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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: | February 17, 2015 | Executive Vice President, Chief Financial Officer and Treasurer |
▪ | Operating Funds From Operations (Operating FFO) of $62.7 million, or $0.27 per share, compared to $70.7 million, or $0.30 per share, for the same period in 2013; |
▪ | Funds From Operations (FFO) of $61.2 million, or $0.26 per share, compared to $71.8 million, or $0.30 per share, for the same period in 2013; |
▪ | Net income attributable to common shareholders of $23.5 million, or $0.10 per share, compared to $34.7 million, or $0.15 per share, for the same period in 2013. |
▪ | Operating FFO of $257.2 million, or $1.09 per share, compared to $246.8 million, or $1.05 per share, for 2013; |
▪ | FFO of $255.7 million, or $1.08 per share, compared to $266.7 million, or $1.14 per share, for 2013; |
▪ | Net income attributable to common shareholders of $33.9 million, or $0.14 per share, compared to $4.2 million, or $0.02 per share, for 2013. |
▪ | 1.3% increase in same store net operating income (NOI) over the comparable period in 2013, based on same store occupancy of 94.6% at December 31, 2014, up 90 basis points from 93.7% at September 30, 2014 and December 31, 2013; |
▪ | Total portfolio percent leased, including leases signed but not commenced: 95.6% at December 31, 2014, up 60 basis points from 95.0% at September 30, 2014 and up 90 basis points from 94.7% at December 31, 2013; |
▪ | Retail portfolio percent leased, including leases signed but not commenced: 95.4% at December 31, 2014, up 70 basis points from 94.7% at September 30, 2014 and up 100 basis points from 94.4% at December 31, 2013; |
▪ | 732,000 square feet of retail leasing transactions comprised of 139 new and renewal leases; |
▪ | Positive comparable cash leasing spreads of 2.0%. |
▪ | 3.3% increase in same store NOI over the comparable period in 2013; |
▪ | 3,965,000 square feet of retail leasing transactions comprised of 711 new and renewal leases; |
▪ | Positive comparable cash leasing spreads of 5.3%. |
▪ | In January, received its first investment grade credit rating of (P)Baa3 with a stable outlook from Moody’s Investors Service; |
▪ | In May, closed its inaugural private placement unsecured notes offering to institutional investors by issuing $250 million of senior unsecured notes, consisting of $150 million of notes with a ten-year term, priced at a fixed interest rate of 4.58%, and $100 million of notes with a seven-year term, priced at a fixed interest rate of 4.12%, resulting in a weighted average fixed interest rate of 4.40%; |
▪ | In October, received its second investment grade credit rating of BBB- with a stable outlook from Standard and Poor’s Ratings Services; |
▪ | Throughout 2014, repaid and defeased $179.5 million of mortgage loans, excluding amortization, with a weighted average contractual interest rate of 6.08%, of which $4.8 million was defeased in the fourth quarter, with a contractual interest rate of 7.50%. |
▪ | Generate same store NOI growth of 0.0% - 2.0%. The Gateway, an asset which was impaired below the debt balance in the third quarter of 2014, and Towson Circle, a pending redevelopment asset in the Baltimore MSA, have been removed from the Company’s same store portfolio effective January 1, 2015. The Company expects 2015 same store NOI growth to be negatively impacted by approximately 150 - 200 basis points due to the downtime associated with strategic remerchandising activities, which will significantly reduce the Company’s exposure to several watch list tenants; |
▪ | Acquire approximately $400 - $450 million of strategic acquisitions in the Company’s target markets; |
▪ | Dispose of approximately $500 million of non-core and non-strategic assets; |
▪ | Incur approximately $40 - $42 million of general and administrative expenses, primarily as a result of higher compensation expense; and |
▪ | Issue $250 million of unsecured debt capital during the first half of 2015. |
Low | High | ||||||
2014 Operating FFO per common share outstanding | $ | 1.09 | $ | 1.09 | |||
Same store NOI, excluding the impact of strategic remerchandising activities | 0.03 | 0.05 | |||||
Same store NOI related to strategic remerchandising activities | (0.03 | ) | (0.02 | ) | |||
Total same store NOI | 0.00 | 0.03 | |||||
Non-cash items(1) | (0.02 | ) | (0.02 | ) | |||
General and administrative expenses | (0.03 | ) | (0.02 | ) | |||
Lease termination fee income(2) | (0.01 | ) | (0.01 | ) | |||
The Gateway, redevelopment and development assets(3) | (0.02 | ) | (0.02 | ) | |||
Impact of 2014 investment activity(4) | (0.03 | ) | (0.03 | ) | |||
Impact of 2015 investment activity(4) | (0.01 | ) | (0.01 | ) | |||
2015 estimated Operating FFO per common share outstanding | $ | 0.97 | $ | 1.01 |
(1) | The Company expects non-cash items, which include straight-line rental income, amortization of above and below market lease intangibles and lease inducements, and non-cash ground rent expense to total approximately $(0.8) - $(1.3) million in 2015 |
(2) | The Company has not forecasted any lease termination fee income for 2015 |
(3) | NOI from The Gateway, the two pending redevelopment assets (Boulevard at the Capital Centre and Towson Circle) and Bellevue, one of the Company's development assets, is expected to be approximately $4.0 million lower in 2015 than 2014 |
(4) | Reflects the relative timing of acquisitions and dispositions during the year |
December 31, 2014 | December 31, 2013 | |||||||
Assets | ||||||||
Investment properties: | ||||||||
Land | $ | 1,195,369 | $ | 1,174,065 | ||||
Building and other improvements | 4,442,446 | 4,586,657 | ||||||
Developments in progress | 42,561 | 43,796 | ||||||
5,680,376 | 5,804,518 | |||||||
Less accumulated depreciation | (1,365,471 | ) | (1,330,474 | ) | ||||
Net investment properties | 4,314,905 | 4,474,044 | ||||||
Cash and cash equivalents | 112,292 | 58,190 | ||||||
Investment in unconsolidated joint ventures | — | 15,776 | ||||||
Accounts and notes receivable (net of allowances of $7,497 and $8,197, respectively) | 86,013 | 80,818 | ||||||
Acquired lease intangible assets, net | 125,490 | 129,561 | ||||||
Assets associated with investment properties held for sale | 33,640 | 8,616 | ||||||
Other assets, net | 131,520 | 110,571 | ||||||
Total assets | $ | 4,803,860 | $ | 4,877,576 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Mortgages payable, net (includes unamortized premium of $3,972 and $1,175, respectively, and unamortized discount of $(470) and $(981), respectively) | $ | 1,634,465 | $ | 1,684,633 | ||||
Unsecured notes payable | 250,000 | — | ||||||
Unsecured term loan | 450,000 | 450,000 | ||||||
Unsecured revolving line of credit | — | 165,000 | ||||||
Accounts payable and accrued expenses | 61,129 | 54,457 | ||||||
Distributions payable | 39,187 | 39,138 | ||||||
Acquired lease intangible liabilities, net | 100,641 | 91,881 | ||||||
Liabilities associated with investment properties held for sale | 8,203 | 6,603 | ||||||
Other liabilities | 70,860 | 77,030 | ||||||
Total liabilities | 2,614,485 | 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 as of December 31, 2014 and 2013; liquidation preference $135,000 | 5 | 5 | ||||||
Class A common stock, $0.001 par value, 475,000 shares authorized, 236,602 and 236,302 shares issued and outstanding as of December 31, 2014 and 2013, respectively | 237 | 236 | ||||||
Additional paid-in capital | 4,922,864 | 4,919,633 | ||||||
Accumulated distributions in excess of earnings | (2,734,688 | ) | (2,611,796 | ) | ||||
Accumulated other comprehensive loss | (537 | ) | (738 | ) | ||||
Total shareholders' equity | 2,187,881 | 2,307,340 | ||||||
Noncontrolling interests | 1,494 | 1,494 | ||||||
Total equity | 2,189,375 | 2,308,834 | ||||||
Total liabilities and equity | $ | 4,803,860 | $ | 4,877,576 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 119,592 | $ | 113,400 | $ | 474,684 | $ | 433,591 | ||||||||
Tenant recovery income | 29,633 | 28,148 | 115,719 | 101,962 | ||||||||||||
Other property income | 4,306 | 9,141 | 10,211 | 15,955 | ||||||||||||
Total revenues | 153,531 | 150,689 | 600,614 | 551,508 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating expenses | 24,492 | 23,613 | 96,798 | 89,067 | ||||||||||||
Real estate taxes | 20,718 | 18,574 | 78,773 | 71,191 | ||||||||||||
Depreciation and amortization | 52,385 | 60,134 | 215,966 | 222,710 | ||||||||||||
Provision for impairment of investment properties | 11,825 | 32,303 | 72,203 | 59,486 | ||||||||||||
General and administrative expenses | 11,435 | 8,370 | 34,229 | 31,533 | ||||||||||||
Total expenses | 120,855 | 142,994 | 497,969 | 473,987 | ||||||||||||
Operating income | 32,676 | 7,695 | 102,645 | 77,521 | ||||||||||||
Gain on extinguishment of other liabilities | — | — | 4,258 | — | ||||||||||||
Equity in loss of unconsolidated joint ventures, net (a) | (645 | ) | (510 | ) | (2,088 | ) | (1,246 | ) | ||||||||
Gain on sale of joint venture interest | — | 17,499 | — | 17,499 | ||||||||||||
Gain on change in control of investment properties | — | 5,435 | 24,158 | 5,435 | ||||||||||||
Interest expense | (32,743 | ) | (34,440 | ) | (133,835 | ) | (146,805 | ) | ||||||||
Other income, net | 76 | 595 | 5,459 | 4,741 | ||||||||||||
(Loss) income from continuing operations | (636 | ) | (3,726 | ) | 597 | (42,855 | ) | |||||||||
Discontinued operations: | ||||||||||||||||
Income (loss), net | — | 6,169 | (148 | ) | 9,396 | |||||||||||
Gain on sales of investment properties | — | 34,644 | 655 | 41,279 | ||||||||||||
Income from discontinued operations | — | 40,813 | 507 | 50,675 | ||||||||||||
Gain on sales of investment properties | 26,501 | — | 42,196 | 5,806 | ||||||||||||
Net income | 25,865 | 37,087 | 43,300 | 13,626 | ||||||||||||
Net income attributable to the Company | 25,865 | 37,087 | 43,300 | 13,626 | ||||||||||||
Preferred stock dividends | (2,363 | ) | (2,363 | ) | (9,450 | ) | (9,450 | ) | ||||||||
Net income attributable to common shareholders | $ | 23,502 | $ | 34,724 | $ | 33,850 | $ | 4,176 | ||||||||
Earnings (loss) per common share - basic and diluted | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | (0.03 | ) | $ | 0.14 | $ | (0.20 | ) | ||||||
