001-13499 | 52-1794271 | |
(Commission File Number) | (IRS Employer Identification No.) |
(d) | Exhibits |
EQUITY ONE, INC. | |||||
February 19, 2014 | By: | /s/ Mark Langer | |||
Mark Langer | |||||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Document |
99.1 | Earnings Press Release of Equity One, Inc. dated February 19, 2014. |
99.2 | Supplemental Information Package of Equity One, Inc. as of December 31, 2013. |
Equity One, Inc. 1600 NE Miami Gardens Drive North Miami Beach, FL 33179 305-947-1664 | ![]() | For additional information: Mark Langer, EVP and Chief Financial Officer |
• | Generated Recurring Funds From Operations of $0.30 per diluted share for the quarter, unchanged as compared to the same period of 2012, and $1.23 per diluted share for the year ended December 31, 2013, an 8% increase as compared to 2012 |
• | Generated Funds From Operations (FFO) of $0.28 per diluted share for the quarter as compared to $0.03 per diluted share for the same period of 2012, and $1.17 per diluted share for the year ended December 31, 2013, a 38% increase as compared to 2012 |
• | Increased same property net operating income (NOI) by 2.9% for the fourth quarter as compared to the same period of 2012, and by 3.1% for the year as compared to 2012 |
• | Consolidated shopping center occupancy was 92.4%, unchanged as compared to September 30, 2013, and up 30 basis points as compared to December 31, 2012 |
• | Same property occupancy decreased 110 basis points to 92.3%, as compared to September 30, 2013, and decreased 130 basis points to 92.3%, as compared to December 31, 2012 |
• | Executed 105 new leases, renewals, and options during the quarter totaling 552,764 square feet at an average rent spread of 49% on a same space basis including the new 56,870 square foot lease with Barneys New York at 101 7th Avenue (excluding this lease, the rent spread was 9.5%) |
• | Increased average base rents to $16.16 per square foot at December 31, 2013, up 4.1% as compared to September 30, 2013 and up 10.8% as compared to December 31, 2012 |
• | Sold 36 non-core assets for $295.2 million during 2013, including seven assets for $59.0 million during the fourth quarter |
• | After year-end and through the date of this release, sold three non-core assets for $30.5 million and have three additional non-core assets under contract for $21.8 million |
• | Acquired two shopping centers located in Westport, Connecticut and Pleasanton, California for $85.2 million and an outparcel in Orlando, Florida for $3.0 million |
• | In January 2014, acquired full ownership of a $23.0 million grocery-anchored shopping center located in San Clemente, California through the purchase of the equity interests of the joint venture partners for an additional investment of $6.2 million |
• | Also in January 2014, acquired the two remaining Westwood Complex parcels in Bethesda, Maryland for an aggregate purchase price of $80.0 million, or $19.5 million, net of the existing $60.5 million mortgage financing |
• | Invested $12.5 million in an unconsolidated joint venture in connection with the purchase of two shopping centers located in Hackensack, New Jersey and Windermere, Florida |
• | Initiated 2014 Recurring FFO guidance of $1.23 to $1.28 per diluted share |
• | Increase in same property NOI of 2.5% to 3.5% |
• | Increase in same property occupancy of approximately 100 basis points |
• | Core acquisitions of $100 million to $200 million, in addition to the activity included in this release |
• | Joint venture acquisitions of $100 million to $200 million |
• | Dispositions of $125 million to $175 million, including the 2014 sales activity announced in this release |
For the year ended December 31, 2014 (1) | ||||||||
Low | High | |||||||
Estimated net income attributable to Equity One | $ | 0.43 | $ | 0.46 | ||||
Adjustments: | ||||||||
Net adjustment for rounding and shares issuable to LIH | (0.04) | (0.04) | ||||||
Rental property depreciation and amortization including pro rata share of joint ventures | 0.73 | 0.74 | ||||||
Earnings allocated to non-controlling interest (2) | 0.08 | 0.08 | ||||||
Estimated FFO attributable to Equity One | 1.20 | 1.24 | ||||||
Transaction costs and other | 0.03 | 0.04 | ||||||
Estimated Recurring FFO attributable to Equity One | $ | 1.23 | $ | 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 non-controlling interest which are already included for purposes of calculating net income per diluted share. |
EQUITY ONE, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets December 31, 2013 and 2012 (Unaudited) (In thousands, except share par value amounts) | |||||||
December 31, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Properties: | |||||||
Income producing | $ | 3,153,131 | $ | 2,937,645 | |||
Less: accumulated depreciation | (354,166 | ) | (297,736 | ) | |||
Income producing properties, net | 2,798,965 | 2,639,909 | |||||
Construction in progress and land held for development | 104,464 | 108,711 | |||||
Properties held for sale | 13,404 | 268,184 | |||||
Properties, net | 2,916,833 | 3,016,804 | |||||
Cash and cash equivalents | 25,583 | 27,416 | |||||
Cash held in escrow and restricted cash | 10,912 | 442 | |||||
Accounts and other receivables, net | 12,872 | 13,426 | |||||
Investments in and advances to unconsolidated joint ventures | 91,772 | 72,171 | |||||
Loans receivable, net | 60,711 | 140,708 | |||||
Goodwill | 6,377 | 6,527 | |||||
Other assets | 229,599 | 225,174 | |||||
TOTAL ASSETS | $ | 3,354,659 | $ | 3,502,668 | |||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Liabilities: | |||||||
Notes payable: | |||||||
Mortgage notes payable | $ | 430,155 | $ | 425,755 | |||
Unsecured senior notes payable | 731,136 | 731,136 | |||||
Term loan | 250,000 | 250,000 | |||||
Unsecured revolving credit facilities | 91,000 | 172,000 | |||||
1,502,291 | 1,578,891 | ||||||
Unamortized premium on notes payable, net | 6,118 | 6,432 | |||||
Total notes payable | 1,508,409 | 1,585,323 | |||||
Other liabilities: | |||||||
Accounts payable and accrued expenses | 44,227 | 55,248 | |||||
Tenant security deposits | 8,928 | 8,294 | |||||
Deferred tax liability | 11,764 | 12,016 | |||||
Other liabilities | 177,383 | 195,963 | |||||
Liabilities associated with properties held for sale | 33 | 18,794 | |||||
Total liabilities | 1,750,744 | 1,875,638 | |||||
Redeemable noncontrolling interests | 989 | 22,551 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued | — | — | |||||
Common stock, $0.01 par value – 150,000 shares authorized, 117,647 and 116,938 shares issued and outstanding at December 31, 2013 and 2012, respectively | 1,176 | 1,169 | |||||
Additional paid-in capital | 1,693,873 | 1,679,227 | |||||
Distributions in excess of earnings | (302,410 | ) | (276,085 | ) | |||
Accumulated other comprehensive income (loss) | 2,544 | (7,585 | ) | ||||
Total stockholders’ equity of Equity One, Inc. | 1,395,183 | 1,396,726 | |||||
Noncontrolling interests | 207,743 | 207,753 | |||||
Total equity | 1,602,926 | 1,604,479 | |||||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $ | 3,354,659 | $ | 3,502,668 |
EQUITY ONE, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations For the three months and years ended December 31, 2013 and 2012 (Unaudited) (In thousands, except per share data) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
REVENUE: | ||||||||||||||||
Minimum rent | $ | 64,210 | $ | 60,127 | $ | 248,086 | $ | 227,013 | ||||||||
Expense recoveries | 20,602 | 17,590 | 77,499 | 67,329 | ||||||||||||
Percentage rent | 698 | 550 | 4,328 | 4,202 | ||||||||||||
Management and leasing services | 1,113 | 686 | 2,598 | 2,489 | ||||||||||||
Total revenue | 86,623 | 78,953 | 332,511 | 301,033 | ||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||
Property operating | 23,761 | 20,857 | 89,647 | 79,971 | ||||||||||||
Depreciation and amortization | 22,181 | 20,083 | 87,266 | 79,415 | ||||||||||||
General and administrative | 11,395 | 10,556 | 39,514 | 42,473 | ||||||||||||
Total costs and expenses | 57,337 | 51,496 | 216,427 | 201,859 | ||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 29,286 | 27,457 | 116,084 | 99,174 | ||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||
Investment income | 765 | 2,632 | 6,631 | 7,241 | ||||||||||||
(Loss) equity in income of unconsolidated joint ventures | (118 | ) | 413 | 1,648 | 542 | |||||||||||
Other income | 16 | 3 | 216 | 45 | ||||||||||||
Interest expense | (17,285 | ) | (19,062 | ) | (68,145 | ) | (70,665 | ) | ||||||||
Amortization of deferred financing fees | (606 | ) | (647 | ) | (2,421 | ) | (2,474 | ) | ||||||||
(Loss) gain on extinguishment of debt | — | (29,498 | ) | 107 | (29,146 | ) | ||||||||||
Impairment loss | (1,903 | ) | (8,908 | ) | (5,641 | ) | (8,909 | ) | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 10,155 | (27,610 | ) | 48,479 | (4,192 | ) | ||||||||||
Income tax benefit of taxable REIT subsidiaries | 123 | 3,053 | 484 | 2,980 | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 10,278 | (24,557 | ) | 48,963 | (1,212 | ) | ||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||
Operations of income producing properties | 1,118 | 2,791 | 5,769 | 12,858 | ||||||||||||
Gain on disposal of income producing properties | 2,915 | 2,321 | 39,587 | 16,588 | ||||||||||||
Impairment loss | (2,135 | ) | (10,714 | ) | (4,976 | ) | (20,532 | ) | ||||||||
Income tax provision of taxable REIT subsidiaries | (38 | ) | (133 | ) | (686 | ) | (477 | ) | ||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 1,860 | (5,735 | ) | 39,694 | 8,437 | |||||||||||
NET INCOME (LOSS) | 12,138 | (30,292 | ) | 88,657 | 7,225 | |||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,524 | ) | (2,498 | ) | (10,209 | ) | (10,676 | ) | ||||||||
Net income attributable to noncontrolling interests - discontinued operations | (462 | ) | (2 | ) | (494 | ) | (26 | ) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 9,152 | $ | (32,792 | ) | $ | 77,954 | $ | (3,477 | ) | ||||||
EARNINGS (LOSS) PER COMMON SHARE - BASIC: | ||||||||||||||||
Continuing operations | $ | 0.06 | $ | (0.23 | ) | $ | 0.32 | $ | (0.11 | ) | ||||||
Discontinued operations | 0.01 | (0.05 | ) | 0.33 | 0.07 | |||||||||||
$ | 0.08 | * | $ | (0.28 | ) | $ | 0.66 | * | $ | (0.04 | ) | |||||
Number of Shares Used in Computing Basic Earnings (Loss) per Share | 117,592 | 116,837 | 117,389 | 114,233 | ||||||||||||
EARNINGS (LOSS) PER COMMON SHARE - DILUTED: | ||||||||||||||||
Continuing operations | $ | 0.06 | $ | (0.23 | ) | $ | 0.32 | $ | (0.11 | ) | ||||||
Discontinued operations | 0.01 | (0.05 | ) | 0.33 | 0.07 | |||||||||||
$ | 0.08 | * | $ | (0.28 | ) | $ | 0.65 | $ | (0.04 | ) | ||||||
Number of Shares Used in Computing Diluted Earnings (Loss) per Share | 118,235 | 116,837 | 117,771 | 114,233 |
Three months ended | Year ended | |||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Net income (loss) attributable to Equity One, Inc. | $ | 9,152 | $ | (32,792 | ) | $ | 77,954 | $ | (3,477 | ) | ||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, net of noncontrolling interest (1) | 22,226 | 21,975 | 90,097 | 87,456 | ||||||||||||
Earnings allocated to noncontrolling interest (2) | 2,499 | — | 9,996 | — | ||||||||||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 1,081 | 877 | 4,283 | 3,932 | ||||||||||||
Impairments of depreciable real estate, net of tax (1) | 3,323 | 15,338 | 6,538 | 25,156 | ||||||||||||
Gain on disposal of depreciable assets, net of tax (1) | (2,406 | ) | (2,321 | ) | (37,877 | ) | (15,407 | ) | ||||||||
Funds From Operations | 35,875 | 3,077 | 150,991 | 97,660 | ||||||||||||
