Exhibit 99.2 | |||||
Equity One, Inc. | |||||
Supplemental Information Package | |||||
March 31, 2015 | |||||
![]() | |||||
Equity One, Inc. | |||||
410 Park Avenue, Suite 1220 | |||||
New York, NY 10022 | |||||
(212) 796-1760 | |||||
www.equityone.com | |||||
TABLE OF CONTENTS | |
Page | |
Overview | |
Disclosures | |
Summary Financial Results and Ratios | |
Funds from Operations and Earnings Guidance Assumptions | |
Assets, Liabilities, and Equity | |
Condensed Consolidated Balance Sheets | |
Market Capitalization | |
Income, EBITDA, and FFO | |
Condensed Consolidated Statements of Income | |
Pro Forma Financial Information for Discontinued Operations | |
Net Operating Income | |
Adjusted Consolidated EBITDA | |
Funds from Operations | 12-13 |
Additional Disclosures | |
Leasing Data | |
Tenant Concentration - Top Twenty-Five Tenants | |
Recent Leasing Activity | |
Shopping Center Lease Expiration Schedule | |
Property Data | |
Annual Minimum Rent of Operating Properties by State | |
Property Status Report | 19-26 |
Real Estate Acquisitions and Dispositions | |
Real Estate Developments and Redevelopments | |
Debt Schedules | |
Debt Summary | |
Consolidated Debt Maturity Schedule | |
Consolidated Debt Summary | 31-32 |
Unconsolidated Joint Venture Supplemental Data | 33-35 |
Three months ended March 31, | ||||||||
Summary Financial Results | 2015 | 2014 | ||||||
Total revenue* | $ | 88,479 | $ | 92,783 | ||||
Adjusted Consolidated EBITDA* (see page 11) | $ | 58,466 | $ | 62,403 | ||||
Property net operating income* (see page 10) | $ | 64,745 | $ | 70,180 | ||||
General & administrative expenses (G&A)* - Adjusted (1) | $ | 7,757 | $ | 9,480 | ||||
Net income attributable to Equity One, Inc. | $ | 8,006 | $ | 26,276 | ||||
Earnings per diluted share | $ | 0.06 | $ | 0.22 | ||||
Funds from operations available to diluted common shareholders (FFO) (see page 12) | $ | 43,315 | $ | 44,746 | ||||
FFO per diluted common share (see page 13) | $ | 0.32 | $ | 0.35 | ||||
Recurring FFO (see page 12) | $ | 44,160 | $ | 45,414 | ||||
Recurring FFO per diluted common share (see page 13) | $ | 0.32 | $ | 0.35 | ||||
Total dividends paid per share | $ | 0.22 | $ | 0.22 | ||||
Weighted average diluted shares used in EPS computations | 124,989 | 117,936 | ||||||
Weighted average diluted shares used in FFO computations (2) | 136,358 | 129,294 | ||||||
Summary Operating and Financial Ratios | ||||||||
Consolidated shopping center portfolio occupancy at end of period (see pages 19-26) | 95.2 | % | 93.9 | % | ||||
Same-property shopping center portfolio occupancy at end of period | 95.2 | % | 94.5 | % | ||||
Same-property NOI growth - cash basis (see page 10) (3) | 3.0 | % | 2.4 | % | ||||
Same-property NOI growth - cash basis, including redevelopments (see page 10) (4) | 4.7 | % | 1.6 | % | ||||
NOI margin (see page 10) | 73.6 | % | 76.2 | % | ||||
Expense recovery ratio* (5) | 86.2 | % | 90.0 | % | ||||
New, renewal and option rent spread - cash basis (see page 16) (6) | 6.7 | % | 0.9 | % | ||||
Adjusted G&A expense to total revenues (1) | 8.8 | % | 10.2 | % | ||||
Net debt to total market capitalization (see page 7) | 23.8 | % | 33.6 | % | ||||
Net debt to Adjusted Consolidated EBITDA* (see page 11) | 5.1 | 5.9 | ||||||
Adjusted Consolidated EBITDA to interest expense* (see page 11) | 4.1 | 3.7 | ||||||
Adjusted Consolidated EBITDA to fixed charges* (see page 11) | 3.6 | 3.3 |
• | Increase in same-property NOI of 2.75% to 3.5% |
• | Year-end 2015 same-property occupancy reaching 95.5% to 96.0% |
• | Core acquisitions of $100 million |
• | Joint venture acquisitions of $50 million to $100 million |
• | Non-core dispositions of $50 million to $75 million |
For the year ended December 31, 2015 (1) | ||||
Low | High | |||
Estimated earnings attributable to Equity One per diluted share | $0.50 | $0.52 | ||
Adjustments: | ||||
Net adjustment for shares issuable to LIH and rounding | (0.04) | (0.04) | ||
Rental property depreciation and amortization including pro rata share of joint ventures | 0.64 | 0.65 | ||
Impairments of depreciable real estate, net of tax | 0.08 | 0.08 | ||
Earnings attributed to a noncontrolling interest (2) | 0.07 | 0.07 | ||
Estimated FFO per diluted share | 1.25 | 1.28 | ||
Transaction costs, debt extinguishment and other | 0.03 | 0.03 | ||
Estimated Recurring FFO per diluted share | $1.28 | $1.31 |
(1) | Does not include possible gains or losses or the impact on operating results from unplanned future property acquisitions or unplanned dispositions, other possible capital markets activity or possible future impairment or severance charges. |
(2) | Includes effect of distributions paid with respect to unissued shares held by a noncontrolling interest which are already included for purposes of calculating earnings attributable to Equity One per diluted share. |
March 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||
Assets | ||||||||||||
Properties: | ||||||||||||
Income producing | $ | 3,151,636 | $ | 3,128,081 | $ | 3,153,131 | ||||||
Less: accumulated depreciation | (395,180 | ) | (381,533 | ) | (354,166 | ) | ||||||
Income producing properties, net | 2,756,456 | 2,746,548 | 2,798,965 | |||||||||
Construction in progress and land | 139,351 | 161,872 | 104,464 | |||||||||
Properties held for sale | — | — | 13,404 | |||||||||
Properties, net | 2,895,807 | 2,908,420 | 2,916,833 | |||||||||
Cash and cash equivalents (1) | 76,417 | 27,719 | 36,495 | |||||||||
Accounts and other receivables, net | 9,939 | 11,859 | 12,872 | |||||||||
Investments in and advances to unconsolidated joint ventures | 88,289 | 89,218 | 91,772 | |||||||||
Loans receivable, net | — | — | 60,711 | |||||||||
Goodwill | 6,038 | 6,038 | 6,377 | |||||||||
Other assets | 223,267 | 218,971 | 229,599 | |||||||||
Total assets | $ | 3,299,757 | $ | 3,262,225 | $ | 3,354,659 | ||||||
Liabilities, redeemable noncontrolling interests and equity | ||||||||||||
Liabilities: | ||||||||||||
Mortgage notes payable | $ | 290,455 | $ | 311,778 | $ | 430,155 | ||||||
Unsecured senior notes payable | 731,136 | 731,136 | 731,136 | |||||||||
Term loan | 250,000 | 250,000 | 250,000 | |||||||||
Unsecured revolving credit facilities | — | 37,000 | 91,000 | |||||||||
1,271,591 | 1,329,914 | 1,502,291 | ||||||||||
Unamortized premium on notes payable, net | 2,589 | 3,127 | 6,118 | |||||||||
Total notes payable | 1,274,180 | 1,333,041 | 1,508,409 | |||||||||
Accounts payable and other liabilities | 220,695 | 226,008 | 230,571 | |||||||||
Deferred tax liability | 12,757 | 12,567 | 11,764 | |||||||||
Total liabilities | 1,507,632 | 1,571,616 | 1,750,744 | |||||||||
Redeemable noncontrolling interests | — | — | 989 | |||||||||
Total stockholders’ equity of Equity One, Inc. | 1,585,980 | 1,483,420 | 1,395,183 | |||||||||
Noncontrolling interests | 206,145 | 207,189 | 207,743 | |||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,299,757 | $ | 3,262,225 | $ | 3,354,659 |
March 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||
Closing market price of common stock | $ | 26.69 | $ | 25.36 | $ | 22.44 | ||||||
Common stock shares | ||||||||||||
Basic common shares | 128,946.988 | 124,281.204 | 117,646.807 | |||||||||
Diluted common shares | ||||||||||||
Unvested restricted common shares (treasury method, closing price) | 149.691 | 154.213 | 123.775 | |||||||||
DownREIT units (convertible into shares) | — | — | 93.656 | |||||||||
Common stock options (treasury method, closing price) | 144.226 | 126.078 | 251.611 | |||||||||
Long term incentive plan performance awards (treasury method, closing price) | 91.295 | 66.820 | 911.263 | |||||||||
Convertible CapCo Partnership Units | 11,357.837 | 11,357.837 | 11,357.837 | |||||||||
Diluted common shares | 140,690.037 | 135,986.152 | 130,384.949 | |||||||||
Equity market capitalization | $ | 3,755,017 | $ | 3,448,609 | $ | 2,925,838 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) | $ | 1,271,591 | $ | 1,329,914 | $ | 1,502,291 | ||||||
Cash and cash equivalents (1) | (76,417 | ) | (27,719 | ) | (36,495 | ) | ||||||
Net debt | $ | 1,195,174 | $ | 1,302,195 | $ | 1,465,796 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) | $ | 1,271,591 | $ | 1,329,914 | $ | 1,502,291 | ||||||
Equity market capitalization | 3,755,017 | 3,448,609 | 2,925,838 | |||||||||
Total market capitalization | $ | 5,026,608 | $ | 4,778,523 | $ | 4,428,129 | ||||||
Net debt to total market capitalization at applicable market price | 23.8 | % | 27.3 | % | 33.1 | % | ||||||
