SAFE HARBOR: Some of the information contained in this presentation includes forward looking statements. Such statements are subject to a number of risks and uncertainties which could cause actual results in the future to differ materially and adversely from those described in the forward-looking statements. Investors should consult the Company's filings with the Securities and Exchange Commission for a description of the various risks and uncertainties which could cause such a difference before deciding whether to invest.
Table of Contents | |||
Page | |||
Financial Statement Data | |||
Consolidated statements of operations (unaudited) | 1 | ||
Consolidated balance sheets (unaudited) | 2 | ||
Supplemental balance sheet detail | 3 | ||
Components of minimum rents and other revenue | 4 | ||
Calculation of funds from operations - including pro-rata share of unconsolidated properties | 5 | ||
Net operating income growth for comparable properties - including pro-rata share of unconsolidated properties | 6 | ||
Statements of operations - including proportionate share of unconsolidated properties (unaudited) | 7 | ||
Balance sheet - including proportionate share of unconsolidated properties (unaudited) | 8 | ||
Debt Information | |||
Summary of debt | 9 | ||
EBITDA and key balance sheet metrics | 10 | ||
Key guidance assumptions | 11 | ||
Operational Data | |||
Operating metrics | 12 | ||
Leasing results | 13 | ||
Releasing spreads | 14 | ||
Top 10 tenants | 15 | ||
Lease expirations | 16 | ||
Development Activity | |||
Capital expenditures | 17 | ||
Redevelopment projects | 18 | ||
Other | |||
Property information | 19-21 | ||
Glossary of terms | 22 |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
WP Glimcher Inc. | |||||||||
(Unaudited, dollars in thousands, except per share data) | |||||||||
Three Months Ended March 31, | |||||||||
2016 | 2015 | ||||||||
Revenue: | |||||||||
Minimum rent (see components on page 4) | $ | 143,105 | $ | 160,906 | |||||
Overage rent | 3,457 | 3,264 | |||||||
Tenant reimbursements | 57,956 | 69,245 | |||||||
Other (see components on page 4) | 5,513 | 4,303 | |||||||
Total revenues | 210,031 | 237,718 | |||||||
Expenses: | |||||||||
Property operating | (43,934 | ) | (51,109 | ) | |||||
Real estate taxes | (24,491 | ) | (30,525 | ) | |||||
Advertising and promotion | (2,232 | ) | (2,675 | ) | |||||
Total recoverable expenses | (70,657 | ) | (84,309 | ) | |||||
Depreciation and amortization | (71,403 | ) | (92,184 | ) | |||||
Provision for credit losses | (732 | ) | (698 | ) | |||||
General and administrative | (10,804 | ) | (9,589 | ) | |||||
Merger and transaction costs | — | (20,810 | ) | ||||||
Ground rent | (1,057 | ) | (2,373 | ) | |||||
Total operating expenses | (154,653 | ) | (209,963 | ) | |||||
Operating Income | 55,378 | 27,755 | |||||||
Interest expense, net | (37,348 | ) | (37,114 | ) | |||||
Income and other taxes | (979 | ) | (445 | ) | |||||
(Loss) income from unconsolidated real estate entities, net | (1,161 | ) | 216 | ||||||
Loss on disposition of properties | (2,209 | ) | — | ||||||
Net income (loss) | 13,681 | (9,588 | ) | ||||||
Net income (loss) attributable to noncontrolling interests | 1,659 | (2,296 | ) | ||||||
Net income (loss) attributable to the Company | 12,022 | (7,292 | ) | ||||||
Less: Preferred share dividends | (3,508 | ) | (4,978 | ) | |||||
Net income (loss) attributable to common shareholders | $ | 8,514 | $ | (12,270 | ) | ||||
Earnings (loss) per common share, basic and diluted | $ | 0.05 | $ | (0.07 | ) |
SUPPLEMENTAL INFORMATION | 1
CONSOLIDATED BALANCE SHEETS | ||||||||
WP Glimcher Inc. | ||||||||
(Unaudited, dollars in thousands) | ||||||||
March 31, | December 31, | |||||||
2016 | 2015 | |||||||
Assets: | ||||||||
Investment properties at cost | $ | 6,568,157 | $ | 6,568,662 | ||||
Construction in progress | 91,248 | 87,538 | ||||||
6,659,405 | 6,656,200 | |||||||
Less: accumulated depreciation | 2,259,242 | 2,225,750 | ||||||
4,400,163 | 4,430,450 | |||||||
Cash and cash equivalents | 91,259 | 116,253 | ||||||
Tenant receivables and accrued revenue, net (see components on page 3) | 87,689 | 91,603 | ||||||
Real estate assets held-for-sale | — | 30,000 | ||||||
Investment in and advances to unconsolidated entities, at equity | 474,259 | 488,071 | ||||||
Deferred costs and other assets (see components on page 3) | 311,424 | 303,232 | ||||||
Total assets | $ | 5,364,794 | $ | 5,459,609 | ||||
Liabilities: | ||||||||
Mortgage notes payable | $ | 1,788,620 | $ | 1,793,439 | ||||
Notes payable | 247,093 | 246,728 | ||||||
Unsecured term loans | 1,333,417 | 1,332,812 | ||||||
Revolving credit facility | 260,943 | 275,622 | ||||||
Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3) | 360,959 | 379,112 | ||||||
Distributions payable | 2,992 | 2,992 | ||||||
Cash distributions and losses in partnerships and joint ventures, at equity | 15,398 | 15,399 | ||||||
Total liabilities | 4,009,422 | 4,046,104 | ||||||
Redeemable noncontrolling interests | 5,773 | 6,132 | ||||||
Equity: | ||||||||
Stockholders' equity | ||||||||
Series H Cumulative Redeemable Preferred Stock | 104,251 | 104,251 | ||||||
Series I Cumulative Redeemable Preferred Stock | 98,325 | 98,325 | ||||||
Common stock | 19 | 19 | ||||||
Capital in excess of par value | 1,224,968 | 1,225,926 | ||||||
Accumulated deficit | (252,063 | ) | (214,243 | ) | ||||
Accumulated other comprehensive (loss) income | (9,604 | ) | 1,716 | |||||
Total stockholders' equity | 1,165,896 | 1,215,994 | ||||||
Noncontrolling interests | 183,703 | 191,379 | ||||||
Total equity | 1,349,599 | 1,407,373 | ||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 5,364,794 | $ | 5,459,609 |
SUPPLEMENTAL INFORMATION | 2
SUPPLEMENTAL BALANCE SHEET DETAIL | |||||||||||||||||||||||
WP Glimcher Inc. | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Consolidated | Pro-Rata | Total | Consolidated | Pro-Rata | Total | ||||||||||||||||||
Balances | Balances | Balances | Balances | Balances | Balances | ||||||||||||||||||
3/31/2016 | 3/31/2016 | 3/31/2016 | 12/31/2015 | 12/31/2015 | 12/31/2015 | ||||||||||||||||||
Tenant accounts receivable and accrued revenue, net: | |||||||||||||||||||||||
Straight-line receivable | $ | 40,365 | $ | 2,221 | $ | 42,586 | $ | 39,092 | $ | 1,580 | $ | 40,672 | |||||||||||
Tenant receivable | 17,956 | 2,466 | 20,422 | 14,027 | 2,947 | 16,974 | |||||||||||||||||
Allowance for doubtful accounts, net | (7,015 | ) | (966 | ) | (7,981 | ) | (4,513 | ) | (627 | ) | (5,140 | ) | |||||||||||
Unbilled receivables and other | 36,383 | 6,965 | 43,348 | 42,997 | 10,932 | 53,929 | |||||||||||||||||
Total | $ | 87,689 | $ | 10,686 | $ | 98,375 | $ | 91,603 | $ | 14,832 | $ | 106,435 | |||||||||||
Deferred costs and other assets: | |||||||||||||||||||||||
Deferred leasing, net | $ | 90,482 | $ | 13,369 | $ | 103,851 | $ | 100,837 | $ | 14,955 | $ | 115,792 | |||||||||||
In place lease intangibles, net | 93,556 | 33,868 | 127,424 | 99,836 | 36,007 | 135,843 | |||||||||||||||||
Acquired above market lease intangibles, net | 45,136 | 21,186 | 66,322 | 47,285 | 22,042 | 69,327 | |||||||||||||||||
Mortgage and other escrow deposits | 43,389 | 5,327 | 48,716 | 38,906 | 5,223 | 44,129 | |||||||||||||||||
Prepaids, notes receivable and other assets, net | 38,861 | 2,142 | 41,003 | 16,368 | 886 | 17,254 | |||||||||||||||||
Total | $ | 311,424 | $ | 75,892 | $ | 387,316 | $ | 303,232 | $ | 79,113 | $ | 382,345 | |||||||||||
Accounts payable, accrued expenses, intangibles and deferred revenues: | |||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 201,649 | $ | 15,801 | $ | 217,450 | $ | 196,800 | $ | 19,125 | $ | 215,925 | |||||||||||
Below market leases, net | 126,074 | 41,244 | 167,318 | 134,315 | 44,158 | 178,473 | |||||||||||||||||
Other | 33,236 | 6,768 | 40,004 | 47,997 | 4,405 | 52,402 | |||||||||||||||||
Total | $ | 360,959 | $ | 63,813 | $ | 424,772 | $ | 379,112 | $ | 67,688 | $ | 446,800 | |||||||||||
SUPPLEMENTAL INFORMATION | 3
COMPONENTS OF MINIMUM RENTS AND OTHER REVENUE | |||||||||
WP Glimcher Inc. | |||||||||
(unaudited, dollars in thousands) | |||||||||
Three Months Ended March 31, | |||||||||
2016 | 2015 (1) | ||||||||
Components of Minimum Rents: | |||||||||
Base rent | $ | 134,896 | $ | 146,715 | |||||
Mark-to-market adjustment | 1,883 | 4,638 | |||||||
Straight-line rents | (246 | ) | 1,595 | ||||||
