Maryland |
Commission File Number: |
95-4598246 |
(State of other jurisdiction |
1-12675 |
(I.R.S. Employer |
of incorporation or organization) |
Identification No.) |
KIL |
ROY REALTY CORPORATION |
/s/ ANN MARIE WHITNEY |
By |
:
|
Ann Marie Whitney |
Senior Vice-President and Controller |
Exhibit Number |
Description | ||||
99.1 |
* |
Third Quarter 2001 Supplemental Financial Report for the Quarter Ended September 30, 2001. | |||
99.2 |
* |
Press Release dated October 31, 2001. |
* |
Filed herewith. |
Page | ||||
1 |
||||
2 |
||||
3 |
||||
4 |
||||
5 |
||||
6 |
||||
7 |
||||
8 |
||||
9 |
||||
10 |
||||
11 |
||||
12 |
||||
13 |
||||
14 |
||||
15 |
||||
16 |
Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||||||||||||
2001 |
2000 |
% Change |
2001 |
2000 |
% Change | |||||||||||||
INCOME ITEMS: |
|
|
|
|
|
|
||||||||||||
Revenues |
$51,446 |
$47,249 |
8.9 |
% |
$160,047 |
$136,355 |
17.4 |
% | ||||||||||
Net Operating Income |
38,880 |
35,380 |
9.9 |
% |
123,284 |
104,428 |
18.1 |
% | ||||||||||
Net Income before Net Gains on
Dispositions |
7,061 |
9,297 |
(24.1 |
%) |
27,225 |
28,212 |
(3.5 |
%) | ||||||||||
Net Income |
9,283 |
15,679 |
(40.8 |
%) |
30,806 |
38,060 |
(19.1 |
%) | ||||||||||
Funds From Operations |
20,512 |
21,067 |
(2.6 |
%) |
70,625 |
61,899 |
14.1 |
% | ||||||||||
Funds Available for Distribution |
16,753 |
16,420 |
2.0 |
% |
60,380 |
52,157 |
15.8 |
% | ||||||||||
Funds From Operations per
share diluted |
$ 0.67 |
$ 0.69 |
(3.3 |
%) |
$ 2.31 |
$ 2.02 |
14.5 |
% | ||||||||||
Funds Available for Distribution per
sharediluted |
0.55 |
0.54 |
1.3 |
% |
1.98 |
1.71 |
15.9 |
% | ||||||||||
Dividend per share |
$ 0.48 |
$ 0.45 |
6.7 |
% |
$ 1.44 |
$ 1.35 |
6.7 |
% | ||||||||||
RATIOS: |
|
|
||||||||||||||||
Interest Coverage Ratio (1) |
3.2 |
x |
3.4 |
x |
|
3.5 |
x |
3.6 |
x |
|
||||||||
Fixed Charge Coverage Ratio (2) |
2.5 |
x |
2.5 |
x |
|
2.7 |
x |
2.6 |
x |
|
||||||||
FFO Payout Ratio (3) |
71.3 |
% |
64.5 |
% |
6.8 |
% |
61.9 |
% |
65.7 |
% |
(3.8 |
%) | ||||||
FAD Payout Ratio (4) |
87.4 |
% |
82.8 |
% |
4.6 |
% |
72.4 |
% |
78.0 |
% |
(5.6 |
%) |
Sept. 30, 2001 |
Dec. 31, 2000 |
% Change | |||||||||
ASSETS: |
|
|
|
||||||||
Investments in Real Estate before
Depreciation |
$1,581,637 |
$1,496,477 |
5.7 |
% |
|||||||
Total Assets |
1,460,722 |
1,457,169 |
0.2 |
% |
|||||||
CAPITALIZATION: |
|
|
|
||||||||
Total Debt |
$ 722,688 |
$ 723,688 |
(0.1 |
%) |
|||||||
Total Preferred Stock (5) |
155,000 |
155,000 |
(0.1 |
%) |
|||||||
Total Market Equity Value (5) |
760,651 |
848,162 |
(10.3 |
%) |
|||||||
Total Market Capitalization (5) |
1,638,339 |
1,726,850 |
(5.1 |
%) |
|||||||
Total Debt/Total Market Capitalization |
44.1 |
% |
41.9 |
% |
2.2 |
% |
(1) |
Calculated as income from operations before interest expense and depreciation and amortization divided by interest expense plus loan cost amortization.
|
(2) |
Calculated as income from operations before interest expense and depreciation and amortization divided by interest expense plus loan cost amortization and current year paid
and accrued preferred dividends. |
(3) |
Calculated as current year dividends paid and accrued to common shareholders divided by Funds From Operations. |
(4) |
Calculated as current year dividends paid and accrued to common shareholders divided by Funds Available for Distribution. |
(5) |
See Capital Structure on page 15. |
September 30, 2001 |
December 31, 2000 | |||||||
ASSETS: |
|
|
||||||
Land and improvements |
$ 274,569 |
$ 266,444 |
||||||
Buildings and improvements |
1,136,946 |
1,054,995 |
||||||
Undeveloped land and construction in progress, net
|
170,122 |
162,633 |
||||||
Investment in unconsolidated real estate |
|
12,405 |
||||||
|
| |||||||
Total
investment in real estate |
1,581,637 |
1,496,477 |
||||||
Accumulated depreciation and amortization |
(232,029 |
) |
(205,332 |
) | ||||
|
| |||||||
Investment in real estate, net |
1,349,608 |
1,291,145 |
||||||
Cash and cash equivalents |
10,718 |
17,600 |
||||||
Restricted cash |
25,800 |
35,014 |
||||||
Tenant receivables, net |
32,236 |
32,521 |
||||||
Note receivable from related party |
|
33,274 |
||||||
Deferred financing and leasing costs, net |
37,470 |
39,674 |
||||||
Prepaid expenses and other assets |
4,890 |
7,941 |
||||||
|
| |||||||
TOTAL ASSETS |
$1,460,722 |
$1,457,169 |
||||||
|
| |||||||
LIABILITIES AND STOCKHOLDERS EQUITY: |
|
|
||||||
Liabilities: |
|
|
||||||
Secured debt |
$ 437,688 |
$ 432,688 |
||||||
Unsecured line of credit |
185,000 |
191,000 |
||||||
Unsecured term facility |
100,000 |
100,000 |
||||||
Accounts payable, accrued expenses and other liabilities
|
48,336 |
33,911 |
||||||
Accrued distributions |
14,634 |
13,601 |
||||||
Rents received in advance and tenant security deposits
|
14,643 |
17,810 |
||||||
|
| |||||||
Total
liabilities |
800,301 |
789,010 |
||||||
|
| |||||||
Minority Interests: |
|
|
||||||
8.075% Series A Cumulative Redeemable Preferred unitholders
|
73,716 |
73,716 |
||||||
9.375% Series C Cumulative Redeemable Preferred unitholders
