Delaware | 1-35278 | 90-0750824 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
1114 Avenue of the Americas, Suite 2800, New York, New York | 10036 | |
(Address of principal executive offices) | (Zip Code) |
Exhibit No. | Description | ||
99.1 | Press Release titled “Rouse Properties Reports Fourth Quarter 2013 Results,” dated March 5, 2014 (furnished herewith). | ||
99.2 | Certain Supplemental Information for the Quarter Ended December 31, 2013 (furnished herewith). |
ROUSE PROPERTIES, INC. | ||
By: | /s/ John Wain | |
John Wain | ||
Chief Financial Officer | ||
Date: March 5, 2014 |
Exhibit No. | Description | ||
99.1 | Press Release titled “Rouse Properties Reports Fourth Quarter 2013 Results,” dated March 5, 2014 (furnished herewith). | ||
99.2 | Certain Supplemental Information for the Quarter Ended December 31, 2013 (furnished herewith). |
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• | Same property Core Net Operating Income ("Core NOI") grew by 7.3% in the fourth quarter compared to the same period last year, and 2.3% for the full year as compared to 2012. |
• | Leased 621,000 square feet in the quarter, the seventh straight quarter with over 525,000 square feet leased. |
• | Leased percentage was 91.2% (94.5% including anchors) at quarter end, a gain of 120 basis points compared to the same period last year and 50 basis points sequentially. |
• | Occupied percentage was 88.9% at quarter end, an increase of 300 basis points compared to the same period last year and 70 basis points sequentially. |
• | Permanent leased percentage at quarter end increased 290 basis points compared to the end of the same period last year and 170 basis points sequentially. |
• | Total initial rental rates for new and renewal leases on a same suite basis rose 12.7% for the quarter ended December 31, 2013 and 9.9% for the full year. |
• | Portfolio tenant sales increased 2.0% to $302 per square foot on a trailing twelve month basis. |
• | Core Funds From Operations ("Core FFO") for 2013 increased by 22.2% to $1.54 per share compared to the prior year. |
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For the year ended | ||||||||
December 31, 2014 | ||||||||
Low | High | |||||||
Expected net income per share | 0.10 | 0.20 | ||||||
Add: Depreciation and amortization | 1.11 | 1.09 | ||||||
Expected Funds From Operations per share | 1.21 | 1.29 | ||||||
Other Core Funds From Operations adjustments (2) | 0.33 | 0.29 | ||||||
Core Funds From Operations (3) | $1.54 | $1.58 |
Low | High | |||||
Straight-line rent and above / below market lease amortization | 9,500 | 8,750 | ||||
Other expenses | 1,250 | 750 | ||||
Amortization of market rate adjustments | 3,750 | 3,250 | ||||
Amortization of deferred financing costs | 4,000 | 3,500 | ||||
Income taxes | 700 | 600 |
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Three Months Ended | Years Ended | ||||||||||||||
(In thousands, except per share amounts) | December 31, 2013 (Unaudited) | December 31, 2012 (Unaudited) | December 31, 2013 | December 31, 2012 | |||||||||||
Revenues: | |||||||||||||||
Minimum rents | $ | 45,800 | $ | 39,159 | $ | 165,097 | $ | 148,695 | |||||||
Tenant recoveries | 15,807 | 15,936 | 66,061 | 64,638 | |||||||||||
Overage rents | 3,463 | 3,134 | 5,943 | 5,912 | |||||||||||
Other | 2,280 | 1,593 | 6,441 | 5,054 | |||||||||||
Total revenues | 67,350 | 59,822 | 243,542 | 224,299 | |||||||||||
Expenses: | |||||||||||||||
Property operating costs | 16,456 | 14,912 | 60,288 | 57,482 | |||||||||||
Real estate taxes | 3,789 | 5,747 | 22,089 | 22,827 | |||||||||||
Property maintenance costs | 3,085 | 4,089 | 11,446 | 13,242 | |||||||||||
Marketing | 1,702 | 1,875 | 3,734 | 3,602 | |||||||||||
Provision for doubtful accounts | 524 | 520 | 887 | 1,855 | |||||||||||
General and administrative | 6,297 | 4,926 | 21,971 | 20,652 | |||||||||||
Provision for impairment | 15,159 | — | 15,159 | — | |||||||||||
Depreciation and amortization | 19,079 | 18,500 | 66,497 | 67,709 | |||||||||||
Other | 2,171 | 1,986 | 4,223 | 9,905 | |||||||||||
Total expenses | 68,262 | 52,555 | 206,294 | 197,274 | |||||||||||
Operating income (loss) | (912 | ) | 7,267 | 37,248 | 27,025 | ||||||||||
Interest income | 55 | 492 | 548 | 755 | |||||||||||
Interest expense | (23,226 | ) | (19,778 | ) | (82,534 | ) | (90,103 | ) | |||||||
Loss before income taxes and discontinued operations | (24,083 | ) | (12,019 | ) | (44,738 | ) | (62,323 | ) | |||||||
Provision for income taxes | (609 | ) | (117 | ) | (844 | ) | (445 | ) | |||||||
Loss from continuing operations | (24,692 | ) | (12,136 | ) | (45,582 | ) | (62,768 | ) | |||||||
Discontinued operations: | |||||||||||||||
Loss from discontinued operations | — | (1,450 | ) | (23,158 | ) | (5,891 | ) | ||||||||
Gain on extinguishment of debt | — | — | 13,995 | — | |||||||||||
Discontinued operations, net | — | (1,450 | ) | (9,163 | ) | (5,891 | ) | ||||||||
Net loss | $ | (24,692 | ) | $ | (13,586 | ) | $ | (54,745 | ) | $ | (68,659 | ) | |||
Loss from continuing operations per share- Basic and Diluted (1) | $ | (0.50 | ) | $ | (0.25 | ) | $ | (0.92 | ) | $ | (1.36 | ) | |||
Net loss per share - Basic and Diluted (1) | $ | (0.50 | ) | $ | (0.28 | ) | $ | (1.11 | ) | $ | (1.49 | ) | |||
Dividends declared per share | $ | 0.13 | $ | 0.07 | $ | 0.52 | $ | 0.21 | |||||||
Comprehensive loss: | |||||||||||||||
Net loss | $ | (24,692 | ) | $ | (13,586 | ) | $ | (54,745 | ) | $ | (68,659 | ) | |||
Other comprehensive loss: | |||||||||||||||
Net unrealized gain on financial instrument | — | 32 | — | — | |||||||||||
Comprehensive loss | $ | (24,692 | ) | $ | (13,554 | ) | $ | (54,745 | ) | $ | (68,659 | ) |
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(In thousands) | December 31, 2013 | December 31, 2012 | ||||||
Assets: | ||||||||
Investment in real estate: | ||||||||
Land | $ | 353,061 | $ | 339,988 | ||||
Buildings and equipment | 1,595,070 | 1,312,767 | ||||||
Less accumulated depreciation | (142,432 | ) | (116,336 | ) | ||||
Net investment in real estate | 1,805,699 | 1,536,419 | ||||||
Cash and cash equivalents | 14,224 | 8,092 | ||||||
Restricted cash | 46,836 | 44,559 | ||||||
Demand deposit from affiliate | — | 150,163 | ||||||
Accounts receivable, net | 30,444 | 25,976 | ||||||
Deferred expenses, net | 46,055 | 40,406 | ||||||
Prepaid expenses and other assets, net | 76,252 | 99,458 | ||||||
Total assets | $ | 2,019,510 | $ | 1,905,073 | ||||
Liabilities: | ||||||||
Mortgages, notes and loans payable | $ | 1,454,546 | $ | 1,283,491 | ||||
Accounts payable and accrued expenses, net | 109,683 | 88,686 | ||||||