Discontinued operations | — | 0.18 | — | 0.22 | ||||||||||||
Net income per common share attributable to common shareholders | $ | 0.10 | $ | 0.15 | $ | 0.14 | $ | 0.02 | ||||||||
Weighted average number of common shares outstanding - basic | 236,204 | 236,151 | 236,184 | 234,134 | ||||||||||||
Weighted average number of common shares outstanding - diluted | 236,207 | 236,151 | 236,187 | 234,134 |
(a) | Reported amounts include our loss attributable to our ownership interests in our Oak Property and Casualty, MS Inland, RioCan and Hampton unconsolidated joint ventures. All of our unconsolidated joint venture arrangements were dissolved prior to December 31, 2014. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to common shareholders | $ | 23,502 | $ | 34,724 | $ | 33,850 | $ | 4,176 | ||||||||
Depreciation and amortization | 52,385 | 61,791 | 216,676 | 241,152 | ||||||||||||
Provision for impairment of investment properties | 11,825 | 32,893 | 72,203 | 92,319 | ||||||||||||
Gain on sales of investment properties (b) | (26,501 | ) | (57,578 | ) | (67,009 | ) | (70,996 | ) | ||||||||
FFO | $ | 61,211 | $ | 71,830 | $ | 255,720 | $ | 266,651 | ||||||||
FFO per common share outstanding | $ | 0.26 | $ | 0.30 | $ | 1.08 | $ | 1.14 | ||||||||
FFO | $ | 61,211 | $ | 71,830 | $ | 255,720 | $ | 266,651 | ||||||||
Impact on earnings from the early extinguishment of debt, net | 1,494 | 2,869 | 10,479 | (15,914 | ) | |||||||||||
Joint venture investment impairment | — | — | — | 1,834 | ||||||||||||
Reversal of excise tax accrual (c) | — | — | (4,594 | ) | — | |||||||||||
Provision for hedge ineffectiveness | 25 | (21 | ) | 12 | (912 | ) | ||||||||||
Gain on extinguishment of other liabilities | — | (3,511 | ) | (4,258 | ) | (3,511 | ) | |||||||||
Other | — | (432 | ) | (199 | ) | (1,349 | ) | |||||||||
Operating FFO | $ | 62,730 | $ | 70,735 | $ | 257,160 | $ | 246,799 | ||||||||
Operating FFO per common share outstanding | $ | 0.27 | $ | 0.30 | $ | 1.09 | $ | 1.05 |
(a) | Includes amounts from discontinued operations and our pro rata share from our unconsolidated joint ventures. |
(b) | Gain on sales of investment properties for the year ended December 31, 2014 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. Gain on sales of investment properties for the year ended December 31, 2013 includes the gain on sale of joint venture interest of $17,499 and the gain on change in control of investment properties of $5,435 recognized pursuant to the dissolution of our RioCan unconsolidated joint venture on October 1, 2013. |
(c) | Included in "Other income, net" in the consolidated statements of operations. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues: | ||||||||||||||||
Same store investment properties (197 properties): | ||||||||||||||||
Rental income | $ | 100,280 | $ | 97,952 | $ | 395,800 | $ | 386,962 | ||||||||
Tenant recovery income | 24,997 | 24,356 | 96,130 | 91,295 | ||||||||||||
Other property income | 1,724 | 1,630 | 6,749 | 6,759 | ||||||||||||
Other investment properties: | ||||||||||||||||
Rental income | 17,823 | 15,023 | 72,734 | 46,287 | ||||||||||||
Tenant recovery income | 4,636 | 3,792 | 19,589 | 10,667 | ||||||||||||
Other property income | 194 | 113 | 795 | 286 | ||||||||||||
Operating expenses: | ||||||||||||||||
Same store investment properties (197 properties): | ||||||||||||||||
Property operating expenses | (20,017 | ) | (19,220 | ) | (77,114 | ) | (76,287 | ) | ||||||||
Real estate taxes | (16,970 | ) | (15,889 | ) | (65,339 | ) | (63,758 | ) | ||||||||
Other investment properties: | ||||||||||||||||
Property operating expenses | (3,660 | ) | (3,155 | ) | (16,355 | ) | (9,082 | ) | ||||||||
Real estate taxes | (3,748 | ) | (2,685 | ) | (13,434 | ) | (7,433 | ) | ||||||||
NOI from continuing operations: | ||||||||||||||||
Same store investment properties | 90,014 | 88,829 | 356,226 | 344,971 | ||||||||||||
Other investment properties | 15,245 | 13,088 | 63,329 | 40,725 | ||||||||||||
Total NOI from continuing operations | 105,259 | 101,917 | 419,555 | 385,696 | ||||||||||||
Other income (expense): | ||||||||||||||||
Straight-line rental income, net | 802 | 454 | 4,781 | (381 | ) | |||||||||||
Amortization of acquired above and below market lease intangibles, net | 861 | 93 | 2,076 | 976 | ||||||||||||
Amortization of lease inducements | (174 | ) | (122 | ) | (707 | ) | (253 | ) | ||||||||
Lease termination fees | 2,388 | 7,278 | 2,667 | 8,605 | ||||||||||||
Straight-line ground rent expense | (955 | ) | (1,211 | ) | (3,889 | ) | (3,486 | ) | ||||||||
Amortization of acquired ground lease intangibles | 140 | 93 | 560 | 93 | ||||||||||||
Depreciation and amortization | (52,385 | ) | (60,134 | ) | (215,966 | ) | (222,710 | ) | ||||||||
Provision for impairment of investment properties | (11,825 | ) | (32,303 | ) | (72,203 | ) | (59,486 | ) | ||||||||
General and administrative expenses | (11,435 | ) | (8,370 | ) | (34,229 | ) | (31,533 | ) | ||||||||
Gain on extinguishment of other liabilities | — | — | 4,258 | — | ||||||||||||
Equity in loss of unconsolidated joint ventures, net | (645 | ) | (510 | ) | (2,088 | ) | (1,246 | ) | ||||||||
Gain on sale of joint venture interest | — | 17,499 | — | 17,499 | ||||||||||||
Gain on change in control of investment properties | — | 5,435 | 24,158 | 5,435 | ||||||||||||
Interest expense | (32,743 | ) | (34,440 | ) | (133,835 | ) | (146,805 | ) | ||||||||
Other income, net | 76 | 595 | 5,459 | 4,741 | ||||||||||||
Total other expense | (105,895 | ) | (105,643 | ) | (418,958 | ) | (428,551 | ) | ||||||||
(Loss) income from continuing operations | (636 | ) | (3,726 | ) | 597 | (42,855 | ) | |||||||||
Discontinued operations: | ||||||||||||||||
Income (loss), net | — | 6,169 | (148 | ) | 9,396 | |||||||||||
Gain on sales of investment properties | — | 34,644 | 655 | 41,279 | ||||||||||||
Income from discontinued operations | — | 40,813 | 507 | 50,675 | ||||||||||||
Gain on sales of investment properties | 26,501 | — | 42,196 | 5,806 | ||||||||||||
Net income | 25,865 | 37,087 | 43,300 | 13,626 | ||||||||||||
Net income attributable to the Company | 25,865 | 37,087 | 43,300 | 13,626 | ||||||||||||
Preferred stock dividends | (2,363 | ) | (2,363 | ) | (9,450 | ) | (9,450 | ) | ||||||||
Net income attributable to common shareholders | $ | 23,502 | $ | 34,724 | $ | 33,850 | $ | 4,176 |
Three Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net income attributable to common shareholders | $ | 23,502 | $ | 34,724 | ||||
Preferred stock dividends | 2,363 | 2,363 | ||||||
Interest expense | 32,743 | 34,440 | ||||||
Interest expense (discontinued operations) | — | 364 | ||||||
Depreciation and amortization | 52,385 | 60,134 | ||||||
Depreciation and amortization (discontinued operations) | — | 1,244 | ||||||
Gain on sales of investment properties | (26,501 | ) | — | |||||
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 | — | (5,435 | ) | |||||
Gain on extinguishment of other liabilities (discontinued operations) | — | (3,511 | ) | |||||
Provision for impairment of investment properties | 11,825 | 32,303 | ||||||
Provision for impairment of investment properties (discontinued operations) | — | 590 | ||||||
Adjusted EBITDA | $ | 96,317 | $ | 105,073 | ||||
Annualized | $ | 385,268 | $ | 420,292 |
December 31, 2014 | December 31, 2013 | |||||||
Total consolidated debt | $ | 2,342,540 | $ | 2,306,068 | ||||
Less: consolidated cash and cash equivalents | (112,292 | ) | (58,190 | ) | ||||
Net debt | $ | 2,230,248 | $ | 2,247,878 | ||||
Preferred stock | 135,000 | 135,000 | ||||||
Net debt and preferred stock | $ | 2,365,248 | $ | 2,382,878 | ||||
Net Debt to Adjusted EBITDA (a) | 5.8x | 5.3x | ||||||
Net Debt and Preferred Stock to Adjusted EBITDA (a) | 6.1x | 5.7x |
Per Share Guidance Range Full Year 2015 | ||||||||
Low | High | |||||||
Net income attributable to common shareholders | $ | 0.53 | $ | 0.57 | ||||
Depreciation and amortization | 0.89 | 0.89 | ||||||
Provision for impairment of investment properties | — | — | ||||||
Gain on sales of investment properties | (0.53 | ) | (0.53 | ) | ||||
FFO | $ | 0.89 | $ | 0.93 | ||||
Impact on earnings from the early extinguishment of debt, net | 0.08 | 0.08 | ||||||
Provision for hedge ineffectiveness | — | — | ||||||
Other | — | — | ||||||
Operating FFO | $ | 0.97 | $ | 1.01 |
(a) | For purposes of these ratio calculations, annualized three months ended figures were used. |
▪ | Operating Funds From Operations (Operating FFO) of $62.7 million, or $0.27 per share, compared to $70.7 million, or $0.30 per share, for the same period in 2013; |
▪ | Funds From Operations (FFO) of $61.2 million, or $0.26 per share, compared to $71.8 million, or $0.30 per share, for the same period in 2013; |
▪ | Net income attributable to common shareholders of $23.5 million, or $0.10 per share, compared to $34.7 million, or $0.15 per share, for the same period in 2013. |
▪ | Operating FFO of $257.2 million, or $1.09 per share, compared to $246.8 million, or $1.05 per share, for 2013; |
▪ | FFO of $255.7 million, or $1.08 per share, compared to $266.7 million, or $1.14 per share, for 2013; |
▪ | Net income attributable to common shareholders of $33.9 million, or $0.14 per share, compared to $4.2 million, or $0.02 per share, for 2013. |
▪ | 1.3% increase in same store net operating income (NOI) over the comparable period in 2013, based on same store occupancy of 94.6% at December 31, 2014, up 90 basis points from 93.7% at September 30, 2014 and December 31, 2013; |
▪ | Total portfolio percent leased, including leases signed but not commenced: 95.6% at December 31, 2014, up 60 basis points from 95.0% at September 30, 2014 and up 90 basis points from 94.7% at December 31, 2013; |
▪ | Retail portfolio percent leased, including leases signed but not commenced: 95.4% at December 31, 2014, up 70 basis points from 94.7% at September 30, 2014 and up 100 basis points from 94.4% at December 31, 2013; |
▪ | 732,000 square feet of retail leasing transactions comprised of 139 new and renewal leases; |
▪ | Positive comparable cash leasing spreads of 2.0%. |
▪ | 3.3% increase in same store NOI over the comparable period in 2013; |
▪ | 3,965,000 square feet of retail leasing transactions comprised of 711 new and renewal leases; |
