Pennsylvania | 1-6300 | 23-6216339 | ||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) |
The Bellevue, 200 S. Broad Street, Philadelphia, Pennsylvania | 19102 | |
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST | ||||
Date: August 3, 2018 | By: | /s/ Lisa M. Most | ||
Name: Lisa M. Most | ||||
Title: Senior Vice President and General Counsel |
Quarter Ended June 30, | Six Months Ended June 30, | |||||||
(per share amounts) | 2018 | 2017 | 2018 | 2017 | ||||
Net loss per share - basic and diluted | $(0.51) | $(0.79) | $(0.66) | $(0.89) | ||||
FFO per diluted share and OP unit | $0.38 | $0.38 | $0.67 | $0.73 | ||||
FFO, as adjusted | $0.39 | $0.39 | $0.68 | $0.74 | ||||
FFO from assets sold in 2017 and 2018 | — | $(0.03) | $(0.01) | $(0.06) | ||||
FFO, as adjusted for assets sold | $0.39 | $0.36 | $0.67 | $0.68 |
• | Executed leases with impressive roster of high-performance tenants, validating the improved quality of the Company’s portfolio, including: REI, Urban Outfitters, Dick’s Sporting Goods, Polo Ralph Lauren, Studio Movie Grill, Forever 21, Maggie McFly’s, City Winery, Burlington, Fatburger, &pizza, Altar’d State, Phenix Salon Suites, Edge Fitness, Ardene, Kay Jewelers, 1776 and more. |
• | Same Store NOI increased by 10.7% for the quarter and 4.3% for the six months ended June 30, 2018 compared to the prior periods. |
• | Same Store NOI excluding lease termination revenue increased by 1.4% for the quarter and was essentially flat for the six months ended June 30, 2018 compared to the prior periods. |
• | The quarterly results were adversely impacted by an incremental $0.9 million from bankruptcies and $0.8 million from co-tenancy claims. |
• | FFO, as adjusted for assets sold increased by 9.5% during the quarter. |
• | NOI-weighted sales per square foot were $501. |
• | Core Mall GLA-weighted sales per square foot reached $489, a 2.1% increase over the prior year. |
• | Total leased space for core malls was 94.3% with non-anchor leased space for core malls at 93.3%. |
• | Average rent renewal spreads for tenants less than 10,000 square feet at wholly owned properties were 7.5% for the quarter, a 310 bps sequential improvement. |
• | Credit Facility amendment and restatement results in no debt maturities until July 2020. |
• | Net loss attributable to PREIT common shareholders was $35.8 million, or $0.51 per basic and diluted share, compared to net loss attributable to PREIT common shareholders of $54.7 million, or $0.79 per basic and diluted share, for the quarter ended June 30, 2017. |
• | Impairment of assets of $32.2 million and $2.1 million was recognized on Wyoming Valley Mall and undeveloped land located in Gainesville, Florida, respectively, for the quarter ended June 30, 2018 compared to impairment of assets of $38.4 million and $15.5 million recognized on Logan Valley Mall (sold in 2017) and Valley View Mall, respectively, for the quarter ended June 30, 2017. |
• | Same Store NOI increased to $62.8 million for the quarter ended June 30, 2018 compared to $56.7 million for the quarter ended June 30, 2017. |
• | Same Store NOI excluding lease termination revenue increased to $55.7 million for the quarter ended June 30, 2018 compared to $54.9 million for the quarter ended June 30, 2017. |
• | Non Same Store NOI decreased $4.5 million primarily due to properties sold in 2018 and 2017. |
• | FFO, as adjusted, for the quarter was $0.39 per diluted share and OP Unit in both periods. The 2017 period included approximately $0.03 per share of FFO from assets sold in 2018 and 2017. |
