001-13499 | 52-1794271 | |
(Commission File Number) | (IRS Employer Identification No.) |
(d) | Exhibits |
EQUITY ONE, INC. | |||||
February 24, 2016 | By: | /s/ Matthew Ostrower | |||
Matthew Ostrower | |||||
Executive Vice President, Chief Financial Officer and Treasurer |
Exhibit No. | Document |
99.1 | Earnings Press Release of Equity One, Inc. dated February 24, 2016. |
99.2 | Supplemental Information Package of Equity One, Inc. as of December 31, 2015. |
Equity One, Inc. 410 Park Avenue, Suite 1220 New York, NY 10022 212-796-1760 | For additional information: Matthew Ostrower, EVP and Chief Financial Officer |
• | Generated Recurring Funds From Operations of $0.34 per diluted share and Funds From Operations (FFO) of $0.29 per diluted share for the quarter, and generated Recurring FFO of $1.32 per diluted share and FFO of $1.22 per diluted share for the year ended December 31, 2015 |
• | Same-property net operating income (NOI) excluding redevelopments increased by 3.3% (3.5% including redevelopments) as compared to the fourth quarter of 2014, and increased 3.8% (4.2% including redevelopments) for the year ended December 31, 2015 |
• | Retail occupancy (excluding developments and redevelopments) increased to 96.0%, up 40 basis points as compared to September 30, 2015, and up 100 basis points as compared to December 31, 2014. Shop occupancy for these assets rose 110 basis points to 88.7% as compared to September 30, 2015 |
• | Executed 104 leases totaling 626,641 square feet during the quarter, including 87 same space new leases, renewals, and options totaling 552,521 square feet at an average rent spread of 8.7% on a cash basis |
• | Retail portfolio average base rent (including developments and redevelopments) was $19.48 per square foot as of December 31, 2015 |
• | Made ongoing progress in capital recycling through the sale of four non-core assets, including three completed subsequent to quarter end, for a total gross sales price of $28.8 million. Two of these assets were located in Louisiana and two were in Florida, one of which was held in a joint venture |
• | Completed the previously announced acquisition of a mixed-use property in Cambridge, Massachusetts for $85.0 million |
• | Redeemed the company’s September 2016 unsecured senior notes and, subsequent to quarter end, the January 2017 unsecured senior notes, and prepaid a $24.7 million fixed rate mortgage. Replaced the debt with a new five-year $300.0 million unsecured delayed draw term loan facility and, subsequent to quarter end, a new $88.0 million mortgage secured by Westbury Plaza with a 10-year maturity and an interest rate of 3.76% per annum |
• | Reaffirmed 2016 Recurring FFO guidance range of $1.35 to $1.40 per diluted share |
• | Increase in same-property NOI (excluding redevelopments) of 3.25% to 4.25% |
• | Year-end 2016 same-property occupancy between 96.0% and 96.5% |
• | Recurring general and administrative expense of $33.0 million to $35.0 million |
• | Interest expense of $50.0 million to $52.0 million |
• | Selective acquisition activity |
• | Ongoing one-off sales of non-core assets |
For the year ended December 31, 2016 (1) | ||||||||
Low | High | |||||||
Estimated earnings attributable to Equity One per diluted share | $ | 0.65 | $ | 0.69 | ||||
Adjustments: | ||||||||
Rental property depreciation and amortization including pro rata share of joint ventures | 0.65 | 0.65 | ||||||
Estimated FFO per diluted share | 1.30 | 1.34 | ||||||
Transaction costs, debt extinguishment, and other | 0.05 | 0.06 | ||||||
Estimated Recurring FFO per diluted share | $ | 1.35 | $ | 1.40 |
(1) | Does not include possible gains or losses or the impact on operating results from unplanned future property acquisitions or unplanned dispositions, other possible capital markets activity or possible future impairment or severance charges. |
December 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Properties: | |||||||
Income producing | $ | 3,337,531 | $ | 3,128,081 | |||
Less: accumulated depreciation | (438,992 | ) | (381,533 | ) | |||
Income producing properties, net | 2,898,539 | 2,746,548 | |||||
Construction in progress and land | 167,478 | 161,872 | |||||
Property held for sale | 2,419 | — | |||||
Properties, net | 3,068,436 | 2,908,420 | |||||
Cash and cash equivalents | 21,353 | 27,469 | |||||
Cash held in escrow and restricted cash | 250 | 250 | |||||
Accounts and other receivables, net | 11,808 | 11,859 | |||||
Investments in and advances to unconsolidated joint ventures | 64,600 | 89,218 | |||||
Goodwill | 5,838 | 6,038 | |||||
Other assets | 203,618 | 213,525 | |||||
TOTAL ASSETS | $ | 3,375,903 | $ | 3,256,779 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Notes payable: | |||||||
Mortgage notes payable | $ | 282,029 | $ | 311,778 | |||
Unsecured senior notes payable | 518,401 | 731,136 | |||||
Term loans | 475,000 | 250,000 | |||||
Unsecured revolving credit facilities | 96,000 | 37,000 | |||||
1,371,430 | 1,329,914 | ||||||
Unamortized deferred financing costs and premium/discount on notes payable, net | (4,708 | ) | (2,319 | ) | |||
Total notes payable | 1,366,722 | 1,327,595 | |||||
Other liabilities: | |||||||
Accounts payable and accrued expenses | 46,602 | 49,924 | |||||
Tenant security deposits | 9,449 | 8,684 | |||||
Deferred tax liability | 13,276 | 12,567 | |||||
Other liabilities | 169,703 | 167,400 | |||||
Total liabilities | 1,605,752 | 1,566,170 | |||||
Commitments and contingencies | — | — | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued | — | — | |||||
Common stock, $0.01 par value – 250,000 shares authorized and 129,106 shares issued and outstanding at December 31, 2015 and 150,000 shares authorized and 124,281 shares issued and outstanding at December 31, 2014 | 1,291 | 1,243 | |||||
Additional paid-in capital | 1,972,369 | 1,843,348 | |||||
Distributions in excess of earnings | (407,676 | ) | (360,172 | ) | |||
Accumulated other comprehensive loss | (1,978 | ) | (999 | ) | |||
Total stockholders’ equity of Equity One, Inc. | 1,564,006 | 1,483,420 | |||||
Noncontrolling interests | 206,145 | 207,189 | |||||
Total equity | 1,770,151 | 1,690,609 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 3,375,903 | $ | 3,256,779 |
EQUITY ONE, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income For the three months and years ended December 31, 2015 and 2014 (Unaudited) (In thousands, except per share data) | ||||||||||||||||
Three months ended December 31, | Year ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
REVENUE: | ||||||||||||||||
Minimum rent | $ | 68,983 | $ | 66,252 | $ | 272,204 | $ | 268,257 | ||||||||
Expense recoveries | 20,217 | 19,137 | 80,737 | 77,640 | ||||||||||||
Percentage rent | 855 | 822 | 5,335 | 5,107 | ||||||||||||
Management and leasing services | 445 | 333 | 1,877 | 2,181 | ||||||||||||
Total revenue | 90,500 | 86,544 | 360,153 | 353,185 | ||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||
Property operating | 12,606 | 13,394 | 51,373 | 49,332 | ||||||||||||
Real estate taxes | 9,960 | 9,580 | 42,167 | 40,161 | ||||||||||||
Depreciation and amortization | 24,024 | 21,230 | 92,997 | 101,345 | ||||||||||||
General and administrative | 9,913 | 9,864 | 36,277 | 41,174 | ||||||||||||
Total costs and expenses | 56,503 | 54,068 | 222,814 | 232,012 | ||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 33,997 | 32,476 | 137,339 | 121,173 | ||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||
Investment income | 42 | 107 | 210 | 365 | ||||||||||||
Equity in income of unconsolidated joint ventures | 2,060 | 672 | 6,493 | 10,990 | ||||||||||||
Other income | 294 | 254 | 5,990 | 3,454 | ||||||||||||
Interest expense | (13,279 | ) | (15,778 | ) | (55,322 | ) | (66,427 | ) | ||||||||
Gain on sale of operating properties | — | 3,371 | 3,952 | 14,029 | ||||||||||||
Loss on extinguishment of debt | (4,735 | ) | (3,824 | ) | (7,298 | ) | (2,750 | ) | ||||||||
Impairment loss | (2,829 | ) | (7,958 | ) | (16,753 | ) | (21,850 | ) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 15,550 | 9,320 | 74,611 | 58,984 | ||||||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 389 | (70 | ) | 856 | (850 | ) | ||||||||||
INCOME FROM CONTINUING OPERATIONS | 15,939 | 9,250 | 75,467 | 58,134 | ||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||
Operations of income producing properties | — | (18 | ) | — | (238 | ) | ||||||||||
(Loss) gain on disposal of income producing properties | — | (12 | ) | — | 3,222 | |||||||||||
Income tax provision of taxable REIT subsidiaries | — | (4 | ) | — | (27 | ) | ||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS | — | (34 | ) | — | 2,957 | |||||||||||
NET INCOME | 15,939 | 9,216 | 75,467 | 61,091 | ||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,507 | ) | (2,491 | ) | (10,014 | ) | (12,206 | ) | ||||||||
Net loss attributable to noncontrolling interests - discontinued operations | — | — | — | 12 | ||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 13,432 | $ | 6,725 | $ | 65,453 | $ | 48,897 | ||||||||
EARNINGS PER COMMON SHARE - BASIC: | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | 0.05 | $ | 0.51 | $ | 0.37 | ||||||||
Discontinued operations | — | — | — | 0.02 | ||||||||||||
$ | 0.10 | $ | 0.05 | $ | 0.51 | $ | 0.39 | |||||||||
Number of Shares Used in Computing Basic Earnings per Share | 129,048 | 123,211 | 127,957 | 119,403 | ||||||||||||
EARNINGS PER COMMON SHARE - DILUTED: | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | 0.05 | $ | 0.51 | $ | 0.37 | ||||||||
Discontinued operations | — | — | — | 0.02 | ||||||||||||
$ | 0.10 | $ | 0.05 | $ | 0.51 | $ | 0.39 | |||||||||
Number of Shares Used in Computing Diluted Earnings per Share | 129,301 | 123,494 | 128,160 | 119,725 | ||||||||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.22 | $ | 0.22 | $ | 0.88 | $ | 0.88 |
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Net income attributable to Equity One, Inc. | $ | 13,432 | $ | 6,725 | $ | 65,453 | $ | 48,897 | |||||||
Adjustments: | |||||||||||||||
Rental property depreciation and amortization, net of noncontrolling interest (1) | 23,685 | 20,924 | 91,705 | 100,130 | |||||||||||
Pro rata share of real estate depreciation and amortization from unconsolidated joint ventures | 943 | 1,045 | 3,947 | 4,186 | |||||||||||
Gain on disposal of depreciable assets, net of tax (1) (2) | — | (3,036 | ) | (3,875 | ) | (16,898 | ) | ||||||||
Pro rata share of gains on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest (3) (4) | (1,403 | ) | — | (8,428 | ) | (8,007 | ) | ||||||||
Impairments of depreciable real estate, net of tax (1) | 980 | 5,728 | 12,041 | 19,620 | |||||||||||
Funds From Operations | 37,637 | 31,386 | 160,843 | 147,928 | |||||||||||
Earnings attributed to noncontrolling interest (5) | 2,499 | 2,499 | 9,995 | 9,996 | |||||||||||
Funds From Operations Available to Diluted Common Shareholders (6) | 40,136 | 33,885 | 170,838 | 157,924 | |||||||||||
Transaction costs, net of tax (7) | 1,073 | 228 | 2,733 | 2,041 | |||||||||||
Impairment of land and goodwill, net of tax | 1,250 | 2,230 | 2,949 | 2,230 | |||||||||||
Reorganization and severance adjustments (8) | 57 | 392 | 637 | 2,723 | |||||||||||
Loss on debt extinguishment, net of tax (1) | 4,735 | 3,824 | 7,298 | 3,082 | |||||||||||
Gain on land and outparcel sales, net of controlling interests (1) | — | (319 | ) | — | (349 | ) | |||||||||
Recurring Funds From Operations Available to Diluted Common Shareholders (6) | $ | 47,251 | $ | 40,240 | $ | 184,455 | $ | 167,651 | |||||||
Funds From Operations per Diluted Common Share (6) | $ | 0.29 | $ | 0.25 | $ | 1.22 | $ | 1.20 | |||||||
Recurring Funds From Operations per Diluted Common Share (6) | $ | 0.34 | $ | 0.30 | $ | 1.32 | $ | 1.28 | |||||||
Weighted average diluted shares (9) | 140,659 | 134,852 | 139,518 | 131,083 |
(1) | Includes amounts classified as discontinued operations. |
(2) | Includes the recognition of deferred gains of $3.3 million associated with the 2008 sale of certain properties by the company to GRI-EQY I, LLC for the year ended December 31, 2015. |
(3) | Includes the remeasurement of the fair value of the company's equity interest in GRI-EQY I, LLC of $5.5 million for the year ended December 31, 2015. |
(4) | Includes the remeasurement of the fair value of the company's equity interest in Talega Village Center JV, LLC, the owner of Talega Village Center, of $2.2 million, net of the related noncontrolling interest, for the year ended December 31, 2014. |
(5) | Represents earnings attributed to convertible units held by Liberty International Holdings Limited ("LIH"). Although these convertible units are excluded from the calculation of earnings per diluted share, FFO available to diluted shareholders includes earnings allocated to LIH, as the inclusion of these units is dilutive to FFO per diluted share. |
(6) | Includes a $4.2 million net termination benefit related to the Loehmann’s lease at 101 7th Avenue and a $1.1 million reversal of bad debt expense associated with the settlement of historical real estate taxes with two tenants for the year ended December 31, 2014. |
(7) | Represents costs associated with acquisitions, dispositions and other financing and investing activities, including $300,000 and $1.8 million of acquisition and disposition costs for the three months and year ended December 31, 2015, respectively, and $773,000 and $908,000 of costs associated with a financing transaction that was not consummated, the initiation of our “at-the-market” equity offering program, and affiliate public offerings for the three months and year ended December 31, 2015, respectively. |
(8) | Includes the effect of the modification of share-based compensation awards associated with the company's executive transition, as well as, severance, bonus payments and other costs associated with reorganizational changes. |
(9) | Weighted average diluted shares used to calculate FFO per share and Recurring FFO per share is higher than the GAAP diluted weighted average shares as a result of the dilutive impact of the 11.4 million joint venture units held by LIH which are convertible into the company's common stock. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive. In January 2016, LIH exercised its redemption right with respect to all of its outstanding Class A Shares in the CapCo joint venture, and the company elected to satisfy the redemption through the issuance of approximately 11.4 million shares of its common stock to LIH. LIH subsequently sold the shares of common stock in a public offering that closed on January 19, 2016. |
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In thousands, except number of properties) | |||||||||||||||
Same-property NOI | $ | 48,025 | $ | 46,487 | $ | 184,863 | $ | 178,048 | |||||||
Redevelopment property NOI | 9,317 | 8,906 | 38,190 | 36,033 | |||||||||||
Same-property NOI including redevelopments | 57,342 | 55,393 | 223,053 | 214,081 | |||||||||||
Other non same-property NOI | 2,804 | 1,451 | 12,847 | 13,795 | |||||||||||
Adjustments (1) | 333 | (442 | ) | 822 | 789 | ||||||||||
Total NOI | 60,479 | 56,402 | 236,722 | 228,665 | |||||||||||
Add: | |||||||||||||||
Straight-line rent adjustment | 1,101 | 994 | 4,612 | 3,788 | |||||||||||
Accretion of below-market lease intangibles, net | 3,243 | 3,217 | 12,759 | 18,646 | |||||||||||
Management and leasing services income | 445 | 333 | 1,877 | 2,181 | |||||||||||
Elimination of intercompany expenses | 2,818 | 2,776 | 11,244 | 11,013 | |||||||||||
Equity in income of unconsolidated joint ventures | 2,060 | 672 | 6,493 | 10,990 | |||||||||||
Investment income | 42 | 107 | 210 | 365 | |||||||||||
Gain on sale of operating properties | — | 3,371 | 3,952 | 14,029 | |||||||||||