▪ | Positive comparable cash leasing spreads of 5.3%. |
▪ | In January, received its first investment grade credit rating of (P)Baa3 with a stable outlook from Moody’s Investors Service; |
▪ | In May, closed its inaugural private placement unsecured notes offering to institutional investors by issuing $250 million of senior unsecured notes, consisting of $150 million of notes with a ten-year term, priced at a fixed interest rate of 4.58%, and $100 million of notes with a seven-year term, priced at a fixed interest rate of 4.12%, resulting in a weighted average fixed interest rate of 4.40%; |
▪ | In October, received its second investment grade credit rating of BBB- with a stable outlook from Standard and Poor’s Ratings Services; |
▪ | Throughout 2014, repaid and defeased $179.5 million of mortgage loans, excluding amortization, with a weighted average contractual interest rate of 6.08%, of which $4.8 million was defeased in the fourth quarter, with a contractual interest rate of 7.50%. |
▪ | Generate same store NOI growth of 0.0% - 2.0%. The Gateway, an asset which was impaired below the debt balance in the third quarter of 2014, and Towson Circle, a pending redevelopment asset in the Baltimore MSA, have been removed from the Company’s same store portfolio effective January 1, 2015. The Company expects 2015 same store NOI growth to be negatively impacted by approximately 150 - 200 basis points due to the downtime associated with strategic remerchandising activities, which will significantly reduce the Company’s exposure to several watch list tenants; |
▪ | Acquire approximately $400 - $450 million of strategic acquisitions in the Company’s target markets; |
▪ | Dispose of approximately $500 million of non-core and non-strategic assets; |
▪ | Incur approximately $40 - $42 million of general and administrative expenses, primarily as a result of higher compensation expense; and |
▪ | Issue $250 million of unsecured debt capital during the first half of 2015. |
Low | High | ||||||
2014 Operating FFO per common share outstanding | $ | 1.09 | $ | 1.09 | |||
Same store NOI, excluding the impact of strategic remerchandising activities | 0.03 | 0.05 | |||||
Same store NOI related to strategic remerchandising activities | (0.03 | ) | (0.02 | ) | |||
Total same store NOI | 0.00 | 0.03 | |||||
Non-cash items(1) | (0.02 | ) | (0.02 | ) | |||
General and administrative expenses | (0.03 | ) | (0.02 | ) | |||
Lease termination fee income(2) | (0.01 | ) | (0.01 | ) | |||
The Gateway, redevelopment and development assets(3) | (0.02 | ) | (0.02 | ) | |||
Impact of 2014 investment activity(4) | (0.03 | ) | (0.03 | ) | |||
Impact of 2015 investment activity(4) | (0.01 | ) | (0.01 | ) | |||
2015 estimated Operating FFO per common share outstanding | $ | 0.97 | $ | 1.01 |
(1) | The Company expects non-cash items, which include straight-line rental income, amortization of above and below market lease intangibles and lease inducements, and non-cash ground rent expense to total approximately $(0.8) - $(1.3) million in 2015 |
(2) | The Company has not forecasted any lease termination fee income for 2015 |
(3) | NOI from The Gateway, the two pending redevelopment assets (Boulevard at the Capital Centre and Towson Circle) and Bellevue, one of the Company's development assets, is expected to be approximately $4.0 million lower in 2015 than 2014 |
(4) | Reflects the relative timing of acquisitions and dispositions during the year |
Per Share Guidance Range Full Year 2015 | ||||||||
Low | High | |||||||
Net income attributable to common shareholders | $ | 0.53 | $ | 0.57 | ||||
Depreciation and amortization | 0.89 | 0.89 | ||||||
Provision for impairment of investment properties | — | — | ||||||
Gain on sales of investment properties | (0.53 | ) | (0.53 | ) | ||||
FFO | $ | 0.89 | $ | 0.93 | ||||
Impact on earnings from the early extinguishment of debt, net | 0.08 | 0.08 | ||||||
Provision for hedge ineffectiveness | — | — | ||||||
Other | — | — | ||||||
Operating FFO | $ | 0.97 | $ | 1.01 |
December 31, 2014 | December 31, 2013 | |||||||
Assets | ||||||||
Investment properties: | ||||||||
Land | $ | 1,195,369 | $ | 1,174,065 | ||||
Building and other improvements | 4,442,446 | 4,586,657 | ||||||
Developments in progress | 42,561 | 43,796 | ||||||
5,680,376 | 5,804,518 | |||||||
Less accumulated depreciation | (1,365,471 | ) | (1,330,474 | ) | ||||
Net investment properties | 4,314,905 | 4,474,044 | ||||||
Cash and cash equivalents | 112,292 | 58,190 | ||||||
Investment in unconsolidated joint ventures | — | 15,776 | ||||||
Accounts and notes receivable (net of allowances of $7,497 and $8,197, respectively) | 86,013 | 80,818 | ||||||
Acquired lease intangible assets, net | 125,490 | 129,561 | ||||||
Assets associated with investment properties held for sale | 33,640 | 8,616 | ||||||
Other assets, net | 131,520 | 110,571 | ||||||
Total assets | $ | 4,803,860 | $ | 4,877,576 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Mortgages payable, net (includes unamortized premium of $3,972 and $1,175, respectively, and unamortized discount of $(470) and $(981), respectively) | $ | 1,634,465 | $ | 1,684,633 | ||||
Unsecured notes payable | 250,000 | — | ||||||
Unsecured term loan | 450,000 | 450,000 | ||||||
Unsecured revolving line of credit | — | 165,000 | ||||||
Accounts payable and accrued expenses | 61,129 | 54,457 | ||||||
Distributions payable | 39,187 | 39,138 | ||||||
Acquired lease intangible liabilities, net | 100,641 | 91,881 | ||||||
Liabilities associated with investment properties held for sale | 8,203 | 6,603 | ||||||
Other liabilities | 70,860 | 77,030 | ||||||
Total liabilities | 2,614,485 | 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 as of December 31, 2014 and 2013; liquidation preference $135,000 | 5 | 5 | ||||||
Class A common stock, $0.001 par value, 475,000 shares authorized, 236,602 and 236,302 shares issued and outstanding as of December 31, 2014 and 2013, respectively | 237 | 236 | ||||||
Additional paid-in capital | 4,922,864 | 4,919,633 | ||||||
Accumulated distributions in excess of earnings | (2,734,688 | ) | (2,611,796 | ) | ||||
Accumulated other comprehensive loss | (537 | ) | (738 | ) | ||||
Total shareholders' equity | 2,187,881 | 2,307,340 | ||||||
Noncontrolling interests | 1,494 | 1,494 | ||||||
Total equity | 2,189,375 | 2,308,834 | ||||||
Total liabilities and equity | $ | 4,803,860 | $ | 4,877,576 |
4th Quarter 2014 Supplemental Information | 1 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 119,592 | $ | 113,400 | $ | 474,684 | $ | 433,591 | ||||||||
Tenant recovery income | 29,633 | 28,148 | 115,719 | 101,962 | ||||||||||||
Other property income | 4,306 | 9,141 | 10,211 | 15,955 | ||||||||||||
Total revenues | 153,531 | 150,689 | 600,614 | 551,508 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating expenses | 24,492 | 23,613 | 96,798 | 89,067 | ||||||||||||
Real estate taxes | 20,718 | 18,574 | 78,773 | 71,191 | ||||||||||||
Depreciation and amortization | 52,385 | 60,134 | 215,966 | 222,710 | ||||||||||||
Provision for impairment of investment properties | 11,825 | 32,303 | 72,203 | 59,486 | ||||||||||||
General and administrative expenses | 11,435 | 8,370 | 34,229 | 31,533 | ||||||||||||
Total expenses | 120,855 | 142,994 | 497,969 | 473,987 | ||||||||||||
Operating income | 32,676 | 7,695 | 102,645 | 77,521 | ||||||||||||
Gain on extinguishment of other liabilities | — | — | 4,258 | — | ||||||||||||
Equity in loss of unconsolidated joint ventures, net (a) | (645 | ) | (510 | ) | (2,088 | ) | (1,246 | ) | ||||||||
Gain on sale of joint venture interest | — | 17,499 | — | 17,499 | ||||||||||||
Gain on change in control of investment properties | — | 5,435 | 24,158 | 5,435 | ||||||||||||
Interest expense | (32,743 | ) | (34,440 | ) | (133,835 | ) | (146,805 | ) | ||||||||
Other income, net | 76 | 595 | 5,459 | 4,741 | ||||||||||||
(Loss) income from continuing operations | (636 | ) | (3,726 | ) | 597 | (42,855 | ) | |||||||||
Discontinued operations: | ||||||||||||||||
Income (loss), net | — | 6,169 | (148 | ) | 9,396 | |||||||||||
Gain on sales of investment properties | — | 34,644 | 655 | 41,279 | ||||||||||||
Income from discontinued operations | — | 40,813 | 507 | 50,675 | ||||||||||||
Gain on sales of investment properties | 26,501 | — | 42,196 | 5,806 | ||||||||||||
Net income | 25,865 | 37,087 | 43,300 | 13,626 | ||||||||||||
Net income attributable to the Company | 25,865 | 37,087 | 43,300 | 13,626 | ||||||||||||
Preferred stock dividends | (2,363 | ) | (2,363 | ) | (9,450 | ) | (9,450 | ) | ||||||||
Net income attributable to common shareholders | $ | 23,502 | $ | 34,724 | $ | 33,850 | $ | 4,176 | ||||||||
Earnings (loss) per common share - basic and diluted | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | (0.03 | ) | $ | 0.14 | $ | (0.20 | ) | ||||||
Discontinued operations | — | 0.18 | — | 0.22 | ||||||||||||
Net income per common share attributable to common shareholders | $ | 0.10 | $ | 0.15 | $ | 0.14 | $ | 0.02 | ||||||||
Weighted average number of common shares outstanding - basic | 236,204 | 236,151 | 236,184 | 234,134 | ||||||||||||
Weighted average number of common shares outstanding - diluted | 236,207 | 236,151 | 236,187 | 234,134 |
(a) | Reported amounts include our loss attributable to our ownership interests in our Oak Property and Casualty, MS Inland, RioCan and Hampton unconsolidated joint ventures. All of our unconsolidated joint venture arrangements were dissolved prior to December 31, 2014. |
4th Quarter 2014 Supplemental Information | 2 |
FFO and Operating FFO (a) (b) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to common shareholders | $ | 23,502 | $ | 34,724 | $ | 33,850 | $ | 4,176 | ||||||||
Depreciation and amortization | 52,385 | 61,791 | 216,676 | 241,152 | ||||||||||||
Provision for impairment of investment properties | 11,825 | 32,893 | 72,203 | 92,319 | ||||||||||||
Gain on sales of investment properties (c) | (26,501 | ) | (57,578 | ) | (67,009 | ) | (70,996 | ) | ||||||||
FFO | $ | 61,211 | $ | 71,830 | $ | 255,720 | $ | 266,651 | ||||||||
FFO per common share outstanding | $ | 0.26 | $ | 0.30 | $ | 1.08 | $ | 1.14 | ||||||||
