Exhibit 99.2 | |||||
Equity One, Inc. | |||||
Supplemental Information Package | |||||
June 30, 2014 | |||||
![]() | |||||
Equity One, Inc. | |||||
1600 N.E. Miami Gardens Drive | |||||
North Miami Beach, Florida 33179 | |||||
Tel: (305) 947-1664 Fax: (305) 947-1734 | |||||
www.equityone.net | |||||
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 Operations | |
Pro Forma Financial Information for Discontinued Operations | |
Net Operating Income | |
Adjusted Consolidated EBITDA | |
Consolidated Statements of 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 Metro/Region | |
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 |
For the three months ended | For the six months ended | |||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||
Summary Financial Results | ||||||||||||||||
Total revenue* | $ | 87,628 | $ | 86,191 | $ | 180,411 | $ | 174,639 | ||||||||
Adjusted Consolidated EBITDA* (see page 11) | $ | 57,394 | $ | 56,437 | $ | 119,797 | $ | 114,910 | ||||||||
Property net operating income* (see page 10) | $ | 64,416 | $ | 61,684 | $ | 134,596 | $ | 125,695 | ||||||||
General & administrative expenses (G&A)* - Adjusted (1) | $ | 8,907 | $ | 8,719 | $ | 18,387 | $ | 17,312 | ||||||||
Net (loss) income attributable to Equity One, Inc. | $ | (2,411 | ) | $ | 33,638 | $ | 23,865 | $ | 58,231 | |||||||
Earnings per diluted share | $ | (0.02 | ) | $ | 0.28 | $ | 0.20 | $ | 0.49 | |||||||
Funds from operations available to diluted common shareholders (FFO) (see page 12) | $ | 41,438 | $ | 36,766 | $ | 86,184 | $ | 76,735 | ||||||||
FFO per diluted share (see page 13) | $ | 0.32 | $ | 0.28 | $ | 0.67 | $ | 0.60 | ||||||||
Recurring FFO (see page 12) | $ | 41,406 | $ | 39,678 | $ | 86,820 | $ | 80,633 | ||||||||
Recurring FFO per diluted share (see page 13) | $ | 0.32 | $ | 0.31 | $ | 0.67 | $ | 0.63 | ||||||||
Total dividends paid per share | $ | 0.22 | $ | 0.22 | $ | 0.44 | $ | 0.44 | ||||||||
Weighted average diluted shares used in EPS computations | 117,813 | 117,749 | 117,981 | 117,535 | ||||||||||||
Weighted average diluted shares used in FFO computations (2) | 129,441 | 129,107 | 129,338 | 128,893 | ||||||||||||
Summary Operating and Financial Ratios | ||||||||||||||||
Consolidated shopping center portfolio occupancy at end of period (see pages 19-26) | 94.2 | % | 91.5 | % | 94.2 | % | 91.5 | % | ||||||||
Same-property shopping center portfolio occupancy at end of period | 94.1 | % | 93.7 | % | 94.1 | % | 93.7 | % | ||||||||
Same-property NOI growth - cash basis (see page 10) (3) | 2.6 | % | 3.1 | % | 2.5 | % | 3.1 | % | ||||||||
NOI margin (see page 10) | 74.0 | % | 72.0 | % | 75.1 | % | 72.3 | % | ||||||||
Expense recovery ratio* (4) | 86.9 | % | 85.9 | % | 88.4 | % | 85.2 | % | ||||||||
New, renewal and option rent spread - cash basis (see page 16) (5) | 5.0 | % | 12.5 | % | 2.7 | % | 11.3 | % | ||||||||
Adjusted G&A expense to total revenues (1) | 10.2 | % | 10.1 | % | 10.2 | % | 9.9 | % | ||||||||
Net debt to total market capitalization (see page 7) | 31.8 | % | 33.3 | % | 31.8 | % | 33.3 | % | ||||||||
Net debt to Adjusted Consolidated EBITDA* (see page 11) | 6.4 | 6.6 | 6.1 | 6.5 | ||||||||||||
Adjusted Consolidated EBITDA to interest expense* (see page 11) | 3.6 | 3.3 | 3.6 | 3.3 | ||||||||||||
Adjusted Consolidated EBITDA to fixed charges* (see page 11) | 3.2 | 3.0 | 3.2 | 3.0 |
• | Increase in same property NOI of 2.5% to 3.25% |
• | Increase in same property occupancy of approximately 100 basis points |
• | Core acquisitions of zero to $100 million in the second half of 2014 |
• | Joint venture acquisitions of zero to $100 million in the second half of 2014 |
• | Non-core dispositions of $150 million to $175 million, including the 2014 sales activity announced in the July 30th press release |
For the year ended December 31, 2014 (1) | ||||
Low | High | |||
Estimated net income attributable to Equity One | $0.37 | $0.38 | ||
Adjustments: | ||||
Net adjustment for rounding and shares issuable to LIH | (0.03) | (0.03) | ||
Rental property depreciation and amortization including pro rata share of joint ventures | 0.79 | 0.80 | ||
Gains on disposal of depreciable assets including pro rata share of joint ventures | (0.09) | (0.09) | ||
Impairments of depreciable real estate | 0.11 | 0.11 | ||
Earnings allocated to a noncontrolling interest (2) | 0.08 | 0.08 | ||
Estimated FFO | 1.23 | 1.25 | ||
Transaction costs, gain on debt extinguishment and other | 0.02 | 0.03 | ||
Estimated Recurring FFO | $1.25 | $1.28 |
(1) | Does not include possible future gains or losses or the impact on operating results from other 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 net income attributable to Equity One per diluted share. |
June 30, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||
Assets | ||||||||||||
Properties: | ||||||||||||
Income producing | $ | 3,097,700 | $ | 3,153,131 | $ | 2,937,645 | ||||||
Less: accumulated depreciation | (359,658 | ) | (354,166 | ) | (297,736 | ) | ||||||
Income producing properties, net | 2,738,042 | 2,798,965 | 2,639,909 | |||||||||
Construction in progress and land held for development | 169,916 | 104,464 | 108,711 | |||||||||
Properties held for sale | 53,162 | 13,404 | 268,184 | |||||||||
Properties, net | 2,961,120 | 2,916,833 | 3,016,804 | |||||||||
Cash and cash equivalents (1) | 62,932 | 36,495 | 27,858 | |||||||||
Accounts and other receivables, net | 13,709 | 12,872 | 13,426 | |||||||||
Investments in and advances to unconsolidated joint ventures | 82,310 | 91,772 | 72,171 | |||||||||
Loans receivable, net | — | 60,711 | 140,708 | |||||||||
Goodwill | 6,180 | 6,377 | 6,527 | |||||||||
Other assets | 227,314 | 229,599 | 225,174 | |||||||||
Total assets | $ | 3,353,565 | $ | 3,354,659 | $ | 3,502,668 | ||||||
Liabilities, redeemable noncontrolling interests and equity | ||||||||||||
Liabilities: | ||||||||||||
Mortgage notes payable | $ | 408,554 | $ | 430,155 | $ | 425,755 | ||||||
Unsecured senior notes payable | 731,136 | 731,136 | 731,136 | |||||||||
Term loan | 250,000 | 250,000 | 250,000 | |||||||||
Unsecured revolving credit facilities | 133,000 | 91,000 | 172,000 | |||||||||
1,522,690 | 1,502,291 | 1,578,891 | ||||||||||
Unamortized premium on notes payable, net | 4,607 | 6,118 | 6,432 | |||||||||
Total notes payable | 1,527,297 | 1,508,409 | 1,585,323 | |||||||||
Accounts payable and other liabilities | 234,853 | 230,538 | 259,505 | |||||||||
Liabilities associated with properties held for sale | 281 | 33 | 18,794 | |||||||||
Deferred tax liability | 12,382 | 11,764 | 12,016 | |||||||||
Total liabilities | 1,774,813 | 1,750,744 | 1,875,638 | |||||||||
Redeemable noncontrolling interests | 989 | 989 | 22,551 | |||||||||
Total stockholders’ equity of Equity One, Inc. | 1,370,508 | 1,395,183 | 1,396,726 | |||||||||
Noncontrolling interests | 207,255 | 207,743 | 207,753 | |||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,353,565 | $ | 3,354,659 | $ | 3,502,668 |
June 30, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||
Closing market price of common stock | $ | 23.59 | $ | 22.44 | $ | 21.01 | ||||||
Common stock shares | ||||||||||||
Basic common shares | 117,997.140 | 117,646.807 | 116,938.373 | |||||||||
Diluted common shares | ||||||||||||
Unvested restricted common shares (treasury method, closing price) | 160.725 | 123.775 | 119.442 | |||||||||
DownREIT units (convertible into shares) | 93.656 | 93.656 | 93.656 | |||||||||
Common stock options (treasury method, closing price) | 243.340 | 251.611 | 284.173 | |||||||||
Long term incentive plan performance awards (treasury method, closing price) | 96.660 | 911.263 | 213.006 | |||||||||
Convertible CapCo Partnership Units | 11,357.837 | 11,357.837 | 11,357.837 | |||||||||
Diluted common shares | 129,949.358 | 130,384.949 | 129,006.487 | |||||||||
Equity market capitalization | $ | 3,065,505 | $ | 2,925,838 | $ | 2,710,426 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) (1) | $ | 1,522,690 | $ | 1,502,291 | $ | 1,595,110 | ||||||
Cash and equivalents | (62,932 | ) | (36,495 | ) | (27,858 | ) | ||||||
Net debt (1) | $ | 1,459,758 | $ | 1,465,796 | $ | 1,567,252 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) (1) | $ | 1,522,690 | $ | 1,502,291 | $ | 1,595,110 | ||||||
Equity market capitalization | 3,065,505 | 2,925,838 | 2,710,426 | |||||||||
Total market capitalization | $ | 4,588,195 | $ | 4,428,129 | $ | 4,305,536 | ||||||
Net debt to total market capitalization at applicable market price | 31.8 | % | 33.1 | % | 36.4 | % | ||||||
Gross real estate investments (2) | $ | 3,332,678 | $ | 3,337,301 | $ | 3,482,806 | ||||||
Net debt to gross real estate investments | 43.8 | % | 43.9 | % | 45.0 | % | ||||||
Three months ended | Percent Change | Six months ended | Percent Change | |||||||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||||||
REVENUE: | ||||||||||||||||||||||
Minimum rent | $ | 66,295 | $ | 60,949 | $ | 136,546 | $ | 121,336 | ||||||||||||||
Expense recoveries | 19,631 | 19,675 | 39,391 | 38,266 | ||||||||||||||||||
Percentage rent | 933 | 628 | 3,114 | 2,665 | ||||||||||||||||||
Management and leasing services | 584 | 484 | 1,213 | 898 | ||||||||||||||||||
Total revenue | 87,443 | 81,736 | 7.0 | % | 180,264 | 163,165 | 10.5 | % | ||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||
Property operating | 22,613 | 22,241 | 44,399 | 43,897 | ||||||||||||||||||
