-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RVOGqGCDuDUgfGmFUKcW3Wfvb9kUZw3geK6pokK5ij3X0YJQMyNQC4CPPLuqvzV1 z1XLI7Kldas/Kc6/9eYgVA== 0000950135-96-003690.txt : 19960816 0000950135-96-003690.hdr.sgml : 19960816 ACCESSION NUMBER: 0000950135-96-003690 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRADLEY REAL ESTATE INC CENTRAL INDEX KEY: 0000013777 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 046034603 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10328 FILM NUMBER: 96615172 BUSINESS ADDRESS: STREET 1: 250 BOYLSTON ST CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 6178674200 FORMER COMPANY: FORMER CONFORMED NAME: BRADLEY REAL ESTATE TRUST DATE OF NAME CHANGE: 19920703 10-Q 1 BRADLEY REAL ESTATE, INC. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _X_ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 1996 or ------------- ___ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to______ Commission file number 1-10328 ------- BRADLEY REAL ESTATE, INC. ------------------------- (Exact name of registrant as specified in its charter) Maryland 04-6034603 --------- ---------- (State of Organization) (I.R.S. identification No.) 699 Boylston Street , Boston, Massachusetts 02116 ----------------------------------------------------- (Address of Registrant's Principal Executive Offices) Registrant's telephone number, including area code; (617) 867-4200 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate the number of Shares outstanding of each class of Common Stock as of June 30, 1996: Shares of Common Stock, $.01 par value: 18,666,144 Shares outstanding. 2 BRADLEY REAL ESTATE, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) (UNAUDITED)
June 30, December 31, ASSETS 1996 1995 -------- ----------- Real estate investments-at cost $477,535 $189,405 Accumulated depreciation and amortization (24,972) (27,591) -------- -------- Net real estate investments 452,563 161,814 Real estate investments held for sale, net of accumulated depreciation and amortization of $7,213 10,264 - Cash and cash equivalents 3,959 697 Rents and other receivables, net of allowance for doubtful accounts of $1,555 and $771, respectively 9,406 8,671 Unamortized buyout of contract, net 3,776 4,372 Deferred charges, net and other assets 11,724 4,991 -------- -------- $491,692 $180,545 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Mortgage loans $125,638 $ 24,794 Line of credit 95,000 14,600 Accounts payable, accrued expenses and other liabilities 21,397 6,053 -------- -------- Total liabilities 242,035 45,447 -------- -------- Minority interest 4,401 - -------- -------- Stockholders' equity: Shares of preferred stock, par value $.01 per share: Authorized 20,000,000 shares; 0 shares issued and outstanding - - Shares of common stock, par value $.01 per share: Authorized 80,000,000 shares; issued and outstanding, 18,666,144 and 11,230,313 shares, respectively 187 112 Shares of excess stock, par value $.01 per share: Authorized 50,000,000 shares; 0 shares issued and outstanding - - Additional paid-in capital 252,127 148,407 Distributions in excess of accumulated earnings (7,058) (13,421) -------- -------- 245,256 135,098 -------- -------- $491,692 $180,545 ======== ========
The accompanying notes are an integral part of these consolidated financial statements. 3 BRADLEY REAL ESTATE, INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share data) (UNAUDITED)
Three months ended June 30, Six months ended June 30, 1996 1995 1996 1995 ----------- ---------- ----------- ---------- Income: Rental income $ 21,982 $ 8,686 $ 33,201 $ 17,301 Other income 453 41 555 126 ----------- ---------- ----------- ---------- 22,435 8,727 33,756 17,427 Expense: Operations, maintenance and management 3,707 1,385 5,792 2,662 Real estate taxes 5,013 1,997 7,688 4,005 Mortgage and other interest 4,169 1,520 5,554 2,984 General and administrative 888 382 1,443 741 Write-off of deferred financing and acquisition costs - - 344 - Depreciation and amortization 3,724 1,805 5,976 3,562 ----------- ---------- ----------- ---------- 17,501 7,089 26,797 13,954 ----------- ---------- ----------- ---------- Income before gain on sale of property 4,934 1,638 6,959 3,473 Gain on sale of property - - 9,379 - ----------- ---------- ----------- ---------- Income before allocation to minority interest 4,934 1,638 16,338 3,473 Income allocated to minority interest (82) - (111) - ----------- ---------- ----------- ---------- Net income $ 4,852 $ 1,638 $ 16,227 $ 3,473 =========== ========== =========== ========== Weighted average shares outstanding 18,662,532 8,684,136 15,599,623 8,548,886 ----------- ---------- ----------- ---------- Net income per share $ 0.26 $ 0.19 $ 1.04 $ 0.41 =========== ========== =========== ==========
The accompanying notes are an integral part of these consolidated financial statements. - 3 - 4 BRADLEY REAL ESTATE, INC. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Dollars in thousands, except per share data) (UNAUDITED)