Total liabilities | 1,564,229 | 1,372,177 | ||||||
Commitments and contingencies | — | — | ||||||
Equity: | ||||||||
Preferred stock (1) | — | — | ||||||
Common stock (2) | 497 | 493 | ||||||
Class B common stock (3) | — | 4 | ||||||
Additional paid-in capital | 565,798 | 588,668 | ||||||
Accumulated deficit | (111,125 | ) | (56,380 | ) | ||||
Total stockholders' equity | 455,170 | 532,785 | ||||||
Non-controlling interest | 111 | 111 | ||||||
Total equity | 455,281 | 532,896 | ||||||
Total liabilities and equity | $ | 2,019,510 | $ | 1,905,073 |
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December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Consolidated | Discontinued Operations | Total | Core Adjustments | Core NOI / FFO | Consolidated | Discontinued Operations | Total | Core Adjustments | Core NOI / FFO | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Minimum rents (1) | $ | 45,800 | $ | — | $ | 45,800 | $ | 2,787 | $ | 48,587 | $ | 39,159 | $ | 1,500 | $ | 40,659 | $ | 5,754 | $ | 46,413 | ||||||||||||||||||||
Tenant recoveries | 15,807 | — | 15,807 | — | 15,807 | 15,936 | 728 | 16,664 | — | 16,664 | ||||||||||||||||||||||||||||||
Overage rents | 3,463 | — | 3,463 | — | 3,463 | 3,134 | 26 | 3,160 | — | 3,160 | ||||||||||||||||||||||||||||||
Other | 2,280 | — | 2,280 | — | 2,280 | 1,593 | 78 | 1,671 | — | 1,671 | ||||||||||||||||||||||||||||||
Total revenues | 67,350 | — | 67,350 | 2,787 | 70,137 | 59,822 | 2,332 | 62,154 | 5,754 | 67,908 | ||||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||
Other property operating costs (2) | 16,456 | — | 16,456 | (31 | ) | 16,425 | 14,912 | 812 | 15,724 | (31 | ) | 15,693 | ||||||||||||||||||||||||||||
Real estate taxes | 3,789 | — | 3,789 | — | 3,789 | 5,747 | 156 | 5,903 | — | 5,903 | ||||||||||||||||||||||||||||||
Property maintenance costs | 3,085 | — | 3,085 | — | 3,085 | 4,089 | 287 | 4,376 | — | 4,376 | ||||||||||||||||||||||||||||||
Marketing | 1,702 | — | 1,702 | — | 1,702 | 1,875 | 62 | 1,937 | — | 1,937 | ||||||||||||||||||||||||||||||
Provision for doubtful accounts | 524 | — | 524 | — | 524 | 520 | (15 | ) | 505 | — | 505 | |||||||||||||||||||||||||||||
Total operating expenses | 25,556 | — | 25,556 | (31 | ) | 25,525 | 27,143 | 1,302 | 28,445 | (31 | ) | 28,414 | ||||||||||||||||||||||||||||
Net operating income | 41,794 | — | 41,794 | 2,818 | 44,612 | 32,679 | 1,030 | 33,709 | 5,785 | 39,494 | ||||||||||||||||||||||||||||||
General and administrative (3)(4) | 6,297 | — | 6,297 | (16 | ) | 6,281 | 4,926 | — | 4,926 | — | 4,926 | |||||||||||||||||||||||||||||
Other (5) | 2,171 | — | 2,171 | (2,171 | ) | — | 1,986 | 24 | 2,010 | (2,010 | ) | — | ||||||||||||||||||||||||||||
Subtotal | 33,326 | — | 33,326 | 5,005 | 38,331 | 25,767 | 1,006 | 26,773 | 7,795 | 34,568 | ||||||||||||||||||||||||||||||
Interest income | 55 | — | 55 | — | 55 | 492 | — | 492 | — | 492 | ||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||
Amortization and write-off of market rate adjustments | (1,706 | ) | — | (1,706 | ) | 1,706 | — | (2,007 | ) | (577 | ) | (2,584 | ) | 2,584 | — | |||||||||||||||||||||||||
Amortization and write-off of deferred financing costs | (5,834 | ) | — | (5,834 | ) | 5,834 | — | (2,469 | ) | (55 | ) | (2,524 | ) | 2,524 | — | |||||||||||||||||||||||||
Debt extinguishment costs | (390 | ) | — | (390 | ) | 390 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest on debt | (15,296 | ) | — | (15,296 | ) | — | (15,296 | ) | (15,302 | ) | (1,080 | ) | (16,382 | ) | — | (16,382 | ) | |||||||||||||||||||||||
Provision for income taxes | (609 | ) | — | (609 | ) | 609 | — | (117 | ) | — | (117 | ) | 117 | — | ||||||||||||||||||||||||||
Funds from operations | $ | 9,546 | $ | — | $ | 9,546 | $ | 13,544 | $ | 23,090 | $ | 6,364 | $ | (706 | ) | $ | 5,658 | $ | 13,020 | $ | 18,678 | |||||||||||||||||||
Funds from operations per share - basic and diluted (6) | $ | 0.47 | $ | 0.38 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - common (7) | $ | 0.47 | $ | 0.38 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - diluted (7) | $ | 0.46 | $ | 0.38 |
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December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Consolidated | Discontinued Operations | Total | Core Adjustments | Core NOI / FFO | Consolidated | Discontinued Operations | Total | Core Adjustments | Core NOI / FFO | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Minimum rents (1) | $ | 165,097 | $ | 3,117 | $ | 168,214 | $ | 13,331 | $ | 181,545 | $ | 148,695 | $ | 5,706 | $ | 154,401 | $ | 20,420 | $ | 174,821 | ||||||||||||||||||||
Tenant recoveries | 66,061 | 1,475 | 67,536 | — | 67,536 | 64,638 | 3,543 | 68,181 | — | 68,181 | ||||||||||||||||||||||||||||||
Overage rents | 5,943 | 72 | 6,015 | — | 6,015 | 5,912 | 138 | 6,050 | — | 6,050 | ||||||||||||||||||||||||||||||
Other | 6,441 | 148 | 6,589 | — | 6,589 | 5,054 | 288 | 5,342 | — | 5,342 | ||||||||||||||||||||||||||||||
Total revenues | 243,542 | 4,812 | 248,354 | 13,331 | 261,685 | 224,299 | 9,675 | 233,974 | 20,420 | 254,394 | ||||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||
Other property operating costs (2) | 60,288 | 1,676 | 61,964 | (125 | ) | 61,839 | 57,482 | 3,628 | 61,110 | (125 | ) | 60,985 | ||||||||||||||||||||||||||||
Real estate taxes | 22,089 | 301 | 22,390 | — | 22,390 | 22,827 | 620 | 23,447 | — | 23,447 | ||||||||||||||||||||||||||||||
Property maintenance costs | 11,446 | 292 | 11,738 | — | 11,738 | 13,242 | 842 | 14,084 | — | 14,084 | ||||||||||||||||||||||||||||||
Marketing | 3,734 | 49 | 3,783 | — | 3,783 | 3,602 | 185 | 3,787 | — | 3,787 | ||||||||||||||||||||||||||||||
Provision for doubtful accounts | 887 | 1 | 888 | — | 888 | 1,855 | 64 | 1,919 | — | 1,919 | ||||||||||||||||||||||||||||||
Total operating expenses | 98,444 | 2,319 | 100,763 | (125 | ) | 100,638 | 99,008 | 5,339 | 104,347 | (125 | ) | 104,222 | ||||||||||||||||||||||||||||
Net operating income | 145,098 | 2,493 | 147,591 | 13,456 | 161,047 | 125,291 | 4,336 | 129,627 | 20,545 | 150,172 | ||||||||||||||||||||||||||||||
General and administrative (3)(4) | 21,971 | — | 21,971 | (83 | ) | 21,888 | 20,652 | — | 20,652 | — | 20,652 | |||||||||||||||||||||||||||||
Other (5) | 4,223 | — | 4,223 | (4,223 | ) | — | 9,905 | 60 | 9,965 | (9,965 | ) | — | ||||||||||||||||||||||||||||
Subtotal | 118,904 | 2,493 | 121,397 | 17,762 | 139,159 | 94,734 | 4,276 | 99,010 | 30,510 | 129,520 | ||||||||||||||||||||||||||||||
Interest income | 548 | — | 548 | — | 548 | 755 | — | 755 | — | 755 | ||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||