Transaction costs associated with acquisition and disposition activity, net of tax (1) (3) (4) | 2,767 | 1,397 | 4,821 | 4,801 | ||||||||||||
Impairment of goodwill and land held for development | 715 | 1,266 | 3,373 | 1,266 | ||||||||||||
(Gain) loss on debt extinguishment, net of tax (1) | (544 | ) | 30,229 | 31 | 30,602 | |||||||||||
Earnings allocated to noncontrolling interest (2) | — | 2,499 | — | 9,996 | ||||||||||||
Gain on land and outparcel sales, net of controlling interests (1) | (462 | ) | — | (923 | ) | (1,181 | ) | |||||||||
Recurring Funds From Operations | $ | 38,351 | $ | 38,468 | $ | 158,293 | $ | 143,144 |
Three months ended | Year ended | |||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||
Earnings (loss) per diluted share attributable to Equity One, Inc. | $ | 0.08 | $ | (0.28 | ) | $ | 0.65 | $ | (0.04 | ) | ||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, net of noncontrolling interest | 0.17 | 0.19 | 0.70 | 0.76 | ||||||||||||
Earnings allocated to noncontrolling interest (1) | 0.02 | — | 0.08 | — | ||||||||||||
Net adjustment for rounding and earnings attributable to unvested shares (2) | (0.01 | ) | — | (0.05 | ) | 0.01 | ||||||||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 0.01 | 0.01 | 0.03 | 0.03 | ||||||||||||
Impairments of depreciable real estate, net of tax | 0.03 | 0.13 | 0.05 | 0.22 | ||||||||||||
Gain on disposal of depreciable assets, net of tax | (0.02 | ) | (0.02 | ) | (0.29 | ) | (0.13 | ) | ||||||||
Funds From Operations per Diluted Share | $ | 0.28 | $ | 0.03 | $ | 1.17 | $ | 0.85 | ||||||||
Weighted Average Diluted Shares - Funds from Operations (3) | 129,593 | 117,118 | 129,129 | 114,549 | ||||||||||||
Funds From Operations per Diluted Share (4) | $ | 0.28 | $ | 0.02 | $ | 1.17 | $ | 0.78 | ||||||||
Transaction costs associated with acquisition and disposition activity, net of tax | 0.02 | 0.01 | 0.04 | 0.04 | ||||||||||||
Impairment of goodwill and land held for development | 0.01 | 0.01 | 0.02 | 0.01 | ||||||||||||
(Gain) loss on debt extinguishment, net of tax | (0.01 | ) | 0.24 | — | 0.24 | |||||||||||
Earnings allocated to noncontrolling interest (1) | — | 0.02 | — | 0.08 | ||||||||||||
Gain on land and outparcel sales | — | — | — | (0.01 | ) | |||||||||||
Recurring Funds From Operations per Diluted Share | $ | 0.30 | $ | 0.30 | $ | 1.23 | $ | 1.14 | ||||||||
Weighted Average Diluted Shares - Recurring Funds from Operations (3) | 129,593 | 128,476 | 129,129 | 125,907 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Same-property net operating income | $ | 47,004 | $ | 45,676 | $ | 166,587 | $ | 161,541 | ||||||||||
Adjustments (1) | 471 | 163 | 210 | 175 | ||||||||||||||
Same-property net operating income before adjustments | 47,475 | 45,839 | 166,797 | 161,716 | ||||||||||||||
Non same-property net operating income | 7,888 | 5,536 | 48,663 | 31,645 | ||||||||||||||
Less: Properties included in the same-property pool but shown as discontinued operations in the consolidated statements of operations | (243 | ) | (243 | ) | (1,007 | ) | (859 | ) | ||||||||||
Net operating income | 55,120 | 51,132 | 214,453 | 192,502 | ||||||||||||||
Add: | ||||||||||||||||||
Straight line rent adjustment | 510 | 596 | 2,022 | 3,239 | ||||||||||||||
Accretion of below market lease intangibles, net | 3,626 | 3,296 | 13,350 | 13,248 | ||||||||||||||
Management and leasing services | 1,113 | 686 | 2,598 | 2,489 | ||||||||||||||
Elimination of intersegment expenses | 2,493 | 2,386 | 10,441 | 9,584 | ||||||||||||||
Investment income | 765 | 2,632 | 6,631 | 7,241 | ||||||||||||||
(Loss) equity in income of unconsolidated joint ventures | (118 | ) | 413 | 1,648 | 542 | |||||||||||||
Other income | 16 | 3 | 216 | 45 | ||||||||||||||
(Loss) gain on extinguishment of debt | — | (29,498 | ) | 107 | (29,146 | ) | ||||||||||||
Less: | ||||||||||||||||||
Depreciation and amortization | 22,181 | 20,083 | 87,266 | 79,415 | ||||||||||||||
General and administrative | 11,395 | 10,556 | 39,514 | 42,473 | ||||||||||||||
Interest expense | 17,285 | 19,062 | 68,145 | 70,665 | ||||||||||||||
Amortization of deferred financing fees | 606 | 647 | 2,421 | 2,474 | ||||||||||||||
Impairment loss | 1,903 | 8,908 | 5,641 | 8,909 | ||||||||||||||
Income (loss) from continuing operations before tax and discontinued operations | $ | 10,155 | $ | (27,610 | ) | $ | 48,479 | $ | (4,192 | ) |
Exhibit 99.2 | |||||
Equity One, Inc. | |||||
Supplemental Information Package | |||||
December 31, 2013 | |||||
![]() | |||||
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 | |
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 | 11-12 |
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 | 18-25 |
Real Estate Acquisitions and Dispositions | 26-27 |
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 |
Portfolio Changes and Selected Property Metrics 2008 - 2013 | 36-37 |
For the three months ended | For the year ended | |||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||
Summary Financial Results | ||||||||||||||||
Total revenue* | $ | 88,124 | $ | 87,640 | $ | 348,743 | $ | 337,505 | ||||||||
Adjusted Consolidated EBITDA* (see page 10) | $ | 55,379 | $ | 58,111 | $ | 226,591 | $ | 216,942 | ||||||||
Property net operating income* (see page 9) | $ | 62,446 | $ | 63,536 | $ | 250,438 | $ | 243,850 | ||||||||
General & administrative expenses (G&A)* - Adjusted (1) | $ | 9,191 | $ | 9,160 | $ | 35,292 | $ | 37,686 | ||||||||
Net income (loss) attributable to Equity One, Inc. | $ | 9,152 | $ | (32,792 | ) | $ | 77,954 | $ | (3,477 | ) | ||||||
Earnings (loss) per diluted share | $ | 0.08 | $ | (0.28 | ) | $ | 0.65 | $ | (0.04 | ) | ||||||
Funds from operations (FFO) (see page 11) | $ | 35,875 | $ | 3,077 | $ | 150,991 | $ | 97,660 | ||||||||
FFO per diluted share (see page 12) | $ | 0.28 | $ | 0.03 | $ | 1.17 | $ | 0.85 | ||||||||
Recurring FFO (see page 11) | $ | 38,351 | $ | 38,468 | $ | 158,293 | $ | 143,144 | ||||||||
Recurring FFO per diluted share (see page 12) | $ | 0.30 | $ | 0.30 | $ | 1.23 | $ | 1.14 | ||||||||
Total dividends paid per share | $ | 0.22 | $ | 0.22 | $ | 0.88 | $ | 0.88 | ||||||||
Weighted average diluted shares used in EPS computations | 118,235 | 116,837 | 117,771 | 114,233 | ||||||||||||
Weighted average diluted shares used in FFO computations (2) | 129,593 | 117,118 | 129,129 | 114,549 | ||||||||||||
Weighted average diluted shares used in Recurring FFO computations (2) | 129,593 | 128,476 | 129,129 | 125,907 | ||||||||||||
Summary Operating and Financial Ratios | ||||||||||||||||
Consolidated shopping center portfolio occupancy at end of period (see pages 18-25) | 92.4 | % | 92.1 | % | 92.4 | % | 92.1 | % | ||||||||
Same-property shopping center portfolio occupancy at end of period | 92.3 | % | 93.6 | % | 92.3 | % | 93.6 | % | ||||||||
Same-property NOI growth - cash basis (see page 9) (3) | 2.9 | % | 3.5 | % | 3.1 | % | 3.3 | % | ||||||||
NOI margin (see page 9) | 71.8 | % | 73.1 | % | 72.4 | % | 72.8 | % | ||||||||
Expense recovery ratio* | 84.3 | % | 82.9 | % | 84.8 | % | 82.1 | % | ||||||||
New, renewal and option rent spread - cash basis (see page 15) (4) | 49.0 | % | 7.9 | % | 23.0 | % | 6.6 | % | ||||||||
Adjusted G&A expense to total revenues (1) | 10.4 | % | 10.5 | % | 10.1 | % | 11.2 | % | ||||||||
Net debt to total market capitalization (see page 6) | 33.1 | % | 36.4 | % | 33.1 | % | 36.4 | % | ||||||||
Net debt to Adjusted Consolidated EBITDA (see page 10) | 6.6 | 6.7 | 6.5 | 7.2 | ||||||||||||
Adjusted Consolidated EBITDA to interest expense* (see page 10) | 3.2 | 3.0 | 3.3 | 3.0 | ||||||||||||
Adjusted Consolidated EBITDA to fixed charges* (see page 10) | 2.9 | 2.7 | 3.0 | 2.7 |
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||
Assets | ||||||||||||
Properties: | ||||||||||||
Income producing | $ | 3,153,131 | $ | 2,937,645 | $ | 2,609,903 | ||||||
Less: accumulated depreciation | (354,166 | ) | (297,736 | ) | (244,044 | ) | ||||||
Income producing properties, net | 2,798,965 | 2,639,909 | 2,365,859 | |||||||||
Construction in progress and land held for development | 104,464 | 108,711 | 110,332 | |||||||||
Properties held for sale | 13,404 | 268,184 | 348,651 | |||||||||
Properties, net | 2,916,833 | 3,016,804 | 2,824,842 | |||||||||
Cash and cash equivalents (1) | 36,495 | 27,858 | 103,524 | |||||||||
Accounts and other receivables, net | 12,872 | 13,426 | 16,896 | |||||||||
Investments in and advances to unconsolidated joint ventures | 91,772 | 72,171 | 50,158 | |||||||||
Loans receivable, net | 60,711 | 140,708 | 45,279 | |||||||||
Goodwill | 6,377 | 6,527 | 6,910 | |||||||||
Other assets | 229,599 | 225,174 | 174,962 | |||||||||
Total assets | $ | 3,354,659 | $ | 3,502,668 | $ | 3,222,571 | ||||||
Liabilities, redeemable noncontrolling interests and equity | ||||||||||||
Liabilities: | ||||||||||||
Mortgage notes payable | $ | 430,155 | $ | 425,755 | $ | 434,352 | ||||||
Unsecured senior notes payable | 731,136 | 731,136 | 691,136 | |||||||||
Term loan | 250,000 | 250,000 | — | |||||||||
Unsecured revolving credit facilities | 91,000 | 172,000 | 138,000 | |||||||||
1,502,291 | 1,578,891 | 1,263,488 | ||||||||||
Unamortized premium on notes payable, net | 6,118 | 6,432 | 7,438 | |||||||||
Total notes payable | 1,508,409 | 1,585,323 | 1,270,926 | |||||||||
Accounts payable and other liabilities | 230,538 | 259,505 | 221,523 | |||||||||
Liabilities associated with properties held for sale | 33 | 18,794 | 67,407 | |||||||||
Deferred tax liability | 11,764 | 12,016 | 14,709 | |||||||||
Total liabilities | 1,750,744 | 1,875,638 | 1,574,565 | |||||||||
Redeemable noncontrolling interests | 989 | 22,551 | 22,804 | |||||||||
Total stockholders’ equity of Equity One, Inc. | 1,395,183 | 1,396,726 | 1,417,316 | |||||||||
Noncontrolling interests | 207,743 | 207,753 | 207,886 | |||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,354,659 | $ | 3,502,668 | $ | 3,222,571 | ||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||
Closing market price of common stock | $ | 22.44 | $ | 21.01 | $ | 16.98 | ||||||
Common stock shares | ||||||||||||
Basic common shares | 117,646.807 | 116,938.373 | 112,599.355 | |||||||||
Diluted common shares | ||||||||||||
Unvested restricted common shares (treasury method, closing price) | 123.775 | 119.442 | 107.888 | |||||||||
DownREIT units (convertible into shares) | 93.656 | 93.656 | 93.656 | |||||||||
Common stock options (treasury method, closing price) | 251.611 | 284.173 | 114.575 | |||||||||
Long term incentive plan performance awards (treasury method, closing price) | 911.263 | 213.006 | — | |||||||||
Convertible CapCo Partnership Units | 11,357.837 | 11,357.837 | 11,357.837 | |||||||||
Diluted common shares | 130,384.949 | 129,006.487 | 124,273.311 | |||||||||
Equity market capitalization | $ | 2,925,838 | $ | 2,710,426 | $ | 2,110,161 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) (1) | $ | 1,502,291 | $ | 1,595,110 | $ | 1,328,174 | ||||||
Cash and equivalents | (36,495 | ) | (27,858 | ) | (103,524 | ) | ||||||
Net debt (1) | $ | 1,465,796 | $ | 1,567,252 | $ | 1,224,650 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) (1) | $ | 1,502,291 | $ | 1,595,110 | $ | 1,328,174 | ||||||
Equity market capitalization | 2,925,838 | 2,710,426 | 2,110,161 | |||||||||
Total market capitalization | $ | 4,428,129 | $ | 4,305,536 | $ | 3,438,335 | ||||||
Net debt to total market capitalization at applicable market price | 33.1 | % | 36.4 | % | 35.6 | % | ||||||
Gross real estate investments (2) | $ | 3,337,301 | $ | 3,482,806 | $ | 3,131,599 | ||||||
Net debt to gross real estate investments | 43.9 | % | 45.0 | % | 39.1 | % | ||||||
Three months ended | Percent Change | Year ended | Percent Change | |||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||