Other income | 294 | 254 | 5,990 | 3,454 | |||||||||||
Less: | |||||||||||||||
Amortization of below-market ground lease intangibles | 152 | 152 | 601 | 601 | |||||||||||
Depreciation and amortization expense | 24,024 | 21,230 | 92,997 | 101,345 | |||||||||||
General and administrative expense | 9,913 | 9,864 | 36,277 | 41,174 | |||||||||||
Interest expense | 13,279 | 15,778 | 55,322 | 66,427 | |||||||||||
Loss on extinguishment of debt | 4,735 | 3,824 | 7,298 | 2,750 | |||||||||||
Impairment loss | 2,829 | 7,958 | 16,753 | 21,850 | |||||||||||
Income from continuing operations before tax and discontinued operations | $ | 15,550 | $ | 9,320 | $ | 74,611 | $ | 58,984 | |||||||
Growth in same-property NOI | 3.3 | % | 3.8 | % | |||||||||||
Number of properties (2) | 95 | 93 | |||||||||||||
Growth in same-property NOI including redevelopments | 3.5 | % | 4.2 | % | |||||||||||
Number of properties (3) | 107 | 106 |
Exhibit 99.2 | |||||
Equity One, Inc. | |||||
Supplemental Information Package | |||||
December 31, 2015 | |||||
Equity One, Inc. | |||||
410 Park Avenue, Suite 1220 | |||||
New York, NY 10022 | |||||
(212) 796-1760 | |||||
www.equityone.com | |||||
TABLE OF CONTENTS | |
Page | |
Press Release | 3-11 |
Overview | |
Disclosures | |
Summary Financial Results and Ratios | 13-14 |
Funds from Operations and Earnings Guidance Assumptions | |
Components of Net Asset Value | 16-17 |
Assets, Liabilities, and Equity | |
Condensed Consolidated Balance Sheets | |
Market Capitalization | |
Income, EBITDA, and FFO | |
Condensed Consolidated Statements of Income | |
Net Operating Income | |
Adjusted Consolidated EBITDA | |
Funds from Operations | |
Additional Disclosures | |
Leasing Data | |
Portfolio Statistics | |
Tenant Concentration - Top Twenty-Five Tenants | |
Recent Leasing Activity | |
Shopping Center Lease Expiration Schedule | |
Property Data | |
Annual Base Rent of Operating Properties by State | |
Property Status Report | 30-38 |
Real Estate Acquisitions and Dispositions | |
Real Estate Developments and Redevelopments | 40-41 |
Tactical Capital Improvements | |
Debt Schedules | |
Debt Summary | |
Debt Maturity Schedule | |
Debt by Instrument | 45-46 |
Unconsolidated Joint Venture Supplemental Data | 47-49 |
Equity One, Inc. 410 Park Avenue, Suite 1220 New York, NY 10022 212-796-1760 | For additional information: Matthew Ostrower, EVP and Chief Financial Officer |
• | Generated Recurring Funds From Operations of $0.34 per diluted share and Funds From Operations (FFO) of $0.29 per diluted share for the quarter, and generated Recurring FFO of $1.32 per diluted share and FFO of $1.22 per diluted share for the year ended December 31, 2015 |
• | Same-property net operating income (NOI) excluding redevelopments increased by 3.3% (3.5% including redevelopments) as compared to the fourth quarter of 2014, and increased 3.8% (4.2% including redevelopments) for the year ended December 31, 2015 |
• | Retail occupancy (excluding developments and redevelopments) increased to 96.0%, up 40 basis points as compared to September 30, 2015, and up 100 basis points as compared to December 31, 2014. Shop occupancy for these assets rose 110 basis points to 88.7% as compared to September 30, 2015 |
• | Executed 104 leases totaling 626,641 square feet during the quarter, including 87 same space new leases, renewals, and options totaling 552,521 square feet at an average rent spread of 8.7% on a cash basis |
• | Retail portfolio average base rent (including developments and redevelopments) was $19.48 per square foot as of December 31, 2015 |
• | Made ongoing progress in capital recycling through the sale of four non-core assets, including three completed subsequent to quarter end, for a total gross sales price of $28.8 million. Two of these assets were located in Louisiana and two were in Florida, one of which was held in a joint venture |
• | Completed the previously announced acquisition of a mixed-use property in Cambridge, Massachusetts for $85.0 million |
• | Redeemed the company’s September 2016 unsecured senior notes and, subsequent to quarter end, the January 2017 unsecured senior notes, and prepaid a $24.7 million fixed rate mortgage. Replaced the debt with a new five-year $300.0 million unsecured delayed draw term loan facility and, subsequent to quarter end, a new $88.0 million mortgage secured by Westbury Plaza with a 10-year maturity and an interest rate of 3.76% per annum |
• | Reaffirmed 2016 Recurring FFO guidance range of $1.35 to $1.40 per diluted share |
• | Increase in same-property NOI (excluding redevelopments) of 3.25% to 4.25% |
• | Year-end 2016 same-property occupancy between 96.0% and 96.5% |
• | Recurring general and administrative expense of $33.0 million to $35.0 million |
• | Interest expense of $50.0 million to $52.0 million |
• | Selective acquisition activity |
• | Ongoing one-off sales of non-core assets |
For the year ended December 31, 2016 (1) | ||||||||
Low | High | |||||||
Estimated earnings attributable to Equity One per diluted share | $ | 0.65 | $ | 0.69 | ||||
Adjustments: | ||||||||
Rental property depreciation and amortization including pro rata share of joint ventures | 0.65 | 0.65 | ||||||
Estimated FFO per diluted share | 1.30 | 1.34 | ||||||
Transaction costs, debt extinguishment, and other | 0.05 | 0.06 | ||||||
Estimated Recurring FFO per diluted share | $ | 1.35 | $ | 1.40 |
(1) | Does not include possible gains or losses or the impact on operating results from unplanned future property acquisitions or unplanned dispositions, other possible capital markets activity or possible future impairment or severance charges. |
December 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Properties: | |||||||
Income producing | $ | 3,337,531 | $ | 3,128,081 | |||
Less: accumulated depreciation | (438,992 | ) | (381,533 | ) | |||
Income producing properties, net | 2,898,539 | 2,746,548 | |||||
Construction in progress and land | 167,478 | 161,872 | |||||
Property held for sale | 2,419 | — | |||||
Properties, net | 3,068,436 | 2,908,420 | |||||
Cash and cash equivalents | 21,353 | 27,469 | |||||
Cash held in escrow and restricted cash | 250 | 250 | |||||
Accounts and other receivables, net | 11,808 | 11,859 | |||||
Investments in and advances to unconsolidated joint ventures | 64,600 | 89,218 | |||||
Goodwill | 5,838 | 6,038 | |||||
Other assets | 203,618 | 213,525 | |||||
TOTAL ASSETS | $ | 3,375,903 | $ | 3,256,779 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Notes payable: | |||||||
Mortgage notes payable | $ | 282,029 | $ | 311,778 | |||
Unsecured senior notes payable | 518,401 | 731,136 | |||||
Term loans | 475,000 | 250,000 | |||||
Unsecured revolving credit facilities | 96,000 | 37,000 | |||||
1,371,430 | 1,329,914 | ||||||
Unamortized deferred financing costs and premium/discount on notes payable, net | (4,708 | ) | (2,319 | ) | |||
Total notes payable | 1,366,722 | 1,327,595 | |||||
Other liabilities: | |||||||
Accounts payable and accrued expenses | 46,602 | 49,924 | |||||
Tenant security deposits | 9,449 | 8,684 | |||||
Deferred tax liability | 13,276 | 12,567 | |||||
Other liabilities | 169,703 | 167,400 | |||||
Total liabilities | 1,605,752 | 1,566,170 | |||||
Commitments and contingencies | — | — | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued | — | — | |||||
Common stock, $0.01 par value – 250,000 shares authorized and 129,106 shares issued and outstanding at December 31, 2015 and 150,000 shares authorized and 124,281 shares issued and outstanding at December 31, 2014 | 1,291 | 1,243 | |||||
Additional paid-in capital | 1,972,369 | 1,843,348 | |||||
Distributions in excess of earnings | (407,676 | ) | (360,172 | ) | |||
Accumulated other comprehensive loss | (1,978 | ) | (999 | ) | |||
Total stockholders’ equity of Equity One, Inc. | 1,564,006 | 1,483,420 | |||||
Noncontrolling interests | 206,145 | 207,189 | |||||
Total equity | 1,770,151 | 1,690,609 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 3,375,903 | $ | 3,256,779 |
EQUITY ONE, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income For the three months and years ended December 31, 2015 and 2014 (Unaudited) (In thousands, except per share data) | ||||||||||||||||
Three months ended December 31, | Year ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
REVENUE: | ||||||||||||||||
Minimum rent | $ | 68,983 | $ | 66,252 | $ | 272,204 | $ | 268,257 | ||||||||
Expense recoveries | 20,217 | 19,137 | 80,737 | 77,640 | ||||||||||||
Percentage rent | 855 | 822 | 5,335 | 5,107 | ||||||||||||
Management and leasing services | 445 | 333 | 1,877 | 2,181 | ||||||||||||
Total revenue | 90,500 | 86,544 | 360,153 | 353,185 | ||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||
Property operating | 12,606 | 13,394 | 51,373 | 49,332 | ||||||||||||
Real estate taxes | 9,960 | 9,580 | 42,167 | 40,161 | ||||||||||||
Depreciation and amortization | 24,024 | 21,230 | 92,997 | 101,345 | ||||||||||||
General and administrative | 9,913 | 9,864 | 36,277 | 41,174 | ||||||||||||
Total costs and expenses | 56,503 | 54,068 | 222,814 | 232,012 | ||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 33,997 | 32,476 | 137,339 | 121,173 | ||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||
Investment income | 42 | 107 | 210 | 365 | ||||||||||||
Equity in income of unconsolidated joint ventures | 2,060 | 672 | 6,493 | 10,990 | ||||||||||||
Other income | 294 | 254 | 5,990 | 3,454 | ||||||||||||
Interest expense | (13,279 | ) | (15,778 | ) | (55,322 | ) | (66,427 | ) | ||||||||
Gain on sale of operating properties | — | 3,371 | 3,952 | 14,029 | ||||||||||||
Loss on extinguishment of debt | (4,735 | ) | (3,824 | ) | (7,298 | ) | (2,750 | ) | ||||||||
Impairment loss | (2,829 | ) | (7,958 | ) | (16,753 | ) | (21,850 | ) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 15,550 | 9,320 | 74,611 | 58,984 | ||||||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 389 | (70 | ) | 856 | (850 | ) | ||||||||||
INCOME FROM CONTINUING OPERATIONS | 15,939 | 9,250 | 75,467 | 58,134 | ||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||
Operations of income producing properties | — | (18 | ) | — | (238 | ) | ||||||||||
(Loss) gain on disposal of income producing properties | — | (12 | ) | — | 3,222 | |||||||||||
Income tax provision of taxable REIT subsidiaries | — | (4 | ) | — | (27 | ) | ||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS | — | (34 | ) | — | 2,957 | |||||||||||
NET INCOME | 15,939 | 9,216 | 75,467 | 61,091 | ||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,507 | ) | (2,491 | ) | (10,014 | ) | (12,206 | ) | ||||||||
Net loss attributable to noncontrolling interests - discontinued operations | — | — | — | 12 | ||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 13,432 | $ | 6,725 | $ | 65,453 | $ | 48,897 | ||||||||
EARNINGS PER COMMON SHARE - BASIC: | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | 0.05 | $ | 0.51 | $ | 0.37 | ||||||||
Discontinued operations | — | — | — | 0.02 | ||||||||||||
$ | 0.10 | $ | 0.05 | $ | 0.51 | $ | 0.39 | |||||||||
Number of Shares Used in Computing Basic Earnings per Share | 129,048 | 123,211 | 127,957 | 119,403 | ||||||||||||
EARNINGS PER COMMON SHARE - DILUTED: | ||||||||||||||||
Continuing operations | $ | 0.10 | $ | 0.05 | $ | 0.51 | $ | 0.37 | ||||||||
Discontinued operations | — | — | — | 0.02 | ||||||||||||
$ | 0.10 | $ | 0.05 | $ | 0.51 | $ | 0.39 | |||||||||
Number of Shares Used in Computing Diluted Earnings per Share | 129,301 | 123,494 | 128,160 | 119,725 | ||||||||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.22 | $ | 0.22 | $ | 0.88 | $ | 0.88 |
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Net income attributable to Equity One, Inc. | $ | 13,432 | $ | 6,725 | $ | 65,453 | $ | 48,897 | |||||||
Adjustments: | |||||||||||||||
Rental property depreciation and amortization, net of noncontrolling interest (1) | 23,685 | 20,924 | 91,705 | 100,130 | |||||||||||
Pro rata share of real estate depreciation and amortization from unconsolidated joint ventures | 943 | 1,045 | 3,947 | 4,186 | |||||||||||
Gain on disposal of depreciable assets, net of tax (1) (2) | — | (3,036 | ) | (3,875 | ) | (16,898 | ) | ||||||||
Pro rata share of gains on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest (3) (4) | (1,403 | ) | — | (8,428 | ) | (8,007 | ) | ||||||||
Impairments of depreciable real estate, net of tax (1) | 980 | 5,728 | 12,041 | 19,620 | |||||||||||
Funds From Operations | 37,637 | 31,386 | 160,843 | 147,928 | |||||||||||
Earnings attributed to noncontrolling interest (5) | 2,499 | 2,499 | 9,995 | 9,996 | |||||||||||
Funds From Operations Available to Diluted Common Shareholders (6) | 40,136 | 33,885 | 170,838 | 157,924 | |||||||||||
Transaction costs, net of tax (7) | 1,073 | 228 | 2,733 | 2,041 | |||||||||||
Impairment of land and goodwill, net of tax | 1,250 | 2,230 | 2,949 | 2,230 | |||||||||||
Reorganization and severance adjustments (8) | 57 | 392 | 637 | 2,723 | |||||||||||
Loss on debt extinguishment, net of tax (1) | 4,735 | 3,824 | 7,298 | 3,082 | |||||||||||
Gain on land and outparcel sales, net of controlling interests (1) | — | (319 | ) | — | (349 | ) | |||||||||
Recurring Funds From Operations Available to Diluted Common Shareholders (6) | $ | 47,251 | $ | 40,240 | $ | 184,455 | $ | 167,651 | |||||||
Funds From Operations per Diluted Common Share (6) | $ | 0.29 | $ | 0.25 | $ | 1.22 | $ | 1.20 | |||||||
Recurring Funds From Operations per Diluted Common Share (6) | $ | 0.34 | $ | 0.30 | $ | 1.32 | $ | 1.28 | |||||||
Weighted average diluted shares (9) | 140,659 | 134,852 | 139,518 | 131,083 |
(1) | Includes amounts classified as discontinued operations. |
(2) | Includes the recognition of deferred gains of $3.3 million associated with the 2008 sale of certain properties by the company to GRI-EQY I, LLC for the year ended December 31, 2015. |
(3) | Includes the remeasurement of the fair value of the company's equity interest in GRI-EQY I, LLC of $5.5 million for the year ended December 31, 2015. |
(4) | Includes the remeasurement of the fair value of the company's equity interest in Talega Village Center JV, LLC, the owner of Talega Village Center, of $2.2 million, net of the related noncontrolling interest, for the year ended December 31, 2014. |
(5) | Represents earnings attributed to convertible units held by Liberty International Holdings Limited ("LIH"). Although these convertible units are excluded from the calculation of earnings per diluted share, FFO available to diluted shareholders includes earnings allocated to LIH, as the inclusion of these units is dilutive to FFO per diluted share. |
(6) | Includes a $4.2 million net termination benefit related to the Loehmann’s lease at 101 7th Avenue and a $1.1 million reversal of bad debt expense associated with the settlement of historical real estate taxes with two tenants for the year ended December 31, 2014. |
(7) | Represents costs associated with acquisitions, dispositions and other financing and investing activities, including $300,000 and $1.8 million of acquisition and disposition costs for the three months and year ended December 31, 2015, respectively, and $773,000 and $908,000 of costs associated with a financing transaction that was not consummated, the initiation of the company's “at-the-market” equity offering program, and affiliate public offerings for the three months and year ended December 31, 2015, respectively. |
(8) | Includes the effect of the modification of share-based compensation awards associated with the company's executive transition, as well as, severance, bonus payments and other costs associated with reorganizational changes. |
