EX-99.2 3 brx8k07272015ex992.htm EX 99.2 brx8k07272015ex992
Exhibit 99.2





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SUPPLEMENTAL DISCLOSURE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
Page
 
 
 
Glossary of Terms
1
 
 
 
Results Overview
3
 
 
 
Financial Summary
 
 
 
 
 
Consolidated Balance Sheets
5
 
 
 
 
Consolidated Statements of Operations
6
 
 
 
 
Consolidated Statements of Cash Flows
7
 
 
 
 
Reconciliation of Net Income to EBITDA
8
 
 
 
 
Reconciliation of Net Income to FFO
9
 
 
 
 
Supplemental Balance Sheet Detail
10
 
 
 
 
NOI Detail, Supplemental Statement of Operations Detail, Operating Ratios & Additional Disclosures
11
 
 
 
 
Same Property NOI Analysis & Reconciliation of Net Income Attributable to Common Stockholders
12
 
 
 
 
Capital Expenditures
13
 
 
 
 
Capitalization, Liquidity & Debt Ratios
14
 
 
 
 
Debt Overview
15
 
 
 
 
Summary of Outstanding Debt
16
 
 
 
 
Unsecured OP Notes Covenant Disclosure
18
 
 
 
 
Unsecured Credit Facility Covenant Disclosure
19
 
 
 
 
Reconciliation of GAAP Statements of Operations to Pro Forma Statements of Operations
20
 
 
 
Transaction Summary
 
 
 
 
 
Acquisitions
22
 
 
 
 
Dispositions
23
 
 
 
Portfolio Summary
 
 
 
 
 
Portfolio Overview
25
 
 
 
 
Top Forty Retailers Ranked by ABR
26
 
 
 
 
New & Renewal Lease Summary
27
 
 
 
 
New Lease Net Effective Rent
28
 
 
 
 
Anchor Space Repositioning Summary
29
 
 
 
 
Lease Expiration Schedule
30
 
 
 
 
Redevelopment & Outparcel Development Summary
31
 
 
 
 
Properties by Largest US MSAs
32
 
 
 
 
Largest MSAs by ABR
34
 
 
 
 
Properties by State
37
 
 
 
 
Property List
38
 
 
 
Guidance
 
 
 
 
 
Guidance & Additional Disclosures
49
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This presentation includes financial information for the Company’s actual results and pro forma results reflecting the impact associated with the distribution of the Excluded Properties in connection with the IPO completed on November 4, 2013.
 
 
 
 
 
 
 
Note: Financial information is unaudited.
 
 
 
 
 
 
 
 
 
For additional information, please visit www.brixmor.com, follow Brixmor on Twitter at www.twitter.com/Brixmor or find Brixmor on LinkedIn at www.linkedin.com/company/brixmor.
 
 
 
 
 
 
 
 
This Supplemental Disclosure may contain 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. These statements include, but are not limited to, statements related to the Company’s expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
 
 
 
 
 
 
 



Supplemental Disclosure - Three Months Ended June 30, 2015

 




GLOSSARY OF TERMS
 
 
 
 
 
 
Term
Definition
 
 
 
 
 
 
Anchor Spaces
Means space equal to or more than 10,000 sq. ft. of GLA.
 
 
 
 
 
 
Anchor Space Repositioning
Anchor leasing that is primarily focused on reconfiguring or remerchandising existing space with minimal work required outside of normal tenant
 
 
 
improvement costs.
 
 
 
 
 
 
Annualized Base Rent or "ABR"
As of a specified date means monthly base rent as of such date, under leases which have been signed or commenced as of the specified date multiplied
 
 
 
by 12. Annualized base rent (i) excludes tenant reimbursements or expenses borne by the tenants, such as the expenses for real estate taxes and
 
 
 
insurance and common area and other operating expenses, (ii) does not reflect amounts due per percentage rent lease terms, (iii) is calculated on a cash
 
 
 
basis and differs from how rent is calculated in accordance with GAAP for purposes of financial statements and (iv) does not include any ancillary
 
 
 
income at a property.
 
 
 
 
 
 
ABR per sq. ft. or "ABR/SF"
Is calculated as ABR divided by leased GLA, excluding ground leases.
 
 
 
 
 
 
Billed GLA
Includes leases for spaces where the tenant is currently paying rent.
 
 
 
 
 
 
Blended Lease Spreads
Means combined spreads for new and renewal leases (including exercised options) on comparable leases.
 
 
 
 
 
 
Capitalization Rate ("Cap Rate")
Net operating income divided by purchase price.
 
 
 
 
 
 
Community Shopping Center
Means a shopping center that meets the International Council of Shopping Centers’ (“ICSC”) definition of community center. ICSC generally defines a
 
 
 
community center as a shopping center with general merchandise or convenience-oriented merchandise. Although similar to a neighborhood center (as
 
 
 
defined below), a community shopping center offers a wider range of apparel and other soft goods than a neighborhood center.
 
 
 
Community centers range from 125,000 to 400,000 sq. ft. in GLA and are usually configured in a straight line as a strip and are commonly anchored by
 
 
 
discount stores, supermarkets, drugstores and large specialty discount stores.
 
 
 
 
 
 
Comparable Leases
Include only those spaces that were occupied within the prior 12 months.
 
 
 
 
 
 
EBITDA & Adjusted EBITDA
Is calculated as the sum of net income (loss) in accordance with generally accepted accounting principles in the United States of America (“GAAP”)
 
 
 
before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA as adjusted for (i) acquisition related costs,
 
 
 
(ii) gain (loss) on disposition of operating properties, (iii) impairment of real estate assets and real estate equity investments, (iv) gain (loss) on disposition of
 
 
 
unconsolidated joint ventures, (v) gain (loss) on extinguishment of debt, (vi) other items that are not indicative of the Company's operating performance
 
 
 
and (vii) after adjustments attributable to non-controlling interests not convertible into common stock.
 
 
 
EBITDA and Adjusted EBITDA are supplemental, non-GAAP measures utilized in various financial ratios and are helpful to securities analysts, investors and
 
 
 
other interested parties in the evaluation of REITs, as a measure of Brixmor’s operational performance because EBITDA and Adjusted EBITDA exclude
 
 
 
various items that do not relate to or are not indicative of its operating performance. In addition, it includes the results of operations of real estate
 
 
 
properties that have been sold or classified as real estate held for sale at the end of the reporting period. Accordingly, the use of EBITDA and Adjusted
 
 
 
EBITDA in various ratios provides a meaningful performance measure as it relates to its ability to meet various coverage tests for the stated period.
 
 
 
EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of financial
 
 
 
performance and are not alternatives to cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity.
 
 
 
Non-GAAP financial measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should
 
 
 
always be considered as supplemental to financial results presented in accordance with GAAP. Computation of EBITDA and Adjusted EBITDA may differ
 
 
 
in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to such other REITs. Investors are cautioned that
 
 
 
items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and addressing financial performance.
 
 
 
 
 
 
Excluded Properties
Includes 47 properties either distributed to certain investment funds affiliated with the Blackstone Group L.P. in connection with the IPO completed on
 
 
 
November 4, 2013 or sold.
 
 
 
 
 
 
Funds From Operations (“FFO")
Is a supplemental non-GAAP financial measure utilized to evaluate the operating performance of real estate companies. The National Association of Real
 
 
 
Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) in accordance with GAAP excluding (i) gain (loss) on disposition of operating properties,
 
 
 
and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties, (iv) impairment of operating properties and real estate equity
 
 
 
investments, and (v) after adjustments for joint ventures calculated to reflect funds from operations on the same basis. FFO attributable to stockholders and
 
 
 
non-controlling interests convertible into common stock is FFO as further adjusted to exclude net income (loss) attributable to non-controlling interests not
 
 
 
convertible into common stock. The Company believes FFO attributable to stockholders and non-controlling interests convertible into common stock is a
 
 
 
meaningful supplemental measure that is more reflective of its operating performance by excluding FFO attributable to non-controlling interests not
 
 
 
convertible into common stock.
 
 
 
The Company presents FFO and FFO attributable to stockholders and non-controlling interests convertible into common stock as it considers them
 
 
 
important supplemental measures of its operating performance and the Company believes they are frequently used by securities analysts, investors and
 
 
 
other interested parties in the evaluation of REITs. FFO and FFO attributable to stockholders and non-controlling interests convertible into common stock
 
 
 
should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of financial performance and are not
 
 
 
alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of liquidity. Non-GAAP financial measures have
 
 
 
limitations as they do not include all items of income and expense that affect operations and, accordingly, should always be considered as supplemental
 
 
 
to financial results presented in accordance with GAAP. Computation of FFO and FFO attributable to stockholders and non-controlling interests
 
 
 
convertible into common stock may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to
 
 
 
similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from FFO and FFO attributable to stockholders and
 
 
 
non-controlling interests convertible into common stock are significant components in understanding and addressing financial performance.
 
 
 
 
 
 
Gross Leasable Area or "GLA"
Represents the total amount of property square footage that can generate income by being leased to tenants.
 
 
 
 
 
 
Ground Lease
A long-term lease of land in which the tenant erects improvements at its own expense. At the end of the lease term, the improvements become the
 
 
 
property of the landowner.
 
 
 
 
 
 
Leased GLA
Includes the aggregate GLA of all leases in effect on a given date, including those that are fully executed but as to which the tenant has not yet opened
 
 
 
for business and/or not yet commenced the payment of rent.
 
 
 
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 1




 
LIBOR
Means London Interbank Offered Rate.
 
 
 
 
 
 
Metropolitan Statistical Area or "MSA"
Is defined by the United States Office of Management and Budget (“OMB”) as a region associated with at least one urbanized area that has a population
 
 
 
of at least 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and
 
 
 
economic integration with the central county or counties as measured through commuting.
 
 
 
 
 
 
Neighborhood Shopping Center
Means a shopping center that meets ICSC’s definition of neighborhood center. ICSC generally defines a neighborhood center as a shopping center with
 
 
 
offerings that are convenience-oriented. Neighborhood centers range from 30,000 to 125,000 sq. ft. in GLA and are generally anchored by a supermarket.
 
 
 
 
 
 
Net Effective Rent
Adjusts for any tenant incentive / allowance, landlord work, third party leasing commissions and rent concessions at 100% of costs, weighted by GLA over
 
 
 
the lease term.
 
 
 
 
 
 
Net Operating Income or "NOI"
Is calculated as total property revenues (minimum rent, percentage rents, and recoveries from tenants and other income) less direct property operating
 
 
 
expenses (operating and maintenance and real estate taxes) from the properties owned by Brixmor. NOI excludes corporate level income (including
 
 
 
management, transaction, and other fees).
 
 
 
NOI is a supplemental, non-GAAP measure utilized to evaluate the operating performance of real estate companies and is frequently used by securities
 
 
 
analysts, investors and other interested parties in understanding business and operating results regarding the underlying economics of Brixmor's business
 
 
 
operations. NOI is not intended to be a performance measure that should be regarded as an alternative to, or more meaningful than, net income
 
 
 
(determined in accordance with GAAP) or other GAAP financial measures. Non-GAAP financial measures have limitations as they do not include all items
 
 
 
of income and expense that affect operations, and accordingly, should always be considered as supplemental to financial results presented in
 
 
 
accordance with GAAP. Computation of NOI may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be
 
 
 
comparable to such other REITs.
 
 
 
 
 
 
NOI Yield
Is calculated as projected NOI over incremental cost of a given anchor space repositioning / redevelopment project.
 
 
 
 
 
 
Non-controlling Interests
The non-controlling interests relate to the portion of Brixmor Operating Partnership LP ("OP”), a consolidated subsidiary, held by the non-controlling
 
 
 
interest holders. As of June 30, 2015, the Company, through its 100% ownership of BPG Subsidiary, Inc., owns 98.09% of the OP. The remaining 1.91%
 
 
 
is held by certain investment funds affiliated with the Blackstone Group L.P. and management of the Company.
 
 
 
 
 
 
Non-owned Major Tenant
Also called shadow anchor. Includes tenants that are situated on parcels which are owned by unrelated third parties, but, due to their location within or
 
 
 
immediately adjacent to shopping center, to the consumer appear as another retail tenant of the shopping center and, as a result, attract additional
 
 
 
customer traffic to the center.
 
 
 
 
 
 
Percent Leased
Refers to the percentage of GLA that is leased, includes lease agreements that have been signed but not yet commenced.
 
 
 
 
 
 
Pro Forma
Reflects the impact associated with the distribution of 36 of the Excluded Properties during the first quarter of 2014. The pro forma adjustments
 
 
 
assume that the distribution of the properties was completed as of January 1, 2014.
 
 
 
 
 
 
PSF
Means per square foot ("sq. ft.") of GLA.
 
 
 
 
 
 
Redevelopment Properties
Larger scale projects that typically involve substantial demolition of a portion of the shopping center to accommodate new retailers. These projects
 
 
 
typically are accompanied with new construction and site infrastructure costs.
 
 
 
 
 
 
Renewal Leases
Includes expiring leases renewed with the same tenant or the exercise of options by tenants to extend the term of expiring leases. All other leases are
 
 
 
categorized as new.
 
 
 
 
 
 
Rent Growth
Is calculated as ABR in the final year of the lease compared to ABR in the first year of the new lease. New lease spreads include only those spaces that
 
 
 
were occupied within the prior 12 months. Renewal and option lease spreads include leases rolling over with the same tenant in the same location. Data
 
 
 
includes all leases in effect, including those that are fully executed, but not yet open.
 
 
 
 
 
 
Same Property Net Operating Income
Is calculated (using properties owned as of the end of both reporting periods and for the entirety of both periods excluding properties classified as
 
 
or Same Property NOI
discontinued operations), as rental income (minimum rent, percentage rents, tenant recoveries and other property income) less rental operating expenses
 
 
 
(property operating expenses, real estate taxes and bad debt expense) of the properties owned by Brixmor. Same property NOI includes an
 
 
 
unconsolidated joint venture at pro rata share. Same property NOI excludes corporate level income (including transaction and other fees), lease
 
 
 
termination income, straight-line rent and amortization of above- and below-market leases of the same property pool from the prior year reporting period
 
 
 
to the current year reporting period.
 
 
 
Same property NOI is a supplemental, non-GAAP financial measure utilized to evaluate the operating performance of real estate companies and the
 
 
 
Company believes it is frequently used by securities analysts, investors and other interested parties in understanding business and operating results
 
 
 
regarding the underlying economics of Brixmor's business operations. It includes only the net operating income of properties owned for the full period
 
 
 
presented, which eliminates disparities in net income due to the acquisition or disposition of properties during the period presented, and therefore,
 
 
 
provides a more consistent metric for comparing the performance of properties. Management uses same property NOI to review operating results for
 
 
 
comparative purposes with respect to previous periods or forecasts, and also to evaluate future prospects. Same property NOI is not intended to be a
 
 
 
performance measure that should be regarded as an alternative to, or more meaningful than, net income (determined in accordance with GAAP) or
 
 
 
other GAAP financial measures. Non-GAAP financial measures have limitations as they do not include all items of income and expense that affect
 
 
 
operations, and accordingly, should always be considered as supplemental to financial results presented in accordance with GAAP. Computation of
 
 
 
same property NOI may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to such other REITs.
 
 
 
 
 
 
Small Shop Spaces
Means space of less than 10,000 sq. ft. of GLA.
 
 
 
 
 
 
Straight-line Rent
GAAP requirement to average the tenant's rent payments over the life of the lease, regardless of actual cash collected in the period.
 
 
 
 
 
 
Year Built
Year of most recent anchor space repositioning / redevelopment or year built if no anchor space repositioning / redevelopment has occurred.
 
 
 
 
 

                                                                                                                                                                                                   

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 2


RESULTS OVERVIEW
Unaudited, dollars in thousands except per share and per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual Results
 
Actual Results
 
Pro Forma
 
 
Actual Results
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
Six Months
 
Summary Financial Results
 
6/30/15
 
6/30/14
 
6/30/15
 
6/30/14
 
 
Ended 6/30/14
 
 
Total revenues (page 6)
 
$
312,111

 
$
307,949

 
$
627,404

 
$
615,525

 
 
$
615,525

 
 
Net income attributable to common stockholders (page 6)
 
54,112

 
23,473

 
84,535

 
38,901

 
 
38,874

 
 
Net income attributable to common stockholders - per diluted share (page 6)
 
0.18

 
0.10

 
0.28

 
0.17

 
 
0.17

 
 
Adjusted EBITDA (page 8)
 
215,153

 
209,312

 
428,971

 
414,157

 
 
414,163

 
 
FFO (page 9)
 
149,051

 
140,392

 
288,206

 
273,394

 
 
278,626

 
 
FFO attributable to stockholders and non-controlling interests convertible into
 
149,051

 
140,070

 
288,206

 
272,748

 
 
272,748

 
 
 
common stock (page 9)
 
 
 
 
 
 
 
 
 
 
 
 
 
FFO per share/OP Unit - diluted (page 9)
 
0.49

 
0.46

 
0.95

 
0.90

 
 
0.90

 
 
 
Items that impact FFO comparability, net per share (page 9)
 
(0.00
)
 
(0.00
)
 
(0.03
)
 
(0.01
)
 
 
0.01

 
 
Dividends declared per share/OP Unit (page 9)
 
0.225

 
0.200

 
0.450

 
0.400

 
 
0.400

 
 
Share/OP Unit dividend payout ratio (as % of FFO) (page 9)
 
45.9
%
 
43.4
%
 
47.5
%
 
44.6
%
 
 
44.6
%
 
 
NOI (page 11)
 
234,411

 
228,595

 
467,374

 
453,599

 
 
453,599

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Summary Operating and Financial Ratios
 
6/30/15
 
3/31/15
 
12/31/14
 
9/30/14
 
 
6/30/2014
 
 
NOI margin (page 11)
 
75.2
%
 
74.0
%
 
73.5
%
 
75.2
%
 
 
74.4
%
 
 
Same property NOI (page 12) (1)
 
3.6
%
 
3.4
%
 
3.9
%
 
3.9
%
 
 
3.8
%
 
 
Fixed charge coverage (page 14)
 
3.1x

 
3.1x

 
3.0x

 
2.9x

 
 
2.8x

 
 
Net principal debt to adjusted EBITDA (GAAP) (page 14)
 
6.8x

 
6.9x

 
6.9x

 
6.9x

 
 
7.0x

 
 
Net principal debt to adjusted EBITDA (cash) (page 14)
 
7.4x

 
7.5x

 
7.5x

 
7.5x

 
 
7.6x

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding Classes of Stock and Partnership Units
 
At 6/30/15
 
At 3/31/15
 
At 12/31/14
 
At 9/30/14
 
 
At 6/30/14
 
 
Common shares outstanding (page 14)
 
298,489

 
298,484

 
296,552

 
245,086

 
 
245,086

 
 
Exchangeable BPG Sub shares held by non-controlling interests (page 14)
 

 

 

 
50,182

 
 
50,182

 
 
Exchangeable OP Units held by non-controlling interests (page 14)
 
5,814

 
5,821

 
7,695

 
8,953

 
 
8,953

 
 
Total
 
304,303

 
304,305

 
304,247

 
304,221

 
 
304,221

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary Portfolio Statistics
 
At 6/30/15
 
At 3/31/15
 
At 12/31/14
 
At 9/30/14
 
 
At 6/30/14
 
 
Number of properties (page 25)
 
519

 
520

 
521

 
522

 
 
522

 
 
Percent leased (page 25)
 
92.5
%
 
92.4
%
 
92.8
%
 
92.7
%
 
 
92.5
%
 
 
Percent billed (page 25)
 
90.3
%
 
90.3
%
 
91.3
%
 
90.8
%
 
 
90.5
%
 
 
ABR / SF (page 25)
 
$
12.31

 
$
12.19

 
$
12.14

 
$
12.10

 
 
$
12.04

 
 
Total rent spread (page 27)
 
16.1
%
 
13.7
%
 
13.9
%
 
13.9
%
 
 
11.3
%
 
 
New lease rent spread (page 27)
 
50.4
%
 
39.4
%
 
41.6
%
 
32.5
%
 
 
27.3
%
 
 
Renewal lease rent spread (page 27)
 
9.1
%
 
8.6
%
 
7.8
%
 
9.6
%
 
 
8.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Excludes Excluded Properties. Includes joint venture, Montecito Marketplace, at pro rata share.
 
 
 
 
 
 
 
 
 






Supplemental Disclosure - Three Months Ended June 30, 2015
Page 3




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FINANCIAL SUMMARY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Disclosure
Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





CONSOLIDATED BALANCE SHEETS
 
 
 
 
Unaudited, dollars in thousands, except share information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/15
 
12/31/14
 
 
Assets
 
 
 
 
 
 
Real estate
 
 
 
 
 
 
 
Land
$
2,008,601

 
$
2,000,415

 
 
 
 
Buildings and improvements
8,870,376

 
8,801,834

 
 
 
 
 
 
10,878,977

 
10,802,249

 
 
 
 
Accumulated depreciation and amortization
(1,711,841
)
 
(1,549,234
)
 
 
 
Real estate, net
9,167,136

 
9,253,015

 
 
 
Investments in and advances to unconsolidated joint ventures
5,039

 
5,072

 
 
 
Cash and cash equivalents
42,735

 
60,595

 
 
 
Restricted cash
61,163

 
53,164

 
 
 
Marketable securities
20,034

 
20,315

 
 
 
Receivables, net of allowance for doubtful accounts of $13,435 and $14,070
169,359

 
182,424

 
 
 
Deferred charges and prepaid expenses, net
97,923

 
94,269

 
 
 
Other assets
14,115

 
13,059

 
 
Total assets
$
9,577,504

 
$
9,681,913

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Debt obligations, net
$
5,998,651

 
$
6,022,508

 
 
 
Accounts payable, accrued expenses and other liabilities
636,610

 
679,102

 
 
Total liabilities
6,635,261

 
6,701,610

 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
Common stock, $0.01 par value; authorized 3,000,000,000 shares;
 
 
 
 
 
 
 
298,488,602 and 296,552,142 shares outstanding
2,985

 
2,966

 
 
 
Additional paid in capital
3,257,439

 
3,223,941

 
 
 
Accumulated other comprehensive loss
(6,136
)
 
(4,435
)
 
 
 
Distributions and accumulated losses
(369,194
)
 
(318,762
)
 
 
Total stockholders' equity
2,885,094

 
2,903,710

 
 
 
Non-controlling interests
57,149

 
76,593

 
 
Total equity
2,942,243

 
2,980,303

 
 
Total liabilities and equity
$
9,577,504

 
$
9,681,913

 


Supplemental Disclosure - Three Months Ended June 30, 2015
Page 5




CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited, dollars in thousands, except per share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual Results
 
Actual Results
 
Pro Forma
 
 
Actual Results
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
Six Months
 
 
 
 
 
6/30/15
 
6/30/14
 
6/30/15
 
6/30/14
 
 
Ended 6/30/14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
Rental income
$
244,030

 
$
239,987

 
$
487,600

 
$
477,154

 
 
$
477,154

 
 
Expense reimbursements
65,512

 
65,655

 
135,266

 
134,251

 
 
134,251

 
 
Other revenues
2,569

 
2,307

 
4,538

 
4,120

 
 
4,120

 
Total revenues
312,111


307,949

 
627,404

 
615,525

 
 
615,525

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
Operating costs
30,667

 
31,889

 
65,827

 
66,764

 
 
66,764

 
 
Real estate taxes
43,974

 
43,812

 
88,163

 
88,246

 
 
88,246

 
 
Depreciation and amortization
104,441

 
109,600

 
212,985

 
222,820

 
 
222,820

 
 
Provision for doubtful accounts
2,525

 
2,980

 
5,020

 
5,846

 
 
5,846

 
 
Impairment of real estate assets

 

 
807

 

 
 

 
 
General and administrative
20,285

 
19,939

 
51,000

 
39,597

 
 
39,597

 
Total operating expenses
201,892


208,220

 
423,802

 
423,273

 
 
423,273

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
 
 
 
 
Dividends and interest
90

 
159

 
184

 
267

 
 
267

 
 
Interest expense
(62,158
)
 
(65,953
)
 
(124,722
)
 
(133,919
)
 
 
(133,919
)
 
 
Gain on sale of real estate assets
9,224

 

 
9,224

 
378

 
 
378

 
 
Gain (loss) on extinguishment of debt, net
493

 
(757
)
 
785

 
(3,033
)
 
 
(3,033
)
 
 
Other
(2,811
)
 
(1,969
)
 
(2,995
)
 
(4,130
)
 
 
(4,130
)
 
Total other expense
(55,162
)

(68,520
)
 
(117,524
)
 
(140,437
)
 
 
(140,437
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before equity in income of unconsolidated joint ventures
55,057

 
31,209

 
86,078

 
51,815

 
 
51,815

 
Equity in income of unconsolidated joint ventures
110

 
71

 
225

 
204

 
 
136

 
Gain on disposition of investments in unconsolidated joint ventures

 

 

 

 
 
1,820

 
Income from continuing operations
55,167


31,280

 
86,303

 
52,019

 
 
53,771

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued operations
 
 
 
 
 
 
 
 
 
 
 
 
Income from discontinued operations

 
18

 

 
54

 
 
4,841

 
 
Gain on disposition of operating properties

 

 

 

 
 
14,426

 
Income from discontinued operations

 
18

 

 
54

 
 
19,267

 
Net income
55,167


31,298

 
86,303

 
52,073

 
 
73,038

 
Net income attributable to non-controlling interests
(1,055
)
 
(7,825
)
 
(1,768
)
 
(13,172
)
 
 
(34,164
)
 
Net income attributable to common stockholders
$
54,112

 
$
23,473

 
$
84,535

 
$
38,901

 
 
$
38,874

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Per common share:
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.18

 
$
0.10

 
$
0.28

 
$
0.17

 
 
$
0.17

 
 
 
Diluted
$
0.18

 
$
0.10

 
$
0.28

 
$
0.17

 
 
$
0.17

 
 
Net income attributable to common stockholders:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.18

 
$
0.10

 
$
0.28

 
$
0.17

 
 
$
0.17

 
 
 
Diluted
$
0.18

 
$
0.10

 
$
0.28

 
$
0.17

 
 
$
0.17

 
 
Weighted average shares:
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
298,464

 
228,978

 
297,332

 
228,547

 
 
228,547

 
 
 
Diluted
298,994

 
230,469

 
304,719

 
229,907

 
 
229,907

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Disclosure - Three Months Ended June 30, 2015
Page 6




CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
 
 
 
 
 
6/30/15
 
6/30/14
 
Operating activities:
 
 
 
 
Net income
$
86,303

 
$
73,038

 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
212,985

 
223,364

 
 
Debt premium and discount amortization
(9,859
)
 
(10,547
)
 
 
Deferred financing cost amortization
4,090

 
4,656

 
 
Above- and below-market lease intangible amortization
(24,437
)
 
(23,181
)
 
 
Provisions for impairment
807

 

 
 
Gain on disposition of operating properties, disposition of investments in unconsolidated joint ventures
    and acquisition of joint venture interest
(9,224
)
 
(16,624
)
 
 
Equity based compensation
15,548

 
5,123

 
 
Other
90

 
(113
)
 
 
Gain on extinguishment of debt, net
(795
)
 
(3,783
)
 
Changes in operating assets and liabilities:
 
 
 
 
 
Restricted cash
(8,863
)
 
6,168

 
 
Receivables
13,057

 
6,064

 
 
Deferred charges and prepaid expenses
(11,545
)
 
(16,867
)
 
 
Other assets
(253
)
 
330

 
 
Accounts payable, accrued expenses and other liabilities
3,489

 
(28,988
)
 
Net cash provided by operating activities
271,393

 
218,640

 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
Improvements to and investments in real estate assets
(97,875
)
 
(88,794
)
 
 
Acquisitions of real estate assets
(52,278
)
 

 
 
Proceeds from sales of real estate assets
41,795

 
2,778

 
 
Distributions from unconsolidated joint venture

 
187

 
 
Change in restricted cash attributable to investing activities
864

 
3,473

 
 
Purchase of marketable securities
(9,651
)
 
(19,604
)
 
 
Proceeds from sale of marketable securities
9,905

 
20,085

 
Net cash used in investing activities
(107,240
)
 
(81,875
)
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
Repayment of debt obligations and financing liabilities
(495,437
)
 
(815,089
)
 
 
Repayment of borrowings under unsecured revolving credit facility
(682,475
)
 
(655,047
)
 
 
Proceeds from borrowings under unsecured revolving credit facility
460,000

 
802,343

 
 
Proceeds from unsecured term loan and notes
695,156

 
600,000

 
 
Deferred financing costs
(1,899
)
 
(2,995
)
 
 
Distributions to common stockholders
(134,238
)
 
(75,109
)
 
 
Distributions to non-controlling interests
(23,120
)
 
(42,953
)
 
Net cash used in financing activities
(182,013
)
 
(188,850
)
 
Change in cash and cash equivalents
(17,860
)
 
(52,085
)
 
Cash and cash equivalents at beginning of period
60,595

 
113,915

 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
42,735

 
$
61,830

 
 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
 
 
Cash paid for interest, net of amount capitalized of $1,475 and $1,627
$
117,687

 
$
143,619

 
Supplemental non-cash investing and/or financing activities:
 
 
 
 
 
Net carrying value of properties distributed to non-controlling owners
$

 
$
178,969


Supplemental Disclosure - Three Months Ended June 30, 2015
Page 7




RECONCILIATION OF NET INCOME TO EBITDA
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual Results
 
Actual Results
 
Pro Forma
 
 
Actual Results
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
Six Months
 
 
 
 
 
6/30/15
 
6/30/14
 
6/30/15
 
6/30/14
 
 
Ended 6/30/14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
55,167

 
$
31,298

 
$
86,303

 
$
52,073

 
 
$
73,038

 
 
Interest expense - continuing operations
62,158

 
65,953

 
124,722

 
133,919

 
 
133,919

 
 
Interest expense - discontinued operations

 

 

 

 
 
259

 
 
Interest expense - unconsolidated joint ventures
43

 
44

 
86

 
84

 
 
86

 
 
Federal and state taxes
1,198

 
1,034

 
2,066

 
1,924

 
 
1,924

 
 
Depreciation and amortization - continuing operations
104,441

 
109,600

 
212,985

 
222,820

 
 
222,820

 
 
Depreciation and amortization - discontinued operations

 
66

 

 
114

 
 
545

 
 
Depreciation and amortization - unconsolidated joint ventures
21

 
21

 
43

 
41

 
 
123

 
EBITDA
$
223,028

 
$
208,016

 
$
426,205

 
$
410,975

 
 
$
432,714

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA
$
223,028

 
$
208,016

 
$
426,205

 
$
410,975

 
 
$
432,714

 
 
Gain on disposition of operating properties
(9,224
)
 

 
(9,224
)
 
(378
)
 
 
(14,804
)
 
 
Gain on disposition of unconsolidated joint ventures

 

 

 

 
 
(1,820
)
 
 
(Gain) loss on extinguishment of debt, net
(493
)
 
757

 
(785
)
 
3,033

 
 
(3,041
)
 
 
Impairment of real estate assets

 

 
807

 

 
 

 
 
Non-operating items (1)
1,842

 
861

 
11,968

 
1,173

 
 
1,173

 
 
Adjustments to non-controlling interests not convertible into common stock

 
(322
)
 

 
(646
)
 
 
(59
)
 
 
Total adjustments
(7,875
)
 
1,296

 
2,766

 
3,182

 
 
(18,551
)
 
Adjusted EBITDA
215,153


209,312

 
428,971

 
414,157

 
 
414,163

 
 
Straight-line rent
(5,336
)
 
(4,856
)
 
(9,309
)
 
(9,764
)
 
 
(9,713
)
 
 
Above- and below-market rent amortization
(10,907
)
 
(11,601
)
 
(24,437
)
 
(23,170
)
 
 
(23,181
)
 
 
Adjustments to non-controlling interests not convertible into common stock

 

 

 

 
 
(46
)
 
 
Total adjustments
(16,243
)
 
(16,457
)
 
(33,746
)
 
(32,934
)
 
 
(32,940
)
 
Cash adjusted EBITDA
$
198,910

 
$
192,855

 
$
395,225

 
$
381,223

 
 
$
381,223

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Non-operating items consist of the following: (i) a non-cash, non-recurring charge related to compensation programs prior to the Company's IPO of $9,875 for the six months ended June 30, 2015; (ii) shareholder equity offering expenses of $355 and $861 for the three months ended June 30, 2015 and 2014, respectively; and $606 and $1,173 for the six months ended June 30, 2015 and 2014, respectively; and (iii) property acquisition expenses of $1,487 for each of the three and six months ended June 30, 2015.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 8




RECONCILIATION OF NET INCOME TO FFO
Unaudited, dollars in thousands, except per share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual Results
 
Actual Results
 
Pro Forma
 
 
Actual Results
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
Six Months
 
 
 
 
 
6/30/15
 
6/30/14
 
6/30/15
 
6/30/14
 
 
Ended 6/30/14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
55,167

 
$
31,298

 
$
86,303

 
$
52,073

 
 
$
73,038

 
 
Gain on disposition of operating properties
(9,224
)
 

 
(9,224
)
 
(378
)
 
 
(14,804
)
 
 
Gain on disposition of unconsolidated joint ventures

 

 

 

 
 
(1,820
)
 
 
Depreciation and amortization- real estate related- continuing
    operations
103,087

 
109,007

 
210,277

 
221,544

 
 
221,544

 
 
Depreciation and amortization- real estate related- discontinued
    operations

 
66

 

 
114

 
 
545

 
 
Depreciation and amortization- real estate related- unconsolidated
    joint ventures
21

 
21

 
43

 
41

 
 
123

 
 
Impairment of real estate assets

 

 
807

 

 
 

 
FFO
 
 
149,051

 
140,392

 
288,206

 
273,394

 
 
278,626

 
 
Adjustments attributable to non-controlling interests not convertible
    into common stock

 
(322
)
 

 
(646
)
 
 
(5,878
)
 
FFO attributable to stockholders and non-controlling interests convertible
    into common stock
$
149,051

 
$
140,070

 
$
288,206

 
$
272,748

 
 
$
272,748

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FFO per share/OP Unit - diluted
$
0.49

 
$
0.46

 
$
0.95

 
$
0.90

 
 
$
0.90

 
Weighted average shares/OP Units outstanding - basic and diluted (1)
304,826

 
304,390

 
304,730

 
304,253

 
 
304,253

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Items that impact FFO comparability
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-cash, non-recurring charge related to compensation programs
    prior to the Company's IPO
$

 
$

 
$
(9,875
)
 
$

 
 
$

 
 
 
Property acquisition expenses
(1,487
)
 

 
(1,487
)
 

 
 

 
 
 
Gain (loss) on extinguishment of debt, net
493

 
(757
)
 
785

 
(3,033
)
 
 
3,041

 
 
Total items that impact FFO comparability
$
(994
)
 
$
(757
)
 
$
(10,577
)
 
$
(3,033
)
 
 
$
3,041

 
 
Items that impact FFO comparability, net per share
$
(0.00
)
 
$
(0.00
)
 
$
(0.03
)
 
$
(0.01
)
 
 
$
0.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per share/OP Unit
$
0.225

 
$
0.200

 
$
0.450

 
$
0.400

 
 
$
0.400

 
Shares/OP Unit dividends declared
$
68,468

 
$
60,846

 
$
136,934

 
$
121,692

 
 
$
121,692

 
Share/OP Unit dividend payout ratio (as % of FFO)
45.9
%
 
43.4
%
 
47.5
%
 
44.6%

 
 
44.6%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Basic and diluted shares/OP Units outstanding reflects an assumed conversion of certain BPG Sub shares and OP Units to common stock of the Company and the vesting of certain restricted
stock awards.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 9




SUPPLEMENTAL BALANCE SHEET DETAIL
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/15
 
12/31/14
 
 
 
 
 
 
 
 
 
Real estate, net
 
 
 
 
 
Land
$
2,008,601

 
$
2,000,415

 
 
Buildings and improvements
 
 
 
 
 
 
Building
7,355,857

 
7,332,073

 
 
 
Building and tenant improvements
580,167

 
522,601

 
 