REVENUE: | ||||||||||||||||||||||
Minimum rent | $ | 64,210 | $ | 60,127 | $ | 248,086 | $ | 227,013 | ||||||||||||||
Expense recoveries | 20,602 | 17,590 | 77,499 | 67,329 | ||||||||||||||||||
Percentage rent | 698 | 550 | 4,328 | 4,202 | ||||||||||||||||||
Management and leasing services | 1,113 | 686 | 2,598 | 2,489 | ||||||||||||||||||
Total revenue | 86,623 | 78,953 | 9.7 | % | 332,511 | 301,033 | 10.5 | % | ||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||
Property operating | 23,761 | 20,857 | 89,647 | 79,971 | ||||||||||||||||||
Depreciation and amortization | 22,181 | 20,083 | 87,266 | 79,415 | ||||||||||||||||||
General and administrative | 11,395 | 10,556 | 39,514 | 42,473 | ||||||||||||||||||
Total costs and expenses | 57,337 | 51,496 | 11.3 | % | 216,427 | 201,859 | 7.2 | % | ||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 29,286 | 27,457 | 116,084 | 99,174 | ||||||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||||
Investment income | 765 | 2,632 | 6,631 | 7,241 | ||||||||||||||||||
(Loss) equity in income of unconsolidated joint ventures | (118 | ) | 413 | 1,648 | 542 | |||||||||||||||||
Other income | 16 | 3 | 216 | 45 | ||||||||||||||||||
Interest expense | (17,285 | ) | (19,062 | ) | (68,145 | ) | (70,665 | ) | ||||||||||||||
Amortization of deferred financing fees | (606 | ) | (647 | ) | (2,421 | ) | (2,474 | ) | ||||||||||||||
(Loss) gain on extinguishment of debt | — | (29,498 | ) | 107 | (29,146 | ) | ||||||||||||||||
Impairment loss | (1,903 | ) | (8,908 | ) | (5,641 | ) | (8,909 | ) | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 10,155 | (27,610 | ) | 48,479 | (4,192 | ) | ||||||||||||||||
Income tax benefit of taxable REIT subsidiaries | 123 | 3,053 | 484 | 2,980 | ||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 10,278 | (24,557 | ) | 141.9 | % | 48,963 | (1,212 | ) | **NM | |||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||
Operations of income producing properties | 1,118 | 2,791 | 5,769 | 12,858 | ||||||||||||||||||
Gain on disposal of income producing properties | 2,915 | 2,321 | 39,587 | 16,588 | ||||||||||||||||||
Impairment loss | (2,135 | ) | (10,714 | ) | (4,976 | ) | (20,532 | ) | ||||||||||||||
Income tax provision of taxable REIT subsidiaries | (38 | ) | (133 | ) | (686 | ) | (477 | ) | ||||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 1,860 | (5,735 | ) | 39,694 | 8,437 | |||||||||||||||||
NET INCOME (LOSS) | 12,138 | (30,292 | ) | 140.1 | % | 88,657 | 7,225 | **NM | ||||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,524 | ) | (2,498 | ) | (10,209 | ) | (10,676 | ) | ||||||||||||||
Net income attributable to noncontrolling interests - discontinued operations | (462 | ) | (2 | ) | (494 | ) | (26 | ) | ||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 9,152 | $ | (32,792 | ) | 127.9 | % | $ | 77,954 | $ | (3,477 | ) | **NM | |||||||||
EARNINGS (LOSS) PER COMMON SHARE - BASIC: | ||||||||||||||||||||||
Continuing operations | $ | 0.06 | $ | (0.23 | ) | $ | 0.32 | $ | (0.11 | ) | ||||||||||||
Discontinued operations | 0.01 | (0.05 | ) | 0.33 | 0.07 | |||||||||||||||||
$ | 0.08 | * | $ | (0.28 | ) | 128.6 | % | $ | 0.66 | * | $ | (0.04 | ) | **NM | ||||||||
EARNINGS (LOSS) PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||
Continuing operations | $ | 0.06 | $ | (0.23 | ) | $ | 0.32 | $ | (0.11 | ) | ||||||||||||
Discontinued operations | 0.01 | (0.05 | ) | 0.33 | 0.07 | |||||||||||||||||
$ | 0.08 | * | $ | (0.28 | ) | 128.6 | % | $ | 0.65 | $ | (0.04 | ) | **NM | |||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||
Basic | 117,592 | 116,837 | 117,389 | 114,233 | ||||||||||||||||||
Diluted | 118,235 | 116,837 | 117,771 | 114,233 |
Three months ended | Year ended | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 64,210 | $ | 1,377 | $ | 65,587 | $ | 60,127 | $ | 6,812 | $ | 66,939 | $ | 248,086 | $ | 12,452 | $ | 260,538 | $ | 227,013 | $ | 28,588 | $ | 255,601 | |||||||||||||||||||||||
Expense recoveries | 20,602 | 101 | 20,703 | 17,590 | 1,829 | 19,419 | 77,499 | 3,680 | 81,179 | 67,329 | 7,556 | 74,885 | |||||||||||||||||||||||||||||||||||
Percentage rent | 698 | 23 | 721 | 550 | 46 | 596 | 4,328 | 100 | 4,428 | 4,202 | 328 | 4,530 | |||||||||||||||||||||||||||||||||||
Management and leasing services | 1,113 | — | 1,113 | 686 | — | 686 | 2,598 | — | 2,598 | 2,489 | — | 2,489 | |||||||||||||||||||||||||||||||||||
Total revenue | 86,623 | 1,501 | 88,124 | 78,953 | 8,687 | 87,640 | 332,511 | 16,232 | 348,743 | 301,033 | 36,472 | 337,505 | |||||||||||||||||||||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||||||||||||||||||||||||||
Property operating | 23,761 | 804 | 24,565 | 20,857 | 2,561 | 23,418 | 89,647 | 6,060 | 95,707 | 79,971 | 11,195 | 91,166 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 22,181 | 307 | 22,488 | 20,083 | 2,129 | 22,212 | 87,266 | 3,787 | 91,053 | 79,415 | 8,896 | 88,311 | |||||||||||||||||||||||||||||||||||
General and administrative | 11,395 | (12 | ) | 11,383 | 10,556 | 1 | 10,557 | 39,514 | 24 | 39,538 | 42,473 | 14 | 42,487 | ||||||||||||||||||||||||||||||||||
Total costs and expenses | 57,337 | 1,099 | 58,436 | 51,496 | 4,691 | 56,187 | 216,427 | 9,871 | 226,298 | 201,859 | 20,105 | 221,964 | |||||||||||||||||||||||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 29,286 | 402 | 29,688 | 27,457 | 3,996 | 31,453 | 116,084 | 6,361 | 122,445 | 99,174 | 16,367 | 115,541 | |||||||||||||||||||||||||||||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||||||||||||||||||||||||||||||||||||
Investment income | 765 | 348 | 1,113 | 2,632 | 1 | 2,633 | 6,631 | 351 | 6,982 | 7,241 | 8 | 7,249 | |||||||||||||||||||||||||||||||||||
(Loss) equity in income of unconsolidated joint ventures | (118 | ) | — | (118 | ) | 413 | — | 413 | 1,648 | — | 1,648 | 542 | — | 542 | |||||||||||||||||||||||||||||||||
Other income | 16 | — | 16 | 3 | — | 3 | 216 | 1 | 217 | 45 | 453 | 498 | |||||||||||||||||||||||||||||||||||
Interest expense | (17,285 | ) | (176 | ) | (17,461 | ) | (19,062 | ) | (475 | ) | (19,537 | ) | (68,145 | ) | (806 | ) | (68,951 | ) | (70,665 | ) | (2,503 | ) | (73,168 | ) | |||||||||||||||||||||||
Amortization of deferred financing fees | (606 | ) | — | (606 | ) | (647 | ) | — | (647 | ) | (2,421 | ) | — | (2,421 | ) | (2,474 | ) | (11 | ) | (2,485 | ) | ||||||||||||||||||||||||||
Gain on sale of real estate | — | 2,915 | 2,915 | — | 2,321 | 2,321 | — | 39,587 | 39,587 | — | 16,588 | 16,588 | |||||||||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | — | 544 | 544 | (29,498 | ) | (731 | ) | (30,229 | ) | 107 | (138 | ) | (31 | ) | (29,146 | ) | (1,456 | ) | (30,602 | ) | |||||||||||||||||||||||||||
Impairment loss | (1,903 | ) | (2,135 | ) | (4,038 | ) | (8,908 | ) | (10,714 | ) | (19,622 | ) | (5,641 | ) | (4,976 | ) | (10,617 | ) | (8,909 | ) | (20,532 | ) | (29,441 | ) | |||||||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 10,155 | 1,898 | 12,053 | (27,610 | ) | (5,602 | ) | (33,212 | ) | 48,479 | 40,380 | 88,859 | (4,192 | ) | 8,914 | 4,722 | |||||||||||||||||||||||||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 123 | (38 | ) | 85 | 3,053 | (133 | ) | 2,920 | 484 | (686 | ) | (202 | ) | 2,980 | (477 | ) | 2,503 | ||||||||||||||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 10,278 | 1,860 | 12,138 | (24,557 | ) | (5,735 | ) | (30,292 | ) | 48,963 | 39,694 | 88,657 | (1,212 | ) | 8,437 | 7,225 | |||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||||||||||||||||||||||||||||||||||||
Operations of income producing properties | 1,118 | (1,118 | ) | — | 2,791 | (2,791 | ) | — | 5,769 | (5,769 | ) | — | 12,858 | (12,858 | ) | — | |||||||||||||||||||||||||||||||
Gain on disposal of income producing properties | 2,915 | (2,915 | ) | — | 2,321 | (2,321 | ) | — | 39,587 | (39,587 | ) | — | 16,588 | (16,588 | ) | — | |||||||||||||||||||||||||||||||
Impairment loss | (2,135 | ) | 2,135 | — | (10,714 | ) | 10,714 | — | (4,976 | ) | 4,976 | — | (20,532 | ) | 20,532 | — | |||||||||||||||||||||||||||||||
Income tax provision of taxable REIT subsidiaries | (38 | ) | 38 | — | (133 | ) | 133 | (686 | ) | 686 | — | (477 | ) | 477 | — | ||||||||||||||||||||||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 1,860 | (1,860 | ) | — | (5,735 | ) | 5,735 | — | 39,694 | (39,694 | ) | — | 8,437 | (8,437 | ) | — | |||||||||||||||||||||||||||||||
NET INCOME (LOSS) | 12,138 | — | 12,138 | (30,292 | ) | — | (30,292 | ) | 88,657 | — | 88,657 | 7,225 | — | 7,225 | |||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,524 | ) | (462 | ) | (2,986 | ) | (2,498 | ) | (2 | ) | (2,500 | ) | (10,209 | ) | (494 | ) | (10,703 | ) | (10,676 | ) | (26 | ) | (10,702 | ) | |||||||||||||||||||||||
Net income attributable to noncontrolling interests - discontinued operations | (462 | ) | 462 | — | (2 | ) | 2 | — | (494 | ) | 494 | (26 | ) | 26 | — | ||||||||||||||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 9,152 | $ | — | $ | 9,152 | $ | (32,792 | ) | $ | — | $ | (32,792 | ) | $ | 77,954 | $ | — | $ | 77,954 | $ | (3,477 | ) | $ | — | $ | (3,477 | ) |
Three months ended | Percent Change | Year ended | Percent Change | ||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | ||||||||||||||||
Total net operating income (1) | |||||||||||||||||||
Total rental revenue | $ | 87,011 | $ | 86,954 | 0.1% | $ | 346,145 | $ | 335,016 | 3.3% | |||||||||
Property operating expenses | 24,565 | 23,418 | 4.9% | 95,707 | 91,166 | 5.0% | |||||||||||||
Net operating income | $ | 62,446 | $ | 63,536 | (1.7%) | $ | 250,438 | $ | 243,850 | 2.7% | |||||||||
NOI margin (NOI / Total rental revenue) | 71.8 | % | 73.1 | % | 72.4 | % | 72.8 | % | |||||||||||
Same-property cash NOI (2) (3) | |||||||||||||||||||
Minimum rent | $ | 51,341 | $ | 50,145 | $ | 179,765 | $ | 174,860 | |||||||||||
Expense recoveries | 17,035 | 15,470 | 56,528 | 54,747 | |||||||||||||||
Percentage rent | 587 | 478 | 3,667 | 3,551 | |||||||||||||||
Total rental revenue | $ | 68,963 | $ | 66,093 | 4.3% | $ | 239,960 | $ | 233,158 | 2.9% | |||||||||
Recoverable operating expenses (4) | $ | 20,415 | $ | 19,357 | $ | 69,258 | $ | 68,200 | |||||||||||
Non-recoverable operating expenses | 966 | 717 | 2,591 | 2,706 | |||||||||||||||
Bad debt expense | 578 | 343 | 1,524 | 711 | |||||||||||||||
Total property operating expenses | 21,959 | 20,417 | 7.6% | 73,373 | 71,617 | 2.5% | |||||||||||||
Net operating income | $ | 47,004 | $ | 45,676 | 2.9% | $ | 166,587 | $ | 161,541 | 3.1% | |||||||||
Growth in same-property NOI | 2.9 | % | 3.1 | % | |||||||||||||||
Physical occupancy | 91.8 | % | 92.6 | % | 91.2 | % | 92.2 | % | |||||||||||
Leased occupancy | 92.3 | % | 93.6 | % | 91.8 | % | 93.2 | % | |||||||||||
Number of properties included in analysis (3) | 114 | 108 |
Three months ended | Year ended | |||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||
Net income (loss) | $ | 12,138 | $ | (30,292 | ) | $ | 88,657 | $ | 7,225 | |||||||
Depreciation and amortization | 22,488 | 22,212 | 91,053 | 88,311 | ||||||||||||
Interest expense | 17,461 | 19,537 | 68,951 | 73,168 | ||||||||||||
Amortization of deferred financing fees | 606 | 647 | 2,421 | 2,485 | ||||||||||||
(Gain) loss on extinguishment of debt | (544 | ) | 30,229 | 31 | 30,602 | |||||||||||
Acquisition/disposition costs (1) | 2,192 | 1,397 | 4,246 | 4,801 | ||||||||||||
Impairment loss | 4,038 | 19,622 | 10,617 | 29,441 | ||||||||||||
Gain on sale of depreciable real estate | (2,915 | ) | (2,321 | ) | (39,587 | ) | (16,588 | ) | ||||||||
Income tax (benefit) provision of taxable REIT subsidiaries | (85 | ) | (2,920 | ) | 202 | (2,503 | ) | |||||||||
Adjusted Consolidated EBITDA | $ | 55,379 | $ | 58,111 | $ | 226,591 | $ | 216,942 | ||||||||