Temporary tenant rents | 6,572 | 7,958 | |||||||
Total Minimum Rents | $ | 143,105 | $ | 160,906 | |||||
Components of Other Revenue: | |||||||||
Sponsorship and other ancillary property income | $ | 2,959 | $ | 3,494 | |||||
Fee income | 1,448 | 96 | |||||||
Lease termination income | 350 | 623 | |||||||
Other | 756 | 90 | |||||||
Total Other Revenue | $ | 5,513 | $ | 4,303 | |||||
(1) Some reclassifications have been made for consistent presentation, primarily from temporary tenant rents to sponsorship and other ancillary property income. | |||||||||
SUPPLEMENTAL INFORMATION | 4
CALCULATION OF FUNDS FROM OPERATIONS | ||||||||||
Including Pro-Rata Share of Unconsolidated Properties | ||||||||||
WP Glimcher Inc. | ||||||||||
(dollars in thousands, except per share data) | ||||||||||
Three Months Ended March 31, | ||||||||||
2016 | 2015 | |||||||||
Funds from Operations ("FFO"): | ||||||||||
Net income (loss) | $ | 13,681 | $ | (9,588 | ) | |||||
Less: Preferred dividends and distributions on preferred operating partnership units | (3,568 | ) | (5,028 | ) | ||||||
Real estate depreciation and amortization, including joint venture impact | 79,412 | 91,682 | ||||||||
Noncontrolling interests portion of depreciation and amortization | (39 | ) | (33 | ) | ||||||
Loss on disposition of properties | 2,209 | — | ||||||||
Net loss attributable to noncontrolling interest holders in properties | 6 | 3 | ||||||||
FFO | $ | 91,701 | $ | 77,036 | ||||||
Adjusted Funds from Operations: | ||||||||||
FFO | $ | 91,701 | $ | 77,036 | ||||||
Add back: Glimcher merger and transaction costs | — | 20,810 | ||||||||
Add back: Bridge loan fee amortization | — | 4,120 | ||||||||
Adjusted FFO | $ | 91,701 | $ | 101,966 | ||||||
Weighted average common shares outstanding - diluted | 220,270 | 215,044 | ||||||||
FFO per diluted share | $ | 0.42 | $ | 0.36 | ||||||
Total adjustments | $ | — | $ | 0.11 | ||||||
Adjusted FFO per diluted share | $ | 0.42 | $ | 0.47 | ||||||
Non-cash items included in FFO: | ||||||||||
Non-cash stock compensation expense - excluding expenses included in the merger costs above | $ | 674 | $ | 2,316 | ||||||
Straight-line adjustment as an increase to minimum rents (1) | $ | 310 | $ | 1,595 | ||||||
Straight-line and fair market value adjustment recorded as a increase to ground lease expense (1) | $ | 342 | $ | 671 | ||||||
Fair value of debt amortized as a decrease to interest expense (1) | $ | 1,988 | $ | 2,724 | ||||||
Loan fee amortization - excluding bridge loan (1) | $ | 1,814 | $ | (702 | ) | |||||
Mark-to-market/inducement adjustment as an increase to base rents (1) | $ | 3,175 | $ | 4,638 | ||||||
Non-real estate depreciation (1) | $ | 1,773 | $ | 1,301 | ||||||
Hedge ineffectiveness as an increase to interest expense | $ | 2,342 | $ | — | ||||||
(1) includes the pro-rata share of the joint venture properties | ||||||||||
SUPPLEMENTAL INFORMATION | 5
NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES | |||||||||||||||
WP Glimcher Inc. | |||||||||||||||
Including Pro-Rata Share of Unconsolidated Properties | |||||||||||||||
(dollars in thousands) | |||||||||||||||
Three Months Ended March 31, | |||||||||||||||
2016 | 2015 | Variance $ | Variance % | ||||||||||||
Comparable Core Property Net Operating Income (Comp NOI) | |||||||||||||||
Revenue: | |||||||||||||||
Minimum rent | $ | 146,976 | $ | 143,806 | $ | 3,170 | 2.2 | % | |||||||
Overage rent | 3,330 | 2,876 | 454 | 15.8 | % | ||||||||||
Tenant reimbursements | 60,779 | 65,271 | (4,492 | ) | -6.9 | % | |||||||||
Other | 2,916 | 3,082 | (166 | ) | -5.4 | % | |||||||||
Total revenue | 214,001 | 215,035 | (1,034 | ) | -0.5 | % | |||||||||
Expenses: | |||||||||||||||
Recoverable expenses | (65,251 | ) | (72,744 | ) | 7,493 | -10.3 | % | ||||||||
Provision for credit losses | (927 | ) | (605 | ) | (322 | ) | 53.2 | % | |||||||
Ground rent | (1,628 | ) | (1,466 | ) | (162 | ) | 11.1 | % | |||||||
Total operating expenses | (67,806 | ) | (74,815 | ) | 7,009 | -9.4 | % | ||||||||
Comp NOI - Excluding non core properties | $ | 146,195 | $ | 140,220 | $ | 5,975 | 4.3 | % | |||||||
Comp NOI - Core malls | $ | 112,719 | $ | 108,286 | $ | 4,433 | 4.1 | % | |||||||
Comp NOI - Community centers | $ | 33,476 | $ | 31,934 | $ | 1,542 | 4.8 | % | |||||||
Reconciliation of Comp NOI to Operating Income | |||||||||||||||
Operating income | $ | 55,378 | $ | 27,755 | $ | 27,623 | |||||||||
Depreciation and amortization | 71,403 | 92,184 | (20,781 | ) | |||||||||||
General and administrative | 10,804 | 9,589 | 1,215 | ||||||||||||
Merger and transaction costs | — | 20,810 | (20,810 | ) | |||||||||||
Fee income | (1,448 | ) | (96 | ) | (1,352 | ) | |||||||||
Management fee allocation | 3,610 | 3,908 | (298 | ) | |||||||||||
Adjustment to include Glimcher NOI from prior to merger (2) | — | 4,186 | (4,186 | ) | |||||||||||
Pro-rata share of unconsolidated joint ventures in comp NOI | 11,166 | (5,500 | ) | 16,666 | |||||||||||
Non-comparable properties and other (1) | 3,007 | (128 | ) | 3,135 | |||||||||||
NOI from sold properties | (295 | ) | (1,308 | ) | 1,013 | ||||||||||
Termination income and outparcel sales | (980 | ) | (633 | ) | (347 | ) | |||||||||
Straight-line rents | 246 | (1,595 | ) | 1,841 | |||||||||||
Ground lease adjustments for straight-line and fair market value | (5 | ) | 671 | (676 | ) | ||||||||||
Fair market value adjustments to base rents | (1,883 | ) | (4,638 | ) | 2,755 | ||||||||||
Less: non-core properties (3) | (4,808 | ) | (4,985 | ) | 177 | ||||||||||
Comparable NOI - core portfolio | $ | 146,195 | $ | 140,220 | $ | 5,975 | |||||||||
Comparable NOI percentage change - core portfolio | 4.3 | % | |||||||||||||
Comparable NOI - total portfolio (including non-core) | $ | 151,003 | $ | 145,205 | $ | 5,798 | |||||||||
Comparable NOI percentage change - total portfolio | 4.0 | % | |||||||||||||
(1) NOI excluded from comparable NOI relates to properties not owned and operating in all periods reported. The assets acquired as part of the Glimcher merger are included in Comp NOI; as described in note 2 below. | |||||||||||||||
(2) Represents an adjustment to add the historical NOI amounts from the 23 properties acquired in the Merger for periods prior to the January 15, 2015 Merger date. This adjustment is included to provide comparability across the periods presented. | |||||||||||||||
(3) NOI from the five non-core malls held in each period presented. |
SUPPLEMENTAL INFORMATION | 6
STATEMENTS OF OPERATIONS | |||||||||||||
INCLUDING PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES | |||||||||||||
WP Glimcher Inc. | |||||||||||||
(Unaudited, dollars in thousands) | |||||||||||||
Three Months Ended March 31, 2016 | |||||||||||||
As Reported | WPG's Share of Unconsolidated Entities | Total | |||||||||||
Revenue: | |||||||||||||
Minimum rent | $ | 143,105 | $ | 14,550 | $ | 157,655 | |||||||
Overage rent | 3,457 | 294 | 3,751 | ||||||||||
Tenant reimbursements | 57,956 | 5,473 | 63,429 | ||||||||||
Other | 5,513 | 269 | 5,782 | ||||||||||
Total revenues | 210,031 | 20,586 | 230,617 | ||||||||||
Expenses: | |||||||||||||
Property operating | (43,934 | ) | (4,656 | ) | (48,590 | ) | |||||||
Real estate taxes | (24,491 | ) | (2,183 | ) | (26,674 | ) | |||||||
Advertising and promotion | (2,232 | ) | (238 | ) | (2,470 | ) | |||||||
Total recoverable expenses | (70,657 | ) | (7,077 | ) | (77,734 | ) | |||||||
Depreciation and amortization | (71,403 | ) | (9,815 | ) | (81,218 | ) | |||||||
Provision for credit losses | (732 | ) | (246 | ) | (978 | ) | |||||||
General and administrative | (10,804 | ) | 31 | (10,773 | ) | ||||||||
Ground rent | (1,057 | ) | (946 | ) | (2,003 | ) | |||||||
Total operating expenses | (154,653 | ) | (18,053 | ) | (172,706 | ) | |||||||
Operating Income | 55,378 | 2,533 | 57,911 | ||||||||||
Interest expense, net | (37,348 | ) | (3,692 | ) | (41,040 | ) | |||||||
Income and other taxes | (979 | ) | (2 | ) | (981 | ) | |||||||
Loss from unconsolidated real estate entities, net | (1,161 | ) | 1,161 | — | |||||||||
Loss on disposition of properties | (2,209 | ) | — | (2,209 | ) | ||||||||
Net income | 13,681 | — | 13,681 | ||||||||||
Net income attributable to noncontrolling interests | 1,659 | — | 1,659 | ||||||||||
Net income attributable to the Company | 12,022 | — | 12,022 | ||||||||||