|
34,464 |
34,464 |
||||||
9.250% Series D Cumulative Redeemable Preferred unitholders
|
44,321 |
44,321 |
||||||
Common unitholders of the Operating Partnership
|
49,573 |
62,485 |
||||||
Minority interest in Development LLCs |
14,164 |
11,748 |
||||||
|
| |||||||
Total
minority interests |
216,238 |
226,734 |
||||||
|
| |||||||
Stockholders Equity: |
|
|
||||||
Common stock |
274 |
265 |
||||||
Additional paid-in capital |
478,986 |
460,390 |
||||||
Distributions in excess of earnings |
(27,623 |
) |
(19,230 |
) | ||||
Accumulated other comprehensive loss |
(7,454 |
) |
|
|||||
|
| |||||||
Total
stockholders equity |
444,183 |
441,425 |
||||||
|
| |||||||
TOTAL LIABILITIES & STOCKHOLDERS EQUITY |
$1,460,722 |
$1,457,169 |
||||||
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||||||||||||
2001 |
2000 |
% Change |
2001 |
2000 |
% Change | |||||||||||||
REVENUES: |
|
|
|
|
|
|
||||||||||||
Rental income |
$44,992 |
$40,555 |
10.9 |
% |
$135,400 |
$117,627 |
15.1 |
% | ||||||||||
Tenant reimbursements |
5,901 |
4,748 |
24.3 |
% |
17,591 |
14,036 |
25.3 |
% | ||||||||||
Interest income |
170 |
1,706 |
(90.0 |
%) |
883 |
3,008 |
(70.6 |
%) | ||||||||||
Other income |
383 |
240 |
59.6 |
% |
6,173 |
1,684 |
266.6 |
% | ||||||||||
|
|
|
|
|||||||||||||||
Total
revenues |
51,446 |
47,249 |
8.9 |
% |
160,047 |
136,355 |
17.4 |
% | ||||||||||
|
|
|
|
|||||||||||||||
EXPENSES: |
|
|
|
|
|
|
||||||||||||
Property expenses |
7,911 |
6,217 |
27.2 |
% |
22,254 |
17,749 |
25.4 |
% | ||||||||||
Real estate taxes |
4,106 |
3,523 |
16.5 |
% |
12,480 |
9,959 |
25.3 |
% | ||||||||||
General and administrative expenses |
2,949 |
2,890 |
2.0 |
% |
9,337 |
8,077 |
15.6 |
% | ||||||||||
Ground leases |
379 |
423 |
(10.4 |
%) |
1,146 |
1,211 |
(5.4 |
%) | ||||||||||
Interest expense |
10,657 |
10,024 |
6.3 |
% |
32,060 |
27,800 |
15.3 |
% | ||||||||||
Depreciation and amortization |
12,680 |
9,941 |
27.6 |
% |
38,634 |
28,909 |
33.6 |
% | ||||||||||
|
|
|
|
|||||||||||||||
Total
expenses |
38,682 |
33,018 |
17.2 |
% |
115,911 |
93,705 |
23.7 |
% | ||||||||||
|
|
|
|
|||||||||||||||
INCOME FROM OPERATIONS |
12,764 |
14,231 |
(10.3 |
%) |
44,136 |
42,650 |
3.5 |
% | ||||||||||
Net gains on dispositions of operating
properties |
2,468 |
7,288 |
(66.1 |
%) |
4,007 |
11,256 |
(64.4 |
%) | ||||||||||
|
|
|
|
|||||||||||||||
INCOME BEFORE MINORITY INTERESTS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE |
15,232 |
21,519 |
(29.2 |
%) |
48,143 |
53,906 |
(10.7 |
%) | ||||||||||
|
|
|
|
|||||||||||||||
MINORITY INTERESTS: |
|
|
|
|
|
|
||||||||||||
Distributions on Cumulative Redeemable
Preferred units |
(3,375 |
) |
(3,375 |
) |
0.0 |
% |
(10,125 |
) |
(10,125 |
) |
0.0 |
% | ||||||
Minority interest in earnings of Operating
Partnership |
(1,027 |
) |
(2,227 |
) |
(53.9 |
%) |
(3,668 |
) |
(5,442 |
) |
(32.6 |
%) | ||||||
Minority interest in earnings of
Development LLCs |
(1,547 |
) |
(238 |
) |
550.0 |
% |
(2,152 |
) |
(279 |
) |
671.3 |
% | ||||||
|
|
|
|
|||||||||||||||
Total
minority interests |
(5,949 |
) |
(5,840 |
) |
1.9 |
% |
(15,945 |
) |
(15,846 |
) |
0.6 |
% | ||||||
|
|
|
|
|||||||||||||||
NET INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE |
9,283 |
15,679 |
(40.8 |
%) |
32,198 |
38,060 |
(15.4 |
%) | ||||||||||
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE |
|
|
|
(1,392 |
) |
|
(100.0 |
%) | ||||||||||
|
|
|
|
|||||||||||||||
NET INCOME |
$ 9,283 |
$15,679 |
(40.8 |
%) |
$ 30,806 |
$ 38,060 |
(19.1 |
%) | ||||||||||
|
|
|
|
|||||||||||||||
Weighted average shares
outstanding basic |
27,359 |
26,455 |
|
27,080 |
26,647 |
|
||||||||||||
Weighted average shares
outstanding diluted |
27,587 |
26,697 |
|
27,315 |
26,758 |
|
||||||||||||
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
||||||||||||
Income per common sharebasic |
$ 0.34 |
$ 0.59 |
(42.4 |
%) |
$ 1.14 |
$ 1.43 |
(20.3 |
%) | ||||||||||
|
|
|
|
|||||||||||||||
Income per common sharediluted |
$ 0.34 |
$ 0.59 |
(42.4 |
%) |
$ 1.13 |
$ 1.42 |
(20.4 |
%) | ||||||||||
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, | ||||||||||||||||
2001 |
2000 |
% Change |
2001 |
2000 |
% Change | |||||||||||||
FUNDS FROM OPERATIONS: |
|
|
|
|
|
|
||||||||||||
Net income |
$ 9,283 |
$15,679 |
(40.8 |
%) |
$30,806 |
$38,060 |
(19.1 |
%) | ||||||||||
Adjustments: |
|
|
|
|
|
|
||||||||||||
Minority
interest in earnings of Operating Partnership |
1,027 |
2,227 |
(53.9 |
%) |
3,668 |
5,442 |
(32.6 |
%) | ||||||||||
Depreciation and amortization |
12,123 |
9,941 |
21.9 |
% |
37,123 |
28,909 |
28.4 |
% | ||||||||||
Net gains
on dispositions of operating properties |
(2,468 |
) |
(7,288 |
) |
(66.1 |
%) |
(4,007 |
) |
(11,256 |
) |
(64.4 |
%) | ||||||
Cumulative effect of change in accounting principle |
|
|
|
1,392 |
|
100.0 |
% | |||||||||||
Non-cash
amortization of restricted stock grants |
547 |
508 |
7.7 |
% |
1,643 |
744 |
120.8 |
% | ||||||||||
|
|
|
|
|||||||||||||||
Funds From Operations |
$20,512 |
$21,067 |
(2.6 |
%) |
$70,625 |
$61,899 |
14.1 |
% | ||||||||||
|
|
|
|