Amortization and write-off of market rate adjustments | (7,624 | ) | (1,131 | ) | (8,755 | ) | 8,755 | — | (17,221 | ) | (2,239 | ) | (19,460 | ) | 19,460 | — | ||||||||||||||||||||||||
Amortization and write-off of deferred financing costs | (12,441 | ) | (103 | ) | (12,544 | ) | 12,544 | — | (9,605 | ) | (207 | ) | (9,812 | ) | 9,812 | — | ||||||||||||||||||||||||
Debt extinguishment costs | (2,276 | ) | — | (2,276 | ) | 2,276 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest on debt | (60,193 | ) | (1,993 | ) | (62,186 | ) | — | (62,186 | ) | (63,277 | ) | (4,340 | ) | (67,617 | ) | — | (67,617 | ) | ||||||||||||||||||||||
Provision for income taxes | (844 | ) | — | (844 | ) | 844 | — | (445 | ) | — | (445 | ) | 445 | — | ||||||||||||||||||||||||||
Funds from operations | $ | 36,074 | $ | (734 | ) | $ | 35,340 | $ | 42,181 | $ | 77,521 | $ | 4,941 | $ | (2,510 | ) | $ | 2,431 | $ | 60,227 | $ | 62,658 | ||||||||||||||||||
Funds from operations per share - basic and diluted (6) | $ | 1.57 | $ | 1.36 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - common (7) | $ | 1.56 | $ | 1.26 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - diluted (7) | $ | 1.54 | $ | 1.26 |
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Three Months Ended | Years Ended | ||||||||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||
Reconciliation of NOI to GAAP Operating Income (Loss) | |||||||||||||||
NOI: | $ | 41,794 | $ | 33,709 | $ | 147,591 | $ | 129,627 | |||||||
Discontinued operations | — | (1,030 | ) | (2,493 | ) | (4,336 | ) | ||||||||
General and administrative | (6,297 | ) | (4,926 | ) | (21,971 | ) | (20,652 | ) | |||||||
Other | (2,171 | ) | (1,986 | ) | (4,223 | ) | (9,905 | ) | |||||||
Depreciation and amortization | (19,079 | ) | (18,500 | ) | (66,497 | ) | (67,709 | ) | |||||||
Provision for impairment | (15,159 | ) | — | (15,159 | ) | — | |||||||||
Operating income (loss) | $ | (912 | ) | $ | 7,267 | $ | 37,248 | $ | 27,025 | ||||||
Reconciliation of FFO to GAAP Net loss attributable to common stockholders | |||||||||||||||
FFO: | $ | 9,546 | $ | 5,658 | $ | 35,340 | $ | 2,431 | |||||||
Discontinued operations | — | (744 | ) | (22,424 | ) | (3,381 | ) | ||||||||
Depreciation and amortization | (19,079 | ) | (18,500 | ) | (66,497 | ) | (67,709 | ) | |||||||
Provision for impairment | (15,159 | ) | — | (15,159 | ) | — | |||||||||
Gain on extinguishment of debt | — | — | 13,995 | — | |||||||||||
Net loss attributable to common stockholders | $ | (24,692 | ) | $ | (13,586 | ) | $ | (54,745 | ) | $ | (68,659 | ) | |||
Weighted average numbers of shares outstanding | 49,358,281 | 49,258,249 | 49,344,927 | 46,149,893 | |||||||||||
Net loss per share | $ | (0.50 | ) | $ | (0.28 | ) | $ | (1.11 | ) | $ | (1.49 | ) |
Page | ||
Company Information | ||
Financial Overview | ||
Consolidated Balance Sheets | ||
Consolidated and Combined Statements of Operations and Comprehensive Loss | ||
Financial Schedules | ||
Reconciliation of Core NOI and Core FFO - For the Three Month Period Ended | ||
Reconciliation of Core NOI and Core FFO - For the Year Ended | ||
Core NOI Summary | ||
Reconciliation of Non-GAAP to GAAP Financial Measures | ||
Mortgages, Notes and Loans Payable | ||
Prepaid Expenses and Other Assets and Accounts Payable and Accrued Expenses | ||
Portfolio Operating Metrics | ||
Capital Expenditures | ||
Key Operating Performance Indicators | ||
Summary of Properties | ||
Lease Expiration Schedule | ||
Top Ten Tenants | ||
Leasing Activity | ||
Glossary of Terms |
Andrew Silberfein | Chief Executive Officer | ||
Benjamin Schall | Chief Operating Officer | ||
John Wain | Chief Financial Officer | ||
Timothy Salvemini | Chief Accounting Officer | ||
Brian Harper | Executive Vice President, Leasing | ||
Susan Elman | Executive Vice President, General Counsel | ||
Brad Cohen/Steve Swett | ICR, Investor Relations and Communications | ir@rouseproperties.com | (212) 608-5108 |
• | Current policy as of January 31, 2014, quarterly dividend of $0.17 per share ($0.68 per share annualized). |
• | The Board of Directors declared a common stock dividend of $0.17 per share payable on April 30, 2014 to stockholders of record on April 15, 2014. |
December 31, 2013 | September 30, 2013 | |||||||
High | $ | 25.08 | $ | 21.27 | ||||
Low | $ | 19.24 | $ | 18.25 | ||||
Close | $ | 22.19 | $ | 20.58 | ||||
Volume | 12,626,300 | 6,956,700 |
Three Months Ended | Years Ended | ||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | ||||||||
Common shares outstanding | 49,648,436 | 49,235,528 | 49,648,436 | 49,235,528 | |||||||
Class B shares outstanding | — | 359,056 | — | 359,056 | |||||||
Total common shares outstanding | 49,648,436 | 49,594,584 | 49,648,436 | 49,594,584 | |||||||
Net number of common shares issuable assuming exercise of stock options (1) | 742,453 | — | 742,453 | — | |||||||
Total common shares - diluted (2) | 50,390,889 | 49,594,584 | 50,390,889 | 49,594,584 | |||||||
Weighted average common shares outstanding - basic (3) | 49,358,281 | 49,258,249 | 49,344,927 | 46,149,893 | |||||||
Weighted average common shares outstanding - diluted (3)(4) | 49,358,281 | 49,258,249 | 49,344,927 | 46,149,893 |
Q4 2013 Supplemental Package | 3 |
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||
Assets: | ||||||||
Investment in real estate: | ||||||||
Land | $ | 353,061 | $ | 339,988 | ||||
Buildings and equipment | 1,595,070 | 1,312,767 | ||||||
Less accumulated depreciation | (142,432 | ) | (116,336 | ) | ||||
Net investment in real estate | 1,805,699 | 1,536,419 | ||||||
Cash and cash equivalents | 14,224 | 8,092 | ||||||
Restricted cash | 46,836 | 44,559 | ||||||
Demand deposit from affiliate (1) | — | 150,163 | ||||||
Accounts receivable, net | 30,444 | 25,976 | ||||||
Deferred expenses, net | 46,055 | 40,406 | ||||||
Prepaid expenses and other assets, net | 76,252 | 99,458 | ||||||
Total assets | $ | 2,019,510 | $ | 1,905,073 | ||||
Liabilities: | ||||||||
Mortgages, notes and loans payable | $ | 1,454,546 | $ | 1,283,491 | ||||
Accounts payable and accrued expenses, net | 109,683 | 88,686 | ||||||
Total liabilities | 1,564,229 | 1,372,177 | ||||||
Commitments and contingencies | — | — | ||||||
Equity: | ||||||||
Preferred Stock (2) | — | — | ||||||
Common stock (3) | 497 | 493 | ||||||
Class B common stock (4) | — | 4 | ||||||
Additional paid-in capital | 565,798 | 588,668 | ||||||
Accumulated deficit | (111,125 | ) | (56,380 | ) | ||||
Total stockholders' equity | 455,170 | 532,785 | ||||||
Non-controlling interest | 111 | 111 | ||||||
Total equity | 455,281 | 532,896 | ||||||