(9) | Weighted average diluted shares used to calculate FFO per share and Recurring FFO per share is higher than the GAAP diluted weighted average shares as a result of the dilutive impact of the 11.4 million joint venture units held by LIH which are convertible into the company's common stock. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive. In January 2016, LIH exercised its redemption right with respect to all of its outstanding Class A Shares in the CapCo joint venture, and the company elected to satisfy the redemption through the issuance of approximately 11.4 million shares of its common stock to LIH. LIH subsequently sold the shares of common stock in a public offering that closed on January 19, 2016. |
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In thousands, except number of properties) | |||||||||||||||
Same-property NOI | $ | 48,025 | $ | 46,487 | $ | 184,863 | $ | 178,048 | |||||||
Redevelopment property NOI | 9,317 | 8,906 | 38,190 | 36,033 | |||||||||||
Same-property NOI including redevelopments | 57,342 | 55,393 | 223,053 | 214,081 | |||||||||||
Other non same-property NOI | 2,804 | 1,451 | 12,847 | 13,795 | |||||||||||
Adjustments (1) | 333 | (442 | ) | 822 | 789 | ||||||||||
Total NOI | 60,479 | 56,402 | 236,722 | 228,665 | |||||||||||
Add: | |||||||||||||||
Straight-line rent adjustment | 1,101 | 994 | 4,612 | 3,788 | |||||||||||
Accretion of below-market lease intangibles, net | 3,243 | 3,217 | 12,759 | 18,646 | |||||||||||
Management and leasing services income | 445 | 333 | 1,877 | 2,181 | |||||||||||
Elimination of intercompany expenses | 2,818 | 2,776 | 11,244 | 11,013 | |||||||||||
Equity in income of unconsolidated joint ventures | 2,060 | 672 | 6,493 | 10,990 | |||||||||||
Investment income | 42 | 107 | 210 | 365 | |||||||||||
Gain on sale of operating properties | — | 3,371 | 3,952 | 14,029 | |||||||||||
Other income | 294 | 254 | 5,990 | 3,454 | |||||||||||
Less: | |||||||||||||||
Amortization of below-market ground lease intangibles | 152 | 152 | 601 | 601 | |||||||||||
Depreciation and amortization expense | 24,024 | 21,230 | 92,997 | 101,345 | |||||||||||
General and administrative expense | 9,913 | 9,864 | 36,277 | 41,174 | |||||||||||
Interest expense | 13,279 | 15,778 | 55,322 | 66,427 | |||||||||||
Loss on extinguishment of debt | 4,735 | 3,824 | 7,298 | 2,750 | |||||||||||
Impairment loss | 2,829 | 7,958 | 16,753 | 21,850 | |||||||||||
Income from continuing operations before tax and discontinued operations | $ | 15,550 | $ | 9,320 | $ | 74,611 | $ | 58,984 | |||||||
Growth in same-property NOI | 3.3 | % | 3.8 | % | |||||||||||
Number of properties (2) | 95 | 93 | |||||||||||||
Growth in same-property NOI including redevelopments | 3.5 | % | 4.2 | % | |||||||||||
Number of properties (3) | 107 | 106 |
4Q 2015 | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | ||||||||||||||||
Summary Financial Results | ||||||||||||||||||||
Total revenue* | $ | 90,500 | $ | 90,439 | $ | 90,735 | $ | 88,479 | $ | 86,553 | ||||||||||
Adjusted Consolidated EBITDA* (see page 22) | $ | 60,144 | $ | 58,797 | $ | 60,564 | $ | 58,466 | $ | 55,341 | ||||||||||
Property NOI* (see page 21) | $ | 67,489 | $ | 65,782 | $ | 66,720 | $ | 64,745 | $ | 63,203 | ||||||||||
General & administrative expenses (G&A)* | $ | 9,913 | $ | 9,207 | $ | 8,417 | $ | 8,740 | $ | 9,848 | ||||||||||
G&A - Adjusted * (1) | $ | 8,783 | $ | 8,365 | $ | 8,002 | $ | 7,757 | $ | 9,228 | ||||||||||
Net income attributable to Equity One, Inc. | $ | 13,432 | $ | 16,961 | $ | 27,054 | $ | 8,006 | $ | 6,725 | ||||||||||
Earnings per diluted share | $ | 0.10 | $ | 0.13 | $ | 0.21 | $ | 0.06 | $ | 0.05 | ||||||||||
Funds from operations available to diluted common shareholders (FFO) (see page 23) | $ | 40,136 | $ | 43,409 | $ | 43,978 | $ | 43,315 | $ | 33,885 | ||||||||||
FFO per diluted common share (see page 23) | $ | 0.29 | $ | 0.31 | $ | 0.31 | $ | 0.32 | $ | 0.25 | ||||||||||
Recurring FFO (see page 23) | $ | 47,251 | $ | 45,750 | $ | 47,294 | $ | 44,160 | $ | 40,240 | ||||||||||
Recurring FFO per diluted common share (see page 23) | $ | 0.34 | $ | 0.33 | $ | 0.34 | $ | 0.32 | $ | 0.30 | ||||||||||
Total dividends paid per share | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | ||||||||||
Weighted average diluted shares used in EPS computations | 129,301 | 129,146 | 129,144 | 124,989 | 123,494 | |||||||||||||||
Weighted average diluted shares used in FFO computations (2) | 140,659 | 140,505 | 140,502 | 136,358 | 134,852 | |||||||||||||||
Summary Operating and Financial Ratios | ||||||||||||||||||||
Total retail portfolio property count | 115 | 113 | 113 | 110 | 111 | |||||||||||||||
Total retail portfolio gross leasable area (GLA) (in thousands) | 15,051 | 15,011 | 15,196 | 14,567 | 14,684 | |||||||||||||||
Total retail portfolio average base rent (ABR) | $ | 19.48 | $ | 19.24 | $ | 18.71 | $ | 18.70 | $ | 18.47 | ||||||||||
Total retail portfolio percent leased excluding developments and redevelopments | 96.0 | % | 95.6 | % | 95.5 | % | 95.2 | % | 95.0 | % | ||||||||||
Same-property - QTD NOI pool percent commenced | 95.0 | % | 94.6 | % | 94.6 | % | 94.4 | % | 94.8 | % | ||||||||||
Same-property NOI growth - cash basis (see page 21) | 3.3 | % | 4.7 | % | 4.5 | % | 3.0 | % | 4.3 | % | ||||||||||
Same-property NOI growth - cash basis, including redevelopments (see page 21) | 3.5 | % | 4.4 | % | 4.3 | % | 4.7 | % | 5.3 | % | ||||||||||
NOI margin (see page 21) | 74.9 | % | 72.9 | % | 74.0 | % | 73.6 | % | 73.3 | % | ||||||||||
Expense recovery ratio* | 89.6 | % | 82.8 | % | 87.0 | % | 86.2 | % | 83.1 | % | ||||||||||
New leases, renewals and options rent spread - cash basis (see page 27) | 8.7 | % | 10.8 | % | 12.6 | % | 6.7 | % | 14.9 | % | ||||||||||
New leases rent spread - cash basis (see page 27) | 11.2 | % | 6.3 | % | 7.4 | % | 5.7 | % | 12.3 | % | ||||||||||
Renewals and options rent spread - cash basis (see page 27) | 7.9 | % | 11.9 | % | 14.9 | % | 6.8 | % | 16.0 | % | ||||||||||
Adjusted G&A expense to total revenues (1) | 9.7 | % | 9.2 | % | 8.8 | % | 8.8 | % | 10.7 | % | ||||||||||
Adjusted Consolidated EBITDA to fixed charges* (see page 22) | 4.0 | 3.9 | 3.9 | 3.5 | 3.1 | |||||||||||||||
Net debt to Adjusted Consolidated EBITDA* (see page 22) | 5.6 | 5.3 | 5.2 | 5.1 | 5.9 |
• | Increase in same-property NOI (excluding redevelopments) of 3.25% to 4.25% |
• | Year-end 2016 same-property occupancy between 96.0% and 96.5% |
• | Recurring general and administrative expense of $33.0 million to $35.0 million |
• | Interest expense of $50.0 million to $52.0 million |
• | Selective acquisition activity |
• | Ongoing one-off sales of non-core assets |
For the year ended December 31, 2016 (1) | ||||||||
Low | High | |||||||
Estimated earnings attributable to Equity One per diluted share | $ | 0.65 | $ | 0.69 | ||||
Adjustments: | ||||||||
Rental property depreciation and amortization including pro rata share of joint ventures | 0.65 | 0.65 | ||||||
Estimated FFO per diluted share | 1.30 | 1.34 | ||||||
Transaction costs, debt extinguishment, and other | 0.05 | 0.06 | ||||||
Estimated Recurring FFO per diluted share | $ | 1.35 | $ | 1.40 |
(1) | Does not include possible gains or losses or the impact on operating results from unplanned future property acquisitions or unplanned dispositions, other possible capital markets activity or possible future impairment or severance charges. |
Cash Net Operating Income (NOI) | Other assets | ||||||||||
GAAP property net operating income (see page 21) | $ | 67,489 | Cash and cash equivalents (see page 18) | $ | 21,603 | ||||||
Less: | Accounts and other receivables, net (see page 18) | 11,808 | |||||||||
Accretion of below-market lease intangibles, net (see page 24) | (3,243 | ) | Land (see page 18) | 22,229 | |||||||
Straight-line rent (see page 24) | (1,101 | ) | Other assets | 24,309 | (8) | ||||||
Other non-cash items, net | (77 | ) | (1) | Book value of construction in progress | 70,300 | (6) | |||||
Consolidated cash property net operating income | 63,068 | Under-earning properties at book value (4) | 279,711 | (9) | |||||||
Other assets | $ | 429,960 | |||||||||
Adjustments to normalize cash NOI: | |||||||||||
Add pro rata cash net operating income from unconsolidated joint ventures (see page 47) | 1,983 | (2) | Liabilities | ||||||||
Partial quarter adjustments, and other adjustments to normalize NOI, net | 582 | (3) | Mortgage notes payable (see page 45) | $ | 282,029 | ||||||
Adjustment to exclude under-earning properties from net operating income (4) | (1,749 | ) | (5) | Unsecured senior notes payable (see page 45) | 518,401 | ||||||
Net adjustments | 816 | Term loan (see page 46) | 475,000 | ||||||||
Unsecured revolving credit facilities (see page 46) | 96,000 | ||||||||||
Normalized cash net operating income for the quarter | $ | 63,884 | Pro rata share of debt from unconsolidated joint ventures (see page 49) | 43,853 | |||||||
Prepaid rent (see page 24) | 9,361 | ||||||||||
Unconsolidated joint venture fees income | Accounts payable and other (see page 24) | 54,737 | |||||||||
Management and Leasing Fees (see page 20) | $ | 445 | (7) | Liabilities | $ | 1,479,381 | |||||
Other Information | |||||||||||
Fully diluted common shares (page 19) | 140,849 |
(1) | Amortization of below-market ground lease intangible and lease incentive amortization, net. |
(2) | Includes pro rata share of cash NOI from Penn Dutch Plaza, which was sold by the company's DRA Advisors joint venture (the "DRA JV") during the quarter. |
(3) | Pro forma full quarter for partial quarter impact of income producing assets acquired (Harvard Collection & 91 Danbury), adjustment for impact of seasonality of percentage rents and any other material non-recurring items. |
(4) | Under-earning properties are properties with redevelopment or retenanting plans which are not generating earnings at a level expected in the long-run following redevelopment or retananting activities. |
(5) | Cash NOI of under-earning properties which are included at gross book value in other assets. Includes Westwood Complex (all seven parcels), 101 7th Avenue, and Village Center. |
(6) | Book value of total balance sheet CIP less book value of 101 7th Avenue, since this property is included in other assets as an under-earning property. |
(7) | Includes management and leasing fees for the quarter from the DRA JV, a portion of which will not recur due to the sale of Penn Dutch Plaza. |
(8) | Includes prepaid expenses and other receivables, deposits and mortgage escrows, and furniture, fixtures and equipment (net). |
(9) | Book value of under-earning properties for which cash NOI has been removed from normalized cash NOI. Includes Westwood Complex (all seven parcels), 101 7th Avenue (which is included in CIP in the condensed consolidated balance sheet) and Village Center. |
December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||
Assets | ||||||||||||
Properties: | ||||||||||||
Income producing | $ | 3,337,531 | $ | 3,128,081 | $ | 3,153,131 | ||||||
Less: accumulated depreciation | (438,992 | ) | (381,533 | ) | (354,166 | ) | ||||||
Income producing properties, net | 2,898,539 | 2,746,548 | 2,798,965 | |||||||||
Construction in progress and land (1) | 167,478 | 161,872 | 104,464 | |||||||||
Property held for sale | 2,419 | — | 13,404 | |||||||||
Properties, net | 3,068,436 | 2,908,420 | 2,916,833 | |||||||||
Cash and cash equivalents (2) | 21,603 | 27,719 | 36,495 | |||||||||
Accounts and other receivables, net | 11,808 | 11,859 | 12,872 | |||||||||
Investments in and advances to unconsolidated joint ventures | 64,600 | 89,218 | 91,772 | |||||||||
Loans receivable, net | — | — | 60,711 | |||||||||
Goodwill | 5,838 | 6,038 | 6,377 | |||||||||
Other assets | 203,618 | 213,525 | 223,400 | |||||||||
Total assets | $ | 3,375,903 | $ | 3,256,779 | $ | 3,348,460 | ||||||
Liabilities, redeemable noncontrolling interests and equity | ||||||||||||
Liabilities: | ||||||||||||
Mortgage notes payable | $ | 282,029 | $ | 311,778 | $ | 430,155 | ||||||
Unsecured senior notes payable | 518,401 | 731,136 | 731,136 | |||||||||
Term loans | 475,000 | 250,000 | 250,000 | |||||||||
Unsecured revolving credit facilities | 96,000 | 37,000 | 91,000 | |||||||||
1,371,430 | 1,329,914 | 1,502,291 | ||||||||||
Unamortized deferred financing costs and premium/discount on notes payable, net | (4,708 | ) | (2,319 | ) | (81 | ) | ||||||
Total notes payable | 1,366,722 | 1,327,595 | 1,502,210 | |||||||||
Accounts payable and other liabilities | 225,754 | 226,008 | 230,571 | |||||||||
Deferred tax liability | 13,276 | 12,567 | 11,764 | |||||||||
Total liabilities | 1,605,752 | 1,566,170 | 1,744,545 | |||||||||
Redeemable noncontrolling interests | — | — | 989 | |||||||||
Total stockholders’ equity of Equity One, Inc. | 1,564,006 | 1,483,420 | 1,395,183 | |||||||||
Noncontrolling interests | 206,145 | 207,189 | 207,743 | |||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,375,903 | $ | 3,256,779 | $ | 3,348,460 |
December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||
Closing market price of common stock | $ | 27.15 | $ | 25.36 | $ | 22.44 | ||||||
Common stock shares | ||||||||||||
Basic common shares | 129,106.345 | 124,281.204 | 117,646.807 | |||||||||
Diluted common shares | ||||||||||||
Unvested restricted common shares (treasury method, closing price) | 143.141 | 154.213 | 123.775 | |||||||||
DownREIT units (convertible into shares) | — | — | 93.656 | |||||||||
Common stock options (treasury method, closing price) | 127.186 | 126.078 | 251.611 | |||||||||
Long term incentive plan performance awards (treasury method, closing price) | 114.647 | 66.820 | 911.263 | |||||||||
Convertible CapCo Partnership Units | 11,357.837 | 11,357.837 | 11,357.837 | |||||||||
Diluted common shares | 140,849.156 | 135,986.152 | 130,384.949 | |||||||||
Equity market capitalization | $ | 3,824,055 | $ | 3,448,609 | $ | 2,925,838 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) | $ | 1,371,430 | $ | 1,329,914 | $ | 1,502,291 | ||||||
Cash and cash equivalents (1) | (21,603 | ) | (27,719 | ) | (36,495 | ) | ||||||
Net debt | $ | 1,349,827 | $ | 1,302,195 | $ | 1,465,796 | ||||||
Total debt (excluding unamortized/unaccreted premium/(discount)) | $ | 1,371,430 | $ | 1,329,914 | $ | 1,502,291 | ||||||
Equity market capitalization | 3,824,055 | 3,448,609 | 2,925,838 | |||||||||
Total market capitalization | $ | 5,195,485 | $ | 4,778,523 | $ | 4,428,129 | ||||||
Net debt to total market capitalization at applicable market price | 26.0 | % | 27.3 | % | 33.1 | % | ||||||
Gross real estate investments (2) | $ | 3,509,335 | $ | 3,289,953 | $ | 3,337,301 | ||||||
Net debt to gross real estate investments | 38.5 | % | 39.6 | % | 43.9 | % | ||||||
Three months ended December 31, | Percent Change | Year ended December 31, | Percent Change | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
REVENUE: | ||||||||||||||||||||||
Minimum rent | $ | 68,983 | $ | 66,252 | $ | 272,204 | $ | 268,257 | ||||||||||||||
Expense recoveries | 20,217 | 19,137 | 80,737 | 77,640 | ||||||||||||||||||
Percentage rent | 855 | 822 | 5,335 | 5,107 | ||||||||||||||||||
Management and leasing services | 445 | 333 | 1,877 | 2,181 | ||||||||||||||||||
Total revenue | 90,500 | 86,544 | 4.6 | % | 360,153 | 353,185 | 2.0 | % | ||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||
Property operating | 12,606 | 13,394 | 51,373 | 49,332 | ||||||||||||||||||
Real estate taxes | 9,960 | 9,580 | 42,167 | 40,161 | ||||||||||||||||||
Depreciation and amortization | 24,024 | 21,230 | 92,997 | 101,345 | ||||||||||||||||||
General and administrative | 9,913 | 9,864 | 36,277 | 41,174 | ||||||||||||||||||
Total costs and expenses | 56,503 | 54,068 | 4.5 | % | 222,814 | 232,012 | (4.0 | )% | ||||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 33,997 | 32,476 | 4.7 | % | 137,339 | 121,173 | 13.3 | % | ||||||||||||||