• | Interest expense increased by $1.7 million primarily due to higher average borrowings, increased interest rates and accelerated amortization of deferred financing fees of $0.4 million in connection with our 2018 Amended Credit Agreements, partially offset by greater amounts of capitalized interest. |
• | Preferred share dividends decreased by $0.2 million following the redemption of Series A preferred shares in October 2017. |
• | Net loss attributable to PREIT common shareholders was $45.9 million, or $0.66 per basic and diluted share, compared to net loss attributable to PREIT common shareholders of $61.3 million, or $0.89 per basic and diluted share, for the six months ended June 30, 2017. |
• | Impairment of assets of $32.2 million and $2.1 million was recognized on Wyoming Valley Mall and undeveloped land located in Gainesville, Florida, respectively, for the six months ended June 30, 2018 compared to impairment of assets of $38.4 million and $15.5 million recognized on Logan Valley Mall (sold in 2017) and Valley View Mall, respectively, for the six months ended June 30, 2017. |
• | Same Store NOI was $117.3 million for the six months ended June 30, 2018 compared to $112.5 million for the six months ended June 30, 2017. |
• | Same Store NOI excluding lease termination revenue was $110.0 million for the six months ended June 30, 2018 compared to $110.1 million for the six months ended June 30, 2017. |
• | Non Same Store NOI decreased $6.8 million primarily due to properties sold in 2018 and 2017. |
• | FFO, as adjusted, for the six months was $0.68 per diluted share and OP Unit, compared to $0.74 per diluted share and OP Unit in the prior year. The FFO contribution from assets sold in 2018 and 2017 was approximately $0.01 per share for the six months ending June 30, 2018 and $0.06 per share for the six months ending June 30, 2017. |
• | Interest expense increased by $1.4 million primarily due to higher average borrowings, increased interest rates and accelerated amortization of deferred financing fees of $0.4 million in connection with our 2018 Amended Credit Agreements, partially offset by greater amounts of capitalized interest. |
• | Preferred share dividends increased by $0.4 million. |
Comp store sales for the rolling 12 months ended June 30, 2017 | $468 | |
Organic sales growth | 10 | |
Impact of asset sales and non-core malls | 11 | |
Comp store sales for the rolling 12 months ended June 30, 2018 | $489 |
Leased as of: | Occupancy as of: | ||
June 30, 2018 | June 30, 2018 | June 30, 2017 | |
Core Malls: | |||
Total including anchors(1) | 94.3% | 93.0% | 92.8% |
Total excluding anchors(1) | 93.3% | 91.0% | 90.7% |
Total Portfolio: | |||
Total including anchors(1) | 94.2% | 92.9% | 92.7% |
Total excluding anchors(1) | 93.0% | 90.8% | 90.1% |
(1) Includes both consolidated and unconsolidated properties. We own a 25% to 50% interest in each of our unconsolidated properties and do not control such properties. Our percentage ownership is not necessarily indicative of the legal and economic implications of our ownership. |
2018 Guidance Range | ||||
(Estimates per diluted share) | Low | High | ||
Net loss attributable to common shareholders | $(0.73) | $(0.62) | ||
Depreciation and amortization, non-controlling interest and other | 1.83 | 1.82 | ||
Impairment of assets | 0.44 | 0.44 | ||
Gain on sale of operating property | (0.05 | ) | (0.05 | ) |
FFO per share | $1.49 | $1.59 | ||
Employee separation expenses, other | 0.01 | 0.01 | ||
FFO per share, as adjusted | $1.50 | $1.60 |