Retained Earnings (Distributions Additional in Excess of Shares Paid-In Accumulated At par value Capital Earnings) ------------ ---------- ------------- Balance at December 31, 1995 $112 $148,407 $(13,421) Net income - - 11,375 Cash distributions ($.33 per share) - - (3,706) Exercise of stock options - 17 - Dividend reinvestment participation - 35 - Shares issued to acquire Tucker Properties Corporation 75 103,623 - ---- -------- -------- Balance at March 31, 1996 $187 $252,082 $ (5,752) Net income - - 4,852 Cash distributions ($.33 per share) - - (6,158) Dividend reinvestment participation - 45 - ---- -------- -------- Balance at June 30, 1996 $187 $252,127 $ (7,058) ==== ======== ========
The accompanying notes are an integral part of these consolidated financial statements. 5 BRADLEY REAL ESTATE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (UNAUDITED)
For the six months ended June 30, 1996 1995 ------- ------ Cash flows from operating activities: Net income $ 16,227 $ 3,473 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 5,976 3,562 Gain on sale of property (9,379) - Write-off of deferred financing and acquisition costs 344 - Income allocated to minority interest 111 - Change in assets and liabilities: Decrease (increase) in rents and other receivables 1,797 (467) Increase in accounts payable accrued expenses and other liabilities 1,483 132 (Increase) decrease in deferred charges (1,909) 333 -------- ------- Net cash provided by operating activities 14,650 7,033 -------- ------- Cash flows from investing activities: Expenditures for real estate investments (4,240) (5,701) Cash acquired through the Tucker acquisition (NOTE 4) 4,285 - Expenditures related to the Tucker acquisition (6,110) - Excess proceeds from like-kind exchange of properties 4,145 - Expenditures for purchase of advisory business - (638) Increase in accounts payable for construction - 540 -------- ------- Net cash used by investing activities (1,920) (5,799) -------- ------- Case flows from financing activities: Borrowing from lines of credit 110,500 2,800 Pay-off of secured mortgage loans with borrowings from lines of credit (32,234) - Payments under line of credit (76,208) - Expenditures to acquire new line of credit (1,468) - Distributions paid (9,864) (5,690) Distributions to minority interest holders (104) - Shares issued under dividend reinvestment plan 80 158
The accompanying notes are an integral part of these consolidated financial statements. 6 BRADLEY REAL ESTATE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (UNAUDITED) (Cont.)
For the six months ended June 30, 1996 1995 ------------ ------------ Case flows from financing activities (cont.) Exercise of stock options 17 128 Principal payments on mortgage loans (187) (184) Reorganization costs - (617) Sale of stock - 3,103 ------- ------ Net cash provided by financing activities $(9,468) $ (302) Net increase in cash and cash equivalents $ 3,262 $ 932 Cash and cash equivalents: Beginning of period 697 193 ------- ------ End of period $ 3,959 $1,125 ======= ====== Supplemental Information: Income taxes paid $ 30 $ 7 ======= ====== Interest paid, net of amount capitalized $ 5,097 $2,931 ======= ======
The accompanying notes are an integral part of these consolidated financial statements. 7 BRADLEY REAL ESTATE, INC. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 - BASIS OF PRESENTATION The accompanying interim financial statements have been prepared by the Company, without audit, and in the opinion of management reflect all normal recurring adjustments necessary for a fair presentation of results for the unaudited interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and the notes thereto for the fiscal year ended December 31, 1995. NOTE 2 - MERGER AGREEMENT On March 15, 1996, the Company closed the acquisition of Tucker Properties Corporation ("Tucker"), after approval of such merger by the stockholders of the two companies. The acquisition was completed through the issuance of 7,428,157 common shares of the Company valued at $13.96 per share, in exchange for 100% of the outstanding shares of Tucker, payment of certain transaction costs and the assumption of all of Tucker's liabilities. The Tucker shareholders received .686 of a share of Bradley for each outstanding Tucker share. The acquisition was structured as a tax-free transaction, and has been accounted for using the purchase method of accounting. Accordingly, the purchase price was allocated to the assets purchased and the liabilities assumed based upon the fair values at the date of acquisition. As a result of the merger, the Company owns 31 properties aggregating approximately 7.5 million square feet in eleven states. The following table sets forth certain summary unaudited pro forma operating data for the Company as if the merger had occurred as of January 1, 1996 (dollars in thousands, except per share data):
Six Months Ended June 30, ------------------------------------------------ Historical Pro Forma Historical Pro Forma 1996 1996 1995 1995 ---------- ---------- ---------- --------- Total Revenue $33,756 $44,477 $17,427 $42,575 Net Income $16,227 $18,227 $ 3,473 $ 9,931 Net Income Per Share $ 1.04 $ 0.98 $ 0.41 $ 0.62
