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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Retail Properties of America Inc | NYSE:RPAI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.15 | 0 | 01:00:00 |
Maryland | 001-35481 | 42-1579325 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2021 Spring Road, Suite 200, Oak Brook, Illinois | 60523 | |
(Address of principal executive offices) | (Zip Code) |
RETAIL PROPERTIES OF AMERICA, INC. | |||
(Registrant) | |||
By: | /s/ Angela M. Aman | ||
Angela M. Aman | |||
Date: | August 4, 2014 | Executive Vice President, Chief Financial Officer and Treasurer |
▪ | Operating Funds From Operations (Operating FFO) of $65.7 million, or $0.28 per share, compared to $60.6 million, or $0.26 per share, for the same period in 2013; |
▪ | Funds From Operations (FFO) of $63.8 million, or $0.27 per share, compared to $88.2 million, or $0.38 per share, for the same period in 2013; |
▪ | Net income attributable to common shareholders of $27.7 million, or $0.12 per share, compared to $13.6 million, or $0.06 per share, for the same period in 2013. |
▪ | Operating FFO of $128.7 million, or $0.55 per share, compared to $112.8 million, or $0.49 per share, for the same period in 2013; |
▪ | FFO of $129.5 million, or $0.55 per share, compared to $131.4 million, or $0.57 per share, for the same period in 2013; |
▪ | Net income attributable to common shareholders of $39.4 million, or $0.17 per share, compared to $9.4 million, or $0.04 per share, for the same period in 2013. |
▪ | 4.8% increase in total same store net operating income (NOI) over the comparable period in 2013, based on same store occupancy of 93.6% at June 30, 2014, up 30 basis points from 93.3% at March 31, 2014 and up 140 basis points from 92.2% at June 30, 2013; |
▪ | Total portfolio percent leased, including leases signed but not commenced: 94.8% at June 30, 2014, up 20 basis points from 94.6% at March 31, 2014 and up 140 basis points from 93.4% at June 30, 2013; |
▪ | Retail portfolio percent leased, including leases signed but not commenced: 94.5% at June 30, 2014, up 20 basis points from 94.3% at March 31, 2014 and up 150 basis points from 93.0% at June 30, 2013; |
▪ | 958,000 square feet of retail leasing transactions, including the Company’s pro rata share of unconsolidated joint ventures, comprised of 180 new and renewal leases; |
▪ | Positive comparable cash leasing spreads, including the Company’s pro rata share of unconsolidated joint ventures, of 6.0%. |
June 30, 2014 | December 31, 2013 | |||||||
Assets | ||||||||
Investment properties: | ||||||||
Land | $ | 1,261,506 | $ | 1,174,065 | ||||
Building and other improvements | 4,719,961 | 4,586,657 | ||||||
Developments in progress | 42,025 | 43,796 | ||||||
6,023,492 | 5,804,518 | |||||||
Less accumulated depreciation | (1,390,184 | ) | (1,330,474 | ) | ||||
Net investment properties | 4,633,308 | 4,474,044 | ||||||
Cash and cash equivalents | 58,568 | 58,190 | ||||||
Investment in unconsolidated joint ventures (a) | 7,319 | 15,776 | ||||||
Accounts and notes receivable (net of allowances of $7,456 and $8,197, respectively) | 79,857 | 80,818 | ||||||
Acquired lease intangible assets, net | 142,150 | 129,561 | ||||||
Assets associated with investment properties held for sale | 16,809 | 8,616 | ||||||
Other assets, net | 106,352 | 110,571 | ||||||
Total assets | $ | 5,044,363 | $ | 4,877,576 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Mortgages payable, net (includes unamortized premium of $5,480 and $1,175, respectively, and unamortized discount of $(725) and $(981), respectively) | $ | 1,736,668 | $ | 1,684,633 | ||||
Unsecured notes payable | 250,000 | — | ||||||
Unsecured term loan | 450,000 | 450,000 | ||||||
Unsecured revolving line of credit | 55,000 | 165,000 | ||||||
Accounts payable and accrued expenses | 50,968 | 54,457 | ||||||
Distributions payable | 39,187 | 39,138 | ||||||
Acquired lease intangible liabilities, net | 107,827 | 91,881 | ||||||
Liabilities associated with investment properties held for sale | 15,167 | 6,603 | ||||||
Other liabilities | 68,361 | 77,030 | ||||||
Total liabilities | 2,773,178 | 2,568,742 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Preferred stock, $0.001 par value, 10,000 shares authorized, 7.00% Series A cumulative redeemable preferred stock, 5,400 shares issued and outstanding at June 30, 2014 and December 31, 2013; liquidation preference $135,000 | 5 | 5 | ||||||
Class A common stock, $0.001 par value, 475,000 shares authorized, 236,600 and 236,302 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 237 | 236 | ||||||
Additional paid-in capital | 4,921,060 | 4,919,633 | ||||||
Accumulated distributions in excess of earnings | (2,650,718 | ) | (2,611,796 | ) | ||||
Accumulated other comprehensive loss | (893 | ) | (738 | ) | ||||
Total shareholders' equity | 2,269,691 | 2,307,340 | ||||||
Noncontrolling interests | 1,494 | 1,494 | ||||||
Total equity | 2,271,185 | 2,308,834 | ||||||
Total liabilities and equity | $ | 5,044,363 | $ | 4,877,576 |
(a) | As of June 30, 2014, balance represents our investment in Oak Property and Casualty, our captive insurance plan, which is not an investment property unconsolidated joint venture. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 117,279 | $ | 106,096 | $ | 234,407 | $ | 212,391 | ||||||||
Tenant recovery income | 27,108 | 23,856 | 56,856 | 47,178 | ||||||||||||
Other property income | 1,919 | 2,368 | 3,831 | 4,812 | ||||||||||||
Total revenues | 146,306 | 132,320 | 295,094 | 264,381 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating expenses | 22,142 | 21,656 | 48,668 | 44,239 | ||||||||||||
Real estate taxes | 19,067 | 16,819 | 37,481 | 33,630 | ||||||||||||
Depreciation and amortization | 54,094 | 59,596 | 107,690 | 110,604 | ||||||||||||
Provision for impairment of investment properties | 5,400 | — | 5,794 | — | ||||||||||||
Loss on lease terminations | 827 | 381 | 658 | 592 | ||||||||||||
General and administrative expenses | 7,362 | 8,288 | 15,812 | 16,343 | ||||||||||||
Total expenses | 108,892 | 106,740 | 216,103 | 205,408 | ||||||||||||
Operating income | 37,414 | 25,580 | 78,991 | 58,973 | ||||||||||||
Gain on extinguishment of other liabilities | — | — | 4,258 | — | ||||||||||||
Equity in loss of unconsolidated joint ventures, net (a) | (433 | ) | (461 | ) | (1,211 | ) | (862 | ) | ||||||||
Gain on change in control of investment properties | 24,158 | — | 24,158 | — | ||||||||||||
Interest expense | (31,873 | ) | (34,575 | ) | (63,736 | ) | (80,272 | ) | ||||||||
Other income, net | 250 | 2,085 | 677 | 3,161 | ||||||||||||
Income (loss) from continuing operations | 29,516 | (7,371 | ) | 43,137 | (19,000 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||
Income (loss), net | — | 22,928 | (148 | ) | 23,504 | |||||||||||
Gain on sales of investment properties | — | 21 | 655 | 4,930 | ||||||||||||
Income from discontinued operations | — | 22,949 | 507 | 28,434 | ||||||||||||
Gain on sales of investment properties | 527 | 393 | 527 | 4,657 | ||||||||||||
Net income | 30,043 | 15,971 | 44,171 | 14,091 | ||||||||||||
Net income attributable to the Company | 30,043 | 15,971 | 44,171 | 14,091 | ||||||||||||
Preferred stock dividends | (2,363 | ) | (2,363 | ) | (4,725 | ) | (4,725 | ) | ||||||||
Net income attributable to common shareholders | $ | 27,680 | $ | 13,608 | $ | 39,446 | $ | 9,366 | ||||||||
Earnings (loss) per common share - basic and diluted | ||||||||||||||||
Continuing operations | $ | 0.12 | $ | (0.04 | ) | $ | 0.17 | $ | (0.08 | ) | ||||||
Discontinued operations | — | 0.10 | — | 0.12 | ||||||||||||
Net income per common share attributable to common shareholders | $ | 0.12 | $ | 0.06 | $ | 0.17 | $ | 0.04 | ||||||||
Weighted average number of common shares outstanding - basic | 236,176 | 233,624 | 236,164 | 232,117 | ||||||||||||
Weighted average number of common shares outstanding - diluted | 236,179 | 233,624 | 236,166 | 232,117 |
(a) | Reported amounts include our (loss) income attributable to our ownership interests in our Oak Property and Casualty, MS Inland, RioCan and Hampton unconsolidated joint ventures. Except for Oak Property and Casualty, which is not an investment property unconsolidated joint venture, all of our unconsolidated joint venture arrangements were dissolved prior to June 30, 2014. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to common shareholders | $ | 27,680 | $ | 13,608 | $ | 39,446 | $ | 9,366 | ||||||||
Depreciation and amortization | 55,357 | 65,753 | 109,600 | 123,125 | ||||||||||||
Provision for impairment of investment properties | 5,400 | 9,238 | 5,794 | 9,462 | ||||||||||||
Gain on sales of investment properties (b) | (24,685 | ) | (414 | ) | (25,340 | ) | (10,564 | ) | ||||||||
FFO | $ | 63,752 | $ | 88,185 | $ | 129,500 | $ | 131,389 | ||||||||
FFO per common share outstanding | $ | 0.27 | $ | 0.38 | $ | 0.55 | $ | 0.57 | ||||||||
FFO | $ | 63,752 | $ | 88,185 | $ | 129,500 | $ | 131,389 | ||||||||
Impact on earnings from the early extinguishment of debt, net | 1,951 | (26,483 | ) | 3,631 | (19,150 | ) | ||||||||||
Joint venture investment impairment | — | 134 | — | 1,834 | ||||||||||||
Provision for hedge ineffectiveness | — | (1,085 | ) | (13 | ) | (932 | ) | |||||||||
Gain on extinguishment of other liabilities | — | — | (4,258 | ) | — | |||||||||||
Other | (11 | ) | (150 | ) | (126 | ) | (350 | ) | ||||||||
Operating FFO | $ | 65,692 | $ | 60,601 | $ | 128,734 | $ | 112,791 | ||||||||
Operating FFO per common share outstanding | $ | 0.28 | $ | 0.26 | $ | 0.55 | $ | 0.49 |
(a) | Includes amounts from discontinued operations and our pro rata share from our unconsolidated joint ventures. |
(b) | Includes the gain on change in control of investment properties of $24,158 recognized pursuant to the dissolution of our joint venture arrangement with our partner in our MS Inland unconsolidated joint venture on June 5, 2014. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues: | ||||||||||||||||
Same store investment properties (218 properties): | ||||||||||||||||
Rental income | $ | 104,686 | $ | 101,619 | $ | 208,724 | $ | 203,882 | ||||||||
Tenant recovery income | 23,702 | 22,677 | 49,471 | 44,644 | ||||||||||||
Other property income | 1,713 | 1,650 | 3,348 | 3,403 | ||||||||||||
Other investment properties: | ||||||||||||||||
Rental income | 11,401 | 4,562 | 22,597 | 9,112 | ||||||||||||
Tenant recovery income | 3,406 | 1,179 | 7,385 | 2,534 | ||||||||||||
Other property income | 203 | 32 | 350 | 84 | ||||||||||||
Operating expenses: | ||||||||||||||||
Same store investment properties (218 properties): | ||||||||||||||||
Property operating expenses | (18,359 | ) | (19,359 | ) | (40,005 | ) | (39,742 | ) | ||||||||
Real estate taxes | (16,794 | ) | (15,962 | ) | (32,891 | ) | (31,851 | ) | ||||||||
Other investment properties: | ||||||||||||||||
Property operating expenses | (2,992 | ) | (1,352 | ) | (6,965 | ) | (2,778 | ) | ||||||||
Real estate taxes | (2,273 | ) | (857 | ) | (4,590 | ) | (1,779 | ) | ||||||||
Net operating income from continuing operations: | ||||||||||||||||
Same store investment properties | 94,948 | 90,625 | 188,647 | 180,336 | ||||||||||||
Other investment properties | 9,745 | 3,564 | 18,777 | 7,173 | ||||||||||||
Total net operating income from continuing operations | 104,693 | 94,189 | 207,424 | 187,509 | ||||||||||||
Other income (expense): | ||||||||||||||||
Straight-line rental income, net | 1,161 | (222 | ) | 3,104 | (928 | ) | ||||||||||