Depreciation and amortization | 27,666 | 22,797 | 53,933 | 44,530 | ||||||||||||||||||
General and administrative | 8,872 | 9,673 | 19,786 | 18,567 | ||||||||||||||||||
Total costs and expenses | 59,151 | 54,711 | 8.1 | % | 118,118 | 106,994 | 10.4 | % | ||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 28,292 | 27,025 | 4.7 | % | 62,146 | 56,171 | 10.6 | % | ||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||||
Investment income | 28 | 2,209 | 199 | 4,413 | ||||||||||||||||||
Equity in income of unconsolidated joint ventures | 1,268 | 615 | 9,529 | 1,050 | ||||||||||||||||||
Other income | 5 | 162 | 2,846 | 162 | ||||||||||||||||||
Interest expense | (16,086 | ) | (16,701 | ) | (32,986 | ) | (33,937 | ) | ||||||||||||||
Amortization of deferred financing fees | (601 | ) | (603 | ) | (1,200 | ) | (1,209 | ) | ||||||||||||||
Gain on extinguishment of debt | — | 107 | 1,074 | 107 | ||||||||||||||||||
Impairment loss | (13,892 | ) | (2,662 | ) | (13,892 | ) | (2,662 | ) | ||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | (986 | ) | 10,152 | 27,716 | 24,095 | |||||||||||||||||
Income tax provision of taxable REIT subsidiaries | (79 | ) | (7 | ) | (612 | ) | (21 | ) | ||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS | (1,065 | ) | 10,145 | (110.5 | %) | 27,104 | 24,074 | 12.6% | ||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||
Operations of income producing properties | 167 | 1,276 | (65 | ) | 3,523 | |||||||||||||||||
(Loss) gain on disposal of income producing properties | (144 | ) | 25,663 | 3,152 | 36,859 | |||||||||||||||||
Impairment loss | — | (128 | ) | — | (128 | ) | ||||||||||||||||
Income tax provision of taxable REIT subsidiaries | — | (779 | ) | — | (860 | ) | ||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 23 | 26,032 | 3,087 | 39,394 | ||||||||||||||||||
Gain on sale of operating properties | 1,141 | — | 883 | — | ||||||||||||||||||
NET INCOME | 99 | 36,177 | (99.7 | %) | 31,074 | 63,468 | (51.0%) | |||||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,511 | ) | (2,511 | ) | (7,212 | ) | (5,204 | ) | ||||||||||||||
Net loss (income) attributable to noncontrolling interests - discontinued operations | 1 | (28 | ) | 3 | (33 | ) | ||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | (2,411 | ) | $ | 33,638 | (107.2 | %) | $ | 23,865 | $ | 58,231 | (59.0%) | ||||||||||
(LOSS) EARNINGS PER COMMON SHARE - BASIC: | ||||||||||||||||||||||
Continuing operations | $ | (0.02 | ) | $ | 0.06 | $ | 0.17 | $ | 0.16 | |||||||||||||
Discontinued operations | — | 0.22 | 0.03 | 0.33 | ||||||||||||||||||
$ | (0.02 | ) | $ | 0.28 | (107.1 | %) | $ | 0.20 | $ | 0.49 | (59.2%) | |||||||||||
(LOSS) EARNINGS PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||
Continuing operations | $ | (0.02 | ) | $ | 0.06 | $ | 0.17 | $ | 0.16 | |||||||||||||
Discontinued operations | — | 0.22 | 0.03 | 0.33 | ||||||||||||||||||
$ | (0.02 | ) | $ | 0.28 | (107.1 | %) | $ | 0.20 | $ | 0.49 | (59.2%) | |||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||
Basic | 117,813 | 117,385 | 117,744 | 117,209 | ||||||||||||||||||
Diluted | 117,813 | 117,749 | 117,981 | 117,535 |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
As Reported | Disc. Ops | Pre Disc. Ops | As Reported | Disc. Ops | Pre Disc. Ops | As Reported | Disc. Ops | Pre Disc. Ops | As Reported | Disc. Ops | Pre Disc. Ops | ||||||||||||||||||||||||||||||||||||
REVENUE: | |||||||||||||||||||||||||||||||||||||||||||||||
Minimum rent | $ | 66,295 | $ | 156 | $ | 66,451 | $ | 60,949 | $ | 3,490 | $ | 64,439 | $ | 136,546 | $ | 111 | $ | 136,657 | $ | 121,336 | $ | 8,761 | $ | 130,097 | |||||||||||||||||||||||
Expense recoveries | 19,631 | 29 | 19,660 | 19,675 | 949 | 20,624 | 39,391 | 36 | 39,427 | 38,266 | 2,660 | 40,926 | |||||||||||||||||||||||||||||||||||
Percentage rent | 933 | — | 933 | 628 | 16 | 644 | 3,114 | — | 3,114 | 2,665 | 53 | 2,718 | |||||||||||||||||||||||||||||||||||
Management and leasing services | 584 | — | 584 | 484 | — | 484 | 1,213 | — | 1,213 | 898 | — | 898 | |||||||||||||||||||||||||||||||||||
Total revenue | 87,443 | 185 | 87,628 | 81,736 | 4,455 | 86,191 | 180,264 | 147 | 180,411 | 163,165 | 11,474 | 174,639 | |||||||||||||||||||||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||||||||||||||||||||||||||
Property operating | 22,613 | 15 | 22,628 | 22,241 | 1,782 | 24,023 | 44,399 | 203 | 44,602 | 43,897 | 4,149 | 48,046 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 27,666 | — | 27,666 | 22,797 | 1,185 | 23,982 | 53,933 | — | 53,933 | 44,530 | 2,691 | 47,221 | |||||||||||||||||||||||||||||||||||
General and administrative | 8,872 | 3 | 8,875 | 9,673 | 6 | 9,679 | 19,786 | 9 | 19,795 | 18,567 | 9 | 18,576 | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 59,151 | 18 | 59,169 | 54,711 | 2,973 | 57,684 | 118,118 | 212 | 118,330 | 106,994 | 6,849 | 113,843 | |||||||||||||||||||||||||||||||||||
INCOME (LOSS) BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 28,292 | 167 | 28,459 | 27,025 | 1,482 | 28,507 | 62,146 | (65 | ) | 62,081 | 56,171 | 4,625 | 60,796 | ||||||||||||||||||||||||||||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||||||||||||||||||||||||||||||||||||
Investment income | 28 | — | 28 | 2,209 | 1 | 2,210 | 199 | — | 199 | 4,413 | 3 | 4,416 | |||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated joint ventures | 1,268 | — | 1,268 | 615 | — | 615 | 9,529 | — | 9,529 | 1,050 | — | 1,050 | |||||||||||||||||||||||||||||||||||
Other income | 5 | — | 5 | 162 | 1 | 163 | 2,846 | — | 2,846 | 162 | 1 | 163 | |||||||||||||||||||||||||||||||||||
Interest expense | (16,086 | ) | — | (16,086 | ) | (16,701 | ) | (208 | ) | (16,909 | ) | (32,986 | ) | — | (32,986 | ) | (33,937 | ) | (424 | ) | (34,361 | ) | |||||||||||||||||||||||||
Amortization of deferred financing fees | (601 | ) | — | (601 | ) | (603 | ) | — | (603 | ) | (1,200 | ) | — | (1,200 | ) | (1,209 | ) | — | (1,209 | ) | |||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | — | — | — | 107 | — | 107 | 1,074 | — | 1,074 | 107 | (682 | ) | (575 | ) | |||||||||||||||||||||||||||||||||
Impairment loss | (13,892 | ) | — | (13,892 | ) | (2,662 | ) | (128 | ) | (2,790 | ) | (13,892 | ) | — | (13,892 | ) | (2,662 | ) | (128 | ) | (2,790 | ) | |||||||||||||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | (986 | ) | 167 | (819 | ) | 10,152 | 1,148 | 11,300 | 27,716 | (65 | ) | 27,651 | 24,095 | 3,395 | 27,490 | ||||||||||||||||||||||||||||||||
Income tax provision of taxable REIT subsidiaries | (79 | ) | — | (79 | ) | (7 | ) | (779 | ) | (786 | ) | (612 | ) | — | (612 | ) | (21 | ) | (860 | ) | (881 | ) | |||||||||||||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS | (1,065 | ) | 167 | (898 | ) | 10,145 | 369 | 10,514 | 27,104 | (65 | ) | 27,039 | 24,074 | 2,535 | 26,609 | ||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||||||||||||||||||||||||||||||||||||
Operations of income producing properties | 167 | (167 | ) | — | 1,276 | (1,276 | ) | — | (65 | ) | 65 | — | 3,523 | (3,523 | ) | — | |||||||||||||||||||||||||||||||
(Loss) gain on disposal of income producing properties | (144 | ) | 144 | — | 25,663 | (25,663 | ) | — | 3,152 | (3,152 | ) | — | 36,859 | (36,859 | ) | — | |||||||||||||||||||||||||||||||
Impairment loss | — | — | — | (128 | ) | 128 | — | — | — | — | (128 | ) | 128 | — | |||||||||||||||||||||||||||||||||
Income tax provision of taxable REIT subsidiaries | — | — | — | (779 | ) | 779 | — | — | — | — | (860 | ) | 860 | — | |||||||||||||||||||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 23 | (23 | ) | — | 26,032 | (26,032 | ) | — | 3,087 | (3,087 | ) | — | 39,394 | (39,394 | ) | — | |||||||||||||||||||||||||||||||
Gain (loss) on sale of operating properties | 1,141 | (144 | ) | 997 | — | 25,663 | 25,663 | 883 | 3,152 | 4,035 | — | 36,859 | 36,859 | ||||||||||||||||||||||||||||||||||
NET INCOME | 99 | — | 99 | 36,177 | — | 36,177 | 31,074 | — | 31,074 | 63,468 | — | 63,468 | |||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,511 | ) | 1 | (2,510 | ) | (2,511 | ) | (28 | ) | (2,539 | ) | (7,212 | ) | 3 | (7,209 | ) | (5,204 | ) | (33 | ) | (5,237 | ) | |||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests - discontinued operations | 1 | (1 | ) | — | (28 | ) | 28 | — | 3 | (3 | ) | — | (33 | ) | 33 | — | |||||||||||||||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | (2,411 | ) | $ | — | $ | (2,411 | ) | $ | 33,638 | $ | — | $ | 33,638 | $ | 23,865 | $ | — | $ | 23,865 | $ | 58,231 | $ | — | $ | 58,231 |
Three months ended | Percent Change | Six months ended | Percent Change | ||||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||
Total net operating income (1) | |||||||||||||||||||
Total rental revenue | $ | 87,044 | $ | 85,707 | 1.6% | $ | 179,198 | $ | 173,741 | 3.1% | |||||||||
Property operating expenses | 22,628 | 24,023 | (5.8%) | 44,602 | 48,046 | (7.2%) | |||||||||||||
Net operating income | $ | 64,416 | $ | 61,684 | 4.4% | $ | 134,596 | $ | 125,695 | 7.1% | |||||||||
NOI margin (NOI / Total rental revenue) | 74.0 | % | 72.0 | % | 75.1 | % | 72.3 | % | |||||||||||
Same-property cash NOI (2) (3) | |||||||||||||||||||
Minimum rent | $ | 50,826 | $ | 49,707 | $ | 101,222 | $ | 99,101 | |||||||||||
Expense recoveries | 16,987 | 16,616 | 33,914 | 32,869 | |||||||||||||||
Percentage rent | 745 | 549 | 2,612 | 2,281 | |||||||||||||||
