
231 | Silver Pointe Shopping Center | Fenton | MI | Flint, MI | 1996 | 160,943 | 82.4 | % | 1,680 | 12.68 | VG's Food (SpartanNash) | Dunham's Sports | |||||||||||||||||||
232 | Cascade East | Grand Rapids | MI | Grand Rapids-Wyoming, MI | 1983 | 99,529 | 84.4 | % | 669 | 7.97 | D&W Fresh Market (SpartanNash) | — | |||||||||||||||||||
233 | Delta Center | Lansing | MI | Lansing-East Lansing, MI | 2005 | 186,246 | 95.6 | % | 1,400 | 7.86 | — | Bed Bath & Beyond, Gift & Bible Center, Hobby Lobby, Planet Fitness | |||||||||||||||||||
234 | Lakes Crossing | Muskegon | MI | Muskegon, MI | 2011 | 110,997 | 85.5 | % | 1,292 | 14.89 | — | Jo-Ann Fabric & Craft Stores, Party City | Kohl's | ||||||||||||||||||
235 | Redford Plaza | Redford | MI | Detroit-Warren-Dearborn, MI | 1992 | 276,175 | 95.3 | % | 2,380 | 9.04 | Kroger | Burlington Stores, CW Price | |||||||||||||||||||
236 | Hampton Village Centre | Rochester Hills | MI | Detroit-Warren-Dearborn, MI | 2004 | 454,377 | 96.9 | % | 5,698 | 17.11 | — | Best Buy, Emagine Theatre, Kohl's, T.J.Maxx | Target | ||||||||||||||||||
237 | Fashion Corners | Saginaw | MI | Saginaw, MI | 2004 | 184,735 | 98.9 | % | 1,736 | 9.51 | — | Bed Bath & Beyond, Best Buy, Dunham's Sports | |||||||||||||||||||
238 | Green Acres | Saginaw | MI | Saginaw, MI | 2011 | 281,646 | 66.7 | % | 1,329 | 13.13 | Kroger | Ollie's Bargain Outlet, Planet Fitness | |||||||||||||||||||
239 | Hall Road Crossing | Shelby Township | MI | Detroit-Warren-Dearborn, MI | 1999 | 175,503 | 100.0 | % | 2,398 | 13.67 | — | Gander Mountain, Michaels, Old Navy, T.J.Maxx | |||||||||||||||||||
240 | Southfield Plaza | Southfield | MI | Detroit-Warren-Dearborn, MI | 2015 | 101,724 | 100.0 | % | 1,109 | 10.90 | — | Dollar Castle, Planet Fitness | Burlington Stores | ||||||||||||||||||
241 | 18 Ryan | Sterling Heights | MI | Detroit-Warren-Dearborn, MI | 1997 | 101,709 | 100.0 | % | 1,432 | 14.08 | VG's Food (SpartanNash) | O'Reilly Auto Parts, Planet Fitness | |||||||||||||||||||
242 | Delco Plaza | Sterling Heights | MI | Detroit-Warren-Dearborn, MI | 1996 | 154,853 | 100.0 | % | 895 | 5.78 | — | Babies"R"Us, Bed Bath & Beyond, Dunham's Mega Sports | |||||||||||||||||||
243 | Grand Traverse Crossing | Traverse City | MI | Traverse City, MI | 1996 | 412,755 | 96.9 | % | 2,647 | 27.58 | Walmart Supercenter | Books-A-Million, The Home Depot | |||||||||||||||||||
244 | West Ridge | Westland | MI | Detroit-Warren-Dearborn, MI | 2015 | 162,817 | 66.3 | % | 974 | 9.02 | — | Bargain Club, Office Solutions | Burlington Stores, Target | ||||||||||||||||||
245 | Roundtree Place | Ypsilanti | MI | Ann Arbor, MI | 1992 | 246,620 | 97.6 | % | 1,131 | 12.84 | — | Ollie's Bargain Outlet, Walmart | |||||||||||||||||||
246 | Washtenaw Fountain Plaza | Ypsilanti | MI | Ann Arbor, MI | 2005 | 123,390 | 95.5 | % | 814 | 6.91 | Save-A-Lot | Dollar Tree, Dunham's Sports, Planet Fitness | |||||||||||||||||||
247 | Southport Centre I - VI | Apple Valley | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1985 | 124,937 | 99.0 | % | 2,030 | 16.41 | SuperTarget* | Best Buy, Dollar Tree, Walgreens | |||||||||||||||||||
248 | Austin Town Center | Austin | MN | Austin, MN | 1999 | 108,486 | 73.7 | % | 448 | 6.89 | ALDI | Jo-Ann Fabric & Craft Stores | Target | ||||||||||||||||||
249 | Burning Tree Plaza | Duluth | MN | Duluth, MN-WI | 1987 | 182,969 | 99.3 | % | 2,014 | 11.08 | — | Best Buy, Dunham's Sports, T.J.Maxx | |||||||||||||||||||
250 | Elk Park Center | Elk River | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1999 | 204,992 | 91.0 | % | 1,891 | 10.13 | Cub Foods (Jerry's Foods) | OfficeMax | |||||||||||||||||||
251 | Westwind Plaza | Minnetonka | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2007 | 87,942 | 97.4 | % | 1,278 | 14.91 | Cub Foods (Supervalu)* | — | |||||||||||||||||||
252 | Richfield Hub | Richfield | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1992 | 213,595 | 93.6 | % | 2,356 | 11.79 | Rainbow Foods (Jerry's Foods) | Marshalls, Michaels | |||||||||||||||||||
253 | Roseville Center | Roseville | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2000 | 69,537 | 74.8 | % | 740 | 14.33 | Cub Foods (Supervalu)* | Dollar Tree, Hancock Fabrics | |||||||||||||||||||
254 | Marketplace @ 42 | Savage | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2015 | 117,873 | 92.0 | % | 1,504 | 13.87 | Rainbow Foods** | — | |||||||||||||||||||
255 | Sun Ray Shopping Center | St. Paul | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 2013 | 291,011 | 93.2 | % | 2,480 | 12.07 | Cub Foods (Supervalu) | Blast Fitness, T.J.Maxx, Valu Thrift Store | |||||||||||||||||||
256 | White Bear Hills Shopping Center | White Bear Lake | MN | Minneapolis-St. Paul-Bloomington, MN-WI | 1996 | 73,095 | 100.0 | % | 730 | 9.99 | Festival Foods | Dollar Tree | |||||||||||||||||||
257 | Ellisville Square | Ellisville | MO | St. Louis, MO-IL | 2015 | 136,920 | 89.4 | % | 1,504 | 12.29 | — | Lukas Liquors, Michaels, Party City, The Sports Authority | |||||||||||||||||||
258 | Clocktower Place | Florissant | MO | St. Louis, MO-IL | 2013 | 207,317 | 94.1 | % | 1,375 | 7.17 | ALDI | Florissant Furniture & Rug Gallery, Office Depot, Ross Dress for Less | |||||||||||||||||||
259 | Hub Shopping Center | Independence | MO | Kansas City, MO-KS | 1995 | 160,423 | 92.9 | % | 814 | 5.83 | Price Chopper | — | |||||||||||||||||||
260 | Watts Mill Plaza | Kansas City | MO | Kansas City, MO-KS | 1997 | 161,717 | 97.8 | % | 1,475 | 9.33 | Price Chopper | Ace Hardware | |||||||||||||||||||
261 | Liberty Corners | Liberty | MO | Kansas City, MO-KS | 1987 | 124,808 | 88.0 | % | 859 | 7.83 | Price Chopper | — | |||||||||||||||||||
262 | Maplewood Square | Maplewood | MO | St. Louis, MO-IL | 1998 | 71,590 | 91.5 | % | 449 | 6.85 | Shop 'n Save (Supervalu) | — | |||||||||||||||||||
263 | Clinton Crossing | Clinton | MS | Jackson, MS | 1990 | 112,148 | 100.0 | % | 1,089 | 9.99 | Kroger | — | |||||||||||||||||||
264 | County Line Plaza | Jackson | MS | Jackson, MS | 2014 | 221,127 | 57.4 | % | 1,624 | 12.79 | — | Conn's, Kirkland's, Tuesday Morning | |||||||||||||||||||
265 | Jacksonian Plaza | Jackson | MS | Jackson, MS | 1990 | 73,041 | 82.5 | % | 400 | 6.83 | Kroger* | Books-A-Million, Office Depot | |||||||||||||||||||
266 | Devonshire Place | Cary | NC | Raleigh, NC | 2012 | 106,680 | 100.0 | % | 1,425 | 13.65 | — | Dollar Tree, Golf Galaxy, REI | |||||||||||||||||||
267 | McMullen Creek Market | Charlotte | NC | Charlotte-Concord-Gastonia, NC-SC | 2015 | 271,895 | 83.8 | % | 2,814 | 12.36 | Walmart Neighborhood Market | Burlington Stores, Dollar Tree, Rugged Warehouse | |||||||||||||||||||
268 | The Commons at Chancellor Park | Charlotte | NC | Charlotte-Concord-Gastonia, NC-SC | 2015 | 348,604 | 82.6 | % | 1,600 | 8.77 | — | Big Lots, Gabes, The Home Depot, Value City Furniture | |||||||||||||||||||