Amortization of acquired above and below market lease intangibles, net | 230 | 172 | 339 | 389 | ||||||||||||
Amortization of lease inducements | (199 | ) | (35 | ) | (357 | ) | (64 | ) | ||||||||
Lease termination fees | 28 | 501 | 133 | 1,140 | ||||||||||||
Straight-line ground rent expense | (956 | ) | (760 | ) | (1,978 | ) | (1,534 | ) | ||||||||
Amortization of acquired ground lease intangible liability | 140 | — | 280 | — | ||||||||||||
Depreciation and amortization | (54,094 | ) | (59,596 | ) | (107,690 | ) | (110,604 | ) | ||||||||
Provision for impairment of investment properties | (5,400 | ) | — | (5,794 | ) | — | ||||||||||
Loss on lease terminations | (827 | ) | (381 | ) | (658 | ) | (592 | ) | ||||||||
General and administrative expenses | (7,362 | ) | (8,288 | ) | (15,812 | ) | (16,343 | ) | ||||||||
Gain on extinguishment of other liabilities | — | — | 4,258 | — | ||||||||||||
Equity in loss of unconsolidated joint ventures, net | (433 | ) | (461 | ) | (1,211 | ) | (862 | ) | ||||||||
Gain on change in control of investment properties | 24,158 | — | 24,158 | — | ||||||||||||
Interest expense | (31,873 | ) | (34,575 | ) | (63,736 | ) | (80,272 | ) | ||||||||
Other income, net | 250 | 2,085 | 677 | 3,161 | ||||||||||||
Total other expense | (75,177 | ) | (101,560 | ) | (164,287 | ) | (206,509 | ) | ||||||||
Income (loss) from continuing operations | 29,516 | (7,371 | ) | 43,137 | (19,000 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||
Income (loss), net | — | 22,928 | (148 | ) | 23,504 | |||||||||||
Gain on sales of investment properties | — | 21 | 655 | 4,930 | ||||||||||||
Income from discontinued operations | — | 22,949 | 507 | 28,434 | ||||||||||||
Gain on sales of investment properties | 527 | 393 | 527 | 4,657 | ||||||||||||
Net income | 30,043 | 15,971 | 44,171 | 14,091 | ||||||||||||
Net income attributable to the Company | 30,043 | 15,971 | 44,171 | 14,091 | ||||||||||||
Preferred stock dividends | (2,363 | ) | (2,363 | ) | (4,725 | ) | (4,725 | ) | ||||||||
Net income attributable to common shareholders | $ | 27,680 | $ | 13,608 | $ | 39,446 | $ | 9,366 |
Three Months Ended | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Net income attributable to common shareholders | $ | 27,680 | $ | 34,724 | ||||
Preferred stock dividends | 2,363 | 2,363 | ||||||
Interest expense | 31,873 | 34,440 | ||||||
Interest expense (discontinued operations) | — | 364 | ||||||
Depreciation and amortization | 54,094 | 58,155 | ||||||
Depreciation and amortization (discontinued operations) | — | 1,244 | ||||||
Gain on sales of investment properties | (527 | ) | — | |||||
Gain on sales of investment properties (discontinued operations) | — | (34,644 | ) | |||||
Gain on sale of joint venture interest | — | (17,499 | ) | |||||
Gain on change in control of investment properties | (24,158 | ) | (5,435 | ) | ||||
Gain on extinguishment of other liabilities (discontinued operations) | — | (3,511 | ) | |||||
Loss on lease terminations (a) | 967 | 1,979 | ||||||
Provision for impairment of investment properties | 5,400 | 32,303 | ||||||
Provision for impairment of investment properties (discontinued operations) | — | 590 | ||||||
Adjusted EBITDA | $ | 97,692 | $ | 105,073 | ||||
Annualized | $ | 390,768 | $ | 420,292 |
June 30, 2014 | December 31, 2013 | |||||||
Total consolidated debt | $ | 2,506,143 | $ | 2,306,068 | ||||
Less: consolidated cash and cash equivalents | (58,568 | ) | (58,190 | ) | ||||
Total net debt | $ | 2,447,575 | $ | 2,247,878 | ||||
Preferred stock | 135,000 | 135,000 | ||||||
Net debt and preferred stock | $ | 2,582,575 | $ | 2,382,878 | ||||
Net Debt to Adjusted EBITDA (b) | 6.3x | 5.3x | ||||||
Net Debt and Preferred Stock to Adjusted EBITDA (b) | 6.6x | 5.7x |
Per Share Guidance Range Full Year 2014 | ||||||||
Low | High | |||||||
Net income attributable to common shareholders | $ | 0.34 | $ | 0.37 | ||||
Depreciation and amortization | 0.92 | 0.92 | ||||||
Provision for impairment of investment properties | 0.02 | 0.02 | ||||||
Gain on sales of investment properties (d) | (0.26 | ) | (0.26 | ) | ||||
FFO | $ | 1.02 | $ | 1.05 | ||||
Impact on earnings from the early extinguishment of debt, net | 0.04 | 0.04 | ||||||
Provision for hedge ineffectiveness | — | — | ||||||
Gain on extinguishment of other liabilities | (0.02 | ) | (0.02 | ) | ||||
Other | — | — | ||||||
Operating FFO | $ | 1.04 | $ | 1.07 |
(a) | Loss on lease terminations in the EBITDA reconciliation above excludes the write-off of tenant-related above and below market lease intangibles and lease inducements that are otherwise included in "Loss on lease terminations" in the condensed consolidated statements of operations. |
(b) | For purposes of these ratio calculations, annualized three months ended figures were used. |
(c) | Includes amounts from discontinued operations and our pro rata share from our unconsolidated joint ventures. |
(d) | Includes the gain on change in control of investment properties of $0.10 recognized pursuant to the dissolution of our joint venture arrangement with our partner in our MS Inland unconsolidated joint venture on June 5, 2014. |
▪ | Operating Funds From Operations (Operating FFO) of $65.7 million, or $0.28 per share, compared to $60.6 million, or $0.26 per share, for the same period in 2013; |
▪ | Funds From Operations (FFO) of $63.8 million, or $0.27 per share, compared to $88.2 million, or $0.38 per share, for the same period in 2013; |
▪ | Net income attributable to common shareholders of $27.7 million, or $0.12 per share, compared to $13.6 million, or $0.06 per share, for the same period in 2013. |
▪ | Operating FFO of $128.7 million, or $0.55 per share, compared to $112.8 million, or $0.49 per share, for the same period in 2013; |
▪ | FFO of $129.5 million, or $0.55 per share, compared to $131.4 million, or $0.57 per share, for the same period in 2013; |
▪ | Net income attributable to common shareholders of $39.4 million, or $0.17 per share, compared to $9.4 million, or $0.04 per share, for the same period in 2013. |
▪ | 4.8% increase in total same store net operating income (NOI) over the comparable period in 2013, based on same store occupancy of 93.6% at June 30, 2014, up 30 basis points from 93.3% at March 31, 2014 and up 140 basis points from 92.2% at June 30, 2013; |
▪ | Total portfolio percent leased, including leases signed but not commenced: 94.8% at June 30, 2014, up 20 basis points from 94.6% at March 31, 2014 and up 140 basis points from 93.4% at June 30, 2013; |
▪ | Retail portfolio percent leased, including leases signed but not commenced: 94.5% at June 30, 2014, up 20 basis points from 94.3% at March 31, 2014 and up 150 basis points from 93.0% at June 30, 2013; |
▪ | 958,000 square feet of retail leasing transactions, including the Company’s pro rata share of unconsolidated joint ventures, comprised of 180 new and renewal leases; |
▪ | Positive comparable cash leasing spreads, including the Company’s pro rata share of unconsolidated joint ventures, of 6.0%. |
Per Share Guidance Range Full Year 2014 | ||||||||
Low | High | |||||||
Net income attributable to common shareholders | $ | 0.34 | $ | 0.37 | ||||
Depreciation and amortization | 0.92 | 0.92 | ||||||
Provision for impairment of investment properties | 0.02 | 0.02 | ||||||
Gain on sales of investment properties (b) | (0.26 | ) | (0.26 | ) | ||||
FFO | $ | 1.02 | $ | 1.05 | ||||
Impact on earnings from the early extinguishment of debt, net | 0.04 | 0.04 | ||||||
Provision for hedge ineffectiveness | — | — | ||||||
Gain on extinguishment of other liabilities | (0.02 | ) | (0.02 | ) | ||||
Other | — | — | ||||||
Operating FFO | $ | 1.04 | $ | 1.07 |
(a) | Includes amounts from discontinued operations and our pro rata share from our unconsolidated joint ventures. |
(b) | Includes the gain on change in control of investment properties of $0.10 recognized pursuant to the dissolution of our joint venture arrangement with our partner in our MS Inland unconsolidated joint venture on June 5, 2014. |
June 30, 2014 | December 31, 2013 | |||||||
Assets | ||||||||
Investment properties: | ||||||||
Land | $ | 1,261,506 | $ | 1,174,065 | ||||
Building and other improvements | 4,719,961 | 4,586,657 | ||||||
Developments in progress | 42,025 | 43,796 | ||||||
6,023,492 | 5,804,518 | |||||||
Less accumulated depreciation | (1,390,184 | ) | (1,330,474 | ) | ||||
Net investment properties | 4,633,308 | 4,474,044 | ||||||
Cash and cash equivalents | 58,568 | 58,190 | ||||||
Investment in unconsolidated joint ventures (a) | 7,319 | 15,776 | ||||||
Accounts and notes receivable (net of allowances of $7,456 and $8,197, respectively) | 79,857 | 80,818 | ||||||
Acquired lease intangible assets, net | 142,150 | 129,561 | ||||||
Assets associated with investment properties held for sale | 16,809 | 8,616 | ||||||
Other assets, net | 106,352 | 110,571 | ||||||
Total assets | $ | 5,044,363 | $ | 4,877,576 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Mortgages payable, net (includes unamortized premium of $5,480 and $1,175, respectively, and unamortized discount of $(725) and $(981), respectively) | $ | 1,736,668 | $ | 1,684,633 | ||||
Unsecured notes payable | 250,000 | — | ||||||
Unsecured term loan | 450,000 | 450,000 | ||||||
Unsecured revolving line of credit | 55,000 | 165,000 | ||||||
Accounts payable and accrued expenses | 50,968 | 54,457 | ||||||
Distributions payable | 39,187 | 39,138 | ||||||
Acquired lease intangible liabilities, net | 107,827 | 91,881 | ||||||
Liabilities associated with investment properties held for sale | 15,167 | 6,603 | ||||||
Other liabilities | 68,361 | 77,030 | ||||||
Total liabilities | 2,773,178 | 2,568,742 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Preferred stock, $0.001 par value, 10,000 shares authorized, 7.00% Series A cumulative redeemable preferred stock, 5,400 shares issued and outstanding at June 30, 2014 and December 31, 2013; liquidation preference $135,000 | 5 | 5 | ||||||
Class A common stock, $0.001 par value, 475,000 shares authorized, 236,600 and 236,302 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 237 | 236 | ||||||
Additional paid-in capital | 4,921,060 | 4,919,633 | ||||||
Accumulated distributions in excess of earnings | (2,650,718 | ) | (2,611,796 | ) | ||||
Accumulated other comprehensive loss | (893 | ) | (738 | ) | ||||
Total shareholders' equity | 2,269,691 | 2,307,340 | ||||||
Noncontrolling interests | 1,494 | 1,494 | ||||||
Total equity | 2,271,185 | 2,308,834 | ||||||
Total liabilities and equity | $ | 5,044,363 | $ | 4,877,576 |
(a) | As of June 30, 2014, balance represents our investment in Oak Property and Casualty, our captive insurance plan, which is not an investment property unconsolidated joint venture. |
2nd Quarter 2014 Supplemental Information | 1 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 117,279 | $ | 106,096 | $ | 234,407 | $ | 212,391 | ||||||||
Tenant recovery income | 27,108 | 23,856 | 56,856 | 47,178 | ||||||||||||
Other property income | 1,919 | 2,368 | 3,831 | 4,812 | ||||||||||||
Total revenues | 146,306 | 132,320 | 295,094 | 264,381 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating expenses | 22,142 | 21,656 | 48,668 | 44,239 | ||||||||||||
Real estate taxes | 19,067 | 16,819 | 37,481 | 33,630 | ||||||||||||
Depreciation and amortization | 54,094 | 59,596 | 107,690 | 110,604 | ||||||||||||
Provision for impairment of investment properties | 5,400 | — | 5,794 | — | ||||||||||||
Loss on lease terminations | 827 | 381 | 658 | 592 | ||||||||||||