Total rental revenue | $ | 68,558 | $ | 66,872 | 2.5% | $ | 137,748 | $ | 134,251 | 2.6% | |||||||||
Recoverable operating expenses (4) | $ | 20,432 | $ | 19,733 | $ | 40,834 | $ | 39,298 | |||||||||||
Non-recoverable operating expenses | 706 | 622 | 1,345 | 1,124 | |||||||||||||||
Bad debt expense | 201 | 505 | 306 | 878 | |||||||||||||||
Total property operating expenses | 21,339 | 20,860 | 2.3% | 42,485 | 41,300 | 2.9% | |||||||||||||
Same property cash net operating income | $ | 47,219 | $ | 46,012 | 2.6% | $ | 95,263 | $ | 92,951 | 2.5% | |||||||||
Growth in same-property NOI | 2.6 | % | 2.5 | % | |||||||||||||||
Same property physical occupancy (3) | 93.0 | % | 93.1 | % | 93.0 | % | 93.1 | % | |||||||||||
Same property leased occupancy (3) | 94.1 | % | 93.7 | % | 94.1 | % | 93.7 | % | |||||||||||
Number of properties included in analysis (3) | 108 | 108 |
Three months ended | Six months ended | |||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||
Net income | $ | 99 | $ | 36,177 | $ | 31,074 | $ | 63,468 | ||||||||
Depreciation and amortization | 27,666 | 23,982 | 53,933 | 47,221 | ||||||||||||
Interest expense | 16,086 | 16,909 | 32,986 | 34,361 | ||||||||||||
Amortization of deferred financing fees | 601 | 603 | 1,200 | 1,209 | ||||||||||||
(Gain) loss on extinguishment of debt | — | (107 | ) | (1,074 | ) | 575 | ||||||||||
Acquisition/disposition costs (1) | 215 | 960 | 1,655 | 1,264 | ||||||||||||
Reorganization adjustments (2) | (247 | ) | — | (247 | ) | — | ||||||||||
Impairment loss | 13,892 | 2,790 | 13,892 | 2,790 | ||||||||||||
Gain on sale of operating properties | (997 | ) | (25,663 | ) | (4,035 | ) | (36,859 | ) | ||||||||
Gain on sale of joint venture property (3) | — | — | (7,392 | ) | — | |||||||||||
Gain from fair value adjustment of equity interest in joint venture (4) | — | — | (2,807 | ) | — | |||||||||||
Income tax provision of taxable REIT subsidiaries | 79 | 786 | 612 | 881 | ||||||||||||
Adjusted Consolidated EBITDA | $ | 57,394 | $ | 56,437 | $ | 119,797 | $ | 114,910 | ||||||||
Interest expense | $ | 16,086 | $ | 16,909 | $ | 32,986 | $ | 34,361 | ||||||||
Adjusted Consolidated EBITDA to interest expense | 3.6 | 3.3 | 3.6 | 3.3 | ||||||||||||
Fixed charges | ||||||||||||||||
Interest expense | $ | 16,086 | $ | 16,909 | $ | 32,986 | $ | 34,361 | ||||||||
Scheduled principal amortization (5) | 1,937 | 1,968 | 3,972 | 3,974 | ||||||||||||
Total fixed charges | $ | 18,023 | $ | 18,877 | $ | 36,958 | $ | 38,335 | ||||||||
Adjusted Consolidated EBITDA to fixed charges | 3.2 | 3.0 | 3.2 | 3.0 | ||||||||||||
Net Debt to Adjusted Consolidated EBITDA (6) | 6.4 | 6.6 | 6.1 | 6.5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net (loss) income attributable to Equity One, Inc. | $ | (2,411 | ) | $ | 33,638 | $ | 23,865 | $ | 58,231 | ||||||
Adjustments: | |||||||||||||||
Rental property depreciation and amortization, net of noncontrolling interest (1) | 27,385 | 23,768 | 53,320 | 46,756 | |||||||||||
Pro rata share of real estate depreciation and amortization from unconsolidated joint ventures | 1,070 | 1,076 | 2,121 | 2,161 | |||||||||||
Gain on disposal of depreciable assets, net of tax (1) | (997 | ) | (24,430 | ) | (4,005 | ) | (35,626 | ) | |||||||
Pro rata share of gains 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) | 13,892 | 215 | 13,892 | 215 | |||||||||||
Funds From Operations | 38,939 | 34,267 | 81,186 | 71,737 | |||||||||||
Earnings allocated to noncontrolling interest (3) | 2,499 | 2,499 | 4,998 | 4,998 | |||||||||||
Funds From Operations Available to Diluted Common Shareholders | 41,438 | 36,766 | 86,184 | 76,735 | |||||||||||
Transaction costs associated with acquisition and disposition activity, net of tax (1) | 215 | 960 | 1,655 | 1,264 | |||||||||||
Impairment of land held for development | — | 2,520 | — | 2,520 | |||||||||||
Reorganization adjustments (4) | (247 | ) | — | (247 | ) | — | |||||||||
(Gain) loss on debt extinguishment, net of tax (1) | — | (107 | ) | (742 | ) | 575 | |||||||||
Gain on land and outparcel sales, net of controlling interests (1) | — | (461 | ) | (30 | ) | (461 | ) | ||||||||
Recurring Funds From Operations Available to Diluted Common Shareholders | $ | 41,406 | $ | 39,678 | $ | 86,820 | $ | 80,633 |
Three months ended | Six months ended | ||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||
(Loss) earnings per diluted share attributable to Equity One, Inc. | $ | (0.02 | ) | $ | 0.28 | $ | 0.20 | $ | 0.49 | ||||||
Adjustments: | |||||||||||||||
Rental property depreciation and amortization, net of noncontrolling interest | 0.21 | 0.18 | 0.41 | 0.36 | |||||||||||
Earnings allocated to noncontrolling interest (1) | 0.02 | 0.02 | 0.04 | 0.04 | |||||||||||
Net adjustment for rounding and earnings attributable to unvested shares (2) | — | (0.02 | ) | (0.02 | ) | (0.03 | ) | ||||||||
Pro rata share of real estate depreciation and amortization from unconsolidated joint ventures | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||
Gain on disposal of depreciable assets, net of tax | (0.01 | ) | (0.19 | ) | (0.03 | ) | (0.28 | ) | |||||||
Pro rata share of gains on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest | — | — | (0.06 | ) | — | ||||||||||
Impairments of depreciable real estate, net of tax | 0.11 | — | 0.11 | — | |||||||||||
Funds From Operations per Diluted Share | $ | 0.32 | $ | 0.28 | $ | 0.67 | $ | 0.60 | |||||||
Funds From Operations per Diluted Share | $ | 0.32 | $ | 0.28 | $ | 0.67 | $ | 0.60 | |||||||
Transaction costs associated with acquisition and disposition activity, net of tax | — | 0.01 | 0.01 | 0.01 | |||||||||||
Impairment of land held for development | — | 0.02 | — | 0.02 | |||||||||||
Gain on debt extinguishment, net of tax | — | — | (0.01 | ) | — | ||||||||||
Recurring Funds From Operations per Diluted Share | $ | 0.32 | $ | 0.31 | $ | 0.67 | $ | 0.63 | |||||||
Weighted average diluted shares (in thousands) (3) | 129,441 | 129,107 | 129,338 | 128,893 |
Three months ended | Six months ended | ||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||
Certain non-cash items: | |||||||||||||||
Amortization of deferred financing fees | $ | 601 | $ | 603 | $ | 1,200 | $ | 1,209 | |||||||
Accretion of below market lease intangibles, net | 3,674 | 3,074 | 11,881 | 6,140 | |||||||||||
Share-based compensation expense | 213 | 1,565 | 1,980 | 3,165 | |||||||||||
Straight line rent | 1,078 | 240 | 1,739 | 961 | |||||||||||
Capitalized interest | 1,471 | 815 | 2,172 | 1,646 | |||||||||||
Amortization of premium on notes payable, net | 642 | 737 | 1,262 | 1,331 | |||||||||||
Capital expenditures: | |||||||||||||||
Tenant improvements and allowances | $ | 5,508 | $ | 4,273 | $ | 8,200 | $ | 6,411 | |||||||
Leasing commissions and costs | 2,613 | 2,502 | 4,135 | 4,339 | |||||||||||
Developments | 9,825 | 5,367 | 17,863 | 5,901 | |||||||||||
Redevelopments and expansions | 5,963 | 4,590 | 12,025 | 6,570 | |||||||||||
Maintenance capital expenditures | 2,620 | 1,080 | 4,156 | 1,328 | |||||||||||
Total capital expenditures | $ | 26,529 | $ | 17,812 | $ | 46,379 | $ | 24,549 | |||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||
Other assets: | |||||||||||||||
Lease intangible assets, net | $ | 113,125 | $ | 117,200 | |||||||||||
Leasing commissions, net | 38,222 | 38,296 | |||||||||||||
Prepaid expenses and other receivables | 30,283 | 26,763 | |||||||||||||
Straight-line rent receivable, net | 22,648 | 21,490 | |||||||||||||
Deferred financing costs, net | 7,147 | 8,347 | |||||||||||||
Deposits and mortgage escrow | 8,652 | 7,763 | |||||||||||||
Furniture, fixtures and equipment, net | 4,030 | 4,406 | |||||||||||||
Fair value of interest rate swaps | 810 | 2,944 | |||||||||||||
Deferred tax asset | 2,397 | 2,390 | |||||||||||||
Total other assets | $ | 227,314 | $ | 229,599 | |||||||||||
Accounts payable and other liabilities: | |||||||||||||||
Lease intangible liabilities, net | $ | 166,196 | $ | 167,777 | |||||||||||
Prepaid rent | 8,406 | 9,450 | |||||||||||||
Fair value of interest rate swaps | 921 | — | |||||||||||||
Accounts payable and other | 59,330 | 53,311 | |||||||||||||
Total accounts payable and other liabilities | $ | 234,853 | $ | 230,538 | |||||||||||
Cash and Maximum Available Under Lines of Credit as of 6/30/14: | |||||||||||||||
Cash and cash equivalents - unrestricted | $ | 29,316 | |||||||||||||
Available under lines of credit (inclusive of amounts drawn) | 499,000 | ||||||||||||||
Total Available Funds | $ | 528,316 |
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 | 8 | B2/B+ | 510,956 | 3.2 | % | $ | 9,365,251 | 3.6 | % | $ | 18.33 | 2.4 | |||||||||||||
Publix | 28 | N/A | 1,174,043 | 7.5 | % | 9,110,881 | 3.5 | % | 7.76 | 5.9 | |||||||||||||||
L.A. Fitness | 8 | B2/N/A | 356,609 | 2.3 | % | 6,456,405 | 2.5 | % | 18.10 | 8.2 | |||||||||||||||
Food Emporium / Pathmark | 2 | Caa2/CCC | 88,018 | 0.6 | % | 5,528,860 | 2.1 | % | 62.82 | 12.7 | |||||||||||||||
TJ Maxx / Homegoods / Marshalls | 12 | A3/A+ | 342,331 | 2.2 | % | 5,515,417 | 2.1 | % | 16.11 | 5.3 | |||||||||||||||
Bed Bath & Beyond / Cost Plus | 11 | Baa1/A- | 334,993 | 2.1 | % | 4,779,269 | 1.9 | % | 14.27 | 3.3 | |||||||||||||||
Barney's | 1 | N/A | 56,870 | 0.4 | % | 4,500,000 | 1.7 | % | 79.13 | 23.1 | |||||||||||||||
Sports Authority | 4 | B3/N/A | 108,391 | 0.7 | % | 3,753,410 | 1.5 | % | 34.63 | 7.4 | |||||||||||||||