|||||||||||||||
Weighted average common
shares/ units outstandingbasic |
30,421 |
30,203 |
|
30,303 |
30,457 |
|
||||||||||||
Weighted average common
shares/ units outstandingdiluted |
30,648 |
30,444 |
|
30,538 |
30,568 |
|
||||||||||||
Funds From Operations per common
share/unitbasic |
$ 0.67 |
$ 0.70 |
(3.3 |
%) |
$ 2.33 |
$ 2.03 |
14.7 |
% | ||||||||||
|
|
|
|
|||||||||||||||
Funds From Operations per common
share/unitdiluted |
$ 0.67 |
$ 0.69 |
(3.3 |
%) |
$ 2.31 |
$ 2.02 |
14.5 |
% | ||||||||||
|
|
|
|
|||||||||||||||
FUNDS AVAILABLE FOR DISTRIBUTION: |
|
|
|
|
|
|
||||||||||||
Funds From Operations |
$20,512 |
$21,067 |
(2.6 |
%) |
$70,625 |
$61,899 |
14.1 |
% | ||||||||||
Adjustments: |
|
|
|
|
|
|
||||||||||||
Amortization of deferred financing costs |
408 |
426 |
(4.2 |
%) |
1,188 |
1,119 |
6.2 |
% | ||||||||||
Tenant
improvements, leasing commissions and recurring capital expenditures |
(2,240 |
) |
(2,462 |
) |
(9.0 |
%) |
(6,919 |
) |
(5,193 |
) |
33.2 |
% | ||||||
Net
effect of straight-line rents |
(1,927 |
) |
(2,611 |
) |
(26.2 |
%) |
(4,514 |
) |
(5,668 |
) |
(20.4 |
%) | ||||||
|
|
|
|
|||||||||||||||
Funds Available for Distribution |
$16,753 |
$16,420 |
2.0 |
% |
$60,380 |
$52,157 |
15.8 |
% | ||||||||||
|
|
|
|
|||||||||||||||
Funds Available for Distribution per
common share/unitbasic |
$ 0.55 |
$ 0.54 |
1.3 |
% |
$ 1.99 |
$ 1.71 |
16.4 |
% | ||||||||||
|
|
|
|
|||||||||||||||
Funds Available for Distribution per
common share/unitdiluted |
$ 0.55 |
$ 0.54 |
1.3 |
% |
$ 1.98 |
$ 1.71 |
15.9 |
% | ||||||||||
|
|
|
|
As of September 30, 2001(1) | |||||
% OF TOTAL NOI BY PRODUCT TYPE: |
|
||||
Office: |
|
||||
Los Angeles |
40.1 |
% |
|||
Orange County |
3.9 |
% |
|||
San Diego |
27.4 |
% |
|||
Other |
5.7 |
% |
|||
|
|||||
Subtotal
|
77.1 |
% |
|||
|
|||||
Industrial: |
|
||||
Los Angeles |
3.2 |
% |
|||
Orange County |
18.5 |
% |
|||
Other |
1.2 |
% |
|||
|
|||||
Subtotal
|
22.9 |
% |
|||
|
|||||
% OF TOTAL NOI BY REGION: |
|
||||
Los Angeles |
43.3 |
% |
|||
Orange County |
22.4 |
% |
|||
San Diego |
27.4 |
% |
|||
Other |
6.9 |
% |
|||
|
|||||
Total
|
100.0 |
% |
|||
|
(1) |
Based on Net Operating Income for the nine months ended September 30, 2001. |
Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||||||||||||||||||||||
2001 |
2000 |
$ Change |
% Change |
2001 |
2000 |
$ Change |
% Change | |||||||||||||||||||||
TOTAL SAME STORE PORTFOLIO |
|
|
|
|
||||||||||||||||||||||||
Operating Revenues: |
|
|
|
|
||||||||||||||||||||||||
Rental income |
$34,798 |
$34,065 |
$733 |
2.2 |
% |
$106,816 |
$103,808 |
$3,008 |
2.9 |
% |
||||||||||||||||||
Tenant reimbursements |
4,618 |
4,343 |
275 |
6.3 |
% |
14,529 |
12,769 |
1,760 |
13.8 |
% |
||||||||||||||||||
Other income |
44 |
156 |
(112 |
) |
(71.8 |
%) |
461 |
1,591 |
(1,130 |
) |
(71.0 |
%) |
||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Total
operating revenues |
$39,460 |
$38,564 |
$896 |
2.3 |
% |
$121,806 |
$118,168 |
$3,638 |
3.1 |
% |
||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Operating Expenses: |
|
|
|
|
||||||||||||||||||||||||
Property expenses |
$ 5,525 |
$ 5,023 |
$502 |
10.0 |
% |
$ 16,667 |
$ 15,574 |
$1,093 |
7.0 |
% |
||||||||||||||||||
Real estate taxes |
3,175 |
2,859 |
316 |
11.1 |
% |
9,787 |
8,577 |
1,210 |
14.1 |
% |
||||||||||||||||||
Ground leases |
329 |
362 |
(33 |
) |
(9.1 |
%) |
986 |
1,132 |
(146 |
) |
(12.9 |
%) |
||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Total
operating expenses |
$ 9,029 |
$ 8,244 |
$785 |
9.5 |
% |
$ 27,440 |
$ 25,283 |
$2,157 |
8.5 |
% |
||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Net Operating Income |
$30,431 |
$30,320 |
$111 |
0.4 |
% |
$ 94,366 |
$ 92,885 |
$1,481 |
1.6 |
% |
||||||||||||||||||
|
|
|
|
|
|
(1) |
Same store defined as all stabilized properties owned at January 1, 2000 and still owned at September 30, 2001. |
Square Feet |
Occupancy at: | ||||||||||||||||||
# of Buildings |
Total |
Leased |
Available |
9/30/01 |
6/30/01 |
12/31/00 | |||||||||||||
STABILIZED PORTFOLIO: |
|
|
|
||||||||||||||||
OCCUPANCY BY PRODUCT TYPE: |
|
|
|
||||||||||||||||
Office: |
|
|
|
||||||||||||||||
Los Angeles |
31 |
3,172,793 |
2,776,633 |
396,160 |
87.5 |
% |
89.8 |
% |
97.3 |
% | |||||||||
Orange County |
12 |
546,850 |
507,982 |
38,868 |
92.9 |
% |
81.0 |
% |
73.6 |
% | |||||||||
San Diego |
37 |
2,700,483 |
2,661,483 |
39,000 |
98.6 |
% |
100.0 |
% |
100.0 |
% | |||||||||
Other |
6 |
709,575 |
698,515 |
11,060 |
98.4 |
% |
98.2 |
% |
98.2 |
% | |||||||||
|
|
|
|
||||||||||||||||
Subtotal
|
86 |
7,129,701 |
6,644,613 |
485,088 |
93.2 |
% |
93.7 |
% |
96.2 |
% | |||||||||
|
|
|
|
||||||||||||||||
Industrial: |
|
|
|
||||||||||||||||
Los Angeles |
7 |
554,490 |
539,606 |
14,884 |
97.3 |
% |
99.4 |
% |
99.8 |
% | |||||||||
Orange County |
62 |
4,393,537 |
4,253,978 |
139,559 |
96.8 |
% |
95.6 |
% |
97.1 |
% | |||||||||
Other |
2 |
295,417 |
295,417 |
|
100.0 |
% |
100.0 |
% |
100.0 |
% | |||||||||
|
|
|
|
||||||||||||||||
Subtotal
|
71 |
5,243,444 |
5,089,001 |
154,443 |
97.1 |