• | changes in the retail and real estate industries, including consolidation and store closings, particularly among anchor tenants; |
• | current economic conditions and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions; |
• | our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; |
• | our ability to maintain and increase property occupancy, sales and rental rates; |
• | increases in operating costs that cannot be passed on to tenants; |
• | the effects of online shopping and other uses of technology on our retail tenants; |
• | risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates; |
• | acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; |
• | our ability to sell properties that we seek to dispose of or our ability to obtain prices we seek; |
• | our substantial debt and the liquidation preference of our preferred shares and our high leverage ratio; |
• | our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; |
• | our ability to raise capital, including through sales of properties or interests in properties and through the issuance of equity or equity-related securities if market conditions are favorable; and |
• | potential dilution from any capital raising transactions or other equity issuances. |
STATEMENTS OF OPERATIONS (Unaudited) | Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUE: | ||||||||||||||||
Real estate revenue: | ||||||||||||||||
Base rent | $ | 55,366 | $ | 56,769 | $ | 111,342 | $ | 114,204 | ||||||||
Expense reimbursements | 26,231 | 26,984 | 53,361 | 55,081 | ||||||||||||
Percentage rent | 161 | 326 | 256 | 630 | ||||||||||||
Lease termination revenue | 7,090 | 1,791 | 7,121 | 2,272 | ||||||||||||
Other real estate revenue | 2,274 | 2,540 | 4,435 | 4,647 | ||||||||||||
Total real estate revenue | 91,122 | 88,410 | 176,515 | 176,834 | ||||||||||||
Other income | 851 | 840 | 1,740 | 1,680 | ||||||||||||
Total revenue | 91,973 | 89,250 | 178,255 | 178,514 | ||||||||||||
EXPENSES: | ||||||||||||||||
Operating expenses | ||||||||||||||||
Property operating expenses: | ||||||||||||||||
CAM and real estate taxes | (27,347 | ) | (28,261 | ) | (56,743 | ) | (58,213 | ) | ||||||||
Utilities | (3,804 | ) | (4,140 | ) | (7,713 | ) | (7,963 | ) | ||||||||
Other property operating expenses | (2,908 | ) | (2,825 | ) | (6,308 | ) | (6,030 | ) | ||||||||
Total property operating expenses | (34,059 | ) | (35,226 | ) | (70,764 | ) | (72,206 | ) | ||||||||
Depreciation and amortization | (33,356 | ) | (32,928 | ) | (67,386 | ) | (64,686 | ) | ||||||||
General and administrative expenses | (9,396 | ) | (9,232 | ) | (19,528 | ) | (18,273 | ) | ||||||||
Provision for employee separation expense | (395 | ) | (1,053 | ) | (395 | ) | (1,053 | ) | ||||||||
Project costs and other expenses | (139 | ) | (85 | ) | (251 | ) | (397 | ) | ||||||||
Total operating expenses | (77,345 | ) | (78,524 | ) | (158,324 | ) | (156,615 | ) | ||||||||
Interest expense, net | (15,982 | ) | (14,418 | ) | (30,883 | ) | (29,756 | ) | ||||||||
Impairment of assets | (34,286 | ) | (53,917 | ) | (34,286 | ) | (53,917 | ) | ||||||||
Total expenses | (127,613 | ) | (146,859 | ) | (223,493 | ) | (240,288 | ) | ||||||||
Loss before equity in income of partnerships, gain on sale of real estate by equity method investee, gains (adjustment to gains) on sales of interests in non operating real estate and gains (losses) on sales of interests in real estate, net | (35,640 | ) | (57,609 | ) | (45,238 | ) | (61,774 | ) | ||||||||
Equity in income of partnerships | 2,571 | 4,154 | 5,709 | 7,890 | ||||||||||||