Total liabilities and equity | $ | 2,019,510 | $ | 1,905,073 |
Q4 2013 Supplemental Package | 4 |
Three Months Ended | Years Ended | ||||||||||||||
(In thousands, except per share amounts) | December 31, 2013 (Unaudited) | December 31, 2012 (Unaudited) | December 31, 2013 | December 31, 2012 | |||||||||||
Revenues: | |||||||||||||||
Minimum rents | $ | 45,800 | $ | 39,159 | $ | 165,097 | $ | 148,695 | |||||||
Tenant recoveries | 15,807 | 15,936 | 66,061 | 64,638 | |||||||||||
Overage rents | 3,463 | 3,134 | 5,943 | 5,912 | |||||||||||
Other | 2,280 | 1,593 | 6,441 | 5,054 | |||||||||||
Total revenues | 67,350 | 59,822 | 243,542 | 224,299 | |||||||||||
Expenses: | |||||||||||||||
Property operating costs | 16,456 | 14,912 | 60,288 | 57,482 | |||||||||||
Real estate taxes | 3,789 | 5,747 | 22,089 | 22,827 | |||||||||||
Property maintenance costs | 3,085 | 4,089 | 11,446 | 13,242 | |||||||||||
Marketing | 1,702 | 1,875 | 3,734 | 3,602 | |||||||||||
Provision for doubtful accounts | 524 | 520 | 887 | 1,855 | |||||||||||
General and administrative | 6,297 | 4,926 | 21,971 | 20,652 | |||||||||||
Provision for impairment | 15,159 | — | 15,159 | — | |||||||||||
Depreciation and amortization | 19,079 | 18,500 | 66,497 | 67,709 | |||||||||||
Other | 2,171 | 1,986 | 4,223 | 9,905 | |||||||||||
Total expenses | 68,262 | 52,555 | 206,294 | 197,274 | |||||||||||
Operating income (loss) | (912 | ) | 7,267 | 37,248 | 27,025 | ||||||||||
Interest income | 55 | 492 | 548 | 755 | |||||||||||
Interest expense | (23,226 | ) | (19,778 | ) | (82,534 | ) | (90,103 | ) | |||||||
Loss before income taxes and discontinued operations | (24,083 | ) | (12,019 | ) | (44,738 | ) | (62,323 | ) | |||||||
Provision for income taxes | (609 | ) | (117 | ) | (844 | ) | (445 | ) | |||||||
Loss from continuing operations | (24,692 | ) | (12,136 | ) | (45,582 | ) | (62,768 | ) | |||||||
Discontinued operations: | |||||||||||||||
Loss from discontinued operations | — | (1,450 | ) | (23,158 | ) | (5,891 | ) | ||||||||
Gain on extinguishment of debt | — | — | 13,995 | — | |||||||||||
Discontinued operations, net | — | (1,450 | ) | (9,163 | ) | (5,891 | ) | ||||||||
Net loss | $ | (24,692 | ) | $ | (13,586 | ) | $ | (54,745 | ) | $ | (68,659 | ) | |||
Loss from continuing operations per share- Basic and Diluted (1) | $ | (0.50 | ) | $ | (0.25 | ) | $ | (0.92 | ) | $ | (1.36 | ) | |||
Net loss per share - Basic and Diluted (1) | $ | (0.50 | ) | $ | (0.28 | ) | $ | (1.11 | ) | $ | (1.49 | ) | |||
Dividends declared per share | $ | 0.13 | $ | 0.07 | $ | 0.52 | $ | 0.21 | |||||||
Comprehensive loss: | |||||||||||||||
Net loss | $ | (24,692 | ) | $ | (13,586 | ) | $ | (54,745 | ) | $ | (68,659 | ) | |||
Other comprehensive loss: | |||||||||||||||
Net unrealized gain on financial instrument | — | 32 | — | — | |||||||||||
Comprehensive loss | $ | (24,692 | ) | $ | (13,554 | ) | $ | (54,745 | ) | $ | (68,659 | ) |
Q4 2013 Supplemental Package | 5 |
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Consolidated | Discontinued Operations | Total | Core Adjustments | Core NOI / FFO | Consolidated | Discontinued Operations | Total | Core Adjustments | Core NOI / FFO | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Minimum rents (1) | $ | 45,800 | $ | — | $ | 45,800 | $ | 2,787 | $ | 48,587 | $ | 39,159 | $ | 1,500 | $ | 40,659 | $ | 5,754 | $ | 46,413 | ||||||||||||||||||||
Tenant recoveries | 15,807 | — | 15,807 | — | 15,807 | 15,936 | 728 | 16,664 | — | 16,664 | ||||||||||||||||||||||||||||||
Overage rents | 3,463 | — | 3,463 | — | 3,463 | 3,134 | 26 | 3,160 | — | 3,160 | ||||||||||||||||||||||||||||||
Other | 2,280 | — | 2,280 | — | 2,280 | 1,593 | 78 | 1,671 | — | 1,671 | ||||||||||||||||||||||||||||||
Total revenues | 67,350 | — | 67,350 | 2,787 | 70,137 | 59,822 | 2,332 | 62,154 | 5,754 | 67,908 | ||||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||
Property operating costs (2) | 16,456 | — | 16,456 | (31 | ) | 16,425 | 14,912 | 812 | 15,724 | (31 | ) | 15,693 | ||||||||||||||||||||||||||||
Real estate taxes | 3,789 | — | 3,789 | — | 3,789 | 5,747 | 156 | 5,903 | — | 5,903 | ||||||||||||||||||||||||||||||
Property maintenance costs | 3,085 | — | 3,085 | — | 3,085 | 4,089 | 287 | 4,376 | — | 4,376 | ||||||||||||||||||||||||||||||
Marketing | 1,702 | — | 1,702 | — | 1,702 | 1,875 | 62 | 1,937 | — | 1,937 | ||||||||||||||||||||||||||||||
Provision for doubtful accounts | 524 | — | 524 | — | 524 | 520 | (15 | ) | 505 | — | 505 | |||||||||||||||||||||||||||||
Total operating expenses | 25,556 | — | 25,556 | (31 | ) | 25,525 | 27,143 | 1,302 | 28,445 | (31 | ) | 28,414 | ||||||||||||||||||||||||||||
Net operating income | 41,794 | — | 41,794 | 2,818 | 44,612 | 32,679 | 1,030 | 33,709 | 5,785 | 39,494 | ||||||||||||||||||||||||||||||
General and administrative (3)(4) | 6,297 | — | 6,297 | (16 | ) | 6,281 | 4,926 | — | 4,926 | — | 4,926 | |||||||||||||||||||||||||||||
Other (5) | 2,171 | — | 2,171 | (2,171 | ) | — | 1,986 | 24 | 2,010 | (2,010 | ) | — | ||||||||||||||||||||||||||||
Subtotal | 33,326 | — | 33,326 | 5,005 | 38,331 | 25,767 | 1,006 | 26,773 | 7,795 | 34,568 | ||||||||||||||||||||||||||||||
Interest income | 55 | — | 55 | — | 55 | 492 | — | 492 | — | 492 | ||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||
Amortization and write-off of market rate adjustments | (1,706 | ) | — | (1,706 | ) | 1,706 | — | (2,007 | ) | (577 | ) | (2,584 | ) | 2,584 | — | |||||||||||||||||||||||||
Amortization and write-off of deferred financing costs | (5,834 | ) | — | (5,834 | ) | 5,834 | — | (2,469 | ) | (55 | ) | (2,524 | ) | 2,524 | — | |||||||||||||||||||||||||
Debt extinguishment costs | (390 | ) | — | (390 | ) | 390 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest on debt | (15,296 | ) | — | (15,296 | ) | — | (15,296 | ) | (15,302 | ) | (1,080 | ) | (16,382 | ) | — | (16,382 | ) | |||||||||||||||||||||||
Provision for income taxes | (609 | ) | — | (609 | ) | 609 | — | (117 | ) | — | (117 | ) | 117 | — | ||||||||||||||||||||||||||
Funds from operations | $ | 9,546 | $ | — | $ | 9,546 | $ | 13,544 | $ | 23,090 | $ | 6,364 | $ | (706 | ) | $ | 5,658 | $ | 13,020 | $ | 18,678 | |||||||||||||||||||
Funds from operations per share - basic and diluted (6) | $ | 0.47 | $ | 0.38 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - common (7) | $ | 0.47 | $ | 0.38 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - diluted (7) | $ | 0.46 | $ | 0.38 |
Q4 2013 Supplemental Package | 6 |
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||