269 | Macon Plaza | Franklin | NC | — | 2001 | 92,787 | 84.4 | % | 407 | 5.20 | BI-LO (Southeastern Grocers) | Peebles | |||||||||||||||||||
270 | Garner Towne Square | Garner | NC | Raleigh, NC | 1997 | 184,347 | 90.7 | % | 2,021 | 12.09 | Kroger | OfficeMax, PetSmart | Target, The Home Depot | ||||||||||||||||||
271 | Franklin Square | Gastonia | NC | Charlotte-Concord-Gastonia, NC-SC | 2015 | 317,705 | 90.4 | % | 3,198 | 12.46 | Walmart Supercenter* | Bed Bath & Beyond, Best Buy, Dollar Tree, Michaels, Ross Dress for Less | |||||||||||||||||||
272 | Wendover Place | Greensboro | NC | Greensboro-High Point, NC | 2000 | 406,768 | 99.3 | % | 4,825 | 11.94 | — | Babies"R"Us, Christmas Tree Shops, Dick's Sporting Goods, Kohl's, Michaels, Old Navy, PetSmart | Ross Dress for Less, Target | ||||||||||||||||||
273 | University Commons | Greenville | NC | Greenville, NC | 2014 | 233,153 | 96.8 | % | 2,931 | 12.99 | Harris Teeter (Kroger) | A.C. Moore, Barnes & Noble, Petco, T.J.Maxx | Target | ||||||||||||||||||
274 | Valley Crossing | Hickory | NC | Hickory-Lenoir-Morganton, NC | 2014 | 191,431 | 100.0 | % | 1,691 | 8.84 | — | Academy Sports + Outdoors, Harbor Freight Tools, Ollie's Bargain Outlet | |||||||||||||||||||
275 | Kinston Pointe | Kinston | NC | Kinston, NC | 2001 | 250,580 | 98.5 | % | 851 | 3.45 | Walmart Supercenter | Dollar Tree | |||||||||||||||||||
276 | Magnolia Plaza | Morganton | NC | Hickory-Lenoir-Morganton, NC | 1990 | 104,539 | 36.9 | % | 191 | 4.96 | Ingles | — | |||||||||||||||||||
277 | Roxboro Square | Roxboro | NC | Durham-Chapel Hill, NC | 2005 | 97,226 | 97.2 | % | 1,246 | 14.08 | — | Person County Health & Human Services | |||||||||||||||||||
278 | Innes Street Market | Salisbury | NC | Charlotte-Concord-Gastonia, NC-SC | 2002 | 349,425 | 98.6 | % | 3,713 | 10.78 | Food Lion | Lowe's, Marshalls, Old Navy, PetSmart, Staples, Tinseltown | |||||||||||||||||||
279 | Salisbury Marketplace | Salisbury | NC | Charlotte-Concord-Gastonia, NC-SC | 1987 | 79,732 | 70.3 | % | 596 | 10.64 | Food Lion | Family Dollar | |||||||||||||||||||
280 | Crossroads | Statesville | NC | Charlotte-Concord-Gastonia, NC-SC | 1997 | 340,189 | 97.7 | % | 1,982 | 5.96 | Walmart Supercenter | Big Lots, Burkes Outlet, Tractor Supply | |||||||||||||||||||
281 | Anson Station | Wadesboro | NC | — | 1988 | 132,353 | 67.6 | % | 564 | 6.31 | Food Lion | Peebles, Tractor Supply Co. | |||||||||||||||||||
282 | New Centre Market | Wilmington | NC | Wilmington, NC | 1998 | 143,762 | 76.6 | % | 1,597 | 15.02 | — | OfficeMax, PetSmart | Target | ||||||||||||||||||
283 | University Commons | Wilmington | NC | Wilmington, NC | 2007 | 235,345 | 97.9 | % | 3,321 | 14.42 | Lowes Foods | A.C. Moore, HomeGoods, T.J.Maxx | |||||||||||||||||||
284 | Whitaker Square | Winston Salem | NC | Winston-Salem, NC | 1996 | 82,760 | 100.0 | % | 1,112 | 13.43 | Harris Teeter (Kroger) | Rugged Wearhouse | |||||||||||||||||||
285 | Parkway Plaza | Winston-Salem | NC | Winston-Salem, NC | 2005 | 283,830 | 89.8 | % | 2,786 | 11.51 | Super Compare Foods | Big Lots, Citi Trends, Office Depot |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 42 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
286 | Stratford Commons | Winston-Salem | NC | Winston-Salem, NC | 1995 | 72,308 | 94.8 | % | 978 | 14.27 | — | Golf Galaxy, Mattress Firm, OfficeMax | |||||||||||||||||||
287 | Bedford Grove | Bedford | NH | Manchester-Nashua, NH | 1989 | 216,941 | 96.8 | % | 1,940 | 21.35 | Hannaford Bros. (Delhaize) | Walmart | |||||||||||||||||||
288 | Capitol Shopping Center | Concord | NH | Concord, NH | 2001 | 182,887 | 100.0 | % | 1,989 | 11.13 | DeMoulas Supermarkets | Burlington Stores, Jo-Ann Fabric & Craft Stores, Marshalls | |||||||||||||||||||
289 | Willow Springs Plaza | Nashua | NH | Manchester-Nashua, NH | 2015 | 131,248 | 100.0 | % | 2,255 | 18.73 | — | JC Penney, Jordan's Warehouse, NAMCO, Petco | The Home Depot | ||||||||||||||||||
290 | Seacoast Shopping Center | Seabrook | NH | Boston-Cambridge-Newton, MA-NH | 1991 | 91,690 | 27.3 | % | 167 | 16.68 | — | Jo-Ann Fabric & Craft Stores | |||||||||||||||||||
291 | Tri-City Plaza | Somersworth | NH | Boston-Cambridge-Newton, MA-NH | 1990 | 146,797 | 90.5 | % | 1,100 | 8.28 | DeMoulas Supermarkets | T.J.Maxx | |||||||||||||||||||
292 | Laurel Square | Brick | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2015 | 246,235 | 85.1 | % | 1,444 | 7.34 | Pathmark (A&P) | Kmart | |||||||||||||||||||
293 | the Shoppes at Cinnaminson | Cinnaminson | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2010 | 296,109 | 95.5 | % | 4,080 | 21.43 | ShopRite | Burlington Stores, Ross Dress For Less | |||||||||||||||||||
294 | A&P Fresh Market | Clark | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2007 | 52,812 | 100.0 | % | 1,357 | 25.70 | A&P Fresh | — | |||||||||||||||||||
295 | Collegetown Shopping Center | Glassboro | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2015 | 250,515 | 95.8 | % | 2,072 | 8.63 | — | Kmart, LA Fitness, Staples | |||||||||||||||||||
296 | Hamilton Plaza-Kmart Plaza | Hamilton | NJ | Trenton, NJ | 2015 | 148,919 | 98.0 | % | 1,062 | 7.28 | — | Kmart | |||||||||||||||||||
297 | Bennetts Mills Plaza | Jackson | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2002 | 127,230 | 87.8 | % | 1,450 | 32.53 | Super Stop & Shop (Ahold) | — | |||||||||||||||||||
298 | Lakewood Plaza | Lakewood | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1966 | 202,210 | 100.0 | % | 2,886 | 14.27 | Gourmet Glatt Express | — | |||||||||||||||||||
299 | Marlton Crossing | Marlton | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2013 | 332,664 | 97.1 | % | 5,185 | 16.06 | — | Burlington Stores, DSW, HomeGoods, T.J.Maxx | |||||||||||||||||||
300 | Middletown Plaza | Middletown | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2001 | 197,466 | 100.0 | % | 3,781 | 19.15 | ShopRite | — | |||||||||||||||||||
301 | Larchmont Centre | Mount Laurel | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1985 | 103,787 | 92.3 | % | 1,237 | 12.92 | ShopRite | — | |||||||||||||||||||
302 | Old Bridge Gateway | Old Bridge | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1995 | 242,991 | 88.1 | % | 3,810 | 17.80 | Bhavani Food Market | Marshalls, Pep Boys, Robert Wood Johnson Fitness | |||||||||||||||||||
303 | Morris Hills Shopping Center | Parsippany | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1994 | 159,561 | 95.3 | % | 2,837 | 18.65 | — | Blink Fitness (Equinox), Clearview Cinema Group, HomeGoods, Marshalls | |||||||||||||||||||
304 | Rio Grande Plaza | Rio Grande | NJ | Ocean City, NJ | 1997 | 139,930 | 93.2 | % | 1,551 | 11.89 | ShopRite* | JC Penney, Peebles, PetSmart | |||||||||||||||||||