Gain on sale of real estate by equity method investee | — | — | 2,773 | — | ||||||||||||
Gains (adjustment to gains) on sales of interests in non operating real estate | — | 486 | (25 | ) | 486 | |||||||||||
Gains (losses) on sales of interests in real estate, net | 748 | (308 | ) | 748 | (365 | ) | ||||||||||
Net loss | (32,321 | ) | (53,277 | ) | (36,033 | ) | (53,763 | ) | ||||||||
Less: net loss attributable to noncontrolling interest | 3,400 | 5,669 | 3,794 | 5,721 | ||||||||||||
Net loss attributable to PREIT | (28,921 | ) | (47,608 | ) | (32,239 | ) | (48,042 | ) | ||||||||
Less: preferred share dividends | (6,844 | ) | (7,067 | ) | (13,688 | ) | (13,272 | ) | ||||||||
Net loss attributable to PREIT common shareholders | $ | (35,765 | ) | $ | (54,675 | ) | $ | (45,927 | ) | $ | (61,314 | ) |
EARNINGS PER SHARE (Unaudited) | Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||
(in thousands of dollars, except per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net loss | $ | (32,321 | ) | $ | (53,277 | ) | $ | (36,033 | ) | $ | (53,763 | ) | |||
Noncontrolling interest | 3,400 | 5,669 | 3,794 | 5,721 | |||||||||||
Preferred share dividends | (6,844 | ) | (7,067 | ) | (13,688 | ) | (13,272 | ) | |||||||
Dividends on unvested restricted shares | (138 | ) | (88 | ) | (276 | ) | (185 | ) | |||||||
Net loss used to calculate loss per share—basic and diluted | $ | (35,903 | ) | $ | (54,763 | ) | $ | (46,203 | ) | $ | (61,499 | ) | |||
Basic and diluted loss per share: | $ | (0.51 | ) | $ | (0.79 | ) | $ | (0.66 | ) | $ | (0.89 | ) | |||
(in thousands of shares) | |||||||||||||||
Weighted average shares outstanding—basic | 69,747 | 69,307 | 69,675 | 69,263 | |||||||||||
Effect of common share equivalents (1) | — | — | — | — | |||||||||||
Weighted average shares outstanding—diluted | 69,747 | 69,307 | 69,675 | 69,263 |
OTHER COMPREHENSIVE INCOME (LOSS) (Unaudited) | Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(In thousands) | ||||||||||||||||
Comprehensive income: | ||||||||||||||||
Net loss | $ | (32,321 | ) | $ | (53,277 | ) | $ | (36,033 | ) | $ | (53,763 | ) | ||||
Unrealized gain (loss) on derivatives | 2,929 | (432 | ) | 7,757 | 1,278 | |||||||||||
Amortization of settled swaps | 264 | 213 | 539 | 338 | ||||||||||||
Total comprehensive loss | (29,128 | ) | (53,496 | ) | (27,737 | ) | (52,147 | ) | ||||||||
Less: comprehensive loss attributable to noncontrolling interest | 3,061 | 5,693 | 2,914 | 5,548 | ||||||||||||
Comprehensive loss attributable to PREIT | $ | (26,067 | ) | $ | (47,803 | ) | $ | (24,823 | ) | $ | (46,599 | ) |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands, except per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net loss | $ | (32,321 | ) | $ | (53,277 | ) | $ | (36,033 | ) | $ | (53,763 | ) | |||
Depreciation and amortization on real estate: | |||||||||||||||
Consolidated properties | 33,002 | 32,506 | 66,664 | 63,940 | |||||||||||
PREIT’s share of equity method investments | 2,145 | 3,026 | 4,385 | 5,592 | |||||||||||
Gain on sale of real estate by equity method investee | — | — | (2,773 | ) | — | ||||||||||
(Gains) losses on sales of interests in real estate, net | (748 | ) | 308 | (748 | ) | 365 | |||||||||
Impairment of assets | 34,286 | 53,917 | 34,286 | 53,917 | |||||||||||
Preferred share dividends | (6,844 | ) | (7,067 | ) | (13,688 | ) | (13,272 | ) | |||||||
Funds from operations attributable to common shareholders and OP Unit holders | 29,520 | 29,413 | 52,093 | 56,779 | |||||||||||