Less: Preferred share dividends | (3,508 | ) | — | (3,508 | ) | ||||||||
Net income attributable to common shareholders | $ | 8,514 | $ | — | $ | 8,514 |
SUPPLEMENTAL INFORMATION | 7
BALANCE SHEET | ||||||||||||
INCLUDING PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES | ||||||||||||
WP Glimcher Inc. | ||||||||||||
(Unaudited, dollars in thousands) | ||||||||||||
March 31, 2016 As Reported | WPG's Share of Unconsolidated Entities | March 31, 2016 Total Share | ||||||||||
Assets: | ||||||||||||
Investment properties at cost | $ | 6,568,157 | $ | 866,906 | $ | 7,435,063 | ||||||
Construction in progress | 91,248 | 26,256 | 117,504 | |||||||||
6,659,405 | 893,162 | 7,552,567 | ||||||||||
Less: accumulated depreciation | 2,259,242 | 51,116 | 2,310,358 | |||||||||
4,400,163 | 842,046 | 5,242,209 | ||||||||||
Cash and cash equivalents | 91,259 | 12,747 | 104,006 | |||||||||
Tenant receivables and accrued revenue, net (see components on page 3) | 87,689 | 10,686 | 98,375 | |||||||||
Investment in and advances to unconsolidated entities, at equity | 474,259 | — | 474,259 | |||||||||
Deferred costs and other assets (see components on page 3) | 311,424 | 75,892 | 387,316 | |||||||||
Total assets | $ | 5,364,794 | $ | 941,371 | $ | 6,306,165 | ||||||
Liabilities: | ||||||||||||
Mortgage notes payable | $ | 1,788,620 | $ | 430,452 | $ | 2,219,072 | ||||||
Notes payable | 247,093 | — | 247,093 | |||||||||
Unsecured term loans | 1,333,417 | — | 1,333,417 | |||||||||
Revolving credit facility | 260,943 | — | 260,943 | |||||||||
Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3) | 360,959 | 63,813 | 424,772 | |||||||||
Distributions payable | 2,992 | — | 2,992 | |||||||||
Cash distributions and losses in partnerships and joint ventures, at equity | 15,398 | — | 15,398 | |||||||||
Total liabilities | 4,009,422 | 494,265 | 4,503,687 | |||||||||
Redeemable noncontrolling interests | 5,773 | — | 5,773 | |||||||||
Equity: | ||||||||||||
Stockholders' equity | ||||||||||||
Series H Cumulative Redeemable Preferred Stock | 104,251 | — | 104,251 | |||||||||
Series I Cumulative Redeemable Preferred Stock | 98,325 | — | 98,325 | |||||||||
Common stock | 19 | — | 19 | |||||||||
Capital in excess of par value | 1,224,968 | 447,106 | 1,672,074 | |||||||||
Accumulated deficit | (252,063 | ) | — | (252,063 | ) | |||||||
Accumulated other comprehensive loss | (9,604 | ) | — | (9,604 | ) | |||||||
Total stockholders' equity | 1,165,896 | 447,106 | 1,613,002 | |||||||||
Noncontrolling interests | 183,703 | — | 183,703 | |||||||||
Total equity | 1,349,599 | 447,106 | 1,796,705 | |||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 5,364,794 | $ | 941,371 | $ | 6,306,165 | ||||||
SUPPLEMENTAL INFORMATION | 8
SUMMARY OF DEBT | |||||||||||||||||||||||||||||||||||||||
WP Glimcher Inc. | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
Total Debt as of 3/31/2016 | Total Debt, Including WPG Share of Unconsolidated Entities as of 3/31/2016 | Total Debt as of 12/31/2015 | Total Debt, Including WPG Share of Unconsolidated Entities as of 12/31/2015 | Schedule of Maturities by Year (2) | Mortgage Debt Maturities | Weighted Avg. Interest Rate | Unsecured Maturities | Weighted Avg. Interest Rate | Total Debt Maturities | Weighted Avg. Interest Rate | |||||||||||||||||||||||||||||
Consolidated debt: | Our Share of debt (1): | ||||||||||||||||||||||||||||||||||||||
Mortgage debt | |||||||||||||||||||||||||||||||||||||||
Fixed | $ | 1,592,345 | $ | 1,592,345 | $ | 1,596,003 | $ | 1,596,003 | 2016 | $ | 408,968 | 5.8% | $ | 408,968 | 5.8% | ||||||||||||||||||||||||
Variable | 186,100 | 186,100 | 186,100 | 186,100 | 2017 | 139,600 | 3.5% | 139,600 | 3.5% | ||||||||||||||||||||||||||||||
Debt issuance costs | (5,857 | ) | (5,857 | ) | (6,347 | ) | (6,347 | ) | 2018 | 22,117 | 4.8% | 22,117 | 4.8% | ||||||||||||||||||||||||||
Fair value debt adjustments | 16,032 | 16,032 | 17,683 | 17,683 | 2019 | 154,076 | 6.1% | $ | 763,750 | 1.8 | % | 917,826 | 2.5% | ||||||||||||||||||||||||||
Total mortgage debt | 1,788,620 | 1,788,620 | 1,793,439 | 1,793,439 | 2020 | 199,009 | 4.2% | 749,943 | 3.0 | % | 948,952 | 3.2% | |||||||||||||||||||||||||||
2021 | 356,756 | 4.9% | 356,756 | 4.9% | |||||||||||||||||||||||||||||||||||
Unsecured debt | 2022 | 137,345 | 4.4% | 137,345 | 4.4% | ||||||||||||||||||||||||||||||||||
Credit facility | 263,750 | 263,750 | 278,750 | 278,750 | 2023 | 21,450 | 5.0% | 340,000 | 3.5 | % | 361,450 | 3.6% | |||||||||||||||||||||||||||
Term loans | 1,340,000 | 1,340,000 | 1,340,000 | 1,340,000 | 2024 | 360,108 | 4.7% | 360,108 | 4.7% | ||||||||||||||||||||||||||||||
Bonds payable | 249,943 | 249,943 | 249,940 | 249,940 | > 10 Years | 401,998 | 3.8% | 401,998 | 3.8% | ||||||||||||||||||||||||||||||
Debt issuance costs | (12,240 | ) | (12,240 | ) | (13,528 | ) | (13,528 | ) | Fair value and debt issuance cost adjustments | 17,645 | (12,240 | ) | 5,405 | ||||||||||||||||||||||||||
Total unsecured debt | 1,841,453 | 1,841,453 | 1,855,162 | 1,855,162 | Total debt | $ | 2,219,072 | 4.9% | $ | 1,841,453 | 2.6% | $ | 4,060,525 | 3.9% | |||||||||||||||||||||||||
Total consolidated debt | $ | 3,630,073 | $ | 3,630,073 | $ | 3,648,601 | $ | 3,648,601 | |||||||||||||||||||||||||||||||
Unconsolidated debt: | (1) Includes pro-rata share of unconsolidated debt | ||||||||||||||||||||||||||||||||||||||
Mortgage loans payable | $ | 910,530 | $ | 422,982 | $ | 893,303 | $ | 416,494 | (2) Includes extension options | ||||||||||||||||||||||||||||||
Debt issuance costs | (2,684 | ) | (1,259 | ) | (2,764 | ) | (1,410 | ) | |||||||||||||||||||||||||||||||
Fair value debt adjustments | 17,115 | 8,729 | 15,012 | 9,066 | |||||||||||||||||||||||||||||||||||
Total unconsolidated debt | $ | 924,961 | $ | 430,452 | $ | 905,551 | $ | 424,150 | |||||||||||||||||||||||||||||||
Total debt: | $ | 4,555,034 | $ | 4,060,525 | $ | 4,554,152 | $ | 4,072,751 | |||||||||||||||||||||||||||||||
% of Total Debt as of 3/31/16 | Our Share of Total Debt as of 3/31/16 | Weighted Avg. Interest Rate | Weighted Avg. Years to Maturity | ||||||||||||||||||||||||||||||||||||
Consolidated debt: | |||||||||||||||||||||||||||||||||||||||
Fixed | 74% | $ | 2,689,613 | 4.5 | % | 4.5 | |||||||||||||||||||||||||||||||||
Variable | 26% | 940,460 | 1.9 | % | 2.8 | ||||||||||||||||||||||||||||||||||
Total Consolidated | 100% | $ | 3,630,073 | 3.8 | % | 4.1 | |||||||||||||||||||||||||||||||||
Unconsolidated debt: | |||||||||||||||||||||||||||||||||||||||
Fixed | 100% | $ | 430,452 | 4.1 | % | 8.7 | |||||||||||||||||||||||||||||||||
Variable | 0% | — | |||||||||||||||||||||||||||||||||||||
Total Unconsolidated | 100% | $ | 430,452 | 4.1 | % | 8.7 | |||||||||||||||||||||||||||||||||
Total debt: | |||||||||||||||||||||||||||||||||||||||
Fixed | 77% | $ | 3,120,065 | 4.5 | % | 5.1 | |||||||||||||||||||||||||||||||||
Variable | 23% | 940,460 | 1.9 | % | 2.8 | ||||||||||||||||||||||||||||||||||
Total debt | 100% | $ | 4,060,525 | 3.9 | % | 4.1 | |||||||||||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION | 9
EBITDA AND KEY BALANCE SHEET METRICS | ||||||||||
WP Glimcher Inc. | ||||||||||
(dollars in thousands) | ||||||||||
Three Months Ended March 31, | ||||||||||
2016 | 2015 | |||||||||
Calculation of EBITDA: | ||||||||||
Net income (loss) | $ | 13,681 | $ | (9,588 | ) | |||||
Interest expense, net | 37,348 | 37,114 | ||||||||
Income and other taxes | 979 | 445 | ||||||||
Depreciation and amortization | 71,403 | 92,184 | ||||||||
EBITDA | 123,411 | 120,155 | ||||||||
Adjustments related to pro-rata share of unconsolidated entities, net | 13,509 | 150 | ||||||||
Merger and transaction costs | — | 20,810 | ||||||||
Add back: Bridge loan fee amortization | — | 4,120 | ||||||||
Loss on disposition of properties | 2,209 | — | ||||||||
Adjusted EBITDA | $ | 139,129 | $ | 145,235 | ||||||
Covenant Requirement | As of March 31, 2016 | |||||||||
Key Balance Sheet Metrics: | Ratio | |||||||||
Total indebtedness to Total assets | ≤ 65% | 48.0% | ||||||||
Secured indebtedness to Total assets | ≤ 40% | 23.5% | ||||||||
Consolidated EBITDA / Annual service charge | ≥ 1.5x | 3.58x | ||||||||
Total unencumbered assets / Total unsecured indebtedness | > 150% | 240% |
Note: Balance sheet metrics above are based upon the bond covenants definitions using the trailing 12 months of EBITDA for all properties including the Glimcher assets.