Interest expense | $ | 17,461 | $ | 19,537 | $ | 68,951 | $ | 73,168 | ||||||||
Adjusted Consolidated EBITDA to interest expense | 3.2 | 3.0 | 3.3 | 3.0 | ||||||||||||
Fixed charges | ||||||||||||||||
Interest expense | $ | 17,461 | $ | 19,537 | $ | 68,951 | $ | 73,168 | ||||||||
Scheduled principal amortization (2) | 1,967 | 1,979 | 7,532 | 8,333 | ||||||||||||
Total fixed charges | $ | 19,428 | $ | 21,516 | $ | 76,483 | $ | 81,501 | ||||||||
Adjusted Consolidated EBITDA to fixed charges | 2.9 | 2.7 | 3.0 | 2.7 | ||||||||||||
Net Debt to Adjusted Consolidated EBITDA (3) | 6.6 | 6.7 | 6.5 | 7.2 |
Three months ended | Year ended | |||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Net income (loss) attributable to Equity One, Inc. | $ | 9,152 | $ | (32,792 | ) | $ | 77,954 | $ | (3,477 | ) | ||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, net of noncontrolling interest (1) | 22,226 | 21,975 | 90,097 | 87,456 | ||||||||||||
Earnings allocated to noncontrolling interest (2) | 2,499 | — | 9,996 | — | ||||||||||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 1,081 | 877 | 4,283 | 3,932 | ||||||||||||
Impairments of depreciable real estate, net of tax (1) | 3,323 | 15,338 | 6,538 | 25,156 | ||||||||||||
Gain on disposal of depreciable assets, net of tax (1) | (2,406 | ) | (2,321 | ) | (37,877 | ) | (15,407 | ) | ||||||||
Funds From Operations | 35,875 | 3,077 | 150,991 | 97,660 | ||||||||||||
Transaction costs associated with acquisition and disposition activity, net of tax (1) (3) (4) | 2,767 | 1,397 | 4,821 | 4,801 | ||||||||||||
Impairment of goodwill and land held for development | 715 | 1,266 | 3,373 | 1,266 | ||||||||||||
(Gain) loss on debt extinguishment, net of tax (1) | (544 | ) | 30,229 | 31 | 30,602 | |||||||||||
Earnings allocated to noncontrolling interest (2) | — | 2,499 | — | 9,996 | ||||||||||||
Gain on land and outparcel sales, net of controlling interests (1) | (462 | ) | — | (923 | ) | (1,181 | ) | |||||||||
Recurring Funds From Operations | $ | 38,351 | $ | 38,468 | $ | 158,293 | $ | 143,144 |
Three months ended | Year ended | |||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||
Earnings (loss) per diluted share attributable to Equity One, Inc. | $ | 0.08 | $ | (0.28 | ) | $ | 0.65 | $ | (0.04 | ) | ||||||
Adjustments: | ||||||||||||||||
Rental property depreciation and amortization, net of noncontrolling interest | 0.17 | 0.19 | 0.70 | 0.76 | ||||||||||||
Earnings allocated to noncontrolling interest (1) | 0.02 | — | 0.08 | — | ||||||||||||
Net adjustment for rounding and earnings attributable to unvested shares (2) | (0.01 | ) | — | (0.05 | ) | 0.01 | ||||||||||
Pro rata share of real estate depreciation from unconsolidated joint ventures | 0.01 | 0.01 | 0.03 | 0.03 | ||||||||||||
Impairments of depreciable real estate, net of tax | 0.03 | 0.13 | 0.05 | 0.22 | ||||||||||||
Gain on disposal of depreciable assets, net of tax | (0.02 | ) | (0.02 | ) | (0.29 | ) | (0.13 | ) | ||||||||
Funds From Operations per Diluted Share | $ | 0.28 | $ | 0.03 | $ | 1.17 | $ | 0.85 | ||||||||
Weighted Average Diluted Shares - Funds from Operations (3) | 129,593 | 117,118 | 129,129 | 114,549 | ||||||||||||
Funds From Operations per Diluted Share (4) | $ | 0.28 | $ | 0.02 | $ | 1.17 | $ | 0.78 | ||||||||
Transaction costs associated with acquisition and disposition activity, net of tax | 0.02 | 0.01 | 0.04 | 0.04 | ||||||||||||
Impairment of goodwill and land held for development | 0.01 | 0.01 | 0.02 | 0.01 | ||||||||||||
(Gain) loss on debt extinguishment, net of tax | (0.01 | ) | 0.24 | — | 0.24 | |||||||||||
Earnings allocated to noncontrolling interest (1) | — | 0.02 | — | 0.08 | ||||||||||||
Gain on land and outparcel sales | — | — | — | (0.01 | ) | |||||||||||
Recurring Funds From Operations per Diluted Share | $ | 0.30 | $ | 0.30 | $ | 1.23 | $ | 1.14 | ||||||||
Weighted Average Diluted Shares - Recurring Funds from Operations (3) | 129,593 | 128,476 | 129,129 | 125,907 |
Three months ended | Year ended | |||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||
Certain non-cash items: | ||||||||||||||||
Amortization of deferred financing fees | $ | 606 | $ | 647 | $ | 2,421 | $ | 2,485 | ||||||||
Accretion of below market lease intangibles, net | 3,414 | 2,993 | 12,303 | 12,469 | ||||||||||||
Share-based compensation expense | 1,521 | 1,649 | 6,173 | 6,863 | ||||||||||||
Straight line rent | 517 | 867 | 2,344 | 3,994 | ||||||||||||
Capitalized interest | 627 | 936 | 2,863 | 4,742 | ||||||||||||
Amortization of premium on notes payable, net | 596 | 564 | 2,478 | 2,627 | ||||||||||||
Capital expenditures: | ||||||||||||||||
Tenant improvements and allowances | $ | 5,553 | $ | 6,100 | $ | 14,374 | $ | 15,616 | ||||||||
Leasing commissions and costs | 3,238 | 2,084 | 9,370 | 6,920 | ||||||||||||
Developments | 8,632 | 19,759 | 22,635 | 67,354 | ||||||||||||
Redevelopments and expansions | 7,784 | 3,153 | 23,767 | 10,136 | ||||||||||||
Maintenance capital expenditures | 3,569 | 1,993 | 6,701 | 5,174 | ||||||||||||
Total capital expenditures | $ | 28,776 | $ | 33,089 | $ | 76,847 | $ | 105,200 | ||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Other assets: | ||||||||||||||||
Lease intangible assets, net | $ | 117,200 | $ | 125,935 | ||||||||||||
Leasing commissions, net | 38,296 | 33,959 | ||||||||||||||
Prepaid expenses and other receivables | 26,763 | 24,334 | ||||||||||||||
Straight-line rent receivable, net | 21,490 | 19,464 | ||||||||||||||
Deferred financing costs, net | 8,347 | 10,777 | ||||||||||||||
Deposits and mortgage escrow | 7,763 | 5,218 | ||||||||||||||
Furniture, fixtures and equipment, net | 4,406 | 2,519 | ||||||||||||||
Fair value of interest rate swaps | 2,944 | — | ||||||||||||||
Deferred tax asset | 2,390 | 2,968 | ||||||||||||||
Total other assets | $ | 229,599 | $ | 225,174 | ||||||||||||
Accounts payable and other liabilities: | ||||||||||||||||
Lease intangible liabilities, net | $ | 167,777 | $ | 185,061 | ||||||||||||
Prepaid rent | 9,450 | 10,687 | ||||||||||||||
Accounts payable and other | 53,311 | 63,757 | ||||||||||||||
Total accounts payable and other liabilities | $ | 230,538 | $ | 259,505 | ||||||||||||
Cash and Maximum Available Under Lines of Credit as of 12/31/13: | ||||||||||||||||
Cash and cash equivalents - unrestricted | $ | 25,583 | ||||||||||||||
Available under lines of credit (inclusive of amounts drawn) | 413,300 | |||||||||||||||
Total Available Funds | $ | 438,883 |
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 | |||||||||||||||||||||||||
Publix | 30 | N/A | 1,253,633 | 7.8 | % | $ | 9,362,135 | 3.8 | % | $ | 7.47 | 6.3 | |||||||||||||
Supervalu | 6 | B3/B+ | 398,625 | 2.5 | % | 8,995,251 | 3.7 | % | 22.57 | 2.6 | |||||||||||||||
L.A. Fitness | 7 | N/A | 320,897 | 2.0 | % | 5,874,153 | 2.4 | % | 18.31 | 9.1 | |||||||||||||||
The TJX Companies | 13 | A3/A+ | 371,068 | 2.3 | % | 5,639,466 | 2.3 | % | 15.20 | 4.3 | |||||||||||||||
Great Atlantic & Pacific Tea Co. | 2 | Caa2/CCC | 88,018 | 0.5 | % | 5,489,260 | 2.2 | % | 62.37 | 13.2 | |||||||||||||||
Bed Bath and Beyond | 10 | N/A/BBB+ | 316,993 | 2.0 | % | 4,546,469 | 1.8 | % | 14.34 | 2.8 | |||||||||||||||
Sports Authority | 4 | B3/B- | 108,391 | 0.7 | % | 3,753,410 | 1.5 | % | 34.63 | 7.9 | |||||||||||||||
CVS Pharmacy | 13 | Baa1/BBB+ | 153,211 | 1.0 | % | 3,708,094 | 1.5 | % | 24.20 | 8.0 | |||||||||||||||
The Gap, Inc. | 7 | Baa3/BBB- | 119,729 | 0.7 | % | 3,414,675 | 1.4 | % | 28.52 | 6.5 | |||||||||||||||
Office Depot | 8 | B2/B- | 209,845 | 1.3 | % | 3,383,261 | 1.4 | % | 16.12 | 3.2 | |||||||||||||||
Costco | 1 | A1/A+ | 148,295 | 0.9 | % | 3,085,914 | 1.3 | % | 20.81 | 0.7 | |||||||||||||||
Winn Dixie | 8 | N/A | 352,628 | 2.2 | % | 2,692,884 | 1.1 | % | 7.64 | 4.1 | |||||||||||||||
Staples | 7 | Baa2/BBB- | 144,726 | 0.9 | % | 2,668,306 | 1.1 | % | 18.44 | 3.2 | |||||||||||||||
Trader Joe's | 6 | N/A | 68,479 | 0.4 | % | 2,372,470 | 1.0 | % | 34.65 | 8.3 | |||||||||||||||
The Container Store | 2 | B2/B | 49,661 | 0.3 | % | 2,174,212 | 0.9 | % | 43.78 | 8.7 | |||||||||||||||
Best Buy | 4 | Baa2/BB | 142,831 | 0.9 | % | 2,104,708 | 0.9 | % | 14.74 | 2.4 | |||||||||||||||
Nordstrom | 2 | Baa1/A- | 75,418 | 0.5 | % | 1,958,780 | 0.8 | % | 25.97 | 7.7 | |||||||||||||||
Target | 1 | A2/A+ | 160,346 | 1.0 | % | 1,924,152 | 0.8 | % | 12.00 | 4.6 | |||||||||||||||
Goodwill | 13 | N/A | 149,816 | 0.9 | % | 1,922,000 | 0.8 | % | 12.83 | 6.6 | |||||||||||||||
Wal-Mart | 2 | Aa2/AA | 175,984 | 1.1 | % | 1,892,468 | 0.8 | % | 10.75 | 4.6 | |||||||||||||||
Whole Foods | 2 | N/A/BBB- | 85,907 | 0.5 | % | 1,820,883 | 0.7 | % | 21.20 | 11.0 | |||||||||||||||
JP Morgan Chase | 10 | A3/A+ | 47,941 | 0.3 | % | 1,686,509 | 0.7 | % | 35.18 | 3.9 | |||||||||||||||
Stop & Shop | 1 | N/A | 59,015 | 0.4 | % | 1,685,484 | 0.7 | % | 28.56 | 11.0 | |||||||||||||||
Safeway | 2 | Baa3/BBB | 94,584 | 0.6 | % | 1,654,739 | 0.7 | % | 17.49 | 4.8 | |||||||||||||||
Kroger | 5 | Baa2/BBB | 224,258 | 1.4 | % | 1,588,807 | 0.6 | % | 7.08 | 3.1 | |||||||||||||||
Total top twenty-five tenants | 166 | 5,320,299 | 33.1 | % | $ | 85,398,490 | 34.9 | % | $ | 16.05 | 5.9 |
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) | |||||||||||||||||||
Quarter ended December 31, 2013: | |||||||||||||||||||||||||||
New Leases (1) (5) | 47 | 292,240 | 30 | 184,157 | $ | 17.42 | $ | 35.41 | 103.2 | % | $ | 30.60 | |||||||||||||||
Renewals & Options | 58 | 260,524 | 52 | 234,494 | $ | 18.40 | $ | 19.98 | 8.6 | % | $ | — | |||||||||||||||
Total New, Renewals & Options (4) (5) | 105 | 552,764 | 82 | 418,651 | $ | 17.97 | $ | 26.77 | 49.0 | % | $ | 13.46 | |||||||||||||||
Year ended December 31, 2013: (2) | |||||||||||||||||||||||||||
New Leases (1) (5) | 158 | 734,641 | 96 | 386,069 | $ | 16.84 | $ | 26.55 | 57.6 | % | $ | 24.51 | |||||||||||||||
Renewals & Options | 256 | 1,320,107 | 242 | 1,243,560 | $ | 14.76 | $ | 16.33 | 10.7 | % | $ | 0.36 | |||||||||||||||
Total New, Renewals & Options (4) (5) | 414 | 2,054,748 | 338 | 1,629,629 | $ | 15.25 | $ | 18.75 | 23.0 | % | $ | 6.08 | |||||||||||||||
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 | 1 | 10,163 | 0.1 | % | $ | 6.50 | 111 | 225,184 | 4.5 | % | $ | 18.51 | 112 | 235,347 | 1.7 | % | $ | 18.00 | ||||||||||||||||||
2014 | 48 | 1,436,174 | 15.2 | % | 10.73 | 344 | 780,703 | 15.7 | % | 21.00 | 392 | 2,216,877 | 15.4 | % | 14.35 | |||||||||||||||||||||
2015 | 40 | 1,097,804 | 11.6 | % | 8.12 | 293 | 688,870 | 13.9 | % | 23.71 | 333 | 1,786,674 | 12.4 | % | 14.13 | |||||||||||||||||||||
2016 | 44 | 1,577,588 | 16.7 | % | 12.97 | 293 | 655,839 | 13.2 | % | 25.24 | 337 | 2,233,427 | 15.5 | % | 16.57 | |||||||||||||||||||||
2017 | 33 | 1,004,612 | 10.7 | % | 13.37 | 236 | 519,979 | 10.5 | % | 28.23 | 269 | 1,524,591 | 10.6 | % | 18.43 | |||||||||||||||||||||
2018 | 28 | 860,005 | 9.1 | % | 11.62 | 169 | 467,890 | 9.4 | % | 26.23 | 197 | 1,327,895 | 9.2 | % | 16.77 | |||||||||||||||||||||
2019 | 9 | 553,811 | 5.9 | % | 7.81 | 51 | 147,474 | 3.0 | % | 26.37 | 60 | 701,285 | 4.9 | % | 11.72 | |||||||||||||||||||||
2020 | 15 | 491,938 | 5.2 | % | 12.81 | 38 | 119,213 | 2.4 | % | 32.16 | 53 | 611,151 | 4.3 | % | 16.58 | |||||||||||||||||||||
2021 | 10 | 182,749 | 2.0 | % | 19.01 | 30 | 93,067 | 1.9 | % | 40.32 | 40 | 275,816 | 1.9 | % | 26.20 | |||||||||||||||||||||
2022 | 15 | 468,248 | 5.0 | % | 14.34 | 38 | 126,544 | 2.5 | % | 36.74 | 53 | 594,792 | 4.1 | % | 19.11 | |||||||||||||||||||||
Thereafter | 48 | 1,530,675 | 16.3 | % | 18.72 | 75 | 251,267 | 5.1 | % | 43.45 | 123 | 1,781,942 | 12.4 | % | 22.21 | |||||||||||||||||||||
Sub-total / Avg. | 291 | 9,213,767 | 97.8 | % | 12.78 | 1,678 | 4,076,030 | 82.1 | % | 26.36 | 1,969 | 13,289,797 | 92.4 | % | 16.94 | |||||||||||||||||||||