General and administrative expenses | 7,362 | 8,288 | 15,812 | 16,343 | ||||||||||||
Total expenses | 108,892 | 106,740 | 216,103 | 205,408 | ||||||||||||
Operating income | 37,414 | 25,580 | 78,991 | 58,973 | ||||||||||||
Gain on extinguishment of other liabilities | — | — | 4,258 | — | ||||||||||||
Equity in loss of unconsolidated joint ventures, net (a) | (433 | ) | (461 | ) | (1,211 | ) | (862 | ) | ||||||||
Gain on change in control of investment properties | 24,158 | — | 24,158 | — | ||||||||||||
Interest expense | (31,873 | ) | (34,575 | ) | (63,736 | ) | (80,272 | ) | ||||||||
Other income, net | 250 | 2,085 | 677 | 3,161 | ||||||||||||
Income (loss) from continuing operations | 29,516 | (7,371 | ) | 43,137 | (19,000 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||
Income (loss), net | — | 22,928 | (148 | ) | 23,504 | |||||||||||
Gain on sales of investment properties | — | 21 | 655 | 4,930 | ||||||||||||
Income from discontinued operations | — | 22,949 | 507 | 28,434 | ||||||||||||
Gain on sales of investment properties | 527 | 393 | 527 | 4,657 | ||||||||||||
Net income | 30,043 | 15,971 | 44,171 | 14,091 | ||||||||||||
Net income attributable to the Company | 30,043 | 15,971 | 44,171 | 14,091 | ||||||||||||
Preferred stock dividends | (2,363 | ) | (2,363 | ) | (4,725 | ) | (4,725 | ) | ||||||||
Net income attributable to common shareholders | $ | 27,680 | $ | 13,608 | $ | 39,446 | $ | 9,366 | ||||||||
Earnings (loss) per common share - basic and diluted | ||||||||||||||||
Continuing operations | $ | 0.12 | $ | (0.04 | ) | $ | 0.17 | $ | (0.08 | ) | ||||||
Discontinued operations | — | 0.10 | — | 0.12 | ||||||||||||
Net income per common share attributable to common shareholders | $ | 0.12 | $ | 0.06 | $ | 0.17 | $ | 0.04 | ||||||||
Weighted average number of common shares outstanding - basic | 236,176 | 233,624 | 236,164 | 232,117 | ||||||||||||
Weighted average number of common shares outstanding - diluted | 236,179 | 233,624 | 236,166 | 232,117 |
(a) | Reported amounts include our (loss) income attributable to our ownership interests in our Oak Property and Casualty, MS Inland, RioCan and Hampton unconsolidated joint ventures. Except for Oak Property and Casualty, which is not an investment property unconsolidated joint venture, all of our unconsolidated joint venture arrangements were dissolved prior to June 30, 2014. |
2nd Quarter 2014 Supplemental Information | 2 |
FFO and Operating FFO (a) (b) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to common shareholders | $ | 27,680 | $ | 13,608 | $ | 39,446 | $ | 9,366 | ||||||||
Depreciation and amortization | 55,357 | 65,753 | 109,600 | 123,125 | ||||||||||||
Provision for impairment of investment properties | 5,400 | 9,238 | 5,794 | 9,462 | ||||||||||||
Gain on sales of investment properties (c) | (24,685 | ) | (414 | ) | (25,340 | ) | (10,564 | ) | ||||||||
FFO | $ | 63,752 | $ | 88,185 | $ | 129,500 | $ | 131,389 | ||||||||
FFO per common share outstanding | $ | 0.27 | $ | 0.38 | $ | 0.55 | $ | 0.57 | ||||||||
FFO | $ | 63,752 | $ | 88,185 | $ | 129,500 | $ | 131,389 | ||||||||
Impact on earnings from the early extinguishment of debt, net | 1,951 | (26,483 | ) | 3,631 | (19,150 | ) | ||||||||||
Joint venture investment impairment | — | 134 | — | 1,834 | ||||||||||||
Provision for hedge ineffectiveness | — | (1,085 | ) | (13 | ) | (932 | ) | |||||||||
Gain on extinguishment of other liabilities | — | — | (4,258 | ) | — | |||||||||||
Other | (11 | ) | (150 | ) | (126 | ) | (350 | ) | ||||||||
Operating FFO | $ | 65,692 | $ | 60,601 | $ | 128,734 | $ | 112,791 | ||||||||
Operating FFO per common share outstanding | $ | 0.28 | $ | 0.26 | $ | 0.55 | $ | 0.49 | ||||||||
Weighted average number of common shares outstanding - basic | 236,176 | 233,624 | 236,164 | 232,117 | ||||||||||||
Dividends declared per common share | $ | 0.165625 | $ | 0.165625 | $ | 0.33125 | $ | 0.33125 | ||||||||
Additional Information | ||||||||||||||||
Lease-related expenditures (d) | ||||||||||||||||
Same store | $ | 10,289 | $ | 7,923 | $ | 17,570 | $ | 17,291 | ||||||||
Other investment properties | $ | 395 | $ | 328 | $ | 1,405 | $ | 566 | ||||||||
Discontinued operations | $ | — | $ | 2,785 | $ | — | $ | 4,423 | ||||||||
Pro rata share of unconsolidated joint ventures | $ | 12 | $ | 71 | $ | 34 | $ | 179 | ||||||||
Capital expenditures (e) | ||||||||||||||||
Same store | $ | 2,962 | $ | 1,799 | $ | 6,408 | $ | 4,932 | ||||||||
Other investment properties | $ | 119 | $ | 3 | $ | 211 | $ | 108 | ||||||||
Discontinued operations | $ | — | $ | 85 | $ | 6 | $ | 295 | ||||||||
Pro rata share of unconsolidated joint ventures | $ | 24 | $ | 4 | $ | 28 | $ | 31 | ||||||||
Straight-line rental income, net (b) | $ | 1,162 | $ | (264 | ) | $ | 3,113 | $ | (849 | ) | ||||||
Amortization of above and below market lease intangibles and lease inducements (b) (f) | $ | 169 | $ | 203 | $ | 550 | $ | 502 | ||||||||
Non-cash ground rent expense (b) (g) | $ | 816 | $ | 894 | $ | 1,698 | $ | 1,801 |
(a) | Refer to page 21 for definitions of FFO and Operating FFO. |
(b) | Includes amounts from discontinued operations and our pro rata share from our unconsolidated joint ventures. |
(c) | Includes the gain on change in control of investment properties of $24,158 recognized pursuant to the dissolution of our joint venture arrangement with our partner in our MS Inland unconsolidated joint venture on June 5, 2014. |
(d) | Consists of payments for tenant improvements, lease commissions and lease inducements and excludes developments in progress. |
(e) | Consists of payments for building, site and other improvements and excludes developments in progress. |
(f) | Amortization of above and below market lease intangibles and lease inducements in the table above includes the write-off of tenant-related above and below market lease intangibles and lease inducements that are presented within "Loss on lease terminations." For the three months ended June 30, 2014 and 2013, the balances were $140 and $96, respectively. For the six months ended June 30, 2014 and 2013, the balances were $578 and $252, respectively. |
(g) | Includes amortization of acquired ground lease intangibles. |
2nd Quarter 2014 Supplemental Information | 3 |
Supplemental Balance Sheet Detail | June 30, 2014 | December 31, 2013 | ||||||
Accounts and Notes Receivable | ||||||||
Accounts and notes receivable (net of allowances of $6,653 and $6,549, respectively) | $ | 27,539 | $ | 31,096 | ||||
Straight-line receivables (net of allowances of $803 and $1,648, respectively) | 52,318 | 49,722 | ||||||
Total | $ | 79,857 | $ | 80,818 | ||||
Other Assets, net | ||||||||
Deferred costs, net | $ | 49,409 | $ | 48,790 | ||||
Restricted cash and escrows | 40,853 | 40,198 | ||||||
Other assets, net | 16,090 | 21,583 | ||||||
Total | $ | 106,352 | $ | 110,571 | ||||
Other Liabilities | ||||||||
Unearned income | $ | 16,243 | $ | 24,633 | ||||
Straight-line ground rent liability | 29,640 | 31,920 | ||||||
Fair value of derivatives | 892 | 751 | ||||||
Other liabilities | 21,586 | 19,726 | ||||||
Total | $ | 68,361 | $ | 77,030 | ||||
Developments in Progress | ||||||||
Active developments | $ | 2,552 | $ | 4,321 | ||||
Property available for future development | 39,473 | 39,475 | ||||||
Total | $ | 42,025 | $ | 43,796 |
Supplemental Statements of Operations Detail | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Rental Income | ||||||||||||||||
Base rent | $ | 114,795 | $ | 105,476 | $ | 228,368 | $ | 210,117 | ||||||||
Percentage and specialty rent | 1,292 | 705 | 2,953 | 2,877 | ||||||||||||
Straight-line rent | 1,161 | (222 | ) | 3,104 | (928 | ) | ||||||||||
Amortization of above and below market lease intangibles and lease inducements | 31 | 137 | (18 | ) | 325 | |||||||||||
Total | $ | 117,279 | $ | 106,096 | $ | 234,407 | $ | 212,391 | ||||||||
Other Property Income | ||||||||||||||||
Lease termination income | $ | 3 | $ | 686 | $ | 133 | $ | 1,325 | ||||||||
Other property income | 1,916 | 1,682 | 3,698 | 3,487 | ||||||||||||
Total | $ | 1,919 | $ | 2,368 | $ | 3,831 | $ | 4,812 | ||||||||
Loss (Gain) on Lease Terminations | ||||||||||||||||
Write-off of tenant-related tenant improvements and in-place lease intangibles | $ | 967 | $ | 479 | $ | 1,200 | $ | 831 | ||||||||
Write-off of tenant-related above and below market lease intangibles and lease inducements | (140 | ) | (98 | ) | (542 | ) | (239 | ) | ||||||||
Total | $ | 827 | $ | 381 | $ | 658 | $ | 592 | ||||||||
Bad Debt Expense | $ | 341 | $ | 537 | $ | 857 | $ | 1,050 | ||||||||
Non-Cash Ground Rent Expense (a) | $ | 816 | $ | 760 | $ | 1,698 | $ | 1,534 | ||||||||
Management Fee Income from Joint Ventures (b) | $ | 127 | $ | 732 | $ | 338 | $ | 1,544 | ||||||||
Acquisition Costs (c) | $ | 238 | $ | — | $ | 336 | $ | 10 | ||||||||
Capitalized Interest | $ | — | $ | — | $ | — | $ | — |
(a) | Includes amortization of acquired ground lease intangibles. |
(b) | Included in "Other income, net" in the condensed consolidated statements of operations. |
(c) | Included in "General and administrative expenses" in the condensed consolidated statements of operations. |
2nd Quarter 2014 Supplemental Information | 4 |
Same store portfolio (a) | |||||||||
June 30, | |||||||||
2014 | 2013 | Change | |||||||
Occupancy | 93.6 | % | 92.2 | % | 1.4 | % | |||
Percent leased (b) | 94.8 | % | 94.1 | % | 0.7 | % | |||
Same store NOI (c) | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||
Operating revenues | ||||||||||||||||||||||
Rental income | $ | 104,686 | $ | 101,619 | $ | 208,724 | $ | 203,882 | ||||||||||||||
Tenant recovery income | 23,702 | 22,677 | 49,471 | 44,644 | ||||||||||||||||||
Other property income | 1,713 | 1,650 | 3,348 | 3,403 | ||||||||||||||||||
130,101 | 125,946 | 261,543 | 251,929 | |||||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Property operating expenses | 17,999 | 18,809 | 39,355 | 38,582 | ||||||||||||||||||
Bad debt expense | 360 | 550 | 650 | 1,160 | ||||||||||||||||||
Real estate taxes | 16,794 | 15,962 | 32,891 | 31,851 | ||||||||||||||||||
35,153 | 35,321 | 72,896 | 71,593 | |||||||||||||||||||
Same store NOI | $ | 94,948 | $ | 90,625 | 4.8 | % | $ | 188,647 | $ | 180,336 | 4.6 | % | ||||||||||
NOI from Other Investment Properties | 9,745 | 3,564 | 18,777 | 7,173 | ||||||||||||||||||
Total NOI from Continuing Operations | $ | 104,693 | $ | 94,189 | 11.2 | % | $ | 207,424 | $ | 187,509 | 10.6 | % | ||||||||||
Combined NOI from Continuing Operations (d) | $ | 105,365 | $ | 97,522 | $ | 209,079 | $ | 194,054 | ||||||||||||||
Combined NOI (Net Operating Loss) from Discontinued Operations (d) | $ | — | $ | 5,321 | $ | (81 | ) | $ | 11,153 |
(a) | Consists of 218 properties and excludes properties acquired during 2013 and 2014, our development properties, an anticipated redevelopment property, four investment properties sold or classified as held for sale during 2014 that did not qualify for discontinued operations treatment and the historical ground rent expense related to an existing same store property that was subject to a ground lease with a third party prior to our acquisition of the fee interest during 2014. |
(b) | Includes leases signed but not commenced. |