305 | Ocean Heights Plaza | Somers Point | NJ | Atlantic City-Hammonton, NJ | 2006 | 179,199 | 99.1 | % | 3,249 | 18.29 | ShopRite | Staples | |||||||||||||||||||
306 | ShopRite Supermarket | Springfield | NJ | New York-Newark-Jersey City, NY-NJ-PA | 1965 | 32,209 | 100.0 | % | 389 | 12.09 | ShopRite | — | |||||||||||||||||||
307 | Tinton Falls Plaza | Tinton Falls | NJ | New York-Newark-Jersey City, NY-NJ-PA | 2006 | 98,410 | 83.1 | % | 1,321 | 16.15 | A&P* | Dollar Tree, WOW! Fitness | |||||||||||||||||||
308 | Cross Keys Commons | Turnersville | NJ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1996 | 216,623 | 92.9 | % | 3,230 | 16.05 | Walmart Supercenter* | Marshalls, Ross Dress for Less | |||||||||||||||||||
309 | Dover Park Plaza | Yardville | NJ | Trenton, NJ | 2005 | 56,751 | 84.9 | % | 740 | 15.36 | — | CVS, Dollar Tree | |||||||||||||||||||
310 | St Francis Plaza | Santa Fe | NM | Santa Fe, NM | 1993 | 35,800 | 100.0 | % | 413 | 11.54 | Whole Foods Market | Walgreens | |||||||||||||||||||
311 | Smith's | Socorro | NM | — | 1976 | 48,000 | 100.0 | % | 506 | 10.54 | Smith's (Kroger) | — | |||||||||||||||||||
312 | Galleria Commons | Henderson | NV | Las Vegas-Henderson-Paradise, NV | 2015 | 275,011 | 100.0 | % | 3,035 | 11.04 | — | Babies"R"Us, Burlington Stores, Stein Mart, T.J.Maxx | |||||||||||||||||||
313 | Montecito Marketplace | Las Vegas | NV | Las Vegas-Henderson-Paradise, NV | 2006 | 190,434 | 100.0 | % | 3,767 | 19.78 | Smith's (Kroger) | T.J.Maxx | |||||||||||||||||||
314 | Renaissance Center East | Las Vegas | NV | Las Vegas-Henderson-Paradise, NV | 2012 | 144,216 | 74.9 | % | 1,266 | 11.71 | — | Savers | |||||||||||||||||||
315 | Parkway Plaza | Carle Place | NY | New York-Newark-Jersey City, NY-NJ-PA | 1993 | 89,704 | 100.0 | % | 2,478 | 27.62 | — | Minado, Stew Leonard's Wines, T.J.Maxx | |||||||||||||||||||
316 | Kmart Plaza | Dewitt | NY | Syracuse, NY | 2015 | 115,500 | 65.4 | % | 981 | 13.00 | — | Dick's Sporting Goods, OfficeMax | |||||||||||||||||||
317 | Unity Plaza | East Fishkill | NY | New York-Newark-Jersey City, NY-NJ-PA | 2005 | 67,462 | 90.5 | % | 1,274 | 20.87 | A&P Fresh | — | |||||||||||||||||||
318 | Suffolk Plaza | East Setauket | NY | New York-Newark-Jersey City, NY-NJ-PA | 1998 | 84,480 | 98.1 | % | 1,058 | 12.77 | Waldbaum's (A&P) | — | Kohl's | ||||||||||||||||||
319 | Three Village Shopping Center | East Setauket | NY | New York-Newark-Jersey City, NY-NJ-PA | 1991 | 77,458 | 94.7 | % | 1,828 | 24.93 | King Kullen** | Ace Hardware | |||||||||||||||||||
320 | Stewart Plaza | Garden City | NY | New York-Newark-Jersey City, NY-NJ-PA | 1990 | 193,622 | 98.0 | % | 3,032 | 15.98 | — | Burlington Stores, K&G Men's Center | |||||||||||||||||||
321 | Genesee Valley Shopping Center | Geneseo | NY | Rochester, NY | 2007 | 191,314 | 90.9 | % | 1,652 | 9.80 | Wegmans | Tractor Supply Co. | |||||||||||||||||||
322 | McKinley Plaza | Hamburg | NY | Buffalo-Cheektowaga-Niagara Falls, NY | 1991 | 95,544 | 97.1 | % | 1,353 | 14.97 | Wegmans* | A.C. Moore, T.J.Maxx | |||||||||||||||||||
323 | Dalewood I, II & III Shopping Center | Hartsdale | NY | New York-Newark-Jersey City, NY-NJ-PA | 2012 | 191,441 | 98.1 | % | 6,063 | 32.99 | H-Mart, Mrs. Green's Natural Market | Christmas Tree Shops, T.J.Maxx | |||||||||||||||||||
324 | Hornell Plaza | Hornell | NY | Corning, NY | 2005 | 253,335 | 99.0 | % | 2,052 | 8.18 | Wegmans | Walmart | |||||||||||||||||||
325 | Cayuga Mall | Ithaca | NY | Ithaca, NY | 2013 | 204,830 | 100.0 | % | 1,767 | 8.63 | — | Jo-Ann Fabric & Craft Stores, Party City, Rite Aid, T.J.Maxx, True Value | |||||||||||||||||||
326 | Kings Park Plaza | Kings Park | NY | New York-Newark-Jersey City, NY-NJ-PA | 1985 | 71,942 | 97.5 | % | 1,435 | 20.46 | Key Food Marketplace | T.J.Maxx | |||||||||||||||||||
327 | Village Square Shopping Center | Larchmont | NY | New York-Newark-Jersey City, NY-NJ-PA | 1981 | 17,000 | 100.0 | % | 568 | 33.39 | Trader Joe's | — | |||||||||||||||||||
328 | Falcaro's Plaza | Lawrence | NY | New York-Newark-Jersey City, NY-NJ-PA | 1972 | 61,118 | 95.8 | % | 1,206 | 20.60 | — | Advance Auto Parts, OfficeMax | |||||||||||||||||||
329 | Shops at Seneca Mall | Liverpool | NY | Syracuse, NY | 2005 | 230,924 | 66.7 | % | 687 | 4.46 | — | Big Lots, Kmart | |||||||||||||||||||
330 | A & P Mamaroneck | Mamaroneck | NY | New York-Newark-Jersey City, NY-NJ-PA | 1976 | 24,978 | 100.0 | % | 177 | 7.09 | A&P | — | |||||||||||||||||||
331 | Sunshine Square | Medford | NY | New York-Newark-Jersey City, NY-NJ-PA | 2007 | 223,322 | 88.4 | % | 2,715 | 13.76 | Super Stop & Shop (Ahold) | Planet Fitness, Savers | |||||||||||||||||||
332 | Wallkill Plaza | Middletown | NY | New York-Newark-Jersey City, NY-NJ-PA | 2012 | 209,960 | 87.6 | % | 1,869 | 10.51 | — | Ashley Furniture, Big Lots, Hobby Lobby | |||||||||||||||||||
333 | Monroe ShopRite Plaza | Monroe | NY | New York-Newark-Jersey City, NY-NJ-PA | 1985 | 122,007 | 100.0 | % | 1,870 | 15.33 | ShopRite | Retro Fitness, Rite Aid, U.S. Post Office | |||||||||||||||||||
334 | Rockland Plaza | Nanuet | NY | New York-Newark-Jersey City, NY-NJ-PA | 2006 | 251,537 | 96.3 | % | 6,310 | 26.06 | A Matter of Health | Barnes & Noble, Marshalls, Modell's Sporting Goods, Petco | |||||||||||||||||||
335 | North Ridge Shopping Center | New Rochelle | NY | New York-Newark-Jersey City, NY-NJ-PA | 1971 | 31,870 | 92.6 | % | 1,060 | 35.91 | — | Harmon Discount | |||||||||||||||||||
336 | Nesconset Shopping Center | Port Jefferson Station | NY | New York-Newark-Jersey City, NY-NJ-PA | 2012 | 122,996 | 97.9 | % | 2,434 | 20.21 | — | Dollar Tree, HomeGoods | |||||||||||||||||||
337 | Port Washington | Port Washington | NY | New York-Newark-Jersey City, NY-NJ-PA | 1968 | 19,600 | 100.0 | % | 112 | 5.69 | North Shore Farms | — | |||||||||||||||||||
338 | Roanoke Plaza | Riverhead | NY | New York-Newark-Jersey City, NY-NJ-PA | 2002 | 99,131 | 100.0 | % | 1,767 | 17.82 | Best Yet Market | CVS, T.J.Maxx | |||||||||||||||||||
339 | Rockville Centre | Rockville Centre | NY | New York-Newark-Jersey City, NY-NJ-PA | 1975 | 44,131 | 100.0 | % | 1,126 | 25.52 | — | HomeGoods, Rite Aid | |||||||||||||||||||
340 | Mohawk Acres Plaza | Rome | NY | Utica-Rome, NY | 2005 | 156,680 | 89.2 | % | 1,472 | 10.54 | Price Chopper | — | |||||||||||||||||||
341 | College Plaza | Selden | NY | New York-Newark-Jersey City, NY-NJ-PA | 2015 | 180,182 | 97.8 | % | 2,869 | 16.71 | ShopRite | A.C. Moore, Blink Fitness (Equinox), Bob's Stores | |||||||||||||||||||
342 | Campus Plaza | Vestal | NY | Binghamton, NY | 2003 | 160,744 | 98.4 | % | 1,754 | 11.09 | — | Olum's Furniture & Appliances, Staples | |||||||||||||||||||