% |
96.5 |
% |
97.8 |
% | |||||||||
|
|
|
|
||||||||||||||||
OCCUPANCY BY REGION: |
|
|
|
||||||||||||||||
Los Angeles |
38 |
3,727,283 |
3,316,239 |
411,044 |
89.0 |
% |
91.2 |
% |
97.7 |
% | |||||||||
Orange County |
74 |
4,940,387 |
4,761,960 |
178,427 |
96.4 |
% |
93.8 |
% |
94.2 |
% | |||||||||
San Diego |
37 |
2,700,483 |
2,661,483 |
39,000 |
98.6 |
% |
100.0 |
% |
100.0 |
% | |||||||||
Other |
8 |
1,004,992 |
993,932 |
11,060 |
98.9 |
% |
99.0 |
% |
99.1 |
% | |||||||||
|
|
|
|
||||||||||||||||
TOTAL STABILIZED PORTFOLIO |
157 |
12,373,145 |
11,733,614 |
639,531 |
94.8 |
% |
94.9 |
% |
97.0 |
% | |||||||||
RENOVATION PROJECT: |
|
|
|
||||||||||||||||
Office: |
|
|
|
||||||||||||||||
Orange County |
1 |
78,016 |
|
78,016 |
|
|
|
||||||||||||
|
|
|
|
||||||||||||||||
TOTAL PORTFOLIO |
158 |
12,451,161 |
11,733,614 |
717,547 |
|
|
|
||||||||||||
|
|
|
|
AVERAGE OCCUPANCYSTABILIZED PORTFOLIO |
AVERAGE OCCUPANCYSAME STORE PORTFOLIO | |||||||||||||||||||||||
Office |
Industrial |
Total |
2001 |
2000 |
% Change | |||||||||||||||||||
Quarter-to-Date |
93.4 |
% |
96.8 |
% |
94.9 |
% |
Quarter-to-Date |
95.6 |
% |
96.6 |
% |
(1.0 |
%) |
|||||||||||
Year-to-Date |
94.7 |
% |
97.4 |
% |
95.9 |
% |
Year-to-Date |
95.9 |
% |
97.1 |
% |
(1.2 |
%) |
# of Leases(1) |
Square Feet(1) |
2nd Generation |
|||||||||||||||||||||||||||||||
TI/LC Per |
Maintenance Capex Per |
Changes in |
Changes in Cash |
Retention |
Weighted Average Lease | ||||||||||||||||||||||||||||
New |
Renewal |
New |
Renewal |
Sq. Ft. |
Sq. Ft.(2) |
Rents(3) |
Rents(4) |
Rates(5) |
Term (Mo.) | ||||||||||||||||||||||||
Office |
9 |
12 |
26,371 |
59,719 |
$8.65 |
$0.07 |
31.0 |
% |
9.2 |
% |
69.6 |
% |
59 | ||||||||||||||||||||
Industrial |
10 |
15 |
105,516 |
92,637 |
$2.09 |
$0.04 |
28.8 |
% |
10.2 |
% |
74.8 |
% |
33 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
Total |
19 |
27 |
131,887 |
152,356 |
$3.89 |
$0.06 |
30.3 |
% |
9.6 |
% |
72.7 |
% |
41 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
# of Leases(1) |
Square Feet(1) |
2nd Generation |
|||||||||||||||||||||||||||||
TI/LC Per |
Maintenance Capex Per |
Changes in |
Changes in Cash |
Retention |
Weighted Average Lease | ||||||||||||||||||||||||||
New |
Renewal |
New |
Renewal |
Sq. Ft |
Sq. Ft.(2) |
Rents(3) |
Rents(4) |
Rates(5) |
Term (Mo.) | ||||||||||||||||||||||
Office |
25 |
34 |
141,757 |
465,981 |
$7.50 |
$0.14 |
22.2 |
% |
13.1 |
% |
64.1 |
% |
68 | ||||||||||||||||||
Industrial |
28 |
37 |
158,198 |
511,073 |
$2.34 |
$0.06 |
36.9 |
% |
16.0 |
% |
76.7 |
% |
55 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total |
53 |
71 |
299,955 |
977,054 |
$4.73 |
$0.10 |
26.6 |
% |
14.0 |
% |
70.1 |
% |
61 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) |
Includes first and second generation space, net of month-to-month leases. Excludes leasing on new construction. First generation space is defined as the space first leased
by the Company. |
(2) |
Calculated over entire stabilized portfolio. |
(3) |
Calculated as the change between GAAP rents for new/renewed leases and the expiring GAAP rents for the same space. |
(4) |
Calculated as the change between stated rents for new/renewed leases and the expiring stated rents for the same space. |
(5) |
Calculated as the percentage of space either renewed or expanded into by existing tenants at lease expiration. |
Year of Expiration |
# of Expiring Leases |
Total Square Feet(1),(2) |
% of Total Leased Sq. Ft. |
Annual Base Rent |
Annual Rent per Sq. Ft. | |||||||||||||
OFFICE: |
|
|
||||||||||||||||
Remaining 2001 |
12 |
163,255 |
2.5 |
% |
$ 2,404 |
$14.73 |
||||||||||||
2002 |
67 |
505,993 |
7.7 |
% |
9,113 |
18.01 |
||||||||||||
2003 |
59 |
707,879 |
10.8 |
% |
10,834 |
15.30 |
||||||||||||
2004 |
53 |
787,303 |
12.0 |
% |
17,608 |
22.36 |
||||||||||||
2005 |
54 |
921,986 |
14.0 |
% |
16,259 |
17.63 |
||||||||||||
2006 |
38 |
589,205 |
9.0 |
% |
14,042 |
23.83 |
||||||||||||
2007 |
15 |
594,618 |
9.1 |
% |
11,340 |
19.07 |
||||||||||||
2008 |
9 |
443,052 |
6.7 |
% |
9,840 |
22.21 |
||||||||||||
2009 |
9 |
682,104 |
10.4 |
% |
16,155 |
23.68 |
||||||||||||
2010 and beyond |
21 |
1,169,142 |
17.8 |
% |
35,454 |
30.32 |
||||||||||||
|
|
|
|
|||||||||||||||
Subtotal
|
337 |
6,564,537 |
100.0 |
% |
$143,049 |
$21.79 |
||||||||||||
|
|
|
|
|||||||||||||||
INDUSTRIAL: |
|
|
||||||||||||||||
Remaining 2001 |
7 |
99,794 |
2.0 |
% |
$ 640 |
$ 6.41 |
||||||||||||
2002 |
31 |
354,760 |
7.2 |
% |
3,006 |
8.47 |
||||||||||||
2003 |
29 |
691,508 |
14.0 |
% |
4,408 |
6.37 |
||||||||||||
2004 |
23 |
542,819 |
11.0 |
% |
4,161 |
7.67 |
||||||||||||
2005 |
15 |
755,742 |
15.2 |
% |
5,748 |
7.61 |
||||||||||||
2006 |
9 |
567,750 |
11.5 |
% |
4,432 |
7.81 |
||||||||||||
2007 |
2 |
87,013 |
1.7 |
% |
791 |
9.09 |
||||||||||||
2008 |
4 |
736,764 |
14.9 |
% |
5,729 |
7.78 |
||||||||||||
2009 |
7 |
505,976 |
10.2 |
% |
3,654 |
7.22 |
||||||||||||
2010 and beyond |
6 |
611,165 |
12.3 |
% |
6,860 |
11.22 |
||||||||||||
|
|
|
|
|||||||||||||||
Subtotal
|
133 |
4,953,291 |
100.0 |
% |