OTHER INCOME AND EXPENSE: | ||||||||||||||||||||||
Investment income | 42 | 107 | 210 | 365 | ||||||||||||||||||
Equity in income of unconsolidated joint ventures | 2,060 | 672 | 6,493 | 10,990 | ||||||||||||||||||
Other income | 294 | 254 | 5,990 | 3,454 | ||||||||||||||||||
Interest expense | (13,279 | ) | (15,778 | ) | (55,322 | ) | (66,427 | ) | ||||||||||||||
Gain on sale of operating properties | — | 3,371 | 3,952 | 14,029 | ||||||||||||||||||
Loss on extinguishment of debt | (4,735 | ) | (3,824 | ) | (7,298 | ) | (2,750 | ) | ||||||||||||||
Impairment loss | (2,829 | ) | (7,958 | ) | (16,753 | ) | (21,850 | ) | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 15,550 | 9,320 | 74,611 | 58,984 | ||||||||||||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 389 | (70 | ) | 856 | (850 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 15,939 | 9,250 | 72.3 | % | 75,467 | 58,134 | 29.8 | % | ||||||||||||||
DISCONTINUED OPERATIONS: | ||||||||||||||||||||||
Operations of income producing properties | — | (18 | ) | — | (238 | ) | ||||||||||||||||
(Loss) gain on disposal of income producing properties | — | (12 | ) | — | 3,222 | |||||||||||||||||
Income tax provision of taxable REIT subsidiaries | — | (4 | ) | — | (27 | ) | ||||||||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS | — | (34 | ) | — | 2,957 | |||||||||||||||||
NET INCOME | 15,939 | 9,216 | 72.9 | % | 75,467 | 61,091 | 23.5 | % | ||||||||||||||
Net income attributable to noncontrolling interests - continuing operations | (2,507 | ) | (2,491 | ) | (10,014 | ) | (12,206 | ) | ||||||||||||||
Net loss attributable to noncontrolling interests - discontinued operations | — | — | — | 12 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 13,432 | $ | 6,725 | NM* | $ | 65,453 | $ | 48,897 | 33.9 | % | |||||||||||
EARNINGS PER COMMON SHARE - BASIC: | ||||||||||||||||||||||
Continuing operations | $ | 0.10 | $ | 0.05 | $ | 0.51 | $ | 0.37 | ||||||||||||||
Discontinued operations | — | — | — | 0.02 | ||||||||||||||||||
$ | 0.10 | $ | 0.05 | NM* | $ | 0.51 | $ | 0.39 | 30.8 | % | ||||||||||||
EARNINGS PER COMMON SHARE - DILUTED: | ||||||||||||||||||||||
Continuing operations | $ | 0.10 | $ | 0.05 | $ | 0.51 | $ | 0.37 | ||||||||||||||
Discontinued operations | — | — | — | 0.02 | ||||||||||||||||||
$ | 0.10 | $ | 0.05 | NM* | $ | 0.51 | $ | 0.39 | 30.8 | % | ||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||||||||||||||||||||
Basic | 129,048 | 123,211 | 127,957 | 119,403 | ||||||||||||||||||
Diluted | 129,301 | 123,494 | 128,160 | 119,725 |
Three months ended December 31, | Percent Change | Year ended December 31, | Percent Change | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||
Total NOI (1) | |||||||||||||||||||
Total rental revenue | $ | 90,055 | $ | 86,220 | 4.4% | $ | 358,276 | $ | 351,161 | 2.0% | |||||||||
Less: Property operating expenses | 12,606 | 13,441 | (6.2%) | 51,373 | 49,514 | 3.8% | |||||||||||||
Real estate tax expense | 9,960 | 9,576 | 4.0% | 42,167 | 40,369 | 4.5% | |||||||||||||
NOI | $ | 67,489 | $ | 63,203 | 6.8% | $ | 264,736 | $ | 261,278 | 1.3% | |||||||||
NOI margin (NOI / Total rental revenue) | 74.9 | % | 73.3 | % | 73.9 | % | 74.4 | % | |||||||||||
Same-property cash NOI (2) (3) | |||||||||||||||||||
Minimum rent | $ | 52,110 | $ | 50,249 | $ | 197,710 | $ | 190,885 | |||||||||||
Expense recoveries | 16,359 | 15,584 | 62,385 | 60,332 | |||||||||||||||
Percentage rent | 286 | 340 | 2,656 | 2,646 | |||||||||||||||
Total rental revenue | $ | 68,755 | $ | 66,173 | 3.9% | $ | 262,751 | $ | 253,863 | 3.5% | |||||||||
Property operating expenses (3) | $ | 11,064 | $ | 10,807 | $ | 41,371 | $ | 40,637 | |||||||||||
Real estate tax expense | 8,568 | 8,102 | 32,998 | 32,477 | |||||||||||||||
Non-recoverable operating expenses | 477 | 484 | 1,664 | 1,979 | |||||||||||||||
Bad debt expense | 621 | 293 | 1,855 | 722 | |||||||||||||||
Total property operating expenses | 20,730 | 19,686 | 5.3% | 77,888 | 75,815 | 2.7% | |||||||||||||
Same-property cash NOI | 48,025 | 46,487 | 3.3% | 184,863 | 178,048 | 3.8% | |||||||||||||
Redevelopment property NOI | 9,317 | 8,906 | 38,190 | 36,033 | |||||||||||||||
Same-property NOI including redevelopments | $ | 57,342 | $ | 55,393 | 3.5% | $ | 223,053 | $ | 214,081 | 4.2% |
Three months ended December 31, | Year ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income | $ | 15,939 | $ | 9,216 | $ | 75,467 | $ | 61,091 | ||||||||
Depreciation and amortization | 24,024 | 21,230 | 92,997 | 101,345 | ||||||||||||
Interest expense (1) | 13,279 | 15,778 | 55,322 | 66,427 | ||||||||||||
Loss on extinguishment of debt | 4,735 | 3,824 | 7,298 | 2,750 | ||||||||||||
Transaction costs (2) | 1,073 | 228 | 2,733 | 2,041 | ||||||||||||
Reorganization and severance adjustments (3) | 57 | 392 | 637 | 2,723 | ||||||||||||
Impairment loss | 2,829 | 7,958 | 16,753 | 21,850 | ||||||||||||
Gain on sale of operating properties | — | (3,359 | ) | (683 | ) | (17,251 | ) | |||||||||
Gain on sale of joint venture property (4) (5) (6) | (1,403 | ) | — | (6,199 | ) | (7,392 | ) | |||||||||
Gain from fair value adjustment of equity interest in joint venture (4) (7) | — | — | (5,498 | ) | (2,807 | ) | ||||||||||
Income tax (benefit) provision of taxable REIT subsidiaries | (389 | ) | 74 | (856 | ) | 877 | ||||||||||
Adjusted Consolidated EBITDA | $ | 60,144 | $ | 55,341 | $ | 237,971 | $ | 231,654 | ||||||||
Interest expense | $ | 13,279 | $ | 15,778 | $ | 55,322 | $ | 66,427 | ||||||||
Adjusted Consolidated EBITDA to interest expense | 4.5 | 3.5 | 4.3 | 3.5 | ||||||||||||
Fixed charges | ||||||||||||||||
Interest expense | $ | 13,279 | $ | 15,778 | $ | 55,322 | $ | 66,427 | ||||||||
Scheduled principal amortization (8) | 1,691 | 2,004 | 6,798 | 7,942 | ||||||||||||
Total fixed charges | $ | 14,970 | $ | 17,782 | $ | 62,120 | $ | 74,369 | ||||||||
Adjusted Consolidated EBITDA to fixed charges | 4.0 | 3.1 | 3.8 | 3.1 | ||||||||||||
Net Debt to Adjusted Consolidated EBITDA (9) | 5.6 | 5.9 | 5.7 | 5.6 |
(6) | In January 2014, the property held by Vernola Marketplace JV, LLC was sold for $49.0 million, including the assumption of the existing mortgage of $22.9 million by the buyer. The joint venture recognized a gain of $14.7 million on the sale, of which the company's proportionate share was $7.4 million, including $1.6 million attributable to a noncontrolling interest, which is included in equity in income of unconsolidated joint ventures in the company's condensed consolidated statement of income for the year ended December 31, 2014. |
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income attributable to Equity One, Inc. | $ | 13,432 | $ | 6,725 | $ | 65,453 | $ | 48,897 | |||||||
Adjustments: | |||||||||||||||
Rental property depreciation and amortization, net of noncontrolling interest (1) | 23,685 | 20,924 | 91,705 | 100,130 | |||||||||||
Pro rata share of real estate depreciation and amortization from unconsolidated joint ventures | 943 | 1,045 | 3,947 | 4,186 | |||||||||||
Gain on disposal of depreciable assets, net of tax (1) (2) | — | (3,036 | ) | (3,875 | ) | (16,898 | ) | ||||||||
Pro rata share of gains on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest (3) (4) | (1,403 | ) | — | (8,428 | ) | (8,007 | ) | ||||||||
Impairments of depreciable real estate, net of tax (1) | 980 | 5,728 | 12,041 | 19,620 | |||||||||||
Funds From Operations | 37,637 | 31,386 | 160,843 | 147,928 | |||||||||||
Earnings attributed to noncontrolling interest (5) | 2,499 | 2,499 | 9,995 | 9,996 | |||||||||||
Funds From Operations Available to Diluted Common Shareholders (6) | 40,136 | 33,885 | 170,838 | 157,924 | |||||||||||
Transaction costs, net of tax (7) | 1,073 | 228 | 2,733 | 2,041 | |||||||||||
Impairment of land and goodwill, net of tax | 1,250 | 2,230 | 2,949 | 2,230 | |||||||||||
Reorganization and severance adjustments (8) | 57 | 392 | 637 | 2,723 | |||||||||||
Loss on debt extinguishment, net of tax (1) | 4,735 | 3,824 | 7,298 | 3,082 | |||||||||||
Gain on land and outparcel sales, net of controlling interests (1) | — | (319 | ) | — | (349 | ) | |||||||||
Recurring Funds From Operations Available to Diluted Common Shareholders (6) | $ | 47,251 | $ | 40,240 | $ | 184,455 | $ | 167,651 | |||||||
Funds From Operations per Diluted Common Share (6) | $ | 0.29 | $ | 0.25 | $ | 1.22 | $ | 1.20 | |||||||
Recurring Funds From Operations per Diluted Common Share (6) | $ | 0.34 | $ | 0.30 | $ | 1.32 | $ | 1.28 | |||||||
Weighted average diluted shares (9) | 140,659 | 134,852 | 139,518 | 131,083 |
(1) | Includes amounts classified as discontinued operations. |
(2) | Includes the recognition of deferred gains of $3.3 million associated with the 2008 sale of certain properties by the company to the GRI JV for the year ended December 31, 2015. See footnote 4 on page 22. |
(3) | Includes the remeasurement of the fair value of the company's equity interest in the GRI JV of $5.5 million for the year ended December 31, 2015. See footnote 4 on page 22. |
(4) | Includes the remeasurement of the fair value of the company's equity interest in Talega Village Center JV, LLC, the owner of Talega Village Center, of $2.2 million, net of the related noncontrolling interest, for the year ended December 31, 2014. See footnote 7 on page 22. |
(5) | Represents earnings attributed to convertible units held by LIH. Although these convertible units are excluded from the calculation of earnings per diluted share, FFO available to diluted shareholders includes earnings allocated to LIH, as the inclusion of these units is dilutive to FFO per diluted share. |
(6) | Includes a $4.2 million net termination benefit related to the Loehmann’s lease at 101 7th Avenue and a $1.1 million reversal of bad debt expense associated with the settlement of historical real estate taxes with two tenants for the year ended December 31, 2014. |
(7) | Represents costs associated with acquisitions, dispositions and other financing and investing activities, including $300,000 and $1.8 million of acquisition and disposition costs for the three months and year ended December 31, 2015, respectively, and $773,000 and $908,000 of costs associated with a financing transaction that was not consummated, the initiation of the company's “at-the-market” equity offering program, and affiliate public offerings for the three months and year ended December 31, 2015, respectively. |
(8) | Includes the effect of the modification of share-based compensation awards associated with the company's executive transition, as well as, severance, bonus payments and other costs associated with reorganizational changes. |
(9) | Weighted average diluted shares used to calculate FFO per share and Recurring FFO per share is higher than the GAAP diluted weighted average shares as a result of the dilutive impact of the 11.4 million joint venture units held by LIH which are convertible into the company's common stock. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive. In January 2016, LIH exercised its redemption right with respect to all of its outstanding Class A Shares in the CapCo joint venture, and the company elected to satisfy the redemption through the issuance of approximately 11.4 million shares of its common stock to LIH. LIH subsequently sold the shares of common stock in a public offering that closed on January 19, 2016. |
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Certain non-cash items: | |||||||||||||||
Accretion of below-market lease intangibles, net | $ | 3,243 | $ | 3,216 | $ | 12,759 | $ | 18,870 | |||||||
Share-based compensation expense | 1,414 | 1,917 | 5,260 | 7,267 | |||||||||||
Straight-line rent adjustment | 1,101 | 994 | 4,612 | 3,788 | |||||||||||
Capitalized interest | 1,053 | 1,345 | 4,755 | 4,969 | |||||||||||
Amortization of deferred financing costs and premium/discount on notes payable, net | 393 | 80 | 1,051 | (4 | ) | ||||||||||
Capital expenditures: (1) | |||||||||||||||
Tenant improvements, allowances and landlord costs | $ | 9,260 | $ | 6,828 | $ | 29,565 | $ | 20,297 | |||||||
Leasing commissions and costs | 2,119 | 1,804 | 7,548 | 8,095 | |||||||||||
Developments | 1,162 | 5,614 | 13,643 | 32,795 | |||||||||||
Redevelopments | 9,866 | 17,615 | 27,823 | 41,836 | |||||||||||
Maintenance capital expenditures | 7,257 | 5,269 | 15,484 | 10,959 | |||||||||||
Total capital expenditures | $ | 29,664 | $ | 37,130 | $ | 94,063 | $ | 113,982 | |||||||
December 31, 2015 | December 31, 2014 | ||||||||||||||
Other assets: | |||||||||||||||
Lease intangible assets, net | $ | 101,010 | $ | 106,064 | |||||||||||
Leasing commissions, net | 41,211 | 39,141 | |||||||||||||
Prepaid expenses and other receivables | 13,074 | 26,880 | |||||||||||||
Straight-line rent receivables, net | 28,910 | 24,412 | |||||||||||||
Deposits and mortgage escrows | 7,980 | 6,356 | |||||||||||||
Deferred financing costs, net | 3,419 | 3,876 | |||||||||||||
Furniture, fixtures and equipment, net | 3,255 | 3,809 | |||||||||||||
Fair value of interest rate swap | 835 | 681 | |||||||||||||
Deferred tax asset | 3,924 | 2,306 | |||||||||||||
Total other assets | $ | 203,618 | $ | 213,525 | |||||||||||
Accounts payable and other liabilities: | |||||||||||||||
Lease intangible liabilities, net | $ | 159,665 | $ | 157,486 | |||||||||||
Prepaid rent | 9,361 | 9,607 | |||||||||||||
Fair value of interest rate swaps | 1,991 | 952 | |||||||||||||
Accounts payable and other | 54,737 | 57,963 | |||||||||||||
Total accounts payable and other liabilities | $ | 225,754 | $ | 226,008 | |||||||||||
Cash and Maximum Available Under Lines of Credit as of 12/31/15: | |||||||||||||||
Cash and cash equivalents - unrestricted | $ | 21,353 | |||||||||||||
Available under lines of credit | 600,000 | ||||||||||||||
Total Available Funds | $ | 621,353 |
4Q 2015 | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | ||||||||||||||||
Number of Properties | ||||||||||||||||||||
Total retail excluding developments and redevelopments (1) | 102 | 99 | 101 | 102 | 102 | |||||||||||||||
Same-property - QTD NOI pool (2) (3) | 95 | 94 | 97 | 100 | 98 | |||||||||||||||
Same-property - YTD NOI pool (2) (3) | 93 | 93 | 96 | 100 | 96 | |||||||||||||||
Same-property - QTD including redevelopments (4) | 107 | 107 | 108 | 107 | 105 | |||||||||||||||
Total retail portfolio (5) | 115 | 113 | 113 | 110 | 111 | |||||||||||||||
GLA (in thousands) | ||||||||||||||||||||
Total retail excluding developments and redevelopments (1) | 12,279 | 12,142 | 12,471 | 13,326 | 13,140 | |||||||||||||||
Total retail excluding developments and redevelopments - anchors (1) (6) | 8,138 | 8,055 | 8,316 | 8,870 | 8,723 | |||||||||||||||
Total retail excluding developments and redevelopments - shops (1) | 4,141 | 4,087 | 4,155 | 4,456 | 4,417 | |||||||||||||||
Same-property - QTD NOI pool (2) (3) | 11,838 | 11,739 | 12,103 | 13,326 | 12,263 | |||||||||||||||
Same-property - YTD NOI pool (2) (3) | 11,489 | 11,482 | 11,846 | 13,135 | 11,781 | |||||||||||||||
Total retail portfolio (5) | 15,051 | 15,011 | 15,196 | 14,567 | 14,684 | |||||||||||||||
ABR | ||||||||||||||||||||
Total retail portfolio (5) | $ | 19.48 | $ | 19.24 | $ | 18.71 | $ | 18.70 | $ | 18.47 | ||||||||||
Total retail portfolio - anchors (5) (6) | $ | 15.21 | $ | 15.03 | $ | 14.53 | $ | 14.48 | $ | 14.32 | ||||||||||
Total retail portfolio - shops (5) | $ | 28.86 | $ | 28.61 | $ | 28.41 | $ | 28.23 | $ | 27.75 | ||||||||||
Total retail excluding developments and redevelopments (1) | $ | 18.78 | $ | 18.48 | $ | 18.17 | $ | 18.22 | $ | 17.34 | ||||||||||
Percent Leased | ||||||||||||||||||||
Total retail excluding developments and redevelopments (1) | 96.0 | % | 95.6 | % | 95.5 | % | 95.2 | % | 95.0 | % | ||||||||||