Gross real estate investments (2) | $ | 3,290,987 | $ | 3,289,953 | $ | 3,337,301 | ||||||
Net debt to gross real estate investments | 36.3 | % | 39.6 | % | 43.9 | % | ||||||
Three months ended March 31, | Percent Change | |||||||||
2015 | 2014 | |||||||||
REVENUE: | ||||||||||
Minimum rent | $ | 65,791 | $ | 70,127 | ||||||
Expense recoveries | 19,979 | 19,760 | ||||||||
Percentage rent | 2,154 | 2,181 | ||||||||
Management and leasing services | 555 | 629 | ||||||||
Total revenue | 88,479 | 92,697 | (4.6 | )% | ||||||
COSTS AND EXPENSES: | ||||||||||
Property operating | 12,572 | 11,254 | ||||||||
Real estate taxes | 10,607 | 10,408 | ||||||||
Depreciation and amortization | 21,016 | 26,267 | ||||||||
General and administrative | 8,740 | 10,914 | ||||||||
Total costs and expenses | 52,935 | 58,843 | (10.0 | )% | ||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 35,544 | 33,854 | 5.0 | % | ||||||
OTHER INCOME AND EXPENSE: | ||||||||||
Investment income | 41 | 171 | ||||||||
Equity in income of unconsolidated joint ventures | 882 | 8,261 | ||||||||
Other income | — | 2,841 | ||||||||
Interest expense | (14,259 | ) | (16,900 | ) | ||||||
Amortization of deferred financing fees | (550 | ) | (599 | ) | ||||||
Loss on sale of operating properties | (17 | ) | (258 | ) | ||||||
Gain on extinguishment of debt | 138 | 1,074 | ||||||||
Impairment loss | (11,307 | ) | — | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 10,472 | 28,444 | ||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 36 | (533 | ) | |||||||
INCOME FROM CONTINUING OPERATIONS | 10,508 | 27,911 | (62.4 | %) | ||||||
DISCONTINUED OPERATIONS: | ||||||||||
Operations of income producing properties | — | (232 | ) | |||||||
Gain on disposal of income producing properties | — | 3,296 | ||||||||
INCOME FROM DISCONTINUED OPERATIONS | — | 3,064 | ||||||||
NET INCOME | 10,508 | 30,975 | (66.1 | %) | ||||||
Net income attributable to noncontrolling interests - continuing operations | (2,502 | ) | (4,701 | ) | ||||||
Net loss attributable to noncontrolling interests - discontinued operations | — | 2 | ||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 8,006 | $ | 26,276 | (69.5 | %) | ||||
EARNINGS PER COMMON SHARE - BASIC: | ||||||||||
Continuing operations | $ | 0.06 | $ | 0.20 | ||||||
Discontinued operations | — | 0.03 | ||||||||
$ | 0.06 | $ | 0.22 | * | (72.7 | %) | ||||
EARNINGS PER COMMON SHARE - DILUTED: | ||||||||||
Continuing operations | $ | 0.06 | $ | 0.20 | ||||||
Discontinued operations | — | 0.03 | ||||||||
$ | 0.06 | $ | 0.22 | * | (72.7 | %) | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||||||||
Basic | 124,740 | 117,675 | ||||||||
Diluted | 124,989 | 117,936 |
Three months ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
As Reported | Disc. Ops | Pre Disc. Ops | As Reported | Disc. Ops | Pre Disc. Ops | ||||||||||||||||||
REVENUE: | |||||||||||||||||||||||
Minimum rent | $ | 65,791 | $ | — | $ | 65,791 | $ | 70,127 | $ | 79 | $ | 70,206 | |||||||||||
Expense recoveries | 19,979 | — | 19,979 | 19,760 | 7 | 19,767 | |||||||||||||||||
Percentage rent | 2,154 | — | 2,154 | 2,181 | — | 2,181 | |||||||||||||||||
Management and leasing services | 555 | — | 555 | 629 | — | 629 | |||||||||||||||||
Total revenue | 88,479 | — | 88,479 | 92,697 | 86 | 92,783 | |||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Property operating | 12,572 | — | 12,572 | 11,254 | 312 | 11,566 | |||||||||||||||||
Real estate taxes | 10,607 | — | 10,607 | 10,408 | — | 10,408 | |||||||||||||||||
Depreciation and amortization | 21,016 | — | 21,016 | 26,267 | — | 26,267 | |||||||||||||||||
General and administrative | 8,740 | — | 8,740 | 10,914 | 6 | 10,920 | |||||||||||||||||
Total costs and expenses | 52,935 | — | 52,935 | 58,843 | 318 | 59,161 | |||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 35,544 | — | 35,544 | 33,854 | (232 | ) | 33,622 | ||||||||||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||||||||||||
Investment income | 41 | — | 41 | 171 | — | 171 | |||||||||||||||||
Equity in income of unconsolidated joint ventures | 882 | — | 882 | 8,261 | — | 8,261 | |||||||||||||||||
Other income | — | — | — | 2,841 | — | 2,841 | |||||||||||||||||
Interest expense | (14,259 | ) | — | (14,259 | ) | (16,900 | ) | — | (16,900 | ) | |||||||||||||
Amortization of deferred financing fees | (550 | ) | — | (550 | ) | (599 | ) | — | (599 | ) | |||||||||||||
(Loss) gain on sale of operating properties | (17 | ) | — | (17 | ) | (258 | ) | 3,296 | 3,038 | ||||||||||||||
Gain on extinguishment of debt | 138 | — | 138 | 1,074 | — | 1,074 | |||||||||||||||||
Impairment loss | (11,307 | ) | — | (11,307 | ) | — | — | — | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 10,472 | — | 10,472 | 28,444 | 3,064 | 31,508 | |||||||||||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 36 | — | 36 | (533 | ) | — | (533 | ) | |||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 10,508 | — | 10,508 | 27,911 | 3,064 | 30,975 | |||||||||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||||||||||||
Operations of income producing properties | — | — | — | (232 | ) | 232 | — | ||||||||||||||||
Gain on disposal of income producing properties | — | — | — | 3,296 | (3,296 | ) | — | ||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | — | — | — | 3,064 | (3,064 | ) | — | ||||||||||||||||
NET INCOME | 10,508 | — | 10,508 | 30,975 | — | 30,975 | |||||||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,502 | ) | — | (2,502 | ) | (4,701 | ) | 2 | (4,699 | ) | |||||||||||||
Net loss attributable to noncontrolling interests - discontinued operations | — | — | — | 2 | (2 | ) | — | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 8,006 | $ | — | $ | 8,006 | $ | 26,276 | $ | — | $ | 26,276 |
Three months ended March 31, | Percent Change | ||||||||
2015 | 2014 | ||||||||
Total net operating income (1) | |||||||||
Total rental revenue | $ | 87,924 | $ | 92,154 | (4.6%) | ||||
Less: Property operating expenses | 12,572 | 11,566 | 8.7% | ||||||
Real estate tax expense | 10,607 | 10,408 | (2) | 1.9% | |||||
Net operating income | $ | 64,745 | $ | 70,180 | (7.7%) | ||||
NOI margin (NOI / Total rental revenue) | 73.6 | % | 76.2 | % | |||||
Same-property cash NOI (3) (4) | |||||||||
Minimum rent | $ | 54,556 | $ | 52,903 | |||||
Expense recoveries | 18,412 | 17,629 | |||||||
Percentage rent | 1,848 | 1,777 | |||||||
Total rental revenue | $ | 74,816 | $ | 72,309 | 3.5% | ||||
Recoverable operating expenses (4) (5) | $ | 21,746 | $ | 21,092 | |||||
Non-recoverable operating expenses | 516 | 667 | |||||||
Bad debt expense | 651 | 149 | |||||||
Total property operating expenses | 22,913 | 21,908 | 4.6% | ||||||
Same-property cash net operating income | 51,903 | 50,401 | 3.0% | ||||||
Redevelopment property NOI | 4,000 | 2,975 | |||||||
Same-property NOI including redevelopments | $ | 55,903 | $ | 53,376 | 4.7% | ||||
Growth in same-property NOI | 3.0 | % | |||||||
Number of properties included in analysis (6) | 100 | ||||||||
Growth in same-property NOI including redevelopments | 4.7 | % | |||||||
Number of properties included in analysis (7) | 107 |
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Net income | $ | 10,508 | $ | 30,975 | |||
Depreciation and amortization | 21,016 | 26,267 | |||||
Interest expense | 14,259 | 16,900 | |||||
Amortization of deferred financing fees | 550 | 599 | |||||
Gain on extinguishment of debt | (138 | ) | (1,074 | ) | |||
Acquisition/disposition costs | 670 | 1,440 | |||||
Reorganization and severance costs (1) | 313 | — | |||||
Impairment loss | 11,307 | — | |||||
Gain on sale of operating properties | 17 | (3,038 | ) | ||||
Gain on sale of joint venture property (2) | — | (7,392 | ) | ||||
Gain from fair value adjustment of equity interest in joint venture (3) | — | (2,807 | ) | ||||
Income tax (benefit) provision of taxable REIT subsidiaries | (36 | ) | 533 | ||||
Adjusted Consolidated EBITDA | $ | 58,466 | $ | 62,403 | |||
Interest expense | $ | 14,259 | $ | 16,900 | |||
Adjusted Consolidated EBITDA to interest expense | 4.1 | 3.7 | |||||
Fixed charges | |||||||
Interest expense | $ | 14,259 | $ | 16,900 | |||
Scheduled principal amortization (4) | 1,779 | 2,035 | |||||
Total fixed charges | $ | 16,038 | $ | 18,935 | |||
Adjusted Consolidated EBITDA to fixed charges | 3.6 | 3.3 | |||||
Net Debt to Adjusted Consolidated EBITDA (5) | 5.1 | 5.9 |