$ 39,429 |
$ 7.96 |
||||||||||||
|
|
|
|
|||||||||||||||
TOTAL PORTFOLIO: |
|
|
||||||||||||||||
Remaining 2001 |
19 |
263,049 |
2.3 |
% |
$ 3,044 |
$11.57 |
||||||||||||
2002 |
98 |
860,753 |
7.5 |
% |
12,119 |
14.08 |
||||||||||||
2003 |
88 |
1,399,387 |
12.2 |
% |
15,242 |
10.89 |
||||||||||||
2004 |
76 |
1,330,122 |
11.5 |
% |
21,769 |
16.37 |
||||||||||||
2005 |
69 |
1,677,728 |
14.6 |
% |
22,007 |
13.12 |
||||||||||||
2006 |
47 |
1,156,955 |
10.0 |
% |
18,474 |
15.97 |
||||||||||||
2007 |
17 |
681,631 |
5.9 |
% |
12,131 |
17.80 |
||||||||||||
2008 |
13 |
1,179,816 |
10.2 |
% |
15,569 |
13.20 |
||||||||||||
2009 |
16 |
1,188,080 |
10.3 |
% |
19,809 |
16.67 |
||||||||||||
2010 and beyond |
27 |
1,780,307 |
15.5 |
% |
42,314 |
23.77 |
||||||||||||
|
|
|
|
|||||||||||||||
Total
|
470 |
11,517,828 |
(1),(2) |
100.0 |
% |
$182,478 |
$15.84 |
|||||||||||
|
|
|
|
(1) |
Excludes space leased under month-to-month leases and vacant space at September 30, 2001. |
(2) |
Excludes expirations at 184-220 Technology Drive which the Company sold in October 2001. |
Total Square Feet(1), (2) |
Square Feet Renewed/Re-leased |
Remaining Square Feet |
% of Total Renewed/Re-leased | ||||||||||||||
2001 |
|
||||||||||||||||
Expirations through 9/30/01 |
1,376,999 |
1,157,561 |
219,438 |
84.1 |
% |
||||||||||||
4th Qtr 2001 Expirations |
263,049 |
212,541 |
50,508 |
80.8 |
% |
||||||||||||
|
|
|
|
||||||||||||||
Total 2001 Expirations |
1,640,048 |
1,370,102 |
269,946 |
83.5 |
% |
||||||||||||
|
|
|
|
||||||||||||||
2002 |
860,753 |
135,805 |
724,948 |
15.8 |
% |
||||||||||||
|
|
|
|
(1) |
Excludes space leased under month-to-month leases at September 30, 2001. |
(2) |
Excludes expirations at 184-220 Technology Drive which the Company sold in October 2001. |
Project |
Location |
Type |
Month of Disposition |
Square Feet |
Sales Price | |||||
1st QUARTER: |
||||||||||
6828 Nancy Ridge Drive |
San Diego, CA |
Industrial |
February |
39,669 |
$ 3,300 | |||||
|
| |||||||||
2nd QUARTER: |
||||||||||
199 & 201 N. Sunrise Avenue |
Roseville, CA |
Industrial |
April |
162,203 |
$15,400 | |||||
|
| |||||||||
3rd QUARTER: |
||||||||||
4880 Santa Rosa Road |
Camarillo, CA |
Office |
August |
41,131 |
$ 6,580 | |||||
1900 Aerojet Way |
Las Vegas, NV |
Industrial |
August |
106,717 |
5,067 | |||||
795 Trademark Drive |
Reno, NV |
Industrial |
September |
75,257 |
7,296 | |||||
41093 County Center Drive |
Temecula, CA |
Industrial |
September |
77,582 |
5,395 | |||||
1840 Aerojet Way |
Las Vegas, NV |
Industrial |
September |
102,948 |
5,100 | |||||
|
| |||||||||
Subtotal
|
403,635 |
$29,438 | ||||||||
|
| |||||||||
TOTAL YEAR-TO-DATE DISPOSITIONS |
605,507 |
$48,138 | ||||||||
|
|
Project |
Location |
Type |
Start Date |
Completion Date |
Rentable Square Feet |
Total Est. Investment |
Occupancy | ||||||||||||||||
1st QUARTER: |
|
||||||||||||||||||||||
None |
|
||||||||||||||||||||||
2nd QUARTER: |
|
||||||||||||||||||||||
Pacific Technology Center |
San Diego, CA |
Office |
1Q 2000 |
2Q 2001 |
67,995 |
$12,133 |
100 |
% |
|||||||||||||||
Sorrento Rim Business Park II |
San Diego, CA |
Office |
2Q 2000 |
2Q 2001 |
102,875 |
25,376 |
100 |
% |
|||||||||||||||
|
|
||||||||||||||||||||||
Subtotal
|
170,870 |
$37,509 |
|
||||||||||||||||||||
|
|
||||||||||||||||||||||
3rd QUARTER: |
|
||||||||||||||||||||||
Calabasas Park
Centre Phase III |
Calabasas, CA |
Office |
3Q 2000 |
1Q 2001 |
11,789 |
$ 2,715 |
100 |
% |
|||||||||||||||
|
|
||||||||||||||||||||||
TOTAL YEAR-TO-DATE STABILIZED DEVELOPMENT |
182,659 |
$40,224 |
100 |
% |
|||||||||||||||||||
|
|
Estimated Construction
Period |
|||||||||||||||||||||||
Project |
Location |
Type |
Start Date |
Compl. Date |
Est. Stabilization Date(2) |
Rentable Square Feet |
Total Estimated Investment |
% Committed(3) | |||||||||||||||
PROJECTS IN LEASE-UP: |
|
||||||||||||||||||||||
Calabasas Park
Centre Phase II |
Calabasas, CA |
Office |
2Q 2000 |
1Q 2001 |
1Q 2002 |
98,706 |
$ 21,540 |
66 |
% |
||||||||||||||
Innovation Corporate
CenterLot 8 |
San Diego, CA |
Office |
2Q 2000 |
2Q 2001 |
2Q 2002 |
46,759 |
9,362 |
65 |
% |
||||||||||||||
Innovation Corporate
CenterLot 12 |
San Diego, CA |
Office |
2Q 2000 |
2Q 2001 |
2Q 2002 |
70,617 |
12,239 |
0 |
% |
||||||||||||||
Peregrine Systems Corporate
CtrBld 3 (1),(4) |
Del Mar, CA |
Office |
2Q 2000 |
2Q 2001 |
4Q 2001 |
129,752 |
27,453 |
100 |
% |
||||||||||||||
|
|
||||||||||||||||||||||
Subtotal |
345,834 |
$ 70,594 |
65 |
% |
|||||||||||||||||||
|
|
||||||||||||||||||||||
PROJECTS UNDER CONSTRUCTION: |
|
||||||||||||||||||||||
Brobeck, Phleger & Harrison
Expansion |
Del Mar, CA |
Office |
3Q 2001 |
3Q 2002 |
3Q 2002 |
89,168 |
$ 22,731 |
100 |
% |
||||||||||||||
Imperial & Sepulveda |
El Segundo, CA |
Office |
1Q 2001 |
4Q 2001 |
4Q 2002 |
133,678 |
38,422 |
0 |
% |
||||||||||||||
Pacific Corporate
Center Lots 25 & 27 |
San Diego, CA |
Office |
2Q 2001 |
1Q 2002 |
1Q 2003 |
68,400 |
14,241 |
0 |
% |
||||||||||||||
Peregrine Systems Corporate
CtrBld 4 (1) |
Del Mar, CA |
Office |
3Q 2001 |