343 | Parkway Plaza | Vestal | NY | Binghamton, NY | 2012 | 204,954 | 100.0 | % | 2,076 | 10.13 | PriceRite (ShopRite) | Bed Bath & Beyond, Kohl's, PetSmart | Target | ||||||||||||||||||
344 | Shoppes at Vestal | Vestal | NY | Binghamton, NY | 2000 | 92,328 | 100.0 | % | 1,397 | 15.13 | — | HomeGoods, Michaels, Old Navy |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 43 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
345 | Town Square Mall | Vestal | NY | Binghamton, NY | 2012 | 293,181 | 99.4 | % | 4,612 | 15.83 | Sam's Club*, Walmart Supercenter* | Barnes & Noble, Dick's Sporting Goods, Lowes Cinemas, T.J.Maxx | |||||||||||||||||||
346 | The Plaza at Salmon Run | Watertown | NY | Watertown-Fort Drum, NY | 1993 | 68,761 | 100.0 | % | 690 | 10.03 | Hannaford Bros. (Delhaize) | Pier 1 Imports | |||||||||||||||||||
347 | Highridge Plaza | Yonkers | NY | New York-Newark-Jersey City, NY-NJ-PA | 1977 | 88,501 | 97.2 | % | 1,831 | 21.28 | Pathmark (A&P) | — | |||||||||||||||||||
348 | Brunswick Town Center | Brunswick | OH | Cleveland-Elyria, OH | 2004 | 138,407 | 96.3 | % | 1,851 | 13.88 | Giant Eagle | — | The Home Depot | ||||||||||||||||||
349 | 30th Street Plaza | Canton | OH | Canton-Massillon, OH | 1999 | 157,055 | 87.0 | % | 1,408 | 10.30 | Giant Eagle, Marc's | — | |||||||||||||||||||
350 | Brentwood Plaza | Cincinnati | OH | Cincinnati, OH-KY-IN | 2004 | 225,244 | 86.2 | % | 2,064 | 11.07 | Kroger | — | |||||||||||||||||||
351 | Delhi Shopping Center | Cincinnati | OH | Cincinnati, OH-KY-IN | 2012 | 164,750 | 98.7 | % | 1,438 | 9.03 | Kroger | Salvation Army | |||||||||||||||||||
352 | Harpers Station | Cincinnati | OH | Cincinnati, OH-KY-IN | 2015 | 244,208 | 99.5 | % | 3,418 | 14.07 | Fresh Thyme Farmers Market | HomeGoods, LA Fitness, Stein Mart, T.J.Maxx | |||||||||||||||||||
353 | Western Hills Plaza | Cincinnati | OH | Cincinnati, OH-KY-IN | 2011 | 314,754 | 99.6 | % | 3,730 | 12.23 | — | Bed Bath & Beyond, Michaels, Sears, Staples, T.J.Maxx | Target | ||||||||||||||||||
354 | Western Village | Cincinnati | OH | Cincinnati, OH-KY-IN | 2005 | 115,116 | 100.0 | % | 1,126 | 9.78 | Kroger | — | |||||||||||||||||||
355 | Crown Point | Columbus | OH | Columbus, OH | 1998 | 144,931 | 95.9 | % | 1,377 | 10.13 | Kroger | Planet Fitness | |||||||||||||||||||
356 | Greentree Shopping Center | Columbus | OH | Columbus, OH | 2005 | 130,773 | 84.8 | % | 1,104 | 10.73 | Kroger | — | |||||||||||||||||||
357 | Brandt Pike Place | Dayton | OH | Dayton, OH | 2008 | 17,900 | 100.0 | % | 165 | 9.22 | Kroger* | — | |||||||||||||||||||
358 | South Towne Centre | Dayton | OH | Dayton, OH | 2013 | 331,838 | 98.6 | % | 4,163 | 13.65 | Health Foods Unlimited | Burlington Stores, Christmas Tree Shops, Jo-Ann Fabric & Craft Stores, Value City Furniture | |||||||||||||||||||
359 | The Vineyards | Eastlake | OH | Cleveland-Elyria, OH | 1989 | 144,820 | 86.5 | % | 710 | 5.67 | Valu King** | Harbor Freight Tools | Walmart | ||||||||||||||||||
360 | Midway Market Square | Elyria | OH | Cleveland-Elyria, OH | 2014 | 224,329 | 88.8 | % | 2,002 | 10.04 | Giant Eagle | Dick's Sporting Goods, Jo-Ann Fabric & Craft Stores | Target, The Home Depot | ||||||||||||||||||
361 | Southland Shopping Center | Middleburg Heights | OH | Cleveland-Elyria, OH | 2013 | 695,719 | 94.5 | % | 6,419 | 9.78 | BJ's Wholesale Club, Giant Eagle, Marc's | Burlington Stores, Cleveland Furniture Bank, Jo-Ann Fabric & Craft Stores, Marshalls | |||||||||||||||||||
362 | Tops Plaza | North Olmsted | OH | Cleveland-Elyria, OH | 2002 | 70,003 | 98.2 | % | 1,034 | 15.04 | — | — | |||||||||||||||||||
363 | Tops Plaza | North Ridgeville | OH | Cleveland-Elyria, OH | 2002 | 57,857 | 97.9 | % | 819 | 14.46 | — | Pat Catan's Craft Centers | |||||||||||||||||||
364 | Surrey Square Mall | Norwood | OH | Cincinnati, OH-KY-IN | 2010 | 173,242 | 95.5 | % | 2,047 | 25.23 | Kroger | Marshalls | |||||||||||||||||||
365 | Market Place | Piqua | OH | Dayton, OH | 2012 | 182,824 | 93.0 | % | 678 | 7.06 | Kroger | Roses | |||||||||||||||||||
366 | Brice Park | Reynoldsburg | OH | Columbus, OH | 1989 | 158,565 | 82.6 | % | 1,129 | 9.45 | — | Ashley Furniture, Michaels | |||||||||||||||||||
367 | Streetsboro Crossing | Streetsboro | OH | Akron, OH | 2002 | 89,436 | 100.0 | % | 682 | 7.62 | Giant Eagle | — | Lowe's | ||||||||||||||||||
368 | Miracle Mile Shopping Plaza | Toledo | OH | Toledo, OH | 1955 | 318,174 | 67.3 | % | 1,352 | 6.32 | Kroger | Big Lots | |||||||||||||||||||
369 | Southland Shopping Plaza | Toledo | OH | Toledo, OH | 1988 | 290,892 | 83.6 | % | 1,448 | 5.96 | Kroger | Big Lots, Planet Fitness, Shopper's World | |||||||||||||||||||
370 | Wadsworth Crossings | Wadsworth | OH | Cleveland-Elyria, OH | 2005 | 115,066 | 94.0 | % | 1,771 | 16.38 | — | Bed Bath & Beyond, MC Sports, OfficeMax, Petco | Kohl's, Lowe's, Target | ||||||||||||||||||
371 | Northgate Plaza | Westerville | OH | Columbus, OH | 2008 | 15,219 | 100.0 | % | 246 | 16.16 | Kroger* | — | The Home Depot | ||||||||||||||||||
372 | Marketplace | Tulsa | OK | Tulsa, OK | 1992 | 186,851 | 100.0 | % | 1,765 | 9.45 | — | Conn's, Drysdales, PetSmart | Best Buy, JC Penney Home Store | ||||||||||||||||||
373 | Village West | Allentown | PA | Allentown-Bethlehem-Easton, PA-NJ | 1999 | 140,474 | 97.8 | % | 2,499 | 18.20 | Giant Food (Ahold) | — | |||||||||||||||||||
374 | Park Hills Plaza | Altoona | PA | Altoona, PA | 1985 | 278,586 | 96.4 | % | 2,252 | 8.38 | Weis Markets | Dunham's Sports, Petco, Toys"R"Us | |||||||||||||||||||
375 | Bensalem Square | Bensalem | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1986 | 70,378 | 100.0 | % | 759 | 10.78 | Redner's Warehouse Market | — | |||||||||||||||||||
376 | Bethel Park Shopping Center | Bethel Park | PA | Pittsburgh, PA | 2004 | 218,714 | 95.7 | % | 1,614 | 8.51 | Giant Eagle | Walmart | |||||||||||||||||||
377 | Bethlehem Square | Bethlehem | PA | Allentown-Bethlehem-Easton, PA-NJ | 1994 | 389,450 | 100.0 | % | 3,872 | 9.94 | Giant Food (Ahold) | T.J.Maxx, The Home Depot, Walmart | |||||||||||||||||||
378 | Lehigh Shopping Center | Bethlehem | PA | Allentown-Bethlehem-Easton, PA-NJ | 2013 | 378,358 | 99.1 | % | 3,364 | 11.20 | Giant Food (Ahold) | Big Lots, Mega Marshalls, PetSmart, Staples, Wells Fargo | |||||||||||||||||||
379 | Town Plaza | Boyertown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2015 | 83,229 | 97.1 | % | 755 | 9.35 | — | Advance Auto Parts, Big Lots, CVS, Tractor Supply | |||||||||||||||||||
380 | Bristol Park | Bristol | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2013 | 283,153 | 98.0 | % | 2,389 | 8.61 | Walmart Supercenter | Ollie's Bargain Outlet | |||||||||||||||||||
381 | Chalfont Village Shopping Center | Chalfont | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 46,051 | 82.4 | % | 453 | 11.94 | Bottom Dollar** | — | |||||||||||||||||||