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Net income attributable to Equity One, Inc. | $ | 8,006 | $ | 26,276 | |||
Adjustments: | |||||||
Rental property depreciation and amortization, net of noncontrolling interest (1) | 20,699 | 25,935 | |||||
Pro-rata share of real estate depreciation and amortization from unconsolidated joint ventures | 1,033 | 1,051 | |||||
Loss (gain) on disposal of depreciable assets, net of tax (1) | 17 | (3,008 | ) | ||||
Pro-rata share of gain on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest (2) | — | (8,007 | ) | ||||
Impairments of depreciable real estate, net of tax (1) | 11,061 | — | |||||
Funds From Operations | 40,816 | 42,247 | |||||
Earnings attributed to noncontrolling interest (3) | 2,499 | 2,499 | |||||
Funds From Operations Available to Diluted Common Shareholders (4) | 43,315 | 44,746 | |||||
Transaction costs associated with acquisition and disposition activity, net of tax (1) | 670 | 1,440 | |||||
Reorganization and severance costs (5) | 313 | — | |||||
Gain on debt extinguishment, net of tax (1) | (138 | ) | (742 | ) | |||
Gain on land and outparcel sales, net of controlling interests (1) | — | (30 | ) | ||||
Recurring Funds From Operations Available to Diluted Common Shareholders (4) | $ | 44,160 | $ | 45,414 |
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Earnings per diluted share attributable to Equity One, Inc. | $ | 0.06 | $ | 0.22 | |||
Adjustments: | |||||||
Rental property depreciation and amortization, net of noncontrolling interest | 0.15 | 0.20 | |||||
Earnings attributed to noncontrolling interest (1) | 0.02 | 0.02 | |||||
Net adjustment for rounding and earnings attributable to unvested shares (2) | — | (0.02 | ) | ||||
Pro-rata share of real estate depreciation and amortization from unconsolidated joint ventures | 0.01 | 0.01 | |||||
Gain on disposal of depreciable assets, net of tax | — | (0.02 | ) | ||||
Pro-rata share of gain on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest | — | (0.06 | ) | ||||
Impairments of depreciable real estate, net of tax | 0.08 | — | |||||
Funds From Operations per Diluted Common Share (3) | $ | 0.32 | $ | 0.35 | |||
Funds From Operations per Diluted Share | $ | 0.32 | $ | 0.35 | |||
Transaction costs associated with acquisition and disposition activity, net of tax | — | 0.01 | |||||
Gain on debt extinguishment, net of tax | — | (0.01 | ) | ||||
Recurring Funds From Operations per Diluted Common Share (3) | $ | 0.32 | $ | 0.35 | |||
Weighted average diluted shares (in thousands) (4) | 136,358 | 129,294 |
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Certain non-cash items: | |||||||
Amortization of deferred financing fees | $ | 550 | $ | 599 | |||
Accretion of below-market lease intangibles, net | 2,827 | 8,207 | |||||
Share-based compensation expense | 1,269 | 1,767 | |||||
Straight-line rent | 1,131 | 661 | |||||
Capitalized interest | 1,272 | 701 | |||||
Amortization of premium on notes payable, net | 400 | 620 | |||||
Capital expenditures: | |||||||
Tenant improvements and allowances | $ | 6,083 | $ | 2,692 | |||
Leasing commissions and costs | 1,818 | 1,522 | |||||
Developments | 2,108 | 8,038 | |||||
Redevelopments | 9,694 | 6,062 | |||||
Maintenance capital expenditures | 2,520 | 1,536 | |||||
Total capital expenditures | $ | 22,223 | $ | 19,850 | |||
March 31, 2015 | December 31, 2014 | ||||||
Other assets: | |||||||
Lease intangible assets, net | $ | 103,638 | $ | 106,064 | |||
Leasing commissions, net | 39,054 | 39,141 | |||||
Prepaid expenses and other receivables | 33,135 | 26,880 | |||||
Straight-line rent receivables, net | 25,455 | 24,412 | |||||
Deferred financing costs, net | 8,771 | 9,322 | |||||
Deposits and mortgage escrows | 6,974 | 6,356 | |||||
Furniture, fixtures and equipment, net | 3,561 | 3,809 | |||||
Fair value of interest rate swap | 139 | 681 | |||||
Deferred tax asset | 2,540 | 2,306 | |||||
Total other assets | $ | 223,267 | $ | 218,971 | |||
Accounts payable and other liabilities: | |||||||
Lease intangible liabilities, net | $ | 153,766 | $ | 157,486 | |||
Prepaid rent | 9,223 | 9,607 | |||||
Fair value of interest rate swaps | 2,996 | 952 | |||||
Accounts payable and other | 54,710 | 57,963 | |||||
Total accounts payable and other liabilities | $ | 220,695 | $ | 226,008 | |||
Cash and Maximum Available Under Lines of Credit as of 3/31/15: | |||||||
Cash and cash equivalents - unrestricted | $ | 76,167 | |||||
Available under lines of credit | 605,000 | ||||||
Total Available Funds | $ | 681,167 |
Tenant | Number of stores | Credit Rating Moody’s/S&P (1) | Square feet | % of total square feet | Annualized minimum rent | % of total annualized minimum rent | Average annual minimum rent per square foot | Average remaining term of AMR (2) | |||||||||||||||||
Top twenty-five tenants | |||||||||||||||||||||||||
Albertsons / Shaw's / Star Market / Safeway / Vons | 11 | B2/B- | 659,395 | 4.5 | % | $ | 12,275,860 | 4.8 | % | $ | 18.62 | 6.8 | |||||||||||||
Publix | 25 | N/A | 1,062,166 | 7.3 | % | 8,718,931 | 3.4 | % | 8.21 | 7.4 | |||||||||||||||
LA Fitness | 8 | B2/B | 356,609 | 2.4 | % | 6,674,805 | 2.6 | % | 18.72 | 8.3 | |||||||||||||||
TJ Maxx / Homegoods / Marshalls | 12 | A3/A+ | 342,339 | 2.4 | % | 5,806,073 | 2.3 | % | 16.96 | 5.4 | |||||||||||||||
Food Emporium / Pathmark | 2 | N/A | 88,018 | 0.6 | % | 5,528,860 | 2.1 | % | 62.82 | 12.0 | |||||||||||||||
Bed Bath & Beyond / Cost Plus World Market | 12 | Baa1/A- | 360,719 | 2.5 | % | 5,313,862 | 2.1 | % | 14.73 | 4.6 | |||||||||||||||
Barneys New York | 1 | Caa3/N/A | 56,870 | 0.4 | % | 4,500,000 | 1.7 | % | 79.13 | 20.9 | |||||||||||||||
CVS Pharmacy | 12 | Baa1/BBB+ | 148,367 | 1.0 | % | 3,802,226 | 1.5 | % | 25.63 | 9.1 | |||||||||||||||
Sports Authority | 4 | B3/N/A | 108,391 | 0.7 | % | 3,753,410 | 1.5 | % | 34.63 | 6.7 | |||||||||||||||
The Gap / Old Navy | 7 | Baa3/BBB- | 115,187 | 0.8 | % | 3,739,515 | 1.5 | % | 32.46 | 6.7 | |||||||||||||||
Office Depot / Office Max | 8 | B2/B- | 208,226 | 1.4 | % | 3,350,986 | 1.3 | % | 16.09 | 2.9 | |||||||||||||||
Costco | 1 | A1/A+ | 148,295 | 1.0 | % | 3,114,245 | 1.2 | % | 21.00 | 4.4 | |||||||||||||||
Staples | 7 | Baa2/BBB- | 144,726 | 1.0 | % | 2,724,669 | 1.1 | % | 18.83 | 3.2 | |||||||||||||||
Trader Joe's | 6 | N/A | 73,051 | 0.5 | % | 2,567,685 | 1.0 | % | 35.15 | 8.3 | |||||||||||||||
Dick's Sporting Goods | 1 | N/A | 83,777 | 0.6 | % | 2,246,886 | 0.9 | % | 26.82 | 9.9 | |||||||||||||||
The Container Store | 2 | B2/B | 49,661 | 0.3 | % | 2,174,212 | 0.8 | % | 43.78 | 7.5 | |||||||||||||||
Best Buy | 4 | Baa2/BB | 142,831 | 1.0 | % | 2,104,708 | 0.8 | % | 14.74 | 1.2 | |||||||||||||||
Walgreens | 6 | Baa2/BBB | 98,522 | 0.7 | % | 2,014,815 | 0.8 | % | 20.45 | 15.2 | |||||||||||||||
Winn Dixie | 6 | N/A | 273,439 | 1.9 | % | 1,998,542 | 0.8 | % | 7.31 | 2.6 | |||||||||||||||
Wal-Mart | 2 | Aa2/AA | 154,516 | 1.1 | % | 1,964,575 | 0.8 | % | 12.71 | 5.7 | |||||||||||||||
Nordstrom | 2 | Baa1/A- | 75,418 | 0.5 | % | 1,958,780 | 0.8 | % | 25.97 | 6.5 | |||||||||||||||
Target | 1 | A2/A | 160,346 | 1.1 | % | 1,924,152 | 0.7 | % | 12.00 | 3.3 | |||||||||||||||
Academy Sports | 3 | N/A | 195,323 | 1.3 | % | 1,911,831 | 0.7 | % | 9.79 | 11.6 | |||||||||||||||
Wells Fargo | 13 | A2/A+ | 50,485 | 0.3 | % | 1,901,379 | 0.7 | % | 37.66 | 5.1 | |||||||||||||||
Kroger | 6 | Baa2/BBB | 270,650 | 1.9 | % | 1,862,807 | 0.7 | % | 6.88 | 6.0 | |||||||||||||||
Total top twenty-five tenants | 162 | 5,427,327 | 37.2 | % | $ | 93,933,814 | 36.6 | % | $ | 17.31 | 7.5 |
Category | Total Leases | Total Sq. Ft. | Same-Space Leases | Same-Space Sq. Ft. | Prior Rent PSF (2) | New Rent PSF (2) | Rent Spread (1) | Same-Space TIs & Landlord Costs PSF (3) | |||||||||||||||||||
Three months ended March 31, 2015: | |||||||||||||||||||||||||||
New Leases (1) | 42 | 168,719 | 27 | 58,068 | $ | 19.68 | $ | 20.81 | 5.7 | % | $ | 16.47 | |||||||||||||||
Renewals & Options (4) | 67 | 673,999 | 67 | 673,999 | $ | 17.59 | $ | 18.79 | 6.8 | % | $ | 0.64 | |||||||||||||||
Total New Leases, Renewals & Options | 109 | 842,718 | 94 | 732,067 | $ | 17.76 | $ | 18.95 | 6.7 | % | $ | 1.90 |
ANCHOR TENANTS (SF >= 10,000) | SHOP TENANTS (SF < 10,000) | TOTAL TENANTS | ||||||||||||||||||||||||||||||||||
Year | # of leases | Square Feet | % of Total SF | Average Annual Minimum Rent PSF at Expiration | # of leases | Square Feet | % of Total SF | Average Annual Minimum Rent PSF at Expiration | # of leases | Square feet | % of Total SF | Average Annual Minimum Rent PSF at Expiration | ||||||||||||||||||||||||