4Q 2002 |
2Q 2003 |
114,780 |
26,399 |
100 |
% |
||||||||||||||
Sorrento Gateway Lot 4 (1) |
San Diego, CA |
Office |
2Q 2001 |
1Q 2002 |
1Q 2002 |
60,662 |
15,833 |
100 |
% |
||||||||||||||
Westside Media
Center Phase III |
West LA, CA |
Office |
4Q 2000 |
1Q 2002 |
1Q 2003 |
151,000 |
54,809 |
0 |
% |
||||||||||||||
|
|
||||||||||||||||||||||
Subtotal |
617,688 |
$172,436 |
43 |
% |
|||||||||||||||||||
|
|
||||||||||||||||||||||
TOTAL PROJECTS IN LEASE UP AND UNDER CONSTRUCTION |
963,522 |
$243,030 |
51 |
% |
|||||||||||||||||||
|
|
||||||||||||||||||||||
COMMITTED DEVELOPMENT: |
|
||||||||||||||||||||||
None |
|
||||||||||||||||||||||
TOTAL IN-PROCESS AND COMMITTED DEVELOPMENT PROJECTS: |
963,522 |
$243,030 |
51 |
% |
|||||||||||||||||||
|
|
(1) |
Project is being developed by a Development LLC in which the Company holds a 50% managing interest. The estimated investment figure includes the capital required to purchase
the remaining 50% interest in the project. |
(2) |
Based on managements estimation of the earlier of stabilized occupancy (95%) or one year from the date of substantial completion. |
(3) |
Includes executed leases and signed letters of intent, calculated on a square footage basis. |
(4) |
This project is 100% leased to one tenant. The tenant occupied 91% of the project at September 30, 2001 under a staged move-in plan. It is expected that the tenant will take
occupancy of the remaining space during the fourth quarter of 2001. |
Project |
Location |
Type |
Rentable Square Feet |
Total Estimated Investment | ||||
SAN DIEGO COUNTY: |
||||||||
Innovation Corporate CenterLot 2 |
San Diego, CA |
Office |
51,187 |
$ 10,156 | ||||
Innovation Corporate CenterLot 4 |
San Diego, CA |
Office |
75,000 |
13,835 | ||||
Innovation Corporate CenterLot 9 |
San Diego, CA |
Office |
65,867 |
12,544 | ||||
Innovation Corporate CenterLot 10 |
San Diego, CA |
Office |
37,405 |
7,987 | ||||
Pacific Corporate CenterLots 3, 4 & 6
|
San Diego, CA |
Office |
225,000 |
48,036 | ||||
Pacific Corporate CenterLot 8 |
San Diego, CA |
Office |
95,000 |
19,547 | ||||
San Diego Corporate CenterLot 7 |
Del Mar, CA |
Office |
207,842 |
64,053 | ||||
Santa Fe SummitPhase I |
San Diego, CA |
Office |
150,000 |
33,089 | ||||
Santa Fe SummitPhase II |
San Diego, CA |
Office |
150,000 |
35,045 | ||||
Sorrento GatewayLot 1 |
San Diego, CA |
Office |
55,933 |
10,869 | ||||
Sorrento GatewayLot 2(1) |
San Diego, CA |
Office |
70,000 |
14,176 | ||||
Sorrento GatewayLot 3(1) |
San Diego, CA |
Office |
56,800 |
11,527 | ||||
Sorrento GatewayLot 7(1) |
San Diego, CA |
Office |
57,000 |
11,986 | ||||
|
| |||||||
Subtotal
|
1,297,034 |
$292,850 | ||||||
|
| |||||||
TOTAL FUTURE DEVELOPMENT PIPELINE |
1,297,034 |
$292,850 | ||||||
|
|
(1) |
Project is being developed by a Development LLC in which the Company holds a 50% interest. The estimated investment figure includes the capital required to purchase the
remaining 50% interest in the project. |
Shares/Units at Sept. 30, 2001 |
Aggregate Principal Amount or $ Value Equivalent |
% of Total Market Capitalization | |||||||||
DEBT: |
|
||||||||||
Secured Debt |
$ 437,688 |
26.7 |
% |
||||||||
Unsecured Line of Credit |
185,000 |
11.3 |
% |
||||||||
Unsecured Term Facility |
100,000 |
6.1 |
% |
||||||||
|
|
||||||||||
Total
Debt |
$ 722,688 |
44.1 |
% |
||||||||
|
|
||||||||||
EQUITY: |
|
||||||||||
8.075% Series A Cumulative Redeemable Preferred
Units (1) |
1,500,000 |
$ 75,000 |
4.6 |
% |
|||||||
9.375% Series C Cumulative Redeemable Preferred Units
(1) |
700,000 |
35,000 |
2.1 |
% |
|||||||
9.250% Series D Cumulative Redeemable Preferred Units
(1) |
900,000 |
45,000 |
2.7 |
% |
|||||||
Common Units Outstanding (2) |
3,060,954 |
76,371 |
4.7 |
% |
|||||||
Common Shares Outstanding (2) |
27,426,071 |
684,280 |
41.8 |
% |
|||||||
|
|
||||||||||
Total
Equity |
$ 915,651 |
55.9 |
% |
||||||||
|
|
||||||||||
TOTAL MARKET CAPITALIZATION |
$1,638,339 |
100.0 |
% |
||||||||
|
|
(1) |
Value based on $50.00 per share liquidation preference. |
(2) |
Valued based on closing share price of $24.95 at September 30, 2001. |
2001 |
2002 |
2003 |
2004 |
2005 |
Thereafter |
Total | ||||||
$10,669 |
$6,148 |
$173,925 |
$127,719 |
$16,965 |
$202,262 |
$537,688 |
% of Total Debt |
Weighted Average | |||||||||||||
Interest Rate |
Maturity | |||||||||||||
Secured vs. Unsecured Debt: |
|
|
||||||||||||
Secured Debt |
60.6 |
% |
6.7 |
% |
5.0 |
|||||||||
Unsecured Debt |
39.4 |
% |
7.5 |
% |
1.8 |
|||||||||
Floating vs. Fixed Rate Debt: |
|
|
||||||||||||
Fixed Rate Debt (1),(2),(4) |
77.1 |
% |
7.5 |
% |
4.3 |
|||||||||
Floating Rate Debt (3) |
22.9 |
% |
5.4 |
% |
1.8 |
|||||||||
|
|
|||||||||||||
Total Debt |
|
7.0 |
% |
3.7 |
||||||||||
|
|
Total Line |
Outstanding Balance |
Expiration Date | ||
$400,000 |
$185,000 |
November 2002 |
Quarter-to-Date |
Year-to-Date | |
$3.1 million |
$9.8 million |
(1) |
The Company currently has an interest-rate swap agreement to fix LIBOR on $150 million of its floating rate debt at 6.95% which expires in February 2002.