FFO | $ | 61,211 | $ | 71,830 | $ | 255,720 | $ | 266,651 | ||||||||
Impact on earnings from the early extinguishment of debt, net | 1,494 | 2,869 | 10,479 | (15,914 | ) | |||||||||||
Joint venture investment impairment | — | — | — | 1,834 | ||||||||||||
Reversal of excise tax accrual (d) | — | — | (4,594 | ) | — | |||||||||||
Provision for hedge ineffectiveness | 25 | (21 | ) | 12 | (912 | ) | ||||||||||
Gain on extinguishment of other liabilities | — | (3,511 | ) | (4,258 | ) | (3,511 | ) | |||||||||
Other | — | (432 | ) | (199 | ) | (1,349 | ) | |||||||||
Operating FFO | $ | 62,730 | $ | 70,735 | $ | 257,160 | $ | 246,799 | ||||||||
Operating FFO per common share outstanding | $ | 0.27 | $ | 0.30 | $ | 1.09 | $ | 1.05 | ||||||||
Weighted average number of common shares outstanding - basic | 236,204 | 236,151 | 236,184 | 234,134 | ||||||||||||
Dividends declared per common share | $ | 0.165625 | $ | 0.165625 | $ | 0.6625 | $ | 0.6625 | ||||||||
Additional Information | ||||||||||||||||
Lease-related expenditures (e) | ||||||||||||||||
Same store | $ | 8,338 | $ | 13,372 | $ | 32,270 | $ | 36,001 | ||||||||
Other investment properties | $ | 661 | $ | 1,333 | $ | 4,665 | $ | 3,118 | ||||||||
Discontinued operations | $ | — | $ | 94 | $ | — | $ | 6,562 | ||||||||
Pro rata share of unconsolidated joint ventures | $ | — | $ | 35 | $ | 34 | $ | 299 | ||||||||
Capital expenditures (f) | ||||||||||||||||
Same store | $ | 5,529 | $ | 8,464 | $ | 14,701 | $ | 17,101 | ||||||||
Other investment properties | $ | 365 | $ | 207 | $ | 1,323 | $ | 1,032 | ||||||||
Discontinued operations | $ | — | $ | 7 | $ | 6 | $ | 337 | ||||||||
Pro rata share of unconsolidated joint ventures | $ | — | $ | 21 | $ | 28 | $ | 111 | ||||||||
Straight-line rental income, net (b) | $ | 802 | $ | 455 | $ | 4,790 | $ | (487 | ) | |||||||
Amortization of above and below market lease intangibles and lease inducements (b) | $ | 687 | $ | (43 | ) | $ | 1,395 | $ | 643 | |||||||
Non-cash ground rent expense (b) (g) | $ | 815 | $ | 1,223 | $ | 3,329 | $ | 3,898 |
(a) | Refer to page 19 for definitions of FFO and Operating FFO. |
(b) | Includes amounts from discontinued operations and our pro rata share from our unconsolidated joint ventures. |
(c) | Gain on sales of investment properties for the year ended December 31, 2014 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. Gain on sales of investment properties for the year ended December 31, 2013 includes the gain on sale of joint venture interest of $17,499 and the gain on change in control of investment properties of $5,435 recognized pursuant to the dissolution of our RioCan unconsolidated joint venture on October 1, 2013. |
(d) | Included in "Other income, net" in the consolidated statements of operations. |
(e) | Consists of payments for tenant improvements, lease commissions and lease inducements and excludes developments in progress. |
(f) | Consists of payments for building, site and other improvements and excludes developments in progress. |
(g) | Includes amortization of acquired ground lease intangibles. |
4th Quarter 2014 Supplemental Information | 3 |
Supplemental Balance Sheet Detail | December 31, 2014 | December 31, 2013 | ||||||
Accounts and Notes Receivable | ||||||||
Accounts and notes receivable (net of allowances of $6,639 and $6,549, respectively) | $ | 33,349 | $ | 31,096 | ||||
Straight-line receivables (net of allowances of $858 and $1,648, respectively) | 52,664 | 49,722 | ||||||
Total | $ | 86,013 | $ | 80,818 | ||||
Other Assets, net | ||||||||
Deferred costs, net | $ | 44,588 | $ | 48,790 | ||||
Restricted cash and escrows | 58,469 | 40,198 | ||||||
Other assets, net | 28,463 | 21,583 | ||||||
Total | $ | 131,520 | $ | 110,571 | ||||
Other Liabilities | ||||||||
Unearned income | $ | 21,823 | $ | 24,633 | ||||
Straight-line ground rent liability | 31,519 | 31,920 | ||||||
Fair value of derivatives | 562 | 751 | ||||||
Other liabilities | 16,956 | 19,726 | ||||||
Total | $ | 70,860 | $ | 77,030 | ||||
Developments in Progress | ||||||||
Active developments | $ | 3,081 | $ | 4,321 | ||||
Property available for future development | 39,480 | 39,475 | ||||||
Total | $ | 42,561 | $ | 43,796 |
Supplemental Statements of Operations Detail (a) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Rental Income | ||||||||||||||||
Base rent | $ | 116,006 | $ | 111,287 | $ | 461,874 | $ | 427,167 | ||||||||
Percentage and specialty rent | 2,097 | 1,688 | 6,660 | 6,082 | ||||||||||||
Straight-line rent | 802 | 454 | 4,781 | (381 | ) | |||||||||||
Amortization of above and below market lease intangibles and lease inducements | 687 | (29 | ) | 1,369 | 723 | |||||||||||
Total | $ | 119,592 | $ | 113,400 | $ | 474,684 | $ | 433,591 | ||||||||
Other Property Income | ||||||||||||||||
Lease termination income | $ | 2,388 | $ | 7,398 | $ | 2,667 | $ | 8,910 | ||||||||
Other property income | 1,918 | 1,743 | 7,544 | 7,045 | ||||||||||||
Total | $ | 4,306 | $ | 9,141 | $ | 10,211 | $ | 15,955 | ||||||||
Bad Debt Expense | $ | 84 | $ | 308 | $ | 1,634 | $ | 1,626 | ||||||||
Non-Cash Ground Rent Expense (b) | $ | 815 | $ | 1,118 | $ | 3,329 | $ | 3,393 | ||||||||
Management Fee Income from Joint Ventures (c) | $ | — | $ | 237 | $ | 338 | $ | 2,507 | ||||||||
Acquisition Costs (d) | $ | 1,908 | $ | 860 | $ | 2,271 | $ | 937 | ||||||||
Capitalized Interest | $ | — | $ | — | $ | — | $ | — |
(a) | Amounts previously reflected in "Loss on lease terminations" have been reclassified and are now included in "Rental income" or "Depreciation and amortization" as appropriate. The "Write-off of tenant-related above and below market lease intangibles and lease inducements" is included in "Amortization of above and below market lease intangibles and lease inducements" as a component of "Rental income" and the "Write-off of tenant improvements and in-place lease intangibles" is included in "Depreciation and amortization." |
(b) | Includes amortization of acquired ground lease intangibles. |
(c) | Included in "Other income, net" in the consolidated statements of operations. |
(d) | Included in "General and administrative expenses" in the consolidated statements of operations. |
4th Quarter 2014 Supplemental Information | 4 |
Same store portfolio (a) | |||||||||
December 31, | |||||||||
2014 | 2013 | Change | |||||||
Occupancy | 94.6 | % | 93.7 | % | 0.9 | % | |||
Percent leased (b) | 95.6 | % | 94.6 | % | 1.0 | % | |||
Same store NOI (c) | ||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||
Operating revenues | ||||||||||||||||||||||
Rental income | $ | 100,280 | $ | 97,952 | $ | 395,800 | $ | 386,962 | ||||||||||||||
Tenant recovery income | 24,997 | 24,356 | 96,130 | 91,295 | ||||||||||||||||||
Other property income | 1,724 | 1,630 | 6,749 | 6,759 | ||||||||||||||||||
127,001 | 123,938 | 498,679 | 485,016 | |||||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Property operating expenses | 19,789 | 18,977 | 76,014 | 74,519 | ||||||||||||||||||
Bad debt expense | 228 | 243 | 1,100 | 1,768 | ||||||||||||||||||
Real estate taxes | 16,970 | 15,889 | 65,339 | 63,758 | ||||||||||||||||||
36,987 | 35,109 | 142,453 | 140,045 | |||||||||||||||||||
Same store NOI (d) | $ | 90,014 | $ | 88,829 | 1.3 | % | $ | 356,226 | $ | 344,971 | 3.3 | % | ||||||||||
NOI from other investment properties | 15,245 | 13,088 | 63,329 | 40,725 | ||||||||||||||||||
Total NOI from continuing operations | $ | 105,259 | $ | 101,917 | 3.3 | % | $ | 419,555 | $ | 385,696 | 8.8 | % | ||||||||||
Combined NOI from continuing operations (e) | $ | 105,259 | $ | 102,923 | $ | 421,210 | $ | 396,406 | ||||||||||||||
Combined NOI (Net operating loss) from discontinued operations (e) | $ | — | $ | 3,802 | $ | (81 | ) | $ | 20,655 |
(a) | Consists of 197 properties and excludes properties acquired during 2013 and 2014, our development properties, an anticipated redevelopment property, investment properties sold or classified as held for sale during 2014 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 intangibles and straight-line bad debt expense). Refer to pages 19 - 23 for definitions and reconciliations of non-GAAP financial measures. |
(d) | The Gateway, an investment property which was impaired below the debt balance in the third quarter of 2014, will be removed from the same store pool beginning January 1, 2015. Same store NOI includes NOI from The Gateway of $1,150 and $1,734 for the three months ended December 31, 2014 and 2013, respectively, and $6,539 and $7,587 for the year ended December 31, 2014 and 2013, respectively. |
(e) | Combined data includes our wholly-owned and consolidated portfolio in addition to our pro rata share of investment property unconsolidated joint ventures, all of which were dissolved prior to June 30, 2014. |
4th Quarter 2014 Supplemental Information | 5 |
Capitalization Data | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Equity Capitalization | ||||||||
Common stock shares outstanding | 236,602 | 236,302 | ||||||
Common share price | $ | 16.69 | $ | 12.72 | ||||
3,948,887 | 3,005,761 | |||||||
Series A preferred stock | 135,000 | 135,000 | ||||||
Total equity capitalization | $ | 4,083,887 | $ | 3,140,761 | ||||
Debt Capitalization | ||||||||
Mortgages payable | $ | 1,630,963 | $ | 1,684,439 | ||||
Mortgages payable associated with investment properties held for sale | 8,075 | 6,435 | ||||||
Premium, net of accumulated amortization | 3,972 | 1,175 | ||||||
Discount, net of accumulated amortization | (470 | ) | (981 | ) | ||||
Total mortgage debt, net | 1,642,540 | 1,691,068 | ||||||
Unsecured notes payable | 250,000 | — | ||||||
Unsecured term loan | 450,000 | 450,000 | ||||||
Unsecured revolving line of credit | — | 165,000 | ||||||
Total consolidated debt capitalization | 2,342,540 | 2,306,068 | ||||||
Pro rata share of our investment property unconsolidated joint ventures' total debt | — | 28,507 | ||||||
Combined debt capitalization | 2,342,540 | 2,334,575 | ||||||
Total capitalization at end of period | $ | 6,426,427 | $ | 5,475,336 |
Reconciliation of Debt to Total Net Debt and Combined Net Debt | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Total consolidated debt | $ | 2,342,540 | $ | 2,306,068 | ||||
Less: consolidated cash and cash equivalents | (112,292 | ) | (58,190 | ) | ||||