382 | New Britain Village Square | Chalfont | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 143,716 | 95.4 | % | 2,327 | 16.96 | Giant Food (Ahold) | — | |||||||||||||||||||
383 | Collegeville Shopping Center | Collegeville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2004 | 110,696 | 49.9 | % | 790 | 14.31 | — | Pep Boys, Rascal Fitness | |||||||||||||||||||
384 | Whitemarsh Shopping Center | Conshohocken | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 67,476 | 100.0 | % | 1,387 | 20.56 | Giant Food (Ahold) | Wine & Spirits Shoppe | |||||||||||||||||||
385 | Valley Fair | Devon | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2001 | 105,086 | 100.0 | % | 1,035 | 9.85 | — | Chuck E. Cheese's, Mealey's Furniture | |||||||||||||||||||
386 | Dickson City Crossings | Dickson City | PA | Scranton--Wilkes-Barre--Hazleton, PA | 1997 | 302,929 | 100.0 | % | 3,136 | 15.75 | — | Dick's Sporting Goods, hhgregg, PetSmart, T.J.Maxx, The Home Depot | |||||||||||||||||||
387 | Dillsburg Shopping Center | Dillsburg | PA | York-Hanover, PA | 2014 | 153,088 | 100.0 | % | 1,967 | 13.09 | Giant Food (Ahold) | Tractor Supply Co. | |||||||||||||||||||
388 | Barn Plaza | Doylestown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 237,681 | 100.0 | % | 3,335 | 14.03 | — | Kohl's, Marshalls, Regal Cinemas | |||||||||||||||||||
389 | Pilgrim Gardens | Drexel Hill | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2014 | 75,223 | 96.0 | % | 1,147 | 15.89 | — | Dollar Tree, Ross Dress for Less | |||||||||||||||||||
390 | Gilbertsville Shopping Center | Gilbertsville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2002 | 85,748 | 91.7 | % | 684 | 8.70 | Weis Markets | — | |||||||||||||||||||
391 | Mount Carmel Plaza | Glenside | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1975 | 14,504 | 94.1 | % | 183 | 13.40 | — | SGS Paper | |||||||||||||||||||
392 | Kline Plaza | Harrisburg | PA | Harrisburg-Carlisle, PA | 1952 | 214,628 | 89.7 | % | 1,793 | 9.31 | Giant Food (Ahold) | The Dept. of Health | |||||||||||||||||||
393 | New Garden Center | Kennett Square | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2012 | 145,170 | 95.7 | % | 959 | 7.06 | — | Big Lots, Ollie's Bargain Outlet | |||||||||||||||||||
394 | Stone Mill Plaza | Lancaster | PA | Lancaster, PA | 2008 | 106,736 | 99.3 | % | 1,281 | 12.08 | Giant Food (Ahold) | Majik Rent-To-Own | |||||||||||||||||||
395 | Woodbourne Square | Langhorne | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1984 | 29,821 | 82.7 | % | 516 | 20.91 | — | — | |||||||||||||||||||
396 | North Penn Market Place | Lansdale | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1977 | 58,358 | 77.7 | % | 843 | 20.21 | Weis Markets* | — | |||||||||||||||||||
397 | New Holland Shopping Center | New Holland | PA | Lancaster, PA | 1995 | 65,878 | 95.2 | % | 461 | 7.36 | Grocery Outlet | Family Dollar | |||||||||||||||||||
398 | Village at Newtown | Newtown | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1989 | 177,185 | 90.6 | % | 3,993 | 24.88 | McCaffrey's | Pier 1 Imports | |||||||||||||||||||
399 | Cherry Square | Northampton | PA | Allentown-Bethlehem-Easton, PA-NJ | 1989 | 75,005 | 86.0 | % | 643 | 9.97 | Redner's Warehouse Market | — | |||||||||||||||||||
400 | Ivyridge | Philadelphia | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2006 | 107,318 | 96.1 | % | 2,236 | 21.67 | SuperFresh (A&P) | — | |||||||||||||||||||
401 | Roosevelt Mall | Philadelphia | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2011 | 561,890 | 98.0 | % | 7,683 | 32.98 | — | Macy's, Modell's Sporting Goods, Ross Dress For Less |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 44 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
402 | Shoppes at Valley Forge | Phoenixville | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2003 | 176,676 | 99.3 | % | 1,331 | 7.59 | Redner's Warehouse Market | French Creek Outfitters, Staples | |||||||||||||||||||
403 | Plymouth Plaza | Plymouth Meeting | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1994 | 32,404 | 42.5 | % | 491 | 35.64 | — | Clear Wireless, Medical Rehabilitation Centers of Pennsylvania | |||||||||||||||||||
404 | County Line Plaza | Souderton | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 2013 | 154,758 | 91.6 | % | 1,441 | 10.59 | ALDI** | Planet Fitness, VF Outlet | |||||||||||||||||||
405 | 69th Street Plaza | Upper Darby | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1994 | 41,711 | 100.0 | % | 405 | 9.71 | Pathmark (A&P)* | EZ Bargains, Rent-A-Center, Super Dollar City | |||||||||||||||||||
406 | Warminster Towne Center | Warminster | PA | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1997 | 237,152 | 100.0 | % | 3,413 | 15.62 | ShopRite | A.C. Moore, PetSmart, Ross Dress for Less | |||||||||||||||||||
407 | Shops at Prospect | West Hempfield | PA | Lancaster, PA | 1994 | 63,392 | 100.0 | % | 721 | 11.37 | Musser's Markets | Hallmark | Kmart | ||||||||||||||||||
408 | Whitehall Square | Whitehall | PA | Allentown-Bethlehem-Easton, PA-NJ | 2006 | 315,192 | 98.7 | % | 3,396 | 10.92 | Redner's Warehouse Market | Mealey's Furniture, Ross Dress for Less, Sports Authority | |||||||||||||||||||
409 | Wilkes-Barre Township Marketplace | Wilkes-Barre | PA | Scranton--Wilkes-Barre--Hazleton, PA | 2004 | 307,610 | 97.9 | % | 2,149 | 30.50 | Walmart Supercenter | — | |||||||||||||||||||
410 | Hunt River Commons | North Kingstown | RI | Providence-Warwick, RI-MA | 1989 | 148,126 | 100.0 | % | 1,553 | 10.48 | Super Stop & Shop (Ahold) | Marshalls, Ocean State Job Lot | |||||||||||||||||||
411 | Belfair Towne Village | Bluffton | SC | Hilton Head Island-Bluffton-Beaufort, SC | 2006 | 162,548 | 91.7 | % | 2,055 | 13.78 | Kroger | Stein Mart | |||||||||||||||||||
412 | Milestone Plaza | Greenville | SC | Greenville-Anderson-Mauldin, SC | 1995 | 89,721 | 100.0 | % | 1,480 | 16.50 | BI-LO (Southeastern Grocers) | — | |||||||||||||||||||
413 | Circle Center | Hilton Head | SC | Hilton Head Island-Bluffton-Beaufort, SC | 2000 | 65,213 | 100.0 | % | 813 | 12.47 | BI-LO (Southeastern Grocers) | — | |||||||||||||||||||
414 | Island Plaza | James Island | SC | Charleston-North Charleston, SC | 2004 | 171,224 | 81.1 | % | 1,073 | 7.73 | Food Lion | Dollar Tree, Gold's Gym | |||||||||||||||||||
415 | Festival Centre | North Charleston | SC | Charleston-North Charleston, SC | 2015 | 325,347 | 76.7 | % | 2,028 | 8.24 | — | Gold's Gym, Intercontinental Hotels Group, New Spring Church, Sears Outlet | |||||||||||||||||||
416 | Remount Village Shopping Center | North Charleston | SC | Charleston-North Charleston, SC | 1996 | 60,238 | 79.0 | % | 438 | 9.21 | BI-LO (Southeastern Grocers) | — | |||||||||||||||||||