Consolidated | Discontinued Operations | Total | Core Adjustments | Core NOI / FFO | Consolidated | Discontinued Operations | Total | Core Adjustments | Core NOI / FFO | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Minimum rents (1) | $ | 165,097 | $ | 3,117 | $ | 168,214 | $ | 13,331 | $ | 181,545 | $ | 148,695 | $ | 5,706 | $ | 154,401 | $ | 20,420 | $ | 174,821 | ||||||||||||||||||||
Tenant recoveries | 66,061 | 1,475 | 67,536 | — | 67,536 | 64,638 | 3,543 | 68,181 | — | 68,181 | ||||||||||||||||||||||||||||||
Overage rents | 5,943 | 72 | 6,015 | — | 6,015 | 5,912 | 138 | 6,050 | — | 6,050 | ||||||||||||||||||||||||||||||
Other | 6,441 | 148 | 6,589 | — | 6,589 | 5,054 | 288 | 5,342 | — | 5,342 | ||||||||||||||||||||||||||||||
Total revenues | 243,542 | 4,812 | 248,354 | 13,331 | 261,685 | 224,299 | 9,675 | 233,974 | 20,420 | 254,394 | ||||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||||
Property operating costs (2) | 60,288 | 1,676 | 61,964 | (125 | ) | 61,839 | 57,482 | 3,628 | 61,110 | (125 | ) | 60,985 | ||||||||||||||||||||||||||||
Real estate taxes | 22,089 | 301 | 22,390 | — | 22,390 | 22,827 | 620 | 23,447 | — | 23,447 | ||||||||||||||||||||||||||||||
Property maintenance costs | 11,446 | 292 | 11,738 | — | 11,738 | 13,242 | 842 | 14,084 | — | 14,084 | ||||||||||||||||||||||||||||||
Marketing | 3,734 | 49 | 3,783 | — | 3,783 | 3,602 | 185 | 3,787 | — | 3,787 | ||||||||||||||||||||||||||||||
Provision for doubtful accounts | 887 | 1 | 888 | — | 888 | 1,855 | 64 | 1,919 | — | 1,919 | ||||||||||||||||||||||||||||||
Total operating expenses | 98,444 | 2,319 | 100,763 | (125 | ) | 100,638 | 99,008 | 5,339 | 104,347 | (125 | ) | 104,222 | ||||||||||||||||||||||||||||
Net operating income | 145,098 | 2,493 | 147,591 | 13,456 | 161,047 | 125,291 | 4,336 | 129,627 | 20,545 | 150,172 | ||||||||||||||||||||||||||||||
General and administrative (3)(4) | 21,971 | — | 21,971 | (83 | ) | 21,888 | 20,652 | — | 20,652 | — | 20,652 | |||||||||||||||||||||||||||||
Other (5) | 4,223 | — | 4,223 | (4,223 | ) | — | 9,905 | 60 | 9,965 | (9,965 | ) | — | ||||||||||||||||||||||||||||
Subtotal | 118,904 | 2,493 | 121,397 | 17,762 | 139,159 | 94,734 | 4,276 | 99,010 | 30,510 | 129,520 | ||||||||||||||||||||||||||||||
Interest income | 548 | — | 548 | — | 548 | 755 | — | 755 | — | 755 | ||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||
Amortization and write-off of market rate adjustments | (7,624 | ) | (1,131 | ) | (8,755 | ) | 8,755 | — | (17,221 | ) | (2,239 | ) | (19,460 | ) | 19,460 | — | ||||||||||||||||||||||||
Amortization and write-off of deferred financing costs | (12,441 | ) | (103 | ) | (12,544 | ) | 12,544 | — | (9,605 | ) | (207 | ) | (9,812 | ) | 9,812 | — | ||||||||||||||||||||||||
Debt extinguishment costs | (2,276 | ) | — | (2,276 | ) | 2,276 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest on debt | (60,193 | ) | (1,993 | ) | (62,186 | ) | — | (62,186 | ) | (63,277 | ) | (4,340 | ) | (67,617 | ) | — | (67,617 | ) | ||||||||||||||||||||||
Provision for income taxes | (844 | ) | — | (844 | ) | 844 | — | (445 | ) | — | (445 | ) | 445 | — | ||||||||||||||||||||||||||
Funds from operations | $ | 36,074 | $ | (734 | ) | $ | 35,340 | $ | 42,181 | $ | 77,521 | $ | 4,941 | $ | (2,510 | ) | $ | 2,431 | $ | 60,227 | $ | 62,658 | ||||||||||||||||||
Funds from operations per share - basic and diluted (6) | $ | 1.57 | $ | 1.36 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - common (7) | $ | 1.56 | $ | 1.26 | ||||||||||||||||||||||||||||||||||||
Funds from operations per share - diluted (7) | $ | 1.54 | $ | 1.26 |
Q4 2013 Supplemental Package | 7 |
Three Months Ended | Years Ended | |||||||||||||||
(In thousands) | December 31, 2013 (Unaudited) | December 31, 2012 (Unaudited) | December 31, 2013 (Unaudited) | December 31, 2012 (Unaudited) | ||||||||||||
Consolidated net operating income | $ | 41,794 | $ | 32,679 | $ | 145,098 | $ | 125,291 | ||||||||
Add / (less) : | ||||||||||||||||
Discontinued operations | — | 1,030 | 2,493 | 4,336 | ||||||||||||
Core NOI adjustments | 2,818 | 5,785 | 13,456 | 20,545 | ||||||||||||
Core net operating income | 44,612 | 39,494 | 161,047 | 150,172 | ||||||||||||
Add / (less): | ||||||||||||||||
Acquisitions and dispositions (1) | (5,954 | ) | (3,391 | ) | (19,735 | ) | (11,867 | ) | ||||||||
Lease termination income and other | (92 | ) | (169 | ) | (374 | ) | (507 | ) | ||||||||
Same property core net operating income | $ | 38,566 | $ | 35,934 | $ | 140,938 | $ | 137,798 | ||||||||
Same property change % | 7.32 | % | 2.28 | % |
Q4 2013 Supplemental Package | 8 |
Three Months Ended | Years Ended | ||||||||||||||
(In thousands) | December 31, 2013 (Unaudited) | December 31, 2012 (Unaudited) | December 31, 2013 (Unaudited) | December 31, 2012 (Unaudited) | |||||||||||
Reconciliation of NOI to GAAP Operating Income (Loss) | |||||||||||||||
NOI: | $ | 41,794 | $ | 33,709 | $ | 147,591 | $ | 129,627 | |||||||
Discontinued operations | — | (1,030 | ) | (2,493 | ) | (4,336 | ) | ||||||||
General and administrative | (6,297 | ) | (4,926 | ) | (21,971 | ) | (20,652 | ) | |||||||
Other | (2,171 | ) | (1,986 | ) | (4,223 | ) | (9,905 | ) | |||||||
Depreciation and amortization | (19,079 | ) | (18,500 | ) | (66,497 | ) | (67,709 | ) | |||||||
Provision for impairment | (15,159 | ) | — | (15,159 | ) | — | |||||||||
Operating income (loss) | $ | (912 | ) | $ | 7,267 | $ | 37,248 | $ | 27,025 | ||||||
Reconciliation of FFO to GAAP Net loss attributable to common stockholders | |||||||||||||||
FFO: | $ | 9,546 | $ | 5,658 | $ | 35,340 | $ | 2,431 | |||||||
Discontinued operations | — | (744 | ) | (22,424 | ) | (3,381 | ) | ||||||||
Depreciation and amortization | (19,079 | ) | (18,500 | ) | (66,497 | ) | (67,709 | ) | |||||||
Provision for impairment | (15,159 | ) | — | (15,159 | ) | — | |||||||||
Gain on extinguishment of debt | — | — | 13,995 | — | |||||||||||
Net loss attributable to common stockholders | $ | (24,692 | ) | $ | (13,586 | ) | $ | (54,745 | ) | $ | (68,659 | ) | |||
Weighted average number of shares outstanding | 49,358,281 | 49,258,249 | 49,344,927 | 46,149,893 | |||||||||||
Net loss per share | $ | (0.50 | ) | $ | (0.28 | ) | $ | (1.11 | ) | $ | (1.49 | ) |
Q4 2013 Supplemental Package | 9 |
(In thousands) | Maturity | Outstanding Balance | Balloon Payment at Maturity | Amortization | |||||||||||||||||||||||||||||
Month | Year | Rate | 2014 | 2015 | 2016 | 2017 | 2018 | After | Mortgage Details | ||||||||||||||||||||||||
Steeplegate (1) | Aug | 2014 | 4.94 | 47,970 | 46,849 | 1,121 | — | — | — | — | — | Non-recourse / fixed | |||||||||||||||||||||