 
Construction in process (anchor space repositioning and redevelopment only)
39,590

 
29,750

 
 
 
Lease intangibles
894,762

 
917,410

 
 
 
 
 
10,878,977

 
10,802,249

 
 
Accumulated depreciation and amortization
(1,711,841
)
 
(1,549,234
)
 
 
 
Total real estate, net
$
9,167,136

 
$
9,253,015

 
 
 
 
 
 
 
 
 
Receivables, net
 
 
 
 
 
Straight-line rent receivable
$
77,343

 
$
67,771

 
 
Tenant receivables
93,796

 
115,802

 
 
Allowance for doubtful accounts
(13,435
)
 
(14,070
)
 
 
Other
11,655

 
12,921

 
 
Total receivables, net
$
169,359

 
$
182,424

 
 
 
 
 
 
 
 
 
Deferred charges and prepaid expenses, net
 
 
 
 
 
Deferred charges, net
$
73,243

 
$
67,539

 
 
Prepaid expenses, net
24,680

 
26,730

 
 
Total deferred charges and prepaid expenses, net
$
97,923

 
$
94,269

 
 
 
 
 
 
 
 
 
Other assets
 
 
 
 
 
Furniture, fixtures and leasehold improvements, net
$
8,514

 
$
10,921

 
 
Other
5,601

 
2,138

 
 
Total other assets
$
14,115

 
$
13,059

 
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other liabilities
 
 
 
 
 
Accounts payable and accrued expenses
$
220,010

 
$
239,287

 
 
Dividends payable
69,444

 
68,821

 
 
Below market leases, net
296,636

 
325,935

 
 
Other
50,520

 
45,059

 
 
Total accounts payable, accrued expenses and other liabilities
$
636,610

 
$
679,102

 
 
 
 
 
 
 
 




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 10




NOI DETAIL, SUPPLEMENTAL STATEMENT OF OPERATIONS DETAIL, OPERATING RATIOS & ADDITIONAL DISCLOSURES
 
 
 
 
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual Results
 
Actual Results
 
Pro Forma
 
 
Actual Results
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
Six Months
 
 
 
 
 
6/30/15
 
6/30/14
 
6/30/15
 
6/30/14
 
 
Ended 6/30/14
 
Net Operating Income Detail
 
 
 
 
 
 
 
 
 
 
 
 
Rental income
$
244,030

 
$
239,987

 
$
487,600

 
$
477,154

 
 
$
477,154

 
 
Expense reimbursements
65,512

 
65,655

 
135,266

 
134,251

 
 
134,251

 
 
Percentage rents
2,035

 
1,634

 
3,518

 
3,050

 
 
3,050

 
 
Operating costs
(30,667
)
 
(31,889
)
 
(65,827
)
 
(66,764
)
 
 
(66,764
)
 
 
Real estate taxes
(43,974
)
 
(43,812
)
 
(88,163
)
 
(88,246
)
 
 
(88,246
)
 
 
Provision for doubtful accounts
(2,525
)
 
(2,980
)
 
(5,020
)
 
(5,846
)
 
 
(5,846
)
 
Net operating income
234,411

 
228,595

 
467,374

 
453,599

 
 
453,599

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of net operating income to net income attributable to common stockholders
 
 
 
 
 
 
 
 
 
 
 
Fee income
$
534

 
$
673

 
$
1,020

 
$
1,070

 
 
$
1,070

 
 
Depreciation and amortization
(104,441
)
 
(109,600
)
 
(212,985
)
 
(222,820
)
 
 
(222,820
)
 
 
Impairment of real estate assets

 

 
(807
)
 

 
 

 
 
General and administrative
(20,285
)
 
(19,939
)
 
(51,000
)
 
(39,597
)
 
 
(39,597
)
 
 
Total other income (expense)
(55,162
)
 
(68,520
)
 
(117,524
)
 
(140,437
)
 
 
(140,437
)
 
 
Equity in income of unconsolidated joint ventures
110

 
71

 
225

 
204

 
 
136

 
 
Gain on disposition of investments in unconsolidated joint ventures

 

 

 

 
 
1,820

 
 
Income from discontinued operations

 
18

 

 
54

 
 
19,267

 
 
Net income attributable to non-controlling interests
(1,055
)
 
(7,825
)
 
(1,768
)
 
(13,172
)
 
 
(34,164
)
 
Net income attributable to common stockholders
$
54,112

 
$
23,473

 
$
84,535

 
$
38,901

 
 
$
38,874

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Statement of Operations Detail
 
 
 
 
 
 
 
 
 
 
 
Rental income
 
 
 
 
 
 
 
 
 
 
 
 
Base rent
$
222,748

 
$
218,457

 
$
445,646

 
$
436,624

 
 
$
436,624

 
 
Lease termination fees
285

 
1,266

 
718

 
1,573

 
 
1,573

 
 
Straight-line rent
5,336

 
4,856

 
9,309

 
9,768

 
 
9,768

 
 
Above- and below-market rent amortization, net
10,907

 
11,599

 
24,437

 
23,166

 
 
23,166

 
 
Ancillary and other
4,754

 
3,809

 
7,490

 
6,023

 
 
6,023

 
 
Total rental income
$
244,030

 
$
239,987

 
$
487,600

 
$
477,154

 
 
$
477,154

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other revenues
 
 
 
 
 
 
 
 
 
 
 
 
Percentage rents
$
2,035

 
$
1,634

 
$
3,518

 
$
3,050

 
 
$
3,050

 
 
Fee income
534

 
673

 
1,020

 
1,070

 
 
1,070

 
 
Total other revenues
$
2,569

 
$
2,307

 
$
4,538

 
$
4,120

 
 
$
4,120

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage and note interest
$
52,456

 
$
55,817

 
$
105,566

 
$
114,750

 
 
$
114,750

 
 
Unsecured credit facility and term loan interest
12,472

 
13,082

 
24,926

 
25,154

 
 
25,154

 
 
Deferred financing cost amortization
2,043

 
2,134

 
4,091

 
4,656

 
 
4,656

 
 
Debt premium and discount amortization, net
(4,813
)
 
(5,080
)
 
(9,861
)
 
(10,641
)
 
 
(10,641
)
 
 
Total interest expense
$
62,158

 
$
65,953

 
$
124,722

 
$
133,919

 
 
$
133,919

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
 
 
 
 
Federal and state taxes
$
1,198

 
$
1,034

 
$
2,066

 
$
1,924

 
 
$
1,924

 
 
Other
1,613

 
935

 
929

 
2,206

 
 
2,206

 
 
Total other
$
2,811

 
$
1,969

 
$
2,995

 
$
4,130

 
 
$
4,130

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Ratios
 
 
 
 
 
 
 
 
 
 
 
 
NOI margin (NOI / total rental revenues) (1)(2)
75.2
%
 
74.4
%
 
74.6
%
 
73.8
%
 
 
73.8
%
 
 
Expense recovery ratio (expense reimbursements / (operating costs + real estate
    taxes))
87.8
%
 
86.7
%
 
87.8
%
 
86.6
%
 
 
86.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional Disclosures
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
$
819

 
$
954

 
$
1,475

 
$
1,626

 
 
$
1,626

 
 
Equity based compensation (3)
2,597

 
3,006

 
15,548

 
5,123

 
 
5,123

 
 
Capitalized direct leasing compensation costs
3,769

 
3,794

 
7,565

 
7,531

 
 
7,531

 
 
Capitalized direct construction compensation costs
1,442

 
1,518

 
3,051

 
2,912

 
 
2,912

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) NOI excludes unconsolidated joint venture Montecito Marketplace NOI of $186 and $365 at pro rata share for the three and six months ended June 30, 2015, respectively.
(2) NOI includes straight-line rents and above- and below-market rent amortization, net.
 
 
 
 
 
 
 
 
 
 
(3) Includes a non-cash, non-recurring charge related to compensation programs prior to the Company's IPO of $9,875 for the six months ended June 30, 2015.

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 11




SAME PROPERTY NOI ANALYSIS & RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
Six Months Ended
 
 
 
 
 
 
 
6/30/15
 
6/30/14
 
Change
 
6/30/15
 
6/30/14
 
Change
 
Same Property NOI Analysis
 
 
 
 
 
 
 
 
 
 
 
 
Number of properties
516

 
516

 
 
516

 
516

 
 
Percent billed
90.3
%
 
90.5
%
 
(0.2%)
 
90.3
%
 
90.5
%
 
(0.2%)
 
Percent leased
92.5
%
 
92.5
%
 
 
92.5
%
 
92.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental income
$
227,511

 
$
221,756

 
 
 
$
452,861

 
$
441,390

 
 
 
 
Expense reimbursements
65,476

 
65,428

 
 
 
135,100

 
133,806

 
 
 
 
Percentage rents
2,061

 
1,623

 
 
 
3,541

 
3,040

 
 
 
 
 
 
 
295,048

 
288,807

 
2.2%
 
591,502

 
578,236

 
2.3%
 
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating costs
(30,498
)
 
(31,755
)
 
 
 
(65,773
)
 
(66,435
)
 
 
 
 
Real estate taxes
(44,003
)
 
(43,531
)
 
 
 
(87,990
)
 
(87,719
)
 
 
 
 
Provision for doubtful accounts
(2,487
)
 
(2,986
)
 
 
 
(4,918
)
 
(5,853
)
 
 
 
 
 
 
 
(76,988
)
 
(78,272
)
 
(1.6%)
 
(158,681
)
 
(160,007
)
 
(0.8%)
 
Same property NOI
$
218,060

 
$
210,535

 
3.6%
 
$
432,821

 
$
418,229

 
3.5%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same property NOI excluding redevelopments (1)
$
214,542

 
$
207,228

 
3.5%
 
$
425,762

 
$
411,761

 
3.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI margin (2)
73.9
%
 
72.9
%
 
1.4%
 
73.2
%
 
72.3
%
 
1.2%
 
Expense recovery ratio
87.9
%
 
86.9
%
 
1.1%
 
87.9
%
 
86.8
%
 
1.2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent contribution to same property NOI growth:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change
 
Percent Change
 
 
 
Change
 
Percent Change
 
 
 
 
Rent growth
$
5,755

 
2.8%
 
 
 
$
11,471

 
2.8%
 
 
 
 
Net recoveries
833

 
0.4%
 
 
 
1,685

 
0.4%
 
 
 
 
Other revenues
438

 
0.2%
 
 
 
501

 
0.1%
 
 
 
 
Provision for doubtful accounts
499

 
0.2%
 
 
 
935

 
0.2%
 
 
 
 
 
 
 
 
 
3.6%
 
 
 
 
 
3.5%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of Net Income Attributable to Common Stockholders to Same Property NOI
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common stockholders
$
54,112

 
$
23,473

 
 
 
$
84,535

 
$
38,874

 
 
 
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue adjustments (3)
(16,171
)
 
(17,625
)
 
 
 
(33,985
)
 
(34,337
)
 
 
 
 
Depreciation and amortization
104,441

 
109,600

 
 
 
212,985

 
222,820

 
 
 
 
Impairment of real estate assets

 

 
 
 
807

 

 
 
 
 
General and administrative
20,285

 
19,939

 
 
 
51,000

 
39,597

 
 
 
 
Total other expense
55,162

 
68,520

 
 
 
117,524

 
140,437

 
 
 
 
Equity in income of unconsolidated joint ventures
(110
)
 
(71
)
 
 
 
(225
)
 
(136
)
 
 
 
 
Gain on disposition of investments in unconsolidated joint ventures

 

 
 
 

 
(1,820
)
 
 
 
 
Pro rata share of same property NOI of unconsolidated joint ventures
186

 
172

 
 
 
365

 
362

 
 
 
 
Income from discontinued operations

 
(18
)
 
 
 

 
(19,267
)
 
 
 
 
Net income attributable to non-controlling interests
1,055

 
7,825

 
 
 
1,768

 
34,164

 
 
 
 
Non-same property NOI
(900
)
 
(1,280
)
 
 
 
(1,953
)
 
(2,465
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same property NOI
$
218,060

 
$
210,535

 
 
 
$
432,821

 
$
418,229

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impact of redevelopments
(3,518
)
 
(3,307
)
 
 
 
(7,059
)
 
(6,468
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same property NOI excluding redevelopments (1)
$
214,542

 
$
207,228

 
 
 
$
425,762

 
$
411,761

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Excludes three redevelopment properties for the three and six months ended June 30, 2015 and June 30, 2014.
 
 
 
 
 
 
 
 
(2) NOI excludes straight-line rents and above- and below-market rent amortization, net.
 
 
 
 
 
 
 
 
 
 
(3) Includes adjustments for lease settlement income, straight-line rents, above- and below-market rent amortization, net and fee income from managed properties and unconsolidated joint
ventures.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Disclosure - Three Months Ended June 30, 2015
Page 12




CAPITAL EXPENDITURES
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months
 
Six Months
 
 
 
 
 
Ended 6/30/15
 
Ended 6/30/15
 
 
 
 
 
 
 
 
 
Leasing related:
 
 
 
 
 
Anchor space repositioning and redevelopment
$
25,642

 
$
46,384

 
 
Tenant improvements
22,062

 
36,421

 
 
External leasing commissions
2,974

 
4,414

 
 
 
 
 
50,678

 
87,219

 
 
 
 
 
 
 
 
 
Maintenance capital expenditures
6,119

 
8,337

 
 
 
 
 
$
56,797

 
$
95,556

 
 
 
 
 
 
 
 




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 13




CAPITALIZATION, LIQUIDITY & DEBT RATIOS
 
 
 
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/15
 
12/31/14
 
Debt:
 
 
 
 
 
 
 
 
 
Revolving credit facility
 
 
 
$
297,000

 
$
519,475

 
 
Term loans
 
 
 
2,100,000

 
2,100,000

 
 
Unsecured notes
 
 
 
843,453

 
243,453

 
 
Secured mortgages
 
 
 
2,728,444

 
3,116,882

 
Total principal debt
 
 
 
5,968,897

 
5,979,810

 
Add: Net unamortized premium
 
 
 
52,622

 
63,187

 
Less: Deferred financing fees
 
 
 
(22,868
)
 
(20,489
)
 
Total debt
 
 
 
5,998,651

 
6,022,508

 
Less: cash, cash equivalents and restricted cash
 
 
 
(103,898
)
 
(113,759
)
 
Net debt
 
 
 
5,894,753

 
5,908,749

 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders' equity
 
 
 
2,885,094

 
2,903,710

 
 
Non-controlling interests
 
 
 
57,149

 
76,593

 
Total equity
 
 
 
2,942,243

 
2,980,303

 
Total capitalization
 
 
 
$
8,836,996

 
$
8,889,052

 
 
 
 
 
 
 
 
 
 
 
 
Outstanding classes of stock and partnership units:
 
 
 
 
 
 
 
 
Common shares outstanding
 
 
 
298,489

 
296,552

 
 
Exchangeable OP Units held by non-controlling interests
 
 
5,814

 
7,695

 
 
 
 
 
 
 
 
304,303

 
304,247

 
 
 
 
 
 
 
 
 
 
 
 
Liquidity:
 
 
 
 
 
 
 
 
Cash and cash equivalents and restricted cash
 
 
 
$
103,898

 
$
113,759

 
 
Available under unsecured credit facility
 
 
 
953,000

 
730,525

 
 
 
 
 
 
 
 
$
1,056,898

 
$
844,284

 
 
 
 
 
 
 
 
 
 
 
 
Ratios:
 
 
 

 

 
 
 
Principal debt to total market capitalization (1)
 
 
 
45.9
%
 
44.2
%
 
 
Principal debt to total assets, before depreciation (consolidated portfolio only)
52.9
%
 
53.1
%
 
 
Secured principal debt to total assets, before depreciation
 
 
24.2
%
 
27.7
%
 
 
Net principal debt to adjusted EBITDA (GAAP)
 
 
 
 6.8x

 
 6.9x

 
 
Net principal debt to adjusted EBITDA (cash)
 
 
 
 7.4x

 
 7.5x

 
 
Unencumbered assets to unsecured debt
 
 
 
 2.0x

 
 2.0x

 
 
Interest coverage (adjusted EBITDA / interest expense)
 
 
 3.5x

 
 3.3x

 
 
Debt service coverage (adjusted EBITDA / (interest expense + scheduled principal payments))
 3.1x

 
 3.0x

 
 
Fixed charge coverage (adjusted EBITDA / (interest expense + scheduled principal payments + preferred dividends))
 3.1x

 
 3.0x

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6/30/2015
 
 
 
 
Percentage of total debt:
 
 
 
 
 
 
 
 
 
Fixed
 
 
 
85.0
%
 
 
 
 
 
Floating
 
 
 
15.0
%
 
 
 
 
Unencumbered summary:
 
 
 
 
 
 
 
 
 
Percent of properties
 
 
 
55.7
%
 
 
 
 
 
Percent of NOI
 
 
 
55.6
%
 
 
 
 
Weighted average maturity (years):
 
 
 
 
 
 
 
 
 
Fixed
 
 
 
3.89

 
 
 
 
 
Floating
 
 
 
3.18

 
 
 
 
 
Total
 
 
 
3.78

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Ratings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fitch Ratings
BBB-
 
 
 
 
 
 
 
Moody's Investors Service
Baa3
 
 
 
 
 
 
 
Standard & Poor's Ratings Services
BBB-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Market capitalization based on the June 30, 2015 closing stock price of $23.13.
 
 
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 14




DEBT OVERVIEW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maturity Schedule - Debt obligations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Scheduled Amortization

 
Scheduled Maturities

 
Total

 
Weighted Avg Interest Rate

 
 
 
 
 
 
 
 
2015
 
 
 
$
15,195

 
$
142,324

 
$
157,519

 
5.33
%
 
 
 
 
 
 
 
 
2016
 
 
 
22,458

 
1,235,404

 
1,257,862

 
5.60
%
 
 
 
 
 
 
 
 
2017
 
 
 
21,842

 
624,817

 
646,659

 
4.24
%
 
 
 
 
 
 
 
 
2018
 
 
 
19,476

 
1,500,000

 
1,519,476

 
2.39
%
 
 
 
 
 
 
 
 
2019
 
 
 
20,126

 
600,000

 
620,126

 
1.74
%
 
 
 
 
 
 
 
 
2020
 
 
 
15,212

 
840,365

 
855,577

 
6.50
%
 
 
 
 
 
 
 
 
2021
 
 
 

 
186,225

 
186,225

 
6.24
%
 
 
 
 
 
 
 
 
2022
 
 
 

 

 

 

 
 
 
 
 
 
 
 
2023+
 
 
 

 
725,453

 
725,453

 
3.94
%
 
 
 
 
 
 
 
 
Total Debt Maturities (1)
 
$
114,309

 
$
5,854,588

 
$
5,968,897

 
4.17
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unamortized discount on notes
 
(1,787
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unamortized premiums on mortgages
 
54,409

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred financing costs
 
(22,868
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt obligations, net
 
$
5,998,651

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Detailed Maturity Schedule - Debt obligations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Rate Secured Mortgages
 
Fixed Rate Unsecured Notes (2)
 
Variable Rate Unsecured Credit Facility / Fixed Rate Unsecured Credit Facility (2)
 
 
 
 
Year
 
Scheduled Amortization

 
Scheduled Maturities

 
Weighted Avg Interest Rate

 
Scheduled Maturities

 
Weighted Avg Interest Rate

 
Scheduled Maturities

 
Weighted Avg Interest Rate

 
 
 
 
2015
 
$
15,195

 
$
17,324

 
5.62%

 
$
125,000

 
5.25%

 
$

 

 
 
 
 
2016
 
22,458

 
1,235,404

 
5.60%

 

 

 

 

 
 
 
 
2017
 
21,842

 
327,817

 
6.42%

 

 

 
297,000

 
1.69
%
 
 
 
 
2018
 
19,476

 

 
6.23%

 

 

 
1,500,000

 
2.34
%
 
 
 
 
2019
 
20,126

 

 
6.18%

 

 

 
600,000

 
1.59
%
 
 
 
 
2020
 
15,212

 
840,365

 
6.50%

 

 

 

 

 
 
 
 
2021
 

 
186,225

 
6.24%

 

 

 

 

 
 
 
 
2022
 

 

 

 

 

 

 

 
 
 
 
2023+
 

 
7,000

 
4.40
%
 
718,453

 
3.94
%
 

 

 
 
 
 
Total Debt Maturities
 
$
114,309

 
$
2,614,135

 
6.03%

 
$
843,453

 
4.13
%
 
$
2,397,000

 
2.07
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Excludes unconsolidated joint venture debt obligations of $2,907 at pro rata share.
(2) No scheduled amortization until maturity dates.

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 15




SUMMARY OF OUTSTANDING DEBT
 
 
 
 
 
 
 
 
 
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Number of
 
Outstanding
 
Actual
 
Maturity
 
Percent of
 
 
Loan / Property Name
 
MSA
 
 
 
 Properties
 
Balance
 
Interest Rate
 
Date
 
Total Indebtedness
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED RATE DEBT:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured Mortgages
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wilmington Island
 
Wilmington Island
 
GA
 
1

 
$
8,475

 
5.05
%
 
11/11/15
 
0.14
%
 
 
 
Streetsboro Crossing
 
Streetsboro
 
OH
 
1

 
8,925

 
5.37
%
 
12/1/15
 
0.15
%
 
 
 
REIT 4 LP 169
 
 
 
22

 
151,002

 
5.62
%
 
1/1/16
 
2.53
%
 
 
 
South Plaza Shopping Center
 
California
 
MD
 
1

 
15,020

 
5.42
%
 
1/11/16
 
0.25
%
 
 
 
REIT 5 LP 240
 
 
 
12

 
217,977

 
5.63
%
 
2/1/16
 
3.65
%
 
 
 
Chicopee Marketplace
 
Chicopee
 
MA
 
1

 
17,415

 
5.97
%
 
6/1/16
 
0.29
%
 
 
 
Cobblestone Village
 
Royal Palm Beach
 
FL
 
1

 
9,994

 
5.97
%
 
6/1/16
 
0.17
%
 
 
 
Springdale
 
Mobile
 
AL
 
1

 
36,907

 
5.97
%
 
6/1/16
 
0.62
%
 
 
 
Wilkes-Barre Township Marketplace
 
Wilkes-Barre
 
PA
 
1

 
10,613

 
5.97
%
 
6/1/16
 
0.18
%
 
 
 
Fashion Square
 
Orange Park
 
FL
 
1

 
7,517

 
5.97
%
 
6/1/16
 
0.13
%
 
 
 
REIT 7 LP 86
 
 
 
7

 
86,000

 
6.32
%
 
8/1/16
 
1.44
%
 
 
 
REIT 16 LP 220
 
 
 
14

 
220,936

 
5.39
%
 
11/1/16
 
3.70
%
 
 
 
REIT 14 LP 226
 
 
 
15

 
226,109

 
5.44
%
 
12/1/16
 
3.79
%
 
 
 
REIT 15 LP 233
 
 
 
15

 
233,977

 
5.44
%
 
12/9/16
 
3.92
%
 
 
 
Dublin Village *
 
 
 
1

 
6,270

 
5.78
%
 
12/11/16
 
0.11
%
 
 
 
Conyers Plaza I *
 
 
 
1

 
10,800

 
5.77
%
 
1/1/17
 
0.18
%
 
 
 
Freshwater - Stateline Plaza
 
Enfield
 
CT
 
1

 
17,823

 
8.00
%
 
2/1/17
 
0.30
%
 
 
 
Greensboro Village
 
Gallatin
 
TN
 
1

 
8,855

 
5.52
%
 
2/11/17
 
0.15
%
 
 
 
LP - JPM 300
 
 
 
18

 
290,764

 
6.38
%
 
9/1/17
 
4.87
%
 
 
 
Whitaker Square
 
Winston Salem
 
NC
 
1

 
9,087

 
6.32
%
 
12/1/17
 
0.15
%
 
 
 
Christmas Tree Plaza
 
Orange
 
CT
 
1

 
3,254

 
7.89
%
 
5/11/18
 
0.06
%
 
 
 
LP - JPM CMBS
 
 
 
72

 
545,436

 
6.78
%
 
8/1/20
 
9.14
%
 
 
 
Monroe ShopRite Plaza
 
Monroe
 
NY
 
1

 
8,391

 
6.50
%
 
8/1/20
 
0.14
%
 
 
 
Bethel Park Shopping Center
 
Bethel Park
 
PA
 
1

 
9,750

 
6.50
%
 
8/1/20
 
0.16
%
 
 
 
Ivyridge
 
Philadelphia
 
PA
 
1

 
13,601

 
6.50
%
 
8/1/20
 
0.23
%
 
 
 
Roosevelt Mall
 
Philadelphia
 
PA
 
1

 
48,485

 
6.50
%
 
8/1/20
 
0.81
%
 
 
 
Inland (Brixmor/IA, LLC) - Pool A
 
 
 
9

 
100,766

 
5.91
%
 
12/6/20
 
1.69
%
 
 
 
Inland (Brixmor/IA, LLC) - Pool B
 
 
 
8

 
92,290

 
5.91
%
 
12/6/20
 
1.55
%
 
 
 
Inland (Brixmor/IA, LLC) - Pool C
 
 
 
7

 
98,998

 
5.91
%
 
12/31/20
 
1.66
%
 
 
 
REIT 20 LP 51 A
 
 
 
4

 
47,803

 
6.24
%
 
1/6/21
 
0.80
%
 
 
 
REIT 20 LP 45 B
 
 
 
4

 
42,979

 
6.24
%
 
1/6/21
 
0.72
%
 
 
 
REIT 20 LP 42 C
 
 
 
5

 
40,179

 
6.24
%
 
1/6/21
 
0.67
%
 
 
 
REIT 20 LP 37 D
 
 
 
3

 
34,697

 
6.24
%
 
1/6/21
 
0.58
%
 
 
 
REIT 20 LP 43 E
 
 
 
4

 
40,349

 
6.24
%
 
1/6/21
 
0.68
%
 
 
 
Larchmont Centre
 
Philadelphia
 
PA
 
1

 
7,000

 
4.40
%
 
3/1/24
 
0.12
%
 
 
 
TOTAL FIXED RATE SECURED MORTGAGES
 
 
 
 
 
 
 
2,728,444

 
6.03
%
 
 
 
45.71
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Credit Facility
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term Loan Facility (1)
 
 
 
 

 
$
1,500,000

 
2.34
%
 
7/31/18
 
25.13
%
 
 
 
TOTAL FIXED RATE UNSECURED CREDIT FACILITY
 
 
 
 
 
1,500,000

 
2.34
%
 
 
 
25.13
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.25%, 2015 Brixmor LLC Notes
 
 
 
 

 
125,000

 
5.25
%
 
9/15/15
 
2.09
%
 
 
 
3.85%, 2025 Brixmor OP Notes
 
 
 
 

 
700,000

 
3.85
%
 
2/28/25
 
11.73
%
 
 
 
7.97%, 2026 Brixmor LLC Notes
 
 
 
 

 
694

 
7.97
%
 
8/14/26
 
0.01
%
 
 
 
7.65%, 2026 Brixmor LLC Notes
 
 
 
 

 
6,100

 
7.65
%
 
11/2/26
 
0.10
%
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 16




SUMMARY OF OUTSTANDING DEBT
 
 
 
 
 
 
 
 
 
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Number of
 
Outstanding
 
Actual
 
Maturity
 
Percent of
 
 
Loan / Property Name
 
MSA
 
 
 
 Properties
 
Balance
 
Interest Rate
 
Date
 
Total Indebtedness
 
 
 
7.68%, 2026 Brixmor LLC Notes
 
 
 
 

 
748

 
7.68
%
 
11/2/26
 
0.01
%
 
 
 
6.90%, 2028 Brixmor LLC Notes
 
 
 
 

 
2,222

 
6.90
%
 
2/15/28
 
0.04
%
 
 
 
6.90%, 2028 Brixmor LLC Notes
 
 
 
 

 
5,486

 
6.90
%
 
2/15/28
 
0.09
%
 
 
 
7.50%, 2029 Brixmor LLC Notes
 
 
 
 

 
3,203

 
7.50
%
 
7/30/29
 
0.05
%
 
 
 
TOTAL FIXED RATE UNSECURED NOTES
 
 
 
 
 
 
 
843,453

 
4.13
%
 
 
 
14.13
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL FIXED RATE DEBT
 
 
 
 
 
 
 
$
5,071,897

 
4.63
%
 
 
 
84.97
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
VARIABLE RATE DEBT:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Credit Facility
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility - L+150bps
 
 
 
 

 
$
297,000

 
1.69
%
 
7/31/17
 
4.98
%
 
 
 
Term Loan Facility - L+140bps
 
 
 
 

 
600,000

 
1.59
%
 
3/18/19
 
10.05
%
 
 
 
TOTAL VARIABLE RATE UNSECURED CREDIT FACILITY
 
 
 
 
 
897,000

 
1.62
%
 
 
 
15.03
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL VARIABLE RATE DEBT
 
 
 
 
 
 
 
$
897,000

 
1.62
%
 
 
 
15.03
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL DEBT OBLIGATIONS
 
 
 
 
 
 
 
$
5,968,897

 
4.17
%
 
 
 
100.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unamortized discount on notes
 
(1,787
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unamortized premiums on mortgages
54,409

 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred financing costs
 
(22,868
)
 
 
 
 
 
 
 
 
 
 
 
 
 
DEBT OBLIGATIONS, NET
 
$
5,998,651

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Indicates property is part of a larger shopping center.
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Term loan facility has been swapped from 1 month Libor to fixed at a combined rate of 0.844% (spread of 150bps).
 
 
 
 
 
 
 
 
 



Supplemental Disclosure - Three Months Ended June 30, 2015
Page 17




UNSECURED OP NOTES COVENANT DISCLOSURE
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenants
 
As of 6/30/15
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 I. Aggregate debt test
 
 < 65%
 
53.9
%
 
 
 
 
 
Total Debt
 
 
 
 
5,998,651

 
 
 
 
 
Total Assets
 
 
 
11,119,736

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
II. Secured debt test
 
< 40%
 
24.8
%
 
 
 
 
 
Total Secured Debt
 
 
 
2,759,985

 
 
 
 
 
Total Assets
 
 
 
11,119,736

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
III. Unencumbered asset ratio
 
 > 150%
 
192.8
%
 
 
 
 
 
Total Unencumbered Assets
 
 
 
6,245,371

 
 
 
 
 
Unsecured Debt
 
 
 
3,238,666

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
IV. Debt service test
 
 > 1.5x
 
3.6x

 
 
 
 
 
Consolidated EBITDA
 
 
 
857,942

 
 
 
 
 
Annual Debt Service Charge
 
 
 
241,270

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Definitions for unsecured notes covenants:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt:
 
Debt means, with respect to any person, any:
 
 
 
 
 
 
 
  • indebtedness of such person in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments,
 
 
 
 
 
 
 
  • indebtedness secured by any Lien on any property or asset owned by such person, but only to the extent of the lesser of (a) the amount of indebtedness
 
 
 
 
 
 
 
    so secured and (b) the fair market value (determined in good faith by the Operating Partnership) of the property subject to such Lien,
 
 
 
 
 
 
 
  • reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred
 
 
 
 
 
 
 
    and unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable, or
 
 
 
 
 
 
 
  • any lease of property by such person as lessee which is required to be reflected on such person’s balance sheet as a capitalized lease in accordance
 
 
 
 
 
 
 
    with GAAP;
 
 
 
 
 
 
 
in the case of items of indebtedness under (i) through (iii) above to the extent that any such items (other than letters of credit) would appear as liabilities
 
 
 
 
 
 
 
on such person’s balance sheet in accordance with GAAP; provided, however, that the term “Debt” will (1) include, to the extent not otherwise included,
 
 
 
 
 
 
 
any non-contingent obligation of such person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the
 
 
 
 
 
 
 
ordinary course of business), Debt of the types referred to above of another person, other than obligations to be liable for the Debt of another person solely
 
 
 
 
 
 
 
as a result of non-recourse carveouts (it being understood that Debt shall be deemed to be incurred by such person whenever such person shall create,
 
 
 
 
 
 
 
assume, guarantee or otherwise become liable in respect thereof) and (2) exclude any such indebtedness (or obligation referenced in clause (1) above)
 
 
 
 
 
 
 
 that has been the subject of an “in substance” defeasance in accordance with GAAP and Intercompany Indebtedness that is subordinate in right of
 
 
 
 
 
 
 
payment to the notes (or an obligation to be liable for, or to pay, Intercompany Indebtedness that is subordinate in right of payment to the notes).
 
 
 
 
 
 
 
 
 
Total Assets:
 
The sum of, without duplication: (i) Undepreciated Real Estate Assets and (ii) all other assets (excluding accounts receivable and non-real estate intangibles)
 
 
 
 
 
 
 
of Brixmor OP and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP.
 
 
 
 
 
 
 
 
 
Total Unencumbered Assets:
 
The sum of, without duplication: (i) those Undepreciated Real Estate Assets which are not subject to a Lien securing Debt; and (ii) all other assets (excluding
 
 
 
 
 
 
 
accounts receivable and non-real estate intangibles) of us and our Subsidiaries not subject to a Lien securing Debt, all determined on a consolidated basis
 
 
 
 
 
 
 
in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for
 
 
 
 
 
 
 
purposes of the covenant set forth above in “Certain Covenants—Maintenance of Total Unencumbered Assets,” all investments in unconsolidated limited
 
 
 
 
 
 
 
partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets.
 
 
 
 
 
 
 
 
 
Unsecured Debt:
 
Debt of Brixmor OP or any of its Subsidiaries which is not secured by a Lien on any property or assets of Brixmor OP or any of its Subsidiaries.
 
 
 
 
 
 
 
 
 
Consolidated EBITDA:
 
For any period means Consolidated Net Income of Brixmor OP and its Subsidiaries for such period, plus amounts which have been deducted and minus
 
 
 
 
 
 
 
amounts which have been added for, without duplication: (i) interest expense on Debt; (ii) provision for taxes based on income; (iii) amortization of debt
 
 
 
 
 
 
 
discount, premium and deferred financing costs; (iv) the income or expense attributable to transactions involving derivative instruments that do not qualify
 
 
 
 
 
 
 
for hedge accounting in accordance with GAAP; (v) impairment losses and gains on sales or other dispositions of properties and other investments;
 
 
 
 
 
 
 
(vi) depreciation and amortization; (vii) net amount of extraordinary items or non-recurring items, as may be determined by us in good faith;
 
 
 
 
 
 
 
(viii) amortization of deferred charges; (ix) gains or losses on early extinguishment of debt; and (x) noncontrolling interests; all determined on a
 
 
 
 
 
 
 
consolidated basis in accordance with GAAP.
 
 
 
 
 
 
 
 
 
Annual Debt Service Charge:
 
For any period, the interest expense of Brixmor OP and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: For full detailed descriptions of the OP Unsecured Notes Covenant calculations and definitions of capitalized terms please refer to the Prospectus Supplement filed by the OP with the
 
Securities and Exchange Commission on January 15, 2015.
 