SUPPLEMENTAL INFORMATION | 10
KEY GUIDANCE ASSUMPTIONS | ||||
WP Glimcher Inc. | ||||
2016 Guidance | ||||
Year 2016 | ||||
Guidance | ||||
Earnings Expectations: | ||||
FFO per share - diluted (1) | $1.76 to $1.82 | |||
FFO per share - diluted - second quarter | $0.41 to $0.43 | |||
Underlying Assumptions to 2016 Guidance (1): | ||||
Comparable NOI growth (2) (pro-rata) for core properties- fiscal year 2016 | 1.5% to 2.5% | |||
Comparable NOI growth (2) (pro-rata) for core properties- Q2 2016 | 1.0% to 2.0% | |||
General and administrative expenses (including property allocated overhead) | $63-$65 million | |||
Fair value of debt amortized as a decrease to interest expense (3) | ~$7 million | |||
Mark-to-market adjustment as an increase to base rents (3) | ~$12 million | |||
Acquisitions | None | |||
Assumed property sales | 2 to 3 | |||
Assumed lender transitions | 3 to 4 | |||
Redevelopment spend (3) | $150 to $200 million | |||
Recurring capital expenditures (3) | $65 to $70 million | |||
(1) Guidance excludes non-cash gain in Q2 2016 of ~$35 to $37 million related to Chesapeake Square transition to lender. | ||||
(2) Excludes lease termination fees | ||||
(3) Includes pro-rata share of joint venture properties | ||||
SUPPLEMENTAL INFORMATION | 11
OPERATING METRICS | ||||||||||||||||||||
WP Glimcher Inc. | ||||||||||||||||||||
As of March 31, 2016 | ||||||||||||||||||||
PORTFOLIO SUMMARY | ||||||||||||||||||||
Property Count | Leased Occupancy % | Mall Sales Per Square Foot for 12 Months Ended | Mall Occupancy Cost % | % of Total Comp NOI for 12 Months Ended 3/31/16 | NOI Growth for 3 Months Ended 3/31/16 | |||||||||||||||
3/31/2016 | 3/31/2015 | 3/31/2016 | 3/31/2015 | 3/31/2016 | 3/31/2015 | |||||||||||||||
Community Centers | 52 | 96.4% | 95.2% | 22.2% | 4.8% | |||||||||||||||
Tier 1 Malls | 36 | 92.2% | 91.5% | $ | 410 | $ | 387 | 12.3% | 12.4% | 51.1% | 6.2% | |||||||||
Tier 2 Malls-Encumbered 2 | 16 | 85.0% | 86.0% | $ | 319 | $ | 301 | 13.1% | 13.4% | 14.7% | 0.7% | |||||||||
Tier 2 Malls-Unencumbered | 10 | 89.7% | 89.8% | $ | 307 | $ | 297 | 13.1% | 13.1% | 8.8% | -1.6% | |||||||||
Core Malls Subtotal | 62 | 90.0% | 89.9% | $ | 374 | $ | 353 | 12.5% | 12.7% | 74.6% | 4.1% | |||||||||
Total Core Properties | 114 | 92.4% | 91.9% | 96.8% | 4.3% | |||||||||||||||
MALL TIERS | ||||||||||||||||||||
TIER 1 | TIER 2-ENCUMBERED | TIER 2-UNENCUMBERED | NON-CORE¹ | |||||||||||||||||
Arbor Hills | Anderson Mall | Boynton Beach Mall | Gulf View Square | |||||||||||||||||
Arboretum, The | Charlottesville Fashion Square | Chautauqua Mall | Knoxville Center | |||||||||||||||||
Ashland Town Center | Lincolnwood Town Center | Colonial Park Mall | Richmond Town Square | |||||||||||||||||
Bowie Town Center | Merritt Square Mall | Indian Mound Mall | River Oaks Center | |||||||||||||||||
Brunswick Square | Mesa Mall | Irving Mall | Virginia Center Commons | |||||||||||||||||
Clay Terrace | Muncie Mall | Maplewood Mall | ||||||||||||||||||
Cottonwood Mall | Oak Court Mall | New Towne Mall | ||||||||||||||||||
Dayton Mall | Port Charlotte Town Center | Northwoods Mall | ||||||||||||||||||
Edison Mall | River Valley Mall | Rolling Oaks Mall | ||||||||||||||||||
Grand Central Mall | Rushmore Mall | Sunland Park Mall | ||||||||||||||||||
Great Lakes Mall | Seminole Towne Center | |||||||||||||||||||
Jefferson Valley Mall | Southern Hills Mall | |||||||||||||||||||
Lima Mall | Towne West Square | |||||||||||||||||||
Lindale Mall | Valle Vista Mall | |||||||||||||||||||
Longview Mall | West Ridge Mall | |||||||||||||||||||
Malibu Lumber Yard | ||||||||||||||||||||
Mall at Fairfield Commons, The | ||||||||||||||||||||
Mall at Johnson City, The | Transitioned to Lender: | |||||||||||||||||||
Markland Mall | Chesapeake Square- 4/28/16 | |||||||||||||||||||
Melbourne Square | ||||||||||||||||||||
Morgantown Mall | ||||||||||||||||||||
Northtown Mall | ||||||||||||||||||||
Oklahoma City Properties | ||||||||||||||||||||
Orange Park Mall | ||||||||||||||||||||
Paddock Mall | ||||||||||||||||||||
Pearlridge Center | ||||||||||||||||||||
Polaris Fashion Place | ||||||||||||||||||||
Scottsdale Quarter | ||||||||||||||||||||
Southern Park Mall | ||||||||||||||||||||
The Outlet Collection | Seattle | ||||||||||||||||||||
Town Center at Aurora | ||||||||||||||||||||
Town Center Crossing & Plaza | ||||||||||||||||||||
Waterford Lakes Town Center | ||||||||||||||||||||
Weberstown Mall | ||||||||||||||||||||
Westminster Mall | ||||||||||||||||||||
WestShore Plaza | ||||||||||||||||||||
¹Non-core assets represent 3.2% of total comp NOI as of 3/31/16. Mall sales, occupancy percent and occupancy cost at 3/31/16 including non-core is $370, 89.2% and 12.5%, respectively. | ||||||||||||||||||||
2Tier 2 unencumbered properties had a total debt balance of $826.4 million at March 31, 2016 with an average debt yield of 10.8%. | ||||||||||||||||||||
SUPPLEMENTAL INFORMATION | 12
LEASING RESULTS | ||||||||||||||||||||||||||||||||||||||||||||||||||
WP Glimcher Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year-to-date through March 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Square Feet | Base Rent PSF | Average Term | Tenant Allow.$(000)s | Tenant Allow. PSF | |||||||||||||||||||||||||||||||||||||||||||||
of Leases | New | Renewal | Total | New | Renewal | Total | New | Renewal | Total | New | Renewal | New | Renewal | |||||||||||||||||||||||||||||||||||||
Core Malls | 208 | 79,902 | 494,347 | 574,249 | $ | 28.16 | $ | 32.26 | $ | 25.86 | 7.4 | 4.3 | 4.8 | $ | 3,266 | $ | 4,328 | $ | 40.87 | $ | 8.76 | |||||||||||||||||||||||||||||
Community Centers | 44 | 91,897 | 96,762 | 188,659 | $ | 17.76 | $ | 17.91 | $ | 17.84 | 7.5 | 4.9 | 6.1 | $ | 2,590 | $ | 329 | $ | 28.19 | $ | 3.40 | |||||||||||||||||||||||||||||
SubTotal | 252 | 171,799 | 591,109 | 762,908 | $ | 22.15 | $ | 29.88 | $ | 28.19 | 7.4 | 4.4 | 5.0 | $ | 5,856 | $ | 4,657 | $ | 34.09 | $ 7.88 | ||||||||||||||||||||||||||||||
Non-Core Properties | 11 | 14,203 | 26,379 | 40,582 | $ | 17.86 | $ | 23.14 | $ | 20.97 | 4.0 | 2.7 | 3.2 | $ | 71 | $ | — | $ | 4.99 | $ | — | |||||||||||||||||||||||||||||
Total | 263 | 186,002 | 617,488 | 803,490 | $ | 21.80 | $ | 29.65 | $ | 27.86 | 7.2 | 4.3 | 4.9 | $ | 5,927 | $ | 4,657 | $ | 31.86 | $ 7.54 | ||||||||||||||||||||||||||||||
Base Minimum Rent PSF As of March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
Core Malls | $ | 27.05 | $ | 26.68 | ||||||||||||||||||||||||||||||||||||||||||||||
Community Centers | $ | 13.16 | $ | 12.79 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Core Properties | $ | 21.39 | $ | 21.11 | ||||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio (includes non-core properties) | $ | 21.28 | $ | 19.09 | ||||||||||||||||||||||||||||||||||||||||||||||
Note: The leasing results exclude mall anchor leases and office leases. |
SUPPLEMENTAL INFORMATION | 13
RELEASING SPREADS | ||||||||||||||||||||
WP Glimcher Inc. | ||||||||||||||||||||
For the three months ended March 31, 2016 | ||||||||||||||||||||
Square Footage of Openings | New Rate PSF | Prior Rate PSF | Re-leasing Spread | |||||||||||||||||
$ | % | |||||||||||||||||||
Community Centers: | ||||||||||||||||||||
New | 34,008 | $ | 16.98 | $ | 14.38 | $ | 2.60 | 18.1 | % | |||||||||||
Renewal | 84,602 | $ | 20.65 | $ | 19.08 | $ | 1.57 | 8.2 | % | |||||||||||
All Deals | 118,610 | $ | 19.60 | $ | 17.73 | $ | 1.87 | 10.5 | % | |||||||||||
Core Malls: | ||||||||||||||||||||
New | 43,658 | $ | 37.50 | $ | 38.38 | $ | (0.88 | ) | -2.3 | % | ||||||||||
Renewal | 448,923 | $ | 41.16 | $ | 41.02 | $ | 0.14 | 0.3 | % | |||||||||||