417 | Fairview Corners I & II | Simpsonville | SC | Greenville-Anderson-Mauldin, SC | 2003 | 131,002 | 96.7 | % | 1,804 | 14.24 | — | Ross Dress for Less, T.J.Maxx | Target | ||||||||||||||||||
418 | Hillcrest Market Place | Spartanburg | SC | Spartanburg, SC | 2012 | 357,051 | 85.5 | % | 3,273 | 11.31 | Publix | Marshalls, NCG Cinemas, Office Depot, Petco, Ross Dress for Less, Stein Mart | |||||||||||||||||||
419 | Shoppes at Hickory Hollow | Antioch | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1986 | 144,469 | 84.9 | % | 1,359 | 11.08 | Kroger | Citi Trends | |||||||||||||||||||
420 | Congress Crossing | Athens | TN | Athens, TN | 2012 | 180,305 | 98.2 | % | 1,470 | 8.30 | — | Dunham's Sports, Kmart | |||||||||||||||||||
421 | East Ridge Crossing | Chattanooga | TN | Chattanooga, TN-GA | 1999 | 58,950 | 86.8 | % | 564 | 11.03 | Food Lion | — | |||||||||||||||||||
422 | Watson Glen Shopping Center | Franklin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2015 | 265,027 | 98.9 | % | 2,427 | 9.34 | ALDI | At Home, Big Lots, Franklin Athletic Club, Trees n Trends | |||||||||||||||||||
423 | Williamson Square | Franklin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2015 | 329,242 | 90.6 | % | 2,768 | 9.29 | — | Grace Church Nashville, Hobby Lobby, Planet Fitness, Skyzone, USA Baby | |||||||||||||||||||
424 | Greensboro Village | Gallatin | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2005 | 70,203 | 97.7 | % | 975 | 14.22 | Publix | — | |||||||||||||||||||
425 | Greeneville Commons | Greeneville | TN | Greeneville, TN | 2002 | 228,618 | 95.5 | % | 1,568 | 12.13 | — | Belk, Burkes Outlet, JC Penney, Kmart | |||||||||||||||||||
426 | Oakwood Commons | Hermitage | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2005 | 266,720 | 90.8 | % | 2,587 | 11.08 | Publix | Bed Bath & Beyond, Goody’s, PetSmart, Ross Dress for Less | |||||||||||||||||||
427 | Kimball Crossing | Kimball | TN | Chattanooga, TN-GA | 2007 | 280,476 | 97.9 | % | 1,864 | 7.48 | Walmart Supercenter | Goody's | Lowe's | ||||||||||||||||||
428 | Kingston Overlook | Knoxville | TN | Knoxville, TN | 2015 | 122,536 | 100.0 | % | 1,186 | 9.94 | — | Babies"R"Us, Michaels, Sears Outlet | |||||||||||||||||||
429 | Farrar Place | Manchester | TN | Tullahoma-Manchester, TN | 1989 | 43,220 | 79.9 | % | 303 | 8.76 | Food Lion | — | |||||||||||||||||||
430 | The Commons at Wolfcreek | Memphis | TN | Memphis, TN-MS-AR | 2015 | 658,778 | 90.2 | % | 7,350 | 12.60 | — | Academy Sports + Outdoors, Best Buy, Big Lots, hhgregg, Office Depot, PetSmart, Sports Authority, T.J.Maxx, Value City Furniture | Target, The Home Depot, Toys"R"Us | ||||||||||||||||||
431 | Georgetown Square | Murfreesboro | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 2003 | 114,117 | 89.0 | % | 1,154 | 11.36 | Kroger | Aaron's | |||||||||||||||||||
432 | Nashboro Village | Nashville | TN | Nashville-Davidson--Murfreesboro--Franklin, TN | 1998 | 86,811 | 98.2 | % | 997 | 11.70 | Kroger | — | Walgreens | ||||||||||||||||||
433 | Commerce Central | Tullahoma | TN | Tullahoma-Manchester, TN | 1995 | 182,401 | 98.3 | % | 1,237 | 6.90 | Walmart Supercenter | Dollar Tree | |||||||||||||||||||
434 | Merchant's Central | Winchester | TN | Tullahoma-Manchester, TN | 1997 | 208,123 | 93.6 | % | 1,153 | 5.92 | Walmart Supercenter | Goody's | |||||||||||||||||||
435 | Palm Plaza | Aransas | TX | Corpus Christi, TX | 2002 | 50,700 | 82.2 | % | 275 | 8.17 | — | Bealls (Stage Stores), Family Dollar | |||||||||||||||||||
436 | Bardin Place Center | Arlington | TX | Dallas-Fort Worth-Arlington, TX | 2015 | 420,590 | 98.8 | % | 3,971 | 9.56 | WinCo Foods | Hemispheres, Hobby Lobby, Ross Dress for Less | Hobby Lobby | ||||||||||||||||||
437 | Parmer Crossing | Austin | TX | Austin-Round Rock, TX | 2015 | 168,112 | 83.7 | % | 1,539 | 10.94 | — | Big Lots, Dollar Tree, Harbor Freight Tools | Fry's Electronics | ||||||||||||||||||
438 | Baytown Shopping Center | Baytown | TX | Houston-The Woodlands-Sugar Land, TX | 1987 | 95,941 | 84.3 | % | 858 | 10.61 | — | 24 Hour Fitness | |||||||||||||||||||
439 | Cedar Bellaire | Bellaire | TX | Houston-The Woodlands-Sugar Land, TX | 1994 | 50,967 | 100.0 | % | 693 | 13.61 | H-E-B | — | |||||||||||||||||||
440 | El Camino | Bellaire | TX | Houston-The Woodlands-Sugar Land, TX | 2008 | 71,575 | 98.4 | % | 602 | 8.55 | El Ahorro Supermarket | Family Dollar, Hancock Fabrics | |||||||||||||||||||
441 | Bryan Square | Bryan | TX | College Station-Bryan, TX | 2008 | 59,029 | 100.0 | % | 321 | 6.33 | — | 99 Cents Only, Citi Trends, Dollar Floor Store, Firestone | |||||||||||||||||||
442 | Townshire | Bryan | TX | College Station-Bryan, TX | 2002 | 136,887 | 91.2 | % | 1,005 | 16.40 | Walmart Neighborhood Market | Tops Printing | |||||||||||||||||||
443 | Plantation Plaza | Clute | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 99,141 | 99.0 | % | 823 | 8.56 | Kroger | Walgreens | |||||||||||||||||||
444 | Central Station | College Station | TX | College Station-Bryan, TX | 2012 | 176,847 | 90.7 | % | 2,349 | 15.02 | — | OfficeMax, Spec's Liquors | Kohl's | ||||||||||||||||||
445 | Rock Prairie Crossing | College Station | TX | College Station-Bryan, TX | 2002 | 119,000 | 100.0 | % | 1,271 | 24.00 | Kroger | CVS | |||||||||||||||||||
446 | Carmel Village | Corpus Christi | TX | Corpus Christi, TX | 1993 | 85,633 | 76.7 | % | 625 | 9.52 | — | Bay Area Dialysis, Bealls (Stage Stores), Tuesday Morning | |||||||||||||||||||
447 | Five Points | Corpus Christi | TX | Corpus Christi, TX | 2014 | 276,593 | 85.0 | % | 2,892 | 12.53 | — | Bealls (Stage Stores), Burkes Outlet, Hobby Lobby, Party City, Ross Dress for Less | |||||||||||||||||||
448 | Claremont Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1976 | 67,305 | 94.6 | % | 494 | 7.89 | Minyard Food Stores | Family Dollar | |||||||||||||||||||
449 | Jeff Davis | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1975 | 68,962 | 79.8 | % | 539 | 9.79 | Save-A-Lot (Supervalu) | Family Dollar | |||||||||||||||||||
450 | Stevens Park Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1974 | 45,492 | 100.0 | % | 423 | 9.29 | — | Big Lots, O'Reilly Auto Parts | |||||||||||||||||||
451 | Webb Royal Plaza | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 1992 | 108,545 | 92.7 | % | 833 | 9.70 | El Rio Grande Latin Market | Family Dollar | |||||||||||||||||||
452 | Wynnewood Village | Dallas | TX | Dallas-Fort Worth-Arlington, TX | 2006 | 443,681 | 88.6 | % | 4,164 | 10.73 | Kroger | Fallas Paredes, Gen X Clothing, Ross Dress for Less | |||||||||||||||||||
453 | Parktown | Deer Park | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 121,388 | 93.8 | % | 934 | 8.22 | Food Town | Burkes Outlet, Walgreens | |||||||||||||||||||