The Gap / Old Navy | 7 | Baa3/BBB- | 115,187 | 0.7 | % | 3,723,148 | 1.4 | % | 32.32 | 7.1 | |||||||||||||||
Office Depot / Office Max | 9 | B2/B- | 233,429 | 1.5 | % | 3,708,202 | 1.4 | % | 15.89 | 2.6 | |||||||||||||||
CVS Pharmacy | 12 | Baa1/BBB+ | 142,411 | 0.9 | % | 3,675,094 | 1.4 | % | 25.81 | 7.6 | |||||||||||||||
Costco | 1 | A1/A+ | 148,295 | 0.9 | % | 3,085,914 | 1.2 | % | 20.81 | 0.2 | |||||||||||||||
Staples | 7 | Baa2/BBB- | 144,726 | 0.9 | % | 2,668,739 | 1.0 | % | 18.44 | 2.9 | |||||||||||||||
Trader Joe's | 6 | N/A | 68,479 | 0.4 | % | 2,372,470 | 0.9 | % | 34.65 | 7.9 | |||||||||||||||
Safeway / Vons | 3 | Baa3/BBB | 139,837 | 0.9 | % | 2,359,465 | 0.9 | % | 16.87 | 5.6 | |||||||||||||||
Walmart | 3 | Aa2/AA | 220,446 | 1.4 | % | 2,261,260 | 0.9 | % | 10.26 | 5.6 | |||||||||||||||
Dick's Sporting Goods | 1 | N/A | 83,777 | 0.5 | % | 2,246,886 | 0.9 | % | 26.82 | 10.6 | |||||||||||||||
Winn Dixie | 7 | N/A | 306,826 | 1.9 | % | 2,198,864 | 0.9 | % | 7.17 | 2.3 | |||||||||||||||
The Container Store | 2 | B2/B | 49,661 | 0.3 | % | 2,174,212 | 0.8 | % | 43.78 | 8.2 | |||||||||||||||
Best Buy | 4 | Baa2/BB | 142,831 | 0.9 | % | 2,104,708 | 0.8 | % | 14.74 | 1.9 | |||||||||||||||
Nordstrom | 2 | Baa1/A- | 75,418 | 0.5 | % | 1,958,780 | 0.8 | % | 25.97 | 7.2 | |||||||||||||||
Goodwill Industries | 12 | N/A | 139,460 | 0.9 | % | 1,946,165 | 0.8 | % | 13.96 | 6.5 | |||||||||||||||
Target | 1 | A2/A | 160,346 | 1.0 | % | 1,924,152 | 0.7 | % | 12.00 | 4.1 | |||||||||||||||
Whole Foods | 2 | N/A/BBB- | 85,907 | 0.5 | % | 1,845,883 | 0.7 | % | 21.49 | 10.5 | |||||||||||||||
Kroger | 6 | Baa2/BBB | 270,258 | 1.7 | % | 1,838,807 | 0.7 | % | 6.80 | 4.1 | |||||||||||||||
Total top twenty-five tenants | 159 | 5,499,505 | 34.8 | % | $ | 91,102,242 | 35.1 | % | $ | 16.57 | 6.6 |
Category | Total Leases | Total Sq. Ft. | Same Space Leases | Same Space Sq. Ft. | Prior Rent PSF | New Rent PSF | Rent Spread (1) | Same Space TIs PSF (3) | |||||||||||||||||||
Three months ended June 30, 2014: | |||||||||||||||||||||||||||
New Leases (1) | 39 | 168,630 | 23 | 53,142 | $ | 18.14 | $ | 20.09 | 10.8 | % | $ | 21.75 | |||||||||||||||
Renewals & Options | 86 | 442,140 | 85 | 435,540 | $ | 13.67 | $ | 14.22 | 4.1 | % | $ | 0.70 | |||||||||||||||
Total New, Renewals & Options (2) | 125 | 610,770 | 108 | 488,682 | $ | 14.15 | $ | 14.86 | 5.0 | % | $ | 2.99 | |||||||||||||||
Six months ended June 30, 2014: (4) | |||||||||||||||||||||||||||
New Leases (1)(5) | 90 | 411,526 | 56 | 196,945 | $ | 17.19 | $ | 16.53 | (3.9 | )% | $ | 11.46 | |||||||||||||||
Renewals & Options | 158 | 876,083 | 157 | 869,483 | $ | 15.74 | $ | 16.42 | 4.3 | % | $ | 0.44 | |||||||||||||||
Total New, Renewals & Options (2)(5) | 248 | 1,287,609 | 213 | 1,066,428 | $ | 16.01 | $ | 16.44 | 2.7 | % | $ | 2.48 | |||||||||||||||
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 | 22,663 | 0.2 | % | $ | 7.74 | 91 | 176,854 | 3.7 | % | $ | 18.41 | 93 | 199,517 | 1.4 | % | $ | 17.20 | ||||||||||||||||||
2014 | 22 | 787,441 | 8.5 | % | 11.04 | 193 | 447,710 | 9.3 | % | 21.89 | 215 | 1,235,151 | 8.8 | % | 14.97 | |||||||||||||||||||||
2015 | 41 | 1,087,026 | 11.8 | % | 8.33 | 291 | 684,751 | 14.2 | % | 24.09 | 332 | 1,771,777 | 12.6 | % | 14.42 | |||||||||||||||||||||
2016 | 45 | 1,571,124 | 17.0 | % | 12.40 | 285 | 634,617 | 13.2 | % | 26.38 | 330 | 2,205,741 | 15.7 | % | 16.42 | |||||||||||||||||||||
2017 | 33 | 996,030 | 10.8 | % | 13.52 | 275 | 574,343 | 11.9 | % | 28.19 | 308 | 1,570,373 | 11.2 | % | 18.88 | |||||||||||||||||||||
2018 | 27 | 846,939 | 9.2 | % | 11.52 | 172 | 467,540 | 9.7 | % | 27.85 | 199 | 1,314,479 | 9.4 | % | 17.32 | |||||||||||||||||||||
2019 | 23 | 1,033,306 | 11.2 | % | 9.33 | 120 | 328,819 | 6.8 | % | 26.87 | 143 | 1,362,125 | 9.7 | % | 13.56 | |||||||||||||||||||||
2020 | 15 | 491,938 | 5.3 | % | 12.81 | 44 | 129,384 | 2.7 | % | 31.16 | 59 | 621,322 | 4.4 | % | 16.63 | |||||||||||||||||||||
2021 | 10 | 182,749 | 2.0 | % | 19.01 | 36 | 115,369 | 2.4 | % | 37.40 | 46 | 298,118 | 2.1 | % | 26.13 | |||||||||||||||||||||
2022 | 14 | 432,286 | 4.7 | % | 14.98 | 38 | 129,452 | 2.7 | % | 36.86 | 52 | 561,738 | 4.0 | % | 20.02 | |||||||||||||||||||||
2023 | 16 | 342,283 | 3.7 | % | 23.87 | 38 | 123,346 | 2.6 | % | 41.03 | 54 | 465,629 | 3.3 | % | 28.42 | |||||||||||||||||||||
Thereafter | 38 | 1,350,922 | 14.7 | % | 17.87 | 79 | 271,419 | 5.6 | % | 33.13 | 117 | 1,622,341 | 11.6 | % | 20.43 | |||||||||||||||||||||
Sub-total / Avg. | 286 | 9,144,707 | 99.1 | % | 12.99 | 1,662 | 4,083,604 | 84.8 | % | 27.31 | 1,948 | 13,228,311 | 94.2 | % | 17.41 | |||||||||||||||||||||
Vacant | 4 | 80,944 | 0.9 | % | N/A | 378 | 734,551 | 15.2 | % | N/A | 382 | 815,495 | 5.8 | % | N/A | |||||||||||||||||||||
Total / Avg. | 290 | 9,225,651 | 100.0 | % | N/A | 2,040 | 4,818,155 | 100.0 | % | N/A | 2,330 | 14,043,806 | 100.0 | % | N/A |
Metro or Region | # of Properties | Total SF | AMR | % of AMR | |||||||||
Miami Dade/Broward/Palm Beach | 32 | 4,215,200 | $ | 62,625,881 | 28.4 | % | |||||||
Naples/Port St. Lucie/Stuart | 4 | 281,142 | 3,555,900 | 1.6 | % | ||||||||
South Florida Region | 36 | 4,496,342 | 66,181,781 | 30.0 | % | ||||||||
Connecticut | 8 | 983,801 | 19,567,045 | 8.9 | % | ||||||||
New York | 5 | 576,910 | 18,982,818 | 8.6 | % | ||||||||
Massachusetts | 7 | 602,984 | 11,177,047 | 5.1 | % | ||||||||
Maryland | 1 | 214,030 | 3,831,009 | 1.7 | % | ||||||||
Northeast Region | 21 | 2,377,725 | 53,557,919 | 24.3 | % | ||||||||
California | 10 | 2,132,407 | 47,717,135 | 21.6 | % | ||||||||
West Coast Region | 10 | 2,132,407 | 47,717,135 | 21.6 | % | ||||||||
Georgia | 10 | 1,057,278 | 15,118,639 | 6.9 | % | ||||||||
Louisiana | 11 | 1,186,358 | 10,058,671 | 4.6 | % | ||||||||
North Carolina | 3 | 436,511 | 2,772,974 | 1.3 | % | ||||||||
Virginia | 1 | 126,841 | 769,225 | 0.3 | % | ||||||||
Southeast Region | 25 | 2,806,988 | 28,719,509 | 13.1 | % | ||||||||
Jacksonville/North Florida | 6 | 811,483 | 8,928,237 | 4.0 | % | ||||||||
Tampa/St. Petersburg/Venice/Cape Coral | 6 | 542,483 | 6,266,759 | 2.8 | % | ||||||||
North Palm Coast | 5 | 516,704 | 6,009,388 | 2.7 | % | ||||||||
Orlando/Central Florida | 4 | 359,674 | 3,202,966 | 1.5 | % | ||||||||
North Florida Region | 21 | 2,230,344 | 24,407,350 | 11.0 | % | ||||||||
Total | 113 | 14,043,806 | $ | 220,583,694 | 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 | Other anchor tenants | per leased SF | ||||||||||||||||||
SOUTH FLORIDA REGION (36) | |||||||||||||||||||||||||||||
Miami-Dade / Broward / Palm Beach (32) | |||||||||||||||||||||||||||||
Aventura Square | Aventura | 1991 | 143,250 | 100.0 | % | 10 | — | Babies R Us / Jewelry Exchange / Old Navy / Bed Bath & Beyond / DSW | $ | 27.65 | |||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,274 | 94.2 | % | 42 | 6 | 44,400 | Winn-Dixie | 12/30/2017 | CVS Pharmacy / Goodwill | $ | 20.30 | ||||||||||||||||
Bluffs Square | Jupiter | 1986 | 123,917 | 80.1 | % | 21 | 10 | 39,795 | Publix | 10/22/2016 | Walgreens | $ | 13.16 | ||||||||||||||||
Chapel Trail | Pembroke Pines | 2007 | 56,378 | 100.0 | % | 4 | — | LA Fitness | $ | 23.74 | |||||||||||||||||||
Coral Reef Shopping Center | Palmetto Bay | 1968 / 1990 | 74,680 | 86.7 | % | 13 | 4 | Office Depot / Walgreens | $ | 26.89 | |||||||||||||||||||
Countryside Shops | Cooper City | 1986 /1988 / 1991 | 179,561 | 84.1 | % | 35 | 13 | 39,795 | Publix | 12/4/2015 | Stein Mart | $ | 14.06 | ||||||||||||||||
Crossroads Square | Pembroke Pines | 1973 | 81,587 | 84.0 | % | 14 | 9 | CVS Pharmacy / Goodwill / Party City | $ | 19.09 | |||||||||||||||||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0 | % | 1 | — | Sakura Japanese Buffet | $ | 17.00 | |||||||||||||||||||
Greenwood | Palm Springs | 1982 / 1994 | 133,438 | 89.5 | % | 27 | 7 | 50,032 | Publix | 12/5/2014 | Beall’s Outlet | $ | 14.45 | ||||||||||||||||
Hammocks Town Center | Miami | 1987 / 1993 | 168,834 | 97.7 | % | 34 | 3 | 39,795 | Publix | 6/24/2017 | Metro Dade Library / CVS Pharmacy / Porky’s Gym | $ | 15.82 | ||||||||||||||||
Homestead (1) | Homestead | 2014 | 4,580 | 100.0 | % | 1 | — | $ | 21.83 | ||||||||||||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 100.0 | % | 12 | — | $ | 21.93 | ||||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 94.1 | % | 15 | 3 | 42,323 | Publix | 9/13/2015 | You Fit Health Club | $ | 13.86 | ||||||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 97.6 | % | 22 | 3 | 39,473 | Winn-Dixie | 2/15/2016 | Kmart / Rite Aid* (Family Dollar) | $ | 7.60 | ||||||||||||||||
Magnolia Shoppes | Fort Lauderdale | 1998 | 114,118 | 94.5 | % | 14 | 3 | Regal Cinemas / Deal$ | $ | 12.26 | |||||||||||||||||||
Shoppes of Oakbrook | Palm Beach Gardens | 1974 / 2000 / 2003 | 199,633 | 95.6 | % | 24 | 6 | 44,400 | Publix | 11/30/2020 | Stein Mart / Homegoods* (Tuesday Morning) / CVS Pharmacy / Bassett Furniture / Duffy's | $ | 15.16 | ||||||||||||||||
Pine Island | Davie | 1999 | 254,907 | 92.7 | % | 37 | 7 | 39,943 | Publix | 11/30/2018 | Burlington Coat Factory / Staples / You Fit Health Club | $ | 13.46 | ||||||||||||||||
Pine Ridge | Coral Springs | 1986 / 1998 / 2013 | 117,744 | 95.5 | % | 21 | 3 | 17,441 | The Fresh Market | 7/31/2019 | Ulta Salon / Bed, Bath & Beyond / Marshalls | $ | 15.90 | ||||||||||||||||