All Deals | 492,581 | $ | 40.83 | $ | 40.79 | $ | 0.04 | 0.1 | % | |||||||||||
Total Core Portfolio: | ||||||||||||||||||||
New | 77,666 | $ | 28.51 | $ | 27.87 | $ | 0.64 | 2.3 | % | |||||||||||
Renewal | 533,525 | $ | 37.90 | $ | 37.54 | $ | 0.36 | 1.0 | % | |||||||||||
All Deals | 611,191 | $ | 36.71 | $ | 36.31 | $ | 0.40 | 1.1 | % | |||||||||||
Note: The Company's five non-core malls are excluded from these metrics. Spread including the non-core assets was 0.2%. |
SUPPLEMENTAL INFORMATION | 14
TOP 10 TENANTS | |||||||||||
WP Glimcher Inc. | |||||||||||
As of March 31, 2016 | |||||||||||
Non-Anchor Stores (Ranked by Percent of Total Minimum Rents) | |||||||||||
National Tenant Name | Tenant DBA's in Portfolio | Number of Stores | GLA of Stores | Percent of Total GLA in Portfolio | Percent of Total Annualized Base Minimum Rent | ||||||
Signet Jewelers, Ltd. | Andrew's, Body by Pagoda, Gordon's Jewelers, Goodman Jewelers, Jared's, J.B. Robinson Jewelers, Kay Jewelers, Leroy's Jewelers, Mark's & Morgan, Osterman's Jewelry, Piercing Pagoda, Plumb Gold, Silver and Gold Connection, Totally Pagoda, Zales Jewelers | 176 | 231,852 | 0.3% | 3.4% | ||||||
L Brands, Inc. | Bath & Body Works/White Barn Candle, Pink, Victoria's Secret | 136 | 650,539 | 1.0% | 2.8% | ||||||
Footlocker, Inc. | Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker, World Footlocker | 120 | 492,213 | 0.7% | 2.3% | ||||||
Ascena Retail Group Inc. | Ann Taylor, Catherine's, Dress Barn, Justice, Justice & Brothers, Lane Bryant, Loft, Maurice's | 130 | 661,411 | 1.0% | 1.8% | ||||||
Luxottica Group | Apex, Lenscrafters, Oakley, Pearle Vision, Sunglass Hut, Watch Station | 98 | 266,347 | 0.4% | 1.4% | ||||||
Genesco Inc. | Buckeye Corner, Buckeye Room, Cardboard Heroes, Chicago Locker Room by Lids, Hat World, Johnston & Murphy, Journeys, Journeys Kidz, Lids, Locker Room by Lids, Shi by Journeys, The Hat Shack, Underground Station | 130 | 213,841 | 0.3% | 1.3% | ||||||
American Eagle Outfitters, Inc. | aerie, American Eagle | 49 | 276,814 | 0.4% | 1.3% | ||||||
The Finish Line, Inc. | Finish Line, Garry Gribble's Running Sports, Running Fit, Texas Running Company | 51 | 281,743 | 0.4% | 1.2% | ||||||
The Gap, Inc. | Athleta, Banana Republic, Banana Republic Outlet, Gap, Gap Kids, Gap Outlet, Intermix, Old Navy | 36 | 417,857 | 0.6% | 1.1% | ||||||
Golden Gate Capital | California Pizza Kitchen, Express, Express Men, Express Factory Outlet, Eddie Bauer, Eddie Bauer Outlet, Red Lobster | 53 | 353,328 | 0.5% | 1.1% | ||||||
Anchor Stores (Ranked by Total GLA) | |||||||||||
National Tenant Name | Tenant DBA's in Portfolio | Number of Stores | GLA of Stores | Percent of Total GLA in Portfolio | Percent of Total Annualized Base Minimum Rent | ||||||
Sears Holding Corporation | K-Mart, Sears | 56 | 7,865,031 | 11.6% | 1.1% | ||||||
JCPenney Company, Inc. | JCPenney | 47 | 5,916,726 | 8.8% | 1.4% | ||||||
Macy's, Inc. | Macy's | 35 | 5,839,726 | 8.6% | 0.3% | ||||||
Dillard's, Inc. | Dilliards | 28 | 3,902,495 | 5.8% | 0.1% | ||||||
The Bon-Ton Stores, Inc. | Bon-Ton, Carson Pirie Scott, Elder Beerman, Elder Beerman for Her, Herbergers, Younkers | 17 | 1,666,524 | 2.5% | 0.9% | ||||||
Target Corporation | Target, Super Target | 12 | 1,625,339 | 2.4% | 0.0% | ||||||
Kohl's Corporation | Kohl's | 13 | 1,089,873 | 1.6% | 0.8% | ||||||
Belk, Inc. | Belk, Belk for Her, Belk Home Store | 13 | 1,070,585 | 1.6% | 0.4% | ||||||
Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Field & Stream, Golf Galaxy | 16 | 974,803 | 1.4% | 1.7% | ||||||
Burlington Stores, Inc. | Burlington Coat Factory | 10 | 880,997 | 1.3% | 0.9% | ||||||
SUPPLEMENTAL INFORMATION | 15
LEASE EXPIRATIONS (1) | |||||||||||||||||||||||
WP Glimcher Inc. | |||||||||||||||||||||||
As of March 31, 2016 | |||||||||||||||||||||||
Malls | |||||||||||||||||||||||
Number of Leases Expiring | Anchor Square Feet of GLA Expiring | Store Square Feet of GLA Expiring | Total Square Feet of GLA Expiring | Anchor Annualized Base Rents PSF Expiring | Store Annualized Base Rents PSF Expiring | % of ERM Annualized Base Rents Represented by Expiring Leases | |||||||||||||||||
Year | |||||||||||||||||||||||
Month To Month Leases | 289 | 974,054 | 655,004 | 1,629,058 | $ | 9.49 | $ | 28.45 | 3.6 | % | |||||||||||||
2016 | 337 | 761,551 | 939,524 | 1,701,075 | $ | 6.59 | $ | 27.48 | 4.9 | % | |||||||||||||
2017 | 869 | 2,299,042 | 2,721,843 | 5,020,885 | $ | 2.46 | $ | 26.81 | 13.8 | % | |||||||||||||
2018 | 758 | 2,100,285 | 2,125,922 | 4,226,207 | $ | 4.89 | $ | 29.69 | 13.2 | % | |||||||||||||
2019 | 556 | 2,409,581 | 1,910,445 | 4,320,026 | $ | 3.97 | $ | 27.37 | 11.4 | % | |||||||||||||
2020 | 472 | 2,376,440 | 1,694,143 | 4,070,583 | $ | 4.61 | $ | 25.63 | 10.2 | % | |||||||||||||
2021 | 320 | 2,801,272 | 1,284,491 | 4,085,763 | $ | 5.85 | $ | 24.52 | 8.5 | % | |||||||||||||
2022 | 256 | 917,905 | 965,414 | 1,883,319 | $ | 6.99 | $ | 27.45 | 6.0 | % | |||||||||||||
2023 | 289 | 1,843,030 | 1,226,707 | 3,069,737 | $ | 7.97 | $ | 25.57 | 7.6 | % | |||||||||||||
2024 | 223 | 856,603 | 845,775 | 1,702,378 | $ | 5.85 | $ | 29.18 | 5.0 | % | |||||||||||||
2,025 | 210 | 1,376,848 | 924,051 | 2,300,899 | $ | 15.17 | $ | 26.52 | 5.8 | % | |||||||||||||
2026 and Thereafter | 244 | 12,816,731 | 997,103 | 13,813,834 | $ | 6.33 | $ | 24.35 | 5.8 | % | |||||||||||||
Specialty Leasing Agreements w/ terms in excess of 11 months | 876 | — | 2,040,798 | 2,040,798 | $ | — | $ | 10.83 | 4.2 | % | |||||||||||||
Community Centers | |||||||||||||||||||||||
Number of Leases Expiring | Anchor Square Feet of GLA Expiring | Store Square Feet of GLA Expiring | Total Square Feet of GLA Expiring | Anchor Annualized Base Rents PSF Expiring | Store Annualized Base Rents PSF Expiring | % of CSC Annualized Base Rents Represented by Expiring Leases | |||||||||||||||||
Year | |||||||||||||||||||||||
Month To Month Leases | 24 | — | 74,955 | 74,955 | $ | — | $ | 17.38 | 0.6 | % | |||||||||||||
2016 | 87 | 237,830 | 273,235 | 511,065 | $ | 10.27 | $ | 18.34 | 5.3 | % | |||||||||||||
2017 | 170 | 747,056 | 506,473 | 1,253,529 | $ | 7.33 | $ | 18.71 | 10.8 | % | |||||||||||||
2018 | 152 | 952,894 | 440,578 | 1,393,472 | $ | 10.88 | $ | 17.18 | 13.2 | % | |||||||||||||
2019 | 149 | 717,567 | 475,339 | 1,192,906 | $ | 10.39 | $ | 20.00 | 12.5 | % | |||||||||||||
2020 | 175 | 1,274,155 | 549,423 | 1,823,578 | $ | 11.50 | $ | 21.65 | 19.6 | % | |||||||||||||
2021 | 91 | 1,185,381 | 283,449 | 1,468,830 | $ | 8.54 | $ | 18.56 | 11.3 | % | |||||||||||||
2022 | 40 | 534,270 | 183,351 | 717,621 | $ | 9.15 | $ | 15.55 | 5.3 | % | |||||||||||||
2023 | 53 | 419,096 | 226,174 | 645,270 | $ | 9.92 | $ | 19.42 | 6.3 | % | |||||||||||||
2024 | 42 | 459,153 | 198,008 | 657,161 | $ | 8.82 | $ | 18.72 | 5.7 | % | |||||||||||||
2,025 | 37 | 104,030 | 108,132 | 212,162 | $ | 16.98 | $ | 23.58 | 3.2 | % | |||||||||||||
2026 and Thereafter | 72 | 3,811,897 | 376,854 | 4,188,751 | $ | 10.02 | $ | 11.99 | 6.1 | % | |||||||||||||
Specialty Leasing Agreements w/ terms in excess of 11 months | 10 | — | 37,737 | 37,737 | $ | — | $ | 3.24 | 0.1 | % | |||||||||||||
(1) Does not consider the impact of renewal options that may be contained in leases. |
SUPPLEMENTAL INFORMATION | 16
CAPITAL EXPENDITURES | |||||||||||||||||||||
WP Glimcher Inc. | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Three Months Ended March 31, 2016 | Unconsolidated Joint Venture Proportionate Share | Total Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | Unconsolidated Joint Venture Proportionate Share | Total Three Months Ended March 31, 2015 | ||||||||||||||||