Net debt | $ | 2,230,248 | $ | 2,247,878 | ||||
Adjusted EBITDA (a) (b) | $ | 385,268 | $ | 420,292 | ||||
Net Debt to Adjusted EBITDA | 5.8x | 5.3x | ||||||
Net Debt and Preferred Stock to Adjusted EBITDA | 6.1x | 5.7x | ||||||
Net debt | $ | 2,230,248 | $ | 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 | $ | 2,230,248 | $ | 2,275,069 | ||||
Combined Adjusted EBITDA (a) (b) | $ | 385,268 | $ | 423,368 | ||||
Combined Net Debt to Combined Adjusted EBITDA | 5.8x | 5.4x | ||||||
Combined Net Debt and Preferred Stock to Combined Adjusted EBITDA | 6.1x | 5.7x |
(a) | For purposes of these ratio calculations, annualized three months ended figures were used. |
(b) | Refer to pages 19 - 23 for definitions and reconciliations of non-GAAP financial measures. |
4th Quarter 2014 Supplemental Information | 6 |
Covenant | December 31, 2014 | |||
Leverage ratio | < 60.0% | (b) | 39.75 | % |
Fixed charge coverage ratio | > 1.50x | 2.34x | ||
Secured indebtedness as a percentage of Total Asset Value | < 45.0% | (b) | 27.91 | % |
Unencumbered asset pool covenants: | ||||
Leverage ratio | < 60.0% | (b) | 28.29 | % |
Unencumbered interest coverage ratio | > 1.75x | 7.61x |
(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%. |
4th Quarter 2014 Supplemental Information | 7 |
Balance | Weighted Average (WA) Interest Rate | WA Years to Maturity | |||||||
Fixed rate mortgages payable (a) | $ | 1,616,063 | 6.03 | % | 4.0 years | ||||
Variable rate construction loan | 14,900 | 2.44 | % | 0.8 years | |||||
Total mortgages payable | 1,630,963 | 5.99 | % | 3.9 years | |||||
Unsecured notes payable: | |||||||||
Series A senior notes | 100,000 | 4.12 | % | 6.5 years | |||||
Series B senior notes | 150,000 | 4.58 | % | 9.5 years | |||||
Total unsecured notes payable | 250,000 | 4.40 | % | 8.3 years | |||||
Unsecured credit facility: | |||||||||
Fixed rate portion of term loan (b) | 300,000 | 1.99 | % | 3.4 years | |||||
Variable rate portion of term loan | 150,000 | 1.62 | % | 3.4 years | |||||
Variable rate revolving line of credit | — | 1.67 | % | 2.4 years | |||||
Total unsecured credit facility | 450,000 | 1.87 | % | 3.4 years | |||||
Total consolidated indebtedness | $ | 2,330,963 | 5.03 | % | (c) | 4.3 years |
Consolidated Debt Maturity Schedule as of December 31, 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 | ||||||||||||||||||
2015 | $ | 376,659 | 5.59 | % | $ | 14,900 | 2.44 | % | $ | 391,559 | 16.8 | % | 5.47 | % | |||||||||||
2016 | 67,736 | 5.06 | % | — | — | 67,736 | 2.9 | % | 5.06 | % | |||||||||||||||
2017 | 321,126 | 5.53 | % | — | — | 321,126 | 13.8 | % | 5.53 | % | |||||||||||||||
2018 | 312,414 | 2.18 | % | 150,000 | 1.62 | % | 462,414 | 19.8 | % | 2.00 | % | ||||||||||||||
2019 | 502,882 | 7.50 | % | — | — | 502,882 | 21.6 | % | 7.50 | % | |||||||||||||||
2020 | 22,672 | 7.52 | % | — | — | 22,672 | 1.0 | % | 7.52 | % | |||||||||||||||
2021 | 122,304 | 4.27 | % | — | — | 122,304 | 5.2 | % | 4.27 | % | |||||||||||||||
2022 | 216,171 | 4.87 | % | — | — | 216,171 | 9.3 | % | 4.87 | % | |||||||||||||||
2023 | 30,739 | 4.15 | % | — | — | 30,739 | 1.3 | % | 4.15 | % | |||||||||||||||
2024 | 150,680 | 4.58 | % | — | — | 150,680 | 6.5 | % | 4.58 | % | |||||||||||||||
Thereafter | 42,680 | 4.66 | % | — | — | 42,680 | 1.8 | % | 4.66 | % | |||||||||||||||
Total | $ | 2,166,063 | 5.28 | % | $ | 164,900 | 1.69 | % | $ | 2,330,963 | 100.0 | % | 5.03 | % | (c) |
(a) | Excludes mortgage premium of $3,972 and discount of $(470), net of accumulated amortization, that was outstanding as of December 31, 2014 and a mortgage payable of $8,075 associated with one investment property classified as held for sale as of December 31, 2014. In the consolidated debt maturity schedule, maturity amounts for each year include scheduled principal amortization payments. |
(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 December 31, 2014. |
(c) | Interest rates presented exclude the impact of the premium, discount and capitalized loan fee amortization. As of December 31, 2014, our overall weighted average interest rate for consolidated debt including the impact of premium, discount and capitalized loan fee amortization was 5.18%. |
4th Quarter 2014 Supplemental Information | 8 |
Property Name | Maturity Date | Interest Rate (a) | Interest Rate Type | Secured or Unsecured | Balance as of 12/31/2014 | ||||||||
Consolidated Indebtedness | |||||||||||||
Pool #2 (7 properties) (b) | 03/01/15 | 6.39% | Fixed | Secured | $ | 18,525 | (b) | ||||||
Bison Hollow | 04/01/15 | 6.39% | Fixed | Secured | 7,408 | ||||||||
Grapevine Crossing | 04/01/15 | 6.39% | Fixed | Secured | 11,119 | ||||||||
Pool #4 (6 properties) | 04/01/15 | 6.39% | Fixed | Secured | 10,886 | ||||||||
New Forest Crossing | 04/01/15 | 6.39% | Fixed | Secured | 8,845 | ||||||||
Vail Ranch Plaza | 04/01/15 | 6.39% | Fixed | Secured | 10,716 | ||||||||
Ashland & Roosevelt | 09/01/15 | 6.39% | Fixed | Secured | 7,912 | ||||||||
Montecito Crossing | 09/01/15 | 5.90% | Fixed | Secured | 16,546 | ||||||||
Huebner Oaks Center | 09/05/15 | 5.75% | Fixed | Secured | 36,654 | ||||||||
John's Creek Village | 10/01/15 | 5.17% | Fixed | Secured | 21,118 | ||||||||
Pool #7 (3 properties) | 11/01/15 | 6.39% | Fixed | Secured | 21,862 | ||||||||
The Orchard | 11/01/15 | 6.39% | Fixed | Secured | 11,669 | ||||||||
Green Valley Crossing | 11/02/15 | 2.44% | (c) | Variable | Secured | 14,900 | |||||||
Jefferson Commons | 12/01/15 | 5.14% | Fixed | Secured | 56,500 | ||||||||
King Philip's Crossing | 12/01/15 | 6.39% | Fixed | Secured | 10,301 | ||||||||
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 | 59,133 | ||||||||
HQ Building | 01/01/16 | 6.39% | Fixed | Secured | 9,070 | ||||||||
Cypress Mill Plaza | 02/01/16 | 4.26% | Fixed | Secured | 8,310 | ||||||||
MacArthur Crossing | 07/01/16 | 7.30% | Fixed | Secured | 6,799 | ||||||||
Heritage Towne Crossing | 09/30/16 | 4.52% | Fixed | Secured | 8,124 | ||||||||
Oswego Commons | 12/01/16 | 3.35% | Fixed | Secured | 21,000 | ||||||||
The Gateway | 04/01/17 | 6.57% | Fixed | Secured | 95,853 | ||||||||
Southlake Grand Ave. | 04/01/17 | 3.50% | Fixed | Secured | 56,941 | ||||||||
Southlake Town Square | 04/01/17 | 6.25% | Fixed | Secured | 84,578 | ||||||||
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 | 26,037 | ||||||||
Corwest Plaza | 04/01/19 | 7.25% | Fixed | Secured | 14,487 | ||||||||
Dorman Center | 04/01/19 | 7.70% | Fixed | Secured | 20,574 | ||||||||
Shops at Park Place | 05/01/19 | 7.48% | Fixed | Secured | 7,788 | ||||||||
Shoppes of New Hope | 06/01/19 | 7.75% | Fixed | Secured | 3,550 | ||||||||
Village Shoppes at Simonton | 06/01/19 | 7.75% | Fixed | Secured | 3,277 | ||||||||
Plaza at Marysville | 09/01/19 | 8.00% | Fixed | Secured | 8,996 | ||||||||
Forks Town Center | 10/01/19 | 7.70% | Fixed | Secured | 8,219 | ||||||||
IW JV 2009 portfolio (53 properties) | 12/01/19 | 7.50% | Fixed | Secured | 462,896 | (d) | |||||||
Eastwood Towne Center | 05/01/20 | 8.00% | Fixed | Secured | 21,865 | ||||||||
Sawyer Heights Village | 07/01/21 | 5.00% | Fixed | Secured | 18,700 | ||||||||
Ashland & Roosevelt (bank pad) | 02/25/22 | 7.48% | Fixed | Secured | 1,222 | ||||||||
Commons at Temecula | 03/01/22 | 4.74% | Fixed | Secured | 25,665 | ||||||||
Gardiner Manor Mall | 03/01/22 | 4.95% | Fixed | Secured | 35,897 | ||||||||
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 | 36,377 | ||||||||
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 | 27,281 | ||||||||
Total mortgages payable | $ | 1,630,963 | |||||||||||
4th Quarter 2014 Supplemental Information | 9 |
Property Name | Maturity Date | Interest Rate (a) | Interest Rate Type | Secured or Unsecured | Balance as of 12/31/2014 | ||||||||
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% | (e) | Fixed | Unsecured | 300,000 | |||||||
Term loan | 05/11/18 | 1.62% | Variable | Unsecured | 150,000 | ||||||||
Revolving line of credit | 05/12/17 | 1.67% | Variable | Unsecured | — | ||||||||
Total unsecured credit facility | 450,000 | ||||||||||||
Mortgage premium | 3,972 | ||||||||||||
Mortgage discount | (470 | ) | |||||||||||
Total consolidated indebtedness | $ | 2,334,465 | |||||||||||
(a) | Interest rates presented exclude the impact of the premium, discount and capitalized loan fee amortization. As of December 31, 2014, our overall weighted average interest rate for consolidated debt including the impact of premium, discount and capitalized loan fee amortization was 5.18%. |
(b) | These mortgages were paid off subsequent to December 31, 2014. |
(c) | The loan balance bears interest at a floating rate of LIBOR + 2.25%. |
(d) | Excludes $8,075 associated with one of the 54 investment properties securing the mortgage payable that is classified as held for sale as of December 31, 2014. |
(e) | $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 December 31, 2014. |
4th Quarter 2014 Supplemental Information | 10 |
Gross (at 100%) | Pro Rata Share | |||||||||||||||||||||||||||
Property Name | Acquisition Date | Joint Venture | Property Type | Gross Leasable Area (GLA) | Acquisition Price | Mortgage Debt | GLA | Acquisition 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 | — | |||||||||||||||||||
Avondale Plaza | November 20, 2014 | n/a | Multi-tenant retail | 39,000 | 15,070 | — | 39,000 | 15,070 | — | |||||||||||||||||||
Lakewood Towne Center - Parcel (b) | December 30, 2014 | n/a | Multi-tenant parcel (b) | 44,000 | 5,750 | — | 44,000 | 5,750 | — | |||||||||||||||||||
144,600 | 55,561 | — | 144,600 | 55,561 | — | |||||||||||||||||||||||
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 | 1,339,400 | $ | 348,061 | $ | 141,698 | 1,100,500 | $ | 289,561 | $ | 113,358 | ||||||||||||||||||
(a) | We acquired the fee interest in an existing wholly-owned 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 Southlake Town Square and a parcel at Lakewood Towne Center, both of which are existing wholly-owned multi-tenant retail operating properties. As a result, the total number of properties in our portfolio was not affected by either transaction. |
(c) | On June 5, 2014, we dissolved our joint venture arrangement with our partner in our MS Inland unconsolidated joint venture 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. |