8 The unaudited pro forma operating data is presented for comparative purposes only and is not necessarily indicative of what the actual results of operations would have been for the six months ended June 30, 1996, nor does such data purport to represent the results to be achieved in future periods. In conjunction with the merger, on March 15, 1996 the Company entered into a new $150 million unsecured revolving credit facility led by The First National Bank of Boston. The line bears interest at a rate equal to the lower of the bank's base rate or 1.75% over LIBOR. The rates available under the line become more favorable in the event the Company meets certain loan-to-value tests or receives an investment grade unsecured debt rating. In addition to replacing outstanding borrowings under the Company's and Tucker's previously outstanding secured lines of credit, the facility is available for the acquisition, development, renovation and expansion of new and existing properties (including, but not limited to, capital improvements, tenant improvements and leasing commissions), and other working capital purposes. The Company's new line of credit contains certain financial and operational convenants that, among other provisions, limit the amount of secured and unsecured indebtedness the Company may have outstanding at any time to a percentage of the Company's Consolidated Market Value as defined, and provide for the maintenance of certain financial tests including minimum net worth and debt service coverage requirements. NOTE 3 - PURCHASE OF SHOPPING CENTER/SALE OF GROUND LEASE On March 26, 1996, the Company sold its interest in 501-529 Nicollet Avenue, Minneapolis, Minnesota for $12.9 million. The sale resulted in a gain of $9.4 million for financial reporting purposes and $11.0 million for Federal income tax purposes. For federal income tax purposes, the sale was structured as a "like-kind" exchange, with the Company acquiring Brookdale Square Shopping Center, a 185,000 square foot shopping center located in Brooklyn, Minnesota ("Brookdale") as the replacement property in the exchange. The purchase price, including closing costs, for Brookdale was $8.9 million. As a result of the purchase of Brookdale, $4.1 million of the gain will be considered taxable. Excess cash proceeds from the sale were used to pay down the Company's line of credit. NOTE 4 - SUPPLEMENTAL CASH FLOW DISCLOSURE The merger acquisition of Tucker on March 15, 1996 resulted in the following non-cash effects on the Company's balance sheet (dollars in thousands): Property acquired $295,835 Mortgage loans assumed (179,374) Merger acquisition costs incurred (6,315) Other assets acquired 8,193 Other liabilities assumed (14,532) Minority interest assumed (4,394) Capital stock issued, at $.01 par value (75) Additional paid-in capital (103,623) -------- Cash provided by acquisition $ 4,285 ========
The like-kind exchange of Nicollet Avenue and Brookdale Square on March 26, 1996, resulted in a decrease in other net operating assets of $1,649,000 and the Company assuming net operating liabilities of $173,000. In January 1995, the Company issued 325,000 shares of Common Stock having a value of $4,916,000 in connection with the acquisition of the REIT advisory business of its former advisor. 9 NOTE 5 - REAL ESTATE HELD FOR SALE As of June 30, 1996, the Company is marketing for sale or to sell its Augusta Plaza, Hood Commons and 585 Boylston properties. The net book value of these properties, $10,264,000, has been separately classified on the balance sheet as "Real estate investments held for sale". NOTE 6 - COMMITMENTS/SUBSEQUENT EVENTS On June 30, 1996, the Company had commitments of approximately $4,900,000 for tenant related capital improvements. The Company expects to utilize cash flow from operating activities as well as funds available under the revolving bank line of credit to fund its existing commitments for capital improvements as well as any other property improvement commitments negotiated in connection with other new tenancies. During July 1996, management finalized plans to relocate the Company's headquarters from Boston, MA to Northbrook, IL. The Company expects to utilize cash flow from operating activities to fund costs associated with the relocation. 10 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION GENERAL In March 1996, the Company closed the acquisition of Tucker Properties Corp. and entered into its new bank line of credit described in Note 2, and sold its interest in 501-529 Nicollet Avenue and purchased Brookdale Square Shopping Center as described in Note 3 of Item 2 of the financial statement. RESULTS OF OPERATIONS Rental income increased $15,900,000 for the six months ended June 30, 1996 as compared to the same period of 1995 (from $17,301,000 to $33,201,000). For the three months ended June 30, 1995 and 1996, rental income increased $13,296,000 (from $8,686,000 to $21,982,000). Approximately $15,399,000 and $13,607,000 of the respective increases were due to the Company's acquisition and disposition activities, consisting primarily of the acquisition of Tucker. In