Total retail excluding developments and redevelopments - anchors (1) (6) | 99.6 | % | 99.6 | % | 99.8 | % | 99.7 | % | 99.4 | % | ||||||||||
Total retail excluding developments and redevelopments - shops (1) | 88.7 | % | 87.6 | % | 86.7 | % | 86.2 | % | 86.4 | % | ||||||||||
Same-property - QTD NOI pool (2) (3) | 95.9 | % | 95.5 | % | 95.5 | % | 95.2 | % | 95.2 | % | ||||||||||
Same-property - YTD NOI pool (2) (3) | 96.0 | % | 95.6 | % | 95.5 | % | 95.2 | % | 95.2 | % | ||||||||||
Total retail portfolio (5) | 94.4 | % | 94.0 | % | 93.9 | % | 94.6 | % | 94.4 | % | ||||||||||
Percent Commenced (7) | ||||||||||||||||||||
Same-property - QTD NOI pool (2) (3) | 95.0 | % | 94.6 | % | 94.6 | % | 94.4 | % | 94.8 | % | ||||||||||
Same-property - YTD NOI pool (2) (3) | 95.0 | % | 94.4 | % | 94.3 | % | 94.4 | % | 94.8 | % | ||||||||||
Same-Property NOI Growth | ||||||||||||||||||||
Same-property - QTD NOI (2) (3) | 3.3 | % | 4.7 | % | 4.5 | % | 3.0 | % | 4.3 | % | ||||||||||
Same-property - QTD including redevelopments (4) | 3.5 | % | 4.4 | % | 4.3 | % | 4.7 | % | 5.3 | % |
Tenant | Number of Stores | Credit Rating Moody’s/S&P (1) | Square Feet | % of Total Square Feet | ABR | % of Total ABR | ABR per Square Foot | Average Remaining Term of ABR (2) | |||||||||||||||||
Top twenty-five tenants | |||||||||||||||||||||||||
Albertsons / Shaw's / Star Market / Safeway / Vons | 8 | B2 / B | 480,825 | 3.2 | % | $ | 9,603,995 | 3.5 | % | $ | 19.97 | 6.8 | |||||||||||||
Publix | 25 | N/A | 1,062,166 | 7.1 | % | 8,724,035 | 3.2 | % | 8.21 | 6.9 | |||||||||||||||
LA Fitness | 8 | B2 / B | 356,609 | 2.4 | % | 6,674,805 | 2.5 | % | 18.72 | 7.6 | |||||||||||||||
Bed Bath & Beyond / Cost Plus World Market | 14 | Baa1 / BBB+ | 401,212 | 2.7 | % | 6,350,838 | 2.4 | % | 15.83 | 5.2 | |||||||||||||||
TJ Maxx / Homegoods / Marshalls | 12 | A2 / A+ | 342,339 | 2.3 | % | 5,738,958 | 2.1 | % | 16.76 | 5.8 | |||||||||||||||
Stop & Shop | 2 | Baa2 / BBB | 121,683 | 0.8 | % | 4,676,055 | 1.7 | % | 38.43 | 12.8 | |||||||||||||||
Barney's New York | 1 | N/A | 56,870 | 0.4 | % | 4,500,000 | 1.7 | % | 79.13 | 20.2 | |||||||||||||||
CVS Pharmacy | 12 | Baa1 / BBB+ | 148,367 | 1.0 | % | 3,802,226 | 1.4 | % | 25.63 | 8.6 | |||||||||||||||
The Gap / Old Navy | 7 | Baa2 / BBB- | 115,187 | 0.8 | % | 3,779,157 | 1.4 | % | 32.81 | 6.5 | |||||||||||||||
Sports Authority | 4 | Caa3 / N/A | 108,391 | 0.7 | % | 3,753,410 | 1.4 | % | 34.63 | 5.9 | |||||||||||||||
Office Depot / Office Max | 8 | B2 / B- | 208,226 | 1.4 | % | 3,350,986 | 1.2 | % | 16.09 | 2.2 | |||||||||||||||
Costco | 1 | A1 / A+ | 148,295 | 1.0 | % | 3,142,576 | 1.2 | % | 21.19 | 3.7 | |||||||||||||||
Staples | 8 | Baa2 / BBB- | 157,176 | 1.0 | % | 3,017,590 | 1.1 | % | 19.20 | 3.1 | |||||||||||||||
Food Emporium | 1 | N/A | 25,350 | 0.2 | % | 2,708,800 | 1.0 | % | 106.86 | 7.3 | |||||||||||||||
Trader Joe's | 6 | N/A | 73,051 | 0.5 | % | 2,567,685 | 0.9 | % | 35.15 | 7.6 | |||||||||||||||
Wal-Mart | 3 | Aa2 / AA | 200,396 | 1.3 | % | 2,314,575 | 0.9 | % | 11.55 | 6.6 | |||||||||||||||
Dick's Sporting Goods | 1 | N/A | 83,777 | 0.6 | % | 2,246,886 | 0.8 | % | 26.82 | 9.1 | |||||||||||||||
Walgreens | 7 | Baa2 / BBB | 112,023 | 0.7 | % | 2,214,083 | 0.8 | % | 19.76 | 14.0 | |||||||||||||||
Best Buy | 4 | Baa1 / BB+ | 142,831 | 0.9 | % | 2,195,066 | 0.8 | % | 15.37 | 2.6 | |||||||||||||||
The Container Store | 2 | B2 / B | 49,661 | 0.3 | % | 2,174,212 | 0.8 | % | 43.78 | 6.7 | |||||||||||||||
Home Depot | 2 | A2 / A | 205,822 | 1.4 | % | 2,106,246 | 0.8 | % | 10.23 | 5.1 | |||||||||||||||
Winn Dixie | 7 | N/A | 351,439 | 2.3 | % | 2,093,542 | 0.8 | % | 5.96 | 2.6 | |||||||||||||||
Nordstrom | 2 | Baa1 / A- | 75,418 | 0.5 | % | 1,996,750 | 0.7 | % | 26.48 | 5.7 | |||||||||||||||
Saks Off Fifth | 2 | N/A | 58,355 | 0.4 | % | 1,992,055 | 0.7 | % | 34.14 | 9.7 | |||||||||||||||
Target | 1 | A2 / A | 160,346 | 1.1 | % | 1,924,152 | 0.7 | % | 12.00 | 2.6 | |||||||||||||||
Total top twenty-five tenants | 148 | 5,245,815 | 35.0 | % | $ | 93,648,683 | 34.5 | % | $ | 17.85 | 7.2 |
(1) | Ratings as of December 31, 2015. Source: Moody’s/S&P. |
(2) | In years, excluding future tenant renewal options. Total top twenty-five tenants is weighted based on annualized base rent. |
Number of Leases Signed | Sq. Ft. | Prior Rent PSF (1) | New Rent PSF (1) | Rent Spread | TIs & Landlord Costs PSF (2) | Weighted Avg Term (3) | ||||||||||||||||||
Same-Space Total Leases | ||||||||||||||||||||||||
4Q 2015 | 87 | 552,521 | $ | 12.58 | $ | 13.67 | 8.7 | % | $ | 2.98 | 5.3 | |||||||||||||
3Q 2015 | 87 | 361,055 | $ | 15.77 | $ | 17.48 | 10.8 | % | $ | 2.47 | 5.1 | |||||||||||||
2Q 2015 | 91 | 554,118 | $ | 13.73 | $ | 15.46 | 12.6 | % | $ | 10.19 | 5.7 | |||||||||||||
1Q 2015 | 94 | 732,067 | $ | 17.76 | $ | 18.95 | 6.7 | % | $ | 1.90 | 6.2 | |||||||||||||
4Q 2014 | 85 | 315,598 | $ | 18.72 | $ | 21.50 | 14.9 | % | $ | 12.89 | 6.2 | |||||||||||||
Same-Space New Leases (4) | ||||||||||||||||||||||||
4Q 2015 | 35 | 72,405 | $ | 23.18 | $ | 25.79 | 11.2 | % | $ | 19.85 | 7.2 | |||||||||||||
3Q 2015 | 30 | 50,464 | $ | 21.46 | $ | 22.81 | 6.3 | % | $ | 17.13 | 5.6 | |||||||||||||
2Q 2015 | 30 | 154,157 | $ | 14.84 | $ | 15.93 | 7.4 | % | $ | 21.06 | 6.3 | |||||||||||||
1Q 2015 | 27 | 58,068 | $ | 19.68 | $ | 20.81 | 5.7 | % | $ | 16.47 | 6.3 | |||||||||||||
4Q 2014 | 32 | 98,798 | $ | 18.27 | $ | 20.51 | 12.3 | % | $ | 37.45 | 8.1 | |||||||||||||
Same-Space Renewals & Options | ||||||||||||||||||||||||
4Q 2015 (5) | 52 | 480,116 | $ | 10.98 | $ | 11.85 | 7.9 | % | $ | 0.44 | 4.6 | |||||||||||||
3Q 2015 | 57 | 310,591 | $ | 14.85 | $ | 16.62 | 11.9 | % | $ | 0.09 | 5.0 | |||||||||||||
2Q 2015 | 61 | 399,961 | $ | 13.30 | $ | 15.28 | 14.9 | % | $ | 6.00 | 5.5 | |||||||||||||
1Q 2015 | 67 | 673,999 | $ | 17.59 | $ | 18.79 | 6.8 | % | $ | 0.64 | 6.2 | |||||||||||||
4Q 2014 | 53 | 216,800 | $ | 18.92 | $ | 21.94 | 16.0 | % | $ | 1.70 | 5.4 | |||||||||||||
Number of Leases Signed | Total Sq. Ft. | Weighted Avg Term (3) | ||||||||||||||||||||||
Total Leases - Same-Space and Non-Comparable | ||||||||||||||||||||||||
4Q 2015 | 104 | 626,641 | 6.1 | |||||||||||||||||||||
3Q 2015 | 111 | 600,240 | 7.2 | |||||||||||||||||||||
2Q 2015 | 104 | 738,312 | 7.8 | |||||||||||||||||||||
1Q 2015 | 109 | 842,718 | 6.2 | |||||||||||||||||||||
4Q 2014 | 107 | 434,619 | 7.3 |
ANCHOR TENANTS (SF >= 10,000) | SHOP TENANTS (SF < 10,000) | TOTAL TENANTS | ||||||||||||||||||||||||||||||||||
Year | Number of Leases | Square Feet | % of Total SF | ABR PSF at Expiration | Number of Leases | Square Feet | % of Total SF | ABR PSF at Expiration | Number of Leases | Square feet | % of Total SF | ABR PSF at Expiration | ||||||||||||||||||||||||
M-T-M | 4 | 88,958 | 1.1 | % | $ | 9.13 | 111 | 185,418 | 4.5 | % | $ | 24.93 | 115 | 274,376 | 2.2 | % | $ | 19.81 | ||||||||||||||||||
2016 | 21 | 623,301 | 7.6 | % | 10.52 | 212 | 429,498 | 10.4 | % | 26.34 | 233 | 1,052,799 | 8.6 | % | 16.98 | |||||||||||||||||||||
2017 | 32 | 911,701 | 11.2 | % | 13.03 | 281 | 564,478 | 13.6 | % | 28.24 | 313 | 1,476,179 | 12.0 | % | 18.84 | |||||||||||||||||||||
2018 | 21 | 601,658 | 7.4 | % | 12.90 | 219 | 516,702 | 12.5 | % | 27.86 | 240 | 1,118,360 | 9.1 | % | 19.81 | |||||||||||||||||||||
2019 | 32 | 1,311,615 | 16.1 | % | 12.30 | 187 | 495,330 | 11.9 | % | 27.19 | 219 | 1,806,945 | 14.7 | % | 16.38 | |||||||||||||||||||||
2020 | 36 | 1,073,056 | 13.2 | % | 11.45 | 185 | 454,971 | 11.0 | % | 27.81 | 221 | 1,528,027 | 12.5 | % | 16.32 | |||||||||||||||||||||
2021 | 24 | 786,385 | 9.7 | % | 13.70 | 95 | 240,493 | 5.8 | % | 33.81 | 119 | 1,026,878 | 8.4 | % | 18.41 | |||||||||||||||||||||
2022 | 18 | 569,597 | 7.0 | % | 18.88 | 47 | 148,275 | 3.6 | % | 37.03 | 65 | 717,872 | 5.8 | % | 22.63 | |||||||||||||||||||||
2023 | 20 | 394,922 | 4.8 | % | 28.66 | 55 | 167,240 | 4.0 | % | 40.88 | 75 | 562,162 | 4.6 | % | 32.29 | |||||||||||||||||||||
2024 | 13 | 275,676 | 3.4 | % | 26.34 | 40 | 100,050 | 2.4 | % | 41.19 | 53 | 375,726 | 3.1 | % | 30.30 | |||||||||||||||||||||
Thereafter | 50 | 1,470,383 | 18.1 | % | 19.27 | 101 | 371,227 | 9.0 | % | 41.49 | 151 | 1,841,610 | 15.0 | % | 23.75 | |||||||||||||||||||||
Sub-total / Avg. | 271 | 8,107,252 | 99.6 | % | 15.28 | 1,533 | 3,673,682 | 88.7 | % | 30.59 | 1,804 | 11,780,934 | 96.0 | % | 20.05 | |||||||||||||||||||||
Vacant | 2 | 30,879 | 0.4 | % | N/A | 243 | 467,014 | 11.3 | % | N/A | 245 | 497,893 | 4.0 | % | N/A | |||||||||||||||||||||
Total retail excluding developments and redevelopments / Avg. | 273 | 8,138,131 | 100.0 | % | N/A | 1,776 | 4,140,696 | 100.0 | % | N/A | 2,049 | 12,278,827 | 100.0 | % | N/A |
Total Retail Portfolio Excluding Developments and Redevelopments | Developments and Redevelopments | Total Retail Portfolio Including Developments and Redevelopments | |||||||||||||||||||||||||||||||
State | # of Properties | Total SF | Annual Base Rent | # of Properties | Total SF | Annual Base Rent | # of Properties | Total SF | Annual Base Rent | % of Annual Base Rent | |||||||||||||||||||||||
South Florida | 37 | 4,639,901 | $ | 73,874,399 | 4 | 391,445 | $ | 5,463,091 | 41 | 5,031,346 | $ | 79,337,490 | 29.2 | % | |||||||||||||||||||
North Florida | 15 | 1,606,866 | 20,737,533 | 4 | 753,644 | 10,312,618 | 19 | 2,360,510 | 31,050,151 | 11.4 | % | ||||||||||||||||||||||
Total Florida | 52 | 6,246,767 | 94,611,932 | 8 | 1,145,089 | 15,775,709 | 60 | 7,391,856 | 110,387,641 | 40.6 | % | ||||||||||||||||||||||
California | 9 | 1,248,774 | 31,769,499 | 2 | 1,358,684 | 25,862,029 | 11 | 2,607,458 | 57,631,528 | 21.2 | % | ||||||||||||||||||||||
New York | 6 | 889,242 | 33,602,943 | 2 | 205,574 | 8,668,160 | 8 | 1,094,816 | 42,271,103 | 15.6 | % | ||||||||||||||||||||||
Connecticut | 9 | 990,933 | 20,379,925 | — | — | — | 9 | 990,933 | 20,379,925 | 7.5 | % | ||||||||||||||||||||||
Georgia | 9 | 983,364 | 15,220,972 | — | — | — | 9 | 983,364 | 15,220,972 | 5.6 | % | ||||||||||||||||||||||
Massachusetts | 6 | 379,693 | 10,362,356 | 1 | 62,656 | 54,450 | 7 | 442,349 | 10,416,806 | 3.8 | % | ||||||||||||||||||||||
Louisiana | 7 | 889,513 | 8,679,032 | — | — | — | 7 | 889,513 | 8,679,032 | 3.2 | % | ||||||||||||||||||||||
Maryland | 1 | 214,030 | 3,838,652 | — | — | — | 1 | 214,030 | 3,838,652 | 1.4 | % | ||||||||||||||||||||||
North Carolina | 3 | 436,511 | 2,813,904 | — | — | — | 3 | 436,511 | 2,813,904 | 1.1 | % | ||||||||||||||||||||||
Total Retail Portfolio | 102 | 12,278,827 | $ | 221,279,215 | 13 | 2,772,003 | $ | 50,360,348 | 115 | 15,050,830 | $ | 271,639,563 | 100.0 | % |
Year | Total | Number | Supermarket Anchor | ||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of Tenants | Owned | Expiration | ABR per | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | Sq. Ft. | Name | Date (1) | Other Anchor Tenants | Leased SF | ||||||||||||||||||
FLORIDA | |||||||||||||||||||||||||||||
SOUTH FLORIDA | |||||||||||||||||||||||||||||
Aventura Square | Aventura | 1991 | 143,250 | 100.0 | % | 10 | — | Babies R Us / Jewelry Exchange / Old Navy / Bed, Bath & Beyond / DSW | $ | 28.07 | |||||||||||||||||||
Bird 107 Plaza (3) | Miami | 1962 / 1990 | 40,101 | 100.0 | % | 10 | — | Walgreens | $ | 18.24 | |||||||||||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 191,993 | 97.3 | % | 46 | 4 | 44,400 | Winn-Dixie | 12/30/2017 | CVS Pharmacy / Goodwill | $ | 21.43 | ||||||||||||||||
Bluffs Square | Jupiter | 1986 | 123,917 | 90.2 | % | 26 | 5 | 39,795 | Publix | 10/22/2016 | Walgreens | $ | 13.57 | ||||||||||||||||
Boca Village Square | Boca Raton, FL | 1978 / 2014 | 92,118 | 98.2 | % | 19 | 1 | 36,000 | Publix | 3/30/2017 | CVS Pharmacy | $ | 20.41 | ||||||||||||||||
Chapel Trail | Pembroke Pines | 2007 | 56,378 | 100.0 | % | 4 | — | LA Fitness | $ | 23.83 | |||||||||||||||||||
Concord Shopping Plaza (3) | Miami | 1962 / 1992 / 1993 | 302,142 | 99.5 | % | 22 | 1 | 78,000 | Winn-Dixie | 9/30/2019 | Home Depot / Big Lots / Dollar Tree / Youfit Health Clubs | $ | 12.30 | ||||||||||||||||
Coral Reef Shopping Center | Palmetto Bay | 1968 / 1990 | 74,680 | 93.8 | % | 14 | 3 | 25,203 | Aldi | 8/31/2025 | Walgreens | $ | 28.28 | ||||||||||||||||
Crossroads Square | Pembroke Pines | 1973 | 81,587 | 98.0 | % | 22 | 1 | CVS Pharmacy / Goodwill / Party City | $ | 19.30 | |||||||||||||||||||
Greenwood | Palm Springs | 1982 / 1994 | 133,438 | 91.1 | % | 28 | 6 | 50,032 | Publix | 12/5/2019 | Beall’s Outlet | $ | 15.11 | ||||||||||||||||
Hammocks Town Center | Miami | 1987 / 1993 | 183,834 | 99.6 | % | 37 | 1 | 39,795 | Publix | 6/24/2017 | Metro Dade Library / CVS Pharmacy / Youfit Health Clubs / Goodwill | $ | 15.68 | ||||||||||||||||
Homestead McDonald's (3) | Homestead | 2014 | 3,605 | 100.0 | % | 1 | — | $ | 27.74 | ||||||||||||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 100.0 | % | 11 | — | $ | 22.42 | ||||||||||||||||||||
Lago Mar | Miami | 1995 | 82,613 | 97.3 | % | 17 | 1 | 42,323 | Publix | 9/13/2020 | Youfit Health Clubs | $ | 14.41 | ||||||||||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 97.4 | % | 21 | 3 | 39,473 | Winn-Dixie | 2/15/2016 | Kmart / Rite Aid* (Family Dollar) | $ | 7.84 | ||||||||||||||||
Magnolia Shoppes | Fort Lauderdale | 1998 | 114,118 | 96.0 | % | 15 | 2 | Regal Cinemas / Deal$ | $ | 15.92 | |||||||||||||||||||
Pavilion | Naples | 1982 / 2001 / 2011 | 167,745 | 88.4 | % | 31 | 10 | Paragon Theaters / LA Fitness / Paradise Wine | $ | 18.17 | |||||||||||||||||||
Pine Island | Davie | 1999 | 254,907 | 89.6 | % | 35 | 9 | 39,943 | Publix | 11/30/2018 | Burlington Coat Factory / Staples / Youfit Health Clubs | $ | 13.74 | ||||||||||||||||
Pine Ridge Square | Coral Springs | 1986 / 1998 / 2013 | 117,744 | 98.3 | % | 23 | 1 | 17,441 | The Fresh Market | 7/31/2019 | Ulta Beauty / Bed, Bath & Beyond / Marshalls | $ | 16.70 | ||||||||||||||||
Point Royale | Miami | 1970 / 2000 | 181,381 | 89.0 | % | 21 | 6 | 45,350 | Winn-Dixie | 2/15/2020 | Best Buy / Pasteur Medical | $ | 12.29 | ||||||||||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 123,614 | 100.0 | % | 11 | — | Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx | $ | 21.15 |
Year | Total | Number | Supermarket Anchor | ||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of Tenants | Owned | Expiration | ABR per | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | Sq. Ft. | Name | Date (1) | Other Anchor Tenants | Leased SF | ||||||||||||||||||
Ridge Plaza | Davie | 1984 / 1999 | 155,204 | 96.8 | % | 19 | 4 | Paragon Theaters / Kabooms / United Collection / Round Up / Goodwill | $ | 13.12 | |||||||||||||||||||
Salerno Village | Stuart | 1987 | 4,800 | 100.0 | % | 1 | — | $ | 14.38 | ||||||||||||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 91.0 | % | 21 | 4 | 36,464 | Publix | 12/15/2019 | Walgreens / Dollar Tree | $ | 11.94 | ||||||||||||||||
Sheridan Plaza | Hollywood | 1973 / 1991 | 506,295 | 98.8 | % | 57 | 3 | 65,537 | Publix | 10/9/2016 | Ross Dress For Less / Bed Bath & Beyond / LA Fitness / Sunrise Medical Group/ Pet Supplies Plus / Office Depot / Kohl's | $ | 16.96 | ||||||||||||||||
Shoppes of Oakbrook | Palm Beach Gardens | 1974 / 2000 / 2003 | 200,448 | 98.0 | % | 26 | 3 | 44,400 | Publix | 11/30/2020 | CVS Pharmacy / Duffy's / Tuesday Morning / Bassett Furniture / Stein Mart | $ | 15.55 | ||||||||||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995 / 1997 | 126,789 | 94.5 | % | 33 | 4 | 47,814 | Publix | 6/14/2020 | Goodwill | $ | 17.74 | ||||||||||||||||
Shoppes of Sunset (3) | Miami | 1979 / 2009 | 21,784 | 78.7 | % | 12 | 2 | $ | 22.63 | ||||||||||||||||||||
Shoppes of Sunset II (3) | Miami | 1980 / 2009 | 27,676 | 68.4 | % | 12 | 5 | $ | 21.93 | ||||||||||||||||||||
Shops at Skylake | North Miami Beach | 1999 / 2005 / 2006 | 284,382 | 100.0 | % | 49 | — | 51,420 | Publix | 7/31/2019 | TJ Maxx / LA Fitness / Goodwill | $ | 19.99 | ||||||||||||||||