M-T-M | 2 | 25,745 | 0.3 | % | $ | 24.06 | 82 | 168,990 | 3.8 | % | $ | 21.82 | 84 | 194,735 | 1.5 | % | $ | 22.12 | ||||||||||||||||||
2015 | 11 | 209,345 | 2.4 | % | 9.77 | 149 | 328,265 | 7.4 | % | 23.40 | 160 | 537,610 | 4.0 | % | 18.09 | |||||||||||||||||||||
2016 | 35 | 1,191,759 | 13.4 | % | 10.04 | 265 | 579,515 | 13.0 | % | 27.51 | 300 | 1,771,274 | 13.3 | % | 15.76 | |||||||||||||||||||||
2017 | 33 | 943,870 | 10.6 | % | 13.07 | 301 | 601,547 | 13.5 | % | 28.42 | 334 | 1,545,417 | 11.6 | % | 19.05 | |||||||||||||||||||||
2018 | 26 | 809,297 | 9.1 | % | 12.05 | 184 | 470,063 | 10.6 | % | 28.58 | 210 | 1,279,360 | 9.6 | % | 18.13 | |||||||||||||||||||||
2019 | 33 | 1,520,367 | 17.1 | % | 10.82 | 191 | 509,909 | 11.4 | % | 27.90 | 224 | 2,030,276 | 15.2 | % | 15.11 | |||||||||||||||||||||
2020 | 32 | 1,055,499 | 11.9 | % | 10.27 | 119 | 314,992 | 7.1 | % | 29.04 | 151 | 1,370,491 | 10.3 | % | 14.59 | |||||||||||||||||||||
2021 | 14 | 364,454 | 3.5 | % | 22.17 | 45 | 130,694 | 2.9 | % | 35.69 | 59 | 495,148 | 3.7 | % | 25.74 | |||||||||||||||||||||
2022 | 18 | 549,797 | 6.2 | % | 18.95 | 56 | 183,134 | 4.1 | % | 38.56 | 74 | 732,931 | 5.5 | % | 23.85 | |||||||||||||||||||||
2023 | 19 | 421,815 | 4.8 | % | 27.97 | 42 | 139,383 | 3.1 | % | 47.60 | 61 | 561,198 | 4.2 | % | 32.85 | |||||||||||||||||||||
2024 | 15 | 309,564 | 3.5 | % | 24.24 | 48 | 119,504 | 2.7 | % | 44.94 | 63 | 429,068 | 3.2 | % | 30.01 | |||||||||||||||||||||
Thereafter | 42 | 1,445,849 | 16.9 | % | 18.94 | 82 | 294,332 | 6.6 | % | 38.07 | 124 | 1,740,181 | 13.1 | % | 22.17 | |||||||||||||||||||||
Sub-total / Avg. | 280 | 8,847,361 | 99.7 | % | 14.60 | 1,564 | 3,840,328 | 86.2 | % | 30.25 | 1,844 | 12,687,689 | 95.2 | % | 19.34 | |||||||||||||||||||||
Vacant | 2 | 22,935 | 0.3 | % | N/A | 309 | 615,230 | 13.8 | % | N/A | 311 | 638,165 | 4.8 | % | N/A | |||||||||||||||||||||
Total / Avg. | 282 | 8,870,296 | 100.0 | % | N/A | 1,873 | 4,455,558 | 100.0 | % | N/A | 2,155 | 13,325,854 | 100.0 | % | N/A |
State | # of Properties | Total SF | AMR | % of AMR | |||||||||
South Florida | 35 | 4,441,707 | $ | 67,703,908 | 29.3 | % | |||||||
North Florida | 16 | 1,757,664 | 21,594,308 | 9.3 | % | ||||||||
Total Florida | 51 | 6,199,371 | 89,298,216 | 38.6 | % | ||||||||
California | 10 | 2,131,709 | 47,723,278 | 20.6 | % | ||||||||
New York | 6 | 888,579 | 32,708,811 | 14.2 | % | ||||||||
Connecticut | 8 | 986,295 | 20,050,065 | 8.7 | % | ||||||||
Georgia | 9 | 983,364 | 14,906,705 | 6.4 | % | ||||||||
Massachusetts | 7 | 602,929 | 11,263,666 | 4.9 | % | ||||||||
Louisiana | 7 | 883,066 | 8,541,464 | 3.7 | % | ||||||||
Maryland | 1 | 214,030 | 3,852,710 | 1.7 | % | ||||||||
North Carolina | 3 | 436,511 | 2,822,740 | 1.2 | % | ||||||||
Total | 102 | 13,325,854 | $ | 231,167,655 | 100.0 | % |
Average | |||||||||||||||||||||||||||||
Year | Total | Number | Supermarket anchor | in-place | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date (1) | Other anchor tenants | per leased SF | ||||||||||||||||||
FLORIDA | |||||||||||||||||||||||||||||
SOUTH FLORIDA | |||||||||||||||||||||||||||||
Aventura Square | Aventura | 1991 | 143,250 | 100.0 | % | 10 | — | Babies R Us / Jewelry Exchange / Old Navy / Bed, Bath & Beyond / DSW | $ | 27.69 | |||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 191,993 | 93.9 | % | 43 | 7 | 44,400 | Winn-Dixie | 12/30/2017 | CVS Pharmacy / Goodwill | $ | 21.01 | ||||||||||||||||
Bluffs Square | Jupiter | 1986 | 123,917 | 87.0 | % | 24 | 7 | 39,795 | Publix | 10/22/2016 | Walgreens | $ | 13.24 | ||||||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 93.0 | % | 12 | 4 | 61,448 | Albertsons* | 4/30/2025 | $ | 7.81 | |||||||||||||||||
Chapel Trail | Pembroke Pines | 2007 | 56,378 | 100.0 | % | 4 | — | LA Fitness | $ | 23.79 | |||||||||||||||||||
Coral Reef Shopping Center | Palmetto Bay | 1968 / 1990 | 74,680 | 90.9 | % | 14 | 3 | 25,203 | Aldi | 9/30/2025 | Walgreens | $ | 29.18 | ||||||||||||||||
Countryside Shops | Cooper City | 1986 /1988 / 1991 | 179,561 | 86.9 | % | 38 | 10 | 39,795 | Publix | 5/31/2037 | Stein Mart | $ | 14.64 | ||||||||||||||||
Crossroads Square | Pembroke Pines | 1973 | 81,587 | 90.7 | % | 18 | 5 | CVS Pharmacy / Goodwill / Party City | $ | 18.80 | |||||||||||||||||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0 | % | 1 | — | Sakura Japanese Buffet | $ | 17.00 | |||||||||||||||||||
Greenwood | Palm Springs | 1982 / 1994 | 133,438 | 90.1 | % | 27 | 7 | 50,032 | Publix | 12/5/2019 | Beall’s Outlet | $ | 14.60 | ||||||||||||||||
Hammocks Town Center | Miami | 1987 / 1993 | 183,834 | 99.6 | % | 37 | 1 | 39,795 | Publix | 6/24/2017 | Metro Dade Library / CVS Pharmacy / Porky's Gym | $ | 15.23 | ||||||||||||||||
Homestead (2) | Homestead | 2014 | 4,580 | 100.0 | % | 1 | — | $ | 21.83 | ||||||||||||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 100.0 | % | 11 | — | $ | 22.09 | ||||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 95.8 | % | 16 | 2 | 42,323 | Publix | 9/13/2020 | Youfit Health Clubs | $ | 14.16 | ||||||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 96.6 | % | 20 | 5 | 39,473 | Winn-Dixie | 2/15/2016 | Kmart / Rite Aid* (Family Dollar) | $ | 7.54 | ||||||||||||||||
Magnolia Shoppes | Fort Lauderdale | 1998 | 114,118 | 94.5 | % | 14 | 3 | Regal Cinemas / Deal$ | $ | 12.40 | |||||||||||||||||||
Pavilion | Naples | 1982 / 2001 / 2011 | 167,745 | 89.9 | % | 33 | 8 | Paragon Theaters / LA Fitness / Paradise Wine | $ | 18.63 | |||||||||||||||||||
Pine Island | Davie | 1999 | 255,818 | 90.8 | % | 36 | 8 | 39,943 | Publix | 11/30/2018 | Burlington Coat Factory / Staples / Youfit Health Clubs | $ | 13.63 | ||||||||||||||||
Pine Ridge | Coral Springs | 1986 / 1998 / 2013 | 117,744 | 96.8 | % | 22 | 2 | 17,441 | The Fresh Market | 7/31/2019 | Ulta Beauty / Bed, Bath & Beyond / Marshalls | $ | 16.44 | ||||||||||||||||
Point Royale | Miami | 1970 / 2000 | 181,381 | 94.1 | % | 22 | 5 | 45,350 | Winn-Dixie | 2/15/2020 | Best Buy / Pasteur Medical | $ | 12.35 | ||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 123,614 | 96.7 | % | 10 | 1 | Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx | $ | 18.95 |
Average | |||||||||||||||||||||||||||||
Year | Total | Number | Supermarket anchor | in-place | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date (1) | Other anchor tenants | per leased SF | ||||||||||||||||||
Ridge Plaza | Davie | 1984 / 1999 | 155,204 | 96.3 | % | 19 | 4 | Paragon Theaters / Kabooms / United Collection / Round Up / Goodwill | $ | 12.89 | |||||||||||||||||||
Salerno Village | Stuart | 1987 | 4,800 | 100.0 | % | 1 | — | $ | 14.38 | ||||||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 89.8 | % | 20 | 5 | 36,464 | Publix | 12/15/2019 | Walgreens / Dollar Tree | $ | 11.57 | ||||||||||||||||
Sheridan Plaza | Hollywood | 1973 / 1991 | 508,455 | 96.9 | % | 56 | 7 | 65,537 | Publix | 10/9/2016 | Ross / Bed Bath & Beyond / LA Fitness / Sunrise Medical Group/ Pet Supplies Plus / Office Depot / Kohl's | $ | 16.56 | ||||||||||||||||
Shoppes of Oakbrook | Palm Beach Gardens | 1974 / 2000 / 2003 | 200,448 | 97.3 | % | 25 | 4 | 44,400 | Publix | 11/30/2020 | CVS Pharmacy / Duffy's / Homegoods* (Tuesday Morning) / Bassett Furniture / Stein Mart | $ | 15.08 | ||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995 / 1997 | 126,789 | 88.1 | % | 30 | 7 | 47,814 | Publix | 6/14/2020 | Goodwill | $ | 17.60 | ||||||||||||||||
Shops at Skylake | North Miami Beach | 1999 / 2005 / 2006 | 287,168 | 97.7 | % | 48 | 2 | 51,420 | Publix | 7/31/2019 | TJ Maxx / LA Fitness / Goodwill | $ | 20.12 | ||||||||||||||||
Shops at St. Lucie | Port St. Lucie | 2006 | 27,363 | 89.1 | % | 9 | 2 | $ | 20.17 | ||||||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 124,585 | 87.7 | % | 29 | 10 | 37,764 | Publix | 12/15/2019 | Dollar Tree / Pivot Education | $ | 12.28 | ||||||||||||||||
Waterstone | Homestead | 2005 | 61,000 | 100.0 | % | 9 | — | 45,600 | Publix | 7/31/2025 | $ | 15.24 | |||||||||||||||||
West Bird | Miami | 1977 / 2000 | 99,864 | 96.5 | % | 27 | 1 | 37,949 | Publix | 8/31/2020 | CVS Pharmacy | $ | 16.78 | ||||||||||||||||
West Lake Plaza | Miami | 1984 / 2000 | 100,747 | 95.3 | % | 26 | 1 | 46,216 | Winn-Dixie | 5/22/2016 | CVS Pharmacy | $ | 14.95 | ||||||||||||||||
Westport Plaza | Davie | 2002 | 49,533 | 96.6 | % | 9 | 1 | 27,887 | Publix | 11/30/2022 | $ | 18.09 | |||||||||||||||||