 
 
 
 


Supplemental Disclosure - Three Months Ended June 30, 2015
Page 18




UNSECURED CREDIT FACILITY COVENANT DISCLOSURE
Unaudited, dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenants
 
As of 6/30/15
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 I. Leverage ratio
 
 < 60%
 
44.8
%
 
 
 
 
 
Total Outstanding Indebtedness
 
 
 
5,971,804

 
 
 
 
 
Balance Sheet Cash
 
 
 
106,532

 
 
 
 
 
Total Asset Value
 
 
 
13,088,853

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
II. Secured leverage ratio
 
< 40%
 
20.1
%
 
 
 
 
 
Total Secured Indebtedness
 
 
 
2,731,351

 
 
 
 
 
Balance Sheet Cash
 
 
106,532

 
 
 
 
 
Total Asset Value
 
 
 
13,088,853

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
III. Unsecured leverage ratio
 
 < 60%
 
43.8
%
 
 
 
 
 
Total Unsecured Indebtedness
 
 
 
3,240,453

 
 
 
 
 
Unrestricted Cash
 
 
 
45,369

 
 
 
 
 
Unencumbered Asset Value
 
 
7,294,465

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
IV. Fixed charge coverage ratio
 
 > 1.5x
 
3.2
x
 
 
 
 
 
Total Net Operating Income
 
 
 
912,351

 
 
 
 
 
Capital Expenditure Reserve
 
 
 
13,032

 
 
 
 
 
Fixed Charges
 
 
 
280,720

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Definitions for line of credit covenants:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Outstanding Indebtedness:
 
Total Indebtedness including capital leases, financing liabilities, redeemable non-controlling interests, letters of credit, guarantee obligations, and the Company's applicable share of joint venture Indebtedness.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet Cash:
 
 
 
Cash and cash equivalents, Restricted cash, and certain Marketable securities.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Asset Value:
 
 
 
 
An amount equal to the sum of the following for the Company and the Company's applicable share of its joint ventures: (i) Net Operating Income from Stabilized Projects for the most recent six months annualized divided by 7.00%, (ii) the amount of Management Fees received by the Company for the most recent six months annualized divided by 7.00%, (iii) Acquisition Assets valued at the higher of their capitalization value (Net Operating Income for the most recent six months annualized divided by 7.00%) or acquisition cost, (iv) undepreciated Book Value of Land, (v) undepreciated Book Value of Assets Under Development, (vi) undepreciated Book Value of Non-Stabilized Projects, (vii) value of Mezzanine Debt Investments, (viii) value of all First Mortgage Receivables. The aggregate contributions to Total Asset Value from items (v), (vi), and (vii) above shall not exceed 35% of Total Asset Value.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Secured Indebtedness:
 
 
All indebtedness that is secured by a lien on any asset.
 
 
Total Unsecured Indebtedness:
 
All Indebtedness that is not Secured Indebtedness.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrestricted Cash:
 
 
 
 
Cash and cash equivalents, and certain marketable securities but excluding restricted cash.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unencumbered Asset Value:
 
 
Total Asset Value from Unencumbered Assets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unencumbered Assets:
 
 
 
Any acquisition asset, land, operating property and any asset under development located in the Unites States which, as of any date of determination is not subject to any liens, claims, or restrictions on transferability or assignability of any kind other than (i) permitted encumbrances or liens in favor of the administrative agent and (ii) customary restrictions on transferability that result in a change of control or that trigger a right of first offer or right of first refusal.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Operating Income:
 
 
For the Company and the Company's applicable share of its joint ventures, as determined in accordance with GAAP, an amount equal to (i) the aggregate rental income and other revenues from the operation of all real estate assets, including from straight-lined rent and amortization of above- and below-market leases minus (ii) all expenses and other charges incurred in connection with the operation of such real estate assets but excluding the payment of or provision for debt service charges, income taxes, capital expenses, depreciation, amortization and other non-cash expenses.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
For any period, the sum of (i) total interest expense, (ii) all scheduled principal payments due on account of total outstanding indebtedness (excluding balloon payments) and (iii) all dividends payable on account of preferred stock or preferred operating partnership units of the borrower or any other person in the consolidated group.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditure Reserve:
 
 
For any Operating Property, an amount equal to (i) $0.15 multiplied by (ii) the number of square feet of such Operating Property.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: For full detailed descriptions of the Credit Facility Covenant calculations and definitions of capitalized terms please refer to the Revolving Credit and Term Loan Agreement, dated as of July 16, 2013 filed as Exhibit 10.6 to Amendment No. 1 to Form S-11, filed with the Securities and Exchange Commission on August 23, 2013.
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 19




RECONCILIATION OF GAAP STATEMENTS OF OPERATIONS TO PRO FORMA
STATEMENTS OF OPERATIONS
Unaudited, dollars in thousands, except per share amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended 6/30/14
 
 
 
 
 
 
Actual Results
 
Adjustments (1)
 
Pro Forma
 
 
Revenues
 
 
 
 
 
 
 
 
Rental income
$
477,154

 
$

 
$
477,154

 
 
 
Expense reimbursements
134,251

 

 
134,251

 
 
 
Other revenues
4,120

 

 
4,120

 
 
Total revenues
615,525

 

 
615,525

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
Operating costs
66,764

 

 
66,764

 
 
 
Real estate taxes
88,246

 

 
88,246

 
 
 
Depreciation and amortization
222,820

 

 
222,820

 
 
 
Provision for doubtful accounts
5,846

 

 
5,846

 
 
 
General and administrative
39,597

 

 
39,597

 
 
Total operating expenses
423,273

 

 
423,273

 
 
 
 
 
 
 
 
 
 
 
 
 
Other income (expense)
 
 
 
 
 
 
 
 
Dividends and interest
267

 

 
267

 
 
 
Interest expense
(133,919
)
 

 
(133,919
)
 
 
 
Gain on sale of real estate assets
378

 

 
378

 
 
 
Loss on extinguishment of debt, net
(3,033
)
 

 
(3,033
)
 
 
 
Other
(4,130
)
 

 
(4,130
)
 
 
Total other expense
(140,437
)
 

 
(140,437
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before equity in income of unconsolidated joint ventures
51,815

 

 
51,815

 
 
Equity in income of unconsolidated joint ventures
136

 
68

 
204

 
 
Gain on disposition of investments in unconsolidated joint ventures
1,820

 
(1,820
)
 

 
 
Income from continuing operations
53,771

 
(1,752
)
 
52,019

 
 
 
 
 
 
 
 
 
 
 
 
 
Discontinued operations
 
 
 
 
 
 
 
 
Income from discontinued operations
4,841

 
(4,787
)
 
54

 
 
 
Gain on disposition of operating properties
14,426

 
(14,426
)
 

 
 
Income from discontinued operations
19,267

 
(19,213
)
 
54

 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
73,038

 
(20,965
)
 
52,073

 
 
 
Net income attributable to non-controlling interests
(34,164
)
 
20,992

 
(13,172
)
 
 
Net income attributable to common stockholders
$
38,874

 
$
27

 
$
38,901

 
 
 
 
 
 
 
 
 
 
 
 
 
Per common share:
 
 
 
 
 
 
 
 
Income from continuing operations:
 
 
 
 
 
 
 
 
 
Basic
$
0.17

 
$

 
$
0.17

 
 
 
 
Diluted
$
0.17

 
$

 
$
0.17

 
 
 
Net income attributable to common stockholders:
 
 
 
 
 
 
 
 
 
Basic
$
0.17

 
$

 
$
0.17

 
 
 
 
Diluted
$
0.17

 
$

 
$
0.17

 
 
 
Weighted average number of vested common shares:
 
 
 
 
 
 
 
 
 
Basic
228,547

 

 
228,547

 
 
 
 
Diluted
229,907

 

 
229,907

 
 
 
 
 
 
 
 
 
 
 
 
(1) Reflects the impact associated with the distribution of 36 of the Excluded Properties during the first quarter of 2014. The pro forma adjustments assume that the distribution of the properties
 
was completed as of January 1, 2014.
 
 
 
 
 
 


Supplemental Disclosure - Three Months Ended June 30, 2015
Page 20




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRANSACTION SUMMARY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Disclosure
Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





ACQUISITIONS
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
Property Type (1)
 
MSA
 
Purchase Date
 
Purchase Amount
 
Cap-
Rate
 
 GLA
 
Percent Leased
 
 ABR/
SF
 
Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail Building at Bardin Place Center
 
B
 
Dallas-Fort Worth-Arlington, TX
 
6/10/15
 
$
9,258

 
6.8
%
 
96,127

 
100.0
%
 
$
6.75

 
Hobby Lobby
 
Webster Square Shopping Center
 
S
 
Boston-Cambridge-Newton, MA-NH
 
6/30/15
 
31,950

 
6.6
%
 
182,756

 
97.9
%
 
12.16

 
Marshalls, Star Market
 
Larchmont Centre
 
S
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
 
6/30/15
 
18,000

 
6.8
%
 
103,787

 
92.3
%
 
12.92

 
ShopRite
 
 
 
 
 
 
 
 
 
$
59,208

 
6.7
%
 
382,670

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL - SIX MONTHS ENDED 6/30/15
 
 
 
$
59,208

 
6.7
%
 
382,670

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) B - Building, S - Shopping Center.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 22




DISPOSITIONS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
Property Type (1)
 
MSA
 
 
 
Sale
Date
 
Sale
Amount
 
Gain /
(loss)
 
Cap-
Rate
 
GLA / Acres
 
Percent Leased
 
ABR/
SF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Parkwest Crossing
 
S
 
Durham-Chapel Hill, NC
 
1/30/15
 
$
10,250

 
$
(807
)
 
7.2
%
 
85,602

 
94.9
%
 
$
10.03

 
 
 
 
 
 
 
 
 
 
 
10,250

 
(807
)
 
7.2
%
 
85,602

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Portfolio Sale
 
 
 
 
 
 
 
 
 
$
32,349

 
$
9,224

 
7.3
%
 
 
 
 
 
 
 
Brenham Four Corners
 
S
 
Brenham, TX
 
 
 
4/27/15
 

 



 
114,571

 
100.0
%
 
8.27

 
Davenport Retail Center
 
S
 
Davenport-Moline-Rock Island, IA-IL
 
6/16/15
 

 



 
62,588

 
100.0
%
 
11.50

 
BJ's Plaza
 
S
 
Portland-South Portland, ME
 
6/16/15
 

 



 
104,233

 
100.0
%
 
7.70

 
Outparcels at Midway Market Square
O
 
Cleveland-Elyria, OH
 
6/16/15
 

 



 
7,922

 
100.0
%
 

 
 
 
 
 
 
 
 
 
 
 
32,349

 
9,224

 
7.3
%
 
289,314

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL - SIX MONTHS ENDED 6/30/15
 
$
42,599

 
$
8,417

 
7.2
%
 
374,916

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) S - Shopping Center, O - Outparcels.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 23




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PORTFOLIO SUMMARY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Disclosure
Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Joint venture, Montecito Marketplace is included at 100%
 





PORTFOLIO OVERVIEW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of:
 
 
 
 
 
 
 
 
 
6/30/15
 
3/31/15
 
12/31/14
 
9/30/14
 
6/30/14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of properties
 
 
519

 
520

 
521

 
522

 
522

 
 
 
 
 
GLA
 
 
86,602,682

 
86,547,975

 
86,828,506

 
86,769,179

 
86,764,493

 
 
 
 
 
Percent leased
 
 
92.5
%
 
92.4
%
 
92.8
%
 
92.7
%
 
92.5
%
 
 
 
 
 
 
TOTAL ≥ 10,000 SF
 
 
96.2
%
 
96.3
%
 
97.1
%
 
97.0
%
 
97.0
%
 
 
 
 
 
 
TOTAL < 10,000 SF
 
 
83.6
%
 
83.2
%
 
82.6
%
 
82.6
%
 
82.1
%
 
 
 
 
 
Percent billed
 
 
90.3
%
 
90.3
%
 
91.3
%
 
90.8
%
 
90.5
%
 
 
 
 
 
ABR
 
 
 
$
929,956,921

 
$
919,517,500

 
$
915,619,305

 
$
910,849,214

 
$
903,423,457

 
 
 
 
 
ABR/SF
 
 
$
12.31

 
$
12.19

 
$
12.14

 
$
12.10

 
$
12.04

 
 
 
 
 
Percent grocery anchored
 
 
71
%
 
70
%
 
71
%
 
70
%
 
70
%
 
 
 
 
 
Percent community shopping centers
 
63
%
 
63
%
 
63
%
 
63
%
 
63
%
 
 
 
 
 
Percent neighborhood shopping centers
 
37
%
 
37
%
 
37
%
 
37
%
 
37
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PORTFOLIO BY UNIT SIZE AS OF 6/30/15
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of
Units
 
GLA
 
Percent Leased
 
Percent Billed
 
Percent of Vacant GLA
 
 ABR
 
ABR/SF
 
 
 
 
≥ 35,000 SF
580

 
36,069,516

 
98.5
%
 
96.7
%
 
8.5
%
 
$
277,219,915

 
$
8.66

 
 
 
 
20,000 – 34,999 SF
552

 
14,527,889

 
94.8
%
 
92.9
%
 
11.6
%
 
130,687,593

 
9.59

 
 
 
 
10,000 - 19,999 SF
757

 
10,288,354

 
90.2
%
 
87.3
%
 
15.4
%
 
113,070,585

 
12.51

 
 
 
 
5,000 - 9,999 SF
1,375

 
9,457,743

 
85.7
%
 
83.4
%
 
20.7
%
 
122,069,454

 
15.66

 
 
 
 
< 5,000 SF
7,880

 
16,259,180

 
82.4
%
 
79.7
%
 
43.8
%
 
286,909,373

 
21.98

 
 
 
 
TOTAL
11,144

 
86,602,682

 
92.5
%
 
90.3
%
 
100.0
%
 
$
929,956,921

 
$
12.31

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL ≥ 10,000 SF
1,889

 
60,885,759

 
96.2
%
 
94.2
%
 
35.5
%
 
$
520,978,094

 
$
9.53

 
 
 
 
TOTAL < 10,000 SF
9,255

 
25,716,923

 
83.6
%
 
81.0
%
 
64.5
%
 
408,978,827

 
19.62

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 25




TOP FORTY RETAILERS RANKED BY ABR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retailer
 
 
 
Owned Leases
 
GLA
 
Percent of
Portfolio GLA
 
ABR
 
Percent of
Portfolio ABR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
The Kroger Co. (1)
 
 
 
68

 
4,362,484

 
5.0
%
 
$
30,216,306

 
3.2
%
 
 
 
2
The TJX Companies, Inc. (2)
 
 
91

 
2,907,531

 
3.4
%
 
29,534,262

 
3.2
%
 
 
 
3
Dollar Tree Stores, Inc. (3)
 
 
 
169

 
1,874,923

 
2.2
%
 
18,257,427

 
2.0
%
 
 
 
4
Wal-Mart Stores, Inc. (4)
 
 
 
29

 
3,548,000

 
4.1
%
 
16,904,532

 
1.8
%
 
 
 
5
Publix Super Markets, Inc. (5)
 
 
39

 
1,801,416

 
2.1
%
 
16,658,007

 
1.8
%
 
 
 
6
Ahold USA, Inc. (6)
 
 
 
22

 
1,314,212

 
1.5
%
 
14,663,586

 
1.6
%
 
 
 
7
Albertsons Companies, Inc. (7)
 
 
22

 
1,233,543

 
1.4
%
 
12,389,160

 
1.3
%
 
 
 
8
Burlington Stores, Inc.
 
 
 
18

 
1,354,842

 
1.6
%
 
10,227,253

 
1.1
%
 
 
 
9
Sears Holdings Corporation (8)
 
 
23

 
2,135,926

 
2.5
%
 
9,317,212

 
1.0
%
 
 
 
10
Office Depot, Inc. (9)
 
 
 
38

 
860,298

 
1.0
%
 
9,306,541

 
1.0
%
 
 
 
 
TOP 10 RETAILERS
 
 
 
519

 
21,393,175

 
24.7
%
 
167,474,286

 
18.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11
PetSmart, Inc.
 
 
 
30

 
652,714

 
0.8
%
 
9,302,581

 
1.0
%
 
 
 
12
Bed Bath & Beyond Inc. (10)
 
 
30

 
737,711

 
0.9
%
 
9,209,103

 
1.0
%
 
 
 
13
Ross Stores, Inc. (11)
 
 
 
30

 
844,474

 
1.0
%
 
9,103,541

 
1.0
%
 
 
 
14
Best Buy Co., Inc.
 
 
 
16

 
660,392

 
0.8
%
 
8,832,072

 
0.9
%
 
 
 
15
Big Lots, Inc.
 
 
 
45

 
1,448,043

 
1.7
%
 
8,687,148

 
0.9
%
 
 
 
16
Kohl's Corporation
 
 
 
12

 
1,002,715

 
1.2
%
 
7,330,353

 
0.8
%
 
 
 
17
PETCO Animal Supplies, Inc. (12)
 
 
33

 
447,905

 
0.5
%
 
6,947,171

 
0.7
%
 
 
 
18
DICK'S Sporting Goods, Inc. (13)
 
 
13

 
542,121

 
0.6
%
 
6,861,644

 
0.7
%
 
 
 
19
Staples, Inc.
 
 
 
28

 
600,331

 
0.7
%
 
6,860,817

 
0.7
%
 
 
 
20
Hobby Lobby Stores, Inc.
 
 
 
17

 
1,039,742

 
1.2
%
 
6,842,171

 
0.7
%
 
 
 
 
TOP 20 RETAILERS
 
 
 
773

 
29,369,323

 
33.9
%
 
247,450,888

 
26.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21
Party City Corporation
 
 
 
35

 
475,341

 
0.5
%
 
6,674,631

 
0.7
%
 
 
 
22
L.A. Fitness International, LLC
 
 
10

 
427,095

 
0.5
%
 
6,385,224

 
0.7
%
 
 
 
23
Ascena Retail Group, Inc. (14)
 
 
55

 
339,597

 
0.4
%
 
6,042,795

 
0.6
%
 
 
 
24
Southeastern Grocers (15)
 
 
 
17

 
791,373

 
0.9
%
 
5,991,490

 
0.6
%
 
 
 
25
Michaels Stores, Inc.
 
 
 
26

 
570,345

 
0.7
%
 
5,961,789

 
0.6
%
 
 
 
26
The Home Depot, Inc.
 
 
 
8

 
799,388

 
0.9
%
 
5,755,311

 
0.6
%
 
 
 
27
Giant Eagle, Inc.
 
 
 
7

 
555,560

 
0.6
%
 
5,155,366

 
0.6
%
 
 
 
28
CVS Health
 
 
 
26

 
329,568

 
0.4
%
 
5,142,613

 
0.6
%
 
 
 
29
Walgreen Co.
 
 
 
21

 
300,253

 
0.3
%
 
4,890,391

 
0.5
%
 
 
 
30
H.E. Butt Grocery Company (16)
 
 
8

 
401,380

 
0.5
%
 
4,671,167

 
0.5
%
 
 
 
31
The Great Atlantic & Pacific Tea Company (17)
 
 
7

 
330,480

 
0.4
%
 
4,396,267

 
0.5
%
 
 
 
32
Barnes & Noble, Inc.
 
 
 
11

 
248,673

 
0.3
%
 
4,193,769

 
0.5
%
 
 
 
33
Jo-Ann Stores, Inc.
 
 
 
22

 
422,528

 
0.5
%
 
4,131,846

 
0.4
%
 
 
 
34
Gap, Inc. (18)
 
 
 
16

 
257,085

 
0.3
%
 
4,123,111

 
0.4
%
 
 
 
35
Payless ShoeSource
 
 
 
68

 
210,807

 
0.2
%
 
4,098,174

 
0.4
%
 
 
 
36
Sally Beauty Holdings, Inc.
 
 
 
116

 
194,975

 
0.2
%
 
4,081,815

 
0.4
%
 
 
 
37
Wakefern Food Corporation (19)
 
 
7

 
354,575

 
0.4
%
 
4,064,206

 
0.4
%
 
 
 
38
JPMorgan Chase & Co.
 
 
 
30

 
111,604

 
0.1
%
 
4,045,829

 
0.4
%
 
 
 
39
ULTA Beauty
 
 
 
17

 
194,478

 
0.2
%
 
3,915,876

 
0.4
%
 
 
 
40
Toys"R"Us, Inc. (20)
 
 
 
11

 
410,868

 
0.5
%
 
3,875,599

 
0.4
%
 
 
 
 
TOTAL TOP 40 RETAILERS
 
 
1,291

 
37,095,296

 
42.8
%
 
$
345,048,157

 
37.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes Kroger (54), Harris Teeter (3), King Soopers (3), Ralphs (3), Smith's (2),
 
(7) Includes Vons (4), Albertsons (4), Randalls (3), Tom Thumb (3), Dominick's (2),
 
(14) Includes dressbarn (23), Catherines (11), Lane Bryant (8), Justice (7),
Dillons (1), Food 4 Less (1) and Pay Less (1).
 
 
Shaw's (2), Jewel-Osco (1), Acme (1), Foodarama(1) and $.99 Only Store (1).
 
maurices (5) and Ann Taylor (1).
 
(2) Includes T.J. Maxx (49), Marshalls (34) and HomeGoods (8).
 
(8) Includes Kmart (20), Sears (2) and Sears Outlet (1).
 
 
 
(15) Includes Winn-Dixie (9), BI-LO (5) and Harveys (3).
(3) Includes Dollar Tree (130), Family Dollar (35) Deals (3) and Dollar Stop (1).
 
(9) Includes Office Depot (21) and OfficeMax (17).
 
 
 
(16) Includes H-E-B (7) and Central Market (1).
 
(4) Includes Supercenters (14), Discount Stores (9), Walmart Neighborhood
 
(10) Includes Bed Bath & Beyond (17), Harmon Face Values (6), Christmas Tree
 
(17) Includes A&P (3), Pathmark (2), Superfresh (1) and Waldbaum's (1).
Market (5) and Sam's Club (1).
 
 
 
Shops (4), World Market (2) and buybuy BABY (1).
 
 
 
(18) Includes Old Navy (12), GAP Factory (2), GAP (1) and Banana
(5) Includes Publix (38) and Publix Sabor (1).
 
 
(11) Includes Ross Dress for Less (29) and dd's Discounts (1).
 
 
Republic Factory (1).
 
 
 
(6) Includes Giant Food (9), Super Stop & Shop (7), Martin's Food Markets (2),
 
(12) Includes PETCO (32) and Unleashed (1).
 
 
 
(19) Includes ShopRite (4) and PriceRite (3).
 
ShopRite(1), Stop & Shop (1), McCaffrey's(1) and Tops (1).
 
 
(13) Includes DICK'S Sporting Goods (10) and Golf Galaxy (3).
 
(20) Includes Babies"R"Us (7) and Toys"R"Us (4).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 26




NEW & RENEWAL LEASE SUMMARY
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenant Improvements PSF (1)
 
Leasing Commissions PSF
 
Weighted Average Lease Term (years)
 
Comparable Only
 
 
 
 
 
 
Leases
 
GLA
 
New ABR
 
New ABR/SF
 
 
 
 
Leases
 
GLA
 
New ABR/SF
 
Old ABR/SF
 
Rent
Growth (2)
 
 
 
 
TOTAL - ALL LEASES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended 6/30/15
 
505

 
3,355,591

 
$
41,924

 
$
12.49

 
$
5.05

 
$
0.93

 
5.5

 
389

 
2,995,769

 
$
12.12

 
$
10.44

 
16.1
%
 
 
 
 
Three months ended 3/31/15
 
485

 
2,790,404

 
38,137

 
13.67

 
5.47

 
0.71

 
5.8

 
385

 
2,391,199

 
13.53

 
11.90

 
13.7
%
 
 
 
 
Three months ended 12/31/14
 
466

 
3,107,911

 
40,064

 
12.89

 
5.57

 
1.09

 
6.3

 
365

 
2,635,743

 
13.05

 
11.46

 
13.9
%
 
 
 
 
Three months ended 9/30/14
 
535

 
3,352,890

 
43,369

 
12.93

 
6.16

 
0.96

 
6.3

 
415

 
3,023,596

 
12.68

 
11.14

 
13.9
%
 
 
 
 
TOTAL - TTM
 
1,991

 
12,606,796

 
$
163,495

 
$
12.97

 
$
5.57

 
$
0.93

 
6.0

 
1,554

 
11,046,307

 
$
12.80

 
$
11.19

 
14.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW LEASES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended 6/30/15
 
206

 
856,542

 
$
13,614

 
$
15.89

 
$
18.54

 
$
3.59

 
7.4

 
90

 
496,720

 
$
16.08

 
$
10.69

 
50.4
%
 
 
 
 
Three months ended 3/31/15
 
169

 
801,983

 
12,388

 
15.45

 
17.40

 
2.42

 
9.2

 
69

 
402,778

 
16.37

 
11.74

 
39.4
%
 
 
 
 
Three months ended 12/31/14
 
177

 
995,012

 
13,381

 
13.45

 
16.31

 
3.26

 
8.1

 
76

 
522,844

 
14.77

 
10.43

 
41.6
%
 
 
 
 
Three months ended 9/30/14
 
194

 
1,015,260

 
13,403

 
13.20

 
18.04

 
3.09

 
8.6

 
74

 
685,966

 
12.19

 
9.20

 
32.5
%
 
 
 
 
TOTAL - TTM
 
746

 
3,668,797

 
$
52,786

 
$
14.39

 
$
17.55

 
$
3.10

 
8.3

 
309

 
2,108,308

 
$
14.55

 
$
10.34

 
40.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RENEWAL & OPTION LEASES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended 6/30/15
 
299

 
2,499,049

 
$
28,310

 
$
11.33

 
$
0.42

 
$
0.02

 
4.9

 
299

 
2,499,049

 
$
11.33

 
$
10.39

 
9.1
%
 
 
 
 
Three months ended 3/31/15
 
316

 
1,988,421

 
25,749

 
12.95

 
0.66

 
0.02

 
4.5

 
316

 
1,988,421

 
12.95

 
11.93

 
8.6
%
 
 
 
 
Three months ended 12/31/14
 
289

 
2,112,899

 
26,684

 
12.63

 
0.52

 
0.07

 
5.4

 
289

 
2,112,899

 
12.63

 
11.71

 
7.8
%
 
 
 
 
Three months ended 9/30/14
 
341

 
2,337,630

 
29,967

 
12.82

 
1.00

 
0.03

 
5.4

 
341

 
2,337,630

 
12.82

 
11.70

 
9.6
%
 
 
 
 
TOTAL - TTM
 
1,245

 
8,937,999

 
$
110,709

 
$
12.39

 
$
0.65

 
$
0.04

 
5.1

 
1,245

 
8,937,999

 
$
12.39

 
$
11.39

 
8.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RENT GROWTH BY TENANT SIZE
 
 
 
 
 
 
 
 
 
 
 
 
LEASES BY ANCHOR AND SMALL SHOP - THREE MONTHS ENDED 6/30/15
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 
 
 
% of Leases
 
% of GLA
 
% of ABR
 
 New ABR/SF
 
 
 
 
TOTAL - ALL LEASES
 
6/30/15
 
3/31/15
 
12/31/14
 
9/30/14
 
 
 
 
 
 
Anchor Leases (≥ 10,000 SF)
 
 
 
 
 
 
 
 
 
≥ 35,000 SF
 
22.9
%
 
10.9
%
 
16.3
%
 
14.1
%
 
 
 
 
 
 
Total - All leases
 
17
%
 
68
%
 
48
%
 
$
8.94

 
 
 
 
20,000 – 34,999 SF
 
4.2
%
 
8.9
%
 
16.1
%
 
15.3
%
 
 
 
 
 
 
New leases
 
10
%
 
45
%
 
33
%
 
11.57

 
 
 
 
10,000 - 19,999 SF
 
20.8
%
 
17.5
%
 
14.6
%
 
32.5
%
 
 
 
 
 
 
Renewal leases
 
21
%
 
75
%
 
56
%
 
8.40

 
 
 
 
5,000 - 9,999 SF
 
14.8
%
 
17.9
%
 
12.7
%
 
9.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
< 5,000 SF
 
16.8
%
 
14.4
%
 
11.2
%
 
10.1
%
 
 
 
 
 
 
Small Shop Leases (< 10,000 SF)
 
 
 
 
 
 
 
 
TOTAL
 
16.1
%
 
13.7
%
 
13.9
%
 
13.9
%
 
 
 
 
 
 
Total - All leases
 
83
%
 
32
%
 
52
%
 
$
19.90

 
 
 
 
TOTAL ≥ 10,000 SF
 
15.8
%
 
12.0
%
 
15.9
%
 
17.8
%
 
 
 
 
 
 
New leases
 
90
%
 
55
%
 
67
%
 
19.46

 
 
 
 
TOTAL < 10,000 SF
 
16.3
%
 
15.3
%
 
11.5
%
 
10.0
%
 
 
 
 
 
 
Renewal leases
 
79
%
 
25
%
 
44
%
 
20.23

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Excludes Landlord Costs.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Cash.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Supplemental Disclosure - Three Months Ended June 30, 2015
Page 27




NEW LEASE NET EFFECTIVE RENT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Twelve Months Ended
 
Three Months Ended
 
 
 
 
 
6/30/15
 
6/30/15
 
3/31/15
 
12/31/14
 
9/30/14
 
 
NEW LEASES
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average over lease term:
 
 
 
 
 
 
 
 
 
 
 
 
 
Base rent
 
$
15.06

 
$
16.84

 
$
15.97

 
$
14.12

 
$
13.78

 
 
 
TI/TA allowance
 
(2.20
)
 
(2.33
)
 
(2.09
)
 
(2.20
)
 
(2.18
)
 
 
 
Landlord work
 
(0.36
)
 
(0.28
)
 
(0.43
)
 
(0.45
)
 
(0.27
)
 
 
 
Third party leasing commissions
 
(0.37
)
 
(0.43
)
 
(0.29
)
 
(0.40
)
 
(0.37
)
 
 
 
Rent concessions
 

 

 

 

 

 
 
EQUIVALENT NET EFFECTIVE RENT
 
$
12.13

 
$
13.80

 
$
13.16

 
$
11.07

 
$
10.96

 
 
Net effective rent / base rent
 
81
%
 
82
%
 
82
%
 
78
%
 
80
%
 
 
Weighted average term (years)
 
8.3

 
7.4

 
9.2

 
8.1

 
8.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PERCENT OF TOTAL EQUIVALENT NET EFFECTIVE RENT BY ANCHOR AND SMALL SHOP
 
 
 
 
 
 
 
≥ 10,000 SF
 
39
%
 
31
%
 
37
%
 
45
%
 
42
%
 
 
 
< 10,000 SF
 
61
%
 
69
%
 
63
%
 
55
%
 
58
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Supplemental Disclosure - Three Months Ended June 30, 2015
Page 28




ANCHOR SPACE REPOSITIONING SUMMARY
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
 
MSA
 
 
 
 
 
 
Description
 
 
 
IN PROCESS ANCHOR SPACE REPOSITIONINGS
 
 
 
 
 
 
1

California Oaks Center
 
Riverside-San Bernardino-Ontario, CA
 
Remerchandise former Ralphs with a 19K SF Barons Market
 
 
2

Metro 580
 
 
San Francisco-Oakland-Hayward, CA
 
 
Remerchandise former Borders with a 23K SF Party City
 
 
3

Arapahoe Crossings
 
Denver-Aurora-Lakewood, CO
 
 
 
Remerchandise former OfficeMax with a 24K SF buybuy BABY
 
 
4

Stratford Square
 
Bridgeport-Stamford-Norwalk, CT
 
 
Reconfigure former movie theatre with a 49K SF LA Fitness
 
 
5

The Manchester Collection
 
Hartford-West Hartford-East Hartford, CT
 
Combination of former Office Depot and adjacent anchor vacancy for a 39K SF The Edge Fitness Clubs
 
 
6

Marketplace at Wycliffe
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
Remerchandise former Winn-Dixie with a 45K SF Walmart Neighborhood Market
 
 
7

Park Shore Plaza
 
Naples-Immokalee-Marco Island, FL
 
 
Remerchandise former Kmart with a 60K SF Burlington Stores, a 19K SF Party City and an additional 16K SF junior anchor and a 5K SF small shop space
 
 
8

Wilmington Island
 
Savannah, GA
 
 
 
 
 
 
Reconfigure junior anchor and small shop space to accommodate expansion of existing Kroger to 75K SF prototype store and addition of Kroger fuel center
 
 
9

Annex of Arlington
 
Chicago-Naperville-Elgin, IL-IN-WI
 
 
Downsize existing 27K SF Petco to 14K SF to accommodate a 13K SF Chuck E. Cheese’s
 
 
10

The Commons of Crystal Lake
 
Chicago-Naperville-Elgin, IL-IN-WI
 
 
Remerchandise former Marshalls and Toys R Us with a 58K SF Burlington Stores
 
 
11

Westridge Court
 
Chicago-Naperville-Elgin, IL-IN-WI
 
 
Remerchandise former Hollywood Palms Cinema with a 50K SF Star Cinema Grill
 
 
12

Speedway Super Center
 
Indianapolis-Carmel-Anderson, IN
 
 
Remerchandise former Party City with a 17K SF Oak Street Health center
 
 
13

Westlane Shopping Center
 
Indianapolis-Carmel-Anderson, IN
 
 
Remerchandise former Marsh Supermarket with a 17K SF specialty grocer and a 12K SF Citi Trends
 
 
14

Southfield Plaza
 
Detroit-Warren-Dearborn, MI
 
 
 
Addition of a 22K SF Party City in addition to existing Planet Fitness to complete remerchandise of former Farm Jack
 
 
15

West Ridge
 
 
Detroit-Warren-Dearborn, MI
 
 
 
Remerchandise former Tile Shop with a 25K SF Bed Bath & Beyond and relocation of existing Party City to 25K SF prototype
 
 
16

Ellisville Square
 
 
St. Louis, MO-IL
 
 
 
 
 
Remerchandise former Kmart with a 40K SF Sports Authority, a 19K SF Michaels, a 16K SF Party City and a 4K SF outparcel
 
 
17

Galleria Commons
 
Las Vegas-Henderson-Paradise, NV
 
 
Remerchandise former Pacific Sales with a 13K SF Tuesday Morning and a 10K SF Kirkland's
 
 
18

Willow Springs Plaza
 
Manchester-Nashua, NH
 
 
 
Remerchandise former Namco Pools with a 33K SF New Hampshire Liquor and Wine Outlet
 
 
19

Hamilton Plaza-Kmart Plaza
 
Trenton, NJ
 
 
 
 
 
 
Reconfigure former Acme with a 19K SF Planet Fitness and a 13K SF Hibachi Grill
 
 
20

College Plaza
 
 
New York-Newark-Jersey City, NY-NJ-PA
 
Remerchandise former Rite Aid with an 18K SF A.C. Moore
 
 
21

Kmart Plaza
 
 
Syracuse, NY
 
 
 
 
 
 
Remerchandise former Kmart with a 50K SF Dick's Sporting Goods, an additional 34K SF junior anchor, a 7K SF small shop space and a 6K SF outparcel
 
 
22

Franklin Square
 
 
Charlotte-Concord-Gastonia, NC-SC
 
Remerchandise former OfficeMax with relocation and expansion of existing Michaels to 20K SF
 
 
23

McMullen Creek Market
 
Charlotte-Concord-Gastonia, NC-SC
 
Reconfigure 25K SF Staples and adjacent vacant junior anchor with a 45K SF Walmart Neighborhood Market and relocate existing 6K SF Lebo's Footwear to enable rightsizing of Staples to 13K SF
 
 
24

The Commons at Chancellor Park
Charlotte-Concord-Gastonia, NC-SC
 
Remerchandise former Hobby Lobby with a 61K SF Gabe's
 
 
25

Florence Plaza - Florence Square
Cincinnati, OH-KY-IN
 
 
 
Remerchandise former Kroger (Kroger previously relocated within center) with a 44K SF Burlington Stores
 
 
26

The Commons at Wolfcreek
 
Memphis, TN-MS-AR
 
 
 
Remerchandise former OfficeMax with a 15K SF DSW and a 9K SF Five Below
 
 
27

Parmer Crossing
 
Austin-Round Rock, TX
 
 
 
Remerchandise former RoomStore with a 29K SF Mega Furniture and a 27K SF junior anchor
 
 
28

Bardin Place Center
 
Dallas-Fort Worth-Arlington, TX
 
 
 
Reconfigure former Sports Authority and adjacent small shop space with an 86K SF WinCo Foods
 
 
29

Mequon Pavilions
 
Milwaukee-Waukesha-West Allis, WI
 
 
Combination of four adjacent small shop spaces for a 25K SF Marshalls and relocation of existing 5K SF Men's Wearhouse and 3K SF Fitness Together
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMPLETED ANCHOR SPACE REPOSITIONINGS - SIX MONTHS ENDED 6/30/15
 
 
1

Pointe Orlando
 
 
Orlando-Kissimmee-Sanford, FL
 
 
 
Addition of a 7K SF Blue Martini Lounge, a 6K SF RA Sushi and a 3K SF Minus 5 Ice Bar
 
 
2

Panama City Square
 
Panama City, FL
 
 
 
 
 