Shops at St. Lucie | Port St. Lucie | 2006 | 27,363 | 89.1 | % | 9 | 2 | $ | 20.79 | ||||||||||||||||||||
Tamarac Town Square | Tamarac | 1987 | 124,585 | 85.5 | % | 29 | 10 | 37,764 | Publix | 12/15/2019 | Dollar Tree / Pivot Education | $ | 12.59 | ||||||||||||||||
Waterstone | Homestead | 2005 | 61,000 | 100.0 | % | 9 | — | 45,600 | Publix | 7/31/2025 | $ | 15.59 | |||||||||||||||||
West Bird | Miami | 1977 / 2000 | 99,864 | 94.5 | % | 26 | 2 | 37,949 | Publix | 8/31/2020 | CVS Pharmacy | $ | 16.03 | ||||||||||||||||
West Lake Shopping Center | Miami | 1984 / 2000 | 100,747 | 97.2 | % | 26 | 1 | 46,216 | Winn-Dixie | 5/22/2016 | CVS Pharmacy | $ | 15.84 | ||||||||||||||||
Westport Plaza | Davie | 2002 | 49,533 | 96.6 | % | 9 | 1 | 27,887 | Publix | 11/30/2022 | $ | 18.41 | |||||||||||||||||
Young Circle | Hollywood | 1962 / 1997 | 64,574 | 95.5 | % | 8 | 1 | 23,124 | Publix | 11/30/2016 | Walgreens | $ | 15.69 | ||||||||||||||||
TOTAL SHOPPING CENTERS SOUTH FLORIDA (37) | 4,639,901 | 95.8 | % | 770 | 96 | 961,930 | $ | 16.62 | |||||||||||||||||||||
NORTH FLORIDA | |||||||||||||||||||||||||||||
Alafaya Village | Orlando | 1986 | 38,118 | 66.1 | % | 11 | 5 | $ | 21.86 | ||||||||||||||||||||
Atlantic Village | Atlantic Beach | 1984 / 1996 / 2014 | 104,687 | 97.0 | % | 27 | 1 | LA Fitness / Jo-Ann Fabric and Craft Stores | $ | 15.61 | |||||||||||||||||||
Beauclerc Village (7) | Jacksonville | 1962 / 1988 | 68,966 | 88.5 | % | 6 | 5 | Big Lots / Ace Hardware / Save-A-Lot | $ | 9.31 | |||||||||||||||||||
Charlotte Square | Port Charlotte | 1980 | 86,426 | 67.8 | % | 12 | 12 | Walmart | $ | 8.90 | |||||||||||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 77,481 | 100.0 | % | 7 | — | 45,500 | Winn-Dixie | 5/31/2020 | Citi Trends / Planet Fitness | $ | 7.31 | ||||||||||||||||
Glengary Shoppes | Sarasota | 1995 | 92,844 | 90.6 | % | 5 | 1 | Best Buy / Barnes & Noble | $ | 20.93 |
Year | Total | Number | Supermarket Anchor | ||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of Tenants | Owned | Expiration | ABR per | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | Sq. Ft. | Name | Date (1) | Other Anchor Tenants | Leased SF | ||||||||||||||||||
Mandarin Landing | Jacksonville | 1976 | 139,580 | 93.6 | % | 25 | 4 | 50,000 | Whole Foods | 12/31/2023 | Office Depot / Aveda Institute | $ | 16.86 | ||||||||||||||||
Old Kings Commons | Palm Coast | 1988 | 84,759 | 99.0 | % | 15 | 1 | Planet Fitness/ Staples / Beall's Outlet | $ | 9.95 | |||||||||||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 90.4 | % | 24 | 7 | 39,795 | Publix | 3/23/2017 | Beall's Outlet / Books-A-Million | $ | 10.78 | ||||||||||||||||
South Beach | Jacksonville Beach | 1990 / 1991 | 313,332 | 98.6 | % | 39 | 4 | 12,517 | Trader Joe's | 1/31/2025 | Bed Bath & Beyond / Ross Dress For Less / Stein Mart / Home Depot / Staples | $ | 14.28 | ||||||||||||||||
South Point Center | Vero Beach | 2003 | 64,790 | 94.1 | % | 12 | 3 | 44,840 | Publix | 11/30/2023 | $ | 16.16 | |||||||||||||||||
Sunlake | Tampa | 2008 | 97,871 | 93.1 | % | 21 | 5 | 47,000 | Publix | 12/31/2028 | $ | 19.80 | |||||||||||||||||
Town & Country | Kissimmee | 1993 | 75,181 | 100.0 | % | 14 | — | 52,883 | Albertsons* (Ross Dress For Less) | 10/31/2018 | $ | 9.44 | |||||||||||||||||
Treasure Coast | Vero Beach | 1983 | 133,779 | 98.2 | % | 22 | 2 | 61,450 | Publix | 7/31/2026 | TJ Maxx | $ | 13.68 | ||||||||||||||||
Unigold Shopping Center | Winter Park | 1987 | 114,127 | 93.6 | % | 19 | 5 | 52,500 | Winn-Dixie | 4/30/2017 | Youfit Health Clubs | $ | 12.37 | ||||||||||||||||
TOTAL SHOPPING CENTERS NORTH FLORIDA (15) | 1,606,866 | 93.4 | % | 259 | 55 | 406,485 | $ | 13.82 | |||||||||||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (52) | 6,246,767 | 95.2 | % | 1,029 | 151 | 1,368,415 | $ | 15.91 | |||||||||||||||||||||
CALIFORNIA | |||||||||||||||||||||||||||||
Circle Center West | Long Beach | 1989 | 64,364 | 100.0 | % | 16 | — | Marshalls | $ | 22.07 | |||||||||||||||||||
Culver Center | Culver City | 1950 / 2000 | 216,646 | 97.1 | % | 31 | 2 | 36,578 | Ralph’s | 10/31/2020 | LA Fitness / Sit N Sleep / Tuesday Morning / Best Buy | $ | 29.59 | ||||||||||||||||
Marketplace Shopping Center | Davis | 1990 | 111,156 | 98.0 | % | 22 | 1 | 35,018 | Safeway | 7/31/2019 | Petco / CVS Pharmacy | $ | 23.77 | ||||||||||||||||
Plaza Escuela | Walnut Creek | 2002 | 153,565 | 97.7 | % | 22 | 1 | Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Uniqlo / Sports Authority | $ | 43.43 | |||||||||||||||||||
Pleasanton Plaza | Pleasanton | 1981 | 163,469 | 92.6 | % | 18 | 5 | JC Penney / Cost Plus World Market / Design's School of Cosmetology / Office Max | $ | 13.84 | |||||||||||||||||||
Potrero | San Francisco | 1968 / 1997 | 226,642 | 99.8 | % | 25 | 2 | 59,566 | Safeway | 9/30/2020 | 24 Hour Fitness / Party City / Petco / Office Depot / Ross Dress For Less | $ | 31.38 | ||||||||||||||||
Ralph's Circle Center | Long Beach | 1983 | 59,837 | 97.6 | % | 12 | 1 | 35,022 | Ralph’s | 11/30/2025 | $ | 17.60 |
Year | Total | Number | Supermarket Anchor | ||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of Tenants | Owned | Expiration | ABR per | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | Sq. Ft. | Name | Date (1) | Other Anchor Tenants | Leased SF | ||||||||||||||||||
Talega Village Center (2) | San Clemente | 2007 | 102,273 | 100.0 | % | 26 | — | 46,000 | Ralph's | 12/31/2027 | $ | 20.49 | |||||||||||||||||
Von’s Circle Center | Long Beach | 1972 | 150,822 | 100.0 | % | 24 | — | 51,855 | Von’s | 7/31/2022 | Rite Aid / Ross Dress For Less | $ | 17.92 | ||||||||||||||||
TOTAL SHOPPING CENTERS CALIFORNIA (9) | 1,248,774 | 97.9 | % | 196 | 12 | 264,039 | $ | 25.98 | |||||||||||||||||||||
NEW YORK | |||||||||||||||||||||||||||||
1175 Third Avenue | Manhattan | 1995 | 25,350 | 100.0 | % | 1 | — | 25,350 | Food Emporium | 4/30/2023 | $ | 106.86 | |||||||||||||||||
90-30 Metropolitan | Queens | 2007 | 59,815 | 100.0 | % | 5 | — | 12,898 | Trader Joe's | 1/31/2023 | Staples / Michael’s | $ | 30.03 | ||||||||||||||||
1225-1239 Second Avenue | Manhattan | 1964 / 1987 | 18,426 | 100.0 | % | 5 | — | CVS Pharmacy | $ | 107.12 | |||||||||||||||||||
Clocktower Plaza | Queens | 1985 / 1995 | 78,820 | 100.0 | % | 8 | — | 62,668 | Stop & Shop | 11/30/2030 | $ | 46.96 | |||||||||||||||||
The Gallery at Westbury Plaza | Westbury | 2013 | 312,380 | 99.5 | % | 32 | 1 | 13,004 | Trader Joe's | 8/31/2022 | The Container Store / Famous Footwear / HomeGoods / Nordstrom Rack / Bloomingdale's / Gap Outlet / Saks Fifth Avenue / S.A. Elite / Old Navy | $ | 45.96 | ||||||||||||||||
Westbury Plaza | Westbury | 1993 / 2004 | 394,451 | 100.0 | % | 12 | — | Olive Garden / Costco / Marshalls / Sports Authority/ Walmart/ Thomasville Furniture | $ | 23.16 | |||||||||||||||||||
TOTAL SHOPPING CENTERS NEW YORK (6) | 889,242 | 99.8 | % | 63 | 1 | 113,920 | $ | 37.85 | |||||||||||||||||||||
CONNECTICUT | |||||||||||||||||||||||||||||
91 Danbury Road (3) | Ridgefield | 1965 | 4,612 | 100.0 | % | 3 | — | $ | 24.62 | ||||||||||||||||||||
Brookside Plaza | Enfield | 1985 / 2006 | 216,480 | 98.9 | % | 25 | 1 | 59,648 | Wakefern Food | 8/31/2020 | Bed Bath & Beyond / Walgreens / Staples / PetSmart | $ | 14.43 | ||||||||||||||||
Compo Acres | Westport | 1960 / 2011 | 42,754 | 93.2 | % | 14 | 1 | 11,731 | Trader Joe’s | 2/28/2022 | $ | 49.69 | |||||||||||||||||
Copps Hill | Ridgefield | 1979 / 2002 | 184,528 | 100.0 | % | 9 | — | 59,015 | Stop & Shop | 12/31/2024 | Kohl's / Rite Aid | $ | 13.89 | ||||||||||||||||
Darinor Plaza | Norwalk | 1978 | 153,135 | 100.0 | % | 14 | — | Kohl's / Old Navy / Party City | $ | 18.08 | |||||||||||||||||||
Danbury Green | Danbury | 1985 / 2006 | 124,095 | 100.0 | % | 11 | — | 11,850 | Trader Joe’s | 1/31/2023 | Rite Aid / Annie Sez / Staples / DSW / Danbury Hilton Garden Inn | $ | 22.53 | ||||||||||||||||
Post Road Plaza | Darien | 1978 | 19,704 | 100.0 | % | 3 | — | 11,051 | Trader Joe's | 1/31/2026 | $ | 51.36 | |||||||||||||||||
Southbury Green | Southbury | 1979 / 2002 | 156,128 | 94.7 | % | 21 | 4 | 60,113 | ShopRite | 7/31/2022 | Staples | $ | 21.99 | ||||||||||||||||
The Village Center | Westport | 1969-1973 / 2009-2010 | 89,497 | 83.9 | % | 20 | 7 | 22,052 | The Fresh Market | 10/31/2024 | $ | 37.37 | |||||||||||||||||
TOTAL SHOPPING CENTERS CONNECTICUT (9) | 990,933 | 97.2 | % | 120 | 13 | 235,460 | $ | 21.16 |
Year | Total | Number | Supermarket Anchor | ||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of Tenants | Owned | Expiration | ABR per | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | Sq. Ft. | Name | Date (1) | Other Anchor Tenants | Leased SF | ||||||||||||||||||
GEORGIA | |||||||||||||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 89.0 | % | 23 | 6 | 37,888 | Publix | 1/31/2020 | $ | 16.61 | |||||||||||||||||
Buckhead Station | Atlanta | 1996 | 233,511 | 92.2 | % | 14 | 1 | Bed Bath & Beyond / TJ Maxx / Old Navy / Saks Off Fifth / DSW / Ulta Beauty / Nordstrom Rack | $ | 23.13 | |||||||||||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 98.7 | % | 25 | 1 | 37,366 | Publix | 5/31/2024 | $ | 19.93 | |||||||||||||||||
Hairston Center | Decatur | 2000 | 13,000 | 76.9 | % | 5 | 3 | $ | 12.29 | ||||||||||||||||||||
Hampton Oaks | Fairburn | 2009 | 20,842 | 53.8 | % | 5 | 6 | $ | 11.44 | ||||||||||||||||||||
McAlpin Square | Savannah | 1979 | 173,952 | 98.6 | % | 24 | 1 | 43,600 | Kroger | 8/31/2020 | Big Lots / Savannah-Skidaway / Goodwill | $ | 9.05 | ||||||||||||||||
Piedmont Peachtree Crossing | Atlanta | 1978 / 1998 | 152,239 | 100.0 | % | 28 | — | 55,520 | Kroger | 5/31/2020 | Cost Plus World Market / Binders Art Supplies | $ | 20.41 | ||||||||||||||||
Wesley Chapel | Decatur | 1989 | 164,153 | 90.4 | % | 20 | 9 | 32,000 | Little Giant | 6/30/2019 | Deal$ / Planet Fitness / Piedmont Tech | $ | 8.66 | ||||||||||||||||
Williamsburg at Dunwoody | Dunwoody | 1983 | 44,928 | 92.6 | % | 24 | 3 | $ | 22.31 | ||||||||||||||||||||
TOTAL SHOPPING CENTERS GEORGIA (9) | 983,364 | 93.5 | % | 168 | 30 | 206,374 | $ | 16.55 | |||||||||||||||||||||
MASSACHUSETTS | |||||||||||||||||||||||||||||
Cambridge Star Market | Cambridge | 1953 / 1997 | 66,108 | 100.0 | % | 1 | — | 66,108 | Star Market | 1/2/2026 | $ | 30.25 | |||||||||||||||||
Plymouth Shaw’s Supermarket | Plymouth | 1993 | 59,726 | 100.0 | % | 1 | — | 59,726 | Shaw's | 1/1/2026 | $ | 19.99 | |||||||||||||||||
Quincy Star Market | Quincy | 1965 / 1995 | 100,741 | 100.0 | % | 1 | — | 100,741 | Star Market | 1/2/2021 | $ | 19.53 | |||||||||||||||||
Swampscott Whole Foods | Swampscott | 1967 / 2005 | 35,907 | 100.0 | % | 1 | — | 35,907 | Whole Foods | 1/1/2026 | $ | 24.95 | |||||||||||||||||
Star's at West Roxbury | West Roxbury | 1973 / 1995 / 2006 | 76,161 | 99.7 | % | 12 | 1 | 54,928 | Star Market | 1/2/2021 | $ | 29.02 | |||||||||||||||||
The Harvard Collection (3) | Cambridge | 1906 / 1908 / 1912 | 41,050 | 90.7 | % | 24 | 7 | Urban Outfitters | $ | 56.45 | |||||||||||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (6) | 379,693 | 98.9 | % | 40 | 8 | 317,410 | $ | 27.59 |
Year | Total | Number | Supermarket Anchor | ||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of Tenants | Owned | Expiration | ABR per | |||||||||||||||||||||||
Property | City | Renovated | Owned | Leased | Leased | Vacant | Sq. Ft. | Name | Date (1) | Other Anchor Tenants | Leased SF | ||||||||||||||||||
LOUISIANA | |||||||||||||||||||||||||||||
Ambassador Row | Lafayette | 1980 / 1991 | 194,678 | 93.5 | % | 25 | 1 | Big Lots / Chuck E Cheese / Planet Fitness / Jo-Ann Fabric and Craft Stores / Northern Tool + Equipment | $ | 11.27 | |||||||||||||||||||
Ambassador Row Courtyard | Lafayette | 1986 / 1991 / 2005 | 149,642 | 90.9 | % | 17 | 6 | Bed Bath & Beyond / Marshall's / Hancock Fabrics / Tuesday Morning / Cost Plus World Market | $ | 10.59 | |||||||||||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 101,585 | 97.0 | % | 21 | 5 | 33,387 | Matherne’s | 11/30/2020 | Office Depot | $ | 12.66 | ||||||||||||||||
Elmwood Oaks | Harahan | 1989 | 136,284 | 100.0 | % | 11 | — | Academy Sports / Dollar Tree / Tuesday Morning | $ | 10.10 | |||||||||||||||||||
Plaza Acadienne (7) | Eunice | 1980 | 59,419 | 97.5 | % | 6 | 1 | 28,092 | Super 1 Store | 6/30/2020 | Fred's Store | $ | 4.56 | ||||||||||||||||
Sherwood South (7) | Baton Rouge | 1972 / 1988 / 1992 | 77,489 | 100.0 | % | 7 | — | Burke's Outlet / Harbor Freight Tools / Fred's Store / Ideal Market / Dollar Tree | $ | 6.60 | |||||||||||||||||||
Siegen Village | Baton Rouge | 1988 | 170,416 | 98.4 | % | 19 | 1 | Office Depot / Big Lots / Dollar Tree / Planet Fitness / Party City | $ | 10.67 | |||||||||||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (7) | 889,513 | 96.2 | % | 106 | 14 | 61,479 | $ | 10.14 | |||||||||||||||||||||
MARYLAND | |||||||||||||||||||||||||||||
Westwood Complex (5) | Bethesda | 1958-1960 / 1990 / 2001 | 214,030 | 91.7 | % | 36 | 9 | 55,000 | Giant Foods | 11/30/2019 | Bowlmor Lanes / CITGO | $ | 19.55 | ||||||||||||||||
TOTAL SHOPPING CENTERS MARYLAND (1) | 214,030 | 91.7 | % | 36 | 9 | 55,000 | $ | 19.55 | |||||||||||||||||||||
NORTH CAROLINA | |||||||||||||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 159,259 | 99.1 | % | 22 | 1 | Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores | $ | 6.53 | |||||||||||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 128,498 | 87.6 | % | 12 | 4 | 53,538 | Kroger | 12/31/2019 | Upchurch Drugs / Riverview Galleries | $ | 8.68 | ||||||||||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 96.7 | % | 12 | 2 | 32,000 | Ingles | 9/30/2017 | Kmart | $ | 5.60 | ||||||||||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (3) | 436,511 | 94.9 | % | 46 | 7 | 85,538 | $ | 6.79 | |||||||||||||||||||||
TOTAL RETAIL PORTFOLIO EXCLUDING DEVELOPMENTS AND REDEVELOPMENTS (102) | 12,278,827 | 96.0 | % | 1,804 | 245 | 2,707,635 | $ | 18.78 |
Year | Total | Number | Supermarket Anchor | |||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of Tenants | Owned | Expiration | ABR per | ||||||||||||||||||||||||
Property | City, State | Renovated | Owned | Leased | Leased | Vacant | Sq. Ft. | Name | Date (1) | Other Anchor Tenants | Leased SF | |||||||||||||||||||
DEVELOPMENTS AND REDEVELOPMENTS (3) | ||||||||||||||||||||||||||||||
101 7th Avenue | Manhattan, NY | 1930 / 2015 | 56,870 | 100.0 | % | 1 | — | Barneys New York | $ | 79.13 | ||||||||||||||||||||
Alafaya Commons | Orlando, FL | 1986 / 2015 | 130,811 | 88.7 | % | 16 | 7 | Academy Sports / Youfit Health Clubs | $ | 13.97 | ||||||||||||||||||||
Boynton Plaza | Boynton Beach, FL | 1978 / 1999 / 2015 | 105,345 | 91.0 | % | 14 | 5 | 53,785 | Publix | 3/31/2035 | CVS Pharmacy | $ | 18.09 | |||||||||||||||||
Broadway Plaza | Bronx, NY | 2014 | 148,704 | 75.6 | % | 9 | 6 | 18,110 | Aldi | 9/30/2024 | TJ Maxx / Sports Authority / Blink Fitness | $ | 37.08 | |||||||||||||||||
Cashmere Corners | Port St. Lucie, FL | 2001 | 85,708 | 83.7 | % | 14 | 2 | Walmart | $ | 11.68 | ||||||||||||||||||||
Countryside Shops | Cooper City, FL | 1986 / 1988 / 1991 | 200,392 | 98.3 | % | 41 | 3 | 39,795 | Publix | 5/31/2037 | Stein Mart | $ | 14.67 | |||||||||||||||||
Kirkman Shoppes | Orlando, FL | 1973 / 2015 | 114,635 | 96.8 | % | 23 | 2 | LA Fitness / Walgreens | $ | 21.98 | ||||||||||||||||||||
Lake Mary Centre | Lake Mary, FL | 1988 / 2001 / 2015 | 359,525 | 94.0 | % | 57 | 11 | 24,741 | The Fresh Market | 5/31/2024 | Ross Dress For Less / LA Fitness / Office Depot / Academy Sports | $ | 14.71 | |||||||||||||||||
Medford | Medford, MA | 1995 | 62,656 | 3.7 | % | 1 | 1 | $ | 23.67 | |||||||||||||||||||||
North Bay Village | Miami Beach, FL | 1970 / 2000 | — | — | % | — | — | $ | — | |||||||||||||||||||||