Young Circle | Hollywood | 1962 / 1997 | 64,574 | 95.5 | % | 8 | 1 | 23,124 | Publix | 11/30/2016 | Walgreens | $ | 15.59 | ||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH FLORIDA (35) | 4,441,707 | 94.3 | % | 729 | 123 | 949,173 | $ | 16.16 | |||||||||||||||||||||
NORTH FLORIDA | |||||||||||||||||||||||||||||
Alafaya Village | NF | Orlando | 1986 | 38,118 | 77.2 | % | 13 | 3 | $ | 21.25 | |||||||||||||||||||
Atlantic Village | NF | Atlantic Beach | 1984 / 1996 / 2014 | 104,687 | 98.1 | % | 26 | 2 | LA Fitness / Jo-Ann Fabric and Craft Stores | $ | 15.51 | ||||||||||||||||||
Beauclerc Village | NF | Jacksonville | 1962 / 1988 | 68,846 | 93.1 | % | 7 | 4 | Big Lots / Goodwill / Beall's Outlet | $ | 9.75 | ||||||||||||||||||
Charlotte Square | NF | Port Charlotte | 1980 | 96,626 | 72.4 | % | 13 | 12 | Seafood Buffet / Walmart | $ | 9.31 | ||||||||||||||||||
Ft. Caroline | NF | Jacksonville | 1985 / 1995 | 77,185 | 100.0 | % | 7 | — | 45,500 | Winn-Dixie | 5/31/2020 | Citi Trends | $ | 7.32 | |||||||||||||||
Glengary Shoppes | NF | Sarasota | 1995 | 92,844 | 90.6 | % | 5 | 1 | Best Buy / Barnes & Noble | $ | 20.73 |
Average | |||||||||||||||||||||||||||||
Year | Total | Number | Supermarket anchor | in-place | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date (1) | Other anchor tenants | per leased SF | ||||||||||||||||||
Mandarin Landing | NF | Jacksonville | 1976 | 139,580 | 93.6 | % | 25 | 4 | 50,000 | Whole Foods | 12/31/2023 | Office Depot / Aveda Institute | $ | 16.85 | |||||||||||||||
Old Kings Commons | NF | Palm Coast | 1988 | 84,759 | 99.0 | % | 15 | 1 | Planet Fitness/ Staples / Beall's Outlet | $ | 9.78 | ||||||||||||||||||
Pablo Plaza | NF | Jacksonville | 1974 / 1998 / 2001 / 2008 | 146,473 | 77.0 | % | 15 | 14 | 34,400 | Publix* (Office Depot) | 11/30/2018 | Marshalls / HomeGoods | $ | 11.55 | |||||||||||||||
Ryanwood | NF | Vero Beach | 1987 | 114,925 | 85.3 | % | 22 | 10 | 39,795 | Publix | 3/23/2017 | Beall's Outlet / Books-A-Million | $ | 11.91 | |||||||||||||||
South Beach | NF | Jacksonville Beach | 1990 / 1991 | 307,873 | 96.3 | % | 35 | 8 | 12,517 | Trader Joe's | 1/31/2025 | Bed Bath & Beyond / Ross / Stein Mart / Home Depot / Staples | $ | 13.39 | |||||||||||||||
South Point Center | NF | Vero Beach | 2003 | 64,790 | 92.4 | % | 11 | 4 | 44,840 | Publix | 11/30/2023 | $ | 15.99 | ||||||||||||||||
Sunlake | NF | Tampa | 2008 | 97,871 | 89.0 | % | 20 | 6 | 47,000 | Publix | 12/31/2028 | $ | 19.60 | ||||||||||||||||
Town & Country | NF | Kissimmee | 1993 | 75,181 | 94.1 | % | 11 | 3 | 52,883 | Albertsons* (Ross Dress For Less) | 10/31/2018 | $ | 8.21 | ||||||||||||||||
Treasure Coast | NF | Vero Beach | 1983 | 133,779 | 99.5 | % | 23 | 1 | 61,450 | Publix | 7/31/2026 | TJ Maxx | $ | 13.72 | |||||||||||||||
Unigold Shopping Center | NF | Winter Park | 1987 | 114,127 | 91.2 | % | 17 | 7 | 52,500 | Winn-Dixie | 4/30/2017 | Youfit Health Clubs | $ | 12.08 | |||||||||||||||
TOTAL SHOPPING CENTERS NORTH FLORIDA (16) | 1,757,664 | 91.3 | % | 265 | 80 | 440,885 | $ | 13.46 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (51) | 6,199,371 | 93.5 | % | 994 | 203 | 1,390,058 | $ | 15.41 | |||||||||||||||||||||
CALIFORNIA | |||||||||||||||||||||||||||||
Circle Center West | Long Beach | 1989 | 64,364 | 97.8 | % | 15 | 1 | Marshalls | $ | 21.36 | |||||||||||||||||||
Culver Center | Culver City | 1950 / 2000 | 216,646 | 97.1 | % | 31 | 2 | 36,578 | Ralph’s | 10/31/2030 | LA Fitness / Sit N Sleep / Tuesday Morning / Best Buy | $ | 28.92 | ||||||||||||||||
Marketplace Shopping Center | Davis | 1990 | 111,156 | 97.6 | % | 21 | 2 | 35,018 | Safeway | 7/31/2019 | Petco / CVS Pharmacy | $ | 23.09 | ||||||||||||||||
Plaza Escuela | Walnut Creek | 2002 | 153,565 | 98.8 | % | 22 | 1 | Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Uniqlo / Sports Authority | $ | 43.56 | |||||||||||||||||||
Pleasanton Plaza | Pleasanton | 1981 | 163,469 | 92.6 | % | 18 | 5 | JC Penney / Cost Plus World Market / Design's School of Cosmetology / Office Max | $ | 13.48 | |||||||||||||||||||
Potrero | San Francisco | 1968 / 1997 | 226,642 | 99.9 | % | 26 | 1 | 59,566 | Safeway | 9/30/2020 | 24 Hour Fitness / Party City / Petco / Office Depot / Ross | $ | 30.30 | ||||||||||||||||
Ralph's Circle Center | Long Beach | 1983 | 59,837 | 97.6 | % | 12 | 1 | 35,022 | Ralph’s | 11/30/2025 | $ | 17.34 |
Average | |||||||||||||||||||||||||||||
Year | Total | Number | Supermarket anchor | in-place | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date (1) | Other anchor tenants | per leased SF | ||||||||||||||||||
Serramonte Shopping Center | Daly City | 1968 | 882,938 | 96.7 | % | 94 | 11 | Macy's / JC Penney / Target / Daiso / H&M / Forever 21 / Uniqlo / Dick's Sporting Goods / Crunch Gym | $ | 19.54 | |||||||||||||||||||
Talega Village Center (2) | San Clemente | 2007 | 102,270 | 97.7 | % | 24 | 2 | 46,000 | Ralph's | 12/31/2027 | $ | 20.02 | |||||||||||||||||
Von’s Circle Center | Long Beach | 1972 | 150,822 | 98.4 | % | 23 | 1 | 51,855 | Von’s | 7/31/2022 | Rite Aid / Ross | $ | 17.35 | ||||||||||||||||
TOTAL SHOPPING CENTERS CALIFORNIA (10) | 2,131,709 | 97.2 | % | 286 | 27 | 264,039 | $ | 23.03 | |||||||||||||||||||||
NEW YORK | |||||||||||||||||||||||||||||
1175 Third Avenue | Manhattan | 1995 | 25,350 | 100.0 | % | 1 | — | 25,350 | Food Emporium | 4/30/2023 | $ | 106.86 | |||||||||||||||||
90-30 Metropolitan | Queens | 2007 | 59,815 | 100.0 | % | 5 | — | 12,898 | Trader Joe's | 1/31/2023 | Staples / Michael’s | $ | 30.03 | ||||||||||||||||
1225-1239 Second Avenue | Manhattan | 1964 / 1987 | 18,474 | 91.3 | % | 4 | 2 | CVS Pharmacy | $ | 103.56 | |||||||||||||||||||
Clocktower Plaza | Queens | 1985 / 1995 | 78,820 | 100.0 | % | 8 | — | 62,668 | Pathmark | 11/30/2030 | $ | 45.10 | |||||||||||||||||
The Gallery at Westbury Plaza | Westbury | 2013 | 311,669 | 96.7 | % | 30 | 3 | 13,004 | Trader Joe's | 8/31/2022 | The Container Store / Famous Footwear / HomeGoods / Nordstrom Rack / Bloomingdale's / GapOutlet / Saks Fifth Avenue / S.A. Elite / Old Navy | $ | 45.76 | ||||||||||||||||
Westbury Plaza | Westbury | 1993 / 2004 | 394,451 | 100.0 | % | 12 | — | Costco / Marshalls / Sports Authority / Walmart / Olive Garden / Thomasville Furniture | $ | 23.09 | |||||||||||||||||||
TOTAL SHOPPING CENTERS NEW YORK (6) | 888,579 | 98.7 | % | 60 | 5 | 113,920 | $ | 37.31 | |||||||||||||||||||||
CONNECTICUT | |||||||||||||||||||||||||||||
Brookside Plaza | Enfield | 1985 / 2006 | 216,480 | 100.0 | % | 26 | — | 59,648 | Wakefern Food | 8/31/2020 | Bed Bath & Beyond / Walgreens / Staples / Petsmart | $ | 14.29 | ||||||||||||||||
Compo Acres | Westport | 1960 / 2011 | 42,796 | 100.0 | % | 15 | — | 11,731 | Trader Joe’s | 2/28/2022 | $ | 47.81 | |||||||||||||||||
Copps Hill | Ridgefield | 1979 / 2002 | 184,528 | 100.0 | % | 9 | — | 59,015 | Stop & Shop | 12/31/2024 | Kohl's / Rite Aid | $ | 13.87 | ||||||||||||||||
Darinor Plaza | Norwalk | 1978 | 153,135 | 100.0 | % | 14 | — | Kohl's / Old Navy / Party City | $ | 17.87 | |||||||||||||||||||
Danbury Green | Danbury | 1985 / 2006 | 124,095 | 100.0 | % | 11 | — | 11,850 | Trader Joe’s | 1/31/2023 | Rite Aid / Annie Sez / Staples / DSW / Danbury Hilton Garden Inn | $ | 22.23 | ||||||||||||||||
Post Road Plaza | Darien | 1978 | 20,005 | 100.0 | % | 4 | — | 11,051 | Trader Joe's | 1/31/2026 | $ | 57.69 | |||||||||||||||||
Southbury Green | Southbury | 1979 / 2002 | 156,215 | 96.6 | % | 22 | 3 | 60,113 | ShopRite | 7/31/2022 | Staples | $ | 21.86 | ||||||||||||||||
The Village Center | Westport | 1969-1973 / 2009-2010 | 89,041 | 77.5 | % | 19 | 8 | 22,052 | The Fresh Market | 10/31/2024 | $ | 34.81 | |||||||||||||||||
TOTAL SHOPPING CENTERS CONNECTICUT (8) | 986,295 | 97.4 | % | 120 | 11 | 235,460 | $ | 20.86 |
Average | |||||||||||||||||||||||||||||
Year | Total | Number | Supermarket anchor | in-place | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date (1) | Other anchor tenants | per leased SF | ||||||||||||||||||
GEORGIA | |||||||||||||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 89.0 | % | 23 | 6 | 37,888 | Publix | 1/31/2020 | $ | 16.04 | |||||||||||||||||
Buckhead Station | Atlanta | 1996 | 233,511 | 100.0 | % | 14 | — | Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta Beauty / Nordstrom Rack | $ | 21.67 | |||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 98.9 | % | 24 | 2 | 37,366 | Publix | 5/31/2024 | $ | 19.60 | |||||||||||||||||