Accelerated amortization of financing costs | 363 | — | 363 | — | |||||||||||
Provision for employee separation expense | 395 | 1,053 | 395 | 1,053 | |||||||||||
Funds from operations, as adjusted, attributable to common shareholders and OP Unit holders | 30,278 | 30,466 | 52,851 | 57,832 | |||||||||||
Less: Funds from operations from assets sold in 2018 and 2017 | 34 | (2,775 | ) | (378 | ) | (5,025 | ) | ||||||||
Funds from operations, as adjusted for assets sold | $ | 30,312 | $ | 27,691 | $ | 52,473 | $ | 52,807 | |||||||
Funds from operations attributable to common shareholders and OP Unit holders per diluted share and OP Unit | $ | 0.38 | $ | 0.38 | $ | 0.67 | $ | 0.73 | |||||||
Funds from operations, as adjusted, attributable to common shareholders and OP Unit holders per diluted share and OP Unit | $ | 0.39 | $ | 0.39 | $ | 0.68 | $ | 0.74 | |||||||
Funds from operations, as adjusted for assets sold per diluted share and OP Unit | $ | 0.39 | $ | 0.36 | $ | 0.67 | $ | 0.68 | |||||||
Weighted average number of shares outstanding | 69,747 | 69,307 | 69,675 | 69,263 | |||||||||||
Weighted average effect of full conversion of OP Units | 8,273 | 8,313 | 8,273 | 8,313 | |||||||||||
Effect of common share equivalents | 367 | — | 340 | 57 | |||||||||||
Total weighted average shares outstanding, including OP Units | 78,387 | 77,620 | 78,288 | 77,633 |
Same Store | Non-Same Store | Total | ||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
NOI from consolidated properties | $ | 55,417 | $ | 49,544 | $ | 1,646 | $ | 3,640 | $ | 57,063 | $ | 53,184 | ||||||||||||
NOI from equity method investments at ownership share | 7,354 | 7,173 | 56 | 2,573 | 7,410 | 9,746 | ||||||||||||||||||
Total NOI | 62,771 | 56,717 | 1,702 | 6,213 | 64,473 | 62,930 | ||||||||||||||||||
Less: lease termination revenue | 7,095 | 1,827 | — | 35 | 7,095 | 1,862 | ||||||||||||||||||
Total NOI excluding lease termination revenue | $ | 55,676 | $ | 54,890 | $ | 1,702 | $ | 6,178 | $ | 57,378 | $ | 61,068 |
Same Store | Non-Same Store | Total | ||||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
NOI from consolidated properties | $ | 102,405 | $ | 97,733 | $ | 3,346 | $ | 6,895 | $ | 105,751 | $ | 104,628 | ||||||||||||
NOI from equity method investments at ownership share | 14,929 | 14,736 | 520 | 3,862 | 15,449 | 18,598 | ||||||||||||||||||
Total NOI | 117,334 | 112,469 | 3,866 | 10,757 | 121,200 | 123,226 | ||||||||||||||||||
Less: lease termination revenue | 7,356 | 2,346 | 21 | 71 | 7,377 | 2,417 | ||||||||||||||||||
Total NOI excluding lease termination revenue | $ | 109,978 | $ | 110,123 | $ | 3,845 | $ | 10,686 | $ | 113,823 | $ | 120,809 |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands of dollars) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net loss | $ | (32,321 | ) | $ | (53,277 | ) | $ | (36,033 | ) | $ | (53,763 | ) | |||
Other income | (851 | ) | (840 | ) | (1,740 | ) | (1,680 | ) | |||||||
Depreciation and amortization | 33,356 | 32,928 | 67,386 | 64,686 | |||||||||||
General and administrative expenses | 9,396 | 9,232 | 19,528 | 18,273 | |||||||||||
Employee separation expenses | 395 | 1,053 | 395 | 1,053 | |||||||||||
Project costs and other expenses | 139 | 85 | 251 | 397 | |||||||||||
Interest expense, net | 15,982 | 14,418 | 30,883 | 29,756 | |||||||||||
Impairment of assets | 34,286 | 53,917 | 34,286 | 53,917 | |||||||||||
Equity in income of partnerships | (2,571 | ) | (4,154 | ) | (5,709 | ) | (7,890 | ) | |||||||
Gain on sale of real estate by equity method investee | — | — | (2,773 | ) | — | ||||||||||