Point Royale | Miami | 1970 / 2000 | 181,381 | 97.0 | % | 23 | 4 | 45,350 | Winn-Dixie | 2/15/2015 | Best Buy / Pasteur Medical | $ | 12.74 | ||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 122,014 | 96.6 | % | 9 | 1 | Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx | $ | 18.30 |
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 | Other anchor tenants | per leased SF | ||||||||||||||||||
Ridge Plaza | Davie | 1984 / 1999 | 155,204 | 96.3 | % | 22 | 4 | Ridge Cinema / Kabooms / United Collection / Round Up / Goodwill | $ | 12.34 | |||||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 89.1 | % | 19 | 6 | 36,464 | Publix | 12/15/2019 | Walgreens / Dollar Tree | $ | 11.44 | ||||||||||||||||
Sheridan Plaza | Hollywood | 1973 / 1991 | 508,455 | 97.2 | % | 56 | 5 | 65,537 | Publix | 10/9/2016 | Kohl’s / Ross / Bed Bath & Beyond / Pet Supplies Plus / LA Fitness / Office Depot / Assoc. in Neurology | $ | 16.23 | ||||||||||||||||
Shoppes of Andros Isles (2) | West Palm Beach | 2000 | 79,420 | 84.1 | % | 10 | 8 | 51,420 | Publix | 2/29/2020 | $ | 11.67 | |||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995 / 1997 | 126,789 | 90.9 | % | 30 | 7 | 47,814 | Publix | 6/14/2015 | Goodwill | $ | 16.90 | ||||||||||||||||
Shops at Skylake | North Miami Beach | 1999 / 2005 / 2006 | 287,168 | 96.3 | % | 45 | 5 | 51,420 | Publix | 7/31/2019 | TJ Maxx / LA Fitness / Goodwill | $ | 19.76 | ||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 124,585 | 87.7 | % | 29 | 10 | 37,764 | Publix | 12/15/2019 | Dollar Tree / Pivot Education | $ | 11.99 | ||||||||||||||||
Waterstone | Homestead | 2005 | 61,000 | 100.0 | % | 9 | — | 45,600 | Publix | 7/31/2025 | $ | 15.02 | |||||||||||||||||
West Bird | Miami | 1977 / 2000 | 99,864 | 92.5 | % | 25 | 3 | 37,949 | Publix | 8/31/2020 | CVS Pharmacy | $ | 14.55 | ||||||||||||||||
West Lake Plaza | Miami | 1984 / 2000 | 100,747 | 93.9 | % | 25 | 2 | 46,216 | Winn-Dixie | 5/22/2016 | Navarro Pharmacy | $ | 14.52 | ||||||||||||||||
Westport Plaza | Davie | 2002 | 49,533 | 96.6 | % | 9 | 1 | 27,887 | Publix | 11/30/2022 | $ | 18.07 | |||||||||||||||||
Young Circle | Hollywood | 1962 / 1997 | 65,834 | 98.1 | % | 9 | 1 | 23,124 | Publix | 11/30/2016 | Walgreens | $ | 15.71 | ||||||||||||||||
Naples / Port St. Lucie / Stuart (4) | |||||||||||||||||||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 92.1 | % | 12 | 4 | 59,448 | Albertsons* | 4/30/2025 | $ | 7.69 | |||||||||||||||||
Pavilion | Naples | 1982 / 2001 / 2011 | 167,745 | 89.0 | % | 31 | 9 | Paragon Theaters / L.A. Fitness / Anthony's | $ | 17.53 | |||||||||||||||||||
Salerno Village | Stuart | 1987 | 4,800 | 100.0 | % | 1 | — | $ | 14.38 | ||||||||||||||||||||
Shops at St. Lucie | Port St. Lucie | 2006 | 19,363 | 58.7 | % | 6 | 4 | $ | 21.01 | ||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH FLORIDA REGION (36) | 4,496,342 | 93.4 | % | 717 | 151 | 973,390 | $ | 15.75 | |||||||||||||||||||||
NORTHEAST REGION (21) | |||||||||||||||||||||||||||||
CONNECTICUT (8) | |||||||||||||||||||||||||||||
Brookside Plaza | Enfield | 1985 / 2006 | 214,030 | 95.3 | % | 25 | 1 | 59,648 | Wakefern Food | 8/31/2015 | Bed Bath & Beyond / Walgreens / Staples /PetSmart | $ | 13.88 | ||||||||||||||||
Compo Acres | Westport | 1960 / 2011 | 42,779 | 100.0 | % | 16 | — | 11,731 | Trader Joe’s | 2/28/2022 | $ | 47.93 | |||||||||||||||||
Copps Hill | Ridgefield | 1979 / 2002 | 184,528 | 100.0 | % | 9 | — | 59,015 | Stop & Shop | 12/31/2024 | Kohl’s / Rite Aid | $ | 13.71 |
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 | Other anchor tenants | per leased SF | ||||||||||||||||||
Darinor Plaza | Norwalk | 1978 | 153,108 | 100.0 | % | 14 | — | Kohl's / Old Navy / Party City | $ | 17.74 | |||||||||||||||||||
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 | $ | 20.75 | ||||||||||||||||
Post Road Plaza | Darien | 1978 | 20,005 | 100.0 | % | 4 | — | 8,487 | Trader Joe's | 8/31/2017 | $ | 43.92 | |||||||||||||||||
Southbury Green | Southbury | 1979 / 2002 | 156,215 | 97.6 | % | 22 | 2 | 60,113 | ShopRite | 7/31/2022 | Staples | $ | 21.83 | ||||||||||||||||
The Village Center (1) | Westport | 1969-1973 / 2009-2010 | 89,041 | 93.2 | % | 24 | 3 | 22,052 | Fresh Market | 10/31/2024 | $ | 31.99 | |||||||||||||||||
TOTAL SHOPPING CENTERS CONNECTICUT (8) | 983,801 | 98.0 | % | 125 | 6 | 232,896 | $ | 20.30 | |||||||||||||||||||||
NEW YORK (5) | |||||||||||||||||||||||||||||
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 | — | 10,890 | Trader Joe's | 1/31/2023 | Staples / Michael’s | $ | 30.03 | ||||||||||||||||
1225-1239 Second Avenue | Manhattan | 1964 / 1987 | 18,474 | 96.8 | % | 5 | 1 | CVS Pharmacy | $ | 105.30 | |||||||||||||||||||
Clocktower Plaza | Queens | 1985 / 1995 | 78,820 | 100.0 | % | 8 | — | 62,668 | Pathmark | 11/30/2030 | $ | 45.04 | |||||||||||||||||
Westbury Plaza | Westbury | 1993 / 2004 | 394,451 | 100.0 | % | 12 | — | Costco / Marshalls / Sports Authority / Walmart / Olive Garden / Thomasville Furniture | $ | 22.93 | |||||||||||||||||||
TOTAL SHOPPING CENTERS NEW YORK (5) | 576,910 | 99.9 | % | 31 | 1 | 98,908 | $ | 32.94 | |||||||||||||||||||||
MASSACHUSETTS (7) | |||||||||||||||||||||||||||||
Cambridge Star Market | Cambridge | 1953 / 1997 | 66,108 | 100.0 | % | 1 | — | 66,108 | Star Market | 1/2/2016 | $ | 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 | 1/1/2016 | $ | 19.99 | |||||||||||||||||
Quincy Star Market | Quincy | 1965 / 1995 | 100,741 | 100.0 | % | 1 | — | 100,741 | Star Market | 1/2/2016 | $ | 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 | 98.4 | % | 14 | 1 | 56,766 | Shaw’s * | 2/28/2023 | K Mart | $ | 7.69 | ||||||||||||||||
West Roxbury Shaw’s Plaza | West Roxbury | 1973 / 1995 / 2006 | 76,421 | 97.7 | % | 11 | 2 | 54,928 | Shaw’s | 1/2/2016 | $ | 25.57 | |||||||||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (7) | 602,984 | 99.2 | % | 31 | 3 | 434,532 | $ | 18.69 |
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 | Other anchor tenants | per leased SF | ||||||||||||||||||
MARYLAND (1) | |||||||||||||||||||||||||||||
Westwood Complex (1) | Bethesda | 1958-1960 / 1990 / 2001 | 214,030 | 93.1 | % | 37 | 8 | 55,000 | Giant Foods | 11/30/2019 | Bowlmor Lanes / CITGO | $ | 19.23 | ||||||||||||||||
TOTAL SHOPPING CENTERS MARYLAND (1) | 214,030 | 93.1 | % | 37 | 8 | 55,000 | $ | 19.23 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS NORTHEAST REGION (21) | 2,377,725 | 98.3 | % | 224 | 18 | 821,336 | $ | 22.91 | |||||||||||||||||||||
WEST COAST REGION (10) | |||||||||||||||||||||||||||||
CALIFORNIA (10) | |||||||||||||||||||||||||||||
Circle Center West | Long Beach | 1989 | 64,403 | 97.8 | % | 15 | 2 | Marshalls | $ | 21.16 | |||||||||||||||||||
Culver Center | Culver City | 1950 / 2000 | 216,646 | 97.1 | % | 31 | 2 | 36,578 | Ralph’s | 10/31/2015 | LA Fitness / Sit N Sleep / Tuesday Morning / Best Buy | $ | 28.53 | ||||||||||||||||
Marketplace Shopping Center | Davis | 1990 | 111,156 | 100.0 | % | 23 | — | 35,018 | Safeway | 7/31/2019 | Petco / CVS Pharmacy | $ | 23.11 | ||||||||||||||||
Plaza Escuela | Walnut Creek | 2002 | 153,565 | 98.8 | % | 25 | 1 | Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority | $ | 43.42 | |||||||||||||||||||
Pleasanton Plaza (1) | Pleasanton | 1981 | 163,469 | 95.4 | % | 19 | 4 | JC Penney / Cost Plus / Design's School of Cosmetology / Office Max | $ | 12.53 | |||||||||||||||||||
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 | $ | 30.08 | ||||||||||||||||
Ralph's Circle Center | Long Beach | 1983 | 59,837 | 100.0 | % | 12 | — | 35,022 | Ralph’s | 11/30/2025 | $ | 17.46 | |||||||||||||||||
Serramonte | Daly City | 1968 | 883,585 | 98.3 | % | 96 | 8 | Macy's / JC Penney / Target / Daiso / H&M / Forever 21 / Uniqlo / Dick's Sporting Goods / Crunch Gym | $ | 19.25 | |||||||||||||||||||
Talega Village Center (1) | San Clemente | 2007 | 102,282 | 97.7 | % | 27 | 2 | 46,000 | Ralph's | 12/31/2027 | $ | 21.01 | |||||||||||||||||
Von’s Circle Center | Long Beach | 1972 | 150,822 | 98.9 | % | 23 | 1 | 45,253 | Von’s | 7/31/2022 | Rite Aid / Ross | $ | 17.35 | ||||||||||||||||
TOTAL SHOPPING CENTERS CALIFORNIA (10) | 2,132,407 | 98.3 | % | 297 | 21 | 257,437 | $ | 22.76 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS WEST COAST REGION (10) | 2,132,407 | 98.3 | % | 297 | 21 | 257,437 | $ | 22.76 |
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 | Other anchor tenants | per leased SF | ||||||||||||||||||
SOUTHEAST REGION (25) | |||||||||||||||||||||||||||||
GEORGIA (10) | |||||||||||||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 89.0 | % | 23 | 6 | 37,888 | Publix | 1/31/2020 | $ | 16.20 | |||||||||||||||||
Buckhead Station | Atlanta | 1996 | 233,739 | 98.3 | % | 13 | 2 | Bed Bath & Beyond / TJ Maxx / Old Navy / Toys R Us / DSW / Ulta 3 / Nordstrom Rack | $ | 21.45 | |||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 96.6 | % | 24 | 2 | 37,366 | Publix | 5/31/2024 | $ | 18.91 | |||||||||||||||||
Hairston Center | Decatur | 2000 | 13,000 | 84.6 | % | 6 | 2 | $ | 12.26 | ||||||||||||||||||||
Hampton Oaks | Fairburn | 2009 | 20,842 | 53.8 | % | 5 | 6 | $ | 10.97 | ||||||||||||||||||||
Market Place | Norcross | 1976 | 73,686 | 52.6 | % | 17 | 6 | $ | 16.41 | ||||||||||||||||||||
McAlpin Square | Savannah | 1979 | 173,952 | 95.1 | % | 22 | 3 | 43,600 | Kroger | 8/31/2015 | Big Lots / Habitat for Humanity / Savannah-Skidaway | $ | 8.31 | ||||||||||||||||