454 | Kenworthy Crossing | El Paso | TX | El Paso, TX | 2003 | 74,393 | 96.4 | % | 712 | 9.93 | Albertsons | — | |||||||||||||||||||
455 | Preston Ridge | Frisco | TX | Dallas-Fort Worth-Arlington, TX | 2013 | 780,595 | 96.8 | % | 13,891 | 18.79 | SuperTarget* | Best Buy, Big Lots, DSW, GattiTown, Marshalls, Old Navy, Ross Dress for Less, Sheplers, Stein Mart, T.J.Maxx | |||||||||||||||||||
456 | Forest Hills Village | Ft. Worth | TX | Dallas-Fort Worth-Arlington, TX | 1968 | 69,651 | 100.0 | % | 383 | 5.50 | Foodland Markets | Family Dollar, Hi Style Fashion | |||||||||||||||||||
457 | Ridglea Plaza | Ft. Worth | TX | Dallas-Fort Worth-Arlington, TX | 1990 | 170,519 | 100.0 | % | 1,871 | 11.30 | Tom Thumb (Safeway) | Stein Mart |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 45 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
458 | Trinity Commons | Ft. Worth | TX | Dallas-Fort Worth-Arlington, TX | 1998 | 197,423 | 100.0 | % | 3,765 | 19.07 | Tom Thumb (Safeway) | DSW | |||||||||||||||||||
459 | Village Plaza | Garland | TX | Dallas-Fort Worth-Arlington, TX | 2002 | 89,241 | 100.0 | % | 1,001 | 11.21 | Truong Nguyen Grocer | — | |||||||||||||||||||
460 | North Hills Village | Haltom City | TX | Dallas-Fort Worth-Arlington, TX | 1998 | 43,299 | 93.2 | % | 293 | 7.25 | Save-A-Lot | Dollar Tree, Rent-A-Center | |||||||||||||||||||
461 | Highland Village Town Center | Highland Village | TX | Dallas-Fort Worth-Arlington, TX | 1996 | 99,341 | 91.4 | % | 951 | 10.47 | Kroger | — | |||||||||||||||||||
462 | Bay Forest | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 71,667 | 100.0 | % | 764 | 10.66 | Kroger | — | |||||||||||||||||||
463 | Beltway South | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 107,174 | 97.0 | % | 949 | 28.03 | Kroger | — | |||||||||||||||||||
464 | Braes Heights | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2003 | 101,002 | 99.7 | % | 1,921 | 19.09 | — | CVS, Imagination Toys, I W Marks Jewelers | |||||||||||||||||||
465 | Braes Link | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 38,997 | 100.0 | % | 655 | 16.80 | — | Walgreens | |||||||||||||||||||
466 | Braes Oaks Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1992 | 45,067 | 89.1 | % | 396 | 9.88 | H-E-B | — | |||||||||||||||||||
467 | Braesgate | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 91,382 | 93.7 | % | 540 | 6.31 | Food Town | — | |||||||||||||||||||
468 | Broadway | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2006 | 74,942 | 100.0 | % | 754 | 10.48 | El Ahorro Supermarket | Fallas Paredes, Melrose Fashions | |||||||||||||||||||
469 | Clear Lake Camino South | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 102,643 | 90.0 | % | 1,361 | 15.80 | — | 24 Hour Fitness, Hancock Fabrics, Mr. Gatti's Pizza, Spec's Liquors | |||||||||||||||||||
470 | Hearthstone Corners | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 208,147 | 98.1 | % | 1,964 | 9.62 | Kroger | Big Lots, Stein Mart | |||||||||||||||||||
471 | Inwood Forest | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 77,553 | 98.1 | % | 831 | 10.95 | Foodarama | — | |||||||||||||||||||
472 | Jester Village | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1988 | 64,285 | 75.1 | % | 467 | 9.68 | H-E-B | — | |||||||||||||||||||
473 | Jones Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2000 | 111,206 | 79.7 | % | 1,086 | 12.48 | — | 24 Hour Fitness, Hancock Fabrics | |||||||||||||||||||
474 | Jones Square | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 169,003 | 98.7 | % | 1,256 | 7.63 | — | Big Lots, Hobby Lobby | |||||||||||||||||||
475 | Maplewood Mall | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2004 | 94,871 | 97.8 | % | 758 | 8.17 | Foodarama | Burke's Outlet | |||||||||||||||||||
476 | Merchants Park | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2009 | 243,798 | 100.0 | % | 3,290 | 13.50 | Kroger | Big Lots, Petco, Ross Dress for Less, Tuesday Morning | |||||||||||||||||||
477 | Northgate | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1972 | 40,244 | 100.0 | % | 309 | 7.68 | — | Affordable Furniture, Firestone, Lumber Liquidators, TitleMax | |||||||||||||||||||
478 | Northshore | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2001 | 230,779 | 93.9 | % | 2,694 | 12.63 | Sellers Bros. | Conn's, Office Depot | |||||||||||||||||||
479 | Northtown Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1990 | 190,622 | 96.6 | % | 2,132 | 11.74 | — | 99 Cents Only, CVS, Fallas Paredes | |||||||||||||||||||
480 | Northwood Plaza | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1972 | 136,747 | 96.0 | % | 1,348 | 10.44 | Food City | — | |||||||||||||||||||
481 | Orange Grove | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 189,201 | 95.0 | % | 1,772 | 10.00 | — | 24 Hour Fitness, FAMSA, Floor & Décor | |||||||||||||||||||
482 | Pinemont Shopping Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 73,577 | 92.9 | % | 876 | 13.13 | — | Family Dollar, Houston Community College | |||||||||||||||||||
483 | Royal Oaks Village | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2001 | 145,229 | 95.5 | % | 3,001 | 21.63 | H-E-B | — | |||||||||||||||||||
484 | Tanglewilde Center | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 82,565 | 100.0 | % | 1,101 | 13.45 | — | Ace Hardware, Dollar Tree, Party City, Salon In The Park | |||||||||||||||||||
485 | Westheimer Commons | Houston | TX | Houston-The Woodlands-Sugar Land, TX | 2012 | 242,409 | 91.9 | % | 2,028 | 9.10 | Fiesta Mart | Marshalls | |||||||||||||||||||
486 | Fry Road Crossing | Katy | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 237,340 | 100.0 | % | 2,362 | 10.04 | Kroger | Hobby Lobby, Palais Royal, Stein Mart | |||||||||||||||||||
487 | Washington Square | Kaufman | TX | Dallas-Fort Worth-Arlington, TX | 1978 | 64,230 | 82.7 | % | 304 | 5.72 | — | AutoZone, Bealls (Stage Stores), Family Dollar | |||||||||||||||||||
488 | Jefferson Park | Mount Pleasant | TX | Mount Pleasant, TX | 2001 | 132,096 | 71.9 | % | 645 | 6.93 | Super 1 Foods | — | |||||||||||||||||||
489 | Winwood Town Center | Odessa | TX | Odessa, TX | 2002 | 365,559 | 100.0 | % | 2,760 | 12.08 | H-E-B | Hastings, Office Depot, Ross Dress for Less, Target | |||||||||||||||||||
490 | Crossroads Centre - Pasadena | Pasadena | TX | Houston-The Woodlands-Sugar Land, TX | 1997 | 134,006 | 93.2 | % | 1,464 | 12.62 | Kroger | Sears Hardware | |||||||||||||||||||
491 | Spencer Square | Pasadena | TX | Houston-The Woodlands-Sugar Land, TX | 1998 | 194,470 | 85.4 | % | 1,986 | 11.97 | Kroger | Burkes Outlet | |||||||||||||||||||
492 | Pearland Plaza | Pearland | TX | Houston-The Woodlands-Sugar Land, TX | 1995 | 156,491 | 72.8 | % | 885 | 7.77 | Kroger | Walgreens | |||||||||||||||||||