(c) | NOI is defined as operating revenues (rental income, tenant recovery income and other property income, excluding straight-line rental income, amortization of lease inducements, amortization of acquired above and below market lease intangibles and lease termination fee income) less property operating expenses (real estate tax expense and property operating expense, excluding straight-line ground rent expense, amortization of acquired ground lease intangible liability, straight-line bad debt expense and lease termination fee expense). Refer to pages 21 - 25 for definitions and reconciliations of non-GAAP financial measures. |
(d) | Combined data includes our pro rata share of unconsolidated joint ventures in addition to our wholly-owned and consolidated portfolio. |
2nd Quarter 2014 Supplemental Information | 5 |
Capitalization Data | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Equity Capitalization | ||||||||
Common stock shares outstanding | 236,600 | 236,302 | ||||||
Common share price | $ | 15.38 | $ | 12.72 | ||||
3,638,908 | 3,005,761 | |||||||
Series A preferred stock | 135,000 | 135,000 | ||||||
Total equity capitalization | $ | 3,773,908 | $ | 3,140,761 | ||||
Debt Capitalization | ||||||||
Mortgages payable | $ | 1,731,913 | $ | 1,684,439 | ||||
Mortgages payable associated with investment properties held for sale | 14,475 | 6,435 | ||||||
Premium, net of accumulated amortization | 5,480 | 1,175 | ||||||
Discount, net of accumulated amortization | (725 | ) | (981 | ) | ||||
Total mortgage debt, net | 1,751,143 | 1,691,068 | ||||||
Unsecured notes payable | 250,000 | — | ||||||
Unsecured term loan | 450,000 | 450,000 | ||||||
Unsecured revolving line of credit | 55,000 | 165,000 | ||||||
Total consolidated debt capitalization | 2,506,143 | 2,306,068 | ||||||
Pro rata share of our investment property unconsolidated joint ventures' total debt | — | 28,507 | ||||||
Combined debt capitalization | 2,506,143 | 2,334,575 | ||||||
Total capitalization at end of period | $ | 6,280,051 | $ | 5,475,336 |
Reconciliation of Debt to Total Net Debt and Combined Net Debt | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Total consolidated debt | $ | 2,506,143 | $ | 2,306,068 | ||||
Less: consolidated cash and cash equivalents | (58,568 | ) | (58,190 | ) | ||||
Net debt | $ | 2,447,575 | $ | 2,247,878 | ||||
Adjusted EBITDA (a) (b) | $ | 390,768 | $ | 420,292 | ||||
Net Debt to Adjusted EBITDA | 6.3x | 5.3x | ||||||
Net Debt and Preferred Stock to Adjusted EBITDA | 6.6x | 5.7x | ||||||
Net debt | $ | 2,447,575 | $ | 2,247,878 | ||||
Add: pro rata share of our investment property unconsolidated joint ventures' total debt | — | 28,507 | ||||||
Less: pro rata share of our investment property unconsolidated joint ventures' cash and cash equivalents | — | (1,316 | ) | |||||
Combined net debt | $ | 2,447,575 | $ | 2,275,069 | ||||
Combined Adjusted EBITDA (a) (b) | $ | 392,960 | $ | 423,368 | ||||
Combined Net Debt to Combined Adjusted EBITDA | 6.2x | 5.4x | ||||||
Combined Net Debt and Preferred Stock to Combined Adjusted EBITDA | 6.6x | 5.7x |
(a) | For purposes of these ratio calculations, annualized three months ended figures were used. |
(b) | Refer to pages 21 - 25 for definitions and reconciliations of non-GAAP financial measures. |
2nd Quarter 2014 Supplemental Information | 6 |
Covenant | June 30, 2014 | |||
Leverage ratio | < 60.0% | (b) | 40.75 | % |
Fixed charge coverage ratio | > 1.50x | 2.46x | ||
Secured indebtedness as a percentage of Total Asset Value | < 45.0% | (b) | 28.29 | % |
Unencumbered asset pool covenants: | ||||
Leverage ratio | < 60.0% | (b) | 28.97 | % |
Unencumbered interest coverage ratio | > 1.75x | 11.21x |
(a) | For a complete listing of all covenants related to our unsecured credit facility (comprised of the unsecured term loan and unsecured revolving line of credit) as well as covenant definitions, refer to the Third Amended and Restated Credit Agreement filed as Exhibit 10.1 to our Current Report on Form 8-K, dated May 13, 2013. |
(b) | Based upon a capitalization rate of 7.25%. |
2nd Quarter 2014 Supplemental Information | 7 |
Balance | Weighted Average (WA) Interest Rate | WA Years to Maturity | |||||||
Fixed rate mortgages payable (a) | $ | 1,717,649 | 6.05 | % | 4.5 years | ||||
Variable rate construction loan | 14,264 | 2.44 | % | 0.3 years | |||||
Total mortgages payable | 1,731,913 | 6.02 | % | 4.4 years | |||||
Unsecured notes payable: | |||||||||
Series A senior notes | 100,000 | 4.12 | % | 7.0 years | |||||
Series B senior notes | 150,000 | 4.58 | % | 10.0 years | |||||
Total unsecured notes payable | 250,000 | 4.40 | % | 8.8 years | |||||
Unsecured credit facility: | |||||||||
Fixed rate portion of term loan (b) | 300,000 | 1.99 | % | 3.9 years | |||||
Variable rate portion of term loan | 150,000 | 1.61 | % | 3.9 years | |||||
Variable rate revolving line of credit | 55,000 | 1.66 | % | 2.9 years | |||||
Total unsecured credit facility | 505,000 | 1.84 | % | 3.8 years | |||||
Total consolidated indebtedness | $ | 2,486,913 | 5.01 | % | (c) | 4.7 years |
Consolidated Debt Maturity Schedule as of June 30, 2014 | |||||||||||||||||||||||||
Year | Fixed Rate (a) | WA Rates on Fixed Debt | Variable Rate | WA Rates on Variable Debt | Total | % of Total | WA Rates on Total Debt | ||||||||||||||||||
2014 | $ | 9,649 | 6.22 | % | $ | 14,264 | 2.44 | % | $ | 23,913 | 1.0 | % | 3.96 | % | |||||||||||
2015 | 443,372 | 5.68 | % | — | — | 443,372 | 17.8 | % | 5.68 | % | |||||||||||||||
2016 | 68,263 | 5.07 | % | — | — | 68,263 | 2.8 | % | 5.07 | % | |||||||||||||||
2017 | 321,692 | 5.53 | % | 55,000 | 1.66 | % | 376,692 | 15.2 | % | 4.97 | % | ||||||||||||||
2018 | 313,019 | 2.19 | % | 150,000 | 1.61 | % | 463,019 | 18.6 | % | 2.00 | % | ||||||||||||||
2019 | 515,491 | 7.50 | % | — | — | 515,491 | 20.7 | % | 7.50 | % | |||||||||||||||
2020 | 23,121 | 7.48 | % | — | — | 23,121 | 0.9 | % | 7.48 | % | |||||||||||||||
2021 | 122,781 | 4.28 | % | — | — | 122,781 | 4.9 | % | 4.28 | % | |||||||||||||||
2022 | 216,678 | 4.88 | % | — | — | 216,678 | 8.7 | % | 4.88 | % | |||||||||||||||
2023 | 31,276 | 4.18 | % | — | — | 31,276 | 1.3 | % | 4.18 | % | |||||||||||||||
Thereafter | 202,307 | 4.65 | % | — | — | 202,307 | 8.1 | % | 4.65 | % | |||||||||||||||
Total | $ | 2,267,649 | 5.33 | % | $ | 219,264 | 1.68 | % | $ | 2,486,913 | 100.0 | % | 5.01 | % | (c) |
(a) | Includes scheduled principal amortization payments. Excludes mortgage premium of $5,480 and discount of $(725), net of accumulated amortization, that was outstanding as of June 30, 2014 and a mortgage payable of $14,475 associated with one investment property classified as held for sale as of June 30, 2014. The interest rate on this property was 4.82% and the loan matures on March 1, 2022. |
(b) | $300,000 of the term loan has been swapped to a fixed rate of 0.54% plus a margin based on a leverage grid ranging from 1.45% to 2.00% through February 24, 2016. The applicable margin was 1.45% as of June 30, 2014. |
(c) | Interest rates presented exclude the impact of the premium, discount and capitalized loan fee amortization. As of June 30, 2014, our overall weighted average interest rate for consolidated debt including the impact of premium, discount and capitalized loan fee amortization was 5.14%. |
2nd Quarter 2014 Supplemental Information | 8 |
Property Name | Maturity Date | Interest Rate (a) | Interest Rate Type | Secured or Unsecured | Balance as of 6/30/2014 | ||||||||
Consolidated Indebtedness | |||||||||||||
Green Valley Crossing | 11/02/14 | 2.44% | (b) | Variable | Secured | $ | 14,264 | ||||||
Crossroads Plaza | 01/01/15 | 5.44% | Fixed | Secured | 4,229 | (c) | |||||||
Pool #2 (7 properties) | 03/01/15 | 6.39% | Fixed | Secured | 18,657 | ||||||||
Bison Hollow | 04/01/15 | 6.39% | Fixed | Secured | 7,461 | ||||||||
Four Peaks Plaza | 04/01/15 | 6.39% | Fixed | Secured | 9,735 | ||||||||
Grapevine Crossing | 04/01/15 | 6.39% | Fixed | Secured | 11,225 | ||||||||
Pool #3 (3 properties) | 04/01/15 | 6.39% | Fixed | Secured | 6,985 | ||||||||
Pool #4 (6 properties) | 04/01/15 | 6.39% | Fixed | Secured | 10,963 | ||||||||
Pool #5 (4 properties) | 04/01/15 | 6.24% | Fixed | Secured | 45,198 | (c) | |||||||
New Forest Crossing | 04/01/15 | 6.39% | Fixed | Secured | 8,907 | ||||||||
Vail Ranch Plaza | 04/01/15 | 6.39% | Fixed | Secured | 10,792 | ||||||||
Ashland & Roosevelt | 09/01/15 | 6.39% | Fixed | Secured | 7,966 | ||||||||
Montecito Crossing | 09/01/15 | 5.90% | Fixed | Secured | 16,736 | ||||||||
Huebner Oaks Center | 09/05/15 | 5.75% | Fixed | Secured | 36,961 | ||||||||
John's Creek Village | 10/01/15 | 5.17% | Fixed | Secured | 21,299 | ||||||||
Pool #7 (3 properties) | 11/01/15 | 6.39% | Fixed | Secured | 22,009 | ||||||||
The Orchard | 11/01/15 | 6.39% | Fixed | Secured | 11,748 | ||||||||
Jefferson Commons | 12/01/15 | 5.14% | Fixed | Secured | 56,500 | ||||||||
King Philip's Crossing | 12/01/15 | 6.39% | Fixed | Secured | 10,370 | ||||||||
Rite Aid (Eckerds) portfolio (22 properties) | 12/11/15 | 4.91% | Fixed | Secured | 53,106 | ||||||||
New York Life portfolio (3 properties) | 12/31/15 | 4.75% | Fixed | Secured | 59,857 | ||||||||
HQ Building | 01/01/16 | 6.39% | Fixed | Secured | 9,130 | ||||||||
Cypress Mill Plaza | 02/01/16 | 4.26% | Fixed | Secured | 8,393 | ||||||||
MacArthur Crossing | 07/01/16 | 7.30% | Fixed | Secured | 6,876 | ||||||||
Heritage Towne Crossing | 09/30/16 | 4.52% | Fixed | Secured | 8,230 | ||||||||
Oswego Commons | 12/01/16 | 3.35% | Fixed | Secured | 21,000 | ||||||||
The Gateway | 04/01/17 | 6.57% | Fixed | Secured | 96,506 | ||||||||
Southlake Grand Ave. | 04/01/17 | 3.50% | Fixed | Secured | 57,555 | ||||||||
Southlake Town Square | 04/01/17 | 6.25% | Fixed | Secured | 85,247 | ||||||||
Central Texas Marketplace | 04/11/17 | 5.46% | Fixed | Secured | 45,386 | ||||||||
Coppell Town Center | 05/01/17 | 3.53% | Fixed | Secured | 10,730 | ||||||||
Lincoln Park | 12/01/17 | 4.05% | Fixed | Secured | 26,271 | ||||||||
Corwest Plaza | 04/01/19 | 7.25% | Fixed | Secured | 14,594 | ||||||||
Dorman Center | 04/01/19 | 7.70% | Fixed | Secured | 20,716 | ||||||||
Shops at Park Place | 05/01/19 | 7.48% | Fixed | Secured | 7,843 | ||||||||
Shoppes of New Hope | 06/01/19 | 7.75% | Fixed | Secured | 3,588 | ||||||||
Village Shoppes at Simonton | 06/01/19 | 7.75% | Fixed | Secured | 3,312 | ||||||||
Plaza at Marysville | 09/01/19 | 8.00% | Fixed | Secured | 9,088 | ||||||||
Forks Town Center | 10/01/19 | 7.70% | Fixed | Secured | 8,305 | ||||||||
IW JV 2009 portfolio (55 properties) | 12/01/19 | 7.50% | Fixed | Secured | 478,974 | ||||||||
Eastwood Towne Center | 05/01/20 | 8.00% | Fixed | Secured | 22,074 | ||||||||
Sawyer Heights Village | 07/01/21 | 5.00% | Fixed | Secured | 18,700 | ||||||||
Ashland & Roosevelt (bank pad) | 02/25/22 | 7.48% | Fixed | Secured | 1,279 | ||||||||
Commons at Temecula | 03/01/22 | 4.74% | Fixed | Secured | 25,665 | ||||||||
Gardiner Manor Mall | 03/01/22 | 4.95% | Fixed | Secured | 36,167 | ||||||||
Peoria Crossings | 04/01/22 | 4.82% | Fixed | Secured | 24,131 | ||||||||
Southlake Corners | 04/01/22 | 4.89% | Fixed | Secured | 20,945 | ||||||||
Tollgate Marketplace | 04/01/22 | 4.84% | Fixed | Secured | 35,000 | ||||||||
Town Square Plaza | 04/01/22 | 4.82% | Fixed | Secured | 16,815 | ||||||||
Village Shoppes at Gainesville | 04/01/22 | 4.25% | Fixed | Secured | 20,000 | ||||||||
Reisterstown Road Plaza | 07/01/22 | 5.25% | Fixed | Secured | 46,250 | ||||||||
Gateway Village | 01/01/23 | 4.14% | Fixed | Secured | 36,703 | ||||||||
Greensburg Commons | 03/01/26 | 4.83% | Fixed | Secured | 10,250 | ||||||||
Home Depot Plaza | 12/01/26 | 4.82% | Fixed | Secured | 10,750 | ||||||||
Northgate North | 06/01/27 | 4.50% | Fixed | Secured | 27,500 | ||||||||