Hairston Center | Decatur | 2000 | 13,000 | 61.5 | % | 4 | 4 | $ | 12.36 | ||||||||||||||||||||
Hampton Oaks | Fairburn | 2009 | 20,842 | 53.8 | % | 5 | 6 | $ | 11.17 | ||||||||||||||||||||
McAlpin Square | Savannah | 1979 | 173,952 | 98.6 | % | 24 | 1 | 43,600 | Kroger | 8/31/2020 | Big Lots / Habitat for Humanity / Savannah-Skidaway | $ | 8.28 | ||||||||||||||||
Piedmont Peachtree Crossing | Buckhead | 1978 / 1998 | 152,239 | 100.0 | % | 28 | — | 55,520 | Kroger | 5/31/2020 | Cost Plus World Market / Binders Art Supplies | $ | 20.04 | ||||||||||||||||
Wesley Chapel | Decatur | 1989 | 164,153 | 85.6 | % | 19 | 10 | 32,000 | Little Giant | 6/30/2019 | Everest Institute* / Deal$ / Planet Fitness | $ | 8.50 | ||||||||||||||||
Williamsburg at Dunwoody | Dunwoody | 1983 | 44,928 | 92.6 | % | 25 | 2 | $ | 21.88 | ||||||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (9) | 983,364 | 94.4 | % | 166 | 31 | 206,374 | $ | 16.06 | |||||||||||||||||||||
MASSACHUSETTS | |||||||||||||||||||||||||||||
Cambridge Star Market | Cambridge | 1953 / 1997 | 66,108 | 100.0 | % | 1 | — | 66,108 | Star Market | 1/2/2026 | $ | 30.25 | |||||||||||||||||
Medford Shaw’s Supermarket | Medford | 1995 | 62,656 | 100.0 | % | 2 | — | 60,356 | Shaw’s * | 1/1/2016 | $ | 26.92 | |||||||||||||||||
Plymouth Shaw’s Supermarket | Plymouth | 1993 | 59,726 | 100.0 | % | 1 | — | 59,726 | Shaw's | 1/1/2026 | $ | 19.99 | |||||||||||||||||
Quincy Star Market | Quincy | 1965 / 1995 | 100,741 | 100.0 | % | 1 | — | 100,741 | Star Market | 1/2/2021 | $ | 19.53 | |||||||||||||||||
Swampscott Whole Foods | Swampscott | 1967 / 2005 | 35,907 | 100.0 | % | 1 | — | 35,907 | Whole Foods | 1/1/2026 | $ | 24.95 | |||||||||||||||||
Webster Plaza | Webster | 1963 / 1998 | 201,425 | 94.2 | % | 12 | 3 | 56,766 | Shaw’s * | 2/28/2023 | Kmart | $ | 7.31 | ||||||||||||||||
West Roxbury Shaw’s Plaza | West Roxbury | 1973 / 1995 / 2006 | 76,366 | 94.9 | % | 10 | 3 | 54,928 | Shaw's | 1/2/2021 | $ | 29.42 | |||||||||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (7) | 602,929 | 97.4 | % | 28 | 6 | 434,532 | $ | 19.18 |
Average | |||||||||||||||||||||||||||||
Year | Total | Number | Supermarket anchor | in-place | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date (1) | Other anchor tenants | per leased SF | ||||||||||||||||||
LOUISIANA | |||||||||||||||||||||||||||||
Ambassador Row | Lafayette | 1980 / 1991 | 194,678 | 93.5 | % | 26 | 1 | Big Lots / Chuck E Cheese / Planet Fitness / Jo-Ann Fabric and Craft Stores / Tuesday Morning / Northern Tool + Equipment | $ | 11.07 | |||||||||||||||||||
Ambassador Row Courtyard | Lafayette | 1986 / 1991 / 2005 | 149,454 | 91.6 | % | 18 | 5 | Bed Bath & Beyond / Marshall's / Hancock Fabrics / Tuesday Morning / Cost Plus World Market | $ | 10.57 | |||||||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 101,585 | 99.8 | % | 23 | 3 | 33,387 | Matherne’s | 11/30/2020 | Office Depot | $ | 12.60 | ||||||||||||||||
Elmwood Oaks | Harahan | 1989 | 130,284 | 100.0 | % | 10 | — | Academy Sports / Dollar Tree / Tuesday Morning | $ | 10.15 | |||||||||||||||||||
Plaza Acadienne | Eunice | 1980 | 59,419 | 97.5 | % | 6 | 1 | 28,092 | Super 1 Store | 6/30/2020 | Fred's Store | $ | 4.35 | ||||||||||||||||
Sherwood South | Baton Rouge | 1972 / 1988 / 1992 | 77,230 | 100.0 | % | 7 | — | Burke's Outlet / Harbor Freight Tools / Fred's Store / Ideal Market | $ | 6.32 | |||||||||||||||||||
Siegen Village | Baton Rouge | 1988 | 170,416 | 97.2 | % | 18 | 2 | Office Depot / Big Lots / Dollar Tree / Planet Fitness / Party City | $ | 10.50 | |||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (7) | 883,066 | 96.4 | % | 108 | 12 | 61,479 | $ | 10.03 | |||||||||||||||||||||
MARYLAND | |||||||||||||||||||||||||||||
Westwood Complex (4) | Bethesda | 1958-1960 / 1990 / 2001 | 214,030 | 91.8 | % | 36 | 9 | 55,000 | Giant Foods | 11/30/2019 | Bowlmor Lanes / CITGO | $ | 19.60 | ||||||||||||||||
TOTAL SHOPPING CENTERS MARYLAND (1) | 214,030 | 91.8 | % | 36 | 9 | 55,000 | $ | 19.60 | |||||||||||||||||||||
NORTH CAROLINA | |||||||||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 159,259 | 97.6 | % | 21 | 2 | Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores | $ | 6.32 | |||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 128,498 | 93.4 | % | 13 | 3 | 53,538 | Kroger | 12/31/2019 | Upchurch Drugs / Riverview Galleries | $ | 8.64 | ||||||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 96.7 | % | 12 | 2 | 32,000 | Ingles | 9/30/2017 | Kmart | $ | 5.58 | ||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (3) | 436,511 | 96.1 | % | 46 | 7 | 85,538 | $ | 6.73 | |||||||||||||||||||||
TOTAL CONSOLIDATED SHOPPING CENTER PORTFOLIO EXCLUDING DEVELOPMENTS AND REDEVELOPMENTS (102) | 13,325,854 | 95.2 | % | 1,844 | 311 | 2,846,400 | $ | 18.22 |
Average | |||||||||||||||||||||||||||||
Year | Total | Number | Supermarket anchor | in-place | |||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | base rent | |||||||||||||||||||||||
Property | City, State | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date (1) | Other anchor tenants | per leased SF | ||||||||||||||||||
DEVELOPMENTS AND REDEVELOPMENTS (2) | |||||||||||||||||||||||||||||
101 7th Avenue | Manhattan, NY | 2015 | 56,870 | 100.0 | % | 1 | — | Barneys New York | $ | 79.13 | |||||||||||||||||||
Alafaya Commons | Orlando, FL | 2015 | 130,811 | 88.5 | % | 22 | 5 | Academy Sports | $ | 15.54 | |||||||||||||||||||
Boca Village Square | Boca Raton, FL | 2014 | 95,163 | 94.2 | % | 19 | 2 | 36,000 | Publix | 3/30/2017 | CVS Pharmacy | $ | 19.98 | ||||||||||||||||
Boynton Plaza | Boynton Beach, FL | 2015 | 106,595 | 90.0 | % | 14 | 7 | 53,785 | Publix | 3/31/2035 | CVS Pharmacy | $ | 17.65 | ||||||||||||||||
Broadway Plaza | Bronx, NY | 2015 | 149,010 | 74.1 | % | 8 | 7 | 18,110 | Aldi | 9/30/2024 | TJ Maxx / Sports Authority / Party City / Blink Fitness | $ | 36.22 | ||||||||||||||||
Kirkman Shoppes | Orlando, FL | 2015 | 114,635 | 96.8 | % | 23 | 2 | LA Fitness / Walgreens | $ | 21.99 | |||||||||||||||||||
Lake Mary Centre | Lake Mary, FL | 2015 | 335,341 | 83.7 | % | 52 | 18 | 24,741 | The Fresh Market | 5/31/2024 | Ross / LA Fitness / Office Depot / Academy Sports | $ | 15.07 | ||||||||||||||||
Willows Shopping Center | Concord, CA | 2015 | 252,817 | 91.4 | % | 25 | 6 | Claim Jumper Restaurants / UFC Gym / REI / The Jungle Fun / Old Navy / Ulta Beauty / Pier 1 Imports / Cost Plus World Market | $ | 26.43 | |||||||||||||||||||
TOTAL DEVELOPMENTS AND REDEVELOPMENTS (8) (2) | 1,241,242 | 87.9 | % | 164 | 47 | 132,636 | $ | 24.34 | |||||||||||||||||||||
TOTAL CONSOLIDATED SHOPPING CENTER PORTFOLIO INCLUDING DEVELOPMENTS AND REDEVELOPMENTS (110) | 14,567,096 | 94.6 | % | 2,008 | 358 | 2,979,036 | $ | 18.70 | |||||||||||||||||||||
NON-RETAIL PROPERTIES (2) | |||||||||||||||||||||||||||||
200 Potrero | San Francisco, CA | 1928 | 30,500 | 55.1 | % | 1 | 1 | Golden Bear Sportswear | |||||||||||||||||||||
Banco Popular Office Building | Miami, FL | 1971 | 32,737 | 69.7 | % | 11 | 8 | ||||||||||||||||||||||
Westport Office | Westport, CT | 1984 | 4,000 | 100.0 | % | 7 | 2 | ||||||||||||||||||||||
Westwood - Manor Care | Bethesda, MD | 1976 | 41,123 | 100.0 | % | 1 | — | Manor Care | |||||||||||||||||||||
Westwood Towers | Bethesda, MD | 1968 / 1997 | 211,020 | 85.0 | % | 2 | — | Housing Opportunities | |||||||||||||||||||||
TOTAL NON-RETAIL PROPERTIES (5) (2) | 319,380 | 92.4 | % | 22 | 11 | ||||||||||||||||||||||||
TOTAL EXCLUDING LAND (115) | 14,886,476 | 94.5 | % | 2,030 | 369 | 2,979,036 | |||||||||||||||||||||||
LAND (6) (2)(3) | |||||||||||||||||||||||||||||
TOTAL CONSOLIDATED - 121 Properties |
2015 Acquisition Activity | |||||||||||||
Date Purchased | Property Name | City | State | Acres | Purchase Price | ||||||||
January 9, 2015 | Pablo Plaza Outparcel | Jacksonville | FL | 0.18 | $ | 750 | |||||||
Total Purchased | 0.18 | $ | 750 |
2015 Disposition Activity | |||||||||||||
Date Sold | Property Name | City | State | Square Feet | Gross Sales Price | ||||||||
Income producing property sold | |||||||||||||
March 26, 2015 | Park Promenade | Orlando | FL | 128,848 | $ | 4,800 | |||||||
Total Sold | 128,848 | $ | 4,800 |
Project | Location | Project GLA (1) | Total GLA (2) | Anchors | Target Stabilization Date (3) | Estimated Gross Cost (4) | Estimated Net Cost (5) | Incurred as of 3/31/15 | Balance to Complete (Gross Cost) | |||||||||||||||||||