|
(2) |
The Company currently has an interest-rate swap agreement to fix LIBOR on $150 million of its floating rate debt at 5.48% which expires in November 2002.
|
(3) |
The Company, through one of its Development LLCs, currently has an interest-rate cap agreement to cap LIBOR on its floating rate construction debt at 8.5% which expires in
April 2002. At September 30, 2001, the notional amount of the cap agreement was approximately $57.0 million. |
(4) |
The percentage of fixed rate debt to total debt does not take into consideration the portion of floating rate debt capped by the Companys interest-rate cap agreement.
Including the effects of the interest-rate cap agreement, the Company had fixed or capped approximately 84.8% of its total outstanding debt at September 30, 2001. |
Three Months Ended September 30, 2001 |
Three Months Ended September 30, 2000 |
Nine Months Ended September 30, 2001
|
Nine Months Ended September 30, 2000
| |||||||||||||||
Revenues |
$51,446 |
$47,249 |
$ 160,047 |
$ 136,355 |
||||||||||||||
Net income available to common stockholders (1) |
$ 9,283 |
$15,679 |
$ 30,806 |
$ 38,060 |
||||||||||||||
Weighted average common shares outstandingbasic |
27,359 |
26,455 |
27,080 |
26,647 |
||||||||||||||
Weighted average common shares outstandingdiluted |
27,587 |
26,697 |
27,315 |
26,758 |
||||||||||||||
Net income per share of common stockbasic |
$ 0.34 |
$ 0.59 |
$ 1.14 |
$ 1.43 |
||||||||||||||
Net income per share of common stockdiluted |
$ 0.34 |
$ 0.59 |
$ 1.13 |
$ 1.42 |
||||||||||||||
Funds From Operations |
$20,512 |
$21,067 |
$ 70,625 |
$ 61,899 |
||||||||||||||
Weighted average common shares/units outstandingbasic (2) |
30,421 |
30,203 |
30,303 |
30,457 |
||||||||||||||
Weighted average common shares/units outstandingdiluted (2) |
30,648 |
30,444 |
30,538 |
30,568 |
||||||||||||||
Funds From Operations per common share/unitbasic (2) |
$ 0.67 |
$ 0.70 |
$ 2.33 |
$ 2.03 |
||||||||||||||
Funds From Operations per common share/unitdiluted (2) |
$ 0.67 |
$ 0.69 |
$ 2.31 |
$ 2.02 |
||||||||||||||
Common shares outstanding at end of period |
27,426 |
26,455 |
||||||||||||||||
Common partnership units outstanding at end of period |
3,061 |
3,748 |
||||||||||||||||
|
|
|||||||||||||||||
Total common shares and units outstanding at end of period |
30,487 |
30,203 |
||||||||||||||||
September 30, 2001 |
September 30, 2000 | |||||||||||||||||
Occupancy rates: |
|
|
||||||||||||||||
California |
94.6 |
% |
96.6 |
% |
||||||||||||||
Washington |
99.3 |
% |
100.0 |
% |
||||||||||||||
Arizona |
100.0 |
% |
100.0 |
% |
||||||||||||||
Nevada |
|
100.0 |
% |
|||||||||||||||
|
|
|||||||||||||||||
Weighted average total |
94.8 |
% |
96.9 |
% |
||||||||||||||
Total square feet of stabilized properties owned at end of period: |
|
|
||||||||||||||||
Office |
7,130 |
8,294 |
||||||||||||||||
Industrial |
5,243 |
5,807 |
||||||||||||||||
|
|
|||||||||||||||||
Total |
12,373 |
12,101 |
(1) |
Net income after minority interests. |
(2) |
Calculated based on weighted average shares outstanding assuming conversion of all common limited partnership units outstanding. |
September 30, 2001 |
December 31, 2000 | |||||||
ASSETS |
|
|
||||||
INVESTMENT IN REAL ESTATE: |
|
|
||||||
Land and improvements |
$ 274,569 |
$ 266,444 |
||||||
Buildings and improvements |
1,136,946 |
1,054,995 |
||||||
Undeveloped land and construction in progress, net |
170,122 |
162,633 |
||||||
Investment in unconsolidated real estate |
|
12,405 |
||||||
|
| |||||||
Total
investment in real estate |
1,581,637 |
1,496,477 |
||||||
Accumulated depreciation and amortization |
(232,029 |
) |
(205,332 |
) | ||||
|
| |||||||
Investment in real estate, net |
1,349,608 |
1,291,145 |
||||||
Cash and cash equivalents |
10,718 |
17,600 |
||||||
Restricted cash |
25,800 |
35,014 |
||||||
Tenant receivables, net |
32,236 |
32,521 |
||||||
Note receivable from related party |
|
33,274 |
||||||
Deferred financing and leasing costs, net |
37,470 |
39,674 |
||||||
Prepaid expenses and other assets |
4,890 |
7,941 |
||||||
|
| |||||||
TOTAL
ASSETS |
$1,460,722 |
$1,457,169 |
||||||
|
| |||||||
LIABILITIES & STOCKHOLDERS EQUITY |
|
|
||||||
LIABILITIES: |
|
|
||||||
Secured debt |
$ 437,688 |
$ 432,688 |
||||||
Unsecured line of credit |
185,000 |
191,000 |
||||||
Unsecured term facility |
100,000 |
100,000 |
||||||
Accounts payable, accrued expenses and other liabilities |
48,336 |
33,911 |
||||||
Accrued distributions |
14,634 |
13,601 |
||||||
Rents received in advance and tenant security deposits |
14,643 |
17,810 |
||||||
|
| |||||||
Total
liabilities |
800,301 |
789,010 |
||||||
|
| |||||||
MINORITY INTERESTS: |
|
|
||||||
8.075% Series A Cumulative Redeemable |
|
|
||||||
Preferred unitholders |
73,716 |
73,716 |
||||||
9.375% Series C Cumulative Redeemable |
|
|
||||||
Preferred unitholders |
34,464 |
34,464 |
||||||
9.250% Series D Cumulative Redeemable |
|
|
||||||
Preferred unitholders |
44,321 |
44,321 |
||||||
Common unitholders of the Operating Partnership |
49,573 |
62,485 |
||||||
Minority interest in Development LLCs |
14,164 |
11,748 |
||||||
|
| |||||||
Total
minority interests |
216,238 |
226,734 |
||||||
|
| |||||||
STOCKHOLDERS EQUITY: |
|
|
||||||
Common stock |
274 |
265 |
||||||
Additional paid-in capital |
478,986 |
460,390 |
||||||
Distributions in excess of earnings |
(27,623 |
) |
(19,230 |
) | ||||
Accumulated other comprehensive loss |
(7,454 |
) |
|
|||||
|
| |||||||
Total
stockholders equity |
444,183 |