The Market at Clifty Crossing | 11/01/34 | 5.77% | Fixed | Secured | 12,972 | (c) | |||||||
Total mortgages payable | $ | 1,731,913 | |||||||||||
2nd Quarter 2014 Supplemental Information | 9 |
Property Name | Maturity Date | Interest Rate (a) | Interest Rate Type | Secured or Unsecured | Balance as of 6/30/2014 | ||||||||
Series A senior notes | 06/30/21 | 4.12% | Fixed | Unsecured | $ | 100,000 | |||||||
Series B senior notes | 06/30/24 | 4.58% | Fixed | Unsecured | 150,000 | ||||||||
Total unsecured notes payable | 250,000 | ||||||||||||
Term loan | 05/11/18 | 1.99% | (d) | Fixed | Unsecured | 300,000 | |||||||
Term loan | 05/11/18 | 1.61% | Variable | Unsecured | 150,000 | ||||||||
Revolving line of credit | 05/12/17 | 1.66% | Variable | Unsecured | 55,000 | ||||||||
Total unsecured credit facility | 505,000 | ||||||||||||
Mortgage premium | 5,480 | ||||||||||||
Mortgage discount | (725 | ) | |||||||||||
Total consolidated indebtedness | $ | 2,491,668 | |||||||||||
(a) | Interest rates presented exclude the impact of the premium, discount and capitalized loan fee amortization. As of June 30, 2014, our overall weighted average interest rate for consolidated debt including the impact of premium, discount and capitalized loan fee amortization was 5.14%. |
(b) | The loan balance bears interest at a floating rate of LIBOR + 2.25%. |
(c) | These mortgages were paid off subsequent to June 30, 2014. |
(d) | $300,000 of the term loan has been swapped to a fixed rate of 0.54% plus a margin based on a leverage grid ranging from 1.45% to 2.00% through February 24, 2016. The applicable margin was 1.45% as of June 30, 2014. |
2nd Quarter 2014 Supplemental Information | 10 |
Gross (at 100%) | Pro Rata Share | |||||||||||||||||||||||||||
Property Name | Acquisition Date | Joint Venture | Property Type | Gross Leasable Area (GLA) | Purchase Price | Mortgage Debt | GLA | Purchase Price | Mortgage Debt | |||||||||||||||||||
Acquisitions: | ||||||||||||||||||||||||||||
Third party | ||||||||||||||||||||||||||||
Heritage Square | February 27, 2014 | n/a | Multi-tenant retail | 53,100 | $ | 18,022 | $ | — | 53,100 | $ | 18,022 | $ | — | |||||||||||||||
Bed Bath & Beyond Plaza (a) | February 27, 2014 | n/a | Ground lease interest (a) | — | 10,350 | — | — | 10,350 | — | |||||||||||||||||||
Southlake Town Square - Del Frisco's Grille (b) | June 23, 2014 | n/a | Single-user outparcel (b) | 8,500 | 6,369 | — | 8,500 | 6,369 | — | |||||||||||||||||||
61,600 | 34,741 | — | 61,600 | 34,741 | — | |||||||||||||||||||||||
Acquisition of our partner's interest (c) | ||||||||||||||||||||||||||||
Commons at Royal Palm | June 5, 2014 | (c) | Multi-tenant retail | 158,300 | 15,500 | — | 126,600 | 12,400 | — | |||||||||||||||||||
Gardiner Manor Mall | June 5, 2014 | (c) | Multi-tenant retail | 220,700 | 70,250 | 36,167 | 176,600 | 56,200 | 28,933 | |||||||||||||||||||
Huebner Oaks Center | June 5, 2014 | (c) | Multi-tenant retail | 287,200 | 85,500 | 36,961 | 229,800 | 68,400 | 29,569 | |||||||||||||||||||
John's Creek Village | June 5, 2014 | (c) | Multi-tenant retail | 192,200 | 41,000 | 21,299 | 153,800 | 32,800 | 17,039 | |||||||||||||||||||
Lincoln Park | June 5, 2014 | (c) | Multi-tenant retail | 148,800 | 54,750 | 26,271 | 119,000 | 43,800 | 21,017 | |||||||||||||||||||
Oswego Commons | June 5, 2014 | (c) | Multi-tenant retail | 187,600 | 25,500 | 21,000 | 150,100 | 20,400 | 16,800 | |||||||||||||||||||
1,194,800 | 292,500 | 141,698 | 955,900 | 234,000 | 113,358 | |||||||||||||||||||||||
Total acquisitions | 1,256,400 | $ | 327,241 | $ | 141,698 | 1,017,500 | $ | 268,741 | $ | 113,358 | ||||||||||||||||||
Gross (at 100%) | Pro Rata Share | |||||||||||||||||||||||||||
Property Name | Disposition Date | Joint Venture | Property Type | GLA | Consideration | Mortgage Debt | GLA | Consideration | Mortgage Debt | |||||||||||||||||||
Dispositions (d): | ||||||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
Riverpark Phase IIA | March 11, 2014 | n/a | Single-user retail | 64,300 | $ | 9,269 | $ | — | 64,300 | $ | 9,269 | $ | — | |||||||||||||||
Midtown Center | April 1, 2014 | n/a | Multi-tenant retail | 408,500 | 47,150 | — | 408,500 | 47,150 | — | |||||||||||||||||||
Beachway Plaza & Cornerstone Plaza (e) | May 16, 2014 | n/a | Multi-tenant retail | 189,600 | 24,450 | — | 189,600 | 24,450 | — | |||||||||||||||||||
Total dispositions | 662,400 | $ | 80,869 | $ | — | 662,400 | $ | 80,869 | $ | — | ||||||||||||||||||
(a) | We acquired the fee interest in an existing consolidated multi-tenant retail operating property, which was previously subject to a ground lease with a third party. As a result, the total number of properties in our portfolio was not affected. |
(b) | We acquired an outparcel at an existing consolidated multi-tenant retail operating property. As a result, the total number of properties in our portfolio was not affected. |
(c) | On June 5, 2014, we dissolved our joint venture arrangement with our partner in MS Inland Fund, LLC and acquired their 80% ownership interest in the six multi-tenant retail properties owned by the joint venture. The purchase price at 100% above represents the agreed upon value of the properties and the purchase price at pro rata share above represents the price paid to acquire our partner's 80% interest in the properties. |
(d) | We elected to early adopt a new accounting pronouncement related to discontinued operations treatment effective January 1, 2014. As a result, the investment properties that were sold or held for sale during 2014, except for Riverpark Phase IIA, which qualified for discontinued operations treatment under the previous standard, did not qualify for discontinued operations and, as such, are reflected in continuing operations in the condensed consolidated statements of operations. |
(e) | The terms of the sale of Beachway Plaza and Cornerstone Plaza were negotiated as a single transaction. |
2nd Quarter 2014 Supplemental Information | 11 |
Total Operating Portfolio (a): | ||||||||||||||||||||||||||
Property Type/Region | Number of Properties | GLA | % of Total GLA (b) | Occupancy | % Leased Including Signed | Annualized Base Rent (ABR) | % of Total ABR (b) | ABR per Occupied Sq. Ft. | ||||||||||||||||||
Retail: | ||||||||||||||||||||||||||
North | 78 | 9,767 | 30.7 | % | 94.5 | % | 96.1 | % | $ | 142,109 | 31.6 | % | $ | 15.40 | ||||||||||||
East | 63 | 8,504 | 26.7 | % | 94.6 | % | 96.0 | % | 108,421 | 24.1 | % | 13.48 | ||||||||||||||
West | 29 | 5,854 | 18.4 | % | 90.7 | % | 92.1 | % | 81,126 | 18.0 | % | 15.28 | ||||||||||||||
South | 54 | 7,703 | 24.2 | % | 91.7 | % | 92.5 | % | 118,372 | 26.3 | % | 16.76 | ||||||||||||||
Total - Retail | 224 | 31,828 | 100.0 | % | 93.2 | % | 94.5 | % | 450,028 | 100.0 | % | 15.17 | ||||||||||||||
Other: | ||||||||||||||||||||||||||
Office | 8 | 1,660 | 100.0 | % | 100.0 | % | 19,870 | 11.97 | ||||||||||||||||||
Industrial | 1 | 159 | 100.0 | % | 100.0 | % | 1,026 | 6.45 | ||||||||||||||||||
Total - Other | 9 | 1,819 | 100.0 | % | 100.0 | % | 20,896 | 11.49 | ||||||||||||||||||
Total Operating Portfolio | 233 | 33,647 | 93.5 | % | 94.8 | % | $ | 470,924 | $ | 14.97 |
(a) | Excludes one consolidated multi-tenant retail property classified as held for sale as of June 30, 2014. |
(b) | Percentages are only provided for our retail operating portfolio. |
2nd Quarter 2014 Supplemental Information | 12 |
Total Operating Portfolio (a): | ||||||||||||||||||||||||||
Property Type/Region | Number of Properties | GLA | % of Total GLA (b) | Occupancy | % Leased Including Signed | ABR | % of Total ABR (b) | ABR per Occupied Sq. Ft. | ||||||||||||||||||
Retail | ||||||||||||||||||||||||||
North | ||||||||||||||||||||||||||
Connecticut | 5 | 449 | 1.4 | % | 100.0 | % | 100.0 | % | $ | 7,540 | 1.7 | % | $ | 16.79 | ||||||||||||
Indiana | 4 | 653 | 2.1 | % | 97.3 | % | 97.9 | % | 6,199 | 1.4 | % | 9.76 | ||||||||||||||
Maine | 1 | 190 | 0.6 | % | 94.9 | % | 94.9 | % | 1,477 | 0.4 | % | 8.19 | ||||||||||||||
Maryland | 8 | 2,300 | 7.2 | % | 92.1 | % | 92.6 | % | 32,426 | 7.2 | % | 15.31 | ||||||||||||||
Massachusetts | 4 | 763 | 2.4 | % | 98.4 | % | 98.4 | % | 8,716 | 1.9 | % | 11.61 | ||||||||||||||
Michigan | 2 | 467 | 1.5 | % | 95.4 | % | 96.7 | % | 8,125 | 1.8 | % | 18.24 | ||||||||||||||
New Jersey | 2 | 265 | 0.8 | % | 93.3 | % | 96.9 | % | 2,528 | 0.6 | % | 10.22 | ||||||||||||||
New York | 33 | 2,179 | 6.8 | % | 98.4 | % | 98.4 | % | 44,478 | 9.9 | % | 20.74 | ||||||||||||||
Ohio | 3 | 408 | 1.3 | % | 79.3 | % | 91.9 | % | 2,452 | 0.5 | % | 7.58 | ||||||||||||||
Pennsylvania | 12 | 1,335 | 4.2 | % | 93.7 | % | 97.7 | % | 16,789 | 3.7 | % | 13.42 | ||||||||||||||
Rhode Island | 3 | 271 | 0.9 | % | 90.1 | % | 90.1 | % | 3,620 | 0.8 | % | 14.83 | ||||||||||||||
Vermont | 1 | 487 | 1.5 | % | 91.3 | % | 94.1 | % | 7,759 | 1.7 | % | 17.45 | ||||||||||||||
Subtotal - North | 78 | 9,767 | 30.7 | % | 94.5 | % | 96.1 | % | 142,109 | 31.6 | % | 15.40 | ||||||||||||||
East | ||||||||||||||||||||||||||
Alabama | 6 | 372 | 1.2 | % | 97.2 | % | 98.3 | % | 4,760 | 1.1 | % | 13.16 | ||||||||||||||
Florida | 11 | 1,385 | 4.4 | % | 91.7 | % | 96.1 | % | 19,174 | 4.2 | % | 15.10 | ||||||||||||||
Georgia | 12 | 1,921 | 6.0 | % | 93.9 | % | 95.8 | % | 22,595 | 5.0 | % | 12.53 | ||||||||||||||
Illinois | 6 | 963 | 3.0 | % | 95.5 | % | 95.5 | % | 16,456 | 3.7 | % | 17.89 | ||||||||||||||
Missouri | 5 | 812 | 2.6 | % | 91.2 | % | 91.7 | % | 8,488 | 1.9 | % | 11.46 | ||||||||||||||
North Carolina | 3 | 681 | 2.1 | % | 99.7 | % | 100.0 | % | 7,300 | 1.6 | % | 10.75 | ||||||||||||||
South Carolina | 11 | 1,270 | 4.0 | % | 96.6 | % | 97.0 | % | 14,791 | 3.3 | % | 12.06 | ||||||||||||||
Tennessee | 7 | 712 | 2.2 | % | 95.5 | % | 96.0 | % | 7,616 | 1.7 | % | 11.20 | ||||||||||||||
Virginia | 2 | 388 | 1.2 | % | 94.6 | % | 94.6 | % | 7,241 | 1.6 | % | 19.73 | ||||||||||||||
Subtotal - East | 63 | 8,504 | 26.7 | % | 94.6 | % | 96.0 | % | 108,421 | 24.1 | % | 13.48 | ||||||||||||||
West | ||||||||||||||||||||||||||
Arizona | 4 | 772 | 2.4 | % | 92.3 | % | 93.7 | % | 11,037 | 2.4 | % | 15.49 | ||||||||||||||
California | 9 | 1,336 | 4.2 | % | 95.1 | % | 95.2 | % | 23,651 | 5.3 | % | 18.61 | ||||||||||||||
Colorado | 2 | 475 | 1.5 | % | 90.6 | % | 90.6 | % | 4,992 | 1.1 | % | 11.60 | ||||||||||||||
Kansas | 1 | 237 | 0.7 | % | 100.0 | % | 100.0 | % | 2,396 | 0.5 | % | 10.11 | ||||||||||||||
Montana | 1 | 162 | 0.5 | % | 100.0 | % | 100.0 | % | 1,992 | 0.4 | % | 12.30 | ||||||||||||||
Nevada | 3 | 607 | 1.9 | % | 84.2 | % | 87.0 | % | 8,967 | 2.0 | % | 17.54 | ||||||||||||||
New Mexico | 1 | 224 | 0.7 | % | 100.0 | % | 100.0 | % | 3,607 | 0.8 | % | 16.10 | ||||||||||||||
Utah | 2 | 717 | 2.3 | % | 75.8 | % | 80.6 | % | 8,025 | 1.8 | % | 14.77 | ||||||||||||||
Washington | 5 | 1,310 | 4.1 | % | 92.1 | % | 93.2 | % | 16,139 | 3.6 | % | 13.38 | ||||||||||||||
Wisconsin | 1 | 14 | 0.1 | % | 100.0 | % | 100.0 | % | 320 | 0.1 | % | 22.86 | ||||||||||||||
Subtotal - West | 29 | 5,854 | 18.4 | % | 90.7 | % | 92.1 | % | 81,126 | 18.0 | % | 15.28 | ||||||||||||||
South | ||||||||||||||||||||||||||
Louisiana | 2 | 176 | 0.6 | % | 100.0 | % | 100.0 | % | 1,865 | 0.4 | % | 10.60 | ||||||||||||||
Oklahoma | 6 | 164 | 0.5 | % | 100.0 | % | 100.0 | % | 2,398 | 0.5 | % | 14.62 | ||||||||||||||
Texas | 46 | 7,363 | 23.1 | % | 91.3 | % | 92.2 | % | 114,109 | 25.4 | % | 16.97 | ||||||||||||||
Subtotal - South | 54 | 7,703 | 24.2 | % | 91.7 | % | 92.5 | % | 118,372 | 26.3 | % | 16.76 | ||||||||||||||
Total - Retail | 224 | 31,828 | 100.0 | % | 93.2 | % | 94.5 | % | 450,028 | 100.0 | % | 15.17 | ||||||||||||||