Vacant | 8 | 209,445 | 2.2 | % | N/A | 443 | 888,952 | 17.9 | % | N/A | 451 | 1,098,397 | 7.6 | % | N/A | |||||||||||||||||||||
Total / Avg. | 299 | 9,423,212 | 100.0 | % | N/A | 2,121 | 4,964,982 | 100.0 | % | N/A | 2,420 | 14,388,194 | 100.0 | % | N/A |
Metro or Region | # Properties | Total SF | AMR | % of AMR | ||||||||||
Miami Dade/Broward/Palm Beach | 32 | 4,219,862 | $ | 60,265,937 | 28.1 | % | ||||||||
Naples/Port St. Lucie/Stuart | 4 | 358,817 | 4,266,530 | 2.0 | % | |||||||||
South Florida Region | 36 | 4,578,679 | 64,532,467 | 30.1 | % | |||||||||
California | 9 | 1,942,766 | 43,414,698 | 20.2 | % | |||||||||
West Coast Region | 9 | 1,942,766 | 43,414,698 | 20.2 | % | |||||||||
Atlanta, Georgia | 9 | 883,326 | 13,732,508 | 6.4 | % | |||||||||
Louisiana | 11 | 1,183,601 | 9,879,791 | 4.6 | % | |||||||||
North Carolina | 4 | 489,863 | 3,257,704 | 1.5 | % | |||||||||
Central/South Georgia | 2 | 346,390 | 2,512,151 | 1.2 | % | |||||||||
Other | 1 | 126,841 | 741,285 | 0.3 | % | |||||||||
Southeast Region | 27 | 3,030,021 | 30,123,439 | 14.0 | % | |||||||||
Connecticut | 8 | 981,891 | 19,112,295 | 8.9 | % | |||||||||
Maryland | 1 | 59,153 | 655,898 | 0.3 | % | |||||||||
Massachusetts | 7 | 602,879 | 11,219,103 | 5.2 | % | |||||||||
New York | 6 | 633,780 | 20,034,451 | 9.3 | % | |||||||||
Northeast Region | 22 | 2,277,703 | 51,021,747 | 23.7 | % | |||||||||
Jacksonville/North Florida | 7 | 884,606 | 9,195,487 | 4.3 | % | |||||||||
Tampa/St. Petersburg/Venice/Cape Coral | 7 | 671,708 | 6,834,144 | 3.2 | % | |||||||||
Orlando/Central Florida | 5 | 486,007 | 3,854,884 | 1.8 | % | |||||||||
North Palm Coast | 5 | 516,704 | 5,822,451 | 2.7 | % | |||||||||
North Florida Region | 24 | 2,559,025 | 25,706,966 | 12.0 | % | |||||||||
Total | 118 | 14,388,194 | $ | 214,799,317 | 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 | ||||||||||||||||||
NORTH FLORIDA REGION (24) | |||||||||||||||||||||||||||||
Orlando / Central Florida (5) | |||||||||||||||||||||||||||||
Alafaya Commons | Orlando | 1987 | 126,333 | 34.9 | % | 19 | 11 | $ | 21.55 | ||||||||||||||||||||
Alafaya Village | Orlando | 1986 | 38,118 | 79.9 | % | 12 | 4 | $ | 23.21 | ||||||||||||||||||||
Park Promenade | Orlando | 1987 / 2000 | 128,848 | 28.9 | % | 12 | 11 | Dollar General | $ | 10.67 | |||||||||||||||||||
Town & Country | Kissimmee | 1993 | 75,181 | 94.1 | % | 11 | 3 | 52,883 | Albertsons* (Ross Dress For Less) | 10/31/2018 | $ | 8.12 | |||||||||||||||||
Unigold Shopping Center | Winter Park | 1987 | 117,527 | 88.2 | % | 17 | 8 | 52,500 | Winn-Dixie | 4/30/2017 | You Fit | $ | 11.83 | ||||||||||||||||
Jacksonville / North Florida (7) | |||||||||||||||||||||||||||||
Beauclerc Village | Jacksonville | 1962 / 1988 | 68,846 | 93.1 | % | 7 | 4 | Big Lots / Goodwill / Beall’s Outlet | $ | 9.09 | |||||||||||||||||||
Forest Village | Tallahassee | 2000 | 71,526 | 78.7 | % | 9 | 7 | 37,866 | Publix | 4/30/2020 | $ | 10.33 | |||||||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 71,816 | 86.8 | % | 6 | 4 | 45,500 | Winn-Dixie | 5/31/2015 | Citi Trends | $ | 6.92 | ||||||||||||||||
Mandarin Landing | Jacksonville | 1976 | 139,580 | 88.6 | % | 21 | 8 | 50,000 | Whole Foods | 12/31/2023 | Office Depot / Aveda Institute | $ | 16.58 | ||||||||||||||||
Oak Hill (2) | Jacksonville | 1985 / 1997 | 78,492 | 100.0 | % | 17 | — | 39,795 | Publix | 3/11/2015 | Planet Fitness | $ | 8.36 | ||||||||||||||||
Pablo Plaza | Jacksonville | 1974 / 1998 / 2001 / 2008 | 146,473 | 86.0 | % | 18 | 10 | 34,400 | Publix* (Office Depot) | 11/30/2018 | Marshalls / HomeGoods | $ | 11.57 | ||||||||||||||||
South Beach | Jacksonville Beach | 1990 / 1991 | 307,873 | 88.2 | % | 34 | 15 | Ross / Bed Bath & Beyond / Home Depot / Stein Mart / Staples | $ | 12.65 | |||||||||||||||||||
Tampa / St. Petersburg / Venice / Cape Coral (7) | |||||||||||||||||||||||||||||
Charlotte Square | Port Charlotte | 1980 | 96,626 | 69.9 | % | 12 | 13 | Seafood Buffet / American Signature Furniture | $ | 7.75 | |||||||||||||||||||
Glengary Shoppes | Sarasota | 1995 | 92,844 | 100.0 | % | 6 | — | Best Buy / Barnes & Noble | $ | 19.73 | |||||||||||||||||||
Mariners Crossing | Spring Hill | 1989 / 1999 | 97,812 | 85.9 | % | 15 | 3 | 48,315 | Sweet Bay | 8/15/2020 | $ | 10.13 | |||||||||||||||||
Shoppes of North Port | North Port | 1991 | 84,705 | 86.2 | % | 14 | 7 | You Fit Health Club / Goodwill | $ | 8.76 | |||||||||||||||||||
Sunlake | Tampa | 2008 | 94,397 | 91.3 | % | 19 | 6 | 45,600 | Publix | 12/31/2028 | $ | 18.75 | |||||||||||||||||
Sunpoint Shopping Center | Ruskin | 1984 | 132,374 | 83.0 | % | 18 | 7 | Goodwill / Big Lots / Chapter 13 Trustee / The Crossing Church | $ | 7.90 | |||||||||||||||||||
Walden Woods | Plant City | 1985 /1998 / 2003 | 72,950 | 87.3 | % | 10 | 5 | Dollar Tree / Aaron Rents / Dollar General | $ | 7.92 |
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 | ||||||||||||||||||
North Palm Coast (5) | |||||||||||||||||||||||||||||
New Smyrna Beach | New Smyrna Beach | 1987 | 118,451 | 87.8 | % | 29 | 5 | 42,112 | Publix | 9/23/2017 | $ | 12.32 | |||||||||||||||||
Old King Commons | Palm Coast | 1988 | 84,759 | 94.6 | % | 12 | 3 | Staples / Beall's Outlet / Planet Fitness | $ | 9.40 | |||||||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 82.9 | % | 20 | 12 | 39,795 | Publix | 3/23/2017 | Beall’s Outlet / Books-A-Million | $ | 11.07 | ||||||||||||||||
South Point Center | Vero Beach | 2003 | 64,790 | 94.1 | % | 12 | 3 | 44,840 | Publix | 11/30/2023 | $ | 15.74 | |||||||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,779 | 98.9 | % | 23 | 1 | 59,450 | Publix | 7/31/2026 | TJ Maxx | $ | 13.40 | ||||||||||||||||
TOTAL SHOPPING CENTERS NORTH FLORIDA REGION (24) | 2,559,025 | 82.8 | % | 373 | 150 | 593,056 | $ | 12.13 | |||||||||||||||||||||
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 | $ | 24.36 | |||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 192,274 | 94.2 | % | 42 | 6 | 44,400 | Winn-Dixie | 12/31/2017 | CVS Pharmacy / Goodwill | $ | 19.88 | ||||||||||||||||
Bluffs Square | Jupiter | 1986 | 123,917 | 81.0 | % | 22 | 9 | 39,795 | Publix | 10/22/2016 | Walgreens | $ | 12.89 | ||||||||||||||||
Chapel Trail | Pembroke Pines | 2007 | 56,378 | 100.0 | % | 4 | — | LA Fitness | $ | 23.72 | |||||||||||||||||||
Coral Reef Shopping Center | Palmetto Bay | 1968 / 1990 | 74,680 | 91.5 | % | 13 | 4 | Office Depot / Walgreens | $ | 26.15 | |||||||||||||||||||
Countryside Shops | Cooper City | 1986 /1988 / 1991 | 179,561 | 86.4 | % | 37 | 10 | 39,795 | Publix | 12/4/2015 | Stein Mart | $ | 14.25 | ||||||||||||||||
Crossroads Square | Pembroke Pines | 1973 | 81,587 | 86.0 | % | 15 | 8 | CVS Pharmacy / Goodwill | $ | 18.26 | |||||||||||||||||||
El Novillo | Miami Beach | 1970 / 2000 | 10,000 | 100.0 | % | 1 | — | Sakura Japanese Buffet | $ | 17.00 | |||||||||||||||||||
Greenwood | Palm Springs | 1982 / 1994 | 133,438 | 89.4 | % | 28 | 7 | 50,032 | Publix | 12/5/2014 | Beall’s Outlet | $ | 14.42 | ||||||||||||||||
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 | $ | 15.16 | ||||||||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 75.4 | % | 9 | 3 | $ | 20.91 | ||||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 92.7 | % | 15 | 3 | 42,323 | Publix | 9/13/2015 | $ | 13.65 | |||||||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 97.6 | % | 22 | 3 | 39,473 | Winn-Dixie | 2/15/2016 | Kmart / Rite Aid* (Family Dollar) | $ | 7.52 | ||||||||||||||||
Magnolia Shoppes | Fort Lauderdale | 1998 | 114,118 | 94.5 | % | 14 | 3 | Regal Cinemas / Deal$ | $ | 12.86 | |||||||||||||||||||
Shoppes of Oakbrook | Palm Beach Gardens | 1974 / 2000 / 2003 | 199,633 | 92.6 | % | 22 | 8 | 44,400 | Publix | 11/30/2020 | Stein Mart / Homegoods / CVS Pharmacy / Bassett Furniture / Duffy’s | $ | 14.87 | ||||||||||||||||
Oaktree Plaza | North Palm Beach | 1985 | 23,745 | 81.9 | % | 14 | 6 | $ | 16.70 | ||||||||||||||||||||
Pine Island | Davie | 1999 | 254,907 | 91.9 | % | 35 | 9 | 39,943 | Publix | 11/30/2018 | Burlington Coat Factory / Staples / You Fit Health Club | $ | 13.21 |
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 | ||||||||||||||||||
Point Royale | Miami | 1970 / 2000 | 181,381 | 93.8 | % | 23 | 4 | 45,350 | Winn-Dixie | 2/15/2015 | Best Buy / Pasteur Medical | $ | 12.44 | ||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 122,014 | 96.6 | % | 9 | 1 | Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx | $ | 18.19 | |||||||||||||||||||
Ridge Plaza | Davie | 1984 / 1999 | 155,204 | 95.3 | % | 20 | 6 | Ridge Cinema / Kabooms / United Collection / Round Up / Goodwill | $ | 11.92 | |||||||||||||||||||
Riverside Square | Coral Springs | 1987 | 103,241 | 80.1 | % | 19 | 13 | 39,795 | Publix | 2/18/2017 | $ | 11.27 | |||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 80.7 | % | 16 | 8 | 36,464 | Publix | 12/15/2014 | Walgreens / Dollar Tree | $ | 10.64 | ||||||||||||||||
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 | $ | 16.04 | ||||||||||||||||
Shoppes of Andros Isles | West Palm Beach | 2000 | 79,420 | 82.4 | % | 10 | 8 | 51,420 | Publix | 2/29/2020 | $ | 11.73 | |||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995 / 1997 | 126,789 | 88.6 | % | 29 | 8 | 47,814 | Publix | 6/14/2015 | Goodwill | $ | 16.61 | ||||||||||||||||
Shops at Skylake | North Miami Beach | 1999 / 2005 / 2006 | 287,168 | 95.6 | % | 44 | 5 | 51,420 | Publix | 7/31/2019 | TJ Maxx / LA Fitness / Goodwill | $ | 19.31 | ||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 124,585 | 86.8 | % | 28 | 11 | 37,764 | Publix | 12/15/2019 | Dollar Tree / Pivot Education | $ | 11.83 | ||||||||||||||||
Waterstone | Homestead | 2005 | 61,000 | 100.0 | % | 9 | — | 45,600 | Publix | 7/31/2025 | $ | 14.99 | |||||||||||||||||
West Bird | Miami | 1977 / 2000 | 99,864 | 92.5 | % | 25 | 3 | 37,949 | Publix | 8/31/2020 | CVS Pharmacy | $ | 14.35 | ||||||||||||||||
West Lakes Plaza | Miami | 1984 / 2000 | 100,747 | 95.4 | % | 26 | 1 | 46,216 | Winn-Dixie | 5/22/2016 | Navarro Pharmacy | $ | 14.52 | ||||||||||||||||
Westport Plaza | Davie | 2002 | 49,533 | 97.6 | % | 7 | 1 | 27,887 | Publix | 11/30/2022 | $ | 17.75 | |||||||||||||||||
Young Circle | Hollywood | 1962 / 1997 | 65,834 | 98.1 | % | 9 | 1 | 23,124 | Publix | 11/30/2016 | Walgreens | $ | 15.64 | ||||||||||||||||
Naples / Port St. Lucie / Stuart (4) | |||||||||||||||||||||||||||||
Cashmere Corners | Port St. Lucie | 2001 | 89,234 | 92.1 | % | 12 | 4 | 59,448 | Albertsons | 4/30/2025 | $ | 7.64 | |||||||||||||||||
Pavilion | Naples | 1982 / 2001 / 2011 | 167,745 | 89.0 | % | 31 | 9 | Paragon Theaters / L.A. Fitness / Anthony's | $ | 17.39 | |||||||||||||||||||
Salerno Village | Stuart | 1987 | 82,477 | 86.3 | % | 11 | 9 | 45,802 | Winn-Dixie | 3/23/2019 | CVS Pharmacy | $ | 10.79 | ||||||||||||||||
Shops at St. Lucie | Port St. Lucie | 2006 | 19,361 | 65.2 | % | 7 | 3 | $ | 21.77 | ||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH FLORIDA REGION (36) | 4,578,679 | 92.3 | % | 728 | 182 | 1,041,546 | $ | 15.27 |
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 (27) | |||||||||||||||||||||||||||||
GEORGIA (11) | |||||||||||||||||||||||||||||
Atlanta (9) | |||||||||||||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 90.6 | % | 24 | 5 | 37,888 | Publix | 1/31/2020 | $ | 16.22 | |||||||||||||||||
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 | $ | 21.28 | |||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 100.0 | % | 26 | — | 37,366 | Publix | 5/31/2024 | $ | 18.61 | |||||||||||||||||
Hairston Center | Decatur | 2000 | 13,000 | 92.3 | % | 7 | 1 | $ | 11.95 | ||||||||||||||||||||