Active Developments | ||||||||||||||||||||||||||||
Broadway Plaza | Bronx, NY | 149,010 | 149,010 | TJ Maxx / Sports Authority / Aldi / Party City / Blink Fitness | 1Q16 | $ | 73,762 | $ | 73,762 | $ | 58,811 | $ | 14,951 | |||||||||||||||
Subtotal | 149,010 | 149,010 | 73,762 | 73,762 | 58,811 | 14,951 | ||||||||||||||||||||||
Active Redevelopments | ||||||||||||||||||||||||||||
101 7th Avenue | Manhattan, NY | 56,870 | 56,870 | Barneys New York | 1Q16 | 12,453 | 12,453 | 5,124 | 7,329 | |||||||||||||||||||
Alafaya Commons | Orlando, FL | 66,955 | 130,811 | Academy Sports | 2Q15 | 7,502 | 7,502 | 6,495 | 1,007 | |||||||||||||||||||
Boynton Plaza | Boynton Beach, FL | 53,785 | 106,595 | Publix | 2Q15 | 8,818 | 8,318 | 8,999 | — | |||||||||||||||||||
Kirkman Shoppes | Orlando, FL | 57,510 | 114,635 | L.A. Fitness / Walgreens | 3Q15 | 13,094 | 13,094 | 12,078 | 1,016 | |||||||||||||||||||
Lake Mary Centre | Lake Mary, FL | 112,764 | 335,341 | Ross / The Fresh Market / Academy Sports | 2Q15 (6) | 12,513 | 12,513 | 10,940 | 1,573 | |||||||||||||||||||
Willows Shopping Center | Concord, CA | 48,621 | 252,817 | Ulta Beauty / Lazy Dog / Old Navy / UFC Gym | 3Q15 | 13,460 | 13,460 | 10,513 | 2,947 | |||||||||||||||||||
Subtotal | 396,505 | 997,069 | 67,840 | 67,340 | 54,149 | 13,872 | ||||||||||||||||||||||
Total Active Developments and Redevelopments | 545,515 | 1,146,079 | 141,602 | 141,102 | 112,960 | 28,823 | ||||||||||||||||||||||
Developments and Redevelopments Pending Twelve Month Stabilization | ||||||||||||||||||||||||||||
Boca Village Square | Boca Raton, FL | 42,012 | 95,163 | CVS Pharmacy | 3Q14 | 11,161 | 10,911 | 10,428 | 733 | |||||||||||||||||||
Serramonte Shopping Center (7) | Daly City, CA | 83,777 | 882,938 | Dick's Sporting Goods | 2Q14 | 19,270 | 17,987 | 19,480 | — | |||||||||||||||||||
Total | 125,789 | 978,101 | 30,431 | 28,898 | 29,908 | 733 | ||||||||||||||||||||||
Total Development and Redevelopment Activity | $ | 172,033 | $ | 170,000 | $ | 142,868 | (8) | $ | 29,556 |
March 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||
Fixed rate debt | $ | 1,021,591 | $ | 1,042,914 | $ | 1,161,291 | ||||||
Variable rate debt - swapped to fixed rate | 250,000 | 250,000 | 250,000 | |||||||||
Variable rate debt - unhedged | — | 37,000 | 91,000 | |||||||||
Total debt | $ | 1,271,591 | $ | 1,329,914 | $ | 1,502,291 | ||||||
% Fixed rate debt | 80.3 | % | 78.4 | % | 77.3 | % | ||||||
% Variable rate debt - swapped to fixed rate | 19.7 | % | 18.8 | % | 16.6 | % | ||||||
% Variable rate debt - unhedged | — | % | 2.8 | % | 6.1 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Secured mortgage debt | $ | 290,455 | $ | 311,778 | $ | 430,155 | ||||||
Unsecured debt | 981,136 | 1,018,136 | 1,072,136 | |||||||||
Total debt | $ | 1,271,591 | $ | 1,329,914 | $ | 1,502,291 | ||||||
% Secured mortgage debt | 22.8 | % | 23.4 | % | 28.6 | % | ||||||
% Unsecured debt | 77.2 | % | 76.6 | % | 71.4 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Total market capitalization (from page 7) | $ | 5,026,608 | $ | 4,778,523 | $ | 4,428,129 | ||||||
% Secured mortgage debt | 5.8 | % | 6.5 | % | 9.7 | % | ||||||
% Unsecured debt | 19.5 | % | 21.3 | % | 24.2 | % | ||||||
Total debt : Total market capitalization | 25.3 | % | 27.8 | % | 33.9 | % | ||||||
Weighted average interest rate on secured mortgage debt (1) | 6.08 | % | 6.03 | % | 5.99 | % | ||||||
Weighted average interest rate on unsecured senior notes (1) | 5.02 | % | 5.02 | % | 5.02 | % | ||||||
Interest rate on term loan | 2.62 | % | 2.62 | % | 3.17 | % | ||||||
Weighted average interest rate on total debt (1) (2) | 4.79 | % | 4.80 | % | 4.99 | % | ||||||
Weighted average interest rate on revolving credit facilities (1) | — | 1.22 | % | 1.30 | % | |||||||
Weighted average maturity on secured mortgage debt | 4.4 years | 4.4 years | 4.3 years | |||||||||
Weighted average maturity on unsecured senior notes | 4.1 years | 4.3 years | 5.3 years | |||||||||
Maturity on term loan | 3.9 years | 4.1 years | 5.1 years | |||||||||
Weighted average maturity on total debt (2) | 4.1 years | 4.3 years | 5.0 years | |||||||||
(1) | Weighted average interest rates are calculated based on balances outstanding at the respective dates. |
(2) | Weighted average maturity on total debt and weighted average interest rate on total debt excludes amounts drawn under the revolving credit facility, which expires on December 31, 2018. |
Secured Debt | Unsecured Debt | Premium/(Discount) Scheduled Amortization | Total | Weighted average interest rate at maturity | Percent of debt maturing | |||||||||||||||||||||||||||||
Year | Scheduled amortization | Balloon payments | Revolving Credit Facilities | Senior Notes | Term Loan | |||||||||||||||||||||||||||||
2015 | $ | 5,156 | $ | — | $ | — | $ | 107,505 | $ | — | $ | 828 | $ | 113,489 | 5.4 | % | 8.9 | % | ||||||||||||||||
2016 | 6,901 | 68,499 | — | 105,230 | — | 854 | 181,484 | 6.0 | % | 14.2 | % | |||||||||||||||||||||||
2017 | 6,884 | 64,000 | — | 218,401 | — | 640 | 289,925 | 6.0 | % | 22.8 | % | |||||||||||||||||||||||
2018 | 7,110 | 54,754 | — | — | — | 269 | 62,133 | 6.3 | % | 4.9 | % | |||||||||||||||||||||||
2019 | 5,914 | 18,330 | — | — | 250,000 | 121 | 274,365 | 2.9 | % | 21.5 | % | |||||||||||||||||||||||
2020 | 5,875 | — | — | — | — | (19 | ) | 5,856 | — | 0.4 | % | |||||||||||||||||||||||
2021 | 5,835 | 12,561 | — | — | — | (62 | ) | 18,334 | 5.9 | % | 1.4 | % | ||||||||||||||||||||||
2022 | 5,611 | — | — | 300,000 | — | (78 | ) | 305,533 | 3.8 | % | 24.0 | % | ||||||||||||||||||||||
2023 | 5,860 | 1,221 | — | — | — | 47 | 7,128 | 7.5 | % | 0.6 | % | |||||||||||||||||||||||
Thereafter | 13,151 | 2,793 | — | — | — | (11 | ) | 15,933 | 8.1 | % | 1.3 | % | ||||||||||||||||||||||
Total | $ | 68,297 | $ | 222,158 | $ | — | $ | 731,136 | $ | 250,000 | $ | 2,589 | $ | 1,274,180 | 4.7 | % | 100.0 | % |
Debt Instrument | Maturity Date | Rate | March 31, 2015 | December 31, 2014 | Percent of Overall Debt Maturing | |||||||||||
Mortgage Debt | ||||||||||||||||
Pleasanton Plaza | 06/01/2015 | 5.316 | % | $ | — | $ | 19,634 | — | ||||||||
Danbury Green | 01/05/2016 | 5.850 | % | 24,700 | 24,700 | 1.9 | % | |||||||||
1225-1239 Second Avenue | 06/01/2016 | 6.325 | % | 16,187 | 16,245 | 1.3 | % | |||||||||
Glengary Shoppes | 06/11/2016 | 5.750 | % | 15,444 | 15,521 | 1.2 | % | |||||||||
Magnolia Shoppes | 07/11/2016 | 6.160 | % | 13,221 | 13,292 | 1.0 | % | |||||||||
Culver Center | 05/06/2017 | 5.580 | % | 64,000 | 64,000 | 5.0 | % | |||||||||
Sheridan Plaza | 10/10/2018 | 6.250 | % | 59,176 | 59,449 | 4.7 | % | |||||||||
1175 Third Avenue | 05/01/2019 | 7.000 | % | 6,446 | 6,512 | 0.5 | % | |||||||||
The Village Center | 06/01/2019 | 6.250 | % | 15,131 | 15,234 | 1.2 | % | |||||||||
BridgeMill | 05/05/2021 | 7.940 | % | 6,752 | 6,846 | 0.5 | % | |||||||||
Talega Village Center (2) | 10/01/2021 | 5.010 | % | 11,010 | 11,080 | 0.9 | % | |||||||||
Westport Plaza | 08/01/2023 | 7.490 | % | 3,489 | 3,537 | 0.3 | % | |||||||||
Aventura Square / Oakbrook Square / Treasure Coast Plaza | 02/28/2024 | 6.500 | % | 22,149 | 22,599 | 1.7 | % | |||||||||
Webster Plaza | 08/15/2024 | 8.070 | % | 6,502 | 6,568 | 0.5 | % | |||||||||
Von's Circle Center | 10/10/2028 | 5.200 | % | 9,744 | 9,867 | 0.8 | % | |||||||||
Copps Hill | 01/01/2029 | 6.060 | % | 16,504 | 16,694 | 1.3 | % | |||||||||
Total mortgage debt (15 loans outstanding) | 4.36 years | 6.08 | % | (1) | $ | 290,455 | $ | 311,778 | 22.8 | % | ||||||
Unamortized/unaccreted premium/(discount) | 3,877 | 4,500 | 0.3 | % | ||||||||||||
Total mortgage debt (including unamortized/unaccreted premium/(discount)) | $ | 294,332 | $ | 316,278 | 23.1 | % |
Debt Instrument | Maturity Date | Rate | March 31, 2015 | December 31, 2014 | Percent of Overall Debt Maturing | |||||||||||
Unsecured senior notes payable | ||||||||||||||||
5.375% senior notes (3) | 10/15/2015 | 5.375 | % | $ | 107,505 | $ | 107,505 | 8.4 | % | |||||||
6.00% senior notes | 09/15/2016 | 6.000 | % | 105,230 | 105,230 | 8.3 | % | |||||||||
6.25% senior notes | 01/15/2017 | 6.250 | % | 101,403 | 101,403 | 8.0 | % | |||||||||
6.00% senior notes | 09/15/2017 | 6.000 | % | 116,998 | 116,998 | 9.2 | % | |||||||||
3.75% senior notes | 11/15/2022 | 3.750 | % | 300,000 | 300,000 | 23.5 | % | |||||||||
Total unsecured senior notes payable | 4.06 years | 5.02 | % | (1) | $ | 731,136 | $ | 731,136 | 57.4 | % | ||||||