441,425 |
||||||
|
| |||||||
TOTAL
LIABILITIES & STOCKHOLDERS EQUITY |
$1,460,722 |
$1,457,169 |
||||||
|
|
Three Months Ended September 30, 2001 |
Three Months Ended September 30, 2000 |
Nine Months Ended September 30, 2001 |
Nine Months Ended September 30, 2000 | |||||||||||||||||
REVENUES: |
|
|
|
|
||||||||||||||||
Rental income |
$44,992 |
$40,555 |
$135,400 |
$117,627 |
||||||||||||||||
Tenant reimbursements |
5,901 |
4,748 |
17,591 |
14,036 |
||||||||||||||||
Interest income |
170 |
1,706 |
883 |
3,008 |
||||||||||||||||
Other income |
383 |
240 |
6,173 |
1,684 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Total
revenues |
51,446 |
47,249 |
160,047 |
136,355 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
EXPENSES: |
|
|
|
|
||||||||||||||||
Property expenses |
7,911 |
6,217 |
22,254 |
17,749 |
||||||||||||||||
Real estate taxes |
4,106 |
3,523 |
12,480 |
9,959 |
||||||||||||||||
General and administrative expenses |
2,949 |
2,890 |
9,337 |
8,077 |
||||||||||||||||
Ground leases |
379 |
423 |
1,146 |
1,211 |
||||||||||||||||
Interest expense |
10,657 |
10,024 |
32,060 |
27,800 |
||||||||||||||||
Depreciation and amortization |
12,680 |
9,941 |
38,634 |
28,909 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Total
expenses |
38,682 |
33,018 |
115,911 |
93,705 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Income from operations |
12,764 |
14,231 |
44,136 |
42,650 |
||||||||||||||||
Net gains on dispositions of operating properties |
2,468 |
7,288 |
4,007 |
11,256 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Income before minority interests and cumulative effect of change in accounting principle |
15,232 |
21,519 |
48,143 |
53,906 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Minority interests: |
|
|
|
|
||||||||||||||||
Distributions on Cumulative Redeemable
Preferred units |
(3,375 |
) |
(3,375 |
) |
(10,125 |
) |
(10,125 |
) |
||||||||||||
Minority interest in earnings of Operating
Partnership |
(1,027 |
) |
(2,227 |
) |
(3,668 |
) |
(5,442 |
) |
||||||||||||
Minority interest in earnings of Development
LLCs |
(1,547 |
) |
(238 |
) |
(2,152 |
) |
(279 |
) |
||||||||||||
|
|
|
|
|||||||||||||||||
Total
minority interests |
(5,949 |
) |
(5,840 |
) |
(15,945 |
) |
(15,846 |
) |
||||||||||||
|
|
|
|
|||||||||||||||||
Net income before cumulative effect of change in accounting principle |
9,283 |
15,679 |
32,198 |
38,060 |
||||||||||||||||
Cumulative effect of change in accounting principle |
|
|
(1,392 |
) |
|
|||||||||||||||
|
|
|
|
|||||||||||||||||
Net income |
$ 9,283 |
$15,679 |
$ 30,806 |
$ 38,060 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Weighted average shares outstandingbasic |
27,359 |
26,455 |
27,080 |
26,647 |
||||||||||||||||
Weighted average shares outstandingdiluted |
27,587 |
26,697 |
27,315 |
26,758 |
||||||||||||||||
Income per common sharebasic |
$ 0.34 |
$ 0.59 |
$ 1.14 |
$ 1.43 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Income per common sharediluted |
$ 0.34 |
$ 0.59 |
$ 1.13 |
$ 1.42 |
||||||||||||||||
|
|
|
|
Three Months Ended September 30, 2001 |
Three .Months Ended September 30, 2000 |
Nine Months Ended September 30, 2001 |
Nine Months Ended September 30, 2000 | |||||||||||||||||
Net income |
$ 9,283 |
$15,679 |
$30,806 |
$38,060 |
||||||||||||||||
Adjustments: |
|
|
|
|
||||||||||||||||
Minority interest in earnings of
Operating Partnership |
1,027 |
2,227 |
3,668 |
5,442 |
||||||||||||||||
Depreciation and amortization
|
12,123 |
9,941 |
37,123 |
28,909 |
||||||||||||||||
Net gains on dispositions of operating
properties |
(2,468 |
) |
(7,288 |
) |
(4,007 |
) |
(11,256 |
) |
||||||||||||
Cumulative effect of change in
accounting principle |
|
|
1,392 |
|
||||||||||||||||
Non-cash amortization of restricted
stock grants |
547 |
508 |
1,643 |
744 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Funds From Operations |
$20,512 |
$21,067 |
$70,625 |
$61,899 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Weighted average common shares/units outstandingbasic |
30,421 |
30,203 |
30,303 |
30,457 |
||||||||||||||||
Weighted average common shares/units outstandingdiluted |
30,648 |
30,444 |
30,538 |
30,568 |
||||||||||||||||
Funds From Operations per common share/unit basic |
$ 0.67 |
$ 0.70 |
$ 2.33 |
$ 2.03 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Funds From Operations per common share/unitdiluted |
$ 0.67 |
$ 0.69 |
$ 2.31 |
$ 2.02 |
||||||||||||||||
|
|
|
|
Three Months Ended September 30, 2001 |
Three Months Ended September 30, 2000 |
Nine Months Ended September 30, 2001 |
Nine Months Ended September 30, 2000 | |||||||||||||||||
Funds From Operations |
$20,512 |
$21,067 |
$70,625 |
$61,899 |
||||||||||||||||
Adjustments: |
|
|
|
|
||||||||||||||||
Amortization of deferred financing
costs |
408 |
426 |
1,188 |
1,119 |
||||||||||||||||
Tenant improvements, leasing
commissions and recurring capital expenditures |
(2,240 |
) |
(2,462 |
) |
(6,919 |
) |
(5,193 |
) |
||||||||||||
Net effect of straight-line rents
|
(1,927 |
) |
(2,611 |
) |
(4,514 |
) |
(5,668 |
) |
||||||||||||
|
|
|
|
|||||||||||||||||
Funds Available for Distribution |
$16,753 |
$16,420 |
$60,380 |
$52,157 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Funds Available for Distribution per common share/unitbasic |
$ 0.55 |
$ 0.54 |
$ 1.99 |
$ 1.71 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Funds Available for Distribution per common share/unitdiluted |
$ 0.55 |
$ 0.54 |
$ 1.98 |
$ 1.71 |
||||||||||||||||
|
|
|
|