Greenville Mall | Dec | 2015 | 5.29 | 41,375 | 39,857 | 774 | 744 | — | — | — | — | Non-recourse / fixed | |||||||||||||||||||||
Vista Ridge Mall (1) | Apr | 2016 | 6.87 | 71,270 | 64,660 | 2,733 | 2,926 | 951 | — | — | — | Non-recourse / fixed | |||||||||||||||||||||
Washington Park Mall | Apr | 2016 | 5.35 | 10,872 | 9,988 | 367 | 387 | 130 | — | — | — | Non-recourse / fixed | |||||||||||||||||||||
The Centre at Salisbury | May | 2016 | 5.79 | 115,000 | 115,000 | — | — | — | — | — | — | Partial recourse / fixed | |||||||||||||||||||||
Turtle Creek | Jun | 2016 | 6.54 | 78,615 | 76,079 | 967 | 1,033 | 536 | — | — | — | Non-recourse / fixed | |||||||||||||||||||||
Collin Creek (1) | Jul | 2016 | 6.78 | 60,206 | 54,423 | 2,079 | 2,226 | 1,478 | — | — | — | Non-recourse / fixed | |||||||||||||||||||||
Bayshore Mall (1) | Aug | 2016 | 7.13 | 27,720 | 24,699 | 999 | 1,073 | 949 | — | — | — | Non-recourse / fixed | |||||||||||||||||||||
Grand Traverse (1) | Feb | 2017 | 5.02 | 60,429 | 57,266 | 950 | 999 | 1,043 | 171 | — | — | Non-recourse / fixed | |||||||||||||||||||||
NewPark Mall (2) | May | 2017 | 4.22 | 66,113 | 63,050 | 809 | 860 | 915 | 479 | — | — | Non-recourse / floating | |||||||||||||||||||||
Sikes Senter (1) | Jun | 2017 | 5.20 | 55,494 | 48,194 | 1,768 | 1,863 | 2,554 | 1,115 | — | — | Non-recourse / fixed | |||||||||||||||||||||
Knollwood Mall | Oct | 2017 | 5.35 | 36,281 | 31,113 | 1,109 | 1,171 | 1,615 | 1,273 | — | — | Non-recourse / fixed | |||||||||||||||||||||
West Valley Mall (3) | Sep | 2018 | 1.92 | 59,000 | 56,790 | — | — | 188 | 1,147 | 875 | — | Non-recourse / floating | |||||||||||||||||||||
Pierre Bossier | May | 2022 | 4.94 | 47,400 | 39,891 | 746 | 784 | 818 | 866 | 911 | 3,384 | Non-recourse / fixed | |||||||||||||||||||||
Pierre Bossier Anchor | May | 2022 | 4.85 | 3,718 | 2,894 | 82 | 86 | 90 | 95 | 100 | 371 | Non-recourse / fixed | |||||||||||||||||||||
Southland Center (MI) | Jul | 2022 | 5.09 | 77,205 | 65,085 | 1,168 | 1,230 | 1,284 | 1,363 | 1,435 | 5,640 | Non-recourse / fixed | |||||||||||||||||||||
Chesterfield Towne Center | Oct | 2022 | 4.75 | 109,737 | 92,380 | 1,638 | 1,719 | 1,789 | 1,892 | 1,985 | 8,334 | Non-recourse / fixed | |||||||||||||||||||||
Animas Valley | Nov | 2022 | 4.41 | 50,911 | 41,844 | 858 | 897 | 931 | 980 | 1,025 | 4,376 | Non-recourse / fixed | |||||||||||||||||||||
Lakeland Mall | Mar | 2023 | 4.17 | 69,241 | 55,951 | 1,188 | 1,239 | 1,285 | 1,348 | 1,406 | 6,824 | Non-recourse / fixed | |||||||||||||||||||||
Valley Hills Mall | July | 2023 | 4.47 | 67,572 | 54,921 | 1,080 | 1,130 | 1,174 | 1,237 | 1,294 | 6,736 | Non-recourse / fixed | |||||||||||||||||||||
Total property level debt | 5.15 | 1,156,129 | 1,040,934 | 20,436 | 20,367 | 17,730 | 11,966 | 9,031 | 35,665 | ||||||||||||||||||||||||
2013 Term Loan (4) | Nov | 2018 | 2.52 | 260,000 | 260,000 | — | — | — | — | — | — | Recourse / floating | |||||||||||||||||||||
2013 Revolver (4)(5) | Nov | 2017 | 2.51 | 48,000 | 48,000 | — | — | — | — | — | — | Recourse / floating | |||||||||||||||||||||
Total corporate level debt | 308,000 | 308,000 | — | — | — | — | — | — | |||||||||||||||||||||||||
Total Debt Outstanding | 4.59 | % | $ | 1,464,129 | $ | 1,348,934 | $ | 20,436 | $ | 20,367 | $ | 17,730 | $ | 11,966 | $ | 9,031 | $ | 35,665 | |||||||||||||||
Total Debt | $ | 1,464,129 | |||||||||||||||||||||||||||||||
Market rate adjustment | (9,583 | ) | |||||||||||||||||||||||||||||||
Total debt outstanding | $ | 1,454,546 |
Q4 2013 Supplemental Package | 10 |
(In thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | After | Total | ||||||||||||||
Balloon payment | $ | 46,849 | $ | 39,857 | $ | 344,849 | $ | 247,623 | $ | 316,790 | $ | 352,966 | $ | 1,348,934 | |||||||
Amortization | 20,436 | 20,367 | 17,730 | 11,966 | 9,031 | 35,665 | 115,195 | ||||||||||||||
Debt maturity and amortization | $ | 67,285 | $ | 60,224 | $ | 362,579 | $ | 259,589 | $ | 325,821 | $ | 388,631 | $ | 1,464,129 | |||||||
Weighted average interest rate of expiring debt | 4.94 | % | 5.29 | % | 6.40 | % | 4.41 | % | 2.41 | % | 4.66 | % | 4.59 | % |
(In thousands) | Property-Level Debt | Term Loan | Revolver | Total | ||||||||||||
Beginning balance as of December 31, 2012 | $ | 1,029,339 | $ | 287,946 | $ | — | $ | 1,317,285 | ||||||||
2012 Term loan paydown | — | (100,000 | ) | — | (100,000 | ) | ||||||||||
Lakeland Square refinancing | 70,000 | — | — | 70,000 | ||||||||||||
Lakeland Square payoff | (50,297 | ) | — | — | (50,297 | ) | ||||||||||
NewPark Mall refinancing | 66,500 | — | — | 66,500 | ||||||||||||
NewPark Mall payoff | (62,930 | ) | — | — | (62,930 | ) | ||||||||||
Valley Hills refinancing | 68,000 | — | — | 68,000 | ||||||||||||
Valley Hills payoff | (51,405 | ) | — | — | (51,405 | ) | ||||||||||
Boulevard Mall debt extinguishment | (96,515 | ) | — | — | (96,515 | ) | ||||||||||
Greenville Mall acquisition | 41,680 | — | — | 41,680 | ||||||||||||
West Valley Mall refinancing | 59,000 | — | — | 59,000 | ||||||||||||
West Valley Mall payoff | (47,094 | ) | — | — | (47,094 | ) | ||||||||||
Southland Mall payoff | (70,951 | ) | — | — | (70,951 | ) | ||||||||||
2012 Term loan payoff | — | (187,946 | ) | — | (187,946 | ) | ||||||||||
2013 Term loan refinancing | — | 260,000 | — | 260,000 | ||||||||||||
Drawdown on 2013 Revolver | — | — | 55,000 | 55,000 | ||||||||||||
Chesterfield Towne Center acquisition | 109,737 | — | — | 109,737 | ||||||||||||
The Centre at Salisbury acquisition | 115,000 | — | — | 115,000 | ||||||||||||
Paydown on 2013 Revolver | — | — | (7,000 | ) | (7,000 | ) | ||||||||||
Mortgage loan amortization | (23,935 | ) | — | — | (23,935 | ) | ||||||||||
Ending balance as of December 31, 2013 | $ | 1,156,129 | $ | 260,000 | $ | 48,000 | $ | 1,464,129 | ||||||||
Weighted Average Balance | $ | 1,015,452 | $ | 199,698 | $ | 2,896 | $ | 1,218,046 |
Q4 2013 Supplemental Package | 11 |
(In thousands) | December 31, 2013 | December 31, 2012 | |||||
Above-market tenant leases, net | $ | 68,683 | $ | 89,407 | |||
Prepaid expenses | 4,776 | 3,563 | |||||
Below-market ground leases, net | 1,781 | 1,906 | |||||
Deposits | 682 | 796 | |||||
Other | 330 | 3,786 | |||||
Total prepaid expenses and other assets, net | $ | 76,252 | $ | 99,458 |
(In thousands) | December 31, 2013 | December 31, 2012 | |||||
Below-market tenant leases, net | $ | 40,247 | $ | 35,068 | |||
Construction payable | 21,821 | 9,979 | |||||
Accounts payable and accrued expenses | 10,310 | 12,696 | |||||
Accrued payroll and other employee liabilities | 7,942 | 1,230 | |||||
Deferred income | 6,539 | 3,201 | |||||
Accrued dividend | 6,454 | 3,479 | |||||