Hampton Oaks | Fairburn | 2009 | 20,842 | 35.9 | % | 4 | 7 | $ | 11.35 | ||||||||||||||||||||
Market Place | Norcross | 1976 | 73,686 | 93.4 | % | 18 | 5 | Galaxy Cinema | $ | 11.84 | |||||||||||||||||||
Piedmont Peachtree Crossing | Buckhead | 1978 / 1998 | 152,239 | 98.6 | % | 27 | 1 | 55,520 | Kroger | 2/28/2015 | Cost Plus Store / Binders Art Supplies | $ | 19.18 | ||||||||||||||||
Wesley Chapel | Decatur | 1989 | 164,153 | 83.1 | % | 17 | 12 | 32,000 | Little Giant | 6/30/2019 | Everest Institute* / Deal$ / Planet Fitness | $ | 8.39 | ||||||||||||||||
Williamsburg @ Dunwoody | Dunwoody | 1983 | 44,928 | 83.8 | % | 20 | 6 | $ | 20.29 | ||||||||||||||||||||
Central / South Georgia (2) | |||||||||||||||||||||||||||||
Daniel Village | Augusta | 1956 / 1997 | 172,438 | 66.5 | % | 25 | 14 | 45,971 | Bi-Lo | 3/31/2022 | $ | 9.63 | |||||||||||||||||
McAlpin Square | Savannah | 1979 | 173,952 | 96.6 | % | 23 | 2 | 43,600 | Kroger | 8/31/2015 | Big Lots / Habitat for Humanity / Savannah-Skidaway | $ | 8.38 | ||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (11) | 1,229,716 | 89.2 | % | 204 | 55 | 252,345 | $ | 14.72 | |||||||||||||||||||||
LOUISIANA (11) | |||||||||||||||||||||||||||||
Ambassador Row | Lafayette | 1980 / 1991 | 194,678 | 83.5 | % | 24 | 2 | Big Lots / Chuck E Cheese / Planet Fitness / JoAnn Fabrics | $ | 10.83 | |||||||||||||||||||
Ambassador Row Courtyard | Lafayette | 1986 / 1991 / 2005 | 146,697 | 90.9 | % | 20 | 3 | Bed Bath & Beyond / Marshalls / Hancock Fabrics / Unitech Training Academy / Tuesday Morning | $ | 10.52 | |||||||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 101,585 | 98.2 | % | 22 | 4 | 33,387 | Matherne’s | 11/30/2015 | Office Depot | $ | 12.23 | ||||||||||||||||
Boulevard | Lafayette | 1976 / 1994 | 68,012 | 93.1 | % | 12 | 2 | Piccadilly / Harbor Freight Tools / Golfballs.com | $ | 9.20 |
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 | ||||||||||||||||||
Country Club Plaza | Slidell | 1982 / 1994 | 64,686 | 86.8 | % | 8 | 2 | 33,387 | Winn-Dixie | 1/31/2018 | $ | 6.79 | |||||||||||||||||
Crossing | Slidell | 1988 / 1993 | 113,989 | 92.8 | % | 10 | 5 | 58,432 | Save A Center | 9/28/2039 | A-1 Home Appliance / Piccadilly | $ | 5.25 | ||||||||||||||||
Elmwood Oaks | Harahan | 1989 | 130,284 | 100.0 | % | 10 | — | Academy Sports / Dollar Tree / Tuesday Morning | $ | 9.16 | |||||||||||||||||||
Plaza Acadienne | Eunice | 1980 | 59,419 | 100.0 | % | 7 | — | 28,092 | Super 1 Store | 6/30/2020 | Fred’s Store | $ | 4.38 | ||||||||||||||||
Sherwood South | Baton Rouge | 1972 / 1988 / 1992 | 77,230 | 100.0 | % | 7 | — | Burke’s Outlet / Harbor Freight Tools / Ideal Market | $ | 6.20 | |||||||||||||||||||
Siegen Village | Baton Rouge | 1988 | 170,416 | 98.9 | % | 19 | 1 | Office Depot / Big Lots / Dollar Tree / Planet Fitness / Party City | $ | 10.19 | |||||||||||||||||||
Tarpon Heights | Galliano | 1982 | 56,605 | 95.5 | % | 8 | 1 | Stage / Dollar General | $ | 6.07 | |||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (11) | 1,183,601 | 93.8 | % | 147 | 20 | 153,298 | $ | 8.90 | |||||||||||||||||||||
NORTH CAROLINA (4) | |||||||||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 159,383 | 99.2 | % | 22 | 2 | Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores | $ | 6.35 | |||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 128,498 | 93.1 | % | 12 | 4 | 53,538 | Kroger | 12/31/2014 | Upchurch Drugs / Riverview Galleries | $ | 8.58 | ||||||||||||||||
Stanley Market Place (2) | Stanley | 2007 | 53,228 | 94.1 | % | 5 | 2 | 34,928 | Food Lion | 5/15/2027 | Family Dollar | $ | 9.84 | ||||||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 90.5 | % | 10 | 4 | 32,000 | Ingles | 9/30/2017 | Kmart | $ | 5.44 | ||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (4) | 489,863 | 94.4 | % | 49 | 12 | 120,466 | $ | 7.04 | |||||||||||||||||||||
VIRGINIA (1) | |||||||||||||||||||||||||||||
Smyth Valley Crossing | Marion | 1989 | 126,841 | 97.2 | % | 12 | 2 | 32,000 | Ingles | 9/25/2015 | Walmart | $ | 6.01 | ||||||||||||||||
TOTAL SHOPPING CENTERS VIRGINIA (1) | 126,841 | 97.2 | % | 12 | 2 | 32,000 | $ | 6.01 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS SOUTHEAST REGION (27) | 3,030,021 | 92.2 | % | 412 | 89 | 558,109 | $ | 10.75 |
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 | ||||||||||||||||||
NORTHEAST REGION (22) | |||||||||||||||||||||||||||||
CONNECTICUT (8) | |||||||||||||||||||||||||||||
Brookside Plaza | Enfield | 1985 / 2006 | 214,030 | 93.9 | % | 24 | 2 | 59,648 | Wakefern Food | 8/31/2015 | Bed Bath & Beyond / Walgreens / Staples /PetSmart | $ | 13.74 | ||||||||||||||||
Compo Acres (4) | Westport | 1960 / 2011 | 42,779 | 93.2 | % | 15 | 1 | 11,731 | Trader Joe’s | 2/28/2022 | $ | 46.33 | |||||||||||||||||
Copps Hill | Ridgefield | 1979 / 2002 | 184,528 | 100.0 | % | 9 | — | 59,015 | Stop & Shop | 12/31/2024 | Kohl’s / Rite Aid | $ | 13.61 | ||||||||||||||||
Darinor Plaza (4) | Norwalk | 1978 | 151,198 | 100.0 | % | 13 | — | Kohl's / Old Navy / Party City | $ | 16.73 | |||||||||||||||||||
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 (4) | Darien | 1978 | 20,005 | 100.0 | % | 4 | — | 8,487 | Trader Joe's | 8/13/2017 | $ | 43.92 | |||||||||||||||||
Southbury Green | Southbury | 1979 / 2002 | 156,215 | 97.6 | % | 22 | 2 | 60,113 | ShopRite | 7/31/2022 | Staples | $ | 21.99 | ||||||||||||||||
The Village Center (1) (4) | Westport | 1969-1973 / 2009-2010 | 89,041 | 95.1 | % | 25 | 2 | 22,052 | Fresh Market | 10/31/2024 | $ | 31.34 | |||||||||||||||||
TOTAL SHOPPING CENTERS CONNECTICUT (8) | 981,891 | 97.6 | % | 123 | 7 | 232,896 | $ | 19.95 | |||||||||||||||||||||
MARYLAND (1) | |||||||||||||||||||||||||||||
Westwood Complex (1) (4) | Bethesda | 1958-1960 / 2001 | 59,153 | 100.0 | % | 3 | — | Bowlmor Lanes / CITGO | $ | 11.09 | |||||||||||||||||||
TOTAL SHOPPING CENTERS MARYLAND (1) | 59,153 | 100.0 | % | 3 | — | $ | 11.03 | ||||||||||||||||||||||
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 | 98.2 | % | 14 | 1 | 56,766 | Shaw’s | 2/28/2023 | K Mart | $ | 8.16 | ||||||||||||||||
West Roxbury Shaw’s Plaza | West Roxbury | 1973 / 1995 / 2006 | 76,316 | 93.3 | % | 9 | 4 | 54,928 | Shaw’s | 1/2/2016 | $ | 26.14 | |||||||||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (7) | 602,879 | 98.6 | % | 29 | 5 | 434,532 | $ | 18.88 |
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 | ||||||||||||||||||
NEW YORK (6) | |||||||||||||||||||||||||||||
1175 Third Avenue | Manhattan | 1995 | 25,350 | 100.0 | % | 1 | — | 25,350 | Food Emporium | 4/30/2023 | $ | 105.29 | |||||||||||||||||
90-30 Metropolitan | Queens | 2007 | 59,815 | 100.0 | % | 5 | — | 10,890 | Trader Joe's | 1/31/2023 | Staples / Michael’s | $ | 30.03 | ||||||||||||||||
101 7th Avenue | Manhattan | 1930 | 56,870 | 100.0 | % | 1 | — | Loehmann’s | $ | 24.62 | |||||||||||||||||||
1225-1239 Second Avenue (1) (4) | Manhattan | 1964/1987 | 18,474 | 96.8 | % | 5 | 1 | CVS Pharmacy | $ | 105.30 | |||||||||||||||||||
Clocktower Plaza (4) | Queens | 1985/1995 | 78,820 | 100.0 | % | 8 | — | 62,668 | Pathmark | 11/30/2030 | $ | 45.04 | |||||||||||||||||
Westbury Plaza (4) | Westbury | 1993 / 2004 | 394,451 | 100.0 | % | 12 | — | — | Costco / Marshalls / Sports Authority / Walmart | $ | 22.15 | ||||||||||||||||||
TOTAL SHOPPING CENTERS NEW YORK (6) | 633,780 | 99.9 | % | 32 | 1 | 98,908 | $ | 31.64 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS NORTHEAST REGION (22) | 2,277,703 | 98.5 | % | 187 | 13 | 766,336 | $ | 22.73 | |||||||||||||||||||||
WEST COAST REGION (9) | |||||||||||||||||||||||||||||
CALIFORNIA (9) | |||||||||||||||||||||||||||||
Circle Center West | Long Beach | 1989 | 64,403 | 94.1 | % | 14 | 3 | Marshalls | $ | 20.15 | |||||||||||||||||||
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 | $ | 28.27 | ||||||||||||||||
Marketplace Shopping Center | Davis | 1990 | 111,156 | 100.0 | % | 23 | — | 35,018 | Safeway | 7/31/2014 | Petco / CVS Pharmacy | $ | 22.94 | ||||||||||||||||
Plaza Escuela | Walnut Creek | 2002 | 152,452 | 100.0 | % | 24 | — | AAA / Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Sports Authority | $ | 44.98 | |||||||||||||||||||
Pleasanton Plaza (1) (4) | Pleasanton | 1981 | 163,469 | 96.1 | % | 20 | 3 | JC Penney / Cost Plus / Design's School of Cosmetology / Office Max | $ | 12.63 | |||||||||||||||||||
Potrero (4) | 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 | $ | 29.95 | ||||||||||||||||
Ralph's Circle Center | Long Beach | 1983 | 59,837 | 100.0 | % | 12 | — | 35,022 | Ralph’s | 11/30/2025 | $ | 17.36 | |||||||||||||||||
Serramonte | Daly City | 1968 | 799,808 | 97.7 | % | 96 | 7 | Macy’s / JC Penney / Target / Daiso / H&M / Forever 21 / A’Gaci / Crunch Gym | $ | 18.51 | |||||||||||||||||||
Von’s Circle Center | Long Beach | 1972 | 148,353 | 98.9 | % | 23 | 1 | 45,253 | Von’s | 7/31/2022 | Rite Aid / Ross | $ | 17.48 | ||||||||||||||||
TOTAL SHOPPING CENTERS CALIFORNIA (9) | 1,942,766 | 98.1 | % | 269 | 17 | 211,437 | $ | 22.52 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS WEST COAST REGION (9) | 1,942,766 | 98.1 | % | 269 | 17 | 211,437 | $ | 22.52 | |||||||||||||||||||||
TOTAL CONSOLIDATED SHOPPING CENTER PORTFOLIO (118) | 14,388,194 | 92.4 | % | 1,969 | 451 | 3,170,484 | $ | 16.16 |
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 | ||||||||||||||||
NON-RETAIL PROPERTIES (6) (1) (4) | |||||||||||||||||||||||||||
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 | 82.5 | % | 14 | 5 | ||||||||||||||||||||
Prosperity Office Building | Palm Beach Gdns, 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) (4) | 507,093 | 95.9 | % | 20 | 7 | — | |||||||||||||||||||||
TOTAL EXCLUDING DEVELOPMENTS, REDEVELOPMENTS & LAND (124) | 14,895,287 | 92.5 | % | 1,989 | 458 | 3,170,484 | |||||||||||||||||||||
DEVELOPMENTS, REDEVELOPMENTS & LAND (16) (1) (4) | |||||||||||||||||||||||||||
Developments | See Schedule on Page 28. | ||||||||||||||||||||||||||
Redevelopments | See Schedule on Page 28. | ||||||||||||||||||||||||||
Land Held for Development (3) | |||||||||||||||||||||||||||
TOTAL CONSOLIDATED - 140 Properties |
2013 Acquisition Activity | |||||||||||||||||
Date Purchased | Property Name | City | State | Square Feet / Acres | Purchase Price | Mortgage Assumed | |||||||||||
December 30, 2013 | Kirkman Shoppes - land outparcel | Orlando | FL | 0.8 | (1) | $ | 3,000 | $ | — | ||||||||
October 25, 2013 | Pleasanton Plaza | Pleasanton | CA | 163,469 | 30,900 | 20,021 | |||||||||||
October 23, 2013 | The Village Center | Westport | CT | 89,041 | 54,250 | 15,680 | |||||||||||
September 5, 2013 | Manor Care | Bethesda | MD | 41,123 | 13,000 | — | |||||||||||
September 5, 2013 | 5335 CITGO | Bethesda | MD | 18,128 | 6,000 | — | |||||||||||
September 5, 2013 | 5471 CITGO | Bethesda | MD | 14,025 | 4,000 | — | |||||||||||
June 5, 2013 | Westwood Towers | Bethesda | MD | 211,020 | 25,000 | — | |||||||||||
May 7, 2013 | Bowlmor Lanes | Bethesda | MD | 27,000 | 12,000 | — | |||||||||||
Total Purchased | $ | 148,150 | $ | 35,701 |
2013 Disposition Activity | ||||||||||||||||||
Date Sold | Property Name | City | State | Square Feet / Acres | Gross Sales Price | Gain (Loss) on Sale | ||||||||||||
Income producing properties sold | ||||||||||||||||||
December 20, 2013 | Spalding Village | Griffin | GA | 235,318 | $ | 5,600 | $ | (3,070 | ) | |||||||||
December 19, 2013 | Canyon Trails Towne Center | Goodyear | AZ | 202,196 | 23,500 | 4,014 | ||||||||||||
December 16, 2013 | Danville-San Ramon Medical Center | Danville | CA | 74,599 | 15,300 | (23 | ) | |||||||||||
December 9, 2013 | Walton Plaza | Augusta | GA | 43,460 | 2,300 | (59 | ) | |||||||||||
December 6, 2013 | Shipyard Plaza | Pascagoula | MS | 66,857 | 3,900 | 910 | ||||||||||||