Remerchandise former Michaels with a 28K SF Harbor Freight Tools
 
 
3

Mansell Crossing
 
Atlanta-Sandy Springs-Roswell, GA
 
 
Remerchandise former OfficeMax with a 24K SF REI
 
 
4

Northeast Plaza
 
Atlanta-Sandy Springs-Roswell, GA
 
 
Remerchandise former G-Mart International Foods with a 56K SF City Farmers Market grocer
 
 
5

The Village at Mableton
 
Atlanta-Sandy Springs-Roswell, GA
 
 
Remerchandise former Shoppes at Mableton with a 30K SF Ollie's Bargain Outlet
 
 
6

Westview Center
 
Chicago-Naperville-Elgin, IL-IN-WI
 
 
Relocation and expansion of existing Dollar Tree to 17K SF and rightsizing of Premiere Furniture to 12K SF to accommodate a 22K SF Sears Home Outlet
 
 
7

Karam Shopping Center
 
Lafayette, LA
 
 
 
 
 
 
Remerchandise former Conn's with a 21K SF dd's Discount (Ross Dress for Less)
 
 
8

Harpers Station
 
 
Cincinnati, OH-KY-IN
 
 
 
Remerchandise former Bova furniture with a 29K SF Fresh Thyme Farmers Market (Meijer) and combination of adjacent small shop vacancies for an 8K SF Pet Supplies Plus
 
 
9

Collegetown Shopping Center
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Reconfigure former Acme with a 42K SF LA Fitness and an additional 5K SF of retail space
 
 
10

Town Plaza
 
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Addition of a 20K SF Tractor Supply Co. in remainder of former Ames space
 
 
11

Festival Centre
 
 
Charleston-North Charleston, SC
 
 
 
Remerchandise former Hamrick's with a 40K SF Sears Outlet
 
 
12

Kingston Overlook
 
Knoxville, TN
 
 
 
 
 
 
Remerchandise former American Signature Home with a 53K SF Sears Home Outlet
 
 
13

Watson Glen Shopping Center
 
Nashville-Davidson--Murfreesboro--Franklin, TN
Remerchandise former Kmart with an 86K SF At Home (Garden Ridge)
 
 
14

Williamson Square
 
Nashville-Davidson--Murfreesboro--Franklin, TN
Remerchandise former grocer with a 29K SF SkyZone and a 17K SF Planet Fitness
 
 
15

Ridgeview Centre
 
Wise, VA
 
 
 
 
 
 
Remerchandise former Kmart with a 29K SF Ollie's Bargain Outlet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015 Anchor Space Repositionings:
 
 
 
 
 
 
 
 
 
 
Number of Projects
 
Expected Total
Project Costs
 
NOI Yield
 
 
 
 
 
 
 
In Process
29
 
$
83,456
 
 
13.5
%
 
 
 
 
 
 
 
Completed
15
 
38,071
 
 
15.5
%
 
 
 
 
 
 
 
TOTAL
44
 
$
121,528
 
 
14.1
%
 
 
 
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 29




LEASE EXPIRATION SCHEDULE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL PORTFOLIO
 
SPACES > 10,000 SF
 
SPACES < 10,000 SF
 
 
 
 
 
 
Number of
 
 
 
Percent of
 
 
 
Percent
 
Number of
 
 
 
Percent of
 
 
 
Percent
 
Number of
 
 
 
Percent of
 
 
 
Percent
 
 
 
 
 
 
Leases
 
Leased GLA
 
Leased GLA
 
ABR / SF
 
of ABR
 
Leases
 
Leased GLA
 
Leased GLA
 
ABR / SF
 
of ABR
 
Leases
 
Leased GLA
 
Leased GLA
 
ABR / SF
 
of ABR
 
 
 
ASSUMES NO EXERCISE OF RENEWAL OPTIONS AND NO BASE RENT ESCALATIONS OVER LEASE TERM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Month to Month
535

 
1,655,360

 
2.1
%
 
$
12.37

 
2.2
%
 
24

 
488,078

 
0.8
%
 
$
7.43

 
0.7
%
 
511

 
1,167,282

 
5.4
%
 
$
14.44

 
4.1
%
 
 
 
 
2015
 
525

 
2,735,020

 
3.4
%
 
11.03

 
3.2
%
 
56

 
1,620,468

 
2.8
%
 
6.78

 
2.1
%
 
469

 
1,114,552

 
5.2
%
 
17.22

 
4.7
%
 
 
 
 
2016
 
1,592

 
11,064,738

 
13.8
%
 
11.39

 
13.6
%
 
222

 
7,395,749

 
12.6
%
 
8.15

 
11.6
%
 
1,370

 
3,668,989

 
17.1
%
 
17.92

 
16.1
%
 
 
 
 
2017
 
1,622

 
10,621,517

 
13.3
%
 
12.23

 
14.0
%
 
233

 
7,087,552

 
12.1
%
 
8.77

 
11.9
%
 
1,389

 
3,533,965

 
16.4
%
 
19.18

 
16.6
%
 
 
 
 
2018
 
1,413

 
9,729,911

 
12.2
%
 
12.43

 
13.0
%
 
207

 
6,443,482

 
11.0
%
 
8.99

 
11.1
%
 
1,206

 
3,286,429

 
15.3
%
 
19.19

 
15.4
%
 
 
 
 
2019
 
1,261

 
10,152,553

 
12.7
%
 
11.59

 
12.7
%
 
216

 
7,224,356

 
12.3
%
 
8.53

 
11.8
%
 
1,045

 
2,928,197

 
13.6
%
 
19.13

 
13.7
%
 
 
 
 
2020
 
946

 
9,548,340

 
11.9
%
 
11.09

 
11.4
%
 
214

 
7,477,642

 
12.8
%
 
8.73

 
12.5
%
 
732

 
2,070,698

 
9.6
%
 
19.61

 
9.9
%
 
 
 
 
2021
 
310

 
4,272,866

 
5.3
%
 
11.02

 
5.1
%
 
113

 
3,563,919

 
6.1
%
 
9.44

 
6.5
%
 
197

 
708,947

 
3.3
%
 
18.99

 
3.3
%
 
 
 
 
2022
 
257

 
3,664,410

 
4.6
%
 
10.78

 
4.2
%
 
85

 
3,012,162

 
5.1
%
 
8.55

 
4.9
%
 
172

 
652,248

 
3.0
%
 
21.12

 
3.4
%
 
 
 
 
2023
 
262

 
3,646,354

 
4.6
%
 
10.18

 
4.0
%
 
93

 
2,975,205

 
5.1
%
 
8.08

 
4.6
%
 
169

 
671,149

 
3.1
%
 
19.47

 
3.2
%
 
 
 
 
2024+
 
760

 
12,976,864

 
16.2
%
 
11.95

 
16.7
%
 
309

 
11,277,756

 
19.3
%
 
10.26

 
22.2
%
 
451

 
1,699,108

 
7.9
%
 
23.18

 
9.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ASSUMES EXERCISE OF ALL RENEWAL OPTIONS AND ANY BASE RENT ESCALATIONS OVER LEASE TERM (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Month to Month
535

 
1,655,360

 
2.1
%
 
$
12.91

 
1.8
%
 
24

 
488,078

 
0.8
%
 
$
8.72

 
0.6
%
 
511

 
1,167,282

 
5.4
%
 
$
14.66

 
3.7
%
 
 
 
 
2015
 
395

 
1,207,461

 
1.5
%
 
14.56

 
1.5
%
 
24

 
367,276

 
0.6
%
 
8.94

 
0.4
%
 
371

 
840,185

 
3.9
%
 
17.01

 
3.1
%
 
 
 
 
2016
 
1,012

 
3,758,452

 
4.7
%
 
13.82

 
4.3
%
 
65

 
1,506,330

 
2.6
%
 
7.54

 
1.5
%
 
947

 
2,252,122

 
10.5
%
 
18.02

 
8.9
%
 
 
 
 
2017
 
1,017

 
3,470,789

 
4.3
%
 
15.17

 
4.4
%
 
56

 
1,243,116

 
2.1
%
 
8.75

 
1.5
%
 
961

 
2,227,673

 
10.4
%
 
18.74

 
9.1
%
 
 
 
 
2018
 
804

 
2,557,893

 
3.2
%
 
16.84

 
3.6
%
 
44

 
828,203

 
1.4
%
 
11.26

 
1.2
%
 
760

 
1,729,690

 
8.0
%
 
19.50

 
7.4
%
 
 
 
 
2019
 
717

 
2,913,002

 
3.6
%
 
14.53

 
3.5
%
 
52

 
1,271,117

 
2.2
%
 
8.72

 
1.5
%
 
665

 
1,641,885

 
7.6
%
 
19.03

 
6.8
%
 
 
 
 
2020
 
567

 
2,700,557

 
3.4
%
 
13.75

 
3.1
%
 
51

 
1,405,832

 
2.4
%
 
8.79

 
1.7
%
 
516

 
1,294,725

 
6.0
%
 
19.14

 
5.4
%
 
 
 
 
2021
 
388

 
1,947,463

 
2.4
%
 
15.02

 
2.4
%
 
39

 
911,094

 
1.6
%
 
10.01

 
1.2
%
 
349

 
1,036,369

 
4.8
%
 
19.42

 
4.4
%
 
 
 
 
2022
 
392

 
1,825,963

 
2.3
%
 
16.28

 
2.5
%
 
40

 
792,582

 
1.4
%
 
9.67

 
1.0
%
 
352

 
1,033,381

 
4.8
%
 
21.34

 
4.8
%
 
 
 
 
2023
 
418

 
2,192,883

 
2.7
%
 
15.59

 
2.8
%
 
47

 
1,038,986

 
1.8
%
 
9.50

 
1.3
%
 
371

 
1,153,897

 
5.4
%
 
21.07

 
5.3
%
 
 
 
 
2024+
 
3,238

 
55,838,110

 
69.7
%
 
15.15

 
70.2
%
 
1,330

 
48,713,755

 
83.2
%
 
13.54

 
88.1
%
 
1,908

 
7,124,355

 
33.1
%
 
26.17

 
40.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEASE RETENTION RATE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By Count
 
By GLA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Twelve Months Ended 6/30/15
 
 
76.7%
 
83.1%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) ABR for leases whose future option rent is based on fair market value or CPI is reported as the ABR for the last year of the current lease term.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ABR/SF includes ground leases.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 30




REDEVELOPMENT & OUTPARCEL DEVELOPMENT SUMMARY
Dollars in thousands
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Construction
 
 Expected
 
 
 
 
 
 
 
 
 
 
 
Percent
 
Stabilization
 
Percent
 
 Total
 
NOI
 
 
 
Property Name
 
MSA
 
Project Description
 
Leased
 
Quarter
 
Complete
 
 Project Cost
 
Yield
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OUTPARCEL DEVELOPMENTS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
IN PROCESS OUTPARCEL DEVELOPMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1

Century Plaza Shopping Center
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
Construction of a new 13K SF CVS drive-thru pharmacy outparcel
 
100.0
%
 
Dec-16
 
13
%
 
$
3,831

 
11.8
%
 
 
2

Applegate Ranch Shopping Center
 
Merced, CA
 
Construction of a new 5K SF Applebee's Neighborhood Grill & Bar outparcel
 
96.5
%
 
Dec-15
 
8
%
 
702

 
10.6
%
 
 
3

Puente Hills Town Center
 
Los Angeles-Long Beach-Anaheim, CA
 
Reconfigure former freestanding Barnes & Noble with a 3K SF Habit Burger Grill, a 3K SF Pacific Fish Grill and two additional small shop retailers
 
94.5
%
 
Dec-15
 
9
%
 
2,561

 
11.1
%
 
 
4

Park Hills Plaza
 
Altoona, PA
 
Construction of a 4K SF Red Robin outparcel
 
96.4
%
 
Dec-15
 
30
%
 
253

 
23.7
%
 
 
5

Mira Mesa Mall
 
San Diego-Carlsbad, CA
 
Construction of a 3K SF Habit Burger Grill outparcel
 
96.5
%
 
Mar-16
 
9
%
 
1,038

 
20.7
%
 
 
6

Wadsworth Crossings
 
Cleveland-Elyria, OH
 
Construction of a 4K SF Mattress Firm outparcel
 
94.0
%
 
Dec-15
 
4
%
 
1,664

 
11.5
%
 
 
7

Wynnewood Village
 
Dallas-Fort Worth-Arlington, TX
 
Construction of a 3K SF Popeyes Louisiana Kitchen outparcel
 
88.6
%
 
Mar-16
 
0
%
 
53

 
159.0
%
 
 
 
TOTAL IN PROCESS OUTPARCEL DEVELOPMENT ACTIVITIES / WEIGHTED AVERAGE
 
 
 
 
 
 
 
$
10,102

 
13.5
%




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 31




PROPERTIES BY LARGEST US MSAs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
 
 
 
 
 
 
 
 
Number of
 
 
 
Percent
 
Percent
 
 
 
 
 
Number of
 
Percent
 
Percent
 
 
 
Largest US MSAs by 2013 Population
 
 
 
Properties
 
 GLA
 
Leased
 
Billed
 
 ABR
 
 ABR / SF
 
Properties
 
of GLA
 
of ABR
 
 
1

New York-Newark-Jersey City, NY-NJ-PA
 
 
 
30

 
3,631,566

 
94.4
%
 
92.2
%
 
$
62,356

 
$
18.70

 
5.8
%
 
4.2
%
 
6.7
%
 
 
2

Los Angeles-Long Beach-Anaheim, CA
 
 
 
9

 
1,685,121

 
98.3
%
 
97.1
%
 
28,273

 
17.23

 
1.7
%
 
1.9
%
 
3.0
%
 
 
3

Chicago-Naperville-Elgin, IL-IN-WI
 
 
 
16

 
3,954,163

 
91.2
%
 
88.6
%
 
44,440

 
12.87

 
3.1
%
 
4.6
%
 
4.8
%
 
 
4

Dallas-Fort Worth-Arlington, TX
 
 
 
16

 
3,076,050

 
93.3
%
 
91.7
%
 
41,028

 
14.53

 
3.1
%
 
3.6
%
 
4.4
%
 
 
5

Houston-The Woodlands-Sugar Land, TX
 
 
 
37

 
4,624,796

 
94.3
%
 
94.0
%
 
47,925

 
11.29

 
7.1
%
 
5.3
%
 
5.2
%
 
 
6

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
 
 
29

 
4,391,931

 
94.5
%
 
92.7
%
 
56,109

 
15.13

 
5.6
%
 
5.1
%
 
6.0
%
 
 
7

Washington-Arlington-Alexandria, DC-VA-MD-WV
 
 
3

 
451,260

 
95.6
%
 
95.6
%
 
4,624

 
10.72

 
0.6
%
 
0.5
%
 
0.5
%
 
 
8

Miami-Fort Lauderdale-West Palm Beach, FL
 
 
 
10

 
1,681,268

 
90.8
%
 
86.2
%
 
20,070

 
13.69

 
1.9
%
 
1.9
%
 
2.2
%
 
 
9

Atlanta-Sandy Springs-Roswell, GA
 
 
 
25

 
3,663,047

 
91.6
%
 
90.3
%
 
34,856

 
10.49

 
4.8
%
 
4.2
%
 
3.7
%
 
 
10

Boston-Cambridge-Newton, MA-NH
 
 
 
6

 
719,035

 
87.1
%
 
86.9
%
 
7,402

 
12.10

 
1.2
%
 
0.8
%
 
0.8
%
 
 
 
Top 10 Largest US MSAs by Population
 
 
 
181

 
27,878,237

 
93.3
%
 
91.6
%
 
347,085

 
13.86

 
34.9
%
 
32.2
%
 
37.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11

San Francisco-Oakland-Hayward, CA
 
 
 
2

 
476,983

 
99.3
%
 
92.1
%
 
9,241

 
24.48

 
0.4
%
 
0.6
%
 
1.0
%
 
 
12

Phoenix-Mesa-Scottsdale, AZ
 
 
 
1

 
119,525

 
65.9
%
 
33.7
%
 
1,039

 
13.20

 
0.2
%
 
0.1
%
 
0.1
%
 
 
13

Riverside-San Bernardino-Ontario, CA
 
 
 
4

 
537,795

 
95.1
%
 
94.3
%
 
6,531

 
12.87

 
0.8
%
 
0.6
%
 
0.7
%
 
 
14

Detroit-Warren-Dearborn, MI
 
 
 
9

 
1,599,938

 
94.4
%
 
87.2
%
 
16,536

 
11.78

 
1.7
%
 
1.8
%
 
1.8
%
 
 
15

Seattle-Tacoma-Bellevue, WA
 
 
 
0

 

 

 

 

 

 

 

 

 
 
16

Minneapolis-St. Paul-Bloomington, MN-WI
 
 
 
8

 
1,182,982

 
93.1
%
 
89.7
%
 
13,009

 
12.57

 
1.5
%
 
1.4
%
 
1.4
%
 
 
17

San Diego-Carlsbad, CA
 
 
 
2

 
507,514

 
97.2
%
 
96.6
%
 
8,957

 
18.75

 
0.4
%
 
0.6
%
 
1.0
%
 
 
18

Tampa-St. Petersburg-Clearwater, FL
 
 
 
15

 
2,381,987

 
93.7
%
 
92.5
%
 
26,532

 
12.54

 
2.9
%
 
2.8
%
 
2.9
%
 
 
19

St. Louis, MO-IL
 
 
 
4

 
658,025

 
91.4
%
 
79.6
%
 
5,340

 
8.92

 
0.8
%
 
0.8
%
 
0.6
%
 
 
20

Baltimore-Columbia-Towson, MD
 
 
 
1

 
218,862

 
100.0
%
 
100.0
%
 
2,631

 
12.02

 
0.2
%
 
0.3
%
 
0.3
%
 
 
 
Top 20 Largest US MSAs by Population
 
 
 
227

 
35,561,848

 
93.5
%
 
91.2
%
 
436,900

 
13.72

 
43.7
%
 
41.1
%
 
47.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21

Denver-Aurora-Lakewood, CO
 
 
 
5

 
1,199,699

 
93.5
%
 
93.1
%
 
13,954

 
12.51

 
1.0
%
 
1.4
%
 
1.5
%
 
 
22

Pittsburgh, PA
 
 
 
1

 
218,714

 
95.7
%
 
95.7
%
 
1,614

 
8.51

 
0.2
%
 
0.3
%
 
0.2
%
 
 
23

Charlotte-Concord-Gastonia, NC-SC
 
 
 
6

 
1,707,550

 
89.9
%
 
81.8
%
 
13,903

 
9.93

 
1.2
%
 
2.0
%
 
1.5
%
 
 
24

Portland-Vancouver-Hillsboro, OR-WA
 
 
 
0

 

 

 

 

 

 

 

 

 
 
25

San Antonio-New Braunfels, TX
 
 
 
0

 

 

 

 

 

 

 

 

 
 
26

Orlando-Kissimmee-Sanford, FL
 
 
 
7

 
996,317

 
91.2
%
 
89.4
%
 
14,962

 
16.83

 
1.3
%
 
1.2
%
 
1.6
%
 
 
27

Sacramento--Roseville--Arden-Arcade, CA
 
 
 
1

 
103,695

 
96.4
%
 
96.4
%
 
1,967

 
19.69

 
0.2
%
 
0.1
%
 
0.2
%
 
 
28

Cincinnati, OH-KY-IN
 
 
 
7

 
1,923,802

 
96.5
%
 
93.7
%
 
20,530

 
12.71

 
1.3
%
 
2.2
%
 
2.2
%
 
 
29

Cleveland-Elyria, OH
 
 
 
7

 
1,446,201

 
93.3
%
 
91.6
%
 
14,606

 
10.84

 
1.3
%
 
1.7
%
 
1.6
%
 
 
30

Kansas City, MO-KS
 
 
 
4

 
602,466

 
91.5
%
 
90.5
%
 
4,294

 
7.93

 
0.8
%
 
0.7
%
 
0.5
%
 
 
31

Las Vegas-Henderson-Paradise, NV
 
 
 
3

 
609,661

 
94.1
%
 
92.5
%
 
8,067

 
14.07

 
0.6
%
 
0.7
%
 
0.9
%
 
 
32

Columbus, OH
 
 
 
4

 
449,488

 
88.1
%
 
87.0
%
 
3,857

 
10.32

 
0.8
%
 
0.5
%
 
0.4
%
 
 
33

Indianapolis-Carmel-Anderson, IN
 
 
 
4

 
881,306

 
82.7
%
 
80.4
%
 
6,296

 
8.67

 
0.8
%
 
1.0
%
 
0.7
%
 
 
34

San Jose-Sunnyvale-Santa Clara, CA
 
 
 
0

 

 

 

 

 

 

 

 

 
 
35

Austin-Round Rock, TX
 
 
 
1

 
168,112

 
83.7
%
 
62.9
%
 
1,539

 
10.94

 
0.2
%
 
0.2
%
 
0.2
%
 
 
36

Nashville-Davidson--Murfreesboro--Franklin, TN
 
 
 
7

 
1,276,589

 
92.5
%
 
91.0
%
 
12,266

 
10.49

 
1.3
%
 
1.5
%
 
1.3
%
 
 
37

Virginia Beach-Norfolk-Newport News, VA-NC
 
 
 
2

 
205,245

 
91.9
%
 
91.9
%
 
3,350

 
17.89

 
0.4
%
 
0.2
%
 
0.4
%
 
 
38

Providence-Warwick, RI-MA
 
 
 
1

 
148,126

 
100.0
%
 
100.0
%
 
1,553

 
10.48

 
0.2
%
 
0.2
%
 
0.2
%
 
 
39

Milwaukee-Waukesha-West Allis, WI
 
 
 
4

 
710,335

 
91.7
%
 
90.6
%
 
6,607

 
10.14

 
0.8
%
 
0.8
%
 
0.7
%
 
 
40

Jacksonville, FL
 
 
 
5

 
827,528

 
81.9
%
 
76.5
%
 
8,217

 
12.22

 
1.0
%
 
1.0
%
 
0.9
%
 
 
41

Memphis, TN-MS-AR
 
 
 
1

 
658,778

 
90.2
%
 
85.9
%
 
7,350

 
12.60

 
0.2
%
 
0.8
%
 
0.8
%
 
 
42

Oklahoma City, OK
 
 
 
0

 

 

 

 

 

 

 

 

 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 32




PROPERTIES BY LARGEST US MSAs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
 
 
 
 
 
 
 
 
Number of
 
 
 
Percent
 
Percent
 
 
 
 
 
Number of
 
Percent
 
Percent
 
 
 
Largest US MSAs by 2013 Population
 
 
 
Properties
 
 GLA
 
Leased
 
Billed
 
 ABR
 
 ABR / SF
 
Properties
 
of GLA
 
of ABR
 
 
43

Louisville/Jefferson County, KY-IN
 
 
 
4

 
685,704

 
89.3
%
 
88.4
%
 
6,294

 
10.59

 
0.8
%
 
0.8
%
 
0.7
%
 
 
44

Richmond, VA
 
 
 
2

 
215,897

 
77.0
%
 
76.0
%
 
2,438

 
14.67

 
0.4
%
 
0.2
%
 
0.3
%
 
 
45

New Orleans-Metairie, LA
 
 
 
0

 

 

 

 

 

 

 

 

 
 
46

Hartford-West Hartford-East Hartford, CT
 
 
 
4

 
890,443

 
93.8
%
 
89.5
%
 
11,403

 
16.32

 
0.8
%
 
1.0
%
 
1.2
%
 
 
47

Raleigh, NC
 
 
 
2

 
291,027

 
94.1
%
 
94.1
%
 
3,447

 
12.69

 
0.4
%
 
0.3
%
 
0.4
%
 
 
48

Salt Lake City, UT
 
 
 
0

 

 

 

 

 

 

 

 

 
 
49

Birmingham-Hoover, AL
 
 
 
0

 

 

 

 

 

 

 

 

 
 
50

Buffalo-Cheektowaga-Niagara Falls, NY
 
 
 
1

 
95,544

 
97.1
%
 
92.5
%
 
1,353

 
14.97

 
0.2
%
 
0.1
%
 
0.1
%
 
 
 
Top 50 Largest US MSAs by Population
 
 
 
310

 
51,874,075

 
92.8
%
 
90.3
%
 
606,765

 
13.16

 
59.7
%
 
59.9
%
 
65.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MSAs Ranked 51 - 100 by Population
 
 
 
68

 
11,807,339

 
90.6
%
 
88.4
%
 
115,982

 
11.54

 
13.1
%
 
13.6
%
 
12.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other MSAs
 
 
 
141

 
22,921,268

 
92.7
%
 
91.2
%
 
207,210

 
10.70

 
27.2
%
 
26.5
%
 
22.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
 
519

 
86,602,682

 
92.5
%
 
90.3
%
 
$
929,957

 
$
12.31

 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 33




LARGEST MSAs BY ABR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
 
 
 
 
 
 
 
 
Number of
 
 
 
Percent
 
Percent
 
 
 
 
 
Number of
 
Percent
 
Percent
 
 
 
Largest MSAs by ABR
 
MSA Rank
 
Properties
 
 GLA
 
Leased
 
Billed
 
 ABR
 
 ABR / SF
 
Properties
 
of GLA
 
of ABR
 
 
1

New York-Newark-Jersey City, NY-NJ-PA
 
1
 
30

 
3,631,566

 
94.4
%
 
92.2
%
 
$
62,356

 
$
18.70

 
5.8
%
 
4.2
%
 
6.7
%
 
 
2

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
6
 
29

 
4,391,931

 
94.5
%
 
92.7
%
 
56,109

 
15.13

 
5.6
%
 
5.1
%
 
6.0
%
 
 
3

Houston-The Woodlands-Sugar Land, TX
 
5
 
37

 
4,624,796

 
94.3
%
 
94.0
%
 
47,925

 
11.29

 
7.1
%
 
5.3
%
 
5.2
%
 
 
4

Chicago-Naperville-Elgin, IL-IN-WI
 
3
 
16

 
3,954,163

 
91.2
%
 
88.6
%
 
44,440

 
12.87

 
3.1
%
 
4.6
%
 
4.8
%
 
 
5

Dallas-Fort Worth-Arlington, TX
 
4
 
16

 
3,076,050

 
93.3
%
 
91.7
%
 
41,028

 
14.53

 
3.1
%
 
3.6
%
 
4.4
%
 
 
6

Atlanta-Sandy Springs-Roswell, GA
 
9
 
25

 
3,663,047

 
91.6
%
 
90.3
%
 
34,856

 
10.49

 
4.8
%
 
4.2
%
 
3.7
%
 
 
7

Los Angeles-Long Beach-Anaheim, CA
 
2
 
9

 
1,685,121

 
98.3
%
 
97.1
%
 
28,273

 
17.23

 
1.7
%
 
1.9
%
 
3.0
%
 
 
8

Tampa-St. Petersburg-Clearwater, FL
 
18
 
15

 
2,381,987

 
93.7
%
 
92.5
%
 
26,532

 
12.54

 
2.9
%
 
2.8
%
 
2.9
%
 
 
9

Cincinnati, OH-KY-IN
 
28
 
7

 
1,923,802

 
96.5
%
 
93.7
%
 
20,530

 
12.71

 
1.3
%
 
2.2
%
 
2.2
%
 
 
10

Miami-Fort Lauderdale-West Palm Beach, FL
 
8
 
10

 
1,681,268

 
90.8
%
 
86.2
%
 
20,070

 
13.69

 
1.9
%
 
1.9
%
 
2.2
%
 
 
 
10 Largest MSAs by ABR
 
 
194

 
31,013,731

 
93.7
%
 
91.9
%
 
382,119

 
13.78

 
37.4
%
 
35.8
%
 
41.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11

Detroit-Warren-Dearborn, MI
 
14
 
9

 
1,599,938

 
94.4
%
 
87.2
%
 
16,536

 
11.78

 
1.7
%
 
1.8
%
 
1.8
%
 
 
12

Orlando-Kissimmee-Sanford, FL
 
26
 
7

 
996,317

 
91.2
%
 
89.4
%
 
14,962

 
16.83

 
1.3
%
 
1.2
%
 
1.6
%
 
 
13

Cleveland-Elyria, OH
 
29
 
7

 
1,446,201

 
93.3
%
 
91.6
%
 
14,606

 
10.84

 
1.3
%
 
1.7
%
 
1.6
%
 
 
14

Denver-Aurora-Lakewood, CO
 
21
 
5

 
1,199,699

 
93.5
%
 
93.1
%
 
13,954

 
12.51

 
1.0
%
 
1.4
%
 
1.5
%
 
 
15

Charlotte-Concord-Gastonia, NC-SC
 
23
 
6

 
1,707,550

 
89.9
%
 
81.8
%
 
13,903

 
9.93

 
1.2
%
 
2.0
%
 
1.5
%
 
 
16

Allentown-Bethlehem-Easton, PA-NJ
 
68
 
5

 
1,298,479

 
98.4
%
 
97.3
%
 
13,774

 
11.45

 
1.0
%
 
1.5
%
 
1.5
%
 
 
17

Minneapolis-St. Paul-Bloomington, MN-WI
 
16
 
8

 
1,182,982

 
93.1
%
 
89.7
%
 
13,009

 
12.57

 
1.5
%
 
1.4
%
 
1.4
%
 
 
18

Nashville-Davidson--Murfreesboro--Franklin, TN
 
36
 
7

 
1,276,589

 
92.5
%
 
91.0
%
 
12,266

 
10.49

 
1.3
%
 
1.5
%
 
1.3
%
 
 
19

Hartford-West Hartford-East Hartford, CT
 
46
 
4

 
890,443

 
93.8
%
 
89.5
%
 
11,403

 
16.32

 
0.8
%
 
1.0
%
 
1.2
%
 
 
20

Oxnard-Thousand Oaks-Ventura, CA
 
66
 
3

 
677,512

 
98.1
%
 
98.1
%
 
10,570

 
16.15

 
0.6
%
 
0.8
%
 
1.1
%
 
 
 
20 Largest MSAs by ABR
 
 
255

 
43,289,441

 
93.6
%
 
91.4
%
 
517,103

 
13.38

 
49.1
%
 
50.0
%
 
55.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
21

Naples-Immokalee-Marco Island, FL
 
149
 
4

 
755,309

 
95.8
%
 
84.9
%
 
10,305

 
14.31

 
0.8
%
 
0.9
%
 
1.1
%
 
 
22

Binghamton, NY
 
186
 
4

 
751,207

 
99.4
%
 
98.9
%
 
9,838

 
13.17

 
0.8
%
 
0.9
%
 
1.1
%
 
 
23

San Francisco-Oakland-Hayward, CA
 
11
 
2

 
476,983

 
99.3
%
 
92.1
%
 
9,241

 
24.48

 
0.4
%
 
0.6
%
 
1.0
%
 
 
24

San Diego-Carlsbad, CA
 
17
 
2

 
507,514

 
97.2
%
 
96.6
%
 
8,957

 
18.75

 
0.4
%
 
0.6
%
 
1.0
%
 
 
25

Jacksonville, FL
 
40
 
5

 
827,528

 
81.9
%
 
76.5
%
 
8,217

 
12.22

 
1.0
%
 
1.0
%
 
0.9
%
 
 
26

Las Vegas-Henderson-Paradise, NV
 
31
 
3

 
609,661

 
94.1
%
 
92.5
%
 
8,067

 
14.07

 
0.6
%
 
0.7
%
 
0.9
%
 
 
27

Vallejo-Fairfield, CA
 
122
 
1

 
495,239

 
98.8
%
 
97.2
%
 
7,927

 
16.28

 
0.2
%
 
0.6
%
 
0.9
%
 
 
28

Boston-Cambridge-Newton, MA-NH
 
10
 
6

 
719,035

 
87.1
%
 
86.9
%
 
7,402

 
12.10

 
1.2
%
 
0.8
%
 
0.8
%
 
 
29

Fresno, CA
 
56
 
2

 
436,334

 
98.4
%
 
96.2
%
 
7,398

 
17.24

 
0.4
%
 
0.5
%
 
0.8
%
 
 
30

New Haven-Milford, CT
 
63
 
6

 
572,225

 
92.1
%
 
89.8
%
 
7,382

 
14.03

 
1.2
%
 
0.7
%
 
0.8
%
 
 
31

Memphis, TN-MS-AR
 
41
 
1

 
658,778

 
90.2
%
 
85.9
%
 
7,350

 
12.60

 
0.2
%
 
0.8
%
 
0.8
%
 
 
32

Norwich-New London, CT
 
169
 
2

 
433,532

 
98.9
%
 
95.6
%
 
7,110

 
16.58

 
0.4
%
 
0.5
%
 
0.8
%
 
 
33

Port St. Lucie, FL
 
116
 
5

 
628,830

 
79.1
%
 
78.0
%
 
6,973

 
14.02

 
1.0
%
 
0.7
%
 
0.7
%
 
 
34

Milwaukee-Waukesha-West Allis, WI
 
39
 
4

 
710,335

 
91.7
%
 
90.6
%
 
6,607

 
10.14

 
0.8
%
 
0.8
%
 
0.7
%
 
 
35

Riverside-San Bernardino-Ontario, CA
 
13
 
4

 
537,795

 
95.1
%
 
94.3
%
 
6,531

 
12.87

 
0.8
%
 
0.6
%
 
0.7
%
 
 
36

Indianapolis-Carmel-Anderson, IN
 
33
 
4

 
881,306

 
82.7
%
 
80.4
%
 
6,296

 
8.67

 
0.8
%
 
1.0
%
 
0.7
%
 
 
37

Louisville/Jefferson County, KY-IN
 
43
 
4

 
685,704

 
89.3
%
 
88.4
%
 
6,294

 
10.59

 
0.8
%
 
0.8
%
 
0.7
%
 
 
38

Worcester, MA-CT
 
58
 
4

 
589,104

 
82.0
%
 
79.8
%
 
6,160

 
12.76

 
0.8
%
 
0.7
%
 
0.7
%
 
 
39

St. Louis, MO-IL
 
19
 
4

 
658,025

 
91.4
%
 
79.6
%
 
5,340

 
8.92

 
0.8
%
 
0.8
%
 
0.6
%
 
 
40

Scranton--Wilkes-Barre--Hazleton, PA
 
95
 
2

 
610,539

 
98.9
%
 
98.9
%
 
5,285

 
19.60

 
0.4
%
 
0.7
%
 
0.6
%
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 34




LARGEST MSAs BY ABR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
 
 
 
 
 
 
 
 
Number of
 
 
 
Percent
 
Percent
 
 
 
 
 
Number of
 
Percent
 
Percent
 
 
 
Largest MSAs by ABR
 
MSA Rank
 
Properties
 
 GLA
 
Leased
 
Billed
 
 ABR
 
 ABR / SF
 
Properties
 
of GLA
 
of ABR
 
 
41

Springfield, MA
 
86
 
3

 
450,657

 
96.9
%
 
96.0
%
 
5,066

 
13.69

 
0.6
%
 
0.5
%
 
0.5
%
 
 
42

Dayton, OH
 
71
 
3

 
532,562

 
96.7
%
 
93.4
%
 
5,006

 
11.95

 
0.6
%
 
0.6
%
 
0.5
%
 
 
43

College Station-Bryan, TX
 
189
 
4

 
491,763

 
94.2
%
 
93.4
%
 
4,945

 
15.39

 
0.8
%
 
0.6
%
 
0.5
%
 
 
44

Wilmington, NC
 
175
 
2

 
379,107

 
89.8
%
 
89.8
%
 
4,919

 
14.61

 
0.4
%
 
0.4
%
 
0.5
%
 
 
45

Winston-Salem, NC
 
82
 
3

 
438,898

 
92.6
%
 
91.6
%
 
4,876

 
12.39

 
0.6
%
 
0.5
%
 
0.5
%
 
 
46

Greensboro-High Point, NC
 
73
 
1

 
406,768

 
99.3
%
 
98.1
%
 
4,825

 
11.94

 
0.2
%
 
0.5
%
 
0.5
%
 
 
47

North Port-Sarasota-Bradenton, FL
 
74
 
4

 
556,862

 
91.2
%
 
90.5
%
 
4,680

 
9.29

 
0.8
%
 
0.6
%
 
0.5
%
 
 
48

Corpus Christi, TX
 
114
 
4

 
565,070

 
84.5
%
 
84.3
%
 
4,635

 
11.86

 
0.8
%
 
0.7
%
 
0.5
%
 
 
49

Washington-Arlington-Alexandria, DC-VA-MD-WV
7
 
3

 
451,260

 
95.6
%
 
95.6
%
 
4,624

 
10.72

 
0.6
%
 
0.5
%
 
0.5
%
 
 
50

Ann Arbor, MI
 
147
 
3

 
663,535

 
97.5
%
 
97.5
%
 
4,544

 
9.19

 
0.6
%
 
0.8
%
 
0.5
%
 
 
 