Other | ||||||||||||||||||||||||||
Office | 8 | 1,660 | 100.0 | % | 100.0 | % | 19,870 | 11.97 | ||||||||||||||||||
Industrial | 1 | 159 | 100.0 | % | 100.0 | % | 1,026 | 6.45 | ||||||||||||||||||
Total - Other | 9 | 1,819 | 100.0 | % | 100.0 | % | 20,896 | 11.49 | ||||||||||||||||||
Total Operating Portfolio | 233 | 33,647 | 93.5 | % | 94.8 | % | $ | 470,924 | $ | 14.97 |
(a) | Excludes one consolidated multi-tenant retail property classified as held for sale as of June 30, 2014. |
(b) | Percentages are only provided for our retail operating portfolio. |
2nd Quarter 2014 Supplemental Information | 13 |
Total Retail Operating Portfolio (a): | |||||||||||||||||||||||||||||||||
Total | 25,000+ sq ft | 10,000-24,999 sq ft | 5,000-9,999 sq ft | 0-4,999 sq ft | |||||||||||||||||||||||||||||
Property Type/Region | Number of Properties | GLA | Occupancy | GLA | Occupancy | GLA | Occupancy | GLA | Occupancy | GLA | Occupancy | ||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
North | 78 | 9,767 | 94.5 | % | 5,957 | 98.6 | % | 1,792 | 95.4 | % | 885 | 88.5 | % | 1,133 | 76.5 | % | |||||||||||||||||
East | 63 | 8,504 | 94.6 | % | 4,562 | 97.7 | % | 1,615 | 100.0 | % | 805 | 90.4 | % | 1,522 | 82.1 | % | |||||||||||||||||
West | 29 | 5,854 | 90.7 | % | 2,957 | 96.6 | % | 1,220 | 94.4 | % | 635 | 75.6 | % | 1,042 | 79.0 | % | |||||||||||||||||
South | 54 | 7,703 | 91.7 | % | 3,322 | 96.1 | % | 1,477 | 91.1 | % | 1,097 | 90.9 | % | 1,807 | 84.6 | % | |||||||||||||||||
Total - Consolidated at 100% | 224 | 31,828 | 93.2 | % | 16,798 | 97.5 | % | 6,104 | 95.4 | % | 3,422 | 87.3 | % | 5,504 | 81.2 | % | |||||||||||||||||
Total - % Leased including Signed | 224 | 31,828 | 94.5 | % | 16,798 | 98.6 | % | 6,104 | 96.0 | % | 3,422 | 89.2 | % | 5,504 | 83.3 | % |
(a) | Excludes one consolidated multi-tenant retail property classified as held for sale as of June 30, 2014. |
2nd Quarter 2014 Supplemental Information | 14 |
Tenant | Primary DBA | Number of Stores | Occupied GLA | % of Occupied GLA | ABR | % of Total ABR | ABR per Occupied Sq. Ft. | |||||||||||||||
Best Buy Co., Inc. | Best Buy, Pacific Sales | 26 | 1,009 | 3.4 | % | $ | 14,828 | 3.3 | % | $ | 14.70 | |||||||||||
Ahold U.S.A. Inc. | Giant Foods, Stop & Shop, Martin's | 11 | 675 | 2.3 | % | 13,160 | 2.9 | % | 19.50 | |||||||||||||
Ross Stores, Inc. | 39 | 1,147 | 3.9 | % | 12,075 | 2.7 | % | 10.53 | ||||||||||||||
The TJX Companies Inc. | HomeGoods, Marshalls, TJ Maxx | 41 | 1,195 | 4.0 | % | 11,186 | 2.5 | % | 9.36 | |||||||||||||
Rite Aid Corporation | 34 | 428 | 1.4 | % | 10,564 | 2.3 | % | 24.68 | ||||||||||||||
Bed Bath & Beyond Inc. | Bed Bath & Beyond, Buy Buy Baby, The Christmas Tree Shops, Cost Plus World Market | 30 | 782 | 2.6 | % | 10,283 | 2.3 | % | 13.15 | |||||||||||||
PetSmart, Inc. | 32 | 665 | 2.2 | % | 9,834 | 2.2 | % | 14.79 | ||||||||||||||
The Home Depot, Inc. | Home Depot, Home Decorators | 9 | 1,003 | 3.4 | % | 8,386 | 1.9 | % | 8.36 | |||||||||||||
Michaels Stores, Inc. | Michaels, Aaron Brothers Art & Frame | 28 | 634 | 2.1 | % | 7,597 | 1.7 | % | 11.98 | |||||||||||||
The Sports Authority, Inc. | 15 | 643 | 2.2 | % | 7,574 | 1.7 | % | 11.78 | ||||||||||||||
Regal Entertainment Group | Edwards Cinema | 2 | 219 | 0.7 | % | 6,609 | 1.5 | % | 30.18 | |||||||||||||
Office Depot, Inc. | Office Depot, OfficeMax | 24 | 489 | 1.7 | % | 6,603 | 1.5 | % | 13.50 | |||||||||||||
Pier 1 Imports, Inc. | 33 | 333 | 1.1 | % | 6,339 | 1.4 | % | 19.04 | ||||||||||||||
Publix Super Markets Inc. | 12 | 511 | 1.7 | % | 5,405 | 1.2 | % | 10.58 | ||||||||||||||
Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Golf Galaxy, Field & Stream | 10 | 495 | 1.7 | % | 5,348 | 1.2 | % | 10.80 | |||||||||||||
Staples, Inc. | 16 | 359 | 1.2 | % | 5,336 | 1.2 | % | 14.86 | ||||||||||||||
Ascena Retail Group Inc. | Catherine's, Dress Barn, Justice, Lane Bryant, Maurices | 46 | 253 | 0.9 | % | 5,055 | 1.1 | % | 19.98 | |||||||||||||
Barnes & Noble, Inc. | 12 | 305 | 1.0 | % | 5,048 | 1.1 | % | 16.55 | ||||||||||||||
Wal-Mart Stores, Inc. | Wal-Mart, Sam's Club | 5 | 761 | 2.6 | % | 4,780 | 1.0 | % | 6.28 | |||||||||||||
AB Acquisition LLC | Acme, Jewel-Osco, Shaw's Supermarkets | 5 | 312 | 1.1 | % | 4,764 | 1.0 | % | 15.27 | |||||||||||||
Total Top Retail Tenants | 430 | 12,218 | 41.2 | % | $ | 160,774 | 35.7 | % | $ | 13.16 |
2nd Quarter 2014 Supplemental Information | 15 |
Total Leases | ||||||||||||||||||||||||
Number of Leases Signed | GLA Signed | New Contractual Rent per Square Foot (PSF) (a) | Prior Contractual Rent PSF (a) | % Change over Prior ABR (a) | WA Lease Term | Tenant Allowances PSF | ||||||||||||||||||
Q2 2014 | 180 | 958 | $ | 15.12 | $ | 14.27 | 5.96 | % | 5.14 | $ | 5.93 | |||||||||||||
Q1 2014 | 204 | 1,075 | $ | 17.70 | $ | 16.51 | 7.21 | % | 5.32 | $ | 4.44 | |||||||||||||
Q4 2013 | 205 | 1,112 | $ | 16.22 | $ | 15.44 | 5.05 | % | 5.75 | $ | 9.52 | |||||||||||||
Q3 2013 | 235 | 1,660 | $ | 13.97 | $ | 13.49 | 3.56 | % | 5.48 | $ | 3.71 | |||||||||||||
Total - 12 months | 824 | 4,805 | $ | 15.56 | $ | 14.78 | 5.28 | % | 5.44 | $ | 5.66 | |||||||||||||
Comparable Renewal Leases | ||||||||||||||||||||||||
Number of Leases Signed | GLA Signed | New Contractual Rent PSF | Prior Contractual Rent PSF | % Change over Prior ABR | WA Lease Term | Tenant Allowances PSF | ||||||||||||||||||
Q2 2014 | 119 | 728 | $ | 14.46 | $ | 13.71 | 5.47 | % | 4.80 | $ | 0.34 | |||||||||||||
Q1 2014 | 152 | 877 | $ | 17.44 | $ | 16.41 | 6.28 | % | 5.06 | $ | 1.12 | |||||||||||||
Q4 2013 | 134 | 786 | $ | 16.53 | $ | 15.94 | 3.70 | % | 4.98 | $ | 0.63 | |||||||||||||
Q3 2013 | 162 | 1,318 | $ | 13.58 | $ | 13.21 | 2.80 | % | 4.91 | $ | 0.47 | |||||||||||||
Total - 12 months | 567 | 3,709 | $ | 15.29 | $ | 14.64 | 4.44 | % | 4.95 | $ | 0.63 | |||||||||||||
Comparable New Leases | ||||||||||||||||||||||||
Number of Leases Signed | GLA Signed | New Contractual Rent PSF | Prior Contractual Rent PSF | % Change over Prior ABR | WA Lease Term | Tenant Allowances PSF | ||||||||||||||||||
Q2 2014 | 17 | 47 | $ | 25.20 | $ | 22.85 | 10.28 | % | 7.42 | $ | 28.68 | |||||||||||||
Q1 2014 | 9 | 26 | $ | 26.70 | $ | 20.09 | 32.90 | % | 8.33 | $ | 51.34 | |||||||||||||
Q4 2013 | 14 | 158 | $ | 14.65 | $ | 12.96 | 13.04 | % | 9.94 | $ | 34.99 | |||||||||||||
Q3 2013 | 18 | 69 | $ | 21.48 | $ | 18.85 | 13.95 | % | 8.45 | $ | 24.39 | |||||||||||||
Total - 12 months | 58 | 300 | $ | 18.92 | $ | 16.49 | 14.74 | % | 8.83 | $ | 32.97 | |||||||||||||
Non-Comparable New and Renewal Leases (b) | ||||||||||||||||||||||||
Number of Leases Signed | GLA Signed | New Contractual Rent PSF | Prior Contractual Rent PSF | % Change over Prior ABR | WA Lease Term | Tenant Allowances PSF | ||||||||||||||||||
Q2 2014 | 44 | 183 | $ | 17.82 | n/a | n/a | 5.39 | $ | 22.24 | |||||||||||||||
Q1 2014 | 43 | 172 | $ | 14.21 | n/a | n/a | 6.05 | $ | 14.37 | |||||||||||||||
Q4 2013 | 57 | 168 | $ | 19.91 | n/a | n/a | 5.87 | $ | 27.21 | |||||||||||||||
Q3 2013 | 55 | 273 | $ | 12.39 | n/a | n/a | 7.18 | $ | 14.13 | |||||||||||||||
Total - 12 months | 199 | 796 | $ | 15.62 | n/a | n/a | 6.14 | $ | 18.81 |
(a) | Excludes the impact of Non-Comparable New and Renewal Leases. |
(b) | Includes leases signed on units that were vacant for over 12 months, leases signed without fixed rental payments and leases signed where the previous and the current lease do not have a consistent lease structure. |
2nd Quarter 2014 Supplemental Information | 16 |
Lease Expiration Year | Lease Count | GLA | % of Occupied GLA | % of Total GLA | ABR | % of Total ABR | ABR per Occupied Sq. Ft. | ABR at Exp. (a) | ABR per Occupied Sq. Ft. at Exp. | ||||||||||||||||||||||
2014 | 173 | 578 | 1.9 | % | 1.8 | % | $ | 10,640 | 2.3 | % | $ | 18.41 | $ | 10,640 | $ | 18.41 | |||||||||||||||
2015 | 450 | 2,580 | 8.7 | % | 8.1 | % | 39,731 | 8.8 | % | 15.40 | 40,146 | 15.56 | |||||||||||||||||||
2016 | 441 | 2,558 | 8.7 | % | 8.0 | % | 45,162 | 10.1 | % | 17.66 | 45,771 | 17.89 | |||||||||||||||||||
2017 | 432 | 2,898 | 9.8 | % | 9.1 | % | 45,079 | 10.1 | % | 15.56 | 46,252 | 15.96 | |||||||||||||||||||
2018 | 466 | 3,277 | 11.1 | % | 10.3 | % | 55,130 | 12.2 | % | 16.82 | 57,098 | 17.42 | |||||||||||||||||||
2019 | 478 | 4,599 | 15.5 | % | 14.5 | % | 73,087 | 16.3 | % | 15.89 | 76,467 | 16.63 | |||||||||||||||||||
2020 | 156 | 2,437 | 8.2 | % | 7.6 | % | 31,263 | 7.0 | % | 12.83 | 33,434 | 13.72 | |||||||||||||||||||
2021 | 100 | 1,543 | 5.2 | % | 4.9 | % | 22,298 | 4.9 | % | 14.45 | 24,178 | 15.67 | |||||||||||||||||||
2022 | 104 | 2,117 | 7.1 | % | 6.7 | % | 28,515 | 6.3 | % | 13.47 | 30,726 | 14.51 | |||||||||||||||||||
2023 | 113 | 1,819 | 6.1 | % | 5.7 | % | 26,876 | 6.0 | % | 14.78 | 28,835 | 15.85 | |||||||||||||||||||
Thereafter | 190 | 5,073 | 17.1 | % | 15.9 | % | 69,295 | 15.3 | % | 13.66 | 77,136 | 15.21 | |||||||||||||||||||
Month to month | 53 | 180 | 0.6 | % | 0.6 | % | 2,952 | 0.7 | % | 16.40 | 2,952 | 16.40 | |||||||||||||||||||
Leased Total | 3,156 | 29,659 | 100.0 | % | 93.2 | % | $ | 450,028 | 100.0 | % | $ | 15.17 | $ | 473,635 | $ | 15.97 | |||||||||||||||
Leases signed but not commenced | 66 | 408 | — | 1.3 | % | $ | 6,138 | — | $ | 15.04 | $ | 6,800 | $ | 16.67 | |||||||||||||||||
Available | 1,761 | — | 5.5 | % | |||||||||||||||||||||||||||
The following tables break down the above information into anchor (10,000 sf and above) and non-anchor (under 10,000 sf) details for our retail operating portfolio. Dollars (other than per square foot information) and square feet of GLA are presented in thousands in the tables. | |||||||||||||||||||||||||||||||
Anchor | |||||||||||||||||||||||||||||||
Lease Expiration Year | Lease Count | GLA | % of Occupied GLA | % of Total GLA | ABR | % of Total ABR | ABR per Occupied Sq. Ft. | ABR at Exp. (a) | ABR per Occupied Sq. Ft. at Exp. | ||||||||||||||||||||||
2014 | 7 | 124 | 0.4 | % | 0.4 | % | $ | 1,512 | 0.3 | % | $ | 12.19 | $ | 1,512 | $ | 12.19 | |||||||||||||||
2015 | 63 | 1,507 | 5.1 | % | 4.7 | % | 16,664 | 3.7 | % | 11.06 | 16,785 | 11.14 | |||||||||||||||||||
2016 | 64 | 1,526 | 5.2 | % | 4.8 | % | 20,181 | 4.5 | % | 13.22 | 20,312 | 13.31 | |||||||||||||||||||
2017 | 59 | 1,849 | 6.2 | % | 5.8 | % | 19,185 | 4.3 | % | 10.38 | 19,244 | 10.41 | |||||||||||||||||||
2018 | 72 | 2,077 | 7.0 | % | 6.5 | % | 25,801 | 5.7 | % | 12.42 | 26,187 | 12.61 | |||||||||||||||||||
2019 | 123 | 3,490 | 11.8 | % | 11.0 | % | 46,257 | 10.3 | % | 13.25 | 47,668 | 13.66 | |||||||||||||||||||
2020 | 67 | 2,077 | 7.0 | % | 6.5 | % | 22,825 | 5.1 | % | 10.99 | 24,144 | 11.62 | |||||||||||||||||||
2021 | 38 | 1,280 | 4.3 | % | 4.0 | % | 16,696 | 3.7 | % | 13.04 | 17,859 | 13.95 | |||||||||||||||||||
2022 | 54 | 1,902 | 6.4 | % | 6.0 | % | 23,104 | 5.1 | % | 12.15 | 24,581 | 12.92 | |||||||||||||||||||
2023 | 48 | 1,552 | 5.2 | % | 4.9 | % | 20,611 | 4.6 | % | 13.28 | 21,687 | 13.97 | |||||||||||||||||||
Thereafter | 109 | 4,741 | 16.0 | % | 14.9 | % | 60,784 | 13.4 | % | 12.82 | 66,933 | 14.12 | |||||||||||||||||||
Month to month | 3 | 69 | 0.2 | % | 0.2 | % | 742 | 0.2 | % | 10.75 | 742 | 10.75 | |||||||||||||||||||
Leased Total | 707 | 22,194 | 74.8 | % | 69.7 | % | $ | 274,362 | 60.9 | % | $ | 12.36 | $ | 287,654 | $ | 12.96 | |||||||||||||||
Leases signed but not commenced | 9 | 233 | — | 0.7 | % | $ | 2,448 | — | $ | 10.51 | $ | 2,612 | $ | 11.21 | |||||||||||||||||
Available | 476 | — | 1.5 | % | |||||||||||||||||||||||||||
Non-Anchor | |||||||||||||||||||||||||||||||