Unamortized/unaccreted premium/(discount) | (1,288 | ) | (1,373 | ) | (0.1 | %) | ||||||||||
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount)) | $ | 729,848 | $ | 729,763 | 57.3 | % | ||||||||||
Term Loan | ||||||||||||||||
$250MM - Term Loan (4) | 02/13/2019 | 2.618 | % | (5) | $ | 250,000 | $ | 250,000 | 19.6 | % | ||||||
Total term loans | 3.87 years | 2.62 | % | (1) | $ | 250,000 | $ | 250,000 | 19.6 | % | ||||||
Revolving credit facilities | ||||||||||||||||
$600MM Line of Credit Unsecured | 12/31/2018 | — | $ | — | $ | 37,000 | — | |||||||||
$5MM Line of Credit Unsecured | 05/07/2015 | — | — | — | — | |||||||||||
Total revolving credit facilities | — | $ | — | $ | 37,000 | — | ||||||||||
Total debt | 4.09 years (5) | 4.79 | % | (1) (6) | $ | 1,271,591 | $ | 1,329,914 | 99.8 | % | ||||||
Unamortized/unaccreted premium/(discount) | 2,589 | 3,127 | 0.2 | % | ||||||||||||
Total debt (including unamortized/unaccreted premium/(discount)) | $ | 1,274,180 | $ | 1,333,041 | 100.0 | % | ||||||||||
Senior Unsecured Debt Ratings | ||||||||||||||||
Moody’s | Baa2 (Stable) | Baa2 (Stable) | ||||||||||||||
S&P | BBB (Stable) | (7) | BBB-(Positive) |
BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES | As of March 31, 2015 | |||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Assets | Total Debt | Total Equity | |||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 53,791 | $ | — | $ | 52,848 | ||||||||
GRI | 10.0% | Retail | $ | 246,904 | $ | 83,597 | $ | 157,062 | ||||||||
New York Common Retirement Fund | 30.0% | Retail | $ | 308,878 | $ | 136,242 | $ | 147,365 | ||||||||
Rider Limited Partnership | 50.0% | Office | $ | 39,830 | $ | — | $ | 38,429 |
STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES | For the three months ended March 31, 2015 | |||||||||||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Revenues | Property Operating Expenses | Depreciation/ Amortization | Interest Expense (1) | Net Income | |||||||||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 1,407 | $ | 832 | $ | 379 | $ | — | $ | 181 | ||||||||||||
GRI | 10.0% | Retail | $ | 6,188 | $ | 1,740 | $ | 1,349 | $ | 431 | $ | 2,589 | ||||||||||||
New York Common Retirement Fund | 30.0% | Retail | $ | 7,810 | $ | 3,146 | $ | 2,234 | $ | 1,475 | $ | 916 | ||||||||||||
Rider Limited Partnership | 50.0% | Office | $ | 1,299 | $ | 354 | $ | 303 | $ | — | $ | 637 | ||||||||||||
Number of tenants | Supermarket anchor | Average in-place base rent per leased SF | ||||||||||||||||||||||||||||||||
Property | JV | EQY Ownership % | Type | City, State | Year Built / Renovated | Total Sq. Ft. | Percent Leased | Leased | Vacant | Sq. Ft. | Name | Expiration Date | Other anchor tenants | |||||||||||||||||||||
Airpark Plaza Shopping Center | GRI | 10.0% | Retail | Miami, FL | 1971 / 1998 / 2004 / 2008 | 172,093 | 98.6 | % | 36 | 2 | 30,000 | Publix | 10/31/2024 | Burlington Coat Factory / Office Depot | $ | 16.19 | ||||||||||||||||||
Concord Shopping Plaza | GRI | 10.0% | Retail | Miami, FL | 1962 / 1992 / 1993 | 298,182 | 100.0 | % | 22 | — | 78,000 | Winn-Dixie | 09/30/2019 | Home Depot / Big Lots / Dollar Tree / Youfit Health Clubs | $ | 11.94 | ||||||||||||||||||
Presidential Markets | GRI | 10.0% | Retail | Snellville, GA | 1993 / 2000 | 393,251 | 99.5 | % | 35 | 1 | 56,146 | Publix | 12/31/2019 | Marshalls / TJ Maxx / Bed Bath & Beyond / Carmike Cinemas / Ross Dress For Less / Office Depot / Shoe Carnival / PetSmart / Party City | $ | 12.77 | ||||||||||||||||||
Shoppes of Ibis | GRI | 10.0% | Retail | West Palm Beach, FL | 1999 | 79,613 | 96.5 | % | 17 | 2 | 51,420 | Publix | 05/31/2019 | $ | 12.88 | |||||||||||||||||||
Shoppes at Quail Roost | GRI | 10.0% | Retail | Miami, FL | 2005 | 73,550 | 92.0 | % | 12 | 2 | 44,840 | Publix | 06/30/2025 | $ | 13.66 | |||||||||||||||||||
Shoppes of Sunset | GRI | 10.0% | Retail | Miami, FL | 1979 / 2009 | 21,784 | 78.7 | % | 10 | 4 | $ | 23.47 | ||||||||||||||||||||||
Shoppes of Sunset II | GRI | 10.0% | Retail | Miami, FL | 1980 / 2009 | 27,676 | 68.4 | % | 13 | 4 | $ | 19.46 | ||||||||||||||||||||||
Sparkleberry Square | GRI | 10.0% | Retail | Columbia, SC | 1997 / 2004 | 154,217 | 100.0 | % | 10 | — | PetSmart / Bed Bath and Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy | $ | 11.92 | |||||||||||||||||||||
Sparkleberry Kohl’s | GRI | 10.0% | Retail | Columbia, SC | 1997 / 2004 | 85,961 | 100.0 | % | 1 | — | Kohl's | $ | 8.45 | |||||||||||||||||||||
Sparkleberry Kroger | GRI | 10.0% | Retail | Columbia, SC | 1997 / 2004 | 98,623 | 98.4 | % | 11 | 1 | 67,943 | Kroger | 08/31/2017 | $ | 13.09 | |||||||||||||||||||
1900/2000 Offices | DRA | 20.0% | Office | Boca Raton, FL | 1979 / 1982 / 1986 / 2007 | 116,635 | 51.9 | % | 21 | 11 | $ | 16.65 | ||||||||||||||||||||||
Penn Dutch Plaza | DRA | 20.0% | Retail | Margate, FL | 1989 | 155,622 | 93.0 | % | 18 | 3 | 70,358 | Penn Dutch Food Center | 12/31/2018 | Youfit Health Clubs / Florida Career College | $ | 10.11 | ||||||||||||||||||
Plantation Marketplace | DRA | 20.0% | Retail | Plantation, FL | 1963 / 1998 | 227,517 | 89.1 | % | 33 | 4 | 43,386 | Winn-Dixie | 11/05/2024 | Beall's / Fitness 1440 / Big Lots / Disability Law Claims / CVS / Nature's Sleep | $ | 12.36 | ||||||||||||||||||
Rider Limited Partnership | CSC | 50.0% | Medical Office | San Francisco, CA | 1968 | 146,046 | 98.6 | % | 50 | 2 | Central Parking System | $ | 32.18 | |||||||||||||||||||||
Country Walk Plaza | NYCRF | 30.0% | Retail | Miami, FL | 1985 / 2006 / 2008 | 100,686 | 88.6 | % | 24 | 5 | 39,795 | Publix | 10/23/2020 | CVS Pharmacy | $ | 18.63 | ||||||||||||||||||
Veranda Shoppes | NYCRF | 30.0% | Retail | Plantation, FL | 2007 | 44,888 | 100.0 | % | 9 | — | 28,800 | Publix | 04/30/2027 | $ | 26.62 | |||||||||||||||||||
Northborough Crossing | NYCRF | 30.0% | Retail | Northborough, MA | 2011 | 645,785 | 100.0 | % | 28 | — | 139,449 | Wegmans | 10/31/2036 | TJ Maxx / Kohl's / BJ's / Golf Town USA / PetSmart / Michaels / Toys "R" Us / Dick's Sporting Goods / Eastern Mountain Sports | $ | 14.31 | ||||||||||||||||||
Riverfront Plaza | NYCRF | 30.0% | Retail | Hackensack, NJ | 1997 | 128,968 | 97.3 | % | 23 | 1 | 70,400 | ShopRite | 10/31/2027 | $ | 24.75 | |||||||||||||||||||
The Grove | NYCRF | 30.0% | Retail | Windermere, FL | 2004 | 151,752 | 95.6 | % | 28 | 3 | 51,673 | Publix | 01/31/2029 | LA Fitness | $ | 19.21 | ||||||||||||||||||
Old Connecticut Path | NYCRF | 30.0% | Retail | Framingham, MA | 1994 | 80,198 | 100.0 | % | 5 | — | 65,940 | Stop & Shop | 06/30/2019 | $ | 21.30 | |||||||||||||||||||
TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (20) | 3,203,047 | 95.5 | % | 406 | 45 | 838,150 | $ | 15.40 |
Co-Investment Partner | Debt Instrument | Equity One’s Ownership | Maturity Date | Rate (1) | Balance as of March 31, 2015 | Balance as of December 31, 2014 | ||||||||||
Mortgage Debt | ||||||||||||||||
GRI | Floating rate loans (2) | 10.0% | 06/28/2018 | 1-month LIBOR + 1.41% | $ | 80,000 | $ | 80,000 | ||||||||
GRI | Sparkleberry Square (Kroger) | 10.0% | 06/30/2020 | 6.75% | 3,642 | 3,782 | ||||||||||
New York Common Retirement Fund | Equity One Country Walk LLC | 30.0% | 11/01/2015 | 5.22% | 12,594 | 12,652 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub CT Path LLC | 30.0% | 01/01/2019 | 5.74% | 9,130 | 9,237 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub Northborough LLC | 30.0% | 02/10/2021 | 4.18% | 67,473 | 67,811 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub Riverfront Plaza LLC | 30.0% | 10/10/2023 | 4.54% | 24,000 | 24,000 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub Grove LLC (3) | 30.0% | 12/23/2023 | 4.18% | 22,500 | 22,500 | ||||||||||
Net interest premium (4) | 500 | 559 | ||||||||||||||
Total debt | $ | 219,839 | $ | 220,541 | ||||||||||||
Equity One’s pro-rata share of unconsolidated joint venture debt | $ | 49,232 | $ | 49,416 |
(1) | The rate in effect on March 31, 2015. |
(2) | Consists of three separate loans, totaling $80.0 million, that are secured by Airpark Plaza Shopping Center, Concord Shopping Plaza and Presidential Markets, bearing interest at a weighted average rate of 1-month LIBOR + 1.41%. |
(3) | The loan balance bears interest at a floating rate of LIBOR + 1.35%, which has been swapped to a weighted average fixed rate of 4.18%. The fair value of the swap at March 31, 2015 was a liability of approximately $1.9 million. |
(4) | Net interest premium is the total for all joint ventures. |