New Developments | $ | 1,980 | $ | — | $ | 1,980 | $ | 744 | $ | — | $ | 744 | |||||||||
Redevelopments, Renovations, and Expansions | $ | 5,836 | $ | 5,087 | $ | 10,923 | $ | 24,746 | $ | — | $ | 24,746 | |||||||||
Deferred Leasing Costs | $ | 3,877 | $ | 166 | $ | 4,043 | $ | 3,777 | $ | — | $ | 3,777 | |||||||||
Property Capital Expenditures: | |||||||||||||||||||||
Non-anchor stores tenant improvements and allowances | $ | 5,735 | $ | 1,402 | $ | 7,137 | $ | 7,763 | $ | 4 | $ | 7,767 | |||||||||
Operational capital expenditures | 1,612 | 120 | 1,732 | 1,629 | — | 1,629 | |||||||||||||||
Total Property Capital Expenditures | $ | 7,347 | $ | 1,522 | $ | 8,869 | $ | 9,392 | $ | 4 | $ | 9,396 | |||||||||
SUPPLEMENTAL INFORMATION | 17
REDEVELOPMENT PROJECTS | ||||||||||||||||||||
WP Glimcher Inc. | ||||||||||||||||||||
As of March 31, 2016 | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Projects under construction or approved for construction with an estimated investment of $5 million or more | ||||||||||||||||||||
Property Name | City | St | Opportunity | Ownership % | Estimated Total Costs (1) | Estimated Project Yield (1) (2) | WPG Costs Incurred to Date (3) | Estimated Completion (1) | ||||||||||||
Fairfield Town Center | Houston | TX | Multi-phase retail development (approved phases) | 100 | % | $50,000 - $60,000 | 7% - 9% | $ | 15,780 | 2016/2017 | ||||||||||
Jefferson Valley Mall | Yorktown Hts | NY | New Dick's Sporting Goods and interior/exterior renovation | 100 | % | $32,000 - $36,000 | 7% - 8% | $ | 8,100 | 2016 4Q | ||||||||||
Lincoln Crossing | O'Fallon | IL | Academy Sports expansion | 100 | % | $6,000 - $8,000 | 9% - 11% | $ | 213 | 2017 2Q | ||||||||||
Lindale Mall | Cedar Rapids | IA | New Kirkland's and other national retailers | 100 | % | $3,000 - $5,000 | 9% - 11% | $ | 12 | 2016 4Q | ||||||||||
Longview Mall | Longview | TX | New Dick's Sporting Goods, H&M and interior/exterior renovation | 100 | % | $14,000 - $16,000 | 8% - 10% | $ | 385 | 2016 4Q | ||||||||||
New Towne Mall | New Philadelphia | OH | Re-tenant Sears anchor space with national retailer | 100 | % | $6,000 - $7,000 | 7% - 8% | $ | 57 | 2016 4Q | ||||||||||
Scottsdale Quarter - Phase III | Scottsdale | AZ | New ground-level retail in existing residential building; New retail and office tenants in new mixed-use building | 51 | % | $53,800 - $63,800 | 7% - 8% | $ | 41,532 | (4) | 2016 4Q | |||||||||
Town Center Plaza | Leawood | KS | New building with Arhaus and Restoration Hardware | 51 | % | $18,000 - $22,000 | 7% - 8% | $ | 11,630 | (5) | 2016 3Q | |||||||||
Westminster Mall | Westminster | CA | New Sky Zone, Luxe Buffet and additional restaurant | 100 | % | $6,000 - $7,000 | 11% - 13% | $ | 2 | 2017 4Q | ||||||||||
(1) Estimated total costs, project yield, and completion are subject to adjustment as a result of changes (some of which are not under the direct control of the company) that are inherent in the development process. Project costs exclude the allocation of internal costs such as labor, interest, and taxes. | ||||||||||||||||||||
(2) The project yield excludes any NOI benefit to the property that is indirectly related to the redevelopment, although each project does benefit other aspects of the mall. | ||||||||||||||||||||
(3) Project costs exclude the allocation of internal costs such as labor, interest, and taxes. | ||||||||||||||||||||
(4) Amounts shown represent 51% of the project spend. | ||||||||||||||||||||
(5) Amount shown is 100% of the project spend as the lease was executed prior to the O'Connor Joint Venture. | ||||||||||||||||||||
SUPPLEMENTAL INFORMATION | 18
PROPERTY INFORMATION | |||||||||||||||||||||||
WP Glimcher Inc. | |||||||||||||||||||||||
As of March 31, 2016 | |||||||||||||||||||||||
Debt Information | |||||||||||||||||||||||
Indebtedness | |||||||||||||||||||||||
Property Name | St | City (Major Metropolitan Area) | Financial Interest (1) | Total Center Square Feet | Total WPG Owned Square Feet | Total Tenant Owned Square Feet | Maturity Date (2) | Interest Rate | Type | Total | WP Glimcher Share | ||||||||||||
Malls | |||||||||||||||||||||||
Anderson Mall | SC | Anderson | 100% | 670,022 | 314,833 | 355,189 | 12/1/2022 | 4.61% | Fixed | $19,361 | $19,361 | ||||||||||||
Arbor Hills | MI | Ann Arbor | 93% | 87,395 | 87,395 | 0 | 1/1/2026 | 4.27% | Fixed | $25,498 | $23,619 | ||||||||||||
Arboretum, The | TX | Austin | 100% | 194,702 | 194,702 | 0 | |||||||||||||||||
Ashland Town Center | KY | Ashland | 100% | 435,282 | 331,892 | 103,390 | 7/6/2021 | 4.90% | Fixed | $38,999 | $38,999 | ||||||||||||
Bowie Town Center | MD | Bowie (Wash, D.C.) | 100% | 578,026 | 276,728 | 301,298 | |||||||||||||||||
Boynton Beach Mall | FL | Boynton Beach (Miami) | 100% | 1,102,242 | 590,688 | 511,554 | |||||||||||||||||
Brunswick Square | NJ | East Brunswick (New York) | 100% | 759,990 | 288,694 | 471,296 | 3/1/2024 | 4.80% | Fixed | $74,703 | $74,703 | ||||||||||||
Charlottesville Fashion Square | VA | Charlottesville | 100% | 577,934 | 354,230 | 223,704 | 4/1/2024 | 4.54% | Fixed | $48,497 | $48,497 | ||||||||||||
Chautauqua Mall | NY | Lakewood | 100% | 458,779 | 453,803 | 4,976 | |||||||||||||||||
Chesapeake Square (4) (5) | VA | Chesapeake (VA Beach) | 100% | 760,567 | 561,056 | 199,511 | 2/1/2017 | 5.84% | Fixed | $62,373 | $62,373 | ||||||||||||
Clay Terrace | IN | Carmel (Indianapolis) | 100% | 575,877 | 557,001 | 18,876 | |||||||||||||||||
Colonial Park Mall | PA | Harrisburg | 100% | 739,066 | 363,398 | 375,668 | |||||||||||||||||
Cottonwood Mall | NM | Albuquerque | 100% | 1,053,194 | 411,617 | 641,577 | 4/6/2024 | 4.82% | Fixed | $102,007 | $102,007 | ||||||||||||
Dayton Mall | OH | Dayton | 100% | 1,443,335 | 771,554 | 671,781 | 9/1/2022 | 4.57% | Fixed | $82,000 | $82,000 | ||||||||||||
Edison Mall | FL | Fort Myers | 100% | 1,055,055 | 572,762 | 482,293 | |||||||||||||||||
Grand Central Mall | WV | Parkersburg | 100% | 848,378 | 737,897 | 110,481 | 7/6/2020 | 6.05% | Fixed | $41,675 | $41,675 | ||||||||||||
Great Lakes Mall | OH | Mentor (Cleveland) | 100% | 1,287,739 | 580,605 | 707,134 | |||||||||||||||||
Gulf View Square (3) | FL | Port Richey (Tampa) | 100% | 756,089 | 401,442 | 354,647 | |||||||||||||||||
Indian Mound Mall | OH | Newark | 100% | 556,673 | 464,012 | 92,661 | |||||||||||||||||
Irving Mall | TX | Irving (Dallas) | 100% | 1,120,020 | 556,475 | 563,545 | |||||||||||||||||
Jefferson Valley Mall | NY | Yorktown Heights (New York) | 100% | 545,060 | 379,368 | 165,692 | |||||||||||||||||
Knoxville Center (3) | TN | Knoxville | 100% | 970,019 | 515,407 | 454,612 | |||||||||||||||||
Lima Mall | OH | Lima | 100% | 742,868 | 543,046 | 199,822 | |||||||||||||||||
Lincolnwood Town Center | IL | Lincolnwood (Chicago) | 100% | 422,985 | 422,984 | 1 | 4/1/2021 | 4.26% | Fixed | $51,322 | $51,322 | ||||||||||||
Lindale Mall | IA | Cedar Rapids | 100% | 713,069 | 462,316 | 250,753 | |||||||||||||||||
Longview Mall | TX | Longview | 100% | 641,062 | 192,845 | 448,217 | |||||||||||||||||
Malibu Lumber Yard | CA | Malibu | 100% | 31,479 | 31,479 | 0 | |||||||||||||||||
Mall at Fairfield Commons, The | OH | Beavercreek | 100% | 1,028,444 | 853,624 | 174,820 | |||||||||||||||||
Mall at Johnson City, The | TN | Johnson City | 51% | 571,702 | 496,294 | 75,408 | 5/6/2020 | 6.77% | Fixed | $51,346 | $26,186 | ||||||||||||
Maplewood Mall | MN | St. Paul (Minneapolis) | 100% | 906,244 | 323,764 | 582,480 | |||||||||||||||||