4th Quarter 2014 Supplemental Information | 11 |
Property Name | Disposition Date | Property Type | GLA | Consideration | Mortgage Debt | |||||||||||
Consolidated Dispositions (a): | ||||||||||||||||
Riverpark Phase IIA | March 11, 2014 | Single-user retail | 64,300 | $ | 9,269 | $ | — | (b) | ||||||||
Midtown Center | April 1, 2014 | Multi-tenant retail | 408,500 | 47,150 | — | (c) | ||||||||||
Beachway Plaza & Cornerstone Plaza | May 16, 2014 | Multi-tenant retail | 189,600 | 24,450 | — | (d) | ||||||||||
Battle Ridge Pavilion | August 1, 2014 | Multi-tenant retail | 103,500 | 14,100 | — | |||||||||||
Stanley Works/Mac Tools | August 15, 2014 | Single-user office | 72,500 | 10,350 | — | |||||||||||
Fisher Scientific | August 15, 2014 | Single-user office | 114,700 | 14,000 | — | |||||||||||
Boston Commons | August 19, 2014 | Multi-tenant retail | 103,400 | 9,820 | — | (e) | ||||||||||
Greenwich Center | August 19, 2014 | Multi-tenant retail | 182,600 | 22,700 | — | (f) | ||||||||||
Crossroads Plaza CVS | August 26, 2014 | Single-user retail | 16,000 | 7,650 | — | (g) | ||||||||||
Four Peaks Plaza | August 27, 2014 | Multi-tenant retail | 140,400 | 9,900 | 9,713 | |||||||||||
Gloucester Town Center | October 2, 2014 | Multi-tenant retail | 107,200 | 10,350 | — | (h) | ||||||||||
Rite Aid (Eckerd) - Hellertown | October 20, 2014 | Single-user retail | 13,800 | |||||||||||||
Rite Aid (Eckerd) - Lebanon | October 20, 2014 | Single-user retail | 13,800 | |||||||||||||
Rite Aid (Eckerd) - Punxsutawney | October 20, 2014 | Single-user retail | 13,800 | |||||||||||||
Walgreens - West Allis | October 20, 2014 | Single-user retail | 13,900 | |||||||||||||
CVS Pharmacy - Montevallo | October 20, 2014 | Single-user retail | 10,100 | |||||||||||||
Total Drug Store Portfolio | 65,400 | 24,400 | — | (i) | ||||||||||||
Shoppes at Stroud | October 29, 2014 | Multi-tenant retail | 136,400 | 26,850 | — | |||||||||||
The Market at Clifty Crossing | October 31, 2014 | Multi-tenant retail | 175,900 | 19,150 | — | (j) | ||||||||||
Crockett Square | November 5, 2014 | Multi-tenant retail | 107,100 | 9,750 | — | |||||||||||
Mission Crossing | November 24, 2014 | Multi-tenant retail | 178,200 | 24,250 | — | (k) | ||||||||||
Plaza at Riverlakes | December 4, 2014 | Multi-tenant retail | 102,800 | 17,350 | — | (l) | ||||||||||
Harvest Towne Center - Taco Bell outparcel | December 5, 2014 | Single-user outparcel | 2,600 | 700 | — | (m) | ||||||||||
Diebold Warehouse | December 16, 2014 | Single-user industrial | 158,700 | 11,500 | — | |||||||||||
Newburgh Crossing | December 22, 2014 | Multi-tenant retail | 62,900 | 10,000 | — | |||||||||||
Total dispositions | 2,492,700 | $ | 323,689 | $ | 9,713 | |||||||||||
(a) | 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 consolidated statements of operations. |
(b) | We repaid the $6,435 mortgage payable prior to the disposition of the property. |
(c) | We repaid the $30,124 mortgage payable prior to the disposition of the property. |
(d) | The terms of the sale of Beachway Plaza and Cornerstone Plaza were negotiated as a single transaction. We repaid the $4,782 mortgage payable on Cornerstone Plaza, which was part of the $23,334 JPM Pool #1 loan repayment, prior to the disposition of the property. |
(e) | We repaid the $8,391 mortgage payable prior to the disposition of the property. |
(f) | We repaid the $14,475 mortgage payable prior to the disposition of the property. |
(g) | We repaid the $4,229 mortgage payable prior to the disposition of the property. |
(h) | We repaid the $8,855 mortgage payable, which was part of the $45,198 JPM Pool #5 loan repayment, prior to the disposition of the property. |
(i) | We repaid the $2,193 mortgage payable on Walgreens - West Allis and the $1,785 mortgage payable on CVS Pharmacy - Montevallo, which were part of the $6,969 JPM Pool #3 loan repayment, prior to the disposition of the properties. |
(j) | We repaid the $12,945 mortgage payable prior to the disposition of the property. |
(k) | The disposition of Mission Crossing was executed in two separate transactions for a total sales price of $24,250. The 163,400 square foot multi-tenant retail property, excluding the Walgreens outparcel, was sold for $17,250 to a third party and the 14,800 square foot Walgreens outparcel was sold for $7,000 to a different third party. We repaid the $11,639 mortgage payable, which was part of the $45,198 JPM Pool #5 loan repayment, prior to the disposition of the property. |
(l) | We repaid the $8,551 mortgage payable, which was part of the $45,198 JPM Pool #5 loan repayment, prior to the disposition of the property. |
(m) | We defeased $4,830 of the IW JV 2009 portfolio to unencumber Harvest Towne Center prior to the disposition of the outparcel. |
4th Quarter 2014 Supplemental Information | 12 |
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 | 69 | 9,126 | 29.9 | % | 95.4 | % | 96.3 | % | $ | 135,881 | 30.7 | % | $ | 15.61 | ||||||||||||
East | 60 | 8,278 | 27.1 | % | 95.7 | % | 96.9 | % | 107,930 | 24.4 | % | 13.62 | ||||||||||||||
West | 26 | 5,588 | 18.3 | % | 91.7 | % | 93.2 | % | 79,086 | 17.8 | % | 15.43 | ||||||||||||||
South | 53 | 7,531 | 24.7 | % | 93.1 | % | 94.3 | % | 120,101 | 27.1 | % | 17.13 | ||||||||||||||
Total - Retail | 208 | 30,523 | 100.0 | % | 94.2 | % | 95.4 | % | 442,998 | 100.0 | % | 15.41 | ||||||||||||||
Office | 5 | 1,130 | 100.0 | % | 100.0 | % | 13,953 | 12.35 | ||||||||||||||||||
Total Operating Portfolio | 213 | 31,653 | 94.4 | % | 95.6 | % | $ | 456,951 | $ | 15.29 |
(a) | Excludes one multi-tenant retail operating property and one single-user office property classified as held for sale as of December 31, 2014. |
(b) | Percentages are only provided for our retail operating portfolio. |
4th Quarter 2014 Supplemental Information | 13 |
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 | 1.5 | % | 98.7 | % | 98.7 | % | $ | 7,539 | 1.7 | % | $ | 17.01 | ||||||||||||
Indiana | 3 | 477 | 1.6 | % | 96.6 | % | 97.1 | % | 4,508 | 1.0 | % | 9.78 | ||||||||||||||
Maine | 1 | 190 | 0.6 | % | 94.9 | % | 97.4 | % | 1,491 | 0.3 | % | 8.27 | ||||||||||||||
Maryland | 8 | 2,300 | 7.6 | % | 91.9 | % | 91.9 | % | 32,440 | 7.3 | % | 15.35 | ||||||||||||||
Massachusetts | 2 | 643 | 2.1 | % | 99.4 | % | 99.4 | % | 7,332 | 1.7 | % | 11.47 | ||||||||||||||
Michigan | 2 | 468 | 1.5 | % | 96.1 | % | 96.1 | % | 8,314 | 1.9 | % | 18.49 | ||||||||||||||
New Jersey | 1 | 158 | 0.5 | % | 100.0 | % | 100.0 | % | 1,576 | 0.4 | % | 9.97 | ||||||||||||||
New York | 32 | 2,116 | 6.9 | % | 98.5 | % | 98.6 | % | 44,024 | 9.9 | % | 21.12 | ||||||||||||||
Ohio | 3 | 408 | 1.3 | % | 79.5 | % | 91.9 | % | 2,591 | 0.6 | % | 7.99 | ||||||||||||||
Pennsylvania | 8 | 1,157 | 3.8 | % | 98.2 | % | 98.2 | % | 14,059 | 3.2 | % | 12.37 | ||||||||||||||
Rhode Island | 3 | 271 | 0.9 | % | 91.9 | % | 98.8 | % | 3,758 | 0.8 | % | 15.09 | ||||||||||||||
Vermont | 1 | 489 | 1.6 | % | 95.9 | % | 95.9 | % | 8,249 | 1.9 | % | 17.59 | ||||||||||||||
Subtotal - North | 69 | 9,126 | 29.9 | % | 95.4 | % | 96.3 | % | 135,881 | 30.7 | % | 15.61 | ||||||||||||||
East | ||||||||||||||||||||||||||
Alabama | 5 | 362 | 1.2 | % | 100.0 | % | 100.0 | % | 4,761 | 1.1 | % | 13.15 | ||||||||||||||
Florida | 11 | 1,385 | 4.5 | % | 92.7 | % | 96.5 | % | 19,502 | 4.4 | % | 15.19 | ||||||||||||||
Georgia | 11 | 1,817 | 5.9 | % | 97.2 | % | 97.2 | % | 22,406 | 5.1 | % | 12.69 | ||||||||||||||
Illinois | 6 | 963 | 3.2 | % | 94.7 | % | 96.5 | % | 16,322 | 3.7 | % | 17.90 | ||||||||||||||
Missouri | 5 | 812 | 2.7 | % | 90.7 | % | 94.1 | % | 8,420 | 1.9 | % | 11.43 | ||||||||||||||
North Carolina | 3 | 681 | 2.2 | % | 100.0 | % | 100.0 | % | 7,374 | 1.7 | % | 10.83 | ||||||||||||||
South Carolina | 11 | 1,268 | 4.1 | % | 97.5 | % | 97.5 | % | 15,016 | 3.4 | % | 12.15 | ||||||||||||||
Tennessee | 6 | 602 | 2.0 | % | 95.9 | % | 95.9 | % | 6,828 | 1.5 | % | 11.83 | ||||||||||||||
Virginia | 2 | 388 | 1.3 | % | 94.0 | % | 95.6 | % | 7,301 | 1.6 | % | 20.02 | ||||||||||||||
Subtotal - East | 60 | 8,278 | 27.1 | % | 95.7 | % | 96.9 | % | 107,930 | 24.4 | % | 13.62 | ||||||||||||||
West | ||||||||||||||||||||||||||
Arizona | 3 | 632 | 2.1 | % | 97.2 | % | 98.5 | % | 10,238 | 2.3 | % | 16.67 | ||||||||||||||
California | 8 | 1,235 | 4.0 | % | 94.5 | % | 96.8 | % | 22,552 | 5.1 | % | 19.32 | ||||||||||||||
Colorado | 2 | 475 | 1.6 | % | 90.0 | % | 94.1 | % | 5,064 | 1.1 | % | 11.85 | ||||||||||||||
Kansas | 1 | 236 | 0.8 | % | 95.2 | % | 95.2 | % | 2,249 | 0.5 | % | 10.01 | ||||||||||||||
Montana | 1 | 162 | 0.5 | % | 100.0 | % | 100.0 | % | 1,992 | 0.4 | % | 12.30 | ||||||||||||||
Nevada | 3 | 607 | 2.0 | % | 86.3 | % | 88.1 | % | 9,387 | 2.1 | % | 17.92 | ||||||||||||||
New Mexico | 1 | 224 | 0.7 | % | 99.4 | % | 99.4 | % | 3,570 | 0.8 | % | 16.03 | ||||||||||||||
Utah | 1 | 623 | 2.0 | % | 79.5 | % | 79.5 | % | 6,436 | 1.5 | % | 12.99 | ||||||||||||||
Washington | 6 | 1,394 | 4.6 | % | 92.4 | % | 93.6 | % | 17,598 | 4.0 | % | 13.66 | ||||||||||||||
Subtotal - West | 26 | 5,588 | 18.3 | % | 91.7 | % | 93.2 | % | 79,086 | 17.8 | % | 15.43 | ||||||||||||||
South | ||||||||||||||||||||||||||
Louisiana | 2 | 176 | 0.6 | % | 100.0 | % | 100.0 | % | 1,922 | 0.4 | % | 10.92 | ||||||||||||||
Oklahoma | 6 | 164 | 0.5 | % | 100.0 | % | 100.0 | % | 2,398 | 0.5 | % | 14.62 | ||||||||||||||
Texas | 45 | 7,191 | 23.6 | % | 92.8 | % | 94.1 | % | 115,781 | 26.2 | % | 17.35 | ||||||||||||||
Subtotal - South | 53 | 7,531 | 24.7 | % | 93.1 | % | 94.3 | % | 120,101 | 27.1 | % | 17.13 | ||||||||||||||
Total - Retail | 208 | 30,523 | 100.0 | % | 94.2 | % | 95.4 | % | 442,998 | 100.0 | % | 15.41 | ||||||||||||||
Office | 5 | 1,130 | 100.0 | % | 100.0 | % | 13,953 | 12.35 | ||||||||||||||||||
Total Operating Portfolio | 213 | 31,653 | 94.4 | % | 95.6 | % | $ | 456,951 | $ | 15.29 |
(a) | Excludes one multi-tenant retail operating property and one single-user office property classified as held for sale as of December 31, 2014. |
(b) | Percentages are only provided for our retail operating portfolio. |
4th Quarter 2014 Supplemental Information | 14 |
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 | 69 | 9,126 | 95.4 | % | 5,718 | 99.1 | % | 1,576 | 95.8 | % | 794 | 89.9 | % | 1,038 | 78.7 | % | |||||||||||||||||