Pablo Plaza | Jacksonville, FL | 1974 / 1998 / 2001 / 2008 | 148,673 | 84.5 | % | 21 | 11 | 34,400 | Publix* (Office Depot) | 11/30/2018 | Marshalls / HomeGoods /PetSmart | $ | 10.22 | |||||||||||||||||
Serramonte Shopping Center | Daly City, CA | 1968 | 858,812 | 96.9 | % | 91 | 10 | Macy's / JC Penney / Target / Daiso / Crunch Gym / H&M / Forever 21 / Uniqlo / Dick's Sporting Goods | $ | 27.55 | ||||||||||||||||||||
Serramonte Shopping Center - Expansion Project | Daly City, CA | 247,055 | 53.7 | % | 5 | — | Buy Buy Baby / Cost Plus World Market / Dave & Busters / Daiso / Nordstrom Rack | $ | 28.54 | |||||||||||||||||||||
Willows Shopping Center | Concord, CA | 2015 | 252,817 | 91.7 | % | 25 | 6 | Claim Jumper Restaurants / UFC Gym / REI / The Jungle Fun / Old Navy / Ulta Beauty / Pier 1 Imports / Cost Plus World Market | $ | 26.86 | ||||||||||||||||||||
TOTAL DEVELOPMENTS AND REDEVELOPMENTS (13) (3) | 2,772,003 | 87.4 | % | 318 | 64 | 170,831 | $ | 23.25 | (6) |
Year | Total | Number | Supermarket Anchor | |||||||||||||||||||||||||||
Built / | Sq. Ft. | Percent | of Tenants | Owned | Expiration | ABR per | ||||||||||||||||||||||||
Property | City, State | Renovated | Owned | Leased | Leased | Vacant | Sq. Ft. | Name | Date (1) | Other Anchor Tenants | Leased SF | |||||||||||||||||||
TOTAL RETAIL PORTFOLIO INCLUDING DEVELOPMENTS AND REDEVELOPMENTS (115) | 15,050,830 | 94.4 | % | 2,122 | 309 | 2,878,466 | $ | 19.48 | (6) | |||||||||||||||||||||
NON-RETAIL PROPERTIES (3) | ||||||||||||||||||||||||||||||
200 Potrero | San Francisco, CA | 1928 | 30,500 | 55.1 | % | 1 | 1 | Golden Bear Sportswear | ||||||||||||||||||||||
Banco Popular Office Building | Miami, FL | 1971 | 32,737 | 69.7 | % | 11 | 8 | |||||||||||||||||||||||
Westport Office | Westport, CT | 1984 | 4,000 | 50.0 | % | 6 | 3 | |||||||||||||||||||||||
Westwood - Manor Care | Bethesda, MD | 1976 | 41,123 | — | % | — | 1 | |||||||||||||||||||||||
Westwood Towers | Bethesda, MD | 1968 / 1997 | 211,020 | 100.0 | % | 2 | — | Housing Opportunities | ||||||||||||||||||||||
TOTAL NON-RETAIL PROPERTIES (5) (3) | 319,380 | 79.1 | % | 20 | 13 | |||||||||||||||||||||||||
TOTAL EXCLUDING LAND (120) | 15,370,210 | 94.1 | % | 2,142 | 322 | 2,878,466 | ||||||||||||||||||||||||
LAND (6) (3)(4) | ||||||||||||||||||||||||||||||
TOTAL CONSOLIDATED - 126 Properties |
(1) | Expiration date of the current lease term, excluding any renewal options. |
(2) | Not included in the same-property NOI pool for the year ended December 31, 2015. |
(3) | Not included in the same-property NOI pool for the three months and years ended December 31, 2015. The same-property NOI pool including redevelopments includes all the company's development and redevelopment properties with the exception of Broadway Plaza. |
(4) | The total carrying value of land as of December 31, 2015 is $22.2 million. |
(5) | Westwood Complex is comprised of five separate properties that are being added to the same-property NOI pool based on their respective acquisition dates. Westwood Shopping Center and Westwood Center II are included in the same-property pool for the three months ended December 31, 2015, but are not included for the year ended December 31, 2015. Bowlmor Lanes, 5471 Citgo, and 5335 Citgo are included in the same-property pool for the three months and year ended December 31, 2015. |
(6) | ABR per leased SF for total development and redevelopment properties and total retail portfolio including developments and redevelopments is adjusted for certain anchor tenants at Serramonte Shopping Center that pay percentage rent in lieu of minimum rent. |
(7) | Property sold in February 2016. |
2015 Acquisition Activity | |||||||||||||||||
Date Purchased | Property Name | City | State | Square Feet/Acres | Purchase Price | Mortgage Assumed | |||||||||||
November 23, 2015 | 91 Danbury Road | Ridgefield | CT | 4,612 | $ | 1,500 | $ | — | |||||||||
October 19, 2015 | The Harvard Collection | Cambridge | MA | 41,050 | 85,000 | — | |||||||||||
August 27, 2015 | Bird 107 Plaza | Miami | FL | 40,101 | 11,800 | — | |||||||||||
July 23, 2015 | North Bay Village - land parcel | Miami Beach | FL | 0.49 | (1) | 600 | — | ||||||||||
June 10, 2015 | Concord Shopping Plaza (2) | Miami | FL | 302,142 | 62,200 | 27,750 | |||||||||||
June 10, 2015 | Shoppes of Sunset (2) | Miami | FL | 21,784 | 5,550 | — | |||||||||||
June 10, 2015 | Shoppes of Sunset II (2) | Miami | FL | 27,676 | 4,250 | — | |||||||||||
January 9, 2015 | Pablo Plaza Outparcel | Jacksonville | FL | 0.18 | (1) | 750 | — | ||||||||||
Total Purchased | $ | 171,650 | $ | 27,750 |
2015 Disposition Activity | |||||||||||||
Date Sold | Property Name | City | State | Square Feet | Gross Sales Price | ||||||||
July 23, 2015 | Webster Plaza | Webster | MA | 201,425 | $ | 7,975 | |||||||
March 26, 2015 | Park Promenade | Orlando | FL | 128,848 | 4,800 | ||||||||
Total Sold | 330,273 | $ | 12,775 |
Project | Location | Project GLA (1) | Total GLA (2) | Anchors | Target Stabilization Date (3) | Estimated Gross Cost (4) | Estimated Net Cost (5) | Incurred as of 12/31/15 | Balance to Complete | % Placed in Service (6) | CIP Balance as of 12/31/15 (7) | ||||||||||||||||||||||||
Active Developments | |||||||||||||||||||||||||||||||||||
Broadway Plaza | Bronx, NY | 148,704 | 148,704 | TJ Maxx / Sports Authority / Aldi / Blink Fitness | 2016 | $ | 73,762 | $ | 73,762 | $ | 69,761 | $ | 4,001 | 76 | % | $ | 8,083 | ||||||||||||||||||
Subtotal | 148,704 | 148,704 | 73,762 | 73,762 | 69,761 | 4,001 | 76 | % | 8,083 | ||||||||||||||||||||||||||
Active Redevelopments | |||||||||||||||||||||||||||||||||||
101 7th Avenue | Manhattan, NY | 56,870 | 56,870 | Barneys New York | 2016 | 14,100 | 14,100 | 12,921 | 1,179 | — | 72,762 | ||||||||||||||||||||||||
Cashmere Corners | Port St. Lucie, FL | 55,740 | 85,708 | Walmart | 2016 | 1,587 | 1,587 | 794 | 793 | 79 | % | 168 | |||||||||||||||||||||||
Countryside Shops | Cooper City, FL | 84,520 | 200,392 | Publix | 2017 | 16,395 | 16,395 | 507 | 15,888 | — | 507 | ||||||||||||||||||||||||
North Bay Village | Miami Beach, FL | TBD | TBD | TBD | TBD | TBD | TBD | 633 | TBD | — | 1,533 | ||||||||||||||||||||||||
Lake Mary Centre | Lake Mary, FL | 167,764 | 359,525 | Ross Dress For Less / The Fresh Market / Academy Sports / Hobby Lobby | 2016 (8) | 17,298 | 17,298 | 11,419 | 5,879 | 67 | % | 1,289 | |||||||||||||||||||||||
Medford | Medford, MA | TBD | 62,656 | TBD | TBD | TBD | TBD | 184 | TBD | — | 10,353 | ||||||||||||||||||||||||
Pablo Plaza | Jacksonville, FL | 92,676 | 148,673 | Whole Foods / PetSmart | 2020 | 18,016 | 18,016 | 1,185 | 16,831 | — | 1,185 | ||||||||||||||||||||||||
Serramonte Shopping Center - Expansion Project | Daly City, CA | 247,055 | 1,105,867 | Buy Buy Baby / Cost Plus World Market / Dave & Buster's / Daiso / Nordstrom Rack / Ross Dress For Less | 2017 | 109,137 | 109,137 | 6,107 | 103,030 | — | 25,011 | ||||||||||||||||||||||||
Subtotal | 704,625 | 2,019,691 | 176,533 | 176,533 | 33,750 | 143,600 | 22 | % | 112,808 | ||||||||||||||||||||||||||
Total Active Developments and Redevelopments (10) | 853,329 | 2,168,395 | 250,295 | 250,295 | 103,511 | 147,601 | 32 | % | 120,891 | ||||||||||||||||||||||||||
Developments and Redevelopments Pending Twelve Month Stabilization | |||||||||||||||||||||||||||||||||||
Alafaya Commons | Orlando, FL | 66,955 | 130,811 | Academy Sports | 2015 | 7,502 | 7,502 | 6,494 | 1,008 | 100 | % | — | |||||||||||||||||||||||
Boynton Plaza | Boynton Beach, FL | 53,785 | 105,345 | Publix | 2015 | 8,818 | 8,311 | 8,401 | — | 100 | % | — | |||||||||||||||||||||||
Kirkman Shoppes | Orlando, FL | 57,510 | 114,635 | L.A. Fitness / Walgreens | 2015 | 13,094 | 13,094 | 12,923 | 171 | 100 | % | 451 | |||||||||||||||||||||||
Willows Shopping Center | Concord, CA | 48,621 | 252,817 | Ulta Beauty / Lazy Dog / Old Navy / UFC Gym | 2015 | 13,460 | 13,460 | 11,707 | 1,753 | 76 | % | 2,084 | |||||||||||||||||||||||
Total | 226,871 | 603,608 | 42,874 | 42,367 | 39,525 | 2,932 | 95 | % | 2,535 | ||||||||||||||||||||||||||
Total Development and Redevelopment Activity (10) | $ | 293,169 | $ | 292,662 | $ | 143,036 | (9) | $ | 150,533 | 45 | % | 123,426 | |||||||||||||||||||||||
Other CIP (see page 42) | 21,823 | ||||||||||||||||||||||||||||||||||
Land | 22,229 | ||||||||||||||||||||||||||||||||||
Total CIP and Land (See page 18) | $ | 167,478 |
(1) | Project GLA is subject to change based upon build-to-suit requests and other tenant driven changes. |
(2) | Total GLA represents all GLA for the corresponding property and, for redevelopments, includes portions of the center not subject to redevelopment. |
(3) | Target stabilization date reflects the date that construction is expected to be substantially complete and the anchors commence rent. Properties may continue to be reflected in development or redevelopment until they are included in the company's same-property pool, which is normally one year from rent commencement. |
(4) | For developments, includes actual cost of land. |
(5) | After sales of outparcels and construction cost reimbursements. |
(6) | Percentage placed in service represents the percentage of project GLA for which the applicable tenants have commenced revenue recognition under GAAP. |
(7) | CIP balance as of December 31, 2015 reflects the company's GAAP balances associated with the projects. For redevelopments, this includes an allocation of the company's existing cost basis in the portion of the center subject to redevelopment. |
(8) | Stabilization date is based on the expected commencement of cash rent for Hobby Lobby as part of the third phase of the redevelopment. The first phase, comprised of adding Ross and Fresh Market, which represents 50,000 square feet of the 168,000 square feet under redevelopment, was stabilized in 2014. The second phase, comprised of adding Academy Sports, which represents 63,000 square feet of the 168,000 square feet under redevelopment, was stabilized in 2015. |
(9) | Includes an aggregate of $8.7 million in costs incurred but not yet funded as of December 31, 2015. |
(10) | 4Q 2015 total cash NOI for all active developments and redevelopments was $7.5 million and for all developments and redevelopments including those pending stabilization was $10.2 million. |
Project | Location | Project Description | Target Stabilization Date (1) | Estimated Gross Cost | Incurred as of 12/31/15 | Balance to Complete (Gross Cost) | CIP Balance as of 12/31/15 (3) | |||||||||||||||
Capital Expenditure Projects over $1,000 | ||||||||||||||||||||||
Ambassador Row Courtyards | Lafayette, LA | Retenanting | 2016 | $ | 8,534 | $ | 4,520 | $ | 4,014 | $ | 1,227 | |||||||||||
South Beach Regional | Jacksonville Beach, FL | Retenanting and Façade Renovation | 2015 | 6,026 | 5,436 | 590 | 88 | |||||||||||||||
Pavilion | Naples, FL | Façade Renovation | 2015 | 5,536 | 4,104 | 1,432 | 774 | |||||||||||||||
Compo Acres Shopping Center | Westport, CT | Façade Renovation | 2015 | 5,330 | 5,505 | — | 559 | |||||||||||||||
The Village Center | Westport, CT | Retenanting and Façade Renovation | 2016 | 4,987 | 299 | 4,688 | 299 | |||||||||||||||
Buckhead Station | Atlanta, GA | Retenanting | 2016 | 4,195 | 896 | 3,300 | 3,977 | |||||||||||||||
Brookside Plaza | Enfield, CT | Retenanting | 2016 | 3,899 | 953 | 2,947 | 1,237 | |||||||||||||||
Darinor Plaza | Norwalk, CT | Outparcel Addition | 2015 | 2,983 | 2,698 | 285 | 986 | |||||||||||||||
Point Royale Shopping Center | Miami, FL | Outparcel Addition | 2015 | 2,664 | 2,247 | 418 | 22 | |||||||||||||||
Hammocks Town Center | Miami, FL | Goodwill | 2016 | 2,285 | 1,038 | 1,246 | 2,503 | |||||||||||||||
Alafaya Commons (2) | Orlando, FL | Retenanting | 2015 | 1,794 | 1,409 | 385 | — | |||||||||||||||
Post Road Plaza | Darien, CT | Façade Renovation | 2016 | 1,466 | 244 | 1,222 | 244 | |||||||||||||||
Plaza at St. Lucie West | Port St. Lucie, FL | Retenanting | 2016 | 1,336 | 612 | 725 | 612 | |||||||||||||||
Bird Ludlam | Miami, FL | Outparcel Addition | 2015 | 1,264 | 1,215 | 49 | — | |||||||||||||||
Total | $ | 52,299 | $ | 31,176 | $ | 21,301 | 12,528 | |||||||||||||||
All Other Capital Expenditure Projects | 9,295 | |||||||||||||||||||||
Total Other Capital Investment into Real Estate | $ | 21,823 |
December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||
Fixed rate debt | $ | 772,680 | $ | 1,042,914 | $ | 1,161,291 | ||||||
Variable rate debt - swapped to fixed rate (1) | 250,000 | 250,000 | 250,000 | |||||||||
Variable rate debt - unhedged | 348,750 | 37,000 | 91,000 | |||||||||
Total debt | $ | 1,371,430 | $ | 1,329,914 | $ | 1,502,291 | ||||||
% Fixed rate debt | 56.4 | % | 78.4 | % | 77.3 | % | ||||||
% Variable rate debt - swapped to fixed rate | 18.2 | % | 18.8 | % | 16.6 | % | ||||||
% Variable rate debt - unhedged | 25.4 | % | 2.8 | % | 6.1 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Secured mortgage debt | $ | 282,029 | $ | 311,778 | $ | 430,155 | ||||||
Unsecured debt | 1,089,401 | 1,018,136 | 1,072,136 | |||||||||
Total debt | $ | 1,371,430 | $ | 1,329,914 | $ | 1,502,291 | ||||||
% Secured mortgage debt | 20.6 | % | 23.4 | % | 28.6 | % | ||||||
% Unsecured debt | 79.4 | % | 76.6 | % | 71.4 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Total market capitalization (see page 19) | $ | 5,195,485 | $ | 4,778,523 | $ | 4,428,129 | ||||||
% Secured mortgage debt | 5.4 | % | 6.5 | % | 9.7 | % | ||||||
% Unsecured debt | 21.0 | % | 21.3 | % | 24.2 | % | ||||||
Total debt : Total market capitalization | 26.4 | % | 27.8 | % | 33.9 | % | ||||||
Weighted average interest rate on secured mortgage debt (2) | 5.61 | % | 6.03 | % | 5.99 | % | ||||||
Weighted average interest rate on unsecured senior notes (2) | 4.75 | % | 5.02 | % | 5.02 | % | ||||||
Weighted average interest rate on term loans (2) | 2.01 | % | 2.62 | % | 3.17 | % | ||||||
Weighted average interest rate on total debt (2) (3) | 3.92 | % | 4.80 | % | 4.99 | % | ||||||
Weighted average interest rate on revolving credit facility (2) | 1.47 | % | 1.22 | % | 1.30 | % | ||||||
Weighted average maturity on secured mortgage debt | 3.6 years | 4.4 years | 4.3 years | |||||||||
Weighted average maturity on unsecured senior notes | 4.6 years | 4.3 years | 5.3 years | |||||||||
Weighted average maturity on term loans | 4.0 years | 4.1 years | 5.1 years | |||||||||
Weighted average maturity on total debt (3) | 4.1 years | 4.3 years | 5.0 years |
(1) | The company has interest rate swaps which convert the LIBOR rate applicable to its $250.0 million term loan to a fixed interest rate, providing an effective weighted average fixed interest rate under the loan agreement of 2.62% per annum as of December 31, 2015. |
(2) | Weighted average interest rates are calculated based on balances outstanding at the respective dates. |
(3) | Weighted average maturity on total debt and weighted average interest rate on total debt excludes amounts drawn under the revolving credit facility, which expires on December 31, 2018. |
Secured Debt | Unsecured Debt | Deferred Financing Costs and 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 Loans | |||||||||||||||||||||||||||||
2016 | $ | 6,608 | $ | 43,799 | $ | — | $ | — | $ | — | $ | (578 | ) | $ | 49,829 | 6.1 | % | 3.6 | % | |||||||||||||||
2017 | 6,567 | 64,000 | — | 218,401 | (1) | — | (712 | ) | 288,256 | 6.0 | % | 21.1 | % | |||||||||||||||||||||
2018 | 6,766 | 82,504 | 96,000 | — | — | (975 | ) | 184,295 | 4.7 | % | (2) | 13.5 | % | |||||||||||||||||||||
2019 | 5,541 | 18,330 | — | — | 250,000 | (648 | ) | 273,223 | 2.9 | % | 20.0 | % | ||||||||||||||||||||||
2020 | 5,470 | — | — | — | 225,000 | (3) | (719 | ) | 229,751 | 1.3 | % | 16.8 | % | |||||||||||||||||||||
2021 | 5,397 | 12,561 | — | — | — | (444 | ) | 17,514 | 5.9 | % | 1.3 | % | ||||||||||||||||||||||