Lease Expiration Year | Lease Count | GLA | % of Occupied GLA | % of Total GLA | ABR | % of Total ABR | ABR per Occupied Sq. Ft. | ABR at Exp. (a) | ABR per Occupied Sq. Ft. at Exp. | ||||||||||||||||||||||
2014 | 166 | 454 | 1.5 | % | 1.4 | % | $ | 9,128 | 2.0 | % | $ | 20.11 | $ | 9,128 | $ | 20.11 | |||||||||||||||
2015 | 387 | 1,073 | 3.6 | % | 3.4 | % | 23,067 | 5.1 | % | 21.50 | 23,361 | 21.77 | |||||||||||||||||||
2016 | 377 | 1,032 | 3.5 | % | 3.2 | % | 24,981 | 5.6 | % | 24.21 | 25,459 | 24.67 | |||||||||||||||||||
2017 | 373 | 1,049 | 3.6 | % | 3.3 | % | 25,894 | 5.8 | % | 24.68 | 27,008 | 25.75 | |||||||||||||||||||
2018 | 394 | 1,200 | 4.1 | % | 3.8 | % | 29,329 | 6.5 | % | 24.44 | 30,911 | 25.76 | |||||||||||||||||||
2019 | 355 | 1,109 | 3.7 | % | 3.5 | % | 26,830 | 6.0 | % | 24.19 | 28,799 | 25.97 | |||||||||||||||||||
2020 | 89 | 360 | 1.2 | % | 1.1 | % | 8,438 | 1.9 | % | 23.44 | 9,290 | 25.81 | |||||||||||||||||||
2021 | 62 | 263 | 0.9 | % | 0.9 | % | 5,602 | 1.2 | % | 21.30 | 6,319 | 24.03 | |||||||||||||||||||
2022 | 50 | 215 | 0.7 | % | 0.7 | % | 5,411 | 1.2 | % | 25.17 | 6,145 | 28.58 | |||||||||||||||||||
2023 | 65 | 267 | 0.9 | % | 0.8 | % | 6,265 | 1.4 | % | 23.46 | 7,148 | 26.77 | |||||||||||||||||||
Thereafter | 81 | 332 | 1.1 | % | 1.0 | % | 8,511 | 1.9 | % | 25.64 | 10,203 | 30.73 | |||||||||||||||||||
Month to month | 50 | 111 | 0.4 | % | 0.4 | % | 2,210 | 0.5 | % | 19.91 | 2,210 | 19.91 | |||||||||||||||||||
Leased Total | 2,449 | 7,465 | 25.2 | % | 23.5 | % | $ | 175,666 | 39.1 | % | $ | 23.53 | $ | 185,981 | $ | 24.91 | |||||||||||||||
Leases signed but not commenced | 57 | 175 | — | 0.6 | % | $ | 3,690 | — | $ | 21.09 | $ | 4,188 | $ | 23.93 | |||||||||||||||||
Available | 1,285 | — | 4.0 | % |
(a) | Represents annualized base rent at the scheduled expiration of the lease giving effect to fixed contractual increases in base rent. |
2nd Quarter 2014 Supplemental Information | 17 |
June 30, 2014 | December 31, 2013 | |||||||
Real estate assets | $ | — | $ | 270,916 | ||||
Less: accumulated depreciation | — | (52,624 | ) | |||||
Real estate, net | — | 218,292 | ||||||
Cash and cash equivalents | — | 6,579 | ||||||
Receivables, net | — | 3,037 | ||||||
Acquired lease intangible assets, net | — | 3,947 | ||||||
Other assets, net | — | 5,624 | ||||||
Total assets | $ | — | $ | 237,479 | ||||
Mortgage debt | $ | — | $ | 142,537 | ||||
Accounts payable and accrued expenses | — | 4,211 | ||||||
Acquired lease intangible liabilities, net | — | 1,200 | ||||||
Other liabilities | — | 1,905 | ||||||
Total liabilities | — | 149,853 | ||||||
Total equity | — | 87,626 | ||||||
Total liabilities and equity | $ | — | $ | 237,479 |
June 30, 2014 | December 31, 2013 | |||||||
Real estate assets | $ | — | $ | 54,183 | ||||
Less: accumulated depreciation | — | (10,525 | ) | |||||
Real estate, net | — | 43,658 | ||||||
Cash and cash equivalents | — | 1,316 | ||||||
Receivables, net | — | 607 | ||||||
Acquired lease intangible assets, net | — | 789 | ||||||
Other assets, net | — | 1,125 | ||||||
Total assets | $ | — | $ | 47,495 | ||||
Mortgage debt | $ | — | $ | 28,507 | ||||
Accounts payable and accrued expenses | — | 842 | ||||||
Acquired lease intangible liabilities, net | — | 240 | ||||||
Other liabilities | — | 381 | ||||||
Total liabilities | — | 29,970 | ||||||
Total equity | — | 17,525 | ||||||
Total liabilities and equity | $ | — | $ | 47,495 |
(a) | Represents combined balance sheets of our MS Inland unconsolidated joint venture as of December 31, 2013. During June 2014, we dissolved our joint venture arrangement with our partner in our MS Inland unconsolidated joint venture. |
(b) | Represents our pro rata share of the combined balance sheets of our MS Inland unconsolidated joint venture as of December 31, 2013, net of intercompany eliminations. As noted above, during June 2014, we dissolved our joint venture arrangement with our partner in our MS Inland unconsolidated joint venture. |
(c) | Combined balance sheets exclude our pro rata share of assets of $5,587 and $6,008, respectively, and liabilities of $2,889 and $3,082, respectively, from our captive insurance plan, Oak Property and Casualty, as of June 30, 2014 and December 31, 2013. |
2nd Quarter 2014 Supplemental Information | 18 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Rental income | $ | 3,643 | $ | 14,193 | $ | 8,810 | $ | 28,565 | ||||||||
Tenant recovery income | 1,298 | 5,158 | 2,993 | 9,749 | ||||||||||||
Other property income | 26 | 201 | 50 | 345 | ||||||||||||
Total revenues | 4,967 | 19,552 | 11,853 | 38,659 | ||||||||||||
Property operating expenses | 731 | 2,479 | 1,660 | 5,025 | ||||||||||||
Real estate taxes | 1,027 | 3,350 | 2,339 | 6,700 | ||||||||||||
Depreciation and amortization | 1,699 | 9,423 | 4,117 | 19,252 | ||||||||||||
Loss (gain) on lease terminations | 10 | 303 | (169 | ) | 848 | |||||||||||
General and administrative expenses | 51 | 196 | 90 | 377 | ||||||||||||
Total expenses | 3,518 | 15,751 | 8,037 | 32,202 | ||||||||||||
Operating income | 1,449 | 3,801 | 3,816 | 6,457 | ||||||||||||
Interest expense, net | (1,258 | ) | (3,892 | ) | (3,028 | ) | (6,623 | ) | ||||||||
Other (expense) income, net | (3 | ) | 4 | (3 | ) | 4 | ||||||||||
Income (loss) from continuing operations | 188 | (87 | ) | 785 | (162 | ) | ||||||||||
Discontinued operations (b): | ||||||||||||||||
Loss, net | (3 | ) | (435 | ) | — | (886 | ) | |||||||||
Gain on sales of investment properties | — | — | — | 1,019 | ||||||||||||
(Loss) income from discontinued operations | (3 | ) | (435 | ) | — | 133 | ||||||||||
Net income (loss) | $ | 185 | $ | (522 | ) | $ | 785 | $ | (29 | ) | ||||||
Funds From Operations (FFO) (c) | ||||||||||||||||
Net income (loss) | $ | 185 | $ | (522 | ) | $ | 785 | $ | (29 | ) | ||||||
Depreciation and amortization | 1,709 | 11,376 | 4,127 | 23,651 | ||||||||||||
Provision for impairment of investment properties | — | 64 | — | 298 | ||||||||||||
Gain on sales of investment properties | — | — | — | (1,019 | ) | |||||||||||
FFO | $ | 1,894 | $ | 10,918 | $ | 4,912 | $ | 22,901 |
(a) | Represents combined statements of operations of our RioCan, MS Inland and Hampton unconsolidated joint ventures. During 2013, we dissolved our joint venture arrangements with our partners in our Hampton and RioCan unconsolidated joint ventures. During June 2014, we dissolved our joint venture arrangement with our partner in our MS Inland unconsolidated joint venture. |
(b) | Included within "Discontinued operations" above are the following: the property-level operating results of the five properties we acquired from our RioCan unconsolidated joint venture on October 1, 2013; all property-level operating results attributable to our Hampton unconsolidated joint venture; and, operating activity associated with a real estate transaction between joint ventures. The property-level operating results for the entire portfolio of properties held by our MS Inland unconsolidated joint venture are presented within "Income (loss) from continuing operations" above given that our acquisition of our partner's entire 80% interest in all of the properties was a transaction among partners rather than at the venture level. The property-level operating results of the eight RioCan properties in which our partner acquired our 20% interest are presented within "Income (loss) from continuing operations" above given the continuity of the controlling financial interest before and after the dissolution transaction. |
(c) | Refer to page 21 for definition of FFO. |
2nd Quarter 2014 Supplemental Information | 19 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Rental income | $ | 729 | $ | 3,289 | $ | 1,762 | $ | 6,616 | ||||||||
Tenant recovery income | 260 | 1,163 | 599 | 2,222 | ||||||||||||
Other property income | 4 | 41 | 10 | 69 | ||||||||||||
Total revenues | 993 | 4,493 | 2,371 | 8,907 | ||||||||||||
Property operating expenses | 115 | 388 | 248 | 773 | ||||||||||||
Real estate taxes | 206 | 752 | 468 | 1,503 | ||||||||||||
Depreciation and amortization | 339 | 2,204 | 823 | 4,504 | ||||||||||||
Loss (gain) on lease terminations | 2 | 71 | (34 | ) | 181 | |||||||||||
General and administrative expenses | 10 | 43 | 18 | 80 | ||||||||||||
Total expenses | 672 | 3,458 | 1,523 | 7,041 | ||||||||||||
Operating income | 321 | 1,035 | 848 | 1,866 | ||||||||||||
Interest expense, net | (252 | ) | (768 | ) | (606 | ) | (319 | ) | ||||||||
Other (expense) income, net | (1 | ) | 11 | (1 | ) | 10 | ||||||||||
Income from continuing operations | 68 | 278 | 241 | 1,557 | ||||||||||||
Discontinued operations (b): | ||||||||||||||||
Loss, net | — | (67 | ) | — | (112 | ) | ||||||||||
Gain on sales of investment properties | — | — | — | 977 | ||||||||||||
(Loss) income from discontinued operations | — | (67 | ) | — | 865 | |||||||||||
Net income | $ | 68 | $ | 211 | $ | 241 | $ | 2,422 | ||||||||
RPAI ownership adjustments (c) | (501 | ) | (672 | ) | (1,452 | ) | (3,284 | ) | ||||||||
Net loss attributable to RPAI's ownership interests | $ | (433 | ) | $ | (461 | ) | $ | (1,211 | ) | $ | (862 | ) | ||||
Funds From Operations (FFO) (d) | ||||||||||||||||
Net loss attributable to RPAI's ownership interests | $ | (433 | ) | $ | (461 | ) | $ | (1,211 | ) | $ | (862 | ) | ||||
Depreciation and amortization (e) | 296 | 2,275 | 710 | 4,831 | ||||||||||||
Provision for impairment of investment properties | — | 62 | — | 286 | ||||||||||||
Gain on sales of investment properties | — | — | — | (977 | ) | |||||||||||
FFO | $ | (137 | ) | $ | 1,876 | $ | (501 | ) | $ | 3,278 |
(a) | Represents our pro rata share of the combined statements of operations of our RioCan, MS Inland and Hampton unconsolidated joint ventures, net of intercompany eliminations and GAAP adjustments for real estate transactions between joint ventures or with RPAI due to our continuing involvement with the properties. During 2013, we dissolved our joint venture arrangements with our partners in our Hampton and RioCan unconsolidated joint ventures. During June 2014, we dissolved our joint venture arrangement with our partner in our MS Inland unconsolidated joint venture. |
(b) | Included within "Discontinued operations" above are the property-level operating results attributable to our Hampton unconsolidated joint venture. Due to our continued involvement with the underlying properties, "Discontinued operations" above does not include the property-level operating results attributable to the five properties we acquired from our RioCan unconsolidated joint venture or the operating activity associated with a real estate transaction between joint ventures. The property-level operating results for the entire portfolio of properties held by our MS Inland unconsolidated joint venture are presented within "Income from continuing operations" above given that our acquisition of our partner's entire 80% interest in all of the properties was a transaction among partners rather than at the venture level. Also excluded from "Discontinued operations" above are the property-level operating results of the eight RioCan properties in which our partner acquired our 20% interest as the pro rata statements above are prepared from the perspective of our unconsolidated joint ventures and continuity of the controlling financial interest in these eight properties was maintained before and after the dissolution transaction. |