addition, rental income at Har Mar Mall increased approximately $361,000 between the respective six month periods due primarily to the HomePlace and Barnes and Noble leases executed during the second half of 1995. Rental income also increased at Burning Tree Plaza due to improved leasing. These increases were partially offset by a decrease in rental income at Grandview Shopping Center, due primarily to JC Penney vacating the center on April 30, 1996, upon expiration of its lease. Other income increased from $126,000 for the six months ended June 30, 1995 to $555,000 for the comparable period in 1996. This $438,000 increase was due primarily to a sales tax sharing agreement at one of the Tucker-acquired properties as well as management and leasing fee revenue generated at other properties in the Tucker portfolio. This increase in other income was also due to an increase in interest income earned on the Company's cash balances due to an increase in the weighted average daily balance. Other income increased $412,000 between the respective three month periods ended June 30 (from $41,000 to $453,000). Operations, maintenance and management expenses increased $3,130,000 for the six months ended June 30, 1996 as compared to the same period of 1995 (from $2,662,000 to $5,792,000). For the three months ended June 30, 1996 and 1995, these expenses increased $2,322,000 (from $1,385,000 to $3,707,000). Approximately $2,365,000 and $1,999,000 of the respective increases were due to the Company's acquisition and disposition activities. The remainder of the increase between the respective six month periods of $765,000 was due to an increase in bad debt expense of $384,000 and an increase in non-reimbursable property operating expenses of $139,000; the remainder of the increase was due primarily to increased repairs and maintenance expenses and contract services. The increase in bad debts was due primarily to financial difficulties experienced by certain tenants at the Har Mar, Sun Ray and Crossroads centers. The increase in both reimbursable and non-reimbursable property operating expenses was most notable at Westview ($145,000) and Har Mar Mall ($116,000). Real estate tax expense increased $3,683,000 for the six months ended June 30, 1996 as compared to the same period of 1995 (from $4,005,000 to $7,688,000). For the three months ended June 30, 1996 and 1995, these expenses increased $3,016,000 (from $1,997,000 to $5,013,000). Approximately $3,241,000 and $2,787,000 of the respective increases was due to the Company's acquisition and disposition activities. The remainder of the increase ($442,000 during the respective six month periods) was due to tax increases at nearly all of the properties. Increases were most notable at the Company's Illinois ($203,000) and Minnesota properties ($199,000) where the tax liability increased approximately 11% between the respective periods. The Company has in place an aggressive tax protest policy and is in the process of appealing the tax levels at several of its properties. 11 Mortgage and other interest expense increased approximately $2,570,000 for the six months ended June 30, 1996 as compared to the same period of 1995 (from $2,984,000 to $5,554,000). The debt assumed in the Tucker acquisition resulted in an increase in interest expense of approximately $3,865,000. This increase was partially offset by the payoffs of the Sun Ray mortgage loans (in January 1996) and the payoff of the line of credit and Westwind mortgage loans in July 1995 with the proceeds of the public offering. Between the respective three month periods ended June 30, mortgage and other interest increased $2,649,000 (from $1,520,000 to $4,169,000). Depreciation and amortization expense increased $2,414,000 for the six months ended June 30, 1996 as compared to the same period of 1995 (from $3,562,000 to $5,976,000). Approximately $1,986,000 of this increase was due to the Company's acquisitions, primarily Tucker. The balance of the increase was due to the amortization of tenant improvements associated with the new tenants at various properties, principally Har Mar. Depreciation and amortization expense for the three months ended June 30, 1996 and 1995 was $3,724,000 and $1,805,000, respectively (an increase in 1996 of $1,919,000). Administrative and general expenses increased from $741,000 to $1,443,000 between the six months ended June 30, 1995 and 1996. For the respective three-month ended periods, general and administrative expenses increased from $382,000 to $888,000. These increases were solely due to growth in the asset and shareholder size of the Company. During the first quarter of 1996, the Company took a one-time write-off of $344,000 consisting of deferred financing costs related to the Company's former bank line of credit and certain deferred acquisition costs related to acquisitions which the Company chose not to pursue due to the efforts required to finalize the Tucker transaction. The gain on sale of property of $9,379,000 recognized during the first quarter of 1996 was generated by the sale of the Company's interest in 501-529 