Markland Mall | IN | Kokomo | 100% | 417,669 | 414,189 | 3,480 | |||||||||||||||||
Melbourne Square | FL | Melbourne | 100% | 723,756 | 419,846 | 303,910 | |||||||||||||||||
Merritt Square Mall | FL | Merritt Island | 100% | 811,260 | 475,587 | 335,673 | 9/1/2015 | 10.35% | Fixed | $52,914 | $52,914 | ||||||||||||
Mesa Mall | CO | Grand Junction | 100% | 873,826 | 431,122 | 442,704 | 6/1/2016 | 5.79% | Fixed | $87,250 | $87,250 | ||||||||||||
Morgantown Mall | WV | Morgantown | 100% | 556,564 | 556,564 | 0 | |||||||||||||||||
Muncie Mall | IN | Muncie | 100% | 641,062 | 387,236 | 253,826 | 4/1/2021 | 4.19% | Fixed | $35,813 | $35,813 | ||||||||||||
New Towne Mall | OH | New Philadelphia | 100% | 509,536 | 509,536 | 0 | |||||||||||||||||
Northtown Mall | MN | Blaine | 100% | 606,093 | 606,093 | 0 | |||||||||||||||||
Northwoods Mall | IL | Peoria | 100% | 692,260 | 219,291 | 472,969 | |||||||||||||||||
Oak Court Mall | TN | Memphis | 100% | 849,057 | 363,240 | 485,817 | 4/1/2021 | 4.76% | Fixed | $38,847 | $38,847 | ||||||||||||
Oklahoma City Properties | OK | Oklahoma City | 99% | 288,088 | 288,088 | 0 | |||||||||||||||||
Orange Park Mall | FL | Orange Park (Jacksonville) | 100% | 959,405 | 556,225 | 403,180 | |||||||||||||||||
Paddock Mall | FL | Ocala | 100% | 549,746 | 319,189 | 230,557 | |||||||||||||||||
Pearlridge Center | HI | Aiea | 51% | 1,139,731 | 1,086,454 | 53,277 | 6/1/2025 | 3.53% | Fixed | $225,000 | $114,750 | ||||||||||||
Polaris Fashion Place | OH | Columbus | 51% | 1,571,184 | 734,713 | 836,471 | 3/1/2025 | 3.90% | Fixed | $225,000 | $114,750 | ||||||||||||
3/1/2025 | 4.46% | Fixed | $15,500 | $7,905 | |||||||||||||||||||
Port Charlotte Town Center (5) | FL | Port Charlotte | 100% | 773,886 | 489,677 | 284,209 | 11/1/2020 | 5.30% | Fixed | $44,648 | $44,648 | ||||||||||||
Richmond Town Square (3) | OH | Richmond Heights (Cleveland) | 100% | 1,011,464 | 541,513 | 469,951 |
SUPPLEMENTAL INFORMATION | 19
PROPERTY INFORMATION | |||||||||||||||||||||||
WP Glimcher Inc. | |||||||||||||||||||||||
As of March 31, 2016 | |||||||||||||||||||||||
Debt Information | |||||||||||||||||||||||
Indebtedness | |||||||||||||||||||||||
Property Name | St | City (Major Metropolitan Area) | Financial Interest (1) | Total Center Square Feet | Total WPG Owned Square Feet | Total Tenant Owned Square Feet | Maturity Date (2) | Interest Rate | Type | Total | WP Glimcher Share | ||||||||||||
Malls | |||||||||||||||||||||||
River Oaks Center (3) | IL | Calumet City (Chicago) | 100% | 1,190,500 | 686,236 | 504,264 | |||||||||||||||||
River Valley Mall | OH | Lancaster | 100% | 521,578 | 521,578 | 0 | 1/11/2016 | 5.65% | Fixed | $44,931 | $44,931 | ||||||||||||
Rolling Oaks Mall | TX | San Antonio | 100% | 882,347 | 286,039 | 596,308 | |||||||||||||||||
Rushmore Mall | SD | Rapid City | 100% | 829,305 | 752,829 | 76,476 | 2/1/2019 | 5.79% | Fixed | $94,000 | $94,000 | ||||||||||||
Scottsdale Quarter | AZ | Scottsdale | 51% | 702,558 | 702,558 | 0 | 6/1/2025 | 3.53% | Fixed | $165,000 | $84,150 | ||||||||||||
Seminole Towne Center | FL | Sanford (Orlando) | 22% | 1,103,521 | 590,230 | 513,291 | 5/6/2021 | 5.97% | Fixed | $56,267 | $12,593 | ||||||||||||
Southern Hills Mall | IA | Sioux City | 100% | 793,918 | 549,971 | 243,947 | 6/1/2016 | 5.79% | Fixed | $101,500 | $101,500 | ||||||||||||
Southern Park Mall | OH | Youngstown | 100% | 1,209,929 | 1,014,365 | 195,564 | |||||||||||||||||
Sunland Park Mall | TX | El Paso | 100% | 927,512 | 332,575 | 594,937 | |||||||||||||||||
Outlet Collection | Seattle, The | WA | Seattle | 100% | 922,454 | 922,454 | 0 | 1/14/2020 | 1.92% | Variable | $86,500 | $86,500 | ||||||||||||
Town Center at Aurora | CO | Aurora (Denver) | 100% | 1,080,917 | 340,975 | 739,942 | 4/1/2021 | 4.19% | Fixed | $55,000 | $55,000 | ||||||||||||
Town Center Crossing & Plaza | KS | Leawood | 51% | 620,828 | 484,267 | 136,561 | 2/1/2027 | 4.25% | Fixed | $35,755 | $18,235 | ||||||||||||
2/1/2027 | 5.00% | Fixed | $71,982 | $36,711 | |||||||||||||||||||
Towne West Square | KS | Wichita | 100% | 943,706 | 447,172 | 496,534 | 6/1/2021 | 5.61% | Fixed | $47,658 | $47,658 | ||||||||||||
Valle Vista Mall | TX | Harlingen | 100% | 650,624 | 492,223 | 158,401 | 5/10/2017 | 5.35% | Fixed | $40,000 | $40,000 | ||||||||||||
Virginia Center Commons (3) | VA | Glen Allen | 100% | 774,460 | 433,551 | 340,909 | |||||||||||||||||
Waterford Lakes Town Center | FL | Orlando | 100% | 966,155 | 691,655 | 274,500 | |||||||||||||||||
Weberstown Mall | CA | Stockton | 100% | 856,827 | 262,007 | 594,820 | 6/8/2016 | 5.90% | Fixed | $60,000 | $60,000 | ||||||||||||
West Ridge Mall | KS | Topeka | 100% | 996,009 | 391,898 | 604,111 | 3/6/2024 | 4.84% | Fixed | $41,921 | $41,921 | ||||||||||||
Westminster Mall | CA | Westminster (Los Angeles) | 100% | 1,214,282 | 441,590 | 772,692 | 4/1/2024 | 4.65% | Fixed | $82,499 | $82,499 | ||||||||||||
WestShore Plaza | FL | Tampa | 100% | 1,076,507 | 848,045 | 228,462 | 10/1/2017 | 2.80% | Variable | $99,600 | $99,600 | ||||||||||||
Malls Total | 52,871,821 | 32,682,692 | 20,189,129 | $2,405,366 | $1,972,917 | ||||||||||||||||||
Community Centers | |||||||||||||||||||||||
Bloomingdale Court | IL | Bloomingdale (Chicago) | 100% | 696,641 | 385,096 | 311,545 | |||||||||||||||||
Bowie Town Center Strip | MD | Bowie (Wash, D.C.) | 100% | 106,589 | 40,927 | 65,662 | |||||||||||||||||
Canyon View Marketplace | CO | Grand Junction | 100% | 43,053 | 43,053 | 0 | 11/6/2023 | 5.47% | Fixed | $5,450 | $5,450 | ||||||||||||
Charles Towne Square | SC | Charleston | 100% | 71,794 | 71,794 | 0 | |||||||||||||||||
Chesapeake Center | VA | Chesapeake (Virginia Beach) | 100% | 305,853 | 128,972 | 176,881 | |||||||||||||||||
Concord Mills Marketplace | NC | Concord (Charlotte) | 100% | 251,983 | 216,870 | 35,113 | 11/1/2023 | 4.82% | Fixed | $16,000 | $16,000 | ||||||||||||
Countryside Plaza | IL | Countryside (Chicago) | 100% | 403,756 | 204,295 | 199,461 | |||||||||||||||||
Dare Centre | NC | Kill Devil Hills | 100% | 168,673 | 109,154 | 59,519 | |||||||||||||||||
DeKalb Plaza | PA | King of Prussia (Philadelphia) | 100% | 101,911 | 44,091 | 57,820 | |||||||||||||||||
Empire East | SD | Sioux Falls | 100% | 301,438 | 167,616 | 133,822 | |||||||||||||||||
Fairfax Court | VA | Fairfax (Wash, D.C.) | 100% | 249,488 | 245,999 | 3,489 | |||||||||||||||||
Fairfield Town Center | TX | Houston | 100% | 108,000 | 0 | 108,000 | |||||||||||||||||
Forest Plaza | IL | Rockford | 100% | 434,839 | 414,542 | 20,297 | 10/10/2019 | 7.50% | Fixed | $16,866 | $16,866 | ||||||||||||
Gaitway Plaza (5) | FL | Ocala | 99% | 208,039 | 207,239 | 800 | |||||||||||||||||
Gateway Centers | TX | Austin | 100% | 512,339 | 403,336 | 109,003 | |||||||||||||||||
Greenwood Plus | IN | Greenwood (Indianapolis) | 100% | 155,355 | 146,127 | 9,228 | |||||||||||||||||
Henderson Square | PA | King of Prussia (Philadelphia) | 100% | 107,371 | 53,615 | 53,756 | 1/1/2018 | 4.43% | Fixed | $12,487 | $12,487 | ||||||||||||
Keystone Shoppes | IN | Indianapolis | 100% | 29,126 | 29,126 | 0 | |||||||||||||||||
Lake Plaza | IL | Waukegan (Chicago) | 100% | 215,568 | 124,939 | 90,629 | |||||||||||||||||
Lake View Plaza | IL | Orland Park (Chicago) | 100% | 367,370 | 311,961 | 55,409 | |||||||||||||||||
Lakeline Plaza | TX | Cedar Park (Austin) | 100% | 386,854 | 356,417 | 30,437 | 10/10/2019 | 7.50% | Fixed | $15,801 | $15,801 | ||||||||||||
Lima Center | OH | Lima | 100% | 233,878 | 173,878 | 60,000 | |||||||||||||||||
Lincoln Crossing | IL | O'Fallon (St. Louis) | 100% | 245,123 | 39,658 | 205,465 | |||||||||||||||||