Piedmont Peachtree Crossing | Buckhead | 1978 / 1998 | 152,239 | 98.6 | % | 27 | 1 | 55,520 | Kroger | 2/28/2015 | Cost Plus Store / Binders Art Supplies | $ | 19.51 | ||||||||||||||||
Wesley Chapel | Decatur | 1989 | 164,153 | 83.9 | % | 18 | 11 | 32,000 | Little Giant | 6/30/2019 | Everest Institute* / Deal$ / Planet Fitness | $ | 8.41 | ||||||||||||||||
Williamsburg at Dunwoody | Dunwoody | 1983 | 44,928 | 88.9 | % | 23 | 4 | $ | 21.94 | ||||||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (10) | 1,057,278 | 90.0 | % | 178 | 43 | 206,374 | $ | 15.88 | |||||||||||||||||||||
LOUISIANA (11) | |||||||||||||||||||||||||||||
Ambassador Row | Lafayette | 1980 / 1991 | 194,678 | 82.6 | % | 23 | 3 | Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics | $ | 10.86 | |||||||||||||||||||
Ambassador Row Courtyard | Lafayette | 1986 / 1991 / 2005 | 149,454 | 91.1 | % | 20 | 3 | Bed Bath & Beyond / Marshalls / Hancock Fabrics / Unitech Training Academy / Tuesday Morning | $ | 10.33 | |||||||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 101,585 | 99.8 | % | 23 | 3 | 33,387 | Matherne’s | 11/30/2020 | Office Depot | $ | 12.40 | ||||||||||||||||
Boulevard | Lafayette | 1976 / 1994 | 68,012 | 96.3 | % | 13 | 1 | Piccadilly / Harbor Freight Tools / Golfballs.com | $ | 9.45 | |||||||||||||||||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 86.8 | % | 8 | 2 | 33,387 | Winn-Dixie | 1/31/2018 | $ | 6.88 | |||||||||||||||||
Crossing | Slidell | 1988 / 1993 | 113,989 | 92.8 | % | 10 | 5 | 58,432 | Save A Center | 9/28/2039 | A-1 Home Appliance / Piccadilly | $ | 5.00 | ||||||||||||||||
Elmwood Oaks | Harahan | 1989 | 130,284 | 100.0 | % | 10 | — | Academy Sports / Dollar Tree / Tuesday Morning | $ | 9.73 | |||||||||||||||||||
Plaza Acadienne | Eunice | 1980 | 59,419 | 100.0 | % | 7 | — | 28,092 | Super 1 Store | 6/30/2020 | Fred's Store | $ | 4.39 |
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 | Other anchor tenants | per leased SF | ||||||||||||||||||
Sherwood South | Baton Rouge | 1972 / 1988 / 1992 | 77,230 | 100.0 | % | 7 | — | Burke’s Outlet / Harbor Freight Tools / Ideal Market / Fred's Store | $ | 6.31 | |||||||||||||||||||
Siegen Village | Baton Rouge | 1988 | 170,416 | 100.0 | % | 20 | — | Office Depot / Big Lots / Dollar Tree / Planet Fitness / Party City | $ | 10.40 | |||||||||||||||||||
Tarpon Heights | Galliano | 1982 | 56,605 | 95.5 | % | 8 | 1 | Stage / Dollar General | $ | 6.02 | |||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (11) | 1,186,358 | 94.2 | % | 149 | 18 | 153,298 | $ | 9.00 | |||||||||||||||||||||
NORTH CAROLINA (3) | |||||||||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 159,259 | 99.2 | % | 22 | 2 | Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores | $ | 6.34 | |||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 128,498 | 93.1 | % | 12 | 4 | 53,538 | Kroger | 12/31/2014 | Upchurch Drugs / Riverview Galleries | $ | 8.60 | ||||||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 91.5 | % | 11 | 3 | 32,000 | Ingles | 9/30/2017 | Kmart | $ | 5.45 | ||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (3) | 436,511 | 94.8 | % | 45 | 9 | 85,538 | $ | 6.70 | |||||||||||||||||||||
VIRGINIA (1) | |||||||||||||||||||||||||||||
Smyth Valley Crossing (2) | Marion | 1989 | 126,841 | 99.2 | % | 13 | 1 | 32,000 | Ingles | 9/25/2015 | Walmart | $ | 6.12 | ||||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (1) | 126,841 | 99.2 | % | 13 | 1 | 32,000 | $ | 6.12 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTHEAST REGION (25) | 2,806,988 | 92.9 | % | 385 | 71 | 477,210 | $ | 11.01 | |||||||||||||||||||||
NORTH FLORIDA REGION (21) | |||||||||||||||||||||||||||||
Jacksonville / North Florida (6) | |||||||||||||||||||||||||||||
Beauclerc Village | Jacksonville | 1962 / 1988 | 68,846 | 93.1 | % | 7 | 4 | Big Lots / Goodwill / Beall’s Outlet | $ | 9.73 | |||||||||||||||||||
Forest Village (2) | Tallahassee | 2000 | 71,526 | 78.7 | % | 9 | 7 | 37,866 | Publix | 4/30/2020 | $ | 10.43 | |||||||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 77,185 | 96.8 | % | 6 | 2 | 45,500 | Winn-Dixie | 5/31/2020 | Citi Trends / Planet Fitness | $ | 7.20 | ||||||||||||||||
Mandarin Landing | Jacksonville | 1976 | 139,580 | 88.6 | % | 21 | 8 | 50,000 | Whole Foods | 12/31/2023 | Office Depot / Aveda Institute | $ | 16.81 | ||||||||||||||||
Pablo Plaza | Jacksonville | 1974 / 1998 / 2001 / 2008 | 146,473 | 82.2 | % | 17 | 11 | 34,400 | Publix* (Office Depot) | 11/30/2018 | Marshalls / HomeGoods | $ | 11.74 | ||||||||||||||||
South Beach | Jacksonville Beach | 1990 / 1991 | 307,873 | 90.4 | % | 31 | 13 | 12,517 | Trader Joe's | 10/31/2024 | Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples | $ | 13.25 |
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 | Other anchor tenants | per leased SF | ||||||||||||||||||
Tampa / St. Petersburg / Venice / Cape Coral (6) | |||||||||||||||||||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,626 | 69.9 | % | 12 | 13 | Seafood Buffet / Walmart | $ | 9.43 | |||||||||||||||||||
Glengary Shoppes | Sarasota | 1995 | 92,844 | 100.0 | % | 6 | — | Best Buy / Barnes & Noble | $ | 20.64 | |||||||||||||||||||
Mariners Crossing (2) | Spring Hill | 1989 / 1999 | 97,812 | 85.9 | % | 15 | 3 | 48,315 | Sweet Bay | 8/15/2020 | $ | 10.17 | |||||||||||||||||
Shoppes of North Port (2) | North Port | 1991 | 84,705 | 89.3 | % | 16 | 5 | You Fit Health Club / Goodwill | $ | 8.88 | |||||||||||||||||||
Sunlake | Tampa | 2008 | 97,546 | 89.0 | % | 20 | 6 | 45,600 | Publix | 12/31/2028 | $ | 19.36 | |||||||||||||||||
Walden Woods | Plant City | 1985 /1998 / 2003 | 72,950 | 87.3 | % | 10 | 5 | Dollar Tree / Aaron Rents / Dollar General | $ | 7.96 | |||||||||||||||||||
North Palm Coast (5) | |||||||||||||||||||||||||||||
New Smyrna Beach (2) | New Smyrna Beach | 1987 | 118,451 | 90.2 | % | 31 | 3 | 42,112 | Publix | 9/23/2017 | $ | 12.62 | |||||||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 94.6 | % | 13 | 3 | Staples / Beall's Outlet / Planet Fitness | $ | 9.76 | |||||||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 83.9 | % | 21 | 11 | 39,795 | Publix | 3/23/2017 | Beall’s Outlet / Books-A-Million | $ | 11.26 | ||||||||||||||||
South Point Center | Vero Beach | 2003 | 64,790 | 94.1 | % | 12 | 3 | 44,840 | Publix | 11/30/2023 | $ | 15.94 | |||||||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,779 | 100.0 | % | 24 | — | 59,450 | Publix | 7/31/2026 | TJ Maxx | $ | 13.61 | ||||||||||||||||
Orlando / Central Florida (4) | |||||||||||||||||||||||||||||
Alafaya Village | Orlando | 1986 | 38,118 | 66.0 | % | 11 | 5 | $ | 21.13 | ||||||||||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 128,848 | 92.6 | % | 16 | 7 | Innovation Charter School / Dollar General / Roses | $ | 7.31 | |||||||||||||||||||
Town & Country | Kissimmee | 1993 | 75,181 | 94.1 | % | 11 | 3 | 52,883 | Albertsons* (Ross Dress For Less) | 10/31/2018 | $ | 8.15 | |||||||||||||||||
Unigold Shopping Center | Winter Park | 1987 | 117,527 | 87.4 | % | 16 | 9 | 52,500 | Winn-Dixie | 4/30/2017 | You Fit Health Club | $ | 11.90 | ||||||||||||||||
TOTAL SHOPPING CENTERS NORTH FLORIDA REGION (21) | 2,230,344 | 89.0 | % | 325 | 121 | 565,778 | $ | 12.30 | |||||||||||||||||||||
TOTAL CONSOLIDATED SHOPPING CENTER PORTFOLIO (113) | 14,043,806 | 94.2 | % | 1,948 | 382 | 3,095,151 | $ | 16.68 |
Year | Total | Number | Supermarket anchor | ||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of tenants | Owned | Expiration | ||||||||||||||||||||||
Property | City, State | Renovated | Owned | Leased | Leased | Vacant | sq. ft. | Name | Date | Other anchor tenants | |||||||||||||||||
NON-RETAIL PROPERTIES (6) (1) | |||||||||||||||||||||||||||
200 Potrero | San Francisco, CA | 1928 | 30,500 | 55.1 | % | 1 | 1 | Golden Bear Sportswear | |||||||||||||||||||
4101 South I-85 Industrial | Charlotte, NC | 1956 / 1963 | 188,513 | 100.0 | % | 1 | — | Park ’N Go | |||||||||||||||||||
Banco Popular Office Building | Miami, FL | 1971 | 32,737 | 73.6 | % | 13 | 6 | ||||||||||||||||||||
Prosperity Office Building | Palm Beach Gardens, FL | 1972 | 3,200 | 50.0 | % | 1 | 1 | ||||||||||||||||||||
Westwood - Manor Care | Bethesda, MD | 1976 | 41,123 | 100.0 | % | 1 | — | Manor Care | |||||||||||||||||||
Westwood Towers | Bethesda, MD | 1968 / 1997 | 211,020 | 100.0 | % | 2 | — | Housing Opportunities | |||||||||||||||||||
TOTAL NON-RETAIL PROPERTIES (6) (1) | 507,093 | 95.3 | % | 19 | 8 | — | |||||||||||||||||||||
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (119) | 14,550,899 | 94.2 | % | 1,967 | 390 | 3,095,151 | |||||||||||||||||||||
DEVELOPMENTS, REDEVELOPMENTS & LAND (16) (1) | |||||||||||||||||||||||||||
Developments | See Schedule on Page 28. | ||||||||||||||||||||||||||
Redevelopments | See Schedule on Page 28. | ||||||||||||||||||||||||||
Land Held for Development (3) | |||||||||||||||||||||||||||
TOTAL CONSOLIDATED - 135 Properties |
2014 Acquisition Activity | |||||||||||||||||
Date Purchased | Property Name | City | State | Square Feet / Acres | Purchase Price | Mortgage Assumed | |||||||||||
January 31, 2014 | Williamsburg at Dunwoody - Outparcel | Dunwoody | GA | 0.14 | (1) | $ | 350 | $ | — | ||||||||
January 23, 2014 | Talega Village Center | San Clemente | CA | 102,282 | 23,000 | 11,353 | |||||||||||
January 16, 2014 | Westwood Shopping Center | Bethesda | MD | 101,584 | 65,012 | — | |||||||||||