Accrued real estate taxes | 5,640 | 9,894 | |||||
Asset retirement obligation liability | 4,745 | 4,503 | |||||
Accrued interest | 4,213 | 3,546 | |||||
Tenant and other deposits | 1,249 | 1,629 | |||||
Other | 523 | 3,461 | |||||
Total accounts payable and accrued expenses, net | $ | 109,683 | $ | 88,686 |
Q4 2013 Supplemental Package | 12 |
Property | Description | Total Project Square Feet | Total Estimated Project Cost | Cost to Date | Estimated Yield | Construction Start Date | Expected Opening Date | |||||||
Lakeland Square | Converted anchor space and unproductive inline space to recently opened Cinemark Theater and The Sports Authority | 89,000 | 13,293 | $13,293 | 9 - 10% | Q4 2012 | Open | |||||||
Lakeland, FL | ||||||||||||||
Bayshore Mall | Convert former junior anchor space and unproductive space to accommodate new tenants including recently opened TJ Maxx, Ulta, and The Sports Authority | 60,000 | $8,300 | $5,477 | 10 - 11% | Q2 2013 | Q2 2014 | |||||||
Eureka, CA | ||||||||||||||
Lansing Mall | Replace vacant anchor space with Regal Cinema and add multiple outparcels | 66,000 | $14,900 | $9,316 | 9 - 10% | Q2 2013 | Q3 2014 | |||||||
Lansing, MI | ||||||||||||||
Three Rivers Mall | Convert anchors and unproductive space to Regal Cinemas, Sportsman's Warehouse and high volume restaurants | 103,000 | $20,100 | $449 | 9 - 10% | Q4 2013 | Q4 2014 | |||||||
Kelso, WA | ||||||||||||||
Knollwood Mall | De-mall and construct new exterior facing junior boxes, small shops, and a new multi-tenant outparcel building | 118,000 | $32,200 | $883 | 9 - 10% | Q4 2013 | Q1 2015 | |||||||
St. Louis Park, MN |
Year Ended | ||||
(In thousands) | December 31, 2013 | |||
Ordinary capital expenditures (1) | $ | 7,520 | ||
Cosmetic capital expenditures (2) | 14,100 | |||
Tenant improvements and allowances (3) | 10,125 | |||
Total | $ | 31,745 |
Q4 2013 Supplemental Package | 13 |
GLA Summary (1) | ||||||||||
(In thousands) | Number of Properties | Mall and Freestanding GLA | Anchor GLA (Rouse Owned) | Anchor GLA (Tenant Owned) | Total Area | |||||
Total Rouse Properties Portfolio | 34 | 11,009 | 5,633 | 6,837 | 23,479 | |||||
Operating Metrics | ||||||||||
% Leased (2) | % Occupied (3) | Tenant Sales (4) | Occupancy Cost (5) | |||||||
Total Rouse Properties Portfolio | 91.2% | 88.9% | $302 | 12.3% |
Same Property Portfolio | |||
In-Place Rent < 10k SF (6) | |||
December 31, 2013 | December 31, 2012 | ||
Freestanding | $18.98 | $17.78 | |
Mall | 38.49 | 37.99 | |
Total Same Property Portfolio | $36.55 | $36.29 |
Total Portfolio | |||
In-Place Rent < 10k SF (6) | |||
December 31, 2013 | December 31, 2012 | ||
Freestanding | $19.00 | $17.52 | |
Mall | 39.08 | 38.53 | |
Total Portfolio | $37.02 | $36.78 |
Q4 2013 Supplemental Package | 14 |
Property Name | Location | Anchors / Major Tenants | Mall and Freestanding GLA | Anchor GLA (Rouse Owned) | Anchor GLA (Tenant Owned) | Total GLA | % Leased | % Occupied | ||||||
Animas Valley Mall | Farmington, NM | Dillard's, jcpenney, Sears | 277,329 | 188,817 | — | 466,146 | 95.9 | % | 93.2 | % | ||||
Bayshore Mall | Eureka, CA | Sears, Kohl's, Walmart | 399,198 | 87,939 | 132,319 | 619,456 | 80.4 | 79.2 | ||||||
Birchwood Mall | Port Huron, MI | Sears, Carson's, Macy's, Target, jcpenney | 303,705 | 161,216 | 264,918 | 729,839 | 94.3 | 92.1 | ||||||
Cache Valley Mall | Logan, UT | Dillard's, Dillard's Men's & Home, jcpenney | 240,612 | 145,832 | — | 386,444 | 94.2 | 94.2 | ||||||
Chesterfield Towne Center | Richmond, VA | Macy's, jcpenney, Sears, Garden Ridge | 472,686 | 543,572 | — | 1,016,258 | 86.9 | 86.6 | ||||||
Chula Vista Center | Chula Vista, CA | Macy's, jcpenney, Sears, Burlington Coat | 320,096 | 163,232 | 392,500 | 875,828 | 91.9 | 91.1 | ||||||
Collin Creek | Plano, TX | Dillard's, Sears, jcpenney, Macy's | 327,955 | 176,259 | 613,824 | 1,118,038 | 91.9 | 91.9 | ||||||
Colony Square Mall | Zanesville, OH | Elder-Beerman, jcpenney, Dunham's | 356,528 | 78,440 | 58,997 | 493,965 | 80.2 | 80.2 | ||||||
Gateway Mall | Springfield, OR | Kohl's, Sears, Target, Cinemark | 490,129 | 218,055 | 113,613 | 821,797 | 92.5 | 90.7 | ||||||
Grand Traverse Mall | Traverse City, MI | jcpenney, Macy's, Target | 307,469 | — | 283,349 | 590,818 | 88.3 | 88.3 | ||||||
Greenville Mall | Greenville, NC | jcpenney, Belk Ladies, Belk, Dunham's | 227,027 | 186,732 | 46,051 | 459,810 | 97.7 | 97.7 | ||||||
Knollwood Mall | St. Louis Park, MN | Kohl's, Cub Food, TJ Maxx | 383,893 | 80,684 | — | 464,577 | 86.7 | 82.2 | ||||||
Lakeland Square | Lakeland, FL | jcpenney, Dillard's, Sears, Macy's, Burlington Coat | 350,888 | 276,358 | 257,353 | 884,599 | 94.1 | 93.2 | ||||||
Lansing Mall | Lansing, MI | jcpenney, Younkers, Macy's | 507,358 | 210,900 | 103,000 | 821,258 | 96.6 | 86.2 | ||||||
Mall St. Vincent | Shreveport, LA | Dillard's, Sears | 185,495 | — | 348,000 | 533,495 | 90.6 | 87.8 | ||||||
Newpark Mall | Newark, CA | Macy's, jcpenney, Sears, Burlington Coat | 438,645 | 207,372 | 335,870 | 981,887 | 89.9 | 86.1 | ||||||
North Plains Mall | Clovis, NM | Dillard's, jcpenney, Sears, Beall's | 108,975 | 194,081 | — | 303,056 | 92.9 | 92.9 | ||||||
Pierre Bossier Mall | Bossier City, LA | jcpenney, Sears, Dillard | 264,937 | 59,156 | 288,328 | 612,421 | 98.5 | 94.7 | ||||||
Salisbury, The Centre at | Salisbury, MD | Boscov's, jcpenney, Sears, Macy's, Dicks, Regal | 363,980 | 357,416 | 140,000 | 861,396 | 93.8 | 93.8 | ||||||
Sierra Vista, The Mall at | Sierra Vista, AZ | Dillard's, Sears | 173,914 | — | 196,492 | 370,406 | 100.0 | 100.0 | ||||||
Sikes Senter | Wichita Falls, TX | Dillard's, jcpenney, Sears, Dillard's Men's and Home | 291,515 | 374,690 | — | 666,205 | 95.3 | 94.9 | ||||||
Silver Lake Mall | Coeur D' Alene, ID | jcpenney, Macy's, Sears, Sports Authority | 148,331 | 172,253 | — | 320,584 | 86.3 | 86.3 | ||||||
Southland Center | Taylor, MI | jcpenney, Macy's, Best Buy | 322,555 | 290,660 | 292,377 | 905,592 | 98.5 | 94.7 | ||||||
Southland Mall | Hayward, CA | jcpenney, Kohl's, Macy's, Sears | 560,730 | 445,896 | 292,000 | 1,298,626 | 96.1 | 82.6 | ||||||
Spring Hill Mall | West Dundee, IL | Kohl's, Carson Pirie Scott, Sears, Macy's | 488,128 | 134,148 | 547,432 | 1,169,708 | 84.1 | 82.8 | ||||||
Steeplegate Mall | Concord, NH | Bon Ton, jcpenney, Sears | 223,773 | 256,347 | — | 480,120 | 75.5 | 75.5 | ||||||
Three Rivers Mall | Kelso, WA | jcpenney, Macy's, Regal | 318,352 | 98,566 | — | 416,918 | 85.3 | 79.4 | ||||||
Turtle Creek, The Mall at | Jonesboro, AR | Dillard's, jcpenney, Target | 367,760 | — | 364,217 | 731,977 | 91.9 | 91.9 | ||||||