East | 60 | 8,278 | 95.7 | % | 4,408 | 98.3 | % | 1,595 | 100.0 | % | 796 | 92.8 | % | 1,479 | 84.9 | % | |||||||||||||||||
West | 26 | 5,588 | 91.7 | % | 2,874 | 97.4 | % | 1,182 | 91.8 | % | 587 | 81.1 | % | 945 | 81.0 | % | |||||||||||||||||
South | 53 | 7,531 | 93.1 | % | 3,241 | 96.9 | % | 1,431 | 93.2 | % | 1,090 | 90.3 | % | 1,769 | 87.7 | % | |||||||||||||||||
Total - Consolidated at 100% | 208 | 30,523 | 94.2 | % | 16,241 | 98.1 | % | 5,784 | 95.5 | % | 3,267 | 89.1 | % | 5,231 | 83.9 | % | |||||||||||||||||
Total - % Leased including Signed | 208 | 30,523 | 95.4 | % | 16,241 | 99.1 | % | 5,784 | 96.8 | % | 3,267 | 90.8 | % | 5,231 | 85.1 | % |
(a) | Excludes one multi-tenant retail operating property classified as held for sale as of December 31, 2014. |
4th Quarter 2014 Supplemental Information | 15 |
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 | 24 | 953 | 3.3 | % | $ | 14,202 | 3.2 | % | $ | 14.90 | |||||||||||
Ahold U.S.A. Inc. | Giant Foods, Stop & Shop, Martin's | 11 | 675 | 2.3 | % | 13,275 | 3.0 | % | 19.67 | |||||||||||||
Ross Stores, Inc. | 37 | 1,087 | 3.8 | % | 11,780 | 2.7 | % | 10.84 | ||||||||||||||
The TJX Companies, Inc. | HomeGoods, Marshalls, TJ Maxx | 43 | 1,255 | 4.4 | % | 11,737 | 2.6 | % | 9.35 | |||||||||||||
Bed Bath & Beyond Inc. | Bed Bath & Beyond, Buy Buy Baby, The Christmas Tree Shops, Cost Plus World Market | 28 | 736 | 2.6 | % | 9,841 | 2.2 | % | 13.37 | |||||||||||||
PetSmart, Inc. | 31 | 645 | 2.2 | % | 9,525 | 2.2 | % | 14.77 | ||||||||||||||
Rite Aid Corporation | 31 | 387 | 1.3 | % | 9,356 | 2.1 | % | 24.18 | ||||||||||||||
The Home Depot, Inc. | Home Depot, Home Decorators | 9 | 1,003 | 3.5 | % | 8,390 | 1.9 | % | 8.36 | |||||||||||||
The Sports Authority, Inc. | 15 | 643 | 2.2 | % | 7,635 | 1.7 | % | 11.87 | ||||||||||||||
Michaels Stores, Inc. | Michaels, Aaron Brothers Art & Frame | 26 | 588 | 2.0 | % | 6,950 | 1.6 | % | 11.82 | |||||||||||||
Regal Entertainment Group | Edwards Cinema | 2 | 219 | 0.8 | % | 6,785 | 1.5 | % | 30.98 | |||||||||||||
Office Depot, Inc. | Office Depot, OfficeMax | 23 | 472 | 1.6 | % | 6,601 | 1.5 | % | 13.99 | |||||||||||||
Pier 1 Imports, Inc. | 30 | 307 | 1.1 | % | 5,971 | 1.3 | % | 19.45 | ||||||||||||||
Publix Super Markets Inc. | 12 | 511 | 1.8 | % | 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. | 15 | 325 | 1.1 | % | 5,032 | 1.1 | % | 15.48 | ||||||||||||||
Ascena Retail Group Inc. | Catherine's, Dress Barn, Justice, Lane Bryant, Maurices | 46 | 250 | 0.9 | % | 5,015 | 1.1 | % | 20.06 | |||||||||||||
The Gap, Inc. | Old Navy, Banana Republic, The Gap, Gap Factory Store | 25 | 344 | 1.2 | % | 4,792 | 1.1 | % | 13.93 | |||||||||||||
Wal-Mart Stores, Inc. | Wal-Mart, Sam's Club | 5 | 761 | 2.6 | % | 4,780 | 1.1 | % | 6.28 | |||||||||||||
Barnes & Noble, Inc. | 11 | 280 | 1.0 | % | 4,637 | 1.0 | % | 16.56 | ||||||||||||||
Total Top Retail Tenants | 434 | 11,936 | 41.4 | % | $ | 157,057 | 35.3 | % | $ | 13.16 |
4th Quarter 2014 Supplemental Information | 16 |
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 | ||||||||||||||||||
Q4 2014 | 139 | 732 | $ | 18.91 | $ | 18.54 | 2.00 | % | 5.12 | $ | 11.77 | |||||||||||||
Q3 2014 | 188 | 1,200 | $ | 15.31 | $ | 14.66 | 4.43 | % | 5.88 | $ | 5.56 | |||||||||||||
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 | |||||||||||||
Total - 12 months | 711 | 3,965 | $ | 16.44 | $ | 15.62 | 5.25 | % | 5.41 | $ | 6.49 | |||||||||||||
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 | ||||||||||||||||||
Q4 2014 | 82 | 363 | $ | 18.86 | $ | 18.47 | 2.11 | % | 4.03 | $ | 0.45 | |||||||||||||
Q3 2014 | 122 | 938 | $ | 15.12 | $ | 14.55 | 3.92 | % | 5.53 | $ | 1.34 | |||||||||||||
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 | |||||||||||||
Total - 12 months | 475 | 2,906 | $ | 16.12 | $ | 15.39 | 4.74 | % | 4.99 | $ | 0.91 | |||||||||||||
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 | ||||||||||||||||||
Q4 2014 | 14 | 53 | $ | 19.29 | $ | 19.00 | 1.53 | % | 8.25 | $ | 29.59 | |||||||||||||
Q3 2014 | 16 | 64 | $ | 18.02 | $ | 16.27 | 10.76 | % | 8.66 | $ | 26.62 | |||||||||||||
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 | |||||||||||||
Total - 12 months | 56 | 190 | $ | 21.33 | $ | 19.18 | 11.21 | % | 8.14 | $ | 31.31 | |||||||||||||
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 | ||||||||||||||||||
Q4 2014 | 43 | 316 | $ | 12.20 | n/a | n/a | 6.21 | $ | 21.80 | |||||||||||||||
Q3 2014 | 50 | 198 | $ | 20.29 | n/a | n/a | 6.32 | $ | 18.70 | |||||||||||||||
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 | |||||||||||||||
Total - 12 months | 180 | 869 | $ | 15.63 | n/a | n/a | 6.01 | $ | 19.72 |
(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. |
4th Quarter 2014 Supplemental Information | 17 |
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. | ||||||||||||||||||||||
2015 | 370 | 1,713 | 6.0 | % | 5.6 | % | $ | 27,894 | 6.3 | % | $ | 16.28 | $ | 28,128 | $ | 16.42 | |||||||||||||||
2016 | 447 | 2,446 | 8.5 | % | 8.1 | % | 44,658 | 10.1 | % | 18.26 | 45,054 | 18.42 | |||||||||||||||||||
2017 | 442 | 2,891 | 10.0 | % | 9.4 | % | 45,354 | 10.2 | % | 15.69 | 46,226 | 15.99 | |||||||||||||||||||
2018 | 452 | 3,169 | 11.0 | % | 10.4 | % | 53,742 | 12.1 | % | 16.96 | 55,471 | 17.50 | |||||||||||||||||||
2019 | 545 | 4,625 | 16.1 | % | 15.1 | % | 77,431 | 17.5 | % | 16.74 | 80,013 | 17.30 | |||||||||||||||||||
2020 | 256 | 3,182 | 11.1 | % | 10.4 | % | 42,158 | 9.5 | % | 13.25 | 45,099 | 14.17 | |||||||||||||||||||
2021 | 102 | 1,542 | 5.4 | % | 5.1 | % | 22,780 | 5.2 | % | 14.77 | 24,572 | 15.94 | |||||||||||||||||||
2022 | 102 | 2,069 | 7.2 | % | 6.8 | % | 28,138 | 6.4 | % | 13.60 | 30,323 | 14.66 | |||||||||||||||||||
2023 | 107 | 1,705 | 6.0 | % | 5.6 | % | 25,771 | 5.8 | % | 15.11 | 27,599 | 16.19 | |||||||||||||||||||
2024 | 127 | 2,205 | 7.6 | % | 7.2 | % | 29,836 | 6.7 | % | 13.53 | 32,000 | 14.51 | |||||||||||||||||||
Thereafter | 92 | 3,114 | 10.8 | % | 10.2 | % | 43,471 | 9.8 | % | 13.96 | 48,892 | 15.70 | |||||||||||||||||||
Month to month | 47 | 103 | 0.3 | % | 0.3 | % | 1,765 | 0.4 | % | 17.14 | 1,765 | 17.14 | |||||||||||||||||||
Total | 3,089 | 28,764 | 100.0 | % | 94.2 | % | $ | 442,998 | 100.0 | % | $ | 15.41 | $ | 465,142 | $ | 16.17 | |||||||||||||||
Leases signed but not commenced | 39 | 357 | — | 1.2 | % | $ | 4,970 | — | $ | 13.92 | $ | 5,463 | $ | 15.30 | |||||||||||||||||
Available | 1,402 | — | 4.6 | % | |||||||||||||||||||||||||||
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. | ||||||||||||||||||||||
2015 | 33 | 844 | 3.0 | % | 2.8 | % | $ | 9,479 | 2.1 | % | $ | 11.23 | $ | 9,568 | $ | 11.34 | |||||||||||||||
2016 | 61 | 1,360 | 4.7 | % | 4.5 | % | 18,927 | 4.3 | % | 13.92 | 18,943 | 13.93 | |||||||||||||||||||
2017 | 57 | 1,815 | 6.3 | % | 5.9 | % | 18,569 | 4.2 | % | 10.23 | 18,640 | 10.27 | |||||||||||||||||||
2018 | 69 | 1,990 | 6.9 | % | 6.5 | % | 24,985 | 5.6 | % | 12.56 | 25,301 | 12.71 | |||||||||||||||||||
2019 | 121 | 3,360 | 11.7 | % | 11.0 | % | 46,470 | 10.5 | % | 13.83 | 47,215 | 14.05 | |||||||||||||||||||
2020 | 91 | 2,563 | 8.9 | % | 8.4 | % | 28,271 | 6.4 | % | 11.03 | 29,848 | 11.65 | |||||||||||||||||||
2021 | 38 | 1,275 | 4.5 | % | 4.2 | % | 17,104 | 3.9 | % | 13.41 | 18,248 | 14.31 | |||||||||||||||||||
2022 | 52 | 1,853 | 6.4 | % | 6.1 | % | 22,598 | 5.1 | % | 12.20 | 24,051 | 12.98 | |||||||||||||||||||
2023 | 45 | 1,460 | 5.1 | % | 4.8 | % | 19,833 | 4.5 | % | 13.58 | 20,851 | 14.28 | |||||||||||||||||||
2024 | 62 | 1,963 | 6.8 | % | 6.4 | % | 23,564 | 5.3 | % | 12.00 | 24,766 | 12.62 | |||||||||||||||||||
Thereafter | 53 | 2,968 | 10.3 | % | 9.7 | % | 39,381 | 8.9 | % | 13.27 | 43,890 | 14.79 | |||||||||||||||||||
Month to month | 1 | 10 | — | % | — | % | 112 | — | % | 11.20 | 112 | 11.20 | |||||||||||||||||||
Total | 683 | 21,461 | 74.6 | % | 70.3 | % | $ | 269,293 | 60.8 | % | $ | 12.55 | $ | 281,433 | $ | 13.11 | |||||||||||||||
Leases signed but not commenced | 9 | 238 | — | 0.8 | % | $ | 2,349 | — | $ | 9.87 | $ | 2,516 | $ | 10.57 | |||||||||||||||||
Available | 324 | — | 1.1 | % | |||||||||||||||||||||||||||
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. | ||||||||||||||||||||||
2015 | 337 | 869 | 3.0 | % | 2.8 | % | $ | 18,415 | 4.2 | % | $ | 21.19 | $ | 18,560 | $ | 21.36 | |||||||||||||||
2016 | 386 | 1,086 | 3.8 | % | 3.6 | % | 25,731 | 5.8 | % | 23.69 | 26,111 | 24.04 | |||||||||||||||||||
2017 | 385 | 1,076 | 3.7 | % | 3.5 | % | 26,785 | 6.0 | % | 24.89 | 27,586 | 25.64 | |||||||||||||||||||
2018 | 383 | 1,179 | 4.1 | % | 3.9 | % | 28,757 | 6.5 | % | 24.39 | 30,170 | 25.59 | |||||||||||||||||||
2019 | 424 | 1,265 | 4.4 | % | 4.1 | % | 30,961 | 7.0 | % | 24.48 | 32,798 | 25.93 | |||||||||||||||||||
2020 | 165 | 619 | 2.2 | % | 2.0 | % | 13,887 | 3.1 | % | 22.43 | 15,251 | 24.64 | |||||||||||||||||||
2021 | 64 | 267 | 0.9 | % | 0.9 | % | 5,676 | 1.3 | % | 21.26 | 6,324 | 23.69 | |||||||||||||||||||
2022 | 50 | 216 | 0.8 | % | 0.7 | % | 5,540 | 1.3 | % | 25.65 | 6,272 | 29.04 | |||||||||||||||||||
2023 | 62 | 245 | 0.9 | % | 0.8 | % | 5,938 | 1.3 | % | 24.24 | 6,748 | 27.54 | |||||||||||||||||||
2024 | 65 | 242 | 0.8 | % | 0.8 | % | 6,272 | 1.4 | % | 25.92 | 7,234 | 29.89 | |||||||||||||||||||
Thereafter | 39 | 146 | 0.5 | % | 0.5 | % | 4,090 | 0.9 | % | 28.01 | 5,002 | 34.26 | |||||||||||||||||||
Month to month | 46 | 93 | 0.3 | % | 0.3 | % | 1,653 | 0.4 | % | 17.77 | 1,653 | 17.77 | |||||||||||||||||||
Total | 2,406 | 7,303 | 25.4 | % | 23.9 | % | $ | 173,705 | 39.2 | % | $ | 23.79 | $ | 183,709 | $ | 25.16 | |||||||||||||||
Leases signed but not commenced | 30 | 119 | — | 0.4 | % | $ | 2,621 | — | $ | 22.03 | $ | 2,947 | $ | 24.76 | |||||||||||||||||
Available | 1,078 | — | 3.5 | % |
(a) | Represents annualized base rent at the scheduled expiration of the lease giving effect to fixed contractual increases in base rent. |
4th Quarter 2014 Supplemental Information | 18 |
4th Quarter 2014 Supplemental Information | 19 |
4th Quarter 2014 Supplemental Information | 20 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues: | ||||||||||||||||
Same store investment properties (197 properties): | ||||||||||||||||
Rental income | $ | 100,280 | $ | 97,952 | $ | 395,800 | $ | 386,962 | ||||||||