(Gains) losses on sales of interests in real estate, net | (748 | ) | 308 | (748 | ) | 365 | |||||||||
(Gains) adjustment to gains on sales of interest in non operating real estate | — | (486 | ) | 25 | (486 | ) | |||||||||
NOI from consolidated properties | 57,063 | 53,184 | 105,751 | 104,628 | |||||||||||
Less: Non Same Store NOI of consolidated properties | 1,646 | 3,640 | 3,346 | 6,895 | |||||||||||
Same Store NOI from consolidated properties | 55,417 | 49,544 | 102,405 | 97,733 | |||||||||||
Less: same store lease termination revenue | 7,090 | 1,756 | 7,100 | 2,201 | |||||||||||
Same Store NOI excluding lease termination revenue | $ | 48,327 | $ | 47,788 | $ | 95,305 | $ | 95,532 |
Quarter Ended June 30 | Six Months Ended June 30, | ||||||||||||||
(in thousands of dollars) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Equity in income of partnerships | $ | 2,571 | $ | 4,154 | $ | 5,709 | $ | 7,890 | |||||||
Other income | (12 | ) | — | (23 | ) | — | |||||||||
Depreciation and amortization | 2,145 | 3,026 | 4,385 | 5,592 | |||||||||||
Interest and other expenses | 2,706 | 2,566 | 5,378 | 5,116 | |||||||||||
Net operating income from equity method investments at ownership share | 7,410 | 9,746 | 15,449 | 18,598 | |||||||||||
Less: Non Same Store NOI from equity method investments at ownership share | 56 | 2,573 | 520 | 3,862 | |||||||||||
Same Store NOI of equity method investments at ownership share | 7,354 | 7,173 | 14,929 | 14,736 | |||||||||||
Less: lease termination revenue | 5 | 71 | 256 | 145 | |||||||||||
Same Store NOI from equity method investments excluding lease termination revenue at ownership share | $ | 7,349 | $ | 7,102 | $ | 14,673 | $ | 14,591 |
CONSOLIDATED BALANCE SHEETS | June 30, 2018 | December 31, 2017 | ||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
ASSETS: | ||||||||
INVESTMENTS IN REAL ESTATE, at cost: | ||||||||
Operating properties | $ | 3,156,877 | $ | 3,180,212 | ||||
Construction in progress | 117,503 | 113,609 | ||||||
Land held for development | 5,881 | 5,881 | ||||||
Total investments in real estate | 3,280,261 | 3,299,702 | ||||||
Accumulated depreciation | (1,144,291 | ) | (1,111,007 | ) | ||||
Net investments in real estate | 2,135,970 | 2,188,695 | ||||||
INVESTMENTS IN PARTNERSHIPS, at equity: | 106,945 | 216,823 | ||||||
OTHER ASSETS: | ||||||||
Cash and cash equivalents | 42,198 | 15,348 | ||||||
Tenant and other receivables (net of allowance for doubtful accounts of $7,278 and $7,248 at June 30, 2018 and December 31, 2017, respectively) | 30,708 | 38,166 | ||||||
Intangible assets (net of accumulated amortization of $14,294 and $13,117 at June 30, 2018 and December 31, 2017, respectively) | 17,857 | 17,693 | ||||||
Deferred costs and other assets, net | 122,221 | 112,046 | ||||||
Assets held for sale | 15,874 | — | ||||||
Total assets | $ | 2,471,773 | $ | 2,588,771 | ||||
LIABILITIES: | ||||||||
Mortgage loans payable, net | $ | 1,056,686 | $ | 1,056,084 | ||||
Term Loans, net | 546,919 | 547,758 | ||||||
Revolving Facility | — | 53,000 | ||||||
Tenants' deposits and deferred rent | 13,742 | 11,446 | ||||||
Distributions in excess of partnership investments | 94,639 | 97,868 | ||||||
Fair value of derivative liabilities | — | 20 | ||||||
Accrued expenses and other liabilities | 69,445 | 61,604 | ||||||
Total liabilities | 1,781,431 | 1,827,780 | ||||||
EQUITY: | 690,342 | 760,991 | ||||||
Total liabilities and equity | $ | 2,471,773 | $ | 2,588,771 |
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