50 Largest MSAs by ABR
 
 
354

 
60,770,906

 
93.2
%
 
90.9
%
 
713,903

 
13.30

 
68.2
%
 
70.2
%
 
76.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
51

Kansas City, MO-KS
 
30
 
4

 
602,466

 
91.5
%
 
90.5
%
 
4,294

 
7.93

 
0.8
%
 
0.7
%
 
0.5
%
 
 
52

Manchester-Nashua, NH
 
131
 
2

 
348,189

 
98.0
%
 
88.2
%
 
4,195

 
19.86

 
0.4
%
 
0.4
%
 
0.5
%
 
 
53

Columbus, OH
 
32
 
4

 
449,488

 
88.1
%
 
87.0
%
 
3,857

 
10.32

 
0.8
%
 
0.5
%
 
0.4
%
 
 
54

Pittsfield, MA
 
314
 
1

 
442,354

 
100.0
%
 
100.0
%
 
3,821

 
19.63

 
0.2
%
 
0.5
%
 
0.4
%
 
 
55

Mobile, AL
 
127
 
1

 
606,731

 
90.2
%
 
90.2
%
 
3,637

 
6.75

 
0.2
%
 
0.7
%
 
0.4
%
 
 
56

Charleston-North Charleston, SC
 
76
 
3

 
556,809

 
78.3
%
 
77.2
%
 
3,539

 
8.18

 
0.6
%
 
0.6
%
 
0.4
%
 
 
57

Roanoke, VA
 
159
 
4

 
522,010

 
88.5
%
 
88.2
%
 
3,519

 
8.73

 
0.8
%
 
0.6
%
 
0.4
%
 
 
58

Boulder, CO
 
160
 
1

 
278,730

 
74.7
%
 
70.9
%
 
3,510

 
16.86

 
0.2
%
 
0.3
%
 
0.4
%
 
 
59

Panama City, FL
 
226
 
2

 
397,512

 
97.8
%
 
97.8
%
 
3,469

 
8.92

 
0.4
%
 
0.5
%
 
0.4
%
 
 
60

Raleigh, NC
 
47
 
2

 
291,027

 
94.1
%
 
94.1
%
 
3,447

 
12.69

 
0.4
%
 
0.3
%
 
0.4
%
 
 
61

Virginia Beach-Norfolk-Newport News, VA-NC
 
37
 
2

 
205,245

 
91.9
%
 
91.9
%
 
3,350

 
17.89

 
0.4
%
 
0.2
%
 
0.4
%
 
 
62

Greenville-Anderson-Mauldin, SC
 
65
 
2

 
220,723

 
98.0
%
 
92.4
%
 
3,284

 
15.18

 
0.4
%
 
0.3
%
 
0.4
%
 
 
63

Spartanburg, SC
 
152
 
1

 
357,051

 
85.5
%
 
85.5
%
 
3,273

 
11.31

 
0.2
%
 
0.4
%
 
0.4
%
 
 
64

Atlantic City-Hammonton, NJ
 
168
 
1

 
179,199

 
99.1
%
 
96.0
%
 
3,249

 
18.29

 
0.2
%
 
0.2
%
 
0.3
%
 
 
65

Bakersfield, CA
 
62
 
1

 
240,328

 
97.4
%
 
97.4
%
 
3,189

 
13.87

 
0.2
%
 
0.3
%
 
0.3
%
 
 
66

Jackson, MS
 
93
 
3

 
406,316

 
73.7
%
 
73.4
%
 
3,113

 
10.57

 
0.6
%
 
0.5
%
 
0.3
%
 
 
67

Saginaw, MI
 
220
 
2

 
466,381

 
79.4
%
 
79.1
%
 
3,065

 
10.80

 
0.4
%
 
0.5
%
 
0.3
%
 
 
68

Lexington-Fayette, KY
 
107
 
2

 
414,960

 
97.9
%
 
97.0
%
 
2,959

 
7.29

 
0.4
%
 
0.5
%
 
0.3
%
 
 
69

Greenville, NC
 
237
 
1

 
233,153

 
96.8
%
 
96.8
%
 
2,931

 
12.99

 
0.2
%
 
0.3
%
 
0.3
%
 
 
70

Savannah, GA
 
143
 
2

 
224,201

 
95.3
%
 
80.8
%
 
2,899

 
13.75

 
0.4
%
 
0.3
%
 
0.3
%
 
 
71

Hilton Head Island-Bluffton-Beaufort, SC
 
218
 
2

 
227,761

 
94.1
%
 
93.4
%
 
2,868

 
13.38

 
0.4
%
 
0.3
%
 
0.3
%
 
 
72

Elkhart-Goshen, IN
 
217
 
2

 
445,534

 
97.1
%
 
96.8
%
 
2,831

 
6.54

 
0.4
%
 
0.5
%
 
0.3
%
 
 
73

Toledo, OH
 
89
 
2

 
609,066

 
75.0
%
 
75.0
%
 
2,800

 
6.13

 
0.4
%
 
0.7
%
 
0.3
%
 
 
74

Odessa, TX
 
279
 
1

 
365,559

 
100.0
%
 
100.0
%
 
2,760

 
12.08

 
0.2
%
 
0.4
%
 
0.3
%
 
 
75

Tullahoma-Manchester, TN
 
378
 
3

 
433,744

 
94.2
%
 
94.2
%
 
2,692

 
6.59

 
0.6
%
 
0.5
%
 
0.3
%
 
 
76

Des Moines-West Des Moines, IA
 
91
 
2

 
507,008

 
89.5
%
 
82.1
%
 
2,666

 
5.88

 
0.4
%
 
0.6
%
 
0.3
%
 
 
77

Traverse City, MI
 
288
 
1

 
412,755

 
96.9
%
 
96.9
%
 
2,647

 
27.58

 
0.2
%
 
0.5
%
 
0.3
%
 
 
78

Baltimore-Columbia-Towson, MD
 
20
 
1

 
218,862

 
100.0
%
 
100.0
%
 
2,631

 
12.02

 
0.2
%
 
0.3
%
 
0.3
%
 
 
79

Lafayette, LA
 
108
 
3

 
433,329

 
93.9
%
 
89.1
%
 
2,525

 
6.20

 
0.6
%
 
0.5
%
 
0.3
%
 
 
80

Lancaster, PA
 
102
 
3

 
236,006

 
98.3
%
 
94.7
%
 
2,463

 
10.61

 
0.6
%
 
0.3
%
 
0.3
%
 
 
81

Richmond, VA
 
44
 
2

 
215,897

 
77.0
%
 
76.0
%
 
2,438

 
14.67

 
0.4
%
 
0.2
%
 
0.3
%
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 35




LARGEST MSAs BY ABR
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
 
 
 
 
 
 
 
 
Number of
 
 
 
Percent
 
Percent
 
 
 
 
 
Number of
 
Percent
 
Percent
 
 
 
Largest MSAs by ABR
 
MSA Rank
 
Properties
 
 GLA
 
Leased
 
Billed
 
 ABR
 
 ABR / SF
 
Properties
 
of GLA
 
of ABR
 
 
82

Chattanooga, TN-GA
 
99
 
2

 
339,426

 
96.0
%
 
94.7
%
 
2,429

 
8.08

 
0.4
%
 
0.4
%
 
0.3
%
 
 
83

Fort Wayne, IN
 
123
 
2

 
254,101

 
80.9
%
 
80.2
%
 
2,415

 
13.72

 
0.4
%
 
0.3
%
 
0.3
%
 
 
84

Bridgeport-Stamford-Norwalk, CT
 
57
 
1

 
160,536

 
87.9
%
 
57.9
%
 
2,414

 
17.10

 
0.2
%
 
0.2
%
 
0.3
%
 
 
85

Blacksburg-Christiansburg-Radford, VA
 
232
 
1

 
180,220

 
96.5
%
 
96.5
%
 
2,347

 
13.73

 
0.2
%
 
0.2
%
 
0.3
%
 
 
86

Dover, DE
 
243
 
1

 
191,974

 
100.0
%
 
100.0
%
 
2,317

 
12.07

 
0.2
%
 
0.2
%
 
0.2
%
 
 
87

Altoona, PA
 
323
 
1

 
278,586

 
96.4
%
 
94.9
%
 
2,252

 
8.38

 
0.2
%
 
0.3
%
 
0.2
%
 
 
88

Merced, CA
 
176
 
1

 
144,558

 
96.5
%
 
90.5
%
 
2,176

 
15.60

 
0.2
%
 
0.2
%
 
0.2
%
 
 
89

Corning, NY
 
383
 
1

 
253,335

 
99.0
%
 
99.0
%
 
2,052

 
8.18

 
0.2
%
 
0.3
%
 
0.2
%
 
 
90

Duluth, MN-WI
 
166
 
1

 
182,969

 
99.3
%
 
99.3
%
 
2,014

 
11.08

 
0.2
%
 
0.2
%
 
0.2
%
 
 
91

Concord, NH
 
287
 
1

 
182,887

 
100.0
%
 
100.0
%
 
1,989

 
11.13

 
0.2
%
 
0.2
%
 
0.2
%
 
 
92

York-Hanover, PA
 
115
 
1

 
153,088

 
100.0
%
 
100.0
%
 
1,967

 
13.09

 
0.2
%
 
0.2
%
 
0.2
%
 
 
93

Sacramento--Roseville--Arden-Arcade, CA
 
27
 
1

 
103,695

 
96.4
%
 
96.4
%
 
1,967

 
19.69

 
0.2
%
 
0.1
%
 
0.2
%
 
 
94

Santa Maria-Santa Barbara, CA
 
120
 
1

 
179,495

 
96.4
%
 
96.4
%
 
1,906

 
11.91

 
0.2
%
 
0.2
%
 
0.2
%
 
 
95

Hickory-Lenoir-Morganton, NC
 
145
 
2

 
295,970

 
77.7
%
 
76.6
%
 
1,882

 
8.19

 
0.4
%
 
0.3
%
 
0.2
%
 
 
96

Rutland, VT
 
525
 
1

 
224,514

 
98.2
%
 
98.2
%
 
1,875

 
8.50

 
0.2
%
 
0.3
%
 
0.2
%
 
 
97

Springfield, IL
 
207
 
2

 
178,644

 
93.0
%
 
93.0
%
 
1,846

 
11.12

 
0.4
%
 
0.2
%
 
0.2
%
 
 
98

Trenton, NJ
 
142
 
2

 
205,670

 
94.4
%
 
70.1
%
 
1,801

 
9.28

 
0.4
%
 
0.2
%
 
0.2
%
 
 
99

Portland-South Portland, ME
 
104
 
1

 
287,513

 
89.4
%
 
89.4
%
 
1,801

 
20.33

 
0.2
%
 
0.3
%
 
0.2
%
 
 
100

Harrisburg-Carlisle, PA
 
96
 
1

 
214,628

 
89.7
%
 
89.7
%
 
1,793

 
9.31

 
0.2
%
 
0.2
%
 
0.2
%
 
 
 
100 Largest MSAs by ABR
 
 
441

 
76,331,109

 
92.8
%
 
90.5
%
 
851,066

 
12.78

 
85.0
%
 
88.1
%
 
91.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other MSAs
 
 
78

 
10,271,573

 
90.0
%
 
88.3
%
 
78,891

 
8.82

 
15.0
%
 
11.9
%
 
8.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
519

 
86,602,682

 
92.5
%
 
90.3
%
 
$
929,957

 
$
12.31

 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Supplemental Disclosure - Three Months Ended June 30, 2015
Page 36




PROPERTIES BY STATE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
 
 
 
 
 
 
Number of
 
 
 
Percent
 
Percent
 
 
 
 
 
Number of
 
Percent
 
Percent
 
 
 
State
 
Properties
 
 GLA
 
Leased
 
Billed
 
 ABR
 
 ABR / SF
 
Properties
 
of GLA
 
of ABR
 
 
1

Alabama
 
4

 
984,573

 
92.8
%
 
92.5
%
 
$
6,902

 
$
7.62

 
0.8
%
 
1.1
%
 
0.7
%
 
 
2

Arizona
 
2

 
288,110

 
75.5
%
 
60.1
%
 
2,652

 
12.19

 
0.4
%
 
0.3
%
 
0.3
%
 
 
3

California
 
29

 
5,782,212

 
97.8
%
 
96.2
%
 
90,146

 
16.54

 
5.6
%
 
6.7
%
 
9.7
%
 
 
4

Colorado
 
6

 
1,478,429

 
90.0
%
 
88.9
%
 
17,464

 
13.19

 
1.2
%
 
1.7
%
 
1.9
%
 
 
5

Connecticut
 
15

 
2,259,192

 
93.9
%
 
88.9
%
 
30,037

 
15.21

 
2.9
%
 
2.6
%
 
3.2
%
 
 
6

Delaware
 
1

 
191,974

 
100.0
%
 
100.0
%
 
2,317

 
12.07

 
0.2
%
 
0.2
%
 
0.2
%
 
 
7

Florida
 
58

 
8,971,611

 
90.7
%
 
87.8
%
 
102,127

 
12.89

 
11.2
%
 
10.4
%
 
11.0
%
 
 
8

Georgia
 
37

 
5,263,365

 
89.6
%
 
88.1
%
 
45,382

 
9.70

 
7.1
%
 
6.1
%
 
4.9
%
 
 
9

Illinois
 
24

 
4,790,026

 
91.4
%
 
89.3
%
 
50,999

 
12.09

 
4.6
%
 
5.5
%
 
5.5
%
 
 
10

Indiana
 
12

 
1,963,313

 
87.8
%
 
86.6
%
 
15,172

 
8.97

 
2.3
%
 
2.3
%
 
1.6
%
 
 
11

Iowa
 
4

 
717,060

 
89.7
%
 
84.5
%
 
3,983

 
6.20

 
0.8
%
 
0.8
%
 
0.4
%
 
 
12

Kansas
 
2

 
367,778

 
90.3
%
 
88.6
%
 
2,816

 
11.05

 
0.4
%
 
0.4
%
 
0.3
%
 
 
13

Kentucky
 
12

 
2,583,516

 
95.8
%
 
93.4
%
 
21,323

 
9.20

 
2.3
%
 
3.0
%
 
2.3
%
 
 
14

Louisiana
 
4

 
612,368

 
95.1
%
 
91.6
%
 
3,607

 
6.20

 
0.8
%
 
0.7
%
 
0.4
%
 
 
15

Maine
 
1

 
287,513

 
89.4
%
 
89.4
%
 
1,801

 
20.33

 
0.2
%
 
0.3
%
 
0.2
%
 
 
16

Maryland
 
5

 
776,424

 
97.9
%
 
97.9
%
 
9,601

 
12.68

 
1.0
%
 
0.9
%
 
1.0
%
 
 
17

Massachusetts
 
11

 
1,885,703

 
93.2
%
 
92.3
%
 
20,655

 
14.31

 
2.1
%
 
2.2
%
 
2.2
%
 
 
18

Michigan
 
19

 
3,700,324

 
92.4
%
 
88.8
%
 
31,834

 
11.54

 
3.7
%
 
4.3
%
 
3.4
%
 
 
19

Minnesota
 
10

 
1,474,437

 
92.4
%
 
89.7
%
 
15,471

 
12.07

 
1.9
%
 
1.7
%
 
1.7
%
 
 
20

Mississippi
 
3

 
406,316

 
73.7
%
 
73.4
%
 
3,113

 
10.57

 
0.6
%
 
0.5
%
 
0.3
%
 
 
21

Missouri
 
6

 
862,775

 
92.7
%
 
83.7
%
 
6,477

 
8.23

 
1.2
%
 
1.0
%
 
0.7
%
 
 
22

Nevada
 
3

 
609,661

 
94.1
%
 
92.5
%
 
8,067

 
14.07

 
0.6
%
 
0.7
%
 
0.9
%
 
 
23

New Hampshire
 
5

 
769,563

 
88.6
%
 
83.9
%
 
7,450

 
13.99

 
1.0
%
 
0.9
%
 
0.8
%
 
 
24

New Jersey
 
18

 
3,083,621

 
94.0
%
 
89.3
%
 
41,681

 
15.29

 
3.5
%
 
3.6
%
 
4.5
%
 
 
25

New Mexico
 
2

 
83,800

 
100.0
%
 
100.0
%
 
919

 
10.97

 
0.4
%
 
0.1
%
 
0.1
%
 
 
26

New York
 
33

 
4,340,537

 
94.1
%
 
91.7
%
 
63,574

 
15.66

 
6.4
%
 
5.0
%
 
6.8
%
 
 
27

North Carolina
 
21

 
4,325,419

 
90.7
%
 
87.1
%
 
39,851

 
10.59

 
4.0
%
 
5.0
%
 
4.3
%
 
 
28

Ohio
 
24

 
4,521,122

 
91.5
%
 
90.4
%
 
42,182

 
10.78

 
4.6
%
 
5.2
%
 
4.5
%
 
 
29

Oklahoma
 
1

 
186,851

 
100.0
%
 
100.0
%
 
1,765

 
9.44

 
0.2
%
 
0.2
%
 
0.2
%
 
 
30

Pennsylvania
 
37

 
6,055,424

 
95.8
%
 
94.8
%
 
67,704

 
13.48

 
7.1
%
 
7.0
%
 
7.3
%
 
 
31

Rhode Island
 
1

 
148,126

 
100.0
%
 
100.0
%
 
1,553

 
10.48

 
0.2
%
 
0.2
%
 
0.2
%
 
 
32

South Carolina
 
8

 
1,362,344

 
86.0
%
 
84.6
%
 
12,964

 
11.25

 
1.5
%
 
1.6
%
 
1.4
%
 
 
33

Tennessee
 
16

 
3,239,996

 
93.4
%
 
91.9
%
 
28,961

 
10.03

 
3.1
%
 
3.7
%
 
3.1
%
 
 
34

Texas
 
66

 
9,545,799

 
93.1
%
 
92.0
%
 
104,896

 
12.54

 
12.7
%
 
11.0
%
 
11.3
%
 
 
35

Vermont
 
1

 
224,514

 
98.2
%
 
98.2
%
 
1,875

 
8.50

 
0.2
%
 
0.3
%
 
0.2
%
 
 
36

Virginia
 
11

 
1,446,496

 
84.5
%
 
84.3
%
 
13,537

 
11.68

 
2.1
%
 
1.7
%
 
1.5
%
 
 
37

West Virginia
 
2

 
251,500

 
96.9
%
 
94.2
%
 
2,002

 
8.21

 
0.4
%
 
0.3
%
 
0.2
%
 
 
38

Wisconsin
 
5

 
760,890

 
91.0
%
 
90.0
%
 
7,096

 
10.25

 
1.0
%
 
0.9
%
 
0.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
519

 
86,602,682

 
92.5
%
 
90.3
%
 
$
929,957

 
$
12.31

 
100.0
%
 
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 37




PROPERTY LIST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
State
 
Metropolitan Statistical Area
 
Built
 
 GLA
 
Leased
 
 ABR
 
 ABR / SF
 
Grocer (1)
 
Other Major Tenants
 
Non-Owned Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1

 
Winchester Plaza
 
Huntsville
 
AL
 
Huntsville, AL
 
2006
 
75,780

 
96.5
%
 
$
907

 
$
12.41

 
Publix
 
 
 
2

 
Springdale
 
Mobile
 
AL
 
Mobile, AL
 
2004
 
606,731

 
90.2
%
 
3,637

 
6.75

 
Sam's Club*
 
Belk, Best Buy, Big Lots, Burlington Stores, Marshalls, Michaels, Staples
 
 
3

 
Payton Park
 
Sylacauga
 
AL
 
Talladega-Sylacauga, AL
 
1995
 
231,820

 
99.0
%
 
1,536

 
6.70

 
Walmart Supercenter
 
Burke's Outlet
 
 
4

 
Shops of Tuscaloosa
 
Tuscaloosa
 
AL
 
Tuscaloosa, AL
 
2005
 
70,242

 
90.7
%
 
822

 
12.89

 
Publix
 
 
 
5

 
Glendale Galleria
 
Glendale
 
AZ
 
Phoenix-Mesa-Scottsdale, AZ
 
1991
 
119,525

 
65.9
%
 
1,039

 
13.21

 
 
Sears Outlet
 
 
6

 
Northmall Centre
 
Tucson
 
AZ
 
Tucson, AZ
 
1996
 
168,585

 
82.4
%
 
1,612

 
11.61

 
Sam's Club*
 
CareMore, JC Penney Home Store, Stein Mart
 
 
7

 
Applegate Ranch Shopping Center
 
Atwater
 
CA
 
Merced, CA
 
2006
 
144,558

 
96.5
%
 
2,176

 
15.60

 
SuperTarget*, Walmart Supercenter*
 
Marshalls, Petco
 
 
8

 
Bakersfield Plaza
 
Bakersfield
 
CA
 
Bakersfield, CA
 
2014
 
240,328

 
97.4
%
 
3,189

 
13.87

 
Lassens Natural Foods & Vitamins
 
Burlington Stores, Ross Dress for Less
 
 
9

 
Carmen Plaza
 
Camarillo
 
CA
 
Oxnard-Thousand Oaks-Ventura, CA
 
2000
 
129,173

 
94.4
%
 
1,966

 
17.04

 
Trader Joe's*
 
24 Hour Fitness, CVS, Michaels
 
 
10

 
Plaza Rio Vista
 
Cathedral
 
CA
 
Riverside-San Bernardino-Ontario, CA
 
2005
 
67,622

 
85.3
%
 
1,028

 
17.82

 
Stater Bros.
 
 
 
11

 
Clovis Commons
 
Clovis
 
CA
 
Fresno, CA
 
2004
 
174,990

 
98.5
%
 
3,721

 
21.59

 
 
Best Buy, Office Depot, PetSmart, T.J.Maxx
 
Target
12

 
Cudahy Plaza
 
Cudahy
 
CA
 
Los Angeles-Long Beach-Anaheim, CA
 
1994
 
147,804

 
100.0
%
 
1,361

 
9.21

 
 
Big Lots, Kmart
 
 
13

 
University Mall
 
Davis
 
CA
 
Sacramento--Roseville--Arden-Arcade, CA
 
2011
 
103,695

 
96.4
%
 
1,967

 
19.69

 
Trader Joe's
 
Forever 21, World Market
 
 
14

 
Felicita Plaza
 
Escondido
 
CA
 
San Diego-Carlsbad, CA
 
2001
 
98,714

 
100.0
%
 
1,420

 
14.39

 
Vons (Safeway)
 
Chuze Fitness
 
 
15

 
Arbor - Broadway Faire
 
Fresno
 
CA
 
Fresno, CA
 
1995
 
261,344

 
98.3
%
 
3,677

 
14.32

 
Smart & Final Extra!
 
PetSmart, The Home Depot, United Artists Theatres
 
 
16

 
Lompoc Center
 
Lompoc
 
CA
 
Santa Maria-Santa Barbara, CA
 
2012
 
179,495

 
96.4
%
 
1,906

 
11.91

 
Vons (Safeway)
 
Marshalls, Michaels, Staples
 
 
17

 
Briggsmore Plaza
 
Modesto
 
CA
 
Modesto, CA
 
1998
 
99,315

 
100.0
%
 
1,137

 
12.07

 
Grocery Outlet
 
Fallas Paredes, Sears Outlet
 
 
18

 
Montebello Plaza
 
Montebello
 
CA
 
Los Angeles-Long Beach-Anaheim, CA
 
2012
 
283,631

 
96.0
%
 
4,427

 
16.58

 
Albertsons
 
99¢ Only, Best Buy, CVS, Ross Dress for Less
 
 
19

 
California Oaks Center
 
Murrieta
 
CA
 
Riverside-San Bernardino-Ontario, CA
 
2015
 
125,187

 
93.7
%
 
1,681

 
14.81

 
Baron's Market
 
 
 
20

 
Esplanade Shopping Center
 
Oxnard
 
CA
 
Oxnard-Thousand Oaks-Ventura, CA
 
2012
 
356,864

 
98.3
%
 
6,644

 
19.11

 
Walmart Neighborhood Market
 
Bed Bath & Beyond, Dick's Sporting Goods, LA Fitness, Nordstrom Rack, T.J.Maxx
 
The Home Depot
21

 
Pacoima Center
 
Pacoima
 
CA
 
Los Angeles-Long Beach-Anaheim, CA
 
1995
 
202,773

 
100.0
%
 
2,038

 
10.05

 
Food 4 Less (Kroger)
 
Ross Dress for Less, Target
 
 
22

 
Paradise Plaza
 
Paradise
 
CA
 
Chico, CA
 
1997
 
198,323

 
95.5
%
 
875

 
5.73

 
Save Mart
 
Kmart
 
 
23

 
Metro 580
 
Pleasanton
 
CA
 
San Francisco-Oakland-Hayward, CA
 
2015
 
176,510

 
100.0
%
 
2,632

 
32.49

 
 
Kohl's, Party City, Sport Chalet
 
Walmart
24

 
Rose Pavilion
 
Pleasanton
 
CA
 
San Francisco-Oakland-Hayward, CA
 
2014
 
300,473

 
98.9
%
 
6,609

 
22.29

 
99 Ranch Market
 
Golfsmith, Macy's Home Store
 
 
25

 
Puente Hills Town Center
 
Rowland Heights
 
CA
 
Los Angeles-Long Beach-Anaheim, CA
 
1984
 
258,772

 
94.5
%
 
5,101

 
20.86

 
 
Marshalls, Michaels
 
 
26

 
San Bernardino Center
 
San Bernardino
 
CA
 
Riverside-San Bernardino-Ontario, CA
 
2003
 
143,082

 
100.0
%
 
1,041

 
7.28

 
 
Big Lots, Target
 
 
27

 
Ocean View Plaza
 
San Clemente
 
CA
 
Los Angeles-Long Beach-Anaheim, CA
 
1997
 
169,963

 
100.0
%
 
4,565

 
26.86

 
Ralphs (Kroger), Trader Joe's
 
CVS, Fitness Elite for Women
 
 
28

 
Mira Mesa Mall
 
San Diego
 
CA
 
San Diego-Carlsbad, CA
 
2003
 
408,800

 
96.5
%
 
7,537

 
19.88

 
Vons (Safeway)
 
Bed Bath & Beyond, Kohl's, Marshalls, Mira Mesa Lanes
 
 
29

 
San Dimas Plaza
 
San Dimas
 
CA
 
Los Angeles-Long Beach-Anaheim, CA
 
2013
 
164,757

 
98.5
%
 
3,470

 
21.39

 
Smart & Final Extra!
 
T.J.Maxx
 
Rite Aid
30

 
Bristol Plaza
 
Santa Ana
 
CA
 
Los Angeles-Long Beach-Anaheim, CA
 
2003
 
111,403

 
100.0
%
 
2,770

 
26.67

 
Trader Joe's
 
Big Lots, Petco, Rite Aid
 
 
31

 
Gateway Plaza
 
Santa Fe Springs
 
CA
 
Los Angeles-Long Beach-Anaheim, CA
 
2002
 
289,268

 
100.0
%
 
3,530

 
12.20

 
El Super, Walmart Supercenter
 
LA Fitness, Marshalls
 
Target
32

 
Santa Paula Center
 
Santa Paula
 
CA
 
Oxnard-Thousand Oaks-Ventura, CA
 
1995
 
191,475

 
100.0
%
 
1,960

 
10.24

 
Vons (Safeway)
 
Big Lots, Heritage Hardware
 
 
33

 
Vail Ranch Center
 
Temecula
 
CA
 
Riverside-San Bernardino-Ontario, CA
 
2003
 
201,904

 
95.7
%
 
2,780

 
14.39

 
Stater Bros.
 
Rite Aid, Stein Mart
 
 
34

 
Country Hills Shopping Center
 
Torrance
 
CA
 
Los Angeles-Long Beach-Anaheim, CA
 
1977
 
56,750

 
100.0
%
 
1,011

 
19.01

 
Ralphs (Kroger)
 
 
 
35

 
Gateway Plaza - Vallejo
 
Vallejo
 
CA
 
Vallejo-Fairfield, CA
 
1991
 
495,239

 
98.8
%
 
7,927

 
16.28

 
Costco*
 
Bed Bath & Beyond, Century Theatres, Marshalls, Ross Dress for Less, Toys"R"Us
 
Target
36

 
Arvada Plaza
 
Arvada
 
CO
 
Denver-Aurora-Lakewood, CO
 
1994
 
95,236

 
100.0
%
 
710

 
7.46

 
King Soopers (Kroger)
 
Arc
 
 
37

 
Arapahoe Crossings
 
Aurora
 
CO
 
Denver-Aurora-Lakewood, CO
 
2015
 
466,363

 
92.5
%
 
5,887

 
13.64

 
King Soopers (Kroger)
 
2nd & Charles, AMC Theatres, Big Lots, buybuy BABY, Gordmans, Kohl's
 
 
38

 
Aurora Plaza
 
Aurora
 
CO
 
Denver-Aurora-Lakewood, CO
 
1996
 
178,491

 
97.2
%
 
1,310

 
7.82

 
King Soopers (Kroger)
 
Cinema Latino, Gen-X
 
 
39

 
Villa Monaco
 
Denver
 
CO
 
Denver-Aurora-Lakewood, CO
 
2013
 
122,139

 
85.7
%
 
1,395

 
13.32

 
Walmart Neighborhood Market
 
 
 
40

 
Superior Marketplace
 
Superior
 
CO
 
Boulder, CO
 
2004
 
278,730

 
74.7
%
 
3,510

 
16.86

 
Whole Foods Market, Costco*, SuperTarget*
 
T.J.Maxx
 
 
41

 
Westminster City Center
 
Westminster
 
CO
 
Denver-Aurora-Lakewood, CO
 
2014
 
337,470

 
93.9
%
 
4,652

 
14.68

 
 
Babies"R"Us, Barnes & Noble, Gordmans, Jo-Ann Fabric & Craft Stores, Ross Dress for Less, Tile Shop, Ulta
 
 
42

 
Freshwater - Stateline Plaza
 
Enfield
 
CT
 
Hartford-West Hartford-East Hartford, CT
 
2004
 
295,647

 
95.9
%
 
2,447

 
16.67

 
Costco
 
Dick's Sporting Goods, P.C. Richard & Son
 
The Home Depot
43

 
The Shoppes at Fox Run
 
Glastonbury
 
CT
 
Hartford-West Hartford-East Hartford, CT
 
2012
 
105,127

 
98.4
%
 
2,428

 
23.47

 
Whole Foods Market
 
Petco
 
 
44

 
Groton Square
 
Groton
 
CT
 
Norwich-New London, CT
 
1987
 
196,802

 
100.0
%
 
2,698

 
13.71

 
Super Stop & Shop (Ahold)
 
Kohl's
 
 
45

 
Parkway Plaza
 
Hamden
 
CT
 
New Haven-Milford, CT
 
2006
 
72,353

 
89.8
%
 
900

 
13.84

 
PriceRite (ShopRite)
 
 
 
46

 
Killingly Plaza
 
Killingly
 
CT
 
Worcester, MA-CT
 
1990
 
76,960

 
94.5
%
 
528

 
7.25

 
 
Kohl's
 
 
47

 
The Manchester Collection
 
Manchester
 
CT
 
Hartford-West Hartford-East Hartford, CT
 
2015
 
339,775

 
87.8
%
 
4,002

 
13.41

 
Sam's Club*, Walmart Supercenter*
 
Ashley Furniture, Babies"R"Us, Bed Bath & Beyond, Hobby Lobby, Savers
 
Walmart
48

 
Chamberlain Plaza
 
Meriden
 
CT
 
New Haven-Milford, CT
 
2004
 
54,302

 
100.0
%
 
575

 
10.59

 
 
Dollar Tree, Savers
 
 
49

 
Milford Center
 
Milford
 
CT
 
New Haven-Milford, CT
 
1966
 
25,056

 
100.0
%
 
341

 
13.61

 
Xpect Discounts
 
 
 
50

 
Turnpike Plaza
 
Newington
 
CT
 
Hartford-West Hartford-East Hartford, CT
 
2004
 
149,894

 
100.0
%
 
2,525

 
16.85

 
Price Chopper
 
Dick's Sporting Goods
 
 
51

 
North Haven Crossing
 
North Haven
 
CT
 
New Haven-Milford, CT
 
1993
 
104,017

 
88.4
%
 
1,635

 
17.78

 
 
Barnes & Noble, Dollar Tree, DSW, PetSmart
 
 
52

 
Christmas Tree Plaza
 
Orange
 
CT
 
New Haven-Milford, CT
 
1996
 
132,791

 
98.6
%
 
1,869

 
14.28

 
 
A.C. Moore, Christmas Tree Shops
 
 
53

 
Stratford Square
 
Stratford
 
CT
 
Bridgeport-Stamford-Norwalk, CT
 
2015
 
160,536

 
87.9
%
 
2,414

 
17.10

 
 
LA Fitness, Marshalls
 
 
54

 
Torrington Plaza
 
Torrington
 
CT
 
Torrington, CT
 
1994
 
125,496

 
93.5
%
 
1,200

 
11.18

 
 
Jo-Ann Fabric & Craft Stores, Staples, T.J.Maxx
 
 
55

 
Waterbury Plaza
 
Waterbury
 
CT
 
New Haven-Milford, CT
 
2000
 
183,706

 
87.0
%
 
2,063

 
12.96

 
Super Stop & Shop (Ahold)
 
Pretty Woman
 
Target
56

 
Waterford Commons
 
Waterford
 
CT
 
Norwich-New London, CT
 
2004
 
236,730

 
98.0
%
 
4,412

 
19.02

 
 
Babies"R"Us, Dick’s Sporting Goods
 
Best Buy

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 38




PROPERTY LIST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
State
 
Metropolitan Statistical Area
 
Built
 
 GLA
 
Leased
 
 ABR
 
 ABR / SF
 
Grocer (1)
 
Other Major Tenants
 
Non-Owned Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
57

 
North Dover Center
 
Dover
 
DE
 
Dover, DE
 
2013
 
191,974

 
100.0
%
 
2,317

 
12.07

 
Acme (Albertsons)
 
Party City, Staples, T.J.Maxx, Toys"R"Us
 
 
58

 
Apopka Commons
 
Apopka
 
FL
 
Orlando-Kissimmee-Sanford, FL
 
2010
 
42,507

 
81.3
%
 
457

 
13.22

 
 
Dollar Tree, Staples
 
The Home Depot
59

 
Brooksville Square
 
Brooksville
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
2013
 
156,361

 
96.0
%
 
1,610

 
10.72

 
Publix
 
Sears Outlet
 
 
60

 
Coastal Way - Coastal Landing
 
Brooksville
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
2008
 
368,098

 
98.1
%
 
3,307

 
12.26

 
 
Bed Bath & Beyond, Belk, hhgregg, Marshalls, Michaels, Office Depot, Petco, Sears, Ulta
 
 
61

 
Midpoint Center
 
Cape Coral
 
FL
 
Cape Coral-Fort Myers, FL
 
2002
 
75,386

 
100.0
%
 
998

 
13.24

 
Publix
 
 
Target
62

 
Clearwater Mall
 
Clearwater
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
2012
 
300,929

 
97.1
%
 
6,064

 
21.88

 
Costco*, SuperTarget*
 
hhgregg, Michaels, PetSmart, Ross Dress for Less
 
Lowe's
63

 
Coconut Creek Plaza
 
Coconut Creek
 
FL
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
2005
 
265,671

 
80.7
%
 
2,749

 
12.82

 
Publix
 
Bealls Outlet, Big Lots, Off the Wall Trampoline, Planet Fitness, Rainbow
 
 
64

 
Century Plaza Shopping Center
 
Deerfield Beach
 
FL
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
2006
 
71,869

 
100.0
%
 
1,615

 
22.48

 
 