MacGregor Village | NC | Cary | 100% | 146,774 | 146,774 | 0 |
SUPPLEMENTAL INFORMATION | 20
PROPERTY INFORMATION | |||||||||||||||||||||||
WP Glimcher Inc. | |||||||||||||||||||||||
As of March 31, 2016 | |||||||||||||||||||||||
Debt Information | |||||||||||||||||||||||
Indebtedness | |||||||||||||||||||||||
Property Name | St | City (Major Metropolitan Area) | Financial Interest (1) | Total Center Square Feet | Total WPG Owned Square Feet | Total Tenant Owned Square Feet | Maturity Date (2) | Interest Rate | Type | Total | WP Glimcher Share | ||||||||||||
Community Centers | |||||||||||||||||||||||
Mall of Georgia Crossing | GA | Buford (Atlanta) | 100% | 440,774 | 317,639 | 123,135 | 10/6/2022 | 4.28% | Fixed | $23,543 | $23,543 | ||||||||||||
Markland Plaza | IN | Kokomo | 100% | 90,527 | 80,977 | 9,550 | |||||||||||||||||
Martinsville Plaza | VA | Martinsville | 100% | 102,105 | 94,760 | 7,345 | |||||||||||||||||
Matteson Plaza | IL | Matteson (Chicago) | 100% | 272,336 | 180,936 | 91,400 | |||||||||||||||||
Morgantown Commons | WV | Morgantown | 100% | 230,843 | 230,843 | 0 | |||||||||||||||||
Muncie Towne Plaza | IN | Muncie | 100% | 171,621 | 171,621 | 0 | 10/10/2019 | 7.50% | Fixed | $6,569 | $6,569 | ||||||||||||
North Ridge Shopping Center | NC | Raleigh | 100% | 169,759 | 164,359 | 5,400 | 12/1/2022 | 3.41% | Fixed | $12,441 | $12,441 | ||||||||||||
Northwood Plaza | IN | Fort Wayne | 100% | 204,956 | 76,727 | 128,229 | |||||||||||||||||
Palms Crossing | TX | McAllen | 100% | 405,925 | 372,088 | 33,837 | 8/1/2021 | 5.49% | Fixed | $35,923 | $35,923 | ||||||||||||
Plaza at Buckland Hills, The | CT | Manchester | 100% | 321,885 | 210,986 | 110,899 | |||||||||||||||||
Richardson Square | TX | Richardson (Dallas) | 100% | 517,267 | 41,354 | 475,913 | |||||||||||||||||
Rockaway Commons | NJ | Rockaway (New York) | 100% | 238,270 | 229,162 | 9,108 | |||||||||||||||||
Rockaway Town Plaza | NJ | Rockaway (New York) | 100% | 374,430 | 73,154 | 301,276 | |||||||||||||||||
Royal Eagle Plaza | FL | Coral Springs (Miami) | 100% | 202,952 | 191,999 | 10,953 | |||||||||||||||||
Shops at Arbor Walk, The | TX | Austin | 100% | 458,469 | 280,315 | 178,154 | 8/1/2021 | 5.49% | Fixed | $40,601 | $40,601 | ||||||||||||
Shops at North East Mall, The | TX | Hurst (Dallas) | 100% | 365,039 | 365,039 | 0 | |||||||||||||||||
St. Charles Towne Plaza | MD | Waldorf (Wash, D.C.) | 100% | 391,653 | 329,811 | 61,842 | |||||||||||||||||
Tippecanoe Plaza | IN | Lafayette | 100% | 90,522 | 85,811 | 4,711 | |||||||||||||||||
University Center | IN | Mishawaka | 100% | 151,643 | 101,643 | 50,000 | |||||||||||||||||
University Town Plaza | FL | Pensacola | 100% | 565,538 | 216,194 | 349,344 | |||||||||||||||||
Village Park Plaza | IN | Carmel (Indianapolis) | 100% | 575,548 | 290,009 | 285,539 | |||||||||||||||||
Washington Plaza | IN | Indianapolis | 100% | 50,107 | 50,107 | 0 | |||||||||||||||||
West Ridge Plaza | KS | Topeka | 100% | 253,086 | 98,593 | 154,493 | 3/6/2024 | 4.84% | Fixed | $10,480 | $10,480 | ||||||||||||
West Town Corners (5) | FL | Altamonte Springs (Orlando) | 100% | 382,423 | 233,805 | 148,618 | |||||||||||||||||
Westland Park Plaza (5) | FL | Orange Park (Jacksonville) | 100% | 163,259 | 163,259 | 0 | |||||||||||||||||
White Oaks Plaza | IL | Springfield | 100% | 404,879 | 248,533 | 156,346 | 10/10/2019 | 7.50% | Fixed | $13,138 | $13,138 | ||||||||||||
Whitehall Mall | PA | Whitehall | 100% | 613,731 | 598,857 | 14,874 | 11/1/2018 | 7.00% | Fixed | $9,630 | $9,630 | ||||||||||||
Wolf Ranch | TX | Georgetown (Austin) | 100% | 627,283 | 415,097 | 212,186 | |||||||||||||||||
Community Centers Total | 14,688,645 | 9,979,157 | 4,709,488 | $218,929 | $218,929 | ||||||||||||||||||
Total | 67,560,466 | 42,661,849 | 24,898,617 | $2,624,295 | $2,191,846 | ||||||||||||||||||
Footnotes: | |||||||||||||||||||||||
(1) Direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners. | |||||||||||||||||||||||
(2) Assumes full exercise of extension options. | |||||||||||||||||||||||
(3) Non-core property. | |||||||||||||||||||||||
(4) Property transitioned to the lender on April 28, 2016. | |||||||||||||||||||||||
(5) WPG receives substantially all economic benefit of property due to performance or advance, although legal ownership is less than 100%. Legal ownership is as follows: Chesapeake Square (75%); Port Charlotte Town Center (80%); Gaitway Plaza (88.2%); West Town Corners (88.2%); and Westland Park Plaza (88.2%). | |||||||||||||||||||||||
SUPPLEMENTAL INFORMATION | 21
GLOSSARY OF TERMS | |||
- Average rent PSF | Average base minimum rent charge in effect for the reporting period for all tenants that qualify to be included in the occupancy as defined below. | ||
- EBITDA | Net income (loss) attributable to the company before interest, depreciation and amortization, gains/losses on sale of operating properties, impairment charges, income taxes and unrealized remeasurement adjustment of derivative instrument. | ||
- Funds from operations (FFO) | Funds From Operations ("FFO") is a supplemental non-GAAP 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) attributable to common shareholders computed in accordance with generally accepted accounting principles ("GAAP"), excluding (i) gains or losses from sales of operating real estate assets and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties and (iv) impairment of depreciable real estate and in substance real estate equity investments and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis. | ||
- Funds from operations, as adjusted (AFFO) | AFFO is calculated by adjusting FFO as defined above for non-recurring items such as merger costs, non-recurring debt fee amortization charges and similar items. | ||
- Gross leasable area (GLA) | Measure of the total amount of leasable space in a property. | ||
- Net operating income (NOI) | Revenues from all rental property less operating and maintenance expenses, real estate taxes and rent expense including the company's pro-rata share of real estate joint ventures. Excludes non-recurring items such as termination income and sales from outparcels. | ||
- Occupancy | Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. For malls, all company owned space except for mall anchors, mall majors, office and mall outlots are included in the calculation. For community lifestyle centers, all owned GLA other than office are included in the calculation. | ||
- Occupancy cost | Percent of tenant's total occupancy cost (rent and reimbursement of CAM, tax and insurance) to tenant sales for mall stores of 10,000 sf or less. | ||
- Re-leasing spread | Re-leasing Spread is a ‘‘same space’’ measure that compares initial rent for new deals on individual spaces to expiring rents for prior tenants. For Malls, majors, freestanding and office tenants are excluded. For Community Centers, office tenants are excluded. The new rent is the weighted average of the initial cash Total Rent PSF for spaces leased during the current quarter and year-to-date period, and includes new leases and existing tenant renewals and relocations (including expansions and downsizings). The prior rent is the weighted average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance (CAM) and base percentage rent. It includes leasing activity on all spaces occupied by tenants as long as the opening and closing dates are within 24 months of one another. | ||
- Sales PSF | Trailing twelve-month sales for in-line mall stores of 10,000 SF or less. Excludes freestanding stores and specialty tenants. |
SUPPLEMENTAL INFORMATION | 22