Valley Hills Mall | Hickory, NC | Belk, Dillard's, jcpenney, Sears | 323,096 | — | 611,516 | 934,612 | 86.2 | 86.2 | ||||||
Vista Ridge Mall | Lewisville, TX | Dillard's, jcpenney, Macy's, Sears, Cinemark | 392,102 | — | 670,210 | 1,062,312 | 91.2 | 91.5 | ||||||
Washington Park Mall | Bartlesville, OK | jcpenney, Sears, Dillard's | 161,862 | 122,894 | 71,402 | 356,158 | 97.7 | 97.7 | ||||||
West Valley Mall | Tracy, CA | jcpenney, Macy's, Sears, Target | 537,388 | 236,454 | 111,836 | 885,678 | 95.9 | 94.8 | ||||||
Westwood Mall | Jackson, MI | Younkers, Wal-Mart, jcpenney | 144,279 | 70,500 | 301,188 | 515,967 | 88.2 | 88.2 | ||||||
White Mountain Mall | Rock Springs, WY | Herberger's, jcpenney | 228,237 | 94,482 | — | 322,719 | 94.3 | 93.9 | ||||||
Total Rouse Portfolio | 11,008,927 | 5,632,951 | 6,836,792 | 23,478,670 | 91.2 | % | 88.9 | % |
Q4 2013 Supplemental Package | 15 |
Year | Number of Expiring Leases | Expiring GLA | Expiring Rates ($ psf) (2) | Percent of Total Gross Rent | ||||||||
Specialty Leasing (3) | 471 | 1,084,312 | $ | 16.09 | ||||||||
Permanent Leasing | ||||||||||||
2013 and prior | 43 | 119,976 | 37.23 | 1.7 | % | |||||||
2014 | 240 | 755,199 | 30.90 | 8.8 | % | |||||||
2015 | 351 | 1,283,862 | 29.35 | 14.2 | % | |||||||
2016 | 309 | 1,122,142 | 33.82 | 14.3 | % | |||||||
2017 | 248 | 941,574 | 37.19 | 13.2 | % | |||||||
2018 | 160 | 836,005 | 34.28 | 10.8 | % | |||||||
2019 | 88 | 586,581 | 29.09 | 6.4 | % | |||||||
2020 | 52 | 288,086 | 29.33 | 3.2 | % | |||||||
2021 | 73 | 586,845 | 24.23 | 5.4 | % | |||||||
2022 | 93 | 425,657 | 31.26 | 5.0 | % | |||||||
2023 | 78 | 409,163 | 30.27 | 4.7 | % | |||||||
2024 and thereafter | 84 | 1,573,323 | 20.67 | 12.3 | % | |||||||
Total Permanent Leasing | 1,819 | 8,928,413 | $ | 29.95 | 100.0 | % | ||||||
Total Leasing | 2,290 | 10,012,725 |
Q4 2013 Supplemental Package | 16 |
Locations | ||||||||||
Retail Portfolio | Primary DBA | Percent of Minimum Rent, Tenant Recoveries and Other (1) | Square Footage (000's) | Total | Rouse Owned | |||||
Limited Brands, Inc. | Bath & Body Works, Victoria's Secret, White Barn Candle Co. | 4.1% | 266 | 63 | 63 | |||||
Foot Locker, Inc. | Champs Sports, Footaction USA, Foot Locker, Kids Foot Locker, Lady Foot Locker | 3.3 | 216 | 51 | 51 | |||||
Cinemark USA, Inc. | Cinemark Movies | 2.4 | 298 | 6 | 6 | |||||
jcpenney Company, Inc. | jcpenney | 2.3 | 2,541 | 28 | 17(2) | |||||
American Eagle Outfitters, Inc. | Aerie, American Eagle Outfitters | 2.1 | 121 | 22 | 22 | |||||
Zales Corporation | Gordon's Jewelers, Piercing Pagoda, Totally Pagoda, Zales Jewelers | 1.8 | 45 | 40 | 40 | |||||
Sterling Jewelers, Inc. | Belden Jewelers, JB Robinson Jewelers, Kay Jewelers, Osterman Jewelers, Weisfields Jewelers | 1.8 | 47 | 31 | 31 | |||||
Sears Holdings Corporation | Sears | 1.8 | 3,015 | 23 | 12 | |||||
Macy's | Macy's | 1.8 | 2,187 | 16 | 5 | |||||
Ascena Retail Group, Inc. | Dressbarn, Justice, Limited Too, Maurices, Lane Bryant | 1.6 | 201 | 39 | 39 | |||||
Totals | 23.0% | 8,937 | 319 | 286 |
Q4 2013 Supplemental Package | 17 |
TOTAL LEASING ACTIVITY (1) | |||||||||||
New Leases | Number of Leases | Square Feet | Term | Initial Inline Rent PSF (2) | Initial Freestanding Rent PSF | Average Inline Rent PSF | Average Freestanding Rent PSF | ||||
Under 10,000 sq. ft. | 21 | 69,317 | 8.7 | $33.06 | $18.49 | $35.87 | $20.30 | ||||
Over 10,000 sq. ft. | 7 | 186,420 | 10.2 | 15.82 | — | 17.54 | — | ||||
Total New Leases | 28 | 255,737 | 9.8 | 19.89 | 18.49 | 21.87 | 20.30 | ||||
Renewal Leases | |||||||||||
Under 10,000 sq. ft. | 80 | 205,087 | 2.6 | $32.69 | $29.11 | $33.41 | $29.73 | ||||
Over 10,000 sq. ft. | 3 | 53,566 | 4.8 | 8.09 | — | 8.73 | — | ||||
Total Renewal Leases | 83 | 258,653 | 3.0 | 27.40 | 29.11 | 28.11 | 29.73 | ||||
Sub-Total | 111 | 514,390 | 6.4 | 23.69 | 23.18 | 25.02 | 24.47 | ||||
Percent in Lieu | 32 | 107,314 | n.a. | n.a | n.a | n.a | n.a | ||||
Total Q4 2013 | 143 | 621,704 | 6.4 | $23.69 | $23.18 | $25.02 | $24.47 | ||||
Total Q3 2013 | 114 | 529,765 | |||||||||
Total Q2 2013 | 102 | 610,005 | |||||||||
Total Q1 2013 | 89 | 529,769 | |||||||||
Total 2013 | 448 | 2,291,243 |
SUITE TO SUITE - NEW & RENEWAL LEASE SPREAD (4) | ||||||||||||||||||||
Initial Rent Spread | Average Rent Spread | |||||||||||||||||||
Number of Leases | Square Feet | Term | Initial Rent PSF (2) | Average Rent PSF (3) | Expiring Rent PSF (5) | $ | % | $ | % | |||||||||||
Total Q4 2013 | 74 | 283,280 | 3.1 | $ | 23.13 | $ | 23.89 | $ | 20.52 | $2.61 | 12.7% | $3.38 | 16.5% | |||||||
Total YTD 2013 | 222 | 939,245 | 4.0 | $ | 21.54 | $ | 22.30 | $ | 19.61 | $1.93 | 9.9% | $2.69 | 13.7% |
Q4 2013 Supplemental Package | 18 |
Gross Leasable Area (GLA) | Total gross leasable space at 100%. |
Mall | All mall shop locations excluding anchor and freestanding stores. |
Freestanding | Outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores. |
Anchor/Traditional Anchor | Department stores and discount department stores in traditional anchor spaces whose merchandise appeals to a broad range of shoppers or spaces which are greater than 70,000 square feet. |
Specialty Leasing | Temporary tenants typically on license agreements with terms in excess of twelve months and are generally cancellable by the Company with notice ranging from 30-90 days. |
Leased Area | Leased area represents the sum of: (1) tenant occupied space lease and (2) all leases signed for currently vacant space and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the mall and Freestanding Area. |
Occupied Area | Occupied area represents the sum of: (1) tenant occupied space under lease and (2) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retails locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area. |
Tenant Sales | Rolling twelve month sales for mall stores less than 10,000 square feet. |
Occupancy Cost | Ratio of total tenant charges to comparative sales for tenants less than 10,000 square feet. |
In-Place Rent | Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes. |
Expiring Rent | Represents rent at the end of the lease consisting of base minimum rent, common area costs, and real estate taxes. |
Initial Rent | Represents initial rent at the beginning of the term consisting of base minimum rent, common area costs, and real estate taxes. |
Average Rent | Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes. |
Initial Rent Spread | Dollar spread between Initial Rent and Expiring Rent. |
Average Rent Spread | Dollar spread between Average Rent and Expiring Rent. |
Q4 2013 Supplemental Package | 19 |
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