Broward County Library
 
 
65

 
Northgate Shopping Center
 
DeLand
 
FL
 
Deltona-Daytona Beach-Ormond Beach, FL
 
1993
 
186,396

 
97.2
%
 
1,268

 
7.00

 
Publix
 
 
 
66

 
Eustis Village
 
Eustis
 
FL
 
Orlando-Kissimmee-Sanford, FL
 
2002
 
156,927

 
96.1
%
 
1,699

 
11.27

 
Publix
 
Bealls Outlet
 
 
67

 
First Street Village
 
Fort Meyers
 
FL
 
Cape Coral-Fort Myers, FL
 
2006
 
54,926

 
93.7
%
 
752

 
14.61

 
Publix
 
 
 
68

 
Sun Plaza
 
Ft. Walton Beach
 
FL
 
Crestview-Fort Walton Beach-Destin, FL
 
2004
 
158,118

 
99.1
%
 
1,611

 
10.28

 
Publix
 
Bealls Outlet, Books-A-Million, Office Depot, T.J.Maxx
 
 
69

 
Normandy Square
 
Jacksonville
 
FL
 
Jacksonville, FL
 
1996
 
87,240

 
100.0
%
 
741

 
8.49

 
Winn-Dixie (Southeastern Grocers)
 
CVS, Family Dollar
 
 
70

 
Regency Park Shopping Center
 
Jacksonville
 
FL
 
Jacksonville, FL
 
2006
 
334,065

 
78.3
%
 
2,227

 
8.52

 
 
American Signature Furniture, Bealls Outlet, Books-A-Million, Hard Knocks, Hobby Lobby
 
 
71

 
The Shoppes at Southside
 
Jacksonville
 
FL
 
Jacksonville, FL
 
2004
 
109,113

 
63.3
%
 
1,765

 
25.54

 
 
Best Buy, David's Bridal
 
 
72

 
Ventura Downs
 
Kissimmee
 
FL
 
Orlando-Kissimmee-Sanford, FL
 
2005
 
98,191

 
98.6
%
 
1,253

 
12.95

 
Publix Sabor
 
 
 
73

 
Marketplace at Wycliffe
 
Lake Worth
 
FL
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
2015
 
133,520

 
91.1
%
 
1,977

 
16.26

 
Walmart Neighborhood Market
 
Walgreens
 
 
74

 
Venetian Isle Shopping Ctr
 
Lighthouse Point
 
FL
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
1992
 
181,401

 
94.8
%
 
1,757

 
10.52

 
Publix
 
Dollar Tree, Petco, Staples, Tuesday Morning, T.J.Maxx
 
 
75

 
Marco Town Center
 
Marco Island
 
FL
 
Naples-Immokalee-Marco Island, FL
 
2001
 
109,830

 
94.9
%
 
2,099

 
20.14

 
Publix
 
 
 
76

 
Mall at 163rd Street
 
Miami
 
FL
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
2007
 
339,478

 
85.8
%
 
4,165

 
17.25

 
Walmart Supercenter*
 
Citi Trends, Marshalls, Office Depot, Ross Dress for Less
 
 
77

 
Miami Gardens
 
Miami
 
FL
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
1996
 
244,719

 
100.0
%
 
2,586

 
10.57

 
Winn-Dixie (Southeastern Grocers)
 
Ross Dress for Less
 
 
78

 
Freedom Square
 
Naples
 
FL
 
Naples-Immokalee-Marco Island, FL
 
1995
 
211,839

 
100.0
%
 
1,924

 
9.08

 
Publix
 
 
 
79

 
Naples Plaza
 
Naples
 
FL
 
Naples-Immokalee-Marco Island, FL
 
2013
 
200,820

 
100.0
%
 
3,387

 
17.16

 
Publix
 
Marshalls, Office Depot, PGA TOUR Superstore
 
 
80

 
Park Shore Plaza
 
Naples
 
FL
 
Naples-Immokalee-Marco Island, FL
 
2015
 
232,820

 
88.7
%
 
2,895

 
14.01

 
The Fresh Market
 
Big Lots, Burlington Stores, HomeGoods, YouFit Health Club
 
 
81

 
Chelsea Place
 
New Port Richey
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
1992
 
81,144

 
95.1
%
 
866

 
11.23

 
Publix
 
Zone Fitness Club
 
 
82

 
Southgate Center
 
New Port Richey
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
2012
 
238,838

 
97.9
%
 
2,309

 
10.32

 
Publix
 
Bealls Outlet, Big Lots, Lumber Liquidators, Old Time Pottery, YouFit Health Club
 
 
83

 
Presidential Plaza West
 
North Lauderdale
 
FL
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
2006
 
88,306

 
80.8
%
 
702

 
9.84

 
Sedano's
 
Family Dollar
 
 
84

 
Fashion Square
 
Orange Park
 
FL
 
Jacksonville, FL
 
1996
 
36,029

 
50.4
%
 
379

 
29.37

 
 
Miller's Orange Park Ale House, Ruby Tuesday, Samurai Japanese Steakhouse
 
 
85

 
Colonial Marketplace
 
Orlando
 
FL
 
Orlando-Kissimmee-Sanford, FL
 
2014
 
141,069

 
99.1
%
 
2,279

 
16.30

 
 
Burlington Stores, LA Fitness
 
Target
86

 
Conway Crossing
 
Orlando
 
FL
 
Orlando-Kissimmee-Sanford, FL
 
2002
 
76,321

 
98.7
%
 
943

 
12.52

 
Publix
 
 
 
87

 
Hunter's Creek Plaza
 
Orlando
 
FL
 
Orlando-Kissimmee-Sanford, FL
 
1998
 
73,204

 
98.2
%
 
1,114

 
15.50

 
 
Office Depot
 
 
88

 
Pointe Orlando
 
Orlando
 
FL
 
Orlando-Kissimmee-Sanford, FL
 
2015
 
408,098

 
83.3
%
 
7,216

 
22.56

 
 
Regal Cinemas
 
 
89

 
Martin Downs Town Center
 
Palm City
 
FL
 
Port St. Lucie, FL
 
1996
 
64,546

 
100.0
%
 
826

 
12.79

 
Publix
 
 
 
90

 
Martin Downs Village Center
 
Palm City
 
FL
 
Port St. Lucie, FL
 
1987
 
154,964

 
86.5
%
 
2,379

 
17.75

 
 
Goodwill, Martin Memorial, Walgreens
 
 
91

 
23rd Street Station
 
Panama City
 
FL
 
Panama City, FL
 
1995
 
98,827

 
91.2
%
 
1,072

 
11.89

 
Publix
 
 
 
92

 
Panama City Square
 
Panama City
 
FL
 
Panama City, FL
 
2015
 
298,685

 
100.0
%
 
2,396

 
8.02

 
Walmart Supercenter
 
Big Lots, Harbor Freight Tools, Sports Authority, T.J.Maxx
 
 
93

 
Pensacola Square
 
Pensacola
 
FL
 
Pensacola-Ferry Pass-Brent, FL
 
1995
 
142,767

 
83.2
%
 
1,087

 
9.78

 
 
Bealls Outlet, Big Lots, Sears Home Appliance Showroom
 
Hobby Lobby
94

 
Shopper's Haven Shopping Ctr
 
Pompano Beach
 
FL
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
1998
 
206,791

 
97.5
%
 
2,640

 
13.50

 
Winn-Dixie (Southeastern Grocers)
 
A.C. Moore, Bealls Outlet, Bed Bath & Beyond, Party City, Petland, YouFit Health Club
 
 
95

 
East Port Plaza
 
Port St. Lucie
 
FL
 
Port St. Lucie, FL
 
1991
 
162,831

 
82.7
%
 
1,797

 
13.34

 
Publix
 
Fortis Institute, Walgreens
 
 
96

 
Shoppes of Victoria Square
 
Port St. Lucie
 
FL
 
Port St. Lucie, FL
 
1990
 
95,243

 
81.4
%
 
913

 
11.78

 
Winn-Dixie (Southeastern Grocers)
 
Dollar Tree
 
 
97

 
Lake St. Charles
 
Riverview
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
1999
 
57,015

 
95.4
%
 
550

 
10.11

 
Winn-Dixie (Southeastern Grocers)
 
 
 
98

 
Cobblestone Village
 
Royal Palm Beach
FL
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
2005
 
39,404

 
87.4
%
 
610

 
17.71

 
SuperTarget*
 
Blue Fish Restaurant, The Zoo Health Club
 
 
99

 
Beneva Village Shoppes
 
Sarasota
 
FL
 
North Port-Sarasota-Bradenton, FL
 
1987
 
141,532

 
83.4
%
 
1,300

 
11.02

 
Publix
 
Harbor Freight Tools, Walgreens, YouFit Health Club
 
 
100

 
Sarasota Village
 
Sarasota
 
FL
 
North Port-Sarasota-Bradenton, FL
 
2011
 
173,184

 
99.0
%
 
1,945

 
11.63

 
Publix
 
Big Lots, Crunch Fitness, HomeGoods
 
 
101

 
Atlantic Plaza
 
Satellite Beach
 
FL
 
Palm Bay-Melbourne-Titusville, FL
 
2008
 
128,405

 
73.3
%
 
1,205

 
12.79

 
Publix
 
 
 
102

 
Seminole Plaza
 
Seminole
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
1995
 
146,579

 
95.1
%
 
1,093

 
7.84

 
 
Burlington Stores, T.J.Maxx
 
 
103

 
Cobblestone Village
 
St. Augustine
 
FL
 
Jacksonville, FL
 
2003
 
261,081

 
92.5
%
 
3,105

 
12.86

 
Publix
 
Bealls, Bed Bath & Beyond, Michaels, Petco
 
 
104

 
Dolphin Village
 
St. Pete Beach
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
1990
 
134,324

 
85.9
%
 
1,643

 
14.24

 
Publix
 
CVS, Dollar Tree
 
 
105

 
Bay Pointe Plaza
 
St. Petersburg
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
2002
 
103,986

 
82.4
%
 
887

 
10.35

 
Publix
 
Bealls Outlet
 
 
106

 
Rutland Plaza
 
St. Petersburg
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
2002
 
149,562

 
92.2
%
 
1,122

 
8.13

 
Winn-Dixie (Southeastern Grocers)
 
Bealls Outlet, Big Lots
 
 
107

 
Skyway Plaza
 
St. Petersburg
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
2002
 
110,799

 
90.7
%
 
951

 
9.46

 
Winn-Dixie (Southeastern Grocers)**
 
Dollar Tree
 
 
108

 
Tyrone Gardens
 
St. Petersburg
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
1998
 
209,337

 
81.1
%
 
1,506

 
8.88

 
Winn-Dixie (Southeastern Grocers)
 
Bealls Outlet, Big Lots, Chuck E. Cheese’s
 
 
109

 
Downtown Publix
 
Stuart
 
FL
 
Port St. Lucie, FL
 
2000
 
151,246

 
57.2
%
 
1,058

 
12.23

 
Publix
 
Family Dollar
 
 
110

 
Sunrise Town Center
 
Sunrise
 
FL
 
Miami-Fort Lauderdale-West Palm Beach, FL
 
1989
 
110,109

 
94.2
%
 
1,269

 
12.24

 
Patel Brothers
 
Dollar Tree, LA Fitness
 
Walmart
111

 
Carrollwood Center
 
Tampa
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
2002
 
88,558

 
96.9
%
 
1,314

 
15.31

 
Publix
 
Rarehues
 
 
112

 
Ross Plaza
 
Tampa
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
1996
 
90,625

 
91.4
%
 
1,111

 
13.41

 
 
Deal$, Ross Dress for Less
 
 
113

 
Tarpon Mall
 
Tarpon Springs
 
FL
 
Tampa-St. Petersburg-Clearwater, FL
 
2003
 
145,832

 
100.0
%
 
2,198

 
15.08

 
Publix
 
Petco, T.J.Maxx, Ulta
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 39




PROPERTY LIST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
State
 
Metropolitan Statistical Area
 
Built
 
 GLA
 
Leased
 
 ABR
 
 ABR / SF
 
Grocer (1)
 
Other Major Tenants
 
Non-Owned Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
114

 
Venice Plaza
 
Venice
 
FL
 
North Port-Sarasota-Bradenton, FL
 
1999
 
132,345

 
98.3
%
 
908

 
6.98

 
Winn-Dixie (Southeastern Grocers)
 
Lumber Liquidators, Pet Supermarket, T.J.Maxx
 
 
115

 
Venice Shopping Center
 
Venice
 
FL
 
North Port-Sarasota-Bradenton, FL
 
2000
 
109,801

 
80.3
%
 
527

 
5.98

 
Publix
 
Bealls Outlet
 
 
116

 
Governors Town Square
 
Acworth
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2005
 
68,658

 
95.9
%
 
1,123

 
17.06

 
Publix
 
 
 
117

 
Albany Plaza
 
Albany
 
GA
 
Albany, GA
 
1995
 
114,169

 
75.1
%
 
539

 
6.28

 
Harveys (BI-LO)
 
Big Lots, OK Beauty & Fashions Outlet, ULTA
 
 
118

 
Mansell Crossing
 
Alpharetta
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2015
 
332,364

 
98.2
%
 
4,980

 
15.25

 
 
AMC Theatres, Barnes & Noble, DSW, Macy's Furniture Gallery, REI, Sports Authority, T.J.Maxx
 
Toys"R"Us
119

 
Perlis Plaza
 
Americus
 
GA
 
Americus, GA
 
1972
 
165,315

 
83.5
%
 
765

 
5.54

 
 
Belk, Roses
 
 
120

 
Northeast Plaza
 
Atlanta
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2015
 
442,200

 
95.5
%
 
4,274

 
10.25

 
City Farmers Market
 
Atlanta Ballroom Dance Club, dd's Discounts, Goodwill
 
 
121

 
Augusta West Plaza
 
Augusta
 
GA
 
Augusta-Richmond County, GA-SC
 
2006
 
207,823

 
69.5
%
 
1,074

 
7.43

 
 
Burlington Stores, Dollar Tree
 
 
122

 
Sweetwater Village
 
Austell
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1985
 
66,197

 
100.0
%
 
480

 
7.26

 
Food Depot
 
Family Dollar
 
 
123

 
Vineyards at Chateau Elan
 
Braselton
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2002
 
79,047

 
87.7
%
 
959

 
13.84

 
Publix
 
 
 
124

 
Cedar Plaza
 
Cedartown
 
GA
 
Cedartown, GA
 
1994
 
83,300

 
76.5
%
 
544

 
8.55

 
Kroger
 
 
 
125

 
Conyers Plaza
 
Conyers
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2001
 
171,374

 
96.5
%
 
1,933

 
11.69

 
Walmart Supercenter*
 
Mattress Firm, PetSmart, Value Village
 
The Home Depot
126

 
Cordele Square
 
Cordele
 
GA
 
Cordele, GA
 
2002
 
127,953

 
82.6
%
 
662

 
6.26

 
Harveys (BI-LO)
 
Belk, Citi Trends, Cordele Theatres
 
 
127

 
Covington Gallery
 
Covington
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1991
 
174,857

 
88.2
%
 
954

 
6.19

 
Ingles
 
Kmart
 
 
128

 
Salem Road Station
 
Covington
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2000
 
67,270

 
90.9
%
 
671

 
10.98

 
Publix
 
 
 
129

 
Keith Bridge Commons
 
Cumming
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2002
 
94,886

 
90.3
%
 
1,113

 
12.99

 
Kroger
 
Anytime Fitness
 
 
130

 
Northside
 
Dalton
 
GA
 
Dalton, GA
 
2001
 
73,931

 
85.2
%
 
500

 
7.95

 
BI-LO (Southeastern Grocers)
 
Family Dollar
 
 
131

 
Cosby Station
 
Douglasville
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1994
 
77,811

 
94.0
%
 
804

 
10.99

 
Publix
 
 
 
132

 
Park Plaza
 
Douglasville
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1986
 
46,494

 
77.1
%
 
560

 
15.61

 
Kroger*
 
 
 
133

 
Dublin Village
 
Dublin
 
GA
 
Dublin, GA
 
2005
 
93,720

 
98.5
%
 
668

 
7.24

 
Kroger
 
 
 
134

 
Westgate
 
Dublin
 
GA
 
Dublin, GA
 
2004
 
113,138

 
94.0
%
 
673

 
6.56

 
Harveys (BI-LO)
 
Bealls Outlet, Big Lots
 
The Home Depot
135

 
Venture Pointe
 
Duluth
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2012
 
155,172

 
97.1
%
 
1,627

 
10.81

 
 
American Signature Furniture, Ollie's Bargain Outlet, Studio Movie Grill
 
 
136

 
Banks Station
 
Fayetteville
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2006
 
176,451

 
85.3
%
 
1,168

 
8.97

 
Food Depot
 
Cinemark, Staples
 
 
137

 
Barrett Place
 
Kennesaw
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1994
 
218,818

 
100.0
%
 
2,133

 
9.75

 
 
Best Buy, Michaels, OfficeMax, PetSmart, Sports Authority, The Furniture Mall
 
 
138

 
Shops of Huntcrest
 
Lawrenceville
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2003
 
97,040

 
95.6
%
 
1,219

 
13.14

 
Publix
 
 
 
139

 
Mableton Walk
 
Mableton
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1994
 
105,884

 
82.2
%
 
1,104

 
12.69

 
Publix
 
 
 
140

 
The Village at Mableton
 
Mableton
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2015
 
239,013

 
81.3
%
 
758

 
4.03

 
 
Dollar Tree, Kmart, Ollie's Bargain Outlet
 
 
141

 
North Park
 
Macon
 
GA
 
Macon, GA
 
2013
 
216,795

 
97.4
%
 
1,279

 
6.06

 
Kroger
 
Kmart
 
 
142

 
Marshalls at Eastlake
 
Marietta
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1982
 
54,976

 
97.8
%
 
512

 
9.53

 
 
Marshalls
 
 
143

 
New Chastain Corners
 
Marietta
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2004
 
113,079

 
77.0
%
 
860

 
9.88

 
Kroger
 
 
 
144

 
Pavilions at Eastlake
 
Marietta
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1996
 
154,224

 
87.9
%
 
1,637

 
12.07

 
Kroger
 
J. Christopher's
 
 
145

 
Perry Marketplace
 
Perry
 
GA
 
Warner Robins, GA
 
2004
 
179,973

 
76.5
%
 
923

 
6.71

 
Kroger
 
Ace Hardware, Bealls Outlet, Goody's
 
 
146

 
Creekwood Village
 
Rex
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1990
 
69,778

 
88.4
%
 
525

 
8.51

 
Food Depot
 
 
 
147

 
Shops of Riverdale
 
Riverdale
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1995
 
16,808

 
82.2
%
 
269

 
19.50

 
Walmart Supercenter*
 
 
 
148

 
Holcomb Bridge Crossing
 
Roswell
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
1988
 
105,420

 
94.0
%
 
958

 
9.67

 
 
PGA TOUR Superstore
 
 
149

 
Victory Square
 
Savannah
 
GA
 
Savannah, GA
 
2007
 
122,739

 
97.4
%
 
1,770

 
15.16

 
SuperTarget*
 
Citi Trends, Dollar Tree, Frank Theatres, Staples
 
The Home Depot
150

 
Stockbridge Village
 
Stockbridge
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2008
 
188,135

 
86.7
%
 
2,463

 
15.09

 
Kroger
 
 
 
151

 
Stone Mountain Festival
 
Stone Mountain
 
GA
 
Atlanta-Sandy Springs-Roswell, GA
 
2006
 
347,091

 
92.5
%
 
1,772

 
5.52

 
Walmart Supercenter
 
Hobby Lobby, NCG Cinemas
 
 
152

 
Wilmington Island
 
Wilmington Island
 
GA
 
Savannah, GA
 
2015
 
101,462

 
92.7
%
 
1,129

 
12.01

 
Kroger
 
 
 
153

 
Kimberly West Shopping Center
 
Davenport
 
IA
 
Davenport-Moline-Rock Island, IA-IL
 
1987
 
113,713

 
87.3
%
 
603

 
6.08

 
Hy-Vee
 
 
 
154

 
Haymarket Mall
 
Des Moines
 
IA
 
Des Moines-West Des Moines, IA
 
2002
 
238,803

 
97.9
%
 
1,293

 
5.53

 
 
Burlington Stores, Hobby Lobby
 
 
155

 
Haymarket Square
 
Des Moines
 
IA
 
Des Moines-West Des Moines, IA
 
2002
 
268,205

 
82.0
%
 
1,373

 
6.25

 
Price Chopper
 
Big Lots, Northern Tool + Equipment, Office Depot
 
 
156

 
Warren Plaza
 
Dubuque
 
IA
 
Dubuque, IA
 
1993
 
96,339

 
93.4
%
 
714

 
7.93

 
Hy-Vee
 
Target
 
Target
157

 
Annex of Arlington
 
Arlington Heights
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
2015
 
192,904

 
100.0
%
 
2,905

 
15.06

 
Trader Joe's
 
Barnes & Noble, Binny's Beverage Depot, hhgregg, Petco
 
 
158

 
Ridge Plaza
 
Arlington Heights
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
2000
 
151,643

 
90.5
%
 
1,955

 
14.25

 
 
Savers, XSport Fitness
 
Kohl's
159

 
Bartonville Square
 
Bartonville
 
IL
 
Peoria, IL
 
2001
 
61,678

 
95.2
%
 
319

 
5.76

 
Kroger
 
 
 
160

 
Festival Center
 
Bradley
 
IL
 
Kankakee, IL
 
2006
 
63,796

 
76.7
%
 
294

 
6.02

 
 
Big Lots, Dollar General
 
 
161

 
Southfield Plaza
 
Bridgeview
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
2006
 
198,331

 
94.7
%
 
2,065

 
11.00

 
Shop 'n Save
 
Hobby Lobby, Walgreens
 
 
162

 
Commons of Chicago Ridge
 
Chicago Ridge
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
1998
 
324,977

 
94.8
%
 
4,029

 
14.10

 
 
Marshalls, Office Depot, The Home Depot, XSport Fitness
 
 
163

 
Rivercrest Shopping Center
 
Crestwood
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
2013
 
488,680

 
90.8
%
 
5,282

 
13.13

 
Ultra Foods
 
Best Buy, Party City, PetSmart, Ross Dress for Less, T.J.Maxx
 
 
164

 
The Commons of Crystal Lake
 
Crystal Lake
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
2015
 
273,060

 
86.3
%
 
2,337

 
9.91

 
Jewel-Osco (Albertsons)
 
Burlington Stores
 
Hobby Lobby
165

 
Elk Grove Town Center
 
Elk Grove Village
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
1998
 
131,849

 
99.5
%
 
2,216

 
16.89

 
Joe Caputo & Sons Fruit Market
 
Walgreens
 
 
166

 
Crossroads Centre
 
Fairview Heights
 
IL
 
St. Louis, MO-IL
 
1975
 
242,198

 
90.3
%
 
2,012

 
9.20

 
 
Big Lots, Hobby Lobby, T.J.Maxx
 
 
167

 
Frankfort Crossing Shopping Center
Frankfort
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
1992
 
114,534

 
96.8
%
 
1,398

 
12.60

 
Jewel-Osco (Albertsons)
 
Ace Hardware
 
 
168

 
Freeport Plaza
 
Freeport
 
IL
 
Freeport, IL
 
2000
 
87,846

 
100.0
%
 
570

 
6.49

 
Cub Foods (Supervalu)
 
Stone's Hallmark
 
 
169

 
Westview Center
 
Hanover Park
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
2015
 
326,422

 
92.8
%
 
2,578

 
8.80

 
Tony's Finer Foods
 
Big Lots, LA Fitness, Sears Outlet
 
Value City
170

 
The Quentin Collection
 
Kildeer
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
2006
 
171,530

 
100.0
%
 
2,861

 
16.68

 
The Fresh Market
 
Best Buy, DSW, PetSmart, Stein Mart
 
 
171

 
Butterfield Square
 
Libertyville
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
2013
 
106,755

 
98.8
%
 
1,569

 
14.89

 
Sunset Foods
 
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 40




PROPERTY LIST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
State
 
Metropolitan Statistical Area
 
Built
 
 GLA
 
Leased
 
 ABR
 
 ABR / SF
 
Grocer (1)
 
Other Major Tenants
 
Non-Owned Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
172

 
High Point Centre
 
Lombard
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
1992
 
240,046

 
66.7
%
 
1,735

 
10.84

 
Ultra Foods
 
Jo-Ann Fabric & Craft Stores, Office Depot
 
 
173

 
Long Meadow Commons
 
Mundelein
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
1997
 
118,470

 
87.1
%
 
1,538

 
15.79

 
Dominick's**
 
 
 
174

 
Westridge Court
 
Naperville
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
2015
 
680,553

 
97.0
%
 
7,976

 
12.08

 
 
Art Van Furniture, Big Lots, buybuy BABY, Gordmans, hhgregg, Hollywood Palms Cinema, Marshalls, Old Navy, Savers, Ulta
 
 
175

 
Sterling Bazaar
 
Peoria
 
IL
 
Peoria, IL
 
1992
 
87,359

 
96.7
%
 
808

 
10.12

 
Kroger
 
 
 
176

 
Rollins Crossing
 
Round Lake Beach
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
1998
 
192,849

 
96.3
%
 
1,976

 
17.49

 
 
LA Fitness, Regal Cinemas
 
 
177

 
Twin Oaks Shopping Center
 
Silvis
 
IL
 
Davenport-Moline-Rock Island, IA-IL
 
1991
 
114,342

 
96.4
%
 
710

 
6.44

 
Hy-Vee
 
Eye Surgeons Associates
 
 
178

 
Parkway Pointe
 
Springfield
 
IL
 
Springfield, IL
 
1994
 
38,737

 
85.9
%
 
584

 
17.54

 
ALDI*
 
dressbarn, Family Christian Stores, Shoe Carnival
 
Target, Walmart
179

 
Sangamon Center North
 
Springfield
 
IL
 
Springfield, IL
 
1996
 
139,907

 
94.9
%
 
1,262

 
9.52

 
Schnucks
 
U.S. Post Office
 
 
180

 
Tinley Park Plaza
 
Tinley Park
 
IL
 
Chicago-Naperville-Elgin, IL-IN-WI
 
2005
 
241,560

 
69.9
%
 
2,021

 
11.98

 
Walt's Fine Foods
 
Tile Shop
 
 
181

 
Meridian Village
 
Carmel
 
IN
 
Indianapolis-Carmel-Anderson, IN
 
1990
 
130,769

 
85.4
%
 
929

 
8.32

 
 
Godby Home Furnishings, Ollie's Bargain Outlet
 
 
182

 
Columbus Center
 
Columbus
 
IN
 
Columbus, IN
 
2005
 
143,050

 
100.0
%
 
1,516

 
10.60

 
 
Big Lots, MC Sports, OfficeMax, T.J.Maxx
 
Target
183

 
Elkhart Plaza West
 
Elkhart
 
IN
 
Elkhart-Goshen, IN
 
1997
 
81,651

 
91.2
%
 
577

 
7.75

 
Martin's Super Market
 
CVS
 
 
184

 
Apple Glen Crossing
 
Fort Wayne
 
IN
 
Fort Wayne, IN
 
2002
 
150,163

 
96.5
%
 
1,905

 
16.53

 
Walmart Supercenter*
 
Best Buy, Dick's Sporting Goods, PetSmart
 
Kohl's
185

 
Market Centre
 
Goshen
 
IN
 
Elkhart-Goshen, IN
 
1994
 
363,883

 
98.4
%
 
2,254

 
6.29

 
Sam's Club
 
Walmart
 
 
186

 
Marwood Plaza
 
Indianapolis
 
IN
 
Indianapolis-Carmel-Anderson, IN
 
1992
 
107,080

 
70.9
%
 
606

 
7.98

 
Kroger
 
 
 
187

 
Westlane Shopping Center
 
Indianapolis
 
IN
 
Indianapolis-Carmel-Anderson, IN
 
2015
 
71,490

 
76.4
%
 
548

 
10.03

 
 
Citi Trends, Family Dollar
 
 
188

 
Valley View Plaza
 
Marion
 
IN
 
Marion, IN
 
1997
 
29,974

 
83.0
%
 
326

 
13.11

 
Walmart Supercenter*
 
Aaron's
 
 
189

 
Bittersweet Plaza
 
Mishawaka
 
IN
 
South Bend-Mishawaka, IN-MI
 
2000
 
91,798

 
91.3
%
 
731

 
8.72

 
Martin's Super Market
 
 
 
190

 
Lincoln Plaza
 
New Haven
 
IN
 
Fort Wayne, IN
 
1968
 
103,938

 
58.4
%
 
510

 
8.40

 
Kroger
 
 
 
191

 
Speedway Super Center
 
Speedway
 
IN
 
Indianapolis-Carmel-Anderson, IN
 
2015
 
571,967

 
85.0
%
 
4,213

 
8.71

 
Kroger
 
Kohl's, Sears Outlet, T.J.Maxx
 
 
192

 
Sagamore Park Centre
 
West Lafayette
 
IN
 
Lafayette-West Lafayette, IN
 
2003
 
117,550

 
89.3
%
 
1,057

 
10.07

 
Pay Less (Kroger)
 
 
 
193

 
Westchester Square
 
Lenexa
 
KS
 
Kansas City, MO-KS
 
1987
 
155,518

 
86.2
%
 
1,145

 
8.54

 
Hy-Vee
 
 
 
194

 
West Loop Shopping Center
 
Manhattan
 
KS
 
Manhattan, KS
 
2013
 
212,260

 
93.2
%
 
1,671

 
13.83

 
Dillons (Kroger)
 
Bellus Academy, Jo-Ann Fabric & Craft Stores, Marshalls
 
 
195

 
Green River Plaza
 
Campbellsville
 
KY
 
Campbellsville, KY
 
1989
 
203,239

 
99.0
%
 
1,379

 
6.85

 
Kroger
 
Burke's Outlet, Goody’s, JC Penney, Jo-Ann Fabric & Craft Stores, Tractor Supply Co.
 
 
196

 
Kmart Plaza
 
Elizabethtown
 
KY
 
Elizabethtown-Fort Knox, KY
 
1992
 
130,466

 
100.0
%
 
874

 
6.70

 
 
Kmart, Staples
 
 
197

 
Florence Plaza - Florence Square
 
Florence
 
KY
 
Cincinnati, OH-KY-IN
 
2015
 
686,488

 
96.6
%
 
6,707

 
12.77

 
Kroger
 
Barnes & Noble, Burlington Stores, Harbor Freight Tools, hhgregg, Hobby Lobby, Old Navy, Ollie's Bargain Outlet, Staples, T.J.Maxx
 
 
198

 
Highland Commons
 
Glasgow
 
KY
 
Glasgow, KY
 
1992
 
130,466

 
98.9
%
 
754

 
5.84

 
Food Lion
 
Kmart
 
 
199

 
Jeffersontown Commons
 
Jeffersontown
 
KY
 
Louisville/Jefferson County, KY-IN
 
2005
 
208,374

 
85.4
%
 
1,581

 
9.42

 
 
King Pin Lanes, Louisville Athletic Club
 
 
200

 
Mist Lake Plaza
 
Lexington
 
KY
 
Lexington-Fayette, KY
 
1993
 
217,292

 
97.2
%
 
1,529

 
7.24

 
 
Gabriel Brothers, Walmart
 
 
201

 
London Marketplace
 
London
 
KY
 
London, KY
 
1994
 
169,032

 
100.0
%
 
1,121

 
6.63

 
Kroger
 
Goody's, Kmart
 
 
202

 
Eastgate Shopping Center
 
Louisville
 
KY
 
Louisville/Jefferson County, KY-IN
 
2002
 
174,947

 
97.1
%
 
1,725

 
10.15

 
Kroger
 
 
 
203

 
Plainview Village
 
Louisville
 
KY
 
Louisville/Jefferson County, KY-IN
 
1997
 
165,467

 
84.5
%
 
1,364

 
10.35

 
Kroger
 
 
 
204

 
Stony Brook I & II
 
Louisville
 
KY
 
Louisville/Jefferson County, KY-IN
 
1988
 
136,916

 
91.0
%
 
1,624

 
13.03

 
Kroger
 
 
 
205

 
Towne Square North
 
Owensboro
 
KY
 
Owensboro, KY
 
1988
 
163,161

 
100.0
%
 
1,236

 
7.58

 
 
Books-A-Million, Hobby Lobby, Office Depot
 
 
206

 
Lexington Road Plaza
 
Versailles
 
KY
 
Lexington-Fayette, KY
 
2007
 
197,668

 
98.6
%
 
1,430

 
7.34

 
Kroger
 
Kmart
 
 
207

 
Karam Shopping Center
 
Lafayette
 
LA
 
Lafayette, LA
 
2015
 
100,238

 
83.8
%
 
277

 
3.29

 
Super 1 Foods
 
Conn's
 
 
208

 
Iberia Plaza
 
New Iberia
 
LA
 
Lafayette, LA
 
1992
 
131,731

 
96.5
%
 
742

 
5.84

 
Super 1 Foods
 
 
 
209

 
Lagniappe Village
 
New Iberia
 
LA
 
Lafayette, LA
 
2010
 
201,360

 
97.3
%
 
1,507

 
7.69

 
 
Big Lots, Citi Trends, Stage, T.J.Maxx
 
 
210

 
The Pines Shopping Center
 
Pineville
 
LA
 
Alexandria, LA
 
1991
 
179,039

 
97.8
%
 
1,082

 
6.18

 
Super 1 Foods
 
Kmart
 
 
211

 
Points West Plaza
 
Brockton
 
MA
 
Boston-Cambridge-Newton, MA-NH
 
2007
 
133,432

 
98.5
%
 
1,066

 
8.11

 
PriceRite (ShopRite)
 
Citi Trends, Ocean State Job Lot
 
 
212

 
Burlington Square I, II & III
 
Burlington
 
MA
 
Boston-Cambridge-Newton, MA-NH
 
1992
 
86,290

 
93.1
%
 
1,784

 
22.20

 
 
Golf Galaxy, Pyara Aveda Spa & Salon, Staples
 
 
213

 
Chicopee Marketplace
 
Chicopee
 
MA
 
Springfield, MA
 
2005
 
150,959

 
100.0
%
 
2,512

 
17.23

 
Walmart Supercenter*
 
Marshalls, Staples
 
 
214

 
Holyoke Shopping Center
 
Holyoke
 
MA
 
Springfield, MA
 
2000
 
195,795

 
94.7
%
 
1,444

 
11.38

 
Super Stop & Shop (Ahold)
 
Ocean State Job Lot
 
 
215

 
WaterTower Plaza
 
Leominster
 
MA
 
Worcester, MA-CT
 
2000
 
282,591

 
89.7
%
 
3,705

 
14.62

 
Shaw's (Albertsons)
 
Ocean State Job Lot, T.J.Maxx
 
 
216

 
Lunenberg Crossing
 
Lunenburg
 
MA
 
Worcester, MA-CT
 
1994
 
25,515

 
29.4
%
 
165

 
22.02

 
Hannaford Bros. (Delhaize)*
 
 
Walmart
217

 
Lynn Marketplace
 
Lynn
 
MA
 
Boston-Cambridge-Newton, MA-NH
 
1968
 
78,092

 
100.0
%
 
1,112

 
14.24

 
Shaw's (Albertsons)
 
Rainbow
 
 
218

 
Webster Square Shopping Center
 
Marshfield
 
MA
 
Boston-Cambridge-Newton, MA-NH
 
2005
 
182,734

 
97.9
%
 
2,175

 
12.16

 
Star Market
 
Marshalls
 
 
219

 
Berkshire Crossing
 
Pittsfield
 
MA
 
Pittsfield, MA
 
1994
 
442,354

 
100.0
%
 
3,821

 
19.63

 
Market 32
 
Barnes & Noble, Michaels, Staples, The Home Depot, Ulta, Walmart
 
 
220

 
Westgate Plaza
 
Westfield
 
MA
 
Springfield, MA
 
1996
 
103,903

 
96.6
%
 
1,110

 
11.39

 
 