(c) | Represents adjustments to reflect RPAI's investment basis and other unconsolidated joint venture activity, inclusive of $1,834 of investment-level impairment charge recorded during the six months ended June 30, 2013 ($134 of which relates to the three months ended June 30, 2013) to the carrying value of our Hampton investment, outside basis amortization and activity from our captive insurance plan. |
(d) | Refer to page 21 for definition of FFO. |
(e) | Includes outside basis amortization. |
2nd Quarter 2014 Supplemental Information | 20 |
2nd Quarter 2014 Supplemental Information | 21 |
2nd Quarter 2014 Supplemental Information | 22 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues: | ||||||||||||||||
Same store investment properties (218 properties): | ||||||||||||||||
Rental income | $ | 104,686 | $ | 101,619 | $ | 208,724 | $ | 203,882 | ||||||||
Tenant recovery income | 23,702 | 22,677 | 49,471 | 44,644 | ||||||||||||
Other property income | 1,713 | 1,650 | 3,348 | 3,403 | ||||||||||||
Other investment properties: | ||||||||||||||||
Rental income | 11,401 | 4,562 | 22,597 | 9,112 | ||||||||||||
Tenant recovery income | 3,406 | 1,179 | 7,385 | 2,534 | ||||||||||||
Other property income | 203 | 32 | 350 | 84 | ||||||||||||
Operating expenses: | ||||||||||||||||
Same store investment properties (218 properties): | ||||||||||||||||
Property operating expenses | (18,359 | ) | (19,359 | ) | (40,005 | ) | (39,742 | ) | ||||||||
Real estate taxes | (16,794 | ) | (15,962 | ) | (32,891 | ) | (31,851 | ) | ||||||||
Other investment properties: | ||||||||||||||||
Property operating expenses | (2,992 | ) | (1,352 | ) | (6,965 | ) | (2,778 | ) | ||||||||
Real estate taxes | (2,273 | ) | (857 | ) | (4,590 | ) | (1,779 | ) | ||||||||
Net operating income from continuing operations: | ||||||||||||||||
Same store investment properties | 94,948 | 90,625 | 188,647 | 180,336 | ||||||||||||
Other investment properties | 9,745 | 3,564 | 18,777 | 7,173 | ||||||||||||
Total net operating income from continuing operations | 104,693 | 94,189 | 207,424 | 187,509 | ||||||||||||
Other income (expense): | ||||||||||||||||
Straight-line rental income, net | 1,161 | (222 | ) | 3,104 | (928 | ) | ||||||||||
Amortization of acquired above and below market lease intangibles, net | 230 | 172 | 339 | 389 | ||||||||||||
Amortization of lease inducements | (199 | ) | (35 | ) | (357 | ) | (64 | ) | ||||||||
Lease termination fees | 28 | 501 | 133 | 1,140 | ||||||||||||
Straight-line ground rent expense | (956 | ) | (760 | ) | (1,978 | ) | (1,534 | ) | ||||||||
Amortization of acquired ground lease intangible liability | 140 | — | 280 | — | ||||||||||||
Depreciation and amortization | (54,094 | ) | (59,596 | ) | (107,690 | ) | (110,604 | ) | ||||||||
Provision for impairment of investment properties | (5,400 | ) | — | (5,794 | ) | — | ||||||||||
Loss on lease terminations | (827 | ) | (381 | ) | (658 | ) | (592 | ) | ||||||||
General and administrative expenses | (7,362 | ) | (8,288 | ) | (15,812 | ) | (16,343 | ) | ||||||||
Gain on extinguishment of other liabilities | — | — | 4,258 | — | ||||||||||||
Equity in loss of unconsolidated joint ventures, net | (433 | ) | (461 | ) | (1,211 | ) | (862 | ) | ||||||||
Gain on change in control of investment properties | 24,158 | — | 24,158 | — | ||||||||||||
Interest expense | (31,873 | ) | (34,575 | ) | (63,736 | ) | (80,272 | ) | ||||||||
Other income, net | 250 | 2,085 | 677 | 3,161 | ||||||||||||
Total other expense | (75,177 | ) | (101,560 | ) | (164,287 | ) | (206,509 | ) | ||||||||
Income (loss) from continuing operations | 29,516 | (7,371 | ) | 43,137 | (19,000 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||
Income (loss), net | — | 22,928 | (148 | ) | 23,504 | |||||||||||
Gain on sales of investment properties | — | 21 | 655 | 4,930 | ||||||||||||
Income from discontinued operations | — | 22,949 | 507 | 28,434 | ||||||||||||
Gain on sales of investment properties | 527 | 393 | 527 | 4,657 | ||||||||||||
Net income | 30,043 | 15,971 | 44,171 | 14,091 | ||||||||||||
Net income attributable to the Company | 30,043 | 15,971 | 44,171 | 14,091 | ||||||||||||
Preferred stock dividends | (2,363 | ) | (2,363 | ) | (4,725 | ) | (4,725 | ) | ||||||||
Net income attributable to common shareholders | $ | 27,680 | $ | 13,608 | $ | 39,446 | $ | 9,366 | ||||||||
Net operating income: | ||||||||||||||||
Consolidated NOI from continuing operations | $ | 104,693 | $ | 94,189 | $ | 207,424 | $ | 187,509 | ||||||||
Pro rata share of investment property unconsolidated joint ventures NOI (a) | 672 | 3,333 | 1,655 | 6,545 | ||||||||||||
Combined NOI from Continuing Operations | $ | 105,365 | $ | 97,522 | $ | 209,079 | $ | 194,054 |
(a) | Amounts shown net of intercompany eliminations and inclusive of amounts from continuing operations only. |
2nd Quarter 2014 Supplemental Information | 23 |
Three Months Ended | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Net income attributable to common shareholders | $ | 27,680 | $ | 34,724 | ||||
Preferred stock dividends | 2,363 | 2,363 | ||||||
Interest expense | 31,873 | 34,440 | ||||||
Interest expense (discontinued operations) | — | 364 | ||||||
Depreciation and amortization | 54,094 | 58,155 | ||||||
Depreciation and amortization (discontinued operations) | — | 1,244 | ||||||
Gain on sales of investment properties | (527 | ) | — | |||||
Gain on sales of investment properties (discontinued operations) | — | (34,644 | ) | |||||
Gain on sale of joint venture interest | — | (17,499 | ) | |||||
Gain on change in control of investment properties | (24,158 | ) | (5,435 | ) | ||||
Gain on extinguishment of other liabilities (discontinued operations) | — | (3,511 | ) | |||||
Loss on lease terminations (a) | 967 | 1,979 | ||||||
Provision for impairment of investment properties | 5,400 | 32,303 | ||||||
Provision for impairment of investment properties (discontinued operations) | — | 590 | ||||||
Adjusted EBITDA | $ | 97,692 | $ | 105,073 | ||||
Annualized | $ | 390,768 | $ | 420,292 | ||||
Pro rata share of adjustments from investment property unconsolidated joint ventures (b): | ||||||||
Interest expense | 252 | 356 | ||||||
Depreciation and amortization | 339 | 485 | ||||||
Loss on lease terminations | 2 | — | ||||||
Amortization of basis | (45 | ) | (72 | ) | ||||
Combined Adjusted EBITDA | $ | 98,240 | $ | 105,842 | ||||
Annualized | $ | 392,960 | $ | 423,368 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues: | ||||||||||||||||
Rental income | $ | — | $ | 6,783 | $ | (124 | ) | $ | 13,670 | |||||||
Tenant recovery income | — | 1,396 | 144 | 3,008 | ||||||||||||
Other property income | — | 97 | 23 | 205 | ||||||||||||
Operating expenses: | ||||||||||||||||
Property operating expenses | — | (1,189 | ) | (121 | ) | (2,705 | ) | |||||||||
Real estate taxes | — | (1,777 | ) | (3 | ) | (3,349 | ) | |||||||||
NOI (Net operating loss) from discontinued operations | — | 5,310 | (81 | ) | 10,829 | |||||||||||
Other income (expense): | ||||||||||||||||
Straight-line rental income, net | — | (76 | ) | 1 | (33 | ) | ||||||||||
Amortization of acquired above and below market lease intangibles, net | — | 50 | — | 98 | ||||||||||||
Amortization of lease inducements | — | (52 | ) | — | (117 | ) | ||||||||||
Lease termination fees | — | 5,344 | — | 5,344 | ||||||||||||
Straight-line ground lease expense | — | (134 | ) | — | (267 | ) | ||||||||||
Depreciation and amortization | — | (3,404 | ) | — | (6,860 | ) | ||||||||||
Provision for impairment of investment properties | — | (9,176 | ) | — | (9,176 | ) | ||||||||||
Gain on extinguishment of debt | — | 26,331 | — | 26,331 | ||||||||||||
Interest expense | — | (1,249 | ) | (68 | ) | (2,679 | ) | |||||||||
Other (expense) income, net | — | (16 | ) | — | 34 | |||||||||||
Total other income (expense) | — | 17,618 | (67 | ) | 12,675 | |||||||||||
Operating income (loss) from discontinued operations | $ | — | $ | 22,928 | $ | (148 | ) | $ | 23,504 | |||||||
NOI (Net operating loss) from discontinued operations | ||||||||||||||||
Consolidated | $ | — | $ | 5,310 | $ | (81 | ) | $ | 10,829 | |||||||
Pro rata share of investment property unconsolidated joint ventures (b) | — | 11 | — | 324 | ||||||||||||
Combined NOI (Net Operating Loss) from Discontinued Operations | $ | — | $ | 5,321 | $ | (81 | ) | $ | 11,153 |
(a) | Loss on lease terminations in the EBITDA reconciliation above excludes the write-off of tenant-related above and below market lease intangibles and lease inducements that are otherwise included in "Loss on lease terminations" in the condensed consolidated statements of operations. |
(b) | Amounts shown net of intercompany eliminations. |
2nd Quarter 2014 Supplemental Information | 24 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues: | ||||||||||||||||
Same store investment properties: | ||||||||||||||||
Rental income | $ | — | $ | — | $ | — | $ | — | ||||||||
Tenant recovery income | — | — | — | — | ||||||||||||
Other property income | — | — | — | — | ||||||||||||
Other investment properties (MS Inland and RioCan): | ||||||||||||||||
Rental income | 730 | 3,283 | 1,764 | 6,564 | ||||||||||||
Tenant recovery income | 260 | 1,163 | 599 | 2,222 | ||||||||||||
Other property income | 3 | 27 | 8 | 35 | ||||||||||||
Discontinued operations properties (Hampton): | ||||||||||||||||
Rental income | — | 41 | — | 335 | ||||||||||||
Tenant recovery income | — | 21 | — | 124 | ||||||||||||
Other property income | — | — | — | — | ||||||||||||
Operating expenses: | ||||||||||||||||
Same store investment properties: | ||||||||||||||||
Property operating expenses | — | — | — | — | ||||||||||||
Real estate taxes | — | — | — | — | ||||||||||||
Other investment properties (MS Inland and RioCan): | ||||||||||||||||
Property operating expenses | (115 | ) | (388 | ) | (248 | ) | (773 | ) | ||||||||
Real estate taxes | (206 | ) | (752 | ) | (468 | ) | (1,503 | ) | ||||||||
Discontinued operations properties (Hampton): | ||||||||||||||||
Property operating expenses | — | (41 | ) | — | (79 | ) | ||||||||||
Real estate taxes | — | (10 | ) | — | (56 | ) | ||||||||||
Net operating income: | ||||||||||||||||
Same store investment properties | — | — | — | — | ||||||||||||
Other investment properties (MS Inland and RioCan) | 672 | 3,333 | 1,655 | 6,545 | ||||||||||||
Discontinued operations properties (Hampton) | — | 11 | — | 324 | ||||||||||||
Total net operating income | 672 | 3,344 | 1,655 | 6,869 | ||||||||||||
Other income (expense) from continuing operations: | ||||||||||||||||
Straight-line rental income, net | 1 | 34 | 8 | 108 | ||||||||||||
Amortization of acquired above and below market lease intangibles, net | 4 | (18 | ) | 6 | (37 | ) | ||||||||||
Amortization of lease inducements | (6 | ) | (10 | ) | (16 | ) | (19 | ) | ||||||||
Lease termination fees | 1 | 14 | 2 | 34 | ||||||||||||
Depreciation and amortization | (339 | ) | (2,204 | ) | (823 | ) | (4,504 | ) | ||||||||
(Loss) gain on lease terminations | (2 | ) | (71 | ) | 34 | (181 | ) | |||||||||
General and administrative expenses | (10 | ) | (43 | ) | (18 | ) | (80 | ) | ||||||||
Interest expense, net | (252 | ) | (768 | ) | (606 | ) | (319 | ) | ||||||||
Other (expense) income, net | (1 | ) | 11 | (1 | ) | 10 | ||||||||||
Total other expense | (604 | ) | (3,055 | ) | (1,414 | ) | (4,988 | ) | ||||||||
Other expense from discontinued operations, net | — | (78 | ) | — | (436 | ) | ||||||||||
Gain on sales of investment properties | — | — | — | 977 | ||||||||||||
Net income | $ | 68 | $ | 211 | $ | 241 | $ | 2,422 |
2nd Quarter 2014 Supplemental Information | 25 |
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