January 16, 2014 | Westwood Center II | Bethesda | MD | 53,293 | 15,000 | — | |||||||||||
Total Purchased | $ | 103,362 | $ | 11,353 |
2014 Disposition Activity | ||||||||||||||||||
Date Sold | Property Name | City | State | Square Feet / Acres | Gross Sales Price | Gain (Loss) on Sale | ||||||||||||
Income producing properties sold | ||||||||||||||||||
June 30, 2014 | Riverside Square | Coral Springs | FL | 103,241 | $ | 12,380 | $ | 8 | ||||||||||
June 30, 2014 | Oaktree Plaza | North Palm Beach | FL | 23,745 | 4,000 | 109 | ||||||||||||
June 17, 2014 | Sunpoint Shopping Center | Ruskin | FL | 132,374 | 7,250 | 9 | ||||||||||||
April 7, 2014 | Salerno Village Square | Stuart | FL | 77,677 | 8,646 | 1,064 | ||||||||||||
March 27, 2014 | Daniel Village | Augusta | GA | 172,438 | 10,125 | (281 | ) | |||||||||||
February 27, 2014 | Brawley Commons (1) | Charlotte | NC | 119,189 | 5,450 | — | (1) | |||||||||||
January 15, 2014 | Stanley Marketplace | Stanley | NC | 53,228 | 3,875 | (8 | ) | |||||||||||
January 10, 2014 | Oak Hill Village | Jacksonville | FL | 78,492 | 6,850 | 3,100 | ||||||||||||
Other | — | 34 | (2) | |||||||||||||||
$ | 58,576 | $ | 4,035 |
Project | Location | Project GLA (1) | Total GLA (2) | Anchors | Target Stabilization Date (3) | Estimated Gross Cost (4) | Estimated Net Cost (5) | Incurred as of 6/30/14 | Balance to Complete (Gross Cost) | |||||||||||||||||||
Active Developments | ||||||||||||||||||||||||||||
Broadway Plaza | Bronx, NY | 148,293 | 148,293 | TJ Maxx / Sports Authority / Aldi's / Party City | 2015 | $ | 66,522 | $ | 66,522 | $ | 43,913 | $ | 22,609 | |||||||||||||||
Subtotal | 148,293 | 148,293 | 66,522 | 66,522 | 43,913 | 22,609 | ||||||||||||||||||||||
Active Redevelopments | ||||||||||||||||||||||||||||
101 7th Avenue | Manhattan, NY | 56,870 | 56,870 | Barneys New York | 1Q16 | 12,453 | 12,453 | 1,477 | 10,976 | |||||||||||||||||||
Alafaya Commons | Orlando, FL | 66,955 | 132,098 | Academy Sports | 1Q15 | 7,502 | 7,502 | 247 | 7,255 | |||||||||||||||||||
Boca Village Square | Boca Raton, FL | 42,012 | 92,394 | CVS Pharmacy | 3Q14 | 11,161 | 10,911 | 9,066 | 2,095 | |||||||||||||||||||
Boynton Plaza | Boynton Beach, FL | 53,785 | 107,479 | Publix | 1Q15 | 8,109 | 7,608 | 1,065 | 7,044 | |||||||||||||||||||
Kirkman Shoppes | Orlando, FL | 57,422 | 116,047 | L.A. Fitness / Walgreens | 3Q15 | 13,094 | 13,094 | 4,988 | 8,106 | |||||||||||||||||||
Lake Mary Centre (10) | Lake Mary, FL | 49,515 | 336,481 | Ross / Fresh Market | 2Q14 | 4,893 | 4,893 | 3,976 | 917 | |||||||||||||||||||
Summerlin Square (6) | Ft. Myers, FL | 15,000 | 195,000 | Large National Retailer | 3Q14 | 2,227 | 2,127 | 1,250 | 977 | |||||||||||||||||||
Willows Shopping Center | Concord, CA | 48,621 | 252,127 | Ulta / Lazy Dog / Old Navy / UFC Gym | 3Q15 | 13,460 | 13,460 | 4,016 | 9,444 | |||||||||||||||||||
Subtotal | 390,180 | 1,288,496 | 72,899 | 72,048 | 26,085 | 46,814 | ||||||||||||||||||||||
Total Active Developments and Redevelopments | 538,473 | 1,436,789 | 139,421 | 138,570 | 69,998 | 69,423 | ||||||||||||||||||||||
Developments and Redevelopments Pending Twelve Month Stabilization | ||||||||||||||||||||||||||||
Serramonte Shopping Center (7) | Daly City, CA | 83,777 | 883,585 | Dick's Sporting Goods | 2Q14 | 19,270 | 17,987 | 19,339 | — | |||||||||||||||||||
The Gallery at Westbury | Westbury, NY | 311,705 | 311,705 | Container Store / Nordstrom Rack / Trader Joe's / Saks Off Fifth / Banana Republic Outlet/ Bloomingdales Outlet / Sports Authority Elite / Old Navy / Ulta / Home Goods | 4Q13 | 149,600 | 128,600 | (8) | 143,667 | 5,933 | ||||||||||||||||||
Atlantic Village | Atlantic Beach, FL | 39,795 | 100,559 | L.A. Fitness | 2Q13 | 4,609 | 4,609 | 4,629 | — | |||||||||||||||||||
Subtotal | 435,277 | 1,295,849 | 173,479 | 151,196 | 167,635 | 5,933 | ||||||||||||||||||||||
Total Development and Redevelopment Activity | 973,750 | 2,732,638 | $ | 312,900 | $ | 289,766 | $ | 237,633 | (9) | $ | 75,356 |
June 30, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||
Fixed rate debt | $ | 1,139,690 | $ | 1,161,291 | $ | 1,173,110 | ||||||
Variable rate debt - swapped to fixed rate | 250,000 | 250,000 | 250,000 | |||||||||
Variable rate debt - unhedged | 133,000 | 91,000 | 172,000 | |||||||||
Total debt | $ | 1,522,690 | $ | 1,502,291 | $ | 1,595,110 | ||||||
% Fixed rate debt | 74.9 | % | 77.3 | % | 73.5 | % | ||||||
% Variable rate debt - swapped to fixed rate | 16.4 | % | 16.6 | % | 15.7 | % | ||||||
% Variable rate debt - unhedged | 8.7 | % | 6.1 | % | 10.8 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Secured mortgage debt | $ | 408,554 | $ | 430,155 | $ | 441,974 | ||||||
Unsecured debt | 1,114,136 | 1,072,136 | 1,153,136 | |||||||||
Total debt | $ | 1,522,690 | $ | 1,502,291 | $ | 1,595,110 | ||||||
% Secured mortgage debt | 26.8 | % | 28.6 | % | 27.7 | % | ||||||
% Unsecured debt | 73.2 | % | 71.4 | % | 72.3 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Total market capitalization (from page 7) | $ | 4,588,195 | $ | 4,428,129 | $ | 4,305,536 | ||||||
% Secured mortgage debt | 8.9 | % | 9.7 | % | 10.3 | % | ||||||
% Unsecured debt | 24.3 | % | 24.2 | % | 26.8 | % | ||||||
Total debt : Total market capitalization | 33.2 | % | 33.9 | % | 37.1 | % | ||||||
Weighted average interest rate on secured mortgage debt (1) | 5.95 | % | 5.99 | % | 6.09 | % | ||||||
Weighted average interest rate on unsecured senior notes (1) | 5.02 | % | 5.02 | % | 5.02 | % | ||||||
Interest rate on term loan | 3.17 | % | 3.17 | % | 3.37 | % | ||||||
Weighted average interest rate on total debt (1) (2) | 4.96 | % | 4.99 | % | 5.06 | % | ||||||
Weighted average interest rate on revolving credit facilities (1) | 1.32 | % | 1.30 | % | 1.77 | % | ||||||
Weighted average maturity on secured mortgage debt | 4.1 years | 4.3 years | 5.2 years | |||||||||
Weighted average maturity on unsecured senior notes | 4.8 years | 5.3 years | 6.3 years | |||||||||
Maturity on term loan | 4.6 years | 5.1 years | 6.1 years | |||||||||
Weighted average maturity on total debt (2) | 4.6 years | 5.0 years | 5.9 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 September 30, 2015. |
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 | |||||||||||||||||||||||||||||
2014 | $ | 3,987 | $ | — | $ | — | $ | — | $ | — | $ | 1,227 | $ | 5,214 | — | % | 0.3 | % | ||||||||||||||||
2015 | 7,956 | 58,302 | 133,000 | 107,505 | — | 1,557 | 308,320 | 5.3 | % | (1) | 20.1 | % | ||||||||||||||||||||||
2016 | 7,588 | 120,824 | — | 105,230 | — | 915 | 234,557 | 6.0 | % | 15.4 | % | |||||||||||||||||||||||
2017 | 6,884 | 64,000 | — | 218,401 | — | 640 | 289,925 | 6.0 | % | 19.0 | % | |||||||||||||||||||||||
2018 | 7,110 | 54,754 | — | — | — | 269 | 62,133 | 6.3 | % | 4.1 | % | |||||||||||||||||||||||
2019 | 5,914 | 18,330 | — | — | 250,000 | 122 | 274,366 | 3.4 | % | 18.0 | % | |||||||||||||||||||||||
2020 | 5,875 | — | — | — | — | (19 | ) | 5,856 | — | % | 0.4 | % | ||||||||||||||||||||||
2021 | 5,835 | 12,561 | — | — | — | (62 | ) | 18,334 | 5.9 | % | 1.2 | % | ||||||||||||||||||||||
2022 | 5,610 | — | — | 300,000 | — | (78 | ) | 305,532 | 3.8 | % | 20.0 | % | ||||||||||||||||||||||
Thereafter | 19,011 | 4,013 | — | — | — | 36 | 23,060 | 7.9 | % | 1.5 | % | |||||||||||||||||||||||
Total | $ | 75,770 | $ | 332,784 | $ | 133,000 | $ | 731,136 | $ | 250,000 | $ | 4,607 | $ | 1,527,297 | 4.9 | % | (1) | 100.0 | % |
Debt Instrument | Maturity Date | Rate | June 30, 2014 | December 31, 2013 | Percent of Overall Debt Maturing | |||||||||||
Mortgage Debt | ||||||||||||||||
Brawley Commons (1) | 07/01/2013 | 6.250 | % | — | 6,485 | — | % | |||||||||
South Point | 07/10/2014 | 5.720 | % | — | 6,666 | — | % | |||||||||
Marketplace Shopping Center | 02/19/2015 | 6.250 | % | — | 15,934 | — | % | |||||||||
Southbury Green | 01/05/2015 | 5.200 | % | 21,000 | 21,000 | 1.4 | % | |||||||||
Darinor Plaza | 04/01/2015 | 5.370 | % | 18,146 | 18,322 | 1.2 | % | |||||||||
Pleasanton Plaza | 06/01/2015 | 5.316 | % | 19,801 | 19,968 | 1.3 | % | |||||||||
Danbury Green | 01/05/2016 | 5.850 | % | 24,700 | 24,700 | 1.6 | % | |||||||||
1225-1239 Second Avenue | 06/01/2016 | 6.325 | % | 16,351 | 16,457 | 1.1 | % | |||||||||
Glengary Shoppes | 06/11/2016 | 5.750 | % | 15,665 | 15,808 | 1.0 | % | |||||||||
Magnolia Shoppes | 07/11/2016 | 6.160 | % | 13,426 | 13,558 | 0.9 | % | |||||||||
Willows Shopping Center | 10/11/2016 | 5.900 | % | 54,174 | 54,544 | 3.5 | % | |||||||||
Culver Center | 05/06/2017 | 5.580 | % | 64,000 | 64,000 | 4.2 | % | |||||||||
Sheridan Plaza | 10/10/2018 | 6.250 | % | 59,983 | 60,500 | 3.9 | % | |||||||||
1175 Third Avenue | 05/01/2019 | 7.000 | % | 6,641 | 6,765 | 0.4 | % | |||||||||
The Village Center | 06/01/2019 | 6.250 | % | 15,428 | 15,618 | 1.0 | % | |||||||||
BridgeMill | 05/05/2021 | 7.940 | % | 7,026 | 7,200 | 0.5 | % | |||||||||
Talega Village Center (3) | 10/01/2021 | 5.010 | % | 11,218 | — | 0.7 | % | |||||||||
Westport Plaza | 08/01/2023 | 7.490 | % | 3,630 | 3,720 | 0.3 | % | |||||||||
Aventura Square / Oakbrook Square / Treasure Coast Plaza | 02/28/2024 | 6.500 | % | 23,476 | 24,326 | 1.5 | % | |||||||||
Webster Plaza | 08/15/2024 | 8.070 | % | 6,717 | 6,819 | 0.5 | % | |||||||||
Vons Circle Center | 10/10/2028 | 5.200 | % | 10,108 | 10,342 | 0.7 | % | |||||||||
Copps Hill Plaza | 01/01/2029 | 6.060 | % | 17,064 | 17,423 | 1.1 | % | |||||||||