Ocean State Job Lot, Staples, T.J.Maxx
 
 
221

 
Perkins Farm Marketplace
 
Worcester
 
MA
 
Worcester, MA-CT
 
1998
 
204,038

 
73.1
%
 
1,762

 
11.82

 
Super Stop & Shop (Ahold)
 
Citi Trends, CW Price
 
 
222

 
South Plaza Shopping Center
 
California
 
MD
 
California-Lexington Park, MD
 
2005
 
92,335

 
100.0
%
 
1,667

 
18.06

 
 
Best Buy, Old Navy, Petco, Ross Dress for Less
 
 
223

 
Campus Village Shoppes
 
College Park
 
MD
 
Washington-Arlington-Alexandria, DC-VA-MD-WV
1986
 
25,529

 
93.5
%
 
645

 
27.03

 
 
 
 
224

 
Fox Run
 
Prince Frederick
 
MD
 
Washington-Arlington-Alexandria, DC-VA-MD-WV
1997
 
292,849

 
96.5
%
 
2,908

 
10.30

 
Giant Food (Ahold)
 
Jo-Ann Fabric & Craft Stores, Kmart, Peebles
 
 
225

 
Liberty Plaza
 
Randallstown
 
MD
 
Baltimore-Columbia-Towson, MD
 
2012
 
218,862

 
100.0
%
 
2,631

 
12.02

 
Walmart Supercenter
 
Marshalls
 
 
226

 
Rising Sun Towne Centre
 
Rising Sun
 
MD
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2013
 
146,849

 
97.3
%
 
1,749

 
12.54

 
Martin's Food (Ahold)
 
Big Lots
 
 
227

 
Pine Tree Shopping Center
 
Portland
 
ME
 
Portland-South Portland, ME
 
1958
 
287,513

 
89.4
%
 
1,801

 
20.33

 
 
Big Lots, Lowe's
 
 
228

 
Maple Village
 
Ann Arbor
 
MI
 
Ann Arbor, MI
 
2000
 
293,525

 
98.3
%
 
2,599

 
9.01

 
Plum Market
 
Dunham's Sports
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 41




PROPERTY LIST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
State
 
Metropolitan Statistical Area
 
Built
 
 GLA
 
Leased
 
 ABR
 
 ABR / SF
 
Grocer (1)
 
Other Major Tenants
 
Non-Owned Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
229

 
Grand Crossing
 
Brighton
 
MI
 
Detroit-Warren-Dearborn, MI
 
2005
 
85,389

 
98.6
%
 
864

 
10.26

 
VG's Food (SpartanNash)
 
ACE Hardware
 
 
230

 
Farmington Crossroads
 
Farmington
 
MI
 
Detroit-Warren-Dearborn, MI
 
2013
 
87,391

 
93.6
%
 
786

 
9.61

 
 
Dollar Tree, Ollie's Bargain Outlet, True Value
 
 
231

 
Silver Pointe Shopping Center
 
Fenton
 
MI
 
Flint, MI
 
1996
 
160,943

 
82.4
%
 
1,680

 
12.68

 
VG's Food (SpartanNash)
 
Dunham's Sports
 
 
232

 
Cascade East
 
Grand Rapids
 
MI
 
Grand Rapids-Wyoming, MI
 
1983
 
99,529

 
84.4
%
 
669

 
7.97

 
D&W Fresh Market (SpartanNash)
 
 
 
233

 
Delta Center
 
Lansing
 
MI
 
Lansing-East Lansing, MI
 
2005
 
186,246

 
95.6
%
 
1,400

 
7.86

 
 
Bed Bath & Beyond, Gift & Bible Center, Hobby Lobby, Planet Fitness
 
 
234

 
Lakes Crossing
 
Muskegon
 
MI
 
Muskegon, MI
 
2011
 
110,997

 
85.5
%
 
1,292

 
14.89

 
 
Jo-Ann Fabric & Craft Stores, Party City
 
Kohl's
235

 
Redford Plaza
 
Redford
 
MI
 
Detroit-Warren-Dearborn, MI
 
1992
 
276,175

 
95.3
%
 
2,380

 
9.04

 
Kroger
 
Burlington Stores, CW Price
 
 
236

 
Hampton Village Centre
 
Rochester Hills
 
MI
 
Detroit-Warren-Dearborn, MI
 
2004
 
454,377

 
96.9
%
 
5,698

 
17.11

 
 
Best Buy, Emagine Theatre, Kohl's, T.J.Maxx
 
Target
237

 
Fashion Corners
 
Saginaw
 
MI
 
Saginaw, MI
 
2004
 
184,735

 
98.9
%
 
1,736

 
9.51

 
 
Bed Bath & Beyond, Best Buy, Dunham's Sports
 
 
238

 
Green Acres
 
Saginaw
 
MI
 
Saginaw, MI
 
2011
 
281,646

 
66.7
%
 
1,329

 
13.13

 
Kroger
 
Ollie's Bargain Outlet, Planet Fitness
 
 
239

 
Hall Road Crossing
 
Shelby Township
 
MI
 
Detroit-Warren-Dearborn, MI
 
1999
 
175,503

 
100.0
%
 
2,398

 
13.67

 
 
Gander Mountain, Michaels, Old Navy, T.J.Maxx
 
 
240

 
Southfield Plaza
 
Southfield
 
MI
 
Detroit-Warren-Dearborn, MI
 
2015
 
101,724

 
100.0
%
 
1,109

 
10.90

 
 
Dollar Castle, Planet Fitness
 
Burlington Stores
241

 
18 Ryan
 
Sterling Heights
 
MI
 
Detroit-Warren-Dearborn, MI
 
1997
 
101,709

 
100.0
%
 
1,432

 
14.08

 
VG's Food (SpartanNash)
 
O'Reilly Auto Parts, Planet Fitness
 
 
242

 
Delco Plaza
 
Sterling Heights
 
MI
 
Detroit-Warren-Dearborn, MI
 
1996
 
154,853

 
100.0
%
 
895

 
5.78

 
 
Babies"R"Us, Bed Bath & Beyond, Dunham's Mega Sports
 
 
243

 
Grand Traverse Crossing
 
Traverse City
 
MI
 
Traverse City, MI
 
1996
 
412,755

 
96.9
%
 
2,647

 
27.58

 
Walmart Supercenter
 
Books-A-Million, The Home Depot
 
 
244

 
West Ridge
 
Westland
 
MI
 
Detroit-Warren-Dearborn, MI
 
2015
 
162,817

 
66.3
%
 
974

 
9.02

 
 
Bargain Club, Office Solutions
 
Burlington Stores, Target
245

 
Roundtree Place
 
Ypsilanti
 
MI
 
Ann Arbor, MI
 
1992
 
246,620

 
97.6
%
 
1,131

 
12.84

 
 
Ollie's Bargain Outlet, Walmart
 
 
246

 
Washtenaw Fountain Plaza
 
Ypsilanti
 
MI
 
Ann Arbor, MI
 
2005
 
123,390

 
95.5
%
 
814

 
6.91

 
Save-A-Lot
 
Dollar Tree, Dunham's Sports, Planet Fitness
 
 
247

 
Southport Centre I - VI
 
Apple Valley
 
MN
 
Minneapolis-St. Paul-Bloomington, MN-WI
 
1985
 
124,937

 
99.0
%
 
2,030

 
16.41

 
SuperTarget*
 
Best Buy, Dollar Tree, Walgreens
 
 
248

 
Austin Town Center
 
Austin
 
MN
 
Austin, MN
 
1999
 
108,486

 
73.7
%
 
448

 
6.89

 
ALDI
 
Jo-Ann Fabric & Craft Stores
 
Target
249

 
Burning Tree Plaza
 
Duluth
 
MN
 
Duluth, MN-WI
 
1987
 
182,969

 
99.3
%
 
2,014

 
11.08

 
 
Best Buy, Dunham's Sports, T.J.Maxx
 
 
250

 
Elk Park Center
 
Elk River
 
MN
 
Minneapolis-St. Paul-Bloomington, MN-WI
 
1999
 
204,992

 
91.0
%
 
1,891

 
10.13

 
Cub Foods (Jerry's Foods)
 
OfficeMax
 
 
251

 
Westwind Plaza
 
Minnetonka
 
MN
 
Minneapolis-St. Paul-Bloomington, MN-WI
 
2007
 
87,942

 
97.4
%
 
1,278

 
14.91

 
Cub Foods (Supervalu)*
 
 
 
252

 
Richfield Hub
 
Richfield
 
MN
 
Minneapolis-St. Paul-Bloomington, MN-WI
 
1992
 
213,595

 
93.6
%
 
2,356

 
11.79

 
Rainbow Foods (Jerry's Foods)
 
Marshalls, Michaels
 
 
253

 
Roseville Center
 
Roseville
 
MN
 
Minneapolis-St. Paul-Bloomington, MN-WI
 
2000
 
69,537

 
74.8
%
 
740

 
14.33

 
Cub Foods (Supervalu)*
 
Dollar Tree, Hancock Fabrics
 
 
254

 
Marketplace @ 42
 
Savage
 
MN
 
Minneapolis-St. Paul-Bloomington, MN-WI
 
2015
 
117,873

 
92.0
%
 
1,504

 
13.87

 
Rainbow Foods**
 
 
 
255

 
Sun Ray Shopping Center
 
St. Paul
 
MN
 
Minneapolis-St. Paul-Bloomington, MN-WI
 
2013
 
291,011

 
93.2
%
 
2,480

 
12.07

 
Cub Foods (Supervalu)
 
Blast Fitness, T.J.Maxx, Valu Thrift Store
 
 
256

 
White Bear Hills Shopping Center
 
White Bear Lake
 
MN
 
Minneapolis-St. Paul-Bloomington, MN-WI
 
1996
 
73,095

 
100.0
%
 
730

 
9.99

 
Festival Foods
 
Dollar Tree
 
 
257

 
Ellisville Square
 
Ellisville
 
MO
 
St. Louis, MO-IL
 
2015
 
136,920

 
89.4
%
 
1,504

 
12.29

 
 
Lukas Liquors, Michaels, Party City, The Sports Authority
 
 
258

 
Clocktower Place
 
Florissant
 
MO
 
St. Louis, MO-IL
 
2013
 
207,317

 
94.1
%
 
1,375

 
7.17

 
ALDI
 
Florissant Furniture & Rug Gallery, Office Depot, Ross Dress for Less
 
 
259

 
Hub Shopping Center
 
Independence
 
MO
 
Kansas City, MO-KS
 
1995
 
160,423

 
92.9
%
 
814

 
5.83

 
Price Chopper
 
 
 
260

 
Watts Mill Plaza
 
Kansas City
 
MO
 
Kansas City, MO-KS
 
1997
 
161,717

 
97.8
%
 
1,475

 
9.33

 
Price Chopper
 
Ace Hardware
 
 
261

 
Liberty Corners
 
Liberty
 
MO
 
Kansas City, MO-KS
 
1987
 
124,808

 
88.0
%
 
859

 
7.83

 
Price Chopper
 
 
 
262

 
Maplewood Square
 
Maplewood
 
MO
 
St. Louis, MO-IL
 
1998
 
71,590

 
91.5
%
 
449

 
6.85

 
Shop 'n Save (Supervalu)
 
 
 
263

 
Clinton Crossing
 
Clinton
 
MS
 
Jackson, MS
 
1990
 
112,148

 
100.0
%
 
1,089

 
9.99

 
Kroger
 
 
 
264

 
County Line Plaza
 
Jackson
 
MS
 
Jackson, MS
 
2014
 
221,127

 
57.4
%
 
1,624

 
12.79

 
 
Conn's, Kirkland's, Tuesday Morning
 
 
265

 
Jacksonian Plaza
 
Jackson
 
MS
 
Jackson, MS
 
1990
 
73,041

 
82.5
%
 
400

 
6.83

 
Kroger*
 
Books-A-Million, Office Depot
 
 
266

 
Devonshire Place
 
Cary
 
NC
 
Raleigh, NC
 
2012
 
106,680

 
100.0
%
 
1,425

 
13.65

 
 
Dollar Tree, Golf Galaxy, REI
 
 
267

 
McMullen Creek Market
 
Charlotte
 
NC
 
Charlotte-Concord-Gastonia, NC-SC
 
2015
 
271,895

 
83.8
%
 
2,814

 
12.36

 
Walmart Neighborhood Market
 
Burlington Stores, Dollar Tree, Rugged Warehouse
 
 
268

 
The Commons at Chancellor Park
 
Charlotte
 
NC
 
Charlotte-Concord-Gastonia, NC-SC
 
2015
 
348,604

 
82.6
%
 
1,600

 
8.77

 
 
Big Lots, Gabes, The Home Depot, Value City Furniture
 
 
269

 
Macon Plaza
 
Franklin
 
NC
 
 
2001
 
92,787

 
84.4
%
 
407

 
5.20

 
BI-LO (Southeastern Grocers)
 
Peebles
 
 
270

 
Garner Towne Square
 
Garner
 
NC
 
Raleigh, NC
 
1997
 
184,347

 
90.7
%
 
2,021

 
12.09

 
Kroger
 
OfficeMax, PetSmart
 
Target, The Home Depot
271

 
Franklin Square
 
Gastonia
 
NC
 
Charlotte-Concord-Gastonia, NC-SC
 
2015
 
317,705

 
90.4
%
 
3,198

 
12.46

 
Walmart Supercenter*
 
Bed Bath & Beyond, Best Buy, Dollar Tree, Michaels, Ross Dress for Less
 
 
272

 
Wendover Place
 
Greensboro
 
NC
 
Greensboro-High Point, NC
 
2000
 
406,768

 
99.3
%
 
4,825

 
11.94

 
 
Babies"R"Us, Christmas Tree Shops, Dick's Sporting Goods, Kohl's, Michaels, Old Navy, PetSmart
 
Ross Dress for Less, Target
273

 
University Commons
 
Greenville
 
NC
 
Greenville, NC
 
2014
 
233,153

 
96.8
%
 
2,931

 
12.99

 
Harris Teeter (Kroger)
 
A.C. Moore, Barnes & Noble, Petco, T.J.Maxx
 
Target
274

 
Valley Crossing
 
Hickory
 
NC
 
Hickory-Lenoir-Morganton, NC
 
2014
 
191,431

 
100.0
%
 
1,691

 
8.84

 
 
Academy Sports + Outdoors, Harbor Freight Tools, Ollie's Bargain Outlet
 
 
275

 
Kinston Pointe
 
Kinston
 
NC
 
Kinston, NC
 
2001
 
250,580

 
98.5
%
 
851

 
3.45

 
Walmart Supercenter
 
Dollar Tree
 
 
276

 
Magnolia Plaza
 
Morganton
 
NC
 
Hickory-Lenoir-Morganton, NC
 
1990
 
104,539

 
36.9
%
 
191

 
4.96

 
Ingles
 
 
 
277

 
Roxboro Square
 
Roxboro
 
NC
 
Durham-Chapel Hill, NC
 
2005
 
97,226

 
97.2
%
 
1,246

 
14.08

 
 
Person County Health & Human Services
 
 
278

 
Innes Street Market
 
Salisbury
 
NC
 
Charlotte-Concord-Gastonia, NC-SC
 
2002
 
349,425

 
98.6
%
 
3,713

 
10.78

 
Food Lion
 
Lowe's, Marshalls, Old Navy, PetSmart, Staples, Tinseltown
 
 
279

 
Salisbury Marketplace
 
Salisbury
 
NC
 
Charlotte-Concord-Gastonia, NC-SC
 
1987
 
79,732

 
70.3
%
 
596

 
10.64

 
Food Lion
 
Family Dollar
 
 
280

 
Crossroads
 
Statesville
 
NC
 
Charlotte-Concord-Gastonia, NC-SC
 
1997
 
340,189

 
97.7
%
 
1,982

 
5.96

 
Walmart Supercenter
 
Big Lots, Burkes Outlet, Tractor Supply
 
 
281

 
Anson Station
 
Wadesboro
 
NC
 
 
1988
 
132,353

 
67.6
%
 
564

 
6.31

 
Food Lion
 
Peebles, Tractor Supply Co.
 
 
282

 
New Centre Market
 
Wilmington
 
NC
 
Wilmington, NC
 
1998
 
143,762

 
76.6
%
 
1,597

 
15.02

 
 
OfficeMax, PetSmart
 
Target
283

 
University Commons
 
Wilmington
 
NC
 
Wilmington, NC
 
2007
 
235,345

 
97.9
%
 
3,321

 
14.42

 
Lowes Foods
 
A.C. Moore, HomeGoods, T.J.Maxx
 
 
284

 
Whitaker Square
 
Winston Salem
 
NC
 
Winston-Salem, NC
 
1996
 
82,760

 
100.0
%
 
1,112

 
13.43

 
Harris Teeter (Kroger)
 
Rugged Wearhouse
 
 
285

 
Parkway Plaza
 
Winston-Salem
 
NC
 
Winston-Salem, NC
 
2005
 
283,830

 
89.8
%
 
2,786

 
11.51

 
Super Compare Foods
 
Big Lots, Citi Trends, Office Depot
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 42




PROPERTY LIST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
State
 
Metropolitan Statistical Area
 
Built
 
 GLA
 
Leased
 
 ABR
 
 ABR / SF
 
Grocer (1)
 
Other Major Tenants
 
Non-Owned Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
286

 
Stratford Commons
 
Winston-Salem
 
NC
 
Winston-Salem, NC
 
1995
 
72,308

 
94.8
%
 
978

 
14.27

 
 
Golf Galaxy, Mattress Firm, OfficeMax
 
 
287

 
Bedford Grove
 
Bedford
 
NH
 
Manchester-Nashua, NH
 
1989
 
216,941

 
96.8
%
 
1,940

 
21.35

 
Hannaford Bros. (Delhaize)
 
Walmart
 
 
288

 
Capitol Shopping Center
 
Concord
 
NH
 
Concord, NH
 
2001
 
182,887

 
100.0
%
 
1,989

 
11.13

 
DeMoulas Supermarkets
 
Burlington Stores, Jo-Ann Fabric & Craft Stores, Marshalls
 
 
289

 
Willow Springs Plaza
 
Nashua
 
NH
 
Manchester-Nashua, NH
 
2015
 
131,248

 
100.0
%
 
2,255

 
18.73

 
 
JC Penney, Jordan's Warehouse, NAMCO, Petco
 
The Home Depot
290

 
Seacoast Shopping Center
 
Seabrook
 
NH
 
Boston-Cambridge-Newton, MA-NH
 
1991
 
91,690

 
27.3
%
 
167

 
16.68

 
 
Jo-Ann Fabric & Craft Stores
 
 
291

 
Tri-City Plaza
 
Somersworth
 
NH
 
Boston-Cambridge-Newton, MA-NH
 
1990
 
146,797

 
90.5
%
 
1,100

 
8.28

 
DeMoulas Supermarkets
 
T.J.Maxx
 
 
292

 
Laurel Square
 
Brick
 
NJ
 
New York-Newark-Jersey City, NY-NJ-PA
 
2015
 
246,235

 
85.1
%
 
1,444

 
7.34

 
Pathmark (A&P)
 
Kmart
 
 
293

 
the Shoppes at Cinnaminson
 
Cinnaminson
 
NJ
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2010
 
296,109

 
95.5
%
 
4,080

 
21.43

 
ShopRite
 
Burlington Stores, Ross Dress For Less
 
 
294

 
A&P Fresh Market
 
Clark
 
NJ
 
New York-Newark-Jersey City, NY-NJ-PA
 
2007
 
52,812

 
100.0
%
 
1,357

 
25.70

 
A&P Fresh
 
 
 
295

 
Collegetown Shopping Center
 
Glassboro
 
NJ
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2015
 
250,515

 
95.8
%
 
2,072

 
8.63

 
 
Kmart, LA Fitness, Staples
 
 
296

 
Hamilton Plaza-Kmart Plaza
 
Hamilton
 
NJ
 
Trenton, NJ
 
2015
 
148,919

 
98.0
%
 
1,062

 
7.28

 
 
Kmart
 
 
297

 
Bennetts Mills Plaza
 
Jackson
 
NJ
 
New York-Newark-Jersey City, NY-NJ-PA
 
2002
 
127,230

 
87.8
%
 
1,450

 
32.53

 
Super Stop & Shop (Ahold)
 
 
 
298

 
Lakewood Plaza
 
Lakewood
 
NJ
 
New York-Newark-Jersey City, NY-NJ-PA
 
1966
 
202,210

 
100.0
%
 
2,886

 
14.27

 
Gourmet Glatt Express
 
 
 
299

 
Marlton Crossing
 
Marlton
 
NJ
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2013
 
332,664

 
97.1
%
 
5,185

 
16.06

 
 
Burlington Stores, DSW, HomeGoods, T.J.Maxx
 
 
300

 
Middletown Plaza
 
Middletown
 
NJ
 
New York-Newark-Jersey City, NY-NJ-PA
 
2001
 
197,466

 
100.0
%
 
3,781

 
19.15

 
ShopRite
 
 
 
301

 
Larchmont Centre
 
Mount Laurel
 
NJ
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1985
 
103,787

 
92.3
%
 
1,237

 
12.92

 
ShopRite
 
 
 
302

 
Old Bridge Gateway
 
Old Bridge
 
NJ
 
New York-Newark-Jersey City, NY-NJ-PA
 
1995
 
242,991

 
88.1
%
 
3,810

 
17.80

 
Bhavani Food Market
 
Marshalls, Pep Boys, Robert Wood Johnson Fitness
 
 
303

 
Morris Hills Shopping Center
 
Parsippany
 
NJ
 
New York-Newark-Jersey City, NY-NJ-PA
 
1994
 
159,561

 
95.3
%
 
2,837

 
18.65

 
 
Blink Fitness (Equinox), Clearview Cinema Group, HomeGoods, Marshalls
 
 
304

 
Rio Grande Plaza
 
Rio Grande
 
NJ
 
Ocean City, NJ
 
1997
 
139,930

 
93.2
%
 
1,551

 
11.89

 
ShopRite*
 
JC Penney, Peebles, PetSmart
 
 
305

 
Ocean Heights Plaza
 
Somers Point
 
NJ
 
Atlantic City-Hammonton, NJ
 
2006
 
179,199

 
99.1
%
 
3,249

 
18.29

 
ShopRite
 
Staples
 
 
306

 
ShopRite Supermarket
 
Springfield
 
NJ
 
New York-Newark-Jersey City, NY-NJ-PA
 
1965
 
32,209

 
100.0
%
 
389

 
12.09

 
ShopRite
 
 
 
307

 
Tinton Falls Plaza
 
Tinton Falls
 
NJ
 
New York-Newark-Jersey City, NY-NJ-PA
 
2006
 
98,410

 
83.1
%
 
1,321

 
16.15

 
A&P*
 
Dollar Tree, WOW! Fitness
 
 
308

 
Cross Keys Commons
 
Turnersville
 
NJ
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1996
 
216,623

 
92.9
%
 
3,230

 
16.05

 
Walmart Supercenter*
 
Marshalls, Ross Dress for Less
 
 
309

 
Dover Park Plaza
 
Yardville
 
NJ
 
Trenton, NJ
 
2005
 
56,751

 
84.9
%
 
740

 
15.36

 
 
CVS, Dollar Tree
 
 
310

 
St Francis Plaza
 
Santa Fe
 
NM
 
Santa Fe, NM
 
1993
 
35,800

 
100.0
%
 
413

 
11.54

 
Whole Foods Market
 
Walgreens
 
 
311

 
Smith's
 
Socorro
 
NM
 
 
1976
 
48,000

 
100.0
%
 
506

 
10.54

 
Smith's (Kroger)
 
 
 
312

 
Galleria Commons
 
Henderson
 
NV
 
Las Vegas-Henderson-Paradise, NV
 
2015
 
275,011

 
100.0
%
 
3,035

 
11.04

 
 
Babies"R"Us, Burlington Stores, Stein Mart, T.J.Maxx
 
 
313

 
Montecito Marketplace
 
Las Vegas
 
NV
 
Las Vegas-Henderson-Paradise, NV
 
2006
 
190,434

 
100.0
%
 
3,767

 
19.78

 
Smith's (Kroger)
 
T.J.Maxx
 
 
314

 
Renaissance Center East
 
Las Vegas
 
NV
 
Las Vegas-Henderson-Paradise, NV
 
2012
 
144,216

 
74.9
%
 
1,266

 
11.71

 
 
Savers
 
 
315

 
Parkway Plaza
 
Carle Place
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1993
 
89,704

 
100.0
%
 
2,478

 
27.62

 
 
Minado, Stew Leonard's Wines, T.J.Maxx
 
 
316

 
Kmart Plaza
 
Dewitt
 
NY
 
Syracuse, NY
 
2015
 
115,500

 
65.4
%
 
981

 
13.00

 
 
Dick's Sporting Goods, OfficeMax
 
 
317

 
Unity Plaza
 
East Fishkill
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
2005
 
67,462

 
90.5
%
 
1,274

 
20.87

 
A&P Fresh
 
 
 
318

 
Suffolk Plaza
 
East Setauket
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1998
 
84,480

 
98.1
%
 
1,058

 
12.77

 
Waldbaum's (A&P)
 
 
Kohl's
319

 
Three Village Shopping Center
 
East Setauket
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1991
 
77,458

 
94.7
%
 
1,828

 
24.93

 
King Kullen**
 
Ace Hardware
 
 
320

 
Stewart Plaza
 
Garden City
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1990
 
193,622

 
98.0
%
 
3,032

 
15.98

 
 
Burlington Stores, K&G Men's Center
 
 
321

 
Genesee Valley Shopping Center
 
Geneseo
 
NY
 
Rochester, NY
 
2007
 
191,314

 
90.9
%
 
1,652

 
9.80

 
Wegmans
 
Tractor Supply Co.
 
 
322

 
McKinley Plaza
 
Hamburg
 
NY
 
Buffalo-Cheektowaga-Niagara Falls, NY
 
1991
 
95,544

 
97.1
%
 
1,353

 
14.97

 
Wegmans*
 
A.C. Moore, T.J.Maxx
 
 
323

 
Dalewood I, II & III Shopping Center
 
Hartsdale
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
2012
 
191,441

 
98.1
%
 
6,063

 
32.99

 
H-Mart, Mrs. Green's Natural Market
 
Christmas Tree Shops, T.J.Maxx
 
 
324

 
Hornell Plaza
 
Hornell
 
NY
 
Corning, NY
 
2005
 
253,335

 
99.0
%
 
2,052

 
8.18

 
Wegmans
 
Walmart
 
 
325

 
Cayuga Mall
 
Ithaca
 
NY
 
Ithaca, NY
 
2013
 
204,830

 
100.0
%
 
1,767

 
8.63

 
 
Jo-Ann Fabric & Craft Stores, Party City, Rite Aid, T.J.Maxx, True Value
 
 
326

 
Kings Park Plaza
 
Kings Park
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1985
 
71,942

 
97.5
%
 
1,435

 
20.46

 
Key Food Marketplace
 
T.J.Maxx
 
 
327

 
Village Square Shopping Center
 
Larchmont
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1981
 
17,000

 
100.0
%
 
568

 
33.39

 
Trader Joe's
 
 
 
328

 
Falcaro's Plaza
 
Lawrence
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1972
 
61,118

 
95.8
%
 
1,206

 
20.60

 
 
Advance Auto Parts, OfficeMax
 
 
329

 
Shops at Seneca Mall
 
Liverpool
 
NY
 
Syracuse, NY
 
2005
 
230,924

 
66.7
%
 
687

 
4.46

 
 
Big Lots, Kmart
 
 
330

 
A & P Mamaroneck
 
Mamaroneck
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1976
 
24,978

 
100.0
%
 
177

 
7.09

 
A&P
 
 
 
331

 
Sunshine Square
 
Medford
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
2007
 
223,322

 
88.4
%
 
2,715

 
13.76

 
Super Stop & Shop (Ahold)
 
Planet Fitness, Savers
 
 
332

 
Wallkill Plaza
 
Middletown
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
2012
 
209,960

 
87.6
%
 
1,869

 
10.51

 
 
Ashley Furniture, Big Lots, Hobby Lobby
 
 
333

 
Monroe ShopRite Plaza
 
Monroe
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1985
 
122,007

 
100.0
%
 
1,870

 
15.33

 
ShopRite
 
Retro Fitness, Rite Aid, U.S. Post Office
 
 
334

 
Rockland Plaza
 
Nanuet
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
2006
 
251,537

 
96.3
%
 
6,310

 
26.06

 
A Matter of Health
 
Barnes & Noble, Marshalls, Modell's Sporting Goods, Petco
 
 
335

 
North Ridge Shopping Center
 
New Rochelle
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1971
 
31,870

 
92.6
%
 
1,060

 
35.91

 
 
Harmon Discount
 
 
336

 
Nesconset Shopping Center
 
Port Jefferson Station
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
2012
 
122,996

 
97.9
%
 
2,434

 
20.21

 
 
Dollar Tree, HomeGoods
 
 
337

 
Port Washington
 
Port Washington
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1968
 
19,600

 
100.0
%
 
112

 
5.69

 
North Shore Farms
 
 
 
338

 
Roanoke Plaza
 
Riverhead
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
2002
 
99,131

 
100.0
%
 
1,767

 
17.82

 
Best Yet Market
 
CVS, T.J.Maxx
 
 
339

 
Rockville Centre
 
Rockville Centre
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1975
 
44,131

 
100.0
%
 
1,126

 
25.52

 
 
HomeGoods, Rite Aid
 
 
340

 
Mohawk Acres Plaza
 
Rome
 
NY
 
Utica-Rome, NY
 
2005
 
156,680

 
89.2
%
 
1,472

 
10.54

 
Price Chopper
 
 
 
341

 
College Plaza
 
Selden
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
2015
 
180,182

 
97.8
%
 
2,869

 
16.71

 
ShopRite
 
A.C. Moore, Blink Fitness (Equinox), Bob's Stores
 
 
342

 
Campus Plaza
 
Vestal
 
NY
 
Binghamton, NY
 
2003
 
160,744

 
98.4
%
 
1,754

 
11.09

 
 
Olum's Furniture & Appliances, Staples
 
 
343

 
Parkway Plaza
 
Vestal
 
NY
 
Binghamton, NY
 
2012
 
204,954

 
100.0
%
 
2,076

 
10.13

 
PriceRite (ShopRite)
 
Bed Bath & Beyond, Kohl's, PetSmart
 
Target
344

 
Shoppes at Vestal
 
Vestal
 
NY
 
Binghamton, NY
 
2000
 
92,328

 
100.0
%
 
1,397

 
15.13

 
 
HomeGoods, Michaels, Old Navy
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 43




PROPERTY LIST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
State
 
Metropolitan Statistical Area
 
Built
 
 GLA
 
Leased
 
 ABR
 
 ABR / SF
 
Grocer (1)
 
Other Major Tenants
 
Non-Owned Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
345

 
Town Square Mall
 
Vestal
 
NY
 
Binghamton, NY
 
2012
 
293,181

 
99.4
%
 
4,612

 
15.83

 
Sam's Club*, Walmart Supercenter*
 
Barnes & Noble, Dick's Sporting Goods, Lowes Cinemas, T.J.Maxx
 
 
346

 
The Plaza at Salmon Run
 
Watertown
 
NY
 
Watertown-Fort Drum, NY
 
1993
 
68,761

 
100.0
%
 
690

 
10.03

 
Hannaford Bros. (Delhaize)
 
Pier 1 Imports
 
 
347

 
Highridge Plaza
 
Yonkers
 
NY
 
New York-Newark-Jersey City, NY-NJ-PA
 
1977
 
88,501

 
97.2
%
 
1,831

 
21.28

 
Pathmark (A&P)
 
 
 
348

 
Brunswick Town Center
 
Brunswick
 
OH
 
Cleveland-Elyria, OH
 
2004
 
138,407

 
96.3
%
 
1,851

 
13.88

 
Giant Eagle
 
 
The Home Depot
349

 
30th Street Plaza
 
Canton
 
OH
 
Canton-Massillon, OH
 
1999
 
157,055

 
87.0
%
 
1,408

 
10.30

 
Giant Eagle, Marc's
 
 
 
350

 
Brentwood Plaza
 
Cincinnati
 
OH
 
Cincinnati, OH-KY-IN
 
2004
 
225,244

 
86.2
%
 
2,064

 
11.07

 
Kroger
 
 
 
351

 
Delhi Shopping Center
 
Cincinnati
 
OH
 
Cincinnati, OH-KY-IN
 
2012
 
164,750

 
98.7
%
 
1,438

 
9.03

 
Kroger
 
Salvation Army
 
 
352

 
Harpers Station
 
Cincinnati
 
OH
 
Cincinnati, OH-KY-IN
 
2015
 
244,208

 
99.5
%
 
3,418

 
14.07

 
Fresh Thyme Farmers Market
 
HomeGoods, LA Fitness, Stein Mart, T.J.Maxx
 
 
353

 
Western Hills Plaza
 
Cincinnati
 
OH
 
Cincinnati, OH-KY-IN
 
2011
 
314,754

 
99.6
%
 
3,730

 
12.23

 
 
Bed Bath & Beyond, Michaels, Sears, Staples, T.J.Maxx
 
Target
354

 
Western Village
 
Cincinnati
 
OH
 
Cincinnati, OH-KY-IN
 
2005
 
115,116

 
100.0
%
 
1,126

 
9.78

 
Kroger
 
 
 
355

 
Crown Point
 
Columbus
 
OH
 
Columbus, OH
 
1998
 
144,931

 
95.9
%
 
1,377

 
10.13

 
Kroger
 
Planet Fitness
 
 
356

 
Greentree Shopping Center
 
Columbus
 
OH
 
Columbus, OH
 
2005
 
130,773

 
84.8
%
 
1,104

 
10.73

 
Kroger
 
 
 
357

 
Brandt Pike Place
 
Dayton
 
OH
 
Dayton, OH
 
2008
 
17,900

 
100.0
%
 
165

 
9.22

 
Kroger*
 
 
 
358

 
South Towne Centre
 
Dayton
 
OH
 
Dayton, OH
 
2013
 
331,838

 
98.6
%
 
4,163

 
13.65

 
Health Foods Unlimited
 
Burlington Stores, Christmas Tree Shops, Jo-Ann Fabric & Craft Stores, Value City Furniture
 
 
359

 
The Vineyards
 
Eastlake
 
OH
 
Cleveland-Elyria, OH
 
1989
 
144,820

 
86.5
%
 
710

 
5.67

 
Valu King**
 
Harbor Freight Tools
 
Walmart
360

 
Midway Market Square
 
Elyria
 
OH
 
Cleveland-Elyria, OH
 
2014
 
224,329

 
88.8
%
 
2,002

 
10.04

 
Giant Eagle
 
Dick's Sporting Goods, Jo-Ann Fabric & Craft Stores
 
Target, The Home Depot
361

 
Southland Shopping Center
 
Middleburg Heights
OH
 
Cleveland-Elyria, OH
 
2013
 
695,719

 
94.5
%
 
6,419

 
9.78

 
BJ's Wholesale Club, Giant Eagle, Marc's
 
Burlington Stores, Cleveland Furniture Bank, Jo-Ann Fabric & Craft Stores, Marshalls
 
 
362

 
Tops Plaza
 
North Olmsted
 
OH
 
Cleveland-Elyria, OH
 
2002
 
70,003

 
98.2
%
 
1,034

 
15.04

 
 
 
 
363

 
Tops Plaza
 
North Ridgeville
 
OH
 
Cleveland-Elyria, OH
 
2002
 
57,857

 
97.9
%
 
819

 
14.46

 
 
Pat Catan's Craft Centers
 
 
364

 
Surrey Square Mall
 
Norwood
 
OH
 
Cincinnati, OH-KY-IN
 
2010
 
173,242

 
95.5
%
 
2,047

 
25.23

 
Kroger
 
Marshalls
 
 
365

 
Market Place
 
Piqua
 
OH
 
Dayton, OH
 
2012
 
182,824

 
93.0
%
 
678

 
7.06

 
Kroger
 
Roses
 
 
366

 
Brice Park
 
Reynoldsburg
 
OH
 
Columbus, OH
 
1989
 
158,565

 
82.6
%
 
1,129

 
9.45

 
 
Ashley Furniture, Michaels
 
 
367

 
Streetsboro Crossing
 
Streetsboro
 
OH
 
Akron, OH
 
2002
 
89,436

 
100.0
%
 
682

 
7.62

 
Giant Eagle
 
 
Lowe's
368

 
Miracle Mile Shopping Plaza
 
Toledo
 
OH
 
Toledo, OH
 
1955
 
318,174

 
67.3
%
 
1,352

 
6.32

 
Kroger
 
Big Lots
 
 
369

 
Southland Shopping Plaza
 
Toledo
 
OH
 
Toledo, OH
 
1988
 
290,892

 
83.6
%
 
1,448

 
5.96

 
Kroger
 
Big Lots, Planet Fitness, Shopper's World
 
 
370

 
Wadsworth Crossings
 
Wadsworth
 
OH
 
Cleveland-Elyria, OH
 
2005
 
115,066

 
94.0
%
 
1,771

 
16.38

 
 
Bed Bath & Beyond, MC Sports, OfficeMax, Petco
 
Kohl's, Lowe's, Target
371

 
Northgate Plaza
 
Westerville
 
OH
 
Columbus, OH
 
2008
 
15,219

 
100.0
%
 
246

 
16.16

 
Kroger*
 
 
The Home Depot
372

 
Marketplace
 
Tulsa
 
OK
 
Tulsa, OK
 
1992
 
186,851

 
100.0
%
 
1,765

 
9.45

 
 
Conn's, Drysdales, PetSmart
 
Best Buy, JC Penney Home Store
373

 
Village West
 
Allentown
 
PA
 
Allentown-Bethlehem-Easton, PA-NJ
 
1999
 
140,474

 
97.8
%
 
2,499

 
18.20

 
Giant Food (Ahold)
 
 
 
374

 
Park Hills Plaza
 
Altoona
 
PA
 
Altoona, PA
 
1985
 
278,586

 
96.4
%
 
2,252

 
8.38

 
Weis Markets
 
Dunham's Sports, Petco, Toys"R"Us
 
 
375

 
Bensalem Square
 
Bensalem
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1986
 
70,378

 
100.0
%
 
759

 
10.78

 
Redner's Warehouse Market
 
 
 
376

 
Bethel Park Shopping Center
 
Bethel Park
 
PA
 
Pittsburgh, PA
 
2004
 
218,714

 
95.7
%
 
1,614

 
8.51

 
Giant Eagle
 
Walmart
 
 
377

 
Bethlehem Square
 
Bethlehem
 
PA
 
Allentown-Bethlehem-Easton, PA-NJ
 
1994
 
389,450

 
100.0
%
 
3,872

 
9.94

 
Giant Food (Ahold)
 
T.J.Maxx, The Home Depot, Walmart
 
 
378

 
Lehigh Shopping Center
 
Bethlehem
 
PA
 
Allentown-Bethlehem-Easton, PA-NJ
 
2013
 
378,358

 
99.1
%
 
3,364

 
11.20

 
Giant Food (Ahold)
 
Big Lots, Mega Marshalls, PetSmart, Staples, Wells Fargo
 
 
379

 
Town Plaza
 
Boyertown
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2015
 
83,229

 
97.1
%
 
755

 
9.35

 
 
Advance Auto Parts, Big Lots, CVS, Tractor Supply
 
 
380

 
Bristol Park
 
Bristol
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2013
 
283,153

 
98.0
%
 
2,389

 
8.61

 
Walmart Supercenter
 
Ollie's Bargain Outlet
 
 
381

 
Chalfont Village Shopping Center
 
Chalfont
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1989
 
46,051

 
82.4
%
 
453

 
11.94

 
Bottom Dollar**
 
 
 
382

 
New Britain Village Square
 
Chalfont
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1989
 
143,716

 
95.4
%
 
2,327

 
16.96

 
Giant Food (Ahold)
 
 
 
383

 
Collegeville Shopping Center
 
Collegeville
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2004
 
110,696

 
49.9
%
 
790

 
14.31

 
 
Pep Boys, Rascal Fitness
 
 
384

 
Whitemarsh Shopping Center
 
Conshohocken
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2002
 
67,476

 
100.0
%
 
1,387

 
20.56

 
Giant Food (Ahold)
 
Wine & Spirits Shoppe
 
 
385

 
Valley Fair
 
Devon
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2001
 
105,086

 
100.0
%
 
1,035

 
9.85

 
 
Chuck E. Cheese's, Mealey's Furniture
 
 
386

 
Dickson City Crossings
 
Dickson City
 
PA
 
Scranton--Wilkes-Barre--Hazleton, PA
 
1997
 
302,929

 
100.0
%
 
3,136

 
15.75

 
 
Dick's Sporting Goods, hhgregg, PetSmart, T.J.Maxx, The Home Depot
 
 
387

 
Dillsburg Shopping Center
 
Dillsburg
 
PA
 
York-Hanover, PA
 
2014
 
153,088

 
100.0
%
 
1,967

 
13.09

 
Giant Food (Ahold)
 
Tractor Supply Co.
 