Nicollet Avenue for a net sales price of approximately $12,900,000. Simultaneous with this sale, the Company purchased the Brookdale Square Shopping Center for a purchase price of approximately $8,900,000. These transactions were effected in a tax-deferred exchange to the extent of the purchase price of Brookdale Square. The aggregate results for the six months ended June 30, 1996 was a $12,754,000 increase in net income as compared to the comparable period of 1995, from $3,473,000 ($.41 per share) to $16,227,000 ($1.04 per share). For the three months ended June 30, 1996, net income increased $3,214,000, from $1,638,000 ($.19 per share) to $4,852,000 ($.26 per share). Per share amounts reflect weighted-average shares outstanding of 15,599,623 and 8,548,886 for the six months ended June 30, 1996 and 1995, respectively, and 18,662,532 and 8,684,136 for the three months ended June 30, 1996 and 1995, respectively. The increased number of shares outstanding was due primarily to the 2,500,000 share public offering completed in July 1995 and the issuance of 7,428,157 shares in connection with the Tucker acquisition. LIQUIDITY AND CAPITAL RESOURCES The effects of the Company's acquisition of Tucker and its new $150 million unsecured line of credit were described in the "Management's Discussion and Analysis" section of the Company's Form 10-K report for the year ended December 31, 1995. 12 For the three months ended June 30, 1996, funds from operations ("FFO") increased $5,067,000 or 153%, from $3,321,000 to $8,388,000. For the six months ended June 30, 1996, FFO increased 84%, from $6,788,000 to $12,485,000. The Company generally considers FFO to be an appropriate supplemental measure of the performance of an equity REIT because it is predicated on a cash flow analysis, as opposed to a measure predicated on generally accepted accounting principles, which give effect to non-cash items such as depreciation. FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT") and as followed by the Company, represents net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of property, plus depreciation and amortization. In accordance with newly issued NAREIT guidelines effective for the year ending December 31, 1996, the Company does not add back to net income the amortization of costs incurred in connection with the Company's financing activities. Under the former guidelines for computing FFO, the Company's FFO would have been $8,576,000 and $3,443,000 for the three months ending June 30, 1996 and 1995, respectively, and $12,824,000 and $7,035,000 for the six months ended June 30, 1996 and 1995, respectively. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles and should not be considered as an alternative to net income as an indicator of the Company's operating performance or as an alternative to cash flow as a measure of liquidity. Since the definition of FFO is a guideline, computation of FFO may vary from one REIT to another. FFO is not necessarily indicative of cash available to fund cash needs. FORWARD LOOKING STATEMENTS Statements made or incorporation in this Form 10-Q include "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company's actual results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause such a difference include those factors discussed in the section entitled "Risk Factors" under the discussion of the company's business in item 1 of the Company's Form 10-K for the year ended December 31, 1995. 13 Part II - OTHER INFORMATION Item 1. LEGAL PROCEEDINGS Not applicable Item 2. CHANGES IN SECURITIES Not applicable Item 3. DEFAULTS UPON SENIOR SECURITIES Not applicable Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS At the Company's Annual Meeting of Stockholders held on May 9, 1996, shares were voted on the following matters as follow (number of shares rounded to nearest full share):
1. Election of Directors: Nominee For Withheld ------- ---------- -------- William L. Brown 15,843,876 73,649 Thomas P. D'Arcy 15,854,594 62,931 Joseph E. Hakim 15,854,030 63,495
2. Amendment and Restatement of the Company's Stock Option Plan to read as set forth in Appendix A to the Notice and Proxy Statement dated April 1, 1996 for such Meeting. For Against Abstained No Vote --- ------- --------- ------- 12,856,515 2,956,327 104,683 0 Item 5. OTHER INFORMATION Not applicable Item 6. EXHIBITS AND REPORTS ON FORM 8-K Not applicable 14 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned thereto duly authorized. Date: August 13, 1996 Bradley Real Estate, Inc. ------------------------- Registrant By: /s/ Thomas P. D'Arcy ------------------------- Thomas P. D'Arcy President and CEO By: /s/ Irving E. Lingo, Jr. ------------------------- Irving E. Lingo, Jr. Chief Financial Officer (Principal Accounting Officer) EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 U.S. DOLLARS 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 1 3,959 0 10,961 1,555 0 28,865 495,012 32,185 491,692 242,035 0 187 0 0 245,069 491,692 33,756 43,135 0 20,899 344 0 5,554 16,227 0 16,227 0 0 0 16,227 1.04 1.04
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