Total mortgage debt (19 loans outstanding) | 4.14 years | 5.95 | % | (2) | $ | 408,554 | $ | 430,155 | 26.8 | % | ||||||
Unamortized/unaccreted premium/(discount) | 6,145 | 7,816 | 0.4 | % | ||||||||||||
Total mortgage debt (including unamortized/unaccreted premium/(discount)) | $ | 414,699 | $ | 437,971 | 27.2 | % |
Debt Instrument | Maturity Date | Rate | June 30, 2014 | December 31, 2013 | Percent of Overall Debt Maturing | |||||||||||
Unsecured senior notes payable | ||||||||||||||||
5.375% senior notes | 10/15/2015 | 5.375 | % | 107,505 | 107,505 | 7.0 | % | |||||||||
6.00% senior notes | 09/15/2016 | 6.000 | % | 105,230 | 105,230 | 6.9 | % | |||||||||
6.25% senior notes | 01/15/2017 | 6.250 | % | 101,403 | 101,403 | 6.6 | % | |||||||||
6.00% senior notes | 09/15/2017 | 6.000 | % | 116,998 | 116,998 | 7.7 | % | |||||||||
3.75% senior notes | 11/15/2022 | 3.750 | % | 300,000 | 300,000 | 19.6 | % | |||||||||
Total unsecured senior notes payable | 4.81 years | 5.02 | % | (2) | $ | 731,136 | $ | 731,136 | 47.8 | % | ||||||
Unamortized/unaccreted premium/(discount) | (1,538 | ) | (1,698 | ) | (0.1 | %) | ||||||||||
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount)) | $ | 729,598 | $ | 729,438 | 47.7 | % | ||||||||||
Term Loan | ||||||||||||||||
$250MM - Term Loan (4) | 02/13/2019 | 3.168 | % | (5) | 250,000 | 250,000 | 16.4 | % | ||||||||
Total term loans | 4.62 years | 3.17 | % | (2) | $ | 250,000 | $ | 250,000 | 16.4 | % | ||||||
Revolving credit facilities | ||||||||||||||||
$575MM Line of Credit Unsecured | 09/30/2015 | 1.323 | % | $ | 133,000 | $ | 91,000 | 8.7 | % | |||||||
$5MM Line of Credit Unsecured | 11/07/2014 | N/A | — | — | — | % | ||||||||||
Total revolving credit facilities | 1.32 | % | (2) | $ | 133,000 | $ | 91,000 | 8.7 | % | |||||||
Total debt | 4.58 years (6) | 4.96 | % | (2) (6) | $ | 1,522,690 | $ | 1,502,291 | 99.7 | % | ||||||
Unamortized/unaccreted premium/(discount) | 4,607 | 6,118 | 0.3 | % | ||||||||||||
Total debt (including unamortized/unaccreted premium/(discount)) | $ | 1,527,297 | $ | 1,508,409 | 100.0 | % | ||||||||||
Senior Unsecured Debt Ratings | ||||||||||||||||
Moody’s | Baa2 (Stable) | Baa2 (Stable) | ||||||||||||||
S&P | BBB-(Positive) | BBB-(Positive) |
BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES | As of June 30, 2014 | |||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Assets | Total Debt | Total Equity | |||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 54,100 | $ | 34,549 | $ | 18,465 | ||||||||
GRI | 10.0% | Retail | $ | 251,247 | $ | 84,000 | $ | 159,341 | ||||||||
New York Common Retirement Fund | 30.0% | Retail | $ | 304,869 | $ | 131,429 | $ | 147,703 | ||||||||
Rider Limited Partnership | 50.0% | Office | $ | 40,586 | $ | — | $ | 39,352 |
STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES | For the three months ended June 30, 2014 | |||||||||||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Revenues | Property Operating Expenses | Depreciation/ Amortization | Interest Expense (1) | Net (Loss)/ Income | |||||||||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 1,424 | $ | 755 | $ | 377 | $ | 570 | $ | (295 | ) | |||||||||||
GRI | 10.0% | Retail | $ | 5,820 | $ | 1,679 | $ | 1,366 | $ | 440 | $ | 2,426 | ||||||||||||
New York Common Retirement Fund | 30.0% | Retail | $ | 8,586 | $ | 1,934 | $ | 2,461 | $ | 1,434 | $ | 2,695 | ||||||||||||
Rider Limited Partnership | 50.0% | Office | $ | 1,282 | $ | 378 | $ | 332 | $ | — | $ | 568 | ||||||||||||
For the six months ended June 30, 2014 | ||||||||||||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Revenues | Property Operating Expenses | Depreciation/ Amortization | Interest Expense (1) | Net (Loss)/ Income | |||||||||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 3,000 | $ | 1,405 | $ | 810 | $ | 1,132 | $ | (379 | ) | |||||||||||
GRI | 10.0% | Retail | $ | 11,876 | $ | 3,303 | $ | 2,693 | $ | 886 | $ | 4,994 | ||||||||||||
New York Common Retirement Fund | 30.0% | Retail | $ | 15,655 | $ | 4,407 | $ | 4,627 | $ | 2,873 | $ | 3,640 | ||||||||||||
Rider Limited Partnership | 50.0% | Office | $ | 2,662 | $ | 709 | $ | 657 | $ | — | $ | 1,290 |
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 | 98.0 | % | 35 | 3 | 30,000 | Publix | 10/31/2024 | Burlington Coat Factory / Office Depot | $ | 16.30 | ||||||||||||||||||
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 / You Fit Health Club | $ | 11.92 | ||||||||||||||||||
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 | $ | 12.54 | ||||||||||||||||||
Shoppes of Ibis | GRI | 10.0% | Retail | West Palm Beach, FL | 1999 | 79,420 | 92.9 | % | 15 | 4 | 51,420 | Publix | 05/31/2019 | $ | 12.89 | |||||||||||||||||||
Shoppes at Quail Roost | GRI | 10.0% | Retail | Miami, FL | 2005 | 73,550 | 93.9 | % | 12 | 2 | 44,840 | Publix | 06/30/2025 | $ | 14.12 | |||||||||||||||||||
Shoppes of Sunset | GRI | 10.0% | Retail | Miami, FL | 1979 / 2009 | 21,784 | 84.6 | % | 11 | 3 | $ | 23.42 | ||||||||||||||||||||||
Shoppes of Sunset II | GRI | 10.0% | Retail | Miami, FL | 1980 / 2009 | 27,676 | 68.4 | % | 13 | 4 | $ | 19.02 | ||||||||||||||||||||||
Sparkleberry Square | GRI | 10.0% | Retail | Columbia, SC | 1997 / 2004 | 154,217 | 96.1 | % | 9 | 1 | PetSmart / Bed Bath & Beyond / Pier 1 Imports / Ross Dress for Less / Best Buy | $ | 12.29 | |||||||||||||||||||||
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 | 94.5 | % | 10 | 4 | 67,943 | Kroger | 08/31/2017 | $ | 13.22 | |||||||||||||||||||
1900/2000 Offices | DRA | 20.0% | Office | Boca Raton, FL | 1979 / 1982 / 1986 / 2007 | 116,635 | 48.1 | % | 19 | 13 | RN Network | $ | 16.89 | |||||||||||||||||||||
Penn Dutch Plaza | DRA | 20.0% | Retail | Margate, FL | 1989 | 155,622 | 89.4 | % | 16 | 6 | 70,358 | Penn Dutch Food Center | 12/31/2018 | You Fit Health Club / Florida Career College | $ | 10.03 | ||||||||||||||||||
Plantation Marketplace | DRA | 20.0% | Retail | Plantation, FL | 1963 / 1998 | 223,799 | 94.0 | % | 32 | 8 | 43,386 | Winn-Dixie | 11/05/2014 | Beall’s / Fitness 1440 / Big Lots / CVS / Disability Law Claims | $ | 12.42 | ||||||||||||||||||
Rider Limited Partnership | CSC | 50.0% | Medical Office | San Francisco, CA | 1968 | 146,046 | 98.6 | % | 50 | 2 | $ | 30.95 | ||||||||||||||||||||||
Country Walk Plaza | NYCRF | 30.0% | Retail | Miami, FL | 1985 / 2006 / 2008 | 100,686 | 84.0 | % | 22 | 7 | 39,795 | Publix | 10/23/2015 | CVS Pharmacy | $ | 17.84 | ||||||||||||||||||
Veranda Shoppes | NYCRF | 30.0% | Retail | Plantation, FL | 2007 | 44,888 | 100.0 | % | 9 | — | 28,800 | Publix | 04/30/2027 | $ | 26.46 | |||||||||||||||||||
Northborough Crossing | NYCRF | 30.0% | Retail | Northborough, MA | 2011 | 645,785 | 100.0 | % | 27 | — | 139,449 | Wegmans | 10/31/2036 | TJ Maxx / Kohl's / Eastern Mountain Sports / BJ's / Golf Town USA / PetSmart / Michaels / Toys "R" Us / Babies "R" Us / Dick's Sporting Goods | $ | 14.23 | ||||||||||||||||||
Riverfront Plaza | NYCRF | 30.0% | Retail | Hackensack, NJ | 1997 | 128,968 | 97.3 | % | 23 | 1 | 70,400 | ShopRite | 10/31/2027 | $ | 24.92 | |||||||||||||||||||
The Grove at Isleworth | NYCRF | 30.0% | Retail | Windermere, FL | 2004 | 117,583 | 100.0 | % | 13 | — | 51,673 | Publix | 01/31/2029 | LA Fitness | $ | 16.18 | ||||||||||||||||||
Old Connecticut Path | NYCRF | 30.0% | Retail | Framingham, MA | 1994 | 80,198 | 100.0 | % | 5 | — | 72,500 | Stop & Shop | 06/30/2019 | $ | 20.68 | |||||||||||||||||||
TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (20) | 3,164,967 | 95.2 | % | 379 | 59 | 844,710 | $ | 15.16 |
Co-Investment Partner | Debt Instrument | Equity One’s Ownership | Maturity Date | Rate (1) | Balance as of June 30, 2014 | Balance as of December 31, 2013 | ||||||||||
Mortgage Debt | ||||||||||||||||
Vestar | Vestar/EQY Talega LLC (2) | 50.5% | 10/01/2021 | 5.01% | $ | — | $ | 11,353 | ||||||||
Vestar | Vestar/EQY Vernola LLC (3) | 50.5% | 08/06/2041 | 5.11% | — | 22,966 | ||||||||||
GRI | Floating rate loans (4) | 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% | 4,062 | 4,332 | ||||||||||
DRA Advisors | Fixed rate loan | 20.0% | 11/11/2014 | 5.57% | 34,618 | 35,042 | ||||||||||
New York Common Retirement Fund | Equity One Country Walk LLC | 30.0% | 11/01/2015 | 5.22% | 12,765 | 12,876 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub CT Path LLC | 30.0% | 01/01/2019 | 5.74% | 9,448 | 9,652 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub Northborough LLC | 30.0% | 02/10/2021 | 4.18% | 68,476 | 69,127 | ||||||||||
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 (5) | 30.0% | 12/23/2023 | 4.38% | 16,000 | 16,000 | ||||||||||
Net interest premium (6) | 609 | 643 | ||||||||||||||
Total debt | $ | 249,978 | $ | 285,991 | ||||||||||||
Equity One’s pro-rata share of unconsolidated joint venture debt | $ | 54,739 | $ | 72,492 |
(1) | The rate in effect on June 30, 2014. |
(2) | The joint venture partners' interests in the property were acquired by Equity One in January 2014, and it is now wholly-owned. |
(3) | The property was sold by the joint venture in January 2014. |
(4) | 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%. |
(5) | The loan balance bears interest at a floating rate of LIBOR + 1.40%, which has been swapped to a fixed rate of 4.38%. The fair value of the swap at June 30, 2014 was a liability of approximately $783,000. |
(6) | Net interest premium is the total for all joint ventures. |