 
388

 
Barn Plaza
 
Doylestown
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2002
 
237,681

 
100.0
%
 
3,335

 
14.03

 
 
Kohl's, Marshalls, Regal Cinemas
 
 
389

 
Pilgrim Gardens
 
Drexel Hill
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2014
 
75,223

 
96.0
%
 
1,147

 
15.89

 
 
Dollar Tree, Ross Dress for Less
 
 
390

 
Gilbertsville Shopping Center
 
Gilbertsville
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2002
 
85,748

 
91.7
%
 
684

 
8.70

 
Weis Markets
 
 
 
391

 
Mount Carmel Plaza
 
Glenside
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1975
 
14,504

 
94.1
%
 
183

 
13.40

 
 
SGS Paper
 
 
392

 
Kline Plaza
 
Harrisburg
 
PA
 
Harrisburg-Carlisle, PA
 
1952
 
214,628

 
89.7
%
 
1,793

 
9.31

 
Giant Food (Ahold)
 
The Dept. of Health
 
 
393

 
New Garden Center
 
Kennett Square
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2012
 
145,170

 
95.7
%
 
959

 
7.06

 
 
Big Lots, Ollie's Bargain Outlet
 
 
394

 
Stone Mill Plaza
 
Lancaster
 
PA
 
Lancaster, PA
 
2008
 
106,736

 
99.3
%
 
1,281

 
12.08

 
Giant Food (Ahold)
 
Majik Rent-To-Own
 
 
395

 
Woodbourne Square
 
Langhorne
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1984
 
29,821

 
82.7
%
 
516

 
20.91

 
 
 
 
396

 
North Penn Market Place
 
Lansdale
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1977
 
58,358

 
77.7
%
 
843

 
20.21

 
Weis Markets*
 
 
 
397

 
New Holland Shopping Center
 
New Holland
 
PA
 
Lancaster, PA
 
1995
 
65,878

 
95.2
%
 
461

 
7.36

 
Grocery Outlet
 
Family Dollar
 
 
398

 
Village at Newtown
 
Newtown
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1989
 
177,185

 
90.6
%
 
3,993

 
24.88

 
McCaffrey's
 
Pier 1 Imports
 
 
399

 
Cherry Square
 
Northampton
 
PA
 
Allentown-Bethlehem-Easton, PA-NJ
 
1989
 
75,005

 
86.0
%
 
643

 
9.97

 
Redner's Warehouse Market
 
 
 
400

 
Ivyridge
 
Philadelphia
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2006
 
107,318

 
96.1
%
 
2,236

 
21.67

 
SuperFresh (A&P)
 
 
 
401

 
Roosevelt Mall
 
Philadelphia
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2011
 
561,890

 
98.0
%
 
7,683

 
32.98

 
 
Macy's, Modell's Sporting Goods, Ross Dress For Less
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 44




PROPERTY LIST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
State
 
Metropolitan Statistical Area
 
Built
 
 GLA
 
Leased
 
 ABR
 
 ABR / SF
 
Grocer (1)
 
Other Major Tenants
 
Non-Owned Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
402

 
Shoppes at Valley Forge
 
Phoenixville
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2003
 
176,676

 
99.3
%
 
1,331

 
7.59

 
Redner's Warehouse Market
 
French Creek Outfitters, Staples
 
 
403

 
Plymouth Plaza
 
Plymouth Meeting
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1994
 
32,404

 
42.5
%
 
491

 
35.64

 
 
Clear Wireless, Medical Rehabilitation Centers of Pennsylvania
 
 
404

 
County Line Plaza
 
Souderton
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2013
 
154,758

 
91.6
%
 
1,441

 
10.59

 
ALDI**
 
Planet Fitness, VF Outlet
 
 
405

 
69th Street Plaza
 
Upper Darby
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1994
 
41,711

 
100.0
%
 
405

 
9.71

 
Pathmark (A&P)*
 
EZ Bargains, Rent-A-Center, Super Dollar City
 
 
406

 
Warminster Towne Center
 
Warminster
 
PA
 
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
1997
 
237,152

 
100.0
%
 
3,413

 
15.62

 
ShopRite
 
A.C. Moore, PetSmart, Ross Dress for Less
 
 
407

 
Shops at Prospect
 
West Hempfield
 
PA
 
Lancaster, PA
 
1994
 
63,392

 
100.0
%
 
721

 
11.37

 
Musser's Markets
 
Hallmark
 
Kmart
408

 
Whitehall Square
 
Whitehall
 
PA
 
Allentown-Bethlehem-Easton, PA-NJ
 
2006
 
315,192

 
98.7
%
 
3,396

 
10.92

 
Redner's Warehouse Market
 
Mealey's Furniture, Ross Dress for Less, Sports Authority
 
 
409

 
Wilkes-Barre Township Marketplace
Wilkes-Barre
 
PA
 
Scranton--Wilkes-Barre--Hazleton, PA
 
2004
 
307,610

 
97.9
%
 
2,149

 
30.50

 
Walmart Supercenter
 
 
 
410

 
Hunt River Commons
 
North Kingstown
 
RI
 
Providence-Warwick, RI-MA
 
1989
 
148,126

 
100.0
%
 
1,553

 
10.48

 
Super Stop & Shop (Ahold)
 
Marshalls, Ocean State Job Lot
 
 
411

 
Belfair Towne Village
 
Bluffton
 
SC
 
Hilton Head Island-Bluffton-Beaufort, SC
 
2006
 
162,548

 
91.7
%
 
2,055

 
13.78

 
Kroger
 
Stein Mart
 
 
412

 
Milestone Plaza
 
Greenville
 
SC
 
Greenville-Anderson-Mauldin, SC
 
1995
 
89,721

 
100.0
%
 
1,480

 
16.50

 
BI-LO (Southeastern Grocers)
 
 
 
413

 
Circle Center
 
Hilton Head
 
SC
 
Hilton Head Island-Bluffton-Beaufort, SC
 
2000
 
65,213

 
100.0
%
 
813

 
12.47

 
BI-LO (Southeastern Grocers)
 
 
 
414

 
Island Plaza
 
James Island
 
SC
 
Charleston-North Charleston, SC
 
2004
 
171,224

 
81.1
%
 
1,073

 
7.73

 
Food Lion
 
Dollar Tree, Gold's Gym
 
 
415

 
Festival Centre
 
North Charleston
 
SC
 
Charleston-North Charleston, SC
 
2015
 
325,347

 
76.7
%
 
2,028

 
8.24

 
 
Gold's Gym, Intercontinental Hotels Group, New Spring Church, Sears Outlet
 
 
416

 
Remount Village Shopping Center
 
North Charleston
 
SC
 
Charleston-North Charleston, SC
 
1996
 
60,238

 
79.0
%
 
438

 
9.21

 
BI-LO (Southeastern Grocers)
 
 
 
417

 
Fairview Corners I & II
 
Simpsonville
 
SC
 
Greenville-Anderson-Mauldin, SC
 
2003
 
131,002

 
96.7
%
 
1,804

 
14.24

 
 
Ross Dress for Less, T.J.Maxx
 
Target
418

 
Hillcrest Market Place
 
Spartanburg
 
SC
 
Spartanburg, SC
 
2012
 
357,051

 
85.5
%
 
3,273

 
11.31

 
Publix
 
Marshalls, NCG Cinemas, Office Depot, Petco, Ross Dress for Less, Stein Mart
 
 
419

 
Shoppes at Hickory Hollow
 
Antioch
 
TN
 
Nashville-Davidson--Murfreesboro--Franklin, TN
1986
 
144,469

 
84.9
%
 
1,359

 
11.08

 
Kroger
 
Citi Trends
 
 
420

 
Congress Crossing
 
Athens
 
TN
 
Athens, TN
 
2012
 
180,305

 
98.2
%
 
1,470

 
8.30

 
 
Dunham's Sports, Kmart
 
 
421

 
East Ridge Crossing
 
Chattanooga
 
TN
 
Chattanooga, TN-GA
 
1999
 
58,950

 
86.8
%
 
564

 
11.03

 
Food Lion
 
 
 
422

 
Watson Glen Shopping Center
 
Franklin
 
TN
 
Nashville-Davidson--Murfreesboro--Franklin, TN
2015
 
265,027

 
98.9
%
 
2,427

 
9.34

 
ALDI
 
At Home, Big Lots, Franklin Athletic Club, Trees n Trends
 
 
423

 
Williamson Square
 
Franklin
 
TN
 
Nashville-Davidson--Murfreesboro--Franklin, TN
2015
 
329,242

 
90.6
%
 
2,768

 
9.29

 
 
Grace Church Nashville, Hobby Lobby, Planet Fitness, Skyzone, USA Baby
 
 
424

 
Greensboro Village
 
Gallatin
 
TN
 
Nashville-Davidson--Murfreesboro--Franklin, TN
2005
 
70,203

 
97.7
%
 
975

 
14.22

 
Publix
 
 
 
425

 
Greeneville Commons
 
Greeneville
 
TN
 
Greeneville, TN
 
2002
 
228,618

 
95.5
%
 
1,568

 
12.13

 
 
Belk, Burkes Outlet, JC Penney, Kmart
 
 
426

 
Oakwood Commons
 
Hermitage
 
TN
 
Nashville-Davidson--Murfreesboro--Franklin, TN
2005
 
266,720

 
90.8
%
 
2,587

 
11.08

 
Publix
 
Bed Bath & Beyond, Goody’s, PetSmart, Ross Dress for Less
 
 
427

 
Kimball Crossing
 
Kimball
 
TN
 
Chattanooga, TN-GA
 
2007
 
280,476

 
97.9
%
 
1,864

 
7.48

 
Walmart Supercenter
 
Goody's
 
Lowe's
428

 
Kingston Overlook
 
Knoxville
 
TN
 
Knoxville, TN
 
2015
 
122,536

 
100.0
%
 
1,186

 
9.94

 
 
Babies"R"Us, Michaels, Sears Outlet
 
 
429

 
Farrar Place
 
Manchester
 
TN
 
Tullahoma-Manchester, TN
 
1989
 
43,220

 
79.9
%
 
303

 
8.76

 
Food Lion
 
 
 
430

 
The Commons at Wolfcreek
 
Memphis
 
TN
 
Memphis, TN-MS-AR
 
2015
 
658,778

 
90.2
%
 
7,350

 
12.60

 
 
Academy Sports + Outdoors, Best Buy, Big Lots, hhgregg, Office Depot, PetSmart, Sports Authority, T.J.Maxx, Value City Furniture
 
Target, The Home Depot, Toys"R"Us
431

 
Georgetown Square
 
Murfreesboro
 
TN
 
Nashville-Davidson--Murfreesboro--Franklin, TN
2003
 
114,117

 
89.0
%
 
1,154

 
11.36

 
Kroger
 
Aaron's
 
 
432

 
Nashboro Village
 
Nashville
 
TN
 
Nashville-Davidson--Murfreesboro--Franklin, TN
1998
 
86,811

 
98.2
%
 
997

 
11.70

 
Kroger
 
 
Walgreens
433

 
Commerce Central
 
Tullahoma
 
TN
 
Tullahoma-Manchester, TN
 
1995
 
182,401

 
98.3
%
 
1,237

 
6.90

 
Walmart Supercenter
 
Dollar Tree
 
 
434

 
Merchant's Central
 
Winchester
 
TN
 
Tullahoma-Manchester, TN
 
1997
 
208,123

 
93.6
%
 
1,153

 
5.92

 
Walmart Supercenter
 
Goody's
 
 
435

 
Palm Plaza
 
Aransas
 
TX
 
Corpus Christi, TX
 
2002
 
50,700

 
82.2
%
 
275

 
8.17

 
 
Bealls (Stage Stores), Family Dollar
 
 
436

 
Bardin Place Center
 
Arlington
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
2015
 
420,590

 
98.8
%
 
3,971

 
9.56

 
WinCo Foods
 
Hemispheres, Hobby Lobby, Ross Dress for Less
 
Hobby Lobby
437

 
Parmer Crossing
 
Austin
 
TX
 
Austin-Round Rock, TX
 
2015
 
168,112

 
83.7
%
 
1,539

 
10.94

 
 
Big Lots, Dollar Tree, Harbor Freight Tools
 
Fry's Electronics
438

 
Baytown Shopping Center
 
Baytown
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1987
 
95,941

 
84.3
%
 
858

 
10.61

 
 
24 Hour Fitness
 
 
439

 
Cedar Bellaire
 
Bellaire
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1994
 
50,967

 
100.0
%
 
693

 
13.61

 
H-E-B
 
 
 
440

 
El Camino
 
Bellaire
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2008
 
71,575

 
98.4
%
 
602

 
8.55

 
El Ahorro Supermarket
 
Family Dollar, Hancock Fabrics
 
 
441

 
Bryan Square
 
Bryan
 
TX
 
College Station-Bryan, TX
 
2008
 
59,029

 
100.0
%
 
321

 
6.33

 
 
99 Cents Only, Citi Trends, Dollar Floor Store, Firestone
 
 
442

 
Townshire
 
Bryan
 
TX
 
College Station-Bryan, TX
 
2002
 
136,887

 
91.2
%
 
1,005

 
16.40

 
Walmart Neighborhood Market
 
Tops Printing
 
 
443

 
Plantation Plaza
 
Clute
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1997
 
99,141

 
99.0
%
 
823

 
8.56

 
Kroger
 
Walgreens
 
 
444

 
Central Station
 
College Station
 
TX
 
College Station-Bryan, TX
 
2012
 
176,847

 
90.7
%
 
2,349

 
15.02

 
 
OfficeMax, Spec's Liquors
 
Kohl's
445

 
Rock Prairie Crossing
 
College Station
 
TX
 
College Station-Bryan, TX
 
2002
 
119,000

 
100.0
%
 
1,271

 
24.00

 
Kroger
 
CVS
 
 
446

 
Carmel Village
 
Corpus Christi
 
TX
 
Corpus Christi, TX
 
1993
 
85,633

 
76.7
%
 
625

 
9.52

 
 
Bay Area Dialysis, Bealls (Stage Stores), Tuesday Morning
 
 
447

 
Five Points
 
Corpus Christi
 
TX
 
Corpus Christi, TX
 
2014
 
276,593

 
85.0
%
 
2,892

 
12.53

 
 
Bealls (Stage Stores), Burkes Outlet, Hobby Lobby, Party City, Ross Dress for Less
 
 
448

 
Claremont Village
 
Dallas
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1976
 
67,305

 
94.6
%
 
494

 
7.89

 
Minyard Food Stores
 
Family Dollar
 
 
449

 
Jeff Davis
 
Dallas
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1975
 
68,962

 
79.8
%
 
539

 
9.79

 
Save-A-Lot (Supervalu)
 
Family Dollar
 
 
450

 
Stevens Park Village
 
Dallas
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1974
 
45,492

 
100.0
%
 
423

 
9.29

 
 
Big Lots, O'Reilly Auto Parts
 
 
451

 
Webb Royal Plaza
 
Dallas
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1992
 
108,545

 
92.7
%
 
833

 
9.70

 
El Rio Grande Latin Market
 
Family Dollar
 
 
452

 
Wynnewood Village
 
Dallas
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
2006
 
443,681

 
88.6
%
 
4,164

 
10.73

 
Kroger
 
Fallas Paredes, Gen X Clothing, Ross Dress for Less
 
 
453

 
Parktown
 
Deer Park
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1999
 
121,388

 
93.8
%
 
934

 
8.22

 
Food Town
 
Burkes Outlet, Walgreens
 
 
454

 
Kenworthy Crossing
 
El Paso
 
TX
 
El Paso, TX
 
2003
 
74,393

 
96.4
%
 
712

 
9.93

 
Albertsons
 
 
 
455

 
Preston Ridge
 
Frisco
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
2013
 
780,595

 
96.8
%
 
13,891

 
18.79

 
SuperTarget*
 
Best Buy, Big Lots, DSW, GattiTown, Marshalls, Old Navy, Ross Dress for Less, Sheplers, Stein Mart, T.J.Maxx
 
 
456

 
Forest Hills Village
 
Ft. Worth
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1968
 
69,651

 
100.0
%
 
383

 
5.50

 
Foodland Markets
 
Family Dollar, Hi Style Fashion
 
 
457

 
Ridglea Plaza
 
Ft. Worth
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1990
 
170,519

 
100.0
%
 
1,871

 
11.30

 
Tom Thumb (Safeway)
 
Stein Mart
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 45




PROPERTY LIST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
State
 
Metropolitan Statistical Area
 
Built
 
 GLA
 
Leased
 
 ABR
 
 ABR / SF
 
Grocer (1)
 
Other Major Tenants
 
Non-Owned Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
458

 
Trinity Commons
 
Ft. Worth
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1998
 
197,423

 
100.0
%
 
3,765

 
19.07

 
Tom Thumb (Safeway)
 
DSW
 
 
459

 
Village Plaza
 
Garland
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
2002
 
89,241

 
100.0
%
 
1,001

 
11.21

 
Truong Nguyen Grocer
 
 
 
460

 
North Hills Village
 
Haltom City
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1998
 
43,299

 
93.2
%
 
293

 
7.25

 
Save-A-Lot
 
Dollar Tree, Rent-A-Center
 
 
461

 
Highland Village Town Center
 
Highland Village
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1996
 
99,341

 
91.4
%
 
951

 
10.47

 
Kroger
 
 
 
462

 
Bay Forest
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2004
 
71,667

 
100.0
%
 
764

 
10.66

 
Kroger
 
 
 
463

 
Beltway South
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1998
 
107,174

 
97.0
%
 
949

 
28.03

 
Kroger
 
 
 
464

 
Braes Heights
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2003
 
101,002

 
99.7
%
 
1,921

 
19.09

 
 
CVS, Imagination Toys, I W Marks Jewelers
 
 
465

 
Braes Link
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1999
 
38,997

 
100.0
%
 
655

 
16.80

 
 
Walgreens
 
 
466

 
Braes Oaks Center
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1992
 
45,067

 
89.1
%
 
396

 
9.88

 
H-E-B
 
 
 
467

 
Braesgate
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1997
 
91,382

 
93.7
%
 
540

 
6.31

 
Food Town
 
 
 
468

 
Broadway
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2006
 
74,942

 
100.0
%
 
754

 
10.48

 
El Ahorro Supermarket
 
Fallas Paredes, Melrose Fashions
 
 
469

 
Clear Lake Camino South
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2004
 
102,643

 
90.0
%
 
1,361

 
15.80

 
 
24 Hour Fitness, Hancock Fabrics, Mr. Gatti's Pizza, Spec's Liquors
 
 
470

 
Hearthstone Corners
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1998
 
208,147

 
98.1
%
 
1,964

 
9.62

 
Kroger
 
Big Lots, Stein Mart
 
 
471

 
Inwood Forest
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1997
 
77,553

 
98.1
%
 
831

 
10.95

 
Foodarama
 
 
 
472

 
Jester Village
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1988
 
64,285

 
75.1
%
 
467

 
9.68

 
H-E-B
 
 
 
473

 
Jones Plaza
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2000
 
111,206

 
79.7
%
 
1,086

 
12.48

 
 
24 Hour Fitness, Hancock Fabrics
 
 
474

 
Jones Square
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1999
 
169,003

 
98.7
%
 
1,256

 
7.63

 
 
Big Lots, Hobby Lobby
 
 
475

 
Maplewood Mall
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2004
 
94,871

 
97.8
%
 
758

 
8.17

 
Foodarama
 
Burke's Outlet
 
 
476

 
Merchants Park
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2009
 
243,798

 
100.0
%
 
3,290

 
13.50

 
Kroger
 
Big Lots, Petco, Ross Dress for Less, Tuesday Morning
 
 
477

 
Northgate
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1972
 
40,244

 
100.0
%
 
309

 
7.68

 
 
Affordable Furniture, Firestone, Lumber Liquidators, TitleMax
 
 
478

 
Northshore
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2001
 
230,779

 
93.9
%
 
2,694

 
12.63

 
Sellers Bros.
 
Conn's, Office Depot
 
 
479

 
Northtown Plaza
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1990
 
190,622

 
96.6
%
 
2,132

 
11.74

 
 
99 Cents Only, CVS, Fallas Paredes
 
 
480

 
Northwood Plaza
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1972
 
136,747

 
96.0
%
 
1,348

 
10.44

 
Food City
 
 
 
481

 
Orange Grove
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2005
 
189,201

 
95.0
%
 
1,772

 
10.00

 
 
24 Hour Fitness, FAMSA, Floor & Décor
 
 
482

 
Pinemont Shopping Center
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1999
 
73,577

 
92.9
%
 
876

 
13.13

 
 
Family Dollar, Houston Community College
 
 
483

 
Royal Oaks Village
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2001
 
145,229

 
95.5
%
 
3,001

 
21.63

 
H-E-B
 
 
 
484

 
Tanglewilde Center
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1998
 
82,565

 
100.0
%
 
1,101

 
13.45

 
 
Ace Hardware, Dollar Tree, Party City, Salon In The Park
 
 
485

 
Westheimer Commons
 
Houston
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2012
 
242,409

 
91.9
%
 
2,028

 
9.10

 
Fiesta Mart
 
Marshalls
 
 
486

 
Fry Road Crossing
 
Katy
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2005
 
237,340

 
100.0
%
 
2,362

 
10.04

 
Kroger
 
Hobby Lobby, Palais Royal, Stein Mart
 
 
487

 
Washington Square
 
Kaufman
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1978
 
64,230

 
82.7
%
 
304

 
5.72

 
 
AutoZone, Bealls (Stage Stores), Family Dollar
 
 
488

 
Jefferson Park
 
Mount Pleasant
 
TX
 
Mount Pleasant, TX
 
2001
 
132,096

 
71.9
%
 
645

 
6.93

 
Super 1 Foods
 
 
 
489

 
Winwood Town Center
 
Odessa
 
TX
 
Odessa, TX
 
2002
 
365,559

 
100.0
%
 
2,760

 
12.08

 
H-E-B
 
Hastings, Office Depot, Ross Dress for Less, Target
 
 
490

 
Crossroads Centre - Pasadena
 
Pasadena
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1997
 
134,006

 
93.2
%
 
1,464

 
12.62

 
Kroger
 
Sears Hardware
 
 
491

 
Spencer Square
 
Pasadena
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1998
 
194,470

 
85.4
%
 
1,986

 
11.97

 
Kroger
 
Burkes Outlet
 
 
492

 
Pearland Plaza
 
Pearland
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1995
 
156,491

 
72.8
%
 
885

 
7.77

 
Kroger
 
Walgreens
 
 
493

 
Market Plaza
 
Plano
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
2002
 
168,137

 
71.0
%
 
2,698

 
23.69

 
Central Market (H-E-B)
 
 
 
494

 
Preston Park
 
Plano
 
TX
 
Dallas-Fort Worth-Arlington, TX
 
1985
 
239,039

 
88.4
%
 
5,449

 
25.80

 
Minyard Sun Fresh Market
 
 
 
495

 
Northshore Plaza
 
Portland
 
TX
 
Corpus Christi, TX
 
2000
 
152,144

 
88.9
%
 
843

 
13.89

 
H-E-B
 
Bealls (Stage Stores)
 
Kmart
496

 
Klein Square
 
Spring
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1999
 
80,636

 
98.8
%
 
856

 
10.74

 
Food Town
 
Family Dollar, Unleashed (Petco)
 
 
497

 
Keegan's Meadow
 
Stafford
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
1999
 
125,491

 
94.7
%
 
1,216

 
10.56

 
Randalls (Safeway)
 
Palais Royal
 
 
498

 
Texas City Bay
 
Texas City
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2005
 
223,152

 
98.5
%
 
2,001

 
9.14

 
Kroger
 
BP Engineering Facility
 
 
499

 
Windvale Center
 
The Woodlands
 
TX
 
Houston-The Woodlands-Sugar Land, TX
 
2002
 
101,088

 
91.3
%
 
991

 
10.73

 
Randalls (Safeway)
 
 
 
500

 
The Centre at Navarro
 
Victoria
 
TX
 
Victoria, TX
 
2005
 
47,960

 
96.9
%
 
707

 
15.22

 
 
Hastings, Walgreens
 
 
501

 
Spradlin Farm
 
Christiansburg
 
VA
 
Blacksburg-Christiansburg-Radford, VA
 
2000
 
180,220

 
96.5
%
 
2,347

 
13.73

 
 
Barnes & Noble, Big Lots, Michaels, T.J.Maxx
 
Target, The Home Depot
502

 
Culpeper Town Square
 
Culpeper
 
VA
 
Washington-Arlington-Alexandria, DC-VA-MD-WV
1999
 
132,882

 
94.2
%
 
1,071

 
8.55

 
Food Lion
 
Mountain Run Bowling, Tractor Supply Co.
 
 
503

 
Hanover Square
 
Mechanicsville
 
VA
 
Richmond, VA
 
1991
 
129,887

 
95.6
%
 
1,602

 
12.90

 
Martin's Food (Ahold)
 
Gold's Gym
 
Kohl's
504

 
Jefferson Green
 
Newport News
 
VA
 
Virginia Beach-Norfolk-Newport News, VA-NC
 
1988
 
54,945

 
98.6
%
 
867

 
16.00

 
 
Destination XL, Once Upon a Child, Tuesday Morning
 
 
505

 
Tuckernuck Square
 
Richmond
 
VA
 
Richmond, VA
 
1994
 
86,010

 
48.9
%
 
836

 
19.89

 
 
Chuck E. Cheese's
 
 
506

 
Cave Spring Corners
 
Roanoke
 
VA
 
Roanoke, VA
 
2005
 
147,133

 
91.4
%
 
953

 
12.61

 
Kroger
 
Hamrick's
 
 
507

 
Hunting Hills
 
Roanoke
 
VA
 
Roanoke, VA
 
2014
 
166,207

 
94.6
%
 
1,294

 
8.23

 
 
Kohl's, PetSmart
 
 
508

 
Valley Commons
 
Salem
 
VA
 
Roanoke, VA
 
1988
 
45,580

 
20.4
%
 
89

 
9.61

 
 
 
 
509

 
Lake Drive Plaza
 
Vinton
 
VA
 
Roanoke, VA
 
2008
 
163,090

 
98.8
%
 
1,182

 
7.34

 
Kroger
 
Big Lots, Goodwill
 
 
510

 
Hilltop Plaza
 
Virginia Beach
 
VA
 
Virginia Beach-Norfolk-Newport News, VA-NC
 
2010
 
150,300

 
89.5
%
 
2,483

 
18.66

 
Trader Joe's
 
Jo-Ann Fabric & Craft Stores, Kirkland’s, Office Depot, PetSmart
 
 
511

 
Ridgeview Centre
 
Wise
 
VA
 
Big Stone Gap, VA
 
2015
 
190,242

 
56.1
%
 
814

 
7.63

 
 
Grand Home Furnishings, Ollie's Bargain Outlet
 
Belk
512

 
Rutland Plaza
 
Rutland
 
VT
 
Rutland, VT
 
1997
 
224,514

 
98.2
%
 
1,875

 
8.50

 
Price Chopper
 
T.J.Maxx, Walmart
 
 
513

 
Fitchburg Ridge Shopping Center
 
Fitchburg
 
WI
 
Madison, WI
 
2003
 
50,555

 
81.6
%
 
489

 
11.90

 
 
Wisconsin Dialysis
 
 
514

 
Spring Mall
 
Greenfield
 
WI
 
Milwaukee-Waukesha-West Allis, WI
 
2003
 
188,861

 
83.5
%
 
1,191

 
7.55

 
Pick 'N Save (Roundy's)**
 
T.J.Maxx
 
 
515

 
Mequon Pavilions
 
Mequon
 
WI
 
Milwaukee-Waukesha-West Allis, WI
 
2015
 
219,541

 
90.4
%
 
3,040

 
15.32

 
Sendik's Food Market
 
Bed Bath & Beyond, DSW, Marshalls
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 46




PROPERTY LIST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollars in thousands except per square foot amounts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
 
 
Percent
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
State
 
Metropolitan Statistical Area
 
Built
 
 GLA
 
Leased
 
 ABR
 
 ABR / SF
 
Grocer (1)
 
Other Major Tenants
 
Non-Owned Major Tenants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
516

 
Moorland Square Shopping Ctr
 
New Berlin
 
WI
 
Milwaukee-Waukesha-West Allis, WI
 
1990
 
98,303

 
96.5
%
 
908

 
9.57

 
Pick 'n Save (Roundy's)
 
 
Walmart
517

 
Paradise Pavilion
 
West Bend
 
WI
 
Milwaukee-Waukesha-West Allis, WI
 
2000
 
203,630

 
98.4
%
 
1,469

 
7.33

 
 
Hobby Lobby, Kohl's
 
ShopKo
518

 
Moundsville Plaza
 
Moundsville
 
WV
 
Wheeling, WV-OH
 
2004
 
176,156

 
95.6
%
 
1,201

 
7.13

 
Kroger
 
Big Lots
 
 
519

 
Grand Central Plaza
 
Parkersburg
 
WV
 
Parkersburg-Vienna, WV
 
1986
 
75,344

 
100.0
%
 
801

 
10.63

 
 
Office Depot, T.J.Maxx
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL PORTFOLIO
 
 
 
 
 
 
 
 
 
86,602,682

 
92.5
%
 
$
929,957

 
$
12.31

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) * Indicates grocer is not owned. ** Indicates grocer is dark and paying.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplemental Disclosure - Three Months Ended June 30, 2015
Page 47




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GUIDANCE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Disclosure
Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





GUIDANCE & ADDITIONAL DISCLOSURES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GUIDANCE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015E
 
 
 
 
 
 
 
 
FFO per common share - diluted
$1.94 - $2.00

 
 
 
 
 
 
 
 
Same property NOI
3.0 - 3.7%

 
 
 
 
 
 
 
 
Percent leased (at year-end)
93.0 - 93.5%

 
 
 
 
 
 
 
 
New and renewal rent growth (cash)
12.0 - 17.0%

 
 
 
 
 
 
 
 
Total leasing related capital expenditures
$155 - $175M

 
 
 
 
 
 
 
 
 
Anchor space repositioning and redevelopment related spending
$85 - $100M

 
 
 
 
 
 
 
 
General and administrative expenses (1)
$89 - $91M

 
 
 
 
 
 
 
 
Interest expense
$256 - $265M

 
 
 
 
 
 
 
 
Straight-line rent and above- and below-market rent amortization, net
$59 - $64M

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ADDITIONAL DISCLOSURES - as of 6/30/15 (dollars in millions)
 
 
 
 
 
 
 
 
 
Estimated market value of expansion land and outparcels available
$55

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ABR from leases signed but not yet commenced
$30

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leases signed but not yet commenced:
Leases
 
GLA
 
ABR
 
ABR/SF
 
 
 
 
≥ 10,000 SF
56

 
1,425,081

 
$
15,015,198

 
$
10.54

 
 
 
 
< 10,000 SF
244

 
714,279

 
14,948,396

 
20.93

 
 
 
 
TOTAL
300

 
2,139,360

 
$
29,963,594

 
$
14.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes non-cash, non-recurring charge related to compensation programs prior to the Company's IPO.
 
 
 
 
 
 
 





Supplemental Disclosure - Three Months Ended June 30, 2015
Page 49