November 20, 2013 | Powers Ferry Plaza | Marietta | GA | 86,401 | 7,750 | (168 | ) | |||||||||||
September 25, 2013 | Regency Crossing | Port Richey | FL | 85,864 | 6,550 | (85 | ) | |||||||||||
September 18, 2013 | Paulding Commons | Hiram | GA | 209,676 | 18,150 | (246 | ) | |||||||||||
August 16, 2013 | Willowdaile Shopping Center | Durham | NC | 95,601 | 5,200 | (43 | ) | |||||||||||
August 7, 2013 | Village at Northshore | Slidell | LA | 144,638 | 9,450 | (117 | ) | |||||||||||
July 19, 2013 | The Galleria | Wilmington | NC | 92,114 | 3,760 | (19 | ) | |||||||||||
July 1, 2013 | CVS Plaza | Miami | FL | 18,214 | 4,400 | 219 | ||||||||||||
June 27, 2013 | Providence Square | Charlotte | NC | 85,930 | 2,000 | 193 | ||||||||||||
June 18, 2013 | Medical & Merchants | Jacksonville | FL | 156,153 | 12,000 | 1,122 | ||||||||||||
June 18, 2013 | Meadows | Miami | FL | 75,524 | 15,242 | 7,647 | ||||||||||||
June 18, 2013 | Plaza Alegre | Miami | FL | 88,411 | 20,633 | 12,003 | ||||||||||||
June 7, 2013 | Chestnut Square | Brevard | NC | 34,260 | 6,000 | 505 | ||||||||||||
May 1, 2013 | Madison Centre | Madison | AL | 64,837 | 7,350 | 2,181 | ||||||||||||
April 4, 2013 | Lutz Lake Crossing | Lutz | FL | 64,985 | 10,550 | 1,887 | ||||||||||||
April 4, 2013 | Seven Hills | Spring Hill | FL | 72,590 | 7,750 | 720 | ||||||||||||
March 29, 2013 | Middle Beach Shopping Center | Panama City Beach | FL | 69,277 | 2,350 | (320 | ) | |||||||||||
March 22, 2013 | Douglas Commons | Douglasville | GA | 97,027 | 12,000 | 2,057 | ||||||||||||
March 22, 2013 | North Village Center | North Myrtle Beach | SC | 60,356 | 2,365 | (239 | ) | |||||||||||
March 22, 2013 | Windy Hill Shopping Center | North Myrtle Beach | SC | 68,465 | 2,635 | (278 | ) | |||||||||||
February 13, 2013 | Macland Pointe | Marietta | GA | 79,699 | 9,150 | 544 | ||||||||||||
January 23, 2013 | Shoppes of Eastwood | Orlando | FL | 69,037 | 11,600 | 4,441 | ||||||||||||
January 15, 2013 | Butler Creek | Acworth | GA | 95,597 | 10,650 | 1,131 | ||||||||||||
January 15, 2013 | Fairview Oaks | Ellenwood | GA | 77,052 | 9,300 | 957 | ||||||||||||
January 15, 2013 | Grassland Crossing | Alpharetta | GA | 90,906 | 9,700 | (522 | ) | |||||||||||
January 15, 2013 | Mableton Crossing | Mableton | GA | 86,819 | 11,500 | 2,784 | ||||||||||||
January 15, 2013 | Hamilton Ridge | Buford | GA | 90,996 | 11,800 | (242 | ) | |||||||||||
January 15, 2013 | Shops at Westridge | McDonough | GA | 66,297 | 7,550 | 678 | ||||||||||||
$ | 287,985 | $ | 38,562 | |||||||||||||||
Outparcels sold | ||||||||||||||||||
October 31, 2013 | Canyon Trails - land outparcel | Goodyear | AZ | 0.90 | (1) | $ | 695 | $ | 513 | |||||||||
September 10, 2013 | Willowdaile - Subway | Durham | NC | 2,384 | 700 | — | ||||||||||||
June 21, 2013 | Canyon Trails - Jack in the Box | Goodyear | AZ | 4,000 | 1,980 | 75 | ||||||||||||
May 23, 2013 | Canyon Trails - Chase Pad | Goodyear | AZ | 4,200 | 3,850 | 437 | ||||||||||||
7,225 | 1,025 | |||||||||||||||||
$ | 295,210 | $ | 39,587 |
Project | Location | Project GLA (1) | Total GLA (2) | Anchors | Target Stabilization Date (3) | Estimated Gross Cost (4) | Estimated Net Cost (5) | Incurred as of 12/31/13 | Balance to Complete (Gross Cost) | |||||||||||||||||||
Active Developments | ||||||||||||||||||||||||||||
Broadway Plaza (6) | Bronx, NY | 148,293 | 148,293 | TJ Maxx / Sports Authority / Aldi's | 2015 | $ | 66,522 | $ | 66,522 | $ | 27,981 | $ | 38,541 | |||||||||||||||
Subtotal | 148,293 | 148,293 | 66,522 | 66,522 | 27,981 | 38,541 | ||||||||||||||||||||||
Active Redevelopments | ||||||||||||||||||||||||||||
Boca Village Square | Boca Raton, FL | 42,012 | 92,394 | CVS Pharmacy | 3Q14 | 11,161 | 10,911 | 8,646 | 2,515 | |||||||||||||||||||
Boynton Plaza | Boynton Beach, FL | 53,785 | 107,479 | Publix | 1Q15 | 8,109 | 7,608 | 486 | 7,623 | |||||||||||||||||||
Kirkman Shoppes (7) | Orlando, FL | 57,422 | 116,047 | L.A. Fitness / Walgreens | 3Q15 | 13,094 | 13,094 | 3,334 | 9,760 | |||||||||||||||||||
Lake Mary Centre | Lake Mary, FL | 49,515 | 336,481 | Ross / Fresh Market | 3Q14 | 4,893 | 4,893 | 2,656 | 2,237 | |||||||||||||||||||
Serramonte Shopping Center (8) | Daly City, CA | 83,218 | 883,026 | Dick's Sporting Goods | 2Q14 | 19,270 | 19,150 | 15,764 | 3,506 | |||||||||||||||||||
Summerlin Square (9) | Ft. Myers, FL | 15,000 | 195,000 | Large National Retailer | 2Q14 | 2,227 | 2,127 | 1,250 | 977 | |||||||||||||||||||
Willows Shopping Center | Concord, CA | 47,656 | 251,467 | Ulta / Lazy Dog / Old Navy / UFC Gym | 3Q15 | 13,460 | 13,460 | 2,060 | 11,400 | |||||||||||||||||||
Subtotal | 348,608 | 1,981,894 | 72,214 | 71,243 | 34,196 | 38,018 | ||||||||||||||||||||||
Total Active Developments and Redevelopments | 496,901 | 2,130,187 | 138,736 | 137,765 | 62,177 | 76,559 | ||||||||||||||||||||||
Developments and Redevelopments Pending Twelve Month Stabilization | ||||||||||||||||||||||||||||
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 | (10) | 141,736 | 7,864 | ||||||||||||||||||
Atlantic Village | Atlantic Beach, FL | 39,795 | 100,559 | L.A. Fitness | 2Q13 | 4,609 | 4,609 | 4,629 | — | |||||||||||||||||||
Pine Ridge | Coral Springs, FL | 41,886 | 117,744 | Marshalls / Ulta | 4Q12 | 4,605 | 4,605 | 4,818 | — | |||||||||||||||||||
Subtotal | 393,386 | 530,008 | 158,814 | 137,814 | 151,183 | 7,864 | ||||||||||||||||||||||
Total Development and Redevelopment Activity | 890,287 | 2,660,195 | $ | 297,550 | $ | 275,579 | $ | 213,360 | (11) | $ | 84,423 |
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||
Fixed rate debt | $ | 1,161,291 | $ | 1,173,110 | $ | 1,190,174 | ||||||
Variable rate debt - swapped to fixed rate | 250,000 | 250,000 | — | |||||||||
Variable rate debt - unhedged | 91,000 | 172,000 | 138,000 | |||||||||
Total debt | $ | 1,502,291 | $ | 1,595,110 | $ | 1,328,174 | ||||||
% Fixed rate debt | 77.3 | % | 73.5 | % | 89.6 | % | ||||||
% Variable rate debt - swapped to fixed rate | 16.6 | % | 15.7 | % | — | % | ||||||
% Variable rate debt - unhedged | 6.1 | % | 10.8 | % | 10.4 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Secured mortgage debt | $ | 430,155 | $ | 441,974 | $ | 499,038 | ||||||
Unsecured debt | 1,072,136 | 1,153,136 | 829,136 | |||||||||
Total debt | $ | 1,502,291 | $ | 1,595,110 | $ | 1,328,174 | ||||||
% Secured mortgage debt | 28.6 | % | 27.7 | % | 37.6 | % | ||||||
% Unsecured debt | 71.4 | % | 72.3 | % | 62.4 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Total market capitalization (from page 6) | $ | 4,428,129 | $ | 4,305,536 | $ | 3,438,335 | ||||||
% Secured mortgage debt | 9.7 | % | 10.3 | % | 14.5 | % | ||||||
% Unsecured debt | 24.2 | % | 26.8 | % | 24.1 | % | ||||||
Total debt : Total market capitalization | 33.9 | % | 37.1 | % | 38.6 | % | ||||||
Weighted average interest rate on secured mortgage debt (1) | 5.99 | % | 6.09 | % | 6.14 | % | ||||||
Weighted average interest rate on unsecured senior notes (1) | 5.02 | % | 5.02 | % | 6.06 | % | ||||||
Interest rate on term loans | 3.17 | % | 3.37 | % | N/A | |||||||
Weighted average interest rate on total debt (1) (2) | 4.99 | % | 5.06 | % | 6.09 | % | ||||||
Weighted average interest rate on revolving credit facilities (1) | 1.30 | % | 1.77 | % | 1.85 | % | ||||||
Weighted average maturity on secured mortgage debt | 4.3 years | 5.2 years | 5.8 years | |||||||||
Weighted average maturity on unsecured senior notes | 5.3 years | 6.3 years | 4.1 years | |||||||||
Maturity on term loan | 5.1 years | 6.1 years | N/A | |||||||||
Weighted average maturity on total debt (2) | 5.0 years | 5.9 years | 4.8 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 | $ | 7,985 | $ | 12,994 | (2) | $ | — | $ | — | $ | — | $ | 2,770 | $ | 23,749 | 6.0 | % | 1.6 | % | |||||||||||||||
2015 | 7,711 | 73,949 | 91,000 | 107,505 | — | 1,607 | 281,772 | 5.4 | % | (1) | 18.7 | % | ||||||||||||||||||||||
2016 | 7,286 | 120,824 | — | 105,230 | — | 901 | 234,241 | 6.0 | % | 15.5 | % | |||||||||||||||||||||||
2017 | 6,567 | 64,000 | — | 218,401 | — | 623 | 289,591 | 6.0 | % | 19.2 | % | |||||||||||||||||||||||
2018 | 6,777 | 54,754 | — | — | — | 250 | 61,781 | 6.3 | % | 4.1 | % | |||||||||||||||||||||||
2019 | 5,563 | 18,330 | — | — | 250,000 | 107 | 274,000 | 3.4 | % | 18.2 | % | |||||||||||||||||||||||
2020 | 5,506 | — | — | — | — | (28 | ) | 5,478 | — | % | 0.4 | % | ||||||||||||||||||||||
2021 | 5,513 | 3,761 | — | — | — | (70 | ) | 9,204 | 7.9 | % | 0.6 | % | ||||||||||||||||||||||
2022 | 5,611 | — | — | 300,000 | — | (78 | ) | 305,533 | 3.8 | % | 20.2 | % | ||||||||||||||||||||||
Thereafter | 19,010 | 4,014 | — | — | — | 36 | 23,060 | 7.9 | % | 1.5 | % | |||||||||||||||||||||||
Total | $ | 77,529 | $ | 352,626 | $ | 91,000 | $ | 731,136 | $ | 250,000 | $ | 6,118 | $ | 1,508,409 | 4.9 | % | (1) | 100.0 | % |
Debt Instrument | Maturity Date | Rate | December 31, 2013 | December 31, 2012 | Percent of Overall Debt Maturing | |||||||||||
Mortgage Debt | ||||||||||||||||
Buckhead Station | 09/01/2013 | 6.880 | % | $ | — | $ | 24,166 | — | % | |||||||
Brawley Commons (5) | 07/01/2013 | 6.250 | % | 6,485 | 6,534 | 0.4 | % | |||||||||
South Point | 07/10/2014 | 5.720 | % | 6,666 | 6,924 | 0.4 | % | |||||||||
Southbury Green | 01/05/2015 | 5.200 | % | 21,000 | 21,000 | 1.4 | % | |||||||||
Marketplace Shopping Center | 02/19/2015 | 6.250 | % | 15,934 | 16,164 | 1.1 | % | |||||||||
Darinor Plaza | 04/01/2015 | 5.370 | % | 18,322 | 18,658 | 1.2 | % | |||||||||
Pleasanton Plaza | 06/01/2015 | 5.316 | % | 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 | % | 16,457 | 16,655 | 1.1 | % | |||||||||
Glengary Shoppes | 06/11/2016 | 5.750 | % | 15,808 | 16,079 | 1.1 | % | |||||||||
Magnolia Shoppes | 07/11/2016 | 6.160 | % | 13,558 | 13,807 | 0.9 | % | |||||||||
Willows Shopping Center | 10/11/2016 | 5.900 | % | 54,544 | 55,245 | 3.6 | % | |||||||||
Culver Center | 05/06/2017 | 5.580 | % | 64,000 | 64,000 | 4.2 | % | |||||||||
Sheridan Plaza | 10/10/2018 | 6.250 | % | 60,500 | 61,488 | 4.0 | % | |||||||||
1175 Third Avenue | 05/01/2019 | 7.000 | % | 6,765 | 7,001 | 0.5 | % | |||||||||
The Village Center | 06/01/2019 | 6.250 | % | 15,618 | — | 1.0 | % | |||||||||
BridgeMill | 05/05/2021 | 7.940 | % | 7,200 | 7,528 | 0.5 | % | |||||||||
Westport Plaza | 08/01/2023 | 7.490 | % | 3,720 | 3,890 | 0.2 | % | |||||||||
Aventura Square / Oakbrook Square / Treasure Coast Plaza | 02/28/2024 | 6.500 | % | 24,326 | 25,944 | 1.6 | % | |||||||||
Webster Plaza | 08/15/2024 | 8.070 | % | 6,819 | 7,070 | 0.5 | % | |||||||||
Vons Circle Center | 10/10/2028 | 5.200 | % | 10,342 | 10,793 | 0.7 | % | |||||||||
Copps Hill Plaza | 01/01/2029 | 6.060 | % | 17,423 | 18,109 | 1.2 | % | |||||||||
Total mortgage debt (21 loans outstanding) | 4.31 years | 5.99 | % | (3) | $ | 430,155 | $ | 425,755 | 28.5 | % | ||||||
Unamortized/unaccreted premium/(discount) | 7,816 | 8,438 | 0.5 | % | ||||||||||||
Total mortgage debt excluding mortgage debt associated with properties held for sale (including unamortized/unaccreted premium/(discount)) | $ | 437,971 | $ | 434,193 | 29.0 | % | ||||||||||
Mortgage Debt Associated with Properties Held for Sale | ||||||||||||||||
Mableton Crossing | 08/15/2018 | 6.850 | % | $ | — | $ | 2,818 | — | % | |||||||
Danville-San Ramon Medical | 03/15/2019 | 6.900 | % | $ | — | $ | 13,401 | — | % | |||||||
Total mortgage debt | $ | — | $ | 16,219 | — | % | ||||||||||
Unamortized/unaccreted premium/(discount) | — | 700 | — | % | ||||||||||||
Total mortgage debt on properties held for sale (including unamortized/unaccreted premium/(discount)) | $ | — | $ | 16,919 | — | % | ||||||||||
Total mortgage debt (21 loans outstanding) | 4.31 years | 5.99 | % | (3) | $ | 430,155 | $ | 441,974 | 28.5 | % | ||||||