493 | Market Plaza | Plano | TX | Dallas-Fort Worth-Arlington, TX | 2002 | 168,137 | 71.0 | % | 2,698 | 23.69 | Central Market (H-E-B) | — | |||||||||||||||||||
494 | Preston Park | Plano | TX | Dallas-Fort Worth-Arlington, TX | 1985 | 239,039 | 88.4 | % | 5,449 | 25.80 | Minyard Sun Fresh Market | — | |||||||||||||||||||
495 | Northshore Plaza | Portland | TX | Corpus Christi, TX | 2000 | 152,144 | 88.9 | % | 843 | 13.89 | H-E-B | Bealls (Stage Stores) | Kmart | ||||||||||||||||||
496 | Klein Square | Spring | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 80,636 | 98.8 | % | 856 | 10.74 | Food Town | Family Dollar, Unleashed (Petco) | |||||||||||||||||||
497 | Keegan's Meadow | Stafford | TX | Houston-The Woodlands-Sugar Land, TX | 1999 | 125,491 | 94.7 | % | 1,216 | 10.56 | Randalls (Safeway) | Palais Royal | |||||||||||||||||||
498 | Texas City Bay | Texas City | TX | Houston-The Woodlands-Sugar Land, TX | 2005 | 223,152 | 98.5 | % | 2,001 | 9.14 | Kroger | BP Engineering Facility | |||||||||||||||||||
499 | Windvale Center | The Woodlands | TX | Houston-The Woodlands-Sugar Land, TX | 2002 | 101,088 | 91.3 | % | 991 | 10.73 | Randalls (Safeway) | — | |||||||||||||||||||
500 | The Centre at Navarro | Victoria | TX | Victoria, TX | 2005 | 47,960 | 96.9 | % | 707 | 15.22 | — | Hastings, Walgreens | |||||||||||||||||||
501 | Spradlin Farm | Christiansburg | VA | Blacksburg-Christiansburg-Radford, VA | 2000 | 180,220 | 96.5 | % | 2,347 | 13.73 | — | Barnes & Noble, Big Lots, Michaels, T.J.Maxx | Target, The Home Depot | ||||||||||||||||||
502 | Culpeper Town Square | Culpeper | VA | Washington-Arlington-Alexandria, DC-VA-MD-WV | 1999 | 132,882 | 94.2 | % | 1,071 | 8.55 | Food Lion | Mountain Run Bowling, Tractor Supply Co. | |||||||||||||||||||
503 | Hanover Square | Mechanicsville | VA | Richmond, VA | 1991 | 129,887 | 95.6 | % | 1,602 | 12.90 | Martin's Food (Ahold) | Gold's Gym | Kohl's | ||||||||||||||||||
504 | Jefferson Green | Newport News | VA | Virginia Beach-Norfolk-Newport News, VA-NC | 1988 | 54,945 | 98.6 | % | 867 | 16.00 | — | Destination XL, Once Upon a Child, Tuesday Morning | |||||||||||||||||||
505 | Tuckernuck Square | Richmond | VA | Richmond, VA | 1994 | 86,010 | 48.9 | % | 836 | 19.89 | — | Chuck E. Cheese's | |||||||||||||||||||
506 | Cave Spring Corners | Roanoke | VA | Roanoke, VA | 2005 | 147,133 | 91.4 | % | 953 | 12.61 | Kroger | Hamrick's | |||||||||||||||||||
507 | Hunting Hills | Roanoke | VA | Roanoke, VA | 2014 | 166,207 | 94.6 | % | 1,294 | 8.23 | — | Kohl's, PetSmart | |||||||||||||||||||
508 | Valley Commons | Salem | VA | Roanoke, VA | 1988 | 45,580 | 20.4 | % | 89 | 9.61 | — | — | |||||||||||||||||||
509 | Lake Drive Plaza | Vinton | VA | Roanoke, VA | 2008 | 163,090 | 98.8 | % | 1,182 | 7.34 | Kroger | Big Lots, Goodwill | |||||||||||||||||||
510 | Hilltop Plaza | Virginia Beach | VA | Virginia Beach-Norfolk-Newport News, VA-NC | 2010 | 150,300 | 89.5 | % | 2,483 | 18.66 | Trader Joe's | Jo-Ann Fabric & Craft Stores, Kirkland’s, Office Depot, PetSmart | |||||||||||||||||||
511 | Ridgeview Centre | Wise | VA | Big Stone Gap, VA | 2015 | 190,242 | 56.1 | % | 814 | 7.63 | — | Grand Home Furnishings, Ollie's Bargain Outlet | Belk | ||||||||||||||||||
512 | Rutland Plaza | Rutland | VT | Rutland, VT | 1997 | 224,514 | 98.2 | % | 1,875 | 8.50 | Price Chopper | T.J.Maxx, Walmart | |||||||||||||||||||
513 | Fitchburg Ridge Shopping Center | Fitchburg | WI | Madison, WI | 2003 | 50,555 | 81.6 | % | 489 | 11.90 | — | Wisconsin Dialysis | |||||||||||||||||||
514 | Spring Mall | Greenfield | WI | Milwaukee-Waukesha-West Allis, WI | 2003 | 188,861 | 83.5 | % | 1,191 | 7.55 | Pick 'N Save (Roundy's)** | T.J.Maxx | |||||||||||||||||||
515 | Mequon Pavilions | Mequon | WI | Milwaukee-Waukesha-West Allis, WI | 2015 | 219,541 | 90.4 | % | 3,040 | 15.32 | Sendik's Food Market | Bed Bath & Beyond, DSW, Marshalls |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 46 |
PROPERTY LIST | |||||||||||||||||||||||||||||||
Dollars in thousands except per square foot amounts | |||||||||||||||||||||||||||||||
Year | Percent | ||||||||||||||||||||||||||||||
Property Name | City | State | Metropolitan Statistical Area | Built | GLA | Leased | ABR | ABR / SF | Grocer (1) | Other Major Tenants | Non-Owned Major Tenants | ||||||||||||||||||||
516 | Moorland Square Shopping Ctr | New Berlin | WI | Milwaukee-Waukesha-West Allis, WI | 1990 | 98,303 | 96.5 | % | 908 | 9.57 | Pick 'n Save (Roundy's) | — | Walmart | ||||||||||||||||||
517 | Paradise Pavilion | West Bend | WI | Milwaukee-Waukesha-West Allis, WI | 2000 | 203,630 | 98.4 | % | 1,469 | 7.33 | — | Hobby Lobby, Kohl's | ShopKo | ||||||||||||||||||
518 | Moundsville Plaza | Moundsville | WV | Wheeling, WV-OH | 2004 | 176,156 | 95.6 | % | 1,201 | 7.13 | Kroger | Big Lots | |||||||||||||||||||
519 | Grand Central Plaza | Parkersburg | WV | Parkersburg-Vienna, WV | 1986 | 75,344 | 100.0 | % | 801 | 10.63 | — | Office Depot, T.J.Maxx | |||||||||||||||||||
TOTAL PORTFOLIO | 86,602,682 | 92.5 | % | $ | 929,957 | $ | 12.31 | ||||||||||||||||||||||||
(1) * Indicates grocer is not owned. ** Indicates grocer is dark and paying. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 47 |
GUIDANCE | ||||||||||||||
Supplemental Disclosure Three Months Ended June 30, 2015 | ||||||||||||||
GUIDANCE & ADDITIONAL DISCLOSURES | ||||||||||||||||||
GUIDANCE: | ||||||||||||||||||
2015E | ||||||||||||||||||
FFO per common share - diluted | $1.94 - $2.00 | |||||||||||||||||
Same property NOI | 3.0 - 3.7% | |||||||||||||||||
Percent leased (at year-end) | 93.0 - 93.5% | |||||||||||||||||
New and renewal rent growth (cash) | 12.0 - 17.0% | |||||||||||||||||
Total leasing related capital expenditures | $155 - $175M | |||||||||||||||||
Anchor space repositioning and redevelopment related spending | $85 - $100M | |||||||||||||||||
General and administrative expenses (1) | $89 - $91M | |||||||||||||||||
Interest expense | $256 - $265M | |||||||||||||||||
Straight-line rent and above- and below-market rent amortization, net | $59 - $64M | |||||||||||||||||
ADDITIONAL DISCLOSURES - as of 6/30/15 (dollars in millions) | ||||||||||||||||||
Estimated market value of expansion land and outparcels available | $55 | |||||||||||||||||
ABR from leases signed but not yet commenced | $30 | |||||||||||||||||
Leases signed but not yet commenced: | Leases | GLA | ABR | ABR/SF | ||||||||||||||
≥ 10,000 SF | 56 | 1,425,081 | $ | 15,015,198 | $ | 10.54 | ||||||||||||
< 10,000 SF | 244 | 714,279 | 14,948,396 | 20.93 | ||||||||||||||
TOTAL | 300 | 2,139,360 | $ | 29,963,594 | $ | 14.01 | ||||||||||||
(1) Includes non-cash, non-recurring charge related to compensation programs prior to the Company's IPO. |
Supplemental Disclosure - Three Months Ended June 30, 2015 | Page 49 |