2022 | 5,136 | — | — | 300,000 | — | (415 | ) | 304,721 | 3.8 | % | 22.3 | % | ||||||||||||||||||||||
2023 | 5,345 | 1,221 | — | — | — | (67 | ) | 6,499 | 7.5 | % | 0.5 | % | ||||||||||||||||||||||
2024 | 2,939 | — | — | — | — | (42 | ) | 2,897 | — | 0.2 | % | |||||||||||||||||||||||
Thereafter | 9,845 | — | — | — | — | (108 | ) | 9,737 | — | 0.7 | % | |||||||||||||||||||||||
Total | $ | 59,614 | $ | 222,415 | $ | 96,000 | $ | 518,401 | $ | 475,000 | $ | (4,708 | ) | $ | 1,366,722 | 3.8 | % | (2) | 100.0 | % |
Debt Instrument | Maturity Date | Rate | December 31, 2015 | December 31, 2014 | Percent of Overall Debt Maturing | |||||||||||
Mortgage Debt | ||||||||||||||||
Pleasanton Plaza | 06/01/2015 | 5.316 | % | $ | — | $ | 19,634 | — | ||||||||
Webster Plaza (1) | 08/15/2024 | 8.070 | % | — | 6,568 | — | ||||||||||
Danbury Green (2) | 01/05/2016 | 5.850 | % | — | 24,700 | — | ||||||||||
1225-1239 Second Avenue | 06/01/2016 | 6.325 | % | 16,020 | 16,245 | 1.2 | % | |||||||||
Glengary Shoppes | 06/11/2016 | 5.750 | % | 15,217 | 15,521 | 1.0 | % | |||||||||
Magnolia Shoppes | 07/11/2016 | 6.160 | % | 13,010 | 13,292 | 1.0 | % | |||||||||
Culver Center | 05/06/2017 | 5.580 | % | 64,000 | 64,000 | 4.7 | % | |||||||||
Concord Shopping Plaza (3) | 06/28/2018 | 1-month LIBOR + 1.35% | 27,750 | — | 2.0 | % | ||||||||||
Sheridan Plaza | 10/10/2018 | 6.250 | % | 58,330 | 59,449 | 4.3 | % | |||||||||
1175 Third Avenue | 05/01/2019 | 7.000 | % | 6,241 | 6,512 | 0.5 | % | |||||||||
The Village Center | 06/01/2019 | 6.250 | % | 14,825 | 15,234 | 1.1 | % | |||||||||
BridgeMill | 05/05/2021 | 7.940 | % | 6,462 | 6,846 | 0.5 | % | |||||||||
Talega Village Center (4) | 10/01/2021 | 5.010 | % | 10,793 | 11,080 | 0.8 | % | |||||||||
Westport Plaza | 08/01/2023 | 7.490 | % | 3,340 | 3,537 | 0.2 | % | |||||||||
Aventura Square / Oakbrook Square / Treasure Coast Plaza | 02/28/2024 | 6.500 | % | 20,756 | 22,599 | 1.5 | % | |||||||||
Von's Circle Center | 10/10/2028 | 5.200 | % | 9,366 | 9,867 | 0.7 | % | |||||||||
Copps Hill | 01/01/2029 | 6.060 | % | 15,919 | 16,694 | 1.2 | % | |||||||||
Total mortgage debt (14 loans outstanding) (5) | 3.64 years | 5.61 | % | (6) | $ | 282,029 | $ | 311,778 | 20.7 | % | ||||||
Unamortized deferred financing costs and unamortized/unaccreted premium/(discount) | 1,430 | 3,693 | 0.1 | % | ||||||||||||
Total mortgage debt (including unamortized/unaccreted premium/(discount)) | $ | 283,459 | $ | 315,471 | 20.8 | % | ||||||||||
Unsecured senior notes payable | ||||||||||||||||
5.375% senior notes (7) | 10/15/2015 | 5.375 | % | $ | — | $ | 107,505 | — | ||||||||
6.00% senior notes (8) | 09/15/2016 | 6.000 | % | — | 105,230 | — | % | |||||||||
6.25% senior notes (9) | 01/15/2017 | 6.250 | % | 101,403 | 101,403 | 7.4 | % | |||||||||
6.00% senior notes | 09/15/2017 | 6.000 | % | 116,998 | 116,998 | 8.6 | % | |||||||||
3.75% senior notes | 11/15/2022 | 3.750 | % | 300,000 | 300,000 | 22.0 | % | |||||||||
Total unsecured senior notes payable | 4.57 years | 4.75 | % | (6) | $ | 518,401 | $ | 731,136 | 38.0 | % | ||||||
Unamortized deferred financing costs and unamortized/unaccreted premium/(discount) | (3,029 | ) | (4,136 | ) | (0.3 | %) | ||||||||||
Total unsecured senior notes payable (including unamortized deferred financing costs and unamortized/unaccreted premium/(discount)) | $ | 515,372 | $ | 727,000 | 37.7 | % |
Debt Instrument | Maturity Date | Rate | December 31, 2015 | December 31, 2014 | Percent of Overall Debt Maturing | |||||||||||
Term Loans | ||||||||||||||||
$250MM - Term Loan (10) | 02/13/2019 | 2.618 | % | (12) | $ | 250,000 | $ | 250,000 | 18.3 | % | ||||||
$300MM - Term Loan (11) | 12/02/2020 | 1MTH LIBOR +1.10% | 225,000 | — | 16.5 | % | ||||||||||
Total term loans | 3.97 years | 2.01 | % | (6) | $ | 475,000 | $ | 250,000 | 34.8 | % | ||||||
Unamortized deferred financing costs | (3,109 | ) | (1,876 | ) | (0.3 | )% | ||||||||||
Total term loans (including unamortized deferred financing costs and unamortized/unaccreted premium/(discount)) | $ | 471,891 | $ | 248,124 | 34.5 | % | ||||||||||
Revolving credit facilities | ||||||||||||||||
$600MM Line of Credit Unsecured | 12/31/2018 | 1.474 | % | $ | 96,000 | $ | 37,000 | 7.0 | % | |||||||
Total revolving credit facilities | 3.00 years | 1.47 | % | (6) | $ | 96,000 | $ | 37,000 | 7.0 | % | ||||||
Total debt (13) | 4.14 years (14) | 3.92 | % | (6) (14) | $ | 1,371,430 | $ | 1,329,914 | 100.5 | % | ||||||
Unamortized deferred financing costs and unamortized/unaccreted premium/(discount) | (4,708 | ) | (2,319 | ) | (0.5 | )% | ||||||||||
Total debt (including unamortized/unaccreted premium/(discount)) | $ | 1,366,722 | $ | 1,327,595 | 100.0 | % | ||||||||||
Senior Unsecured Debt Ratings | ||||||||||||||||
Moody’s | Baa2 (Stable) | Baa2 (Stable) | ||||||||||||||
S&P | BBB (Stable) | BBB-(Positive) |
(1) | The property was sold in July 2015 and the mortgage loan was assumed by the purchaser. |
(2) | The mortgage loan was prepaid in October 2015 with no prepayment penalty. |
(3) | The loan balance bears interest at a floating rate of 1-month LIBOR + 1.35%. The effective interest rate on December 31, 2015 was 1.594%. |
(4) | The stated loan maturity date is October 1, 2036; however, both the lender and the borrower have the right to exercise a call or early prepayment, respectively, on each of October 1, 2021, October 1, 2026 and October 1, 2031. It is deemed likely this right will be exercised and the shown maturity date is therefore October 1, 2021. |
(5) | In January 2016, the company entered into a mortgage note payable for $88.0 million secured by Westbury Plaza located in Nassau County, New York. The mortgage note payable matures on February 1, 2026 and bears interest at 3.76% per annum. |
(6) | Calculated based on weighted average interest rates of outstanding balances at December 31, 2015. |
(7) | In April 2015, the company redeemed its $107.5 million 5.375% unsecured senior notes. |
(8) | In November 2015, the company redeemed its 6.00% unsecured senior notes. |
(9) | In February 2016, the company redeemed its 6.25% unsecured senior notes. |
(10) | The interest rate for the $250.0 million term loan has been swapped to a fixed interest rate through three interest rate swaps. The indicated interest rate for the term loan and the weighted average interest rate for all debt instruments includes the effect of the swaps. As of December 31, 2015 and 2014, the fair value of one of the company's interest rate swaps consisted of an asset of $217,000 and $681,000, respectively, which is included in other assets, and the fair value of the two remaining interest rate swaps consisted of a liability of $2.0 million and $952,000, respectively, which is included in accounts payable and accrued expenses in the company's consolidated balance sheets. |
(11) | In December 2015, the company entered into an unsecured delayed draw term loan facility pursuant to which it may borrow up to $300.0 million in aggregate in one or more borrowings at any time prior to December 2, 2016. At the company's request, the principal amount of the term loan may be increased up to an aggregate of $500.0 million subject to the availability of additional commitments from lenders. This term loan bears interest at a floating rate of 1-MTH LIBOR + 1.10% and the effective rate on December 31, 2015 was 1.343%. |
(12) | The effective fixed interest rate on December 31, 2015. |
(13) | In October 2015, the company entered into a $50.0 million forward starting interest rate swap to mitigate the risk of adverse fluctuations in interest rates with respect to fixed rate indebtedness expected to be issued in 2016. The interest rate swap locks in the 10-year treasury rate and swap spread at a fixed rate of 2.12% per annum and matures on April 4, 2026. However, the interest rate swap has a mandatory settlement date of October 4, 2016, and the Company may settle the swap at any time prior to that date. As of December 31, 2015, the fair value of the company's forward starting interest rate swap consisted of an asset of $618,000, which is included in other assets in the company's consolidated balance sheet. |
(14) | Weighted average maturity in years and weighted average interest rate as of December 31, 2015 excludes the revolving credit facility which expires on December 31, 2018. |
BALANCE SHEETS OF UNCONSOLIDATED JOINT VENTURES | As of December 31, 2015 | |||||||||||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Assets | Total Debt | Total Equity | Pro-Rata Share Total Debt | Investment in Joint Venture (1) | |||||||||||||||||
DRA Advisors | 20.0% | Retail/Office | $ | 18,942 | $ | — | $ | 18,594 | $ | — | $ | 3,719 | ||||||||||||
New York Common Retirement Fund | 30.0% | Retail | 302,634 | 146,175 | 132,913 | 43,853 | 39,501 | |||||||||||||||||
Rider Limited Partnership | 50.0% | Office | 39,388 | — | 38,526 | — | 19,263 | |||||||||||||||||
Total | $ | 360,964 | $ | 146,175 | $ | 190,033 | $ | 43,853 | $ | 62,483 |
STATEMENTS OF OPERATIONS OF UNCONSOLIDATED JOINT VENTURES (2) | For the three months ended December 31, 2015 | |||||||||||||||||||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Revenues | Property Operating Expenses | Depreciation/ Amortization | Interest Expense (3) | Net Income | Cash NOI | Pro-Rata Share of Cash NOI | |||||||||||||||||||||||
DRA Advisors (4) | 20.0% | Retail/Office | $ | 397 | $ | 214 | $ | 151 | $ | — | $ | 7,075 | $ | 174 | $ | 35 | ||||||||||||||||
New York Common Retirement Fund | 30.0% | Retail | 7,109 | 2,391 | 2,553 | 1,554 | 556 | 4,638 | 1,391 | |||||||||||||||||||||||
Rider Limited Partnership | 50.0% | Office | 1,485 | 358 | 292 | — | 833 | 1,113 | 557 | |||||||||||||||||||||||
Total | $ | 8,991 | $ | 2,963 | $ | 2,996 | $ | 1,554 | $ | 8,464 | $ | 5,925 | $ | 1,983 | ||||||||||||||||||
For the year ended December 31, 2015 | ||||||||||||||||||||||||||||||||
Co-Investment Partner | EQY Ownership Interest | Type | Total Revenues | Property Operating Expenses | Depreciation/ Amortization | Interest Expense (3) | Net Income | Cash NOI | Pro-Rata Share of Cash NOI | |||||||||||||||||||||||
DRA Advisors (4) | 20.0% | Retail/Office | $ | 4,940 | $ | 2,500 | $ | 1,317 | $ | — | $ | 15,782 | 2,457 | $ | 491 | |||||||||||||||||
New York Common Retirement Fund | 30.0% | Retail | 28,960 | 9,691 | 9,478 | 5,955 | 3,683 | 18,613 | 5,584 | |||||||||||||||||||||||
Rider Limited Partnership | 50.0% | Office | 5,835 | 1,386 | 1,203 | — | 3,625 | 4,324 | 2,162 | |||||||||||||||||||||||
Total | $ | 39,735 | $ | 13,577 | $ | 11,998 | $ | 5,955 | $ | 23,090 | $ | 25,394 | $ | 8,237 |
(1) | Excludes other investments in unconsolidated joint ventures and advances to unconsolidated joint ventures totaling $2.1 million. |
(2) | In June 2015, the company's ownership interest in the GRI JV was redeemed. The statements of operations of unconsolidated joint ventures for the three months and year ended December 31, 2015 exclude the GRI JV. |
(3) | Interest expense includes amortization of deferred financing costs. |
(4) | In September 2015, the joint venture closed on the sale of Plantation Marketplace for a sales price of $32.9 million. In connection with the sale, the joint venture recognized a gain of $7.6 million, of which the company's proportionate share was $1.5 million. In October 2015, the joint venture closed on the sale of Penn Dutch Plaza for a sales price of $18.5 million. In connection with the sale, the joint venture recognized a gain on sale of $7.0 million, of which the company's proportionate share was $1.4 million. |
Number of tenants | Supermarket anchor | ABR 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 | |||||||||||||||||||||
1900/2000 Offices | DRA | 20.0% | Office | Boca Raton, FL | 1979 / 1982 / 1986 / 2007 | 116,655 | 83.8 | % | 26 | 4 | Garda Supplies Rental & Services | $ | 15.96 | |||||||||||||||||||||
Rider Limited Partnership | CSC | 50.0% | Medical Office | San Francisco, CA | 1968 | 146,046 | 98.6 | % | 50 | 2 | Central Parking System | $ | 34.44 | |||||||||||||||||||||
Country Walk Plaza | NYCRF | 30.0% | Retail | Miami, FL | 1985 / 2006 / 2008 | 100,686 | 95.6 | % | 26 | 3 | 39,795 | Publix | 10/23/2020 | CVS Pharmacy | $ | 19.54 | ||||||||||||||||||
Veranda Shoppes | NYCRF | 30.0% | Retail | Plantation, FL | 2007 | 44,888 | 100.0 | % | 9 | — | 28,800 | Publix | 04/30/2027 | $ | 26.92 | |||||||||||||||||||
Northborough Crossing | NYCRF | 30.0% | Retail | Northborough, MA | 2011 | 645,785 | 99.3 | % | 26 | 1 | 139,449 | Wegmans | 10/31/2036 | TJ Maxx / Kohl's / BJ's / Golf Town USA / PetSmart / Michaels / Toys "R" Us / Dick's Sporting Goods / Eastern Mountain Sports | $ | 14.24 | ||||||||||||||||||
Riverfront Plaza | NYCRF | 30.0% | Retail | Hackensack, NJ | 1997 | 128,968 | 98.6 | % | 23 | 1 | 70,400 | ShopRite | 10/31/2027 | $ | 25.11 | |||||||||||||||||||
The Grove | NYCRF | 30.0% | Retail | Windermere, FL | 2004 | 151,752 | 99.2 | % | 30 | 1 | 51,673 | Publix | 01/31/2029 | LA Fitness | $ | 19.88 | ||||||||||||||||||
Old Connecticut Path | NYCRF | 30.0% | Retail | Framingham, MA | 1994 | 80,198 | 100.0 | % | 5 | — | 65,940 | Stop & Shop | 06/30/2019 | $ | 21.30 | |||||||||||||||||||
TOTAL UNCONSOLIDATED PROPERTIES PORTFOLIO (8) | 1,414,978 | 97.7 | % | 195 | 12 | 396,057 | $ | 19.27 |
Co-Investment Partner | Debt Instrument | Equity One’s Ownership (1) | Maturity Date | Rate (1) | Balance as of December 31, 2015 | Balance as of December 31, 2014 | ||||||||||
Mortgage Debt | ||||||||||||||||
GRI (2) (3) | Floating rate loan | — | 06/28/2018 | — | $ | — | $ | 80,000 | ||||||||
GRI (2) | Sparkleberry Square (Kroger) | — | 06/30/2020 | — | — | 3,782 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub CT Path LLC | 30.0% | 01/01/2019 | 5.74% | 8,798 | 9,237 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub Northborough LLC | 30.0% | 02/10/2021 | 4.18% | 66,440 | 67,811 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub Riverfront Plaza LLC | 30.0% | 10/10/2023 | 4.54% | 24,000 | 24,000 | ||||||||||
New York Common Retirement Fund | Equity One JV Sub Grove LLC (4) | 30.0% | 12/23/2023 | 4.18% | 22,500 | 22,500 | ||||||||||
New York Common Retirement Fund (5) | Equity One Country Walk LLC | 30.0% | 11/5/2025 | 3.91% | 16,000 | 12,652 | ||||||||||
New York Common Retirement Fund (5) | Equity One JV Sub Veranda LLC | 30.0% | 11/5/2025 | 3.86% | 9,000 | — | ||||||||||
Unamortized deferred financing costs and premium, net (6) | (563 | ) | (812 | ) | ||||||||||||
Total debt | $ | 146,175 | $ | 219,170 | ||||||||||||
Equity One’s pro-rata share of unconsolidated joint venture debt | $ | 43,853 | $ | 48,806 |
(1) | Equity One's equity interest and rate in effect on December 31, 2015. |
(2) | In June 2015, the company's ownership interest in GRI was redeemed. As part of the redemption, the company acquired Concord Shopping Plaza and the associated $27.8 million floating rate mortgage. |
(3) | As of December 31, 2014, there were three separate loans, totaling $80 million, that were secured by Airpark Plaza Shopping Center, Concord Shopping Plaza and Presidential Markets, bearing interest at a weighted average rate of 1-month LIBOR + 1.41%. |
(4) | The loan balance bears interest at a floating rate of LIBOR + 1.35%, which has been swapped to a weighted average fixed rate of 4.18%. The fair value of the swap at December 31, 2015 was a liability of approximately $1.7 million. |
(5) | In October 2015, the company's joint venture with New York Common Retirement Fund incurred mortgage debt of $25.0 million in connection with the refinancing of its existing mortgage loan on Country Walk Plaza and a new mortgage loan on Veranda Shoppes of $9.0 million . |
(6) | Net unamortized deferred financing costs and premium is the total for all joint ventures. |