Tenant recovery income | 24,997 | 24,356 | 96,130 | 91,295 | ||||||||||||
Other property income | 1,724 | 1,630 | 6,749 | 6,759 | ||||||||||||
Other investment properties: | ||||||||||||||||
Rental income | 17,823 | 15,023 | 72,734 | 46,287 | ||||||||||||
Tenant recovery income | 4,636 | 3,792 | 19,589 | 10,667 | ||||||||||||
Other property income | 194 | 113 | 795 | 286 | ||||||||||||
Operating expenses: | ||||||||||||||||
Same store investment properties (197 properties): | ||||||||||||||||
Property operating expenses | (20,017 | ) | (19,220 | ) | (77,114 | ) | (76,287 | ) | ||||||||
Real estate taxes | (16,970 | ) | (15,889 | ) | (65,339 | ) | (63,758 | ) | ||||||||
Other investment properties: | ||||||||||||||||
Property operating expenses | (3,660 | ) | (3,155 | ) | (16,355 | ) | (9,082 | ) | ||||||||
Real estate taxes | (3,748 | ) | (2,685 | ) | (13,434 | ) | (7,433 | ) | ||||||||
NOI from continuing operations: | ||||||||||||||||
Same store investment properties | 90,014 | 88,829 | 356,226 | 344,971 | ||||||||||||
Other investment properties | 15,245 | 13,088 | 63,329 | 40,725 | ||||||||||||
Total NOI from continuing operations | 105,259 | 101,917 | 419,555 | 385,696 | ||||||||||||
Other income (expense): | ||||||||||||||||
Straight-line rental income, net | 802 | 454 | 4,781 | (381 | ) | |||||||||||
Amortization of acquired above and below market lease intangibles, net | 861 | 93 | 2,076 | 976 | ||||||||||||
Amortization of lease inducements | (174 | ) | (122 | ) | (707 | ) | (253 | ) | ||||||||
Lease termination fees | 2,388 | 7,278 | 2,667 | 8,605 | ||||||||||||
Straight-line ground rent expense | (955 | ) | (1,211 | ) | (3,889 | ) | (3,486 | ) | ||||||||
Amortization of acquired ground lease intangibles | 140 | 93 | 560 | 93 | ||||||||||||
Depreciation and amortization | (52,385 | ) | (60,134 | ) | (215,966 | ) | (222,710 | ) | ||||||||
Provision for impairment of investment properties | (11,825 | ) | (32,303 | ) | (72,203 | ) | (59,486 | ) | ||||||||
General and administrative expenses | (11,435 | ) | (8,370 | ) | (34,229 | ) | (31,533 | ) | ||||||||
Gain on extinguishment of other liabilities | — | — | 4,258 | — | ||||||||||||
Equity in loss of unconsolidated joint ventures, net | (645 | ) | (510 | ) | (2,088 | ) | (1,246 | ) | ||||||||
Gain on sale of joint venture interest | — | 17,499 | — | 17,499 | ||||||||||||
Gain on change in control of investment properties | — | 5,435 | 24,158 | 5,435 | ||||||||||||
Interest expense | (32,743 | ) | (34,440 | ) | (133,835 | ) | (146,805 | ) | ||||||||
Other income, net | 76 | 595 | 5,459 | 4,741 | ||||||||||||
Total other expense | (105,895 | ) | (105,643 | ) | (418,958 | ) | (428,551 | ) | ||||||||
(Loss) income from continuing operations | (636 | ) | (3,726 | ) | 597 | (42,855 | ) | |||||||||
Discontinued operations: | ||||||||||||||||
Income (loss), net | — | 6,169 | (148 | ) | 9,396 | |||||||||||
Gain on sales of investment properties | — | 34,644 | 655 | 41,279 | ||||||||||||
Income from discontinued operations | — | 40,813 | 507 | 50,675 | ||||||||||||
Gain on sales of investment properties | 26,501 | — | 42,196 | 5,806 | ||||||||||||
Net income | 25,865 | 37,087 | 43,300 | 13,626 | ||||||||||||
Net income attributable to the Company | 25,865 | 37,087 | 43,300 | 13,626 | ||||||||||||
Preferred stock dividends | (2,363 | ) | (2,363 | ) | (9,450 | ) | (9,450 | ) | ||||||||
Net income attributable to common shareholders | $ | 23,502 | $ | 34,724 | $ | 33,850 | $ | 4,176 | ||||||||
NOI: | ||||||||||||||||
Consolidated NOI from continuing operations | $ | 105,259 | $ | 101,917 | $ | 419,555 | $ | 385,696 | ||||||||
Pro rata share of investment property unconsolidated joint ventures NOI (a) | — | 1,006 | 1,655 | 10,710 | ||||||||||||
Combined NOI from continuing operations | $ | 105,259 | $ | 102,923 | $ | 421,210 | $ | 396,406 |
(a) | Amounts shown net of intercompany eliminations and inclusive of amounts from continuing operations only. |
4th Quarter 2014 Supplemental Information | 21 |
Three Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net income attributable to common shareholders | $ | 23,502 | $ | 34,724 | ||||
Preferred stock dividends | 2,363 | 2,363 | ||||||
Interest expense | 32,743 | 34,440 | ||||||
Interest expense (discontinued operations) | — | 364 | ||||||
Depreciation and amortization | 52,385 | 60,134 | ||||||
Depreciation and amortization (discontinued operations) | — | 1,244 | ||||||
Gain on sales of investment properties | (26,501 | ) | — | |||||
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 | — | (5,435 | ) | |||||
Gain on extinguishment of other liabilities (discontinued operations) | — | (3,511 | ) | |||||
Provision for impairment of investment properties | 11,825 | 32,303 | ||||||
Provision for impairment of investment properties (discontinued operations) | — | 590 | ||||||
Adjusted EBITDA | $ | 96,317 | $ | 105,073 | ||||
Annualized | $ | 385,268 | $ | 420,292 | ||||
Pro rata share of adjustments from investment property unconsolidated joint ventures (a): | ||||||||
Interest expense | — | 356 | ||||||
Depreciation and amortization | — | 485 | ||||||
Amortization of basis | — | (72 | ) | |||||
Combined Adjusted EBITDA | $ | 96,317 | $ | 105,842 | ||||
Annualized | $ | 385,268 | $ | 423,368 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues: | ||||||||||||||||
Rental income | $ | — | $ | 4,479 | $ | (124 | ) | $ | 24,744 | |||||||
Tenant recovery income | — | 702 | 144 | 5,142 | ||||||||||||
Other property income | — | 84 | 23 | 389 | ||||||||||||
Operating expenses: | ||||||||||||||||
Property operating expenses | — | (694 | ) | (121 | ) | (4,297 | ) | |||||||||
Real estate taxes | — | (769 | ) | (3 | ) | (5,664 | ) | |||||||||
NOI (Net operating loss) from discontinued operations | — | 3,802 | (81 | ) | 20,314 | |||||||||||
Other (expense) income: | ||||||||||||||||
Straight-line rental income, net | — | (6 | ) | 1 | (265 | ) | ||||||||||
Amortization of acquired above and below market lease intangibles, net | — | 11 | — | 159 | ||||||||||||
Amortization of lease inducements | — | (43 | ) | — | (190 | ) | ||||||||||
Lease termination fees | — | 1,138 | — | 7,182 | ||||||||||||
Straight-line ground lease expense | — | (105 | ) | — | (505 | ) | ||||||||||
Depreciation and amortization | — | (1,244 | ) | — | (11,075 | ) | ||||||||||
Provision for impairment of investment properties | — | (590 | ) | — | (32,547 | ) | ||||||||||
Gain on extinguishment of debt | — | — | — | 26,331 | ||||||||||||
Gain on extinguishment of other liabilities | — | 3,511 | — | 3,511 | ||||||||||||
Interest expense | — | (364 | ) | (68 | ) | (3,632 | ) | |||||||||
Other income, net | — | 59 | — | 113 | ||||||||||||
Total other income (expense): | — | 2,367 | (67 | ) | (10,918 | ) | ||||||||||
Operating income (loss) from discontinued operations | $ | — | $ | 6,169 | $ | (148 | ) | $ | 9,396 | |||||||
NOI (Net operating loss) from discontinued operations | ||||||||||||||||
Consolidated | $ | — | $ | 3,802 | $ | (81 | ) | $ | 20,314 | |||||||
Pro rata share of investment property unconsolidated joint ventures (a) | — | — | — | 341 | ||||||||||||
Combined NOI (Net operating loss) from discontinued operations | $ | — | $ | 3,802 | $ | (81 | ) | $ | 20,655 |
(a) | Amounts shown net of intercompany eliminations. |
4th Quarter 2014 Supplemental Information | 22 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues: | ||||||||||||||||
Same store investment properties: | ||||||||||||||||
Rental income | $ | — | $ | 1,047 | $ | — | $ | 4,130 | ||||||||
Tenant recovery income | — | 337 | — | 1,391 | ||||||||||||
Other property income | — | 7 | — | 24 | ||||||||||||
Other investment properties (MS Inland and RioCan): | ||||||||||||||||
Rental income | — | — | 1,764 | 6,767 | ||||||||||||
Tenant recovery income | — | — | 599 | 2,248 | ||||||||||||
Other property income | — | — | 8 | 14 | ||||||||||||
Discontinued operations properties (Hampton): | ||||||||||||||||
Rental income | — | — | — | 335 | ||||||||||||
Tenant recovery income | — | — | — | 124 | ||||||||||||
Other property income | — | — | — | — | ||||||||||||
Operating expenses: | ||||||||||||||||
Same store investment properties: | ||||||||||||||||
Property operating expenses | — | (119 | ) | — | (486 | ) | ||||||||||
Real estate taxes | — | (266 | ) | — | (1,053 | ) | ||||||||||
Other investment properties (MS Inland and RioCan): | ||||||||||||||||
Property operating expenses | — | — | (248 | ) | (832 | ) | ||||||||||
Real estate taxes | — | — | (468 | ) | (1,493 | ) | ||||||||||
Discontinued operations properties (Hampton): | ||||||||||||||||
Property operating expenses | — | — | — | (60 | ) | |||||||||||
Real estate taxes | — | — | — | (58 | ) | |||||||||||
NOI: | ||||||||||||||||
Same store investment properties | — | 1,006 | — | 4,006 | ||||||||||||
Other investment properties (MS Inland and RioCan) | — | — | 1,655 | 6,704 | ||||||||||||
Discontinued operations properties (Hampton) | — | — | — | 341 | ||||||||||||
Total NOI | — | 1,006 | 1,655 | 11,051 | ||||||||||||
Other income (expense) from continuing operations: | ||||||||||||||||
Straight-line rental income, net | — | 7 | 8 | 155 | ||||||||||||
Amortization of acquired above and below market lease intangibles, net | — | 2 | 6 | (52 | ) | |||||||||||
Amortization of lease inducements | — | (10 | ) | (16 | ) | (39 | ) | |||||||||
Lease termination fees | — | — | 2 | 49 | ||||||||||||
Depreciation and amortization | — | (485 | ) | (823 | ) | (7,132 | ) | |||||||||
Gain (loss) on lease terminations | — | 26 | 34 | (152 | ) | |||||||||||
General and administrative expenses | — | (7 | ) | (18 | ) | (130 | ) | |||||||||
Interest expense, net | — | (356 | ) | (606 | ) | (1,642 | ) | |||||||||
Other income (expense), net | — | 3 | (1 | ) | 413 | |||||||||||
Total other expense | — | (820 | ) | (1,414 | ) | (8,530 | ) | |||||||||
Other expense from discontinued operations, net | — | — | — | (437 | ) | |||||||||||
Gain on sales of investment properties | — | — | — | 977 | ||||||||||||
Net income | $ | — | $ | 186 | $ | 241 | $ | 3,061 |
4th Quarter 2014 Supplemental Information | 23 |
1 Year Retail Properties of Ame... Chart |
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