Unamortized/unaccreted premium/(discount) | 7,816 | 9,138 | 0.5 | % | ||||||||||||
Total mortgage debt (including unamortized/unaccreted premium/(discount)) | $ | 437,971 | $ | 451,112 | 29.0 | % | ||||||||||
Debt Instrument | Maturity Date | Rate | December 31, 2013 | December 31, 2012 | Percent of Overall Debt Maturing | |||||||||||
Unsecured senior notes payable | ||||||||||||||||
5.375% senior notes | 10/15/2015 | 5.375 | % | 107,505 | 107,505 | 7.1 | % | |||||||||
6.00% senior notes | 09/15/2016 | 6.000 | % | 105,230 | 105,230 | 7.0 | % | |||||||||
6.25% senior notes | 01/15/2017 | 6.250 | % | 101,403 | 101,403 | 6.7 | % | |||||||||
6.00% senior notes | 09/15/2017 | 6.000 | % | 116,998 | 116,998 | 7.8 | % | |||||||||
3.75% senior notes | 11/15/2022 | 3.750 | % | 300,000 | 300,000 | 19.9 | % | |||||||||
Total unsecured senior notes payable | 5.31 years | 5.02 | % | (3) | $ | 731,136 | $ | 731,136 | 48.5 | % | ||||||
Unamortized/unaccreted premium/(discount) | (1,698 | ) | (2,006 | ) | (0.1 | %) | ||||||||||
Total unsecured senior notes payable (including unamortized/unaccreted premium/(discount)) | $ | 729,438 | $ | 729,130 | 48.4 | % | ||||||||||
Term Loan | ||||||||||||||||
$250MM - Term Loan (2) | 02/13/2019 | 3.168 | % | (1) | 250,000 | 250,000 | 16.6 | % | ||||||||
Total term loans | 5.12 years | 3.17 | % | (3) | $ | 250,000 | $ | 250,000 | 16.6 | % | ||||||
Revolving credit facilities | ||||||||||||||||
$575MM Line of Credit Unsecured | 09/30/2015 | 1.296 | % | $ | 91,000 | $ | 172,000 | 6.0 | % | |||||||
$5MM Line of Credit Unsecured | 11/07/2014 | N/A | — | — | — | % | ||||||||||
Total revolving credit facilities | 1.30 | % | (3) | $ | 91,000 | $ | 172,000 | 6.0 | % | |||||||
Total debt | 4.97 years (4) | 4.99 | % | (3) (4) | $ | 1,502,291 | $ | 1,595,110 | 99.6 | % | ||||||
Unamortized/unaccreted premium/(discount) | 6,118 | 7,132 | 0.4 | % | ||||||||||||
Total debt (including unamortized/unaccreted premium/(discount)) | $ | 1,508,409 | $ | 1,602,242 | 100.0 | % | ||||||||||
Senior Unsecured Debt Ratings | ||||||||||||||||
Moody’s | Baa2 (Stable) | Baa2 (Stable) | ||||||||||||||
S&P | BBB-(Positive) | BBB-(Stable) |
BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES | As of December 31, 2013 | |||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Assets | Total Debt | Total Equity | |||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 53,705 | $ | 34,883 | $ | 17,398 | ||||||||
GRI | 10.0% | Retail | $ | 253,572 | $ | 84,261 | $ | 161,830 | ||||||||
New York Common Retirement Fund | 30.0% | Retail | $ | 307,915 | $ | 132,528 | $ | 148,801 | ||||||||
Various (1) | 50.0-50.5% (3) | Retail/Office | $ | 94,284 | $ | 34,319 | $ | 57,991 |
STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES | For the three months ended December 31, 2013 | |||||||||||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Revenues | Property Operating Expenses | Depreciation/ Amortization | Interest Expense (2) | Net (Loss)/ Income | |||||||||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 1,583 | $ | 741 | $ | 473 | $ | 583 | $ | (234 | ) | |||||||||||
GRI | 10.0% | Retail | $ | 5,790 | $ | 1,350 | $ | 1,319 | $ | 435 | $ | 2,613 | ||||||||||||
New York Common Retirement Fund | 30.0% | Retail | $ | 5,833 | $ | 1,738 | $ | 2,083 | $ | 1,269 | $ | (2,851 | ) | |||||||||||
Various (1) | 50.0-50.5% (3) | Retail/Office | $ | 3,044 | $ | 1,148 | $ | 464 | $ | 451 | $ | 979 | ||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Revenues | Property Operating Expenses | Depreciation/ Amortization | Interest Expense (2) | Net (Loss)/ Income | |||||||||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 6,574 | $ | 2,884 | $ | 1,907 | $ | 2,299 | $ | (591 | ) | |||||||||||
GRI | 10.0% | Retail | $ | 23,425 | $ | 6,508 | $ | 5,297 | $ | 4,844 | $ | 6,445 | ||||||||||||
New York Common Retirement Fund | 30.0% | Retail | $ | 19,675 | $ | 6,002 | $ | 6,827 | $ | 4,267 | $ | (1,159 | ) | |||||||||||
Various (1) | 50.0-50.5% (3) | Retail/Office | $ | 11,797 | $ | 4,195 | $ | 2,695 | $ | 1,786 | $ | 3,083 |
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 | 98.8 | % | 36 | 2 | 30,000 | Publix | 10/31/2024 | Burlington Coat Factory / Office Depot | $ | 16.09 | ||||||||||||||||||
Concord Shopping Plaza | GRI | 10.0% | Retail | Miami, FL | 1962 / 1992 / 1993 | 298,182 | 99.0 | % | 21 | 2 | 78,000 | Winn-Dixie | 09/30/2014 | Home Depot / Big Lots / Dollar Tree / You Fit Health Club | $ | 11.66 | ||||||||||||||||||
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 | $ | 12.51 | ||||||||||||||||||
Shoppes of Ibis | GRI | 10.0% | Retail | West Palm Beach, FL | 1999 | 79,420 | 94.7 | % | 16 | 3 | 51,420 | Publix | 05/31/2019 | $ | 13.42 | |||||||||||||||||||
Shoppes at Quail Roost | GRI | 10.0% | Retail | Miami, FL | 2005 | 73,550 | 94.5 | % | 12 | 3 | 44,840 | Publix | 06/30/2025 | $ | 13.42 | |||||||||||||||||||
Shoppes of Sunset | GRI | 10.0% | Retail | Miami, FL | 1979 / 2009 | 21,784 | 84.6 | % | 11 | 3 | $ | 22.63 | ||||||||||||||||||||||
Shoppes of Sunset II | GRI | 10.0% | Retail | Miami, FL | 1980 / 2009 | 27,676 | 71.7 | % | 14 | 3 | $ | 19.01 | ||||||||||||||||||||||
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 | $ | 11.72 | |||||||||||||||||||||
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 | $ | 13.21 | |||||||||||||||||||
1900/2000 Offices | DRA | 20.0% | Office | Boca Raton, FL | 1979 / 1982 / 1986 / 2007 | 117,773 | 62.9 | % | 20 | 13 | RN Network | $ | 18.20 | |||||||||||||||||||||
Penn Dutch Plaza | DRA | 20.0% | Retail | Margate, FL | 1989 | 155,622 | 89.4 | % | 15 | 7 | 70,358 | Penn Dutch Food Center | 12/31/2018 | You Fit Health Club / Florida Career College | $ | 9.57 | ||||||||||||||||||
Plantation Marketplace | DRA | 20.0% | Retail | Plantation, FL | 1963 / 1998 | 223,799 | 82.7 | % | 29 | 11 | 43,386 | Winn-Dixie | 11/05/2014 | Beall’s / Fitness 1440 / Big Lots / CVS / Disability Law Claims | $ | 11.66 | ||||||||||||||||||
Talega Village | VESTAR | 50.5% | Retail | San Clemente, CA | 2007 | 102,282 | 86.4 | % | 21 | 7 | 46,000 | Ralph’s | 12/31/2027 | $ | 17.18 | |||||||||||||||||||
Vernola Market | VESTAR | 50.5% | Retail | Mira Loma, CA | 2007 | 382,963 | 91.7 | % | 30 | 8 | PetCo / Ross / Bed Bath & Beyond / Michael's / Lowe’s | $ | 11.09 | |||||||||||||||||||||
Parnassus Heights Medical Center | CSC | 50.0% | Medical Office | San Francisco, CA | 1968 | 146,046 | 99.3 | % | 50 | 2 | $ | 30.37 | ||||||||||||||||||||||
Country Walk Plaza | NYCRF | 30.0% | Retail | Miami, FL | 1985 / 2006 / 2008 | 100,686 | 84.6 | % | 22 | 7 | 39,795 | Publix | 10/23/2015 | CVS Pharmacy | $ | 18.00 | ||||||||||||||||||
Veranda Shoppes | NYCRF | 30.0% | Retail | Plantation, FL | 2007 | 44,888 | 100.0 | % | 9 | — | 28,800 | Publix | 04/30/2027 | $ | 26.37 | |||||||||||||||||||
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 / Michael's / Toys "R" Us / Babies "R" Us / Dick's Sporting Goods | $ | 14.09 | ||||||||||||||||||
Riverfront Plaza | NYCRF | 30.0% | Retail | Hackensack, NJ | 1997 | 128,968 | 96.9 | % | 23 | 1 | 70,400 | ShopRite | 10/31/2027 | $ | 24.75 | |||||||||||||||||||
The Grove at Isleworth | NYCRF | 30.0% | Retail | Windermere, FL | 2004 | 117,583 | 99.0 | % | 12 | 1 | 51,673 | Publix | 01/31/2029 | LA Fitness | $ | 16.13 | ||||||||||||||||||
Old Connecticut Path | NYCRF | 30.0% | Retail | Framingham, MA | 1994 | 80,198 | 100.0 | % | 4 | — | 72,500 | Stop & Shop | 06/30/2019 | $ | 20.10 | |||||||||||||||||||
TOTAL UNCONSOLIDATED SHOPPING CENTER PORTFOLIO (22) | 3,651,350 | 427 | 79 | 890,710 | $ | 14.67 |
Co-Investment Partner | Debt Instrument | Equity One’s Ownership | Maturity Date | Rate (1) | Balance at December 31, 2013 | Balance at December 31, 2012 | ||||||||||
Mortgage Debt | ||||||||||||||||
GRI | Floating rate loan (2) (3) | 10.0% | 07/01/2013 | 6.35% | $ | — | $ | 120,000 | ||||||||
GRI | Floating rate loans (3) | 10.0% | 06/28/2018 | 1-month LIBOR + 1.41% | 80,000 | — | ||||||||||
GRI | Sparkleberry Square (Kroger) | 10.0% | 06/30/2020 | 6.75% | 4,332 | 4,845 | ||||||||||
DRA Advisors | Fixed rate loan | 20.0% | 11/11/2014 | 5.57% | 35,042 | 35,850 | ||||||||||
Vestar | Vestar/EQY Talega LLC | 50.5% | 10/01/2036 | 5.01% | 11,353 | 11,613 | ||||||||||
Vestar | Vestar/EQY Vernola LLC | 50.5% | 08/06/2041 | 5.11% | 22,966 | 23,315 | ||||||||||
New York Common Retirement Fund | Equity One Country Walk LLC | 30.0% | 11/01/2015 | 5.22% | 12,876 | 13,090 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub CT Path LLC | 30.0% | 01/01/2019 | 5.74% | 9,652 | 10,043 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub Northborough LLC | 30.0% | 02/10/2021 | 4.18% | 69,127 | 70,388 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub Riverfront Plaza LLC | 30.0% | 10/10/2023 | 4.54% | 24,000 | — | ||||||||||
New York Common Retirement Fund | Equity One JV Sub Grove LLC (4) | 30.0% | 12/23/2023 | 4.38% | 16,000 | — | ||||||||||
Net interest premium (5) | 643 | 715 | ||||||||||||||
Total debt | $ | 285,991 | $ | 289,859 | ||||||||||||
Equity One’s pro-rata share of unconsolidated joint venture debt | $ | 72,492 | $ | 65,615 |
(1) | The rate in effect on December 31, 2013. |
(2) | The loan balance bore interest at a floating rate of LIBOR + 1.95%, which was swapped to a fixed rate of 6.35%. The fair value of the swap at December 31, 2012 was a liability of $2.1 million. The swap matured on June 1, 2013. |
(3) | In June 2013, GRI repaid its $120.0 million floating rate loan that was secured by Airpark Plaza Shopping Center, Concord Shopping Plaza, Presidential Markets, Shoppes of Ibis, Shoppes at Quail Roost and Sparkleberry Square by securing three separate loans totaling $80.0 million secured by Airpark Plaza Shopping Center, Concord Shopping Plaza and Presidential Markets bearing interest at a weighted average rate for the three loans of 1-month LIBOR + 1.41%. The remaining balance, along with associated closing costs, was funded with a capital call from its equity partners. During the year ended December 31, 2013, Equity One made an investment of $4.1 million in connection with the repayment of the indebtedness by the joint venture. |
(4) | 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 December 31, 2013 was a liability of approximately $139,000. |
(5) | Net interest premium is the total for all joint ventures. |
Pro Forma 12/31/2008 (1) | + | Acquisitions (2) | - | Dispositions (3) | = | Pro Forma 2/19/2014 (4) | - | Remaining Non-Core Properties (5) | = | Core Portfolio | ||||||||||||||
Number of Properties (6) | 171 | 39 | 85 | 125 | 29 | 96 | ||||||||||||||||||
Total Gross Leasable Area (GLA) (6) | 18,945,330 | 6,222,085 | 8,861,255 | 16,152,893 | 2,990,069 | 13,162,824 | ||||||||||||||||||
Average GLA per Property | 110,791 | 159,541 | 104,250 | 129,223 | 103,106 | 137,113 | ||||||||||||||||||
Property Value (000s) (7) | $ | 2,730,789 | $ | 1,968,924 | $ | 1,090,490 | $ | 3,897,637 | $ | 205,843 | $ | 3,691,794 | ||||||||||||
Property Value PSF | $ | 144 | $ | 316 | $ | 123 | $ | 241 | $ | 69 | $ | 280 | ||||||||||||
Average Property Value (000s) | $ | 15,970 | $ | 50,485 | $ | 12,829 | $ | 31,181 | $ | 7,098 | $ | 38,456 | ||||||||||||
Demographics (8) | ||||||||||||||||||||||||
3-Mile Population | 81,238 | 280,323 | 53,155 | 206,309 | 53,220 | 214,845 | ||||||||||||||||||
3-Mile Average Household Income | $ | 76,077 | $ | 109,409 | $ | 72,572 | $ | 95,731 | $ | 60,631 | $ | 97,688 | ||||||||||||
Grocer Sales PSF (9) | $ | 473 | $ | 825 | $ | 435 | $ | 569 | $ | 337 | $ | 610 | ||||||||||||
Average Rent PSF (9) | $ | 11.97 | $ | 23.33 | $ | 11.31 | $ | 16.90 | $ | 8.53 | $ | 18.72 |