-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TV/CiExBdeQxIq6g0UYJk0Ep47l8PASmIWALrtCYvf2gAFpv9JxFqxQ2sCxoMXZg yG0StTX967TIlcsgVw9u3g== /in/edgar/work/20000823/0000950116-00-002102/0000950116-00-002102.txt : 20000922 0000950116-00-002102.hdr.sgml : 20000922 ACCESSION NUMBER: 0000950116-00-002102 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENNSYLVANIA REAL ESTATE INVESTMENT TRUST CENTRAL INDEX KEY: 0000077281 STANDARD INDUSTRIAL CLASSIFICATION: [6798 ] IRS NUMBER: 236216339 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: SEC FILE NUMBER: 001-06300 FILM NUMBER: 708025 BUSINESS ADDRESS: STREET 1: THE BELLEVUE STREET 2: 200 S BROAD STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102 BUSINESS PHONE: 2155429250 MAIL ADDRESS: STREET 1: THE BELLEVUE STREET 2: 200 S BROAD STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102 10-Q/A 1 0001.txt ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q/A [X] Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2000 ------------------- [ ] Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______________________ to ______________________. Commission File Number 1-6300 -------------------------------------------------------- Pennsylvania Real Estate Investment Trust - ------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter)
Pennsylvania 23-6216339 - ----------------------------------------------------------------------- ---------------------------------------------- (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 200 South Broad Street, Third Floor, Philadelphia, PA 19102-3803 - ----------------------------------------------------------------------- ---------------------------------------------- (Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (215) 875-0700 ---------------------------- N/A - ------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. Yes [X] No [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Shares of beneficial interest outstanding at August 11, 2000: 13,458,937 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- ================================================================================ The Registrant's Report on Form 10-Q for the three months ended June 30, 2000, as filed with the Securities and Exchange Commission on August 14, 2000 omitted Exhibit 99. Accordingly the Registrant hereby amends Item 6 of the Report as follows: Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule 99.1 Press Release, issued August 9, 2000 containing financial information for the quarter ended June 30, 2000. (b) Reports on Form 8-K None -1- SIGNATURE OF REGISTRANT Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to its quarterly report to be signed on its behalf by the undersigned thereunto duly authorized. PENNSYLVANIA REAL ESTATE INVESTMENT TRUST By /s/ Ronald Rubin ------------------------------------- Ronald Rubin Chief Executive Officer By /s/ Edward A. Glickman ------------------------------------- Edward A. Glickman Executive Vice President and Chief Financial Officer By /s/ Dante J. Massimini ------------------------------------- Dante J. Massimini Senior Vice President and Treasurer (Principal Accounting Officer) -2- Exhibit Index Exhibit Number Description - ------ ----------- 99.1 Press Release, issued August 9, 2000, containing financial information for the period ended June 30, 2000 -3- EX-99.1 2 0002.txt EXHIBIT 99.1 [GRAPHIC OMITTED] NEWS FOR RELEASE: Pennsylvania Real Estate Investment Trust 200 South Broad Street Philadelphia, PA 19102 www.preit.com Phone: 215-875-0700 Fax: 215-546-7311
FOR FURTHER INFORMATION: AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD Edward A. Glickman Joe Calabrese Steve Martini Judith Sylk-Siegel Executive Vice President and CFO (General Info) (Analyst Info) (Media Info) (215) 875-0700 (212) 661-8030 (212) 661-8030 (212) 661-8030
FOR IMMEDIATE RELEASE August 9, 2000 Pennsylvania Real Estate Investment Trust Reports 2000 Second Quarter and Six Month Results Philadelphia, PA, August 9, 2000-- Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today the results of its operations for the second quarter and six months ended June 30, 2000. 2000 Second Quarter Highlights o 2000 second quarter FFO per share, including non-recurring lease termination fees, increased 52% to $1.00 per share on 14.9 million shares of beneficial interest/ Operating Partnership units (collectively shares) outstanding from $0.66 per share on 14.6 million shares during the second quarter of 1999. o Excluding non-recurring items, FFO for 2000 second quarter was $0.67 per share compared with $0.66 per share for the second quarter of 1999. o Increased combined net operating income, including non-recurring lease termination fees, by 37% to $25.8 million from $18.9 million in the 1999 second quarter. o Same store multifamily net operating income increased 4.0% from the 1999 second quarter. o Same store retail net operating income, excluding non-recurring lease termination fees, increased 6.0% from the 1999 second quarter. Second Quarter Results For the quarter ended June 30, 2000 the Company's funds from operations (FFO) were $14,880,000, or $1.00 per share. FFO was positively impacted by non-recurring lease termination fees of approximately $5.6 million, or $0.38 per share. These fees were received for the termination of the CVS building lease in Alexandria, VA, the Northeast Tower General Cinema lease in Philadelphia, PA and the Mandarin Corners Upton's lease in Jacksonville, FL. These fees were recorded as income in accordance with Generally Accepted Accounting Principles. Excluding the impact of non-recurring items (lease termination fees and two unusual items described below), FFO for the 2000 second quarter totaled $9,965,000, or $0.67 per share, on 14,920,132 weighted average shares outstanding, a 3.6% increase over FFO of $9,621,000, or $0.66 per share, on 14,635,633 weighted average shares for the three months ended June 30, 1999. As a result of the termination of plans to develop a power center in Philadelphia, PA, the Company recorded a charge of $370,000, or $0.03 per share, in its management and development affiliate, PREIT-RUBIN, Inc. Additionally during the 2000 second quarter the Company recorded an additional charge of approximately $330,000, or $0.02 per share, for prior services rendered under the terms of an employment agreement. Combined, these charges reduced FFO for the second quarter ended June 30, 2000 by $700,000, or $0.05 per share. As calculated by NAREIT, FFO is defined as net income, excluding extraordinary items, gain (or loss) on the sale of property, plus real estate related depreciation and amortization. Net operating income, including non-recurring lease termination fees, from wholly-owned properties and the Company's proportionate share of partnerships and joint venture properties totaled $25,803,000 before depreciation for the three months ended June 30, 2000. Excluding the non-recurring lease termination fees, net operating income for the 2000 second quarter increased 6% to $20,038,000 from $18,852,000 for the three months ended June 30, 1999. The increase is mainly due to acquisitions and development projects completed in 1999 and improved operating results in the Company's portfolio. Net income for the three months ended June 30, 2000 was $15,083,000, or $1.13 per share, on total weighted average shares outstanding of 13,384,774 compared to $4,918,000 or $0.37 per share, on 13,314,945 total weighted average shares outstanding for the three months ended June 30, 1999. Net income for the second quarter ended June 30, 2000 includes a gain on the sale of the CVS Building in Alexandria, VA totaling $6.6 million, or $0.50 per share, and the lease termination fees noted above. Six Months Results FFO for the six months ended June 30, 2000 totaled $24,404,000, a 30% increase over FFO of $18,775,000 for the prior comparable six-month period ended June 30, 1999. FFO for the six-month period totaled $1.64 per share on 14,900,420 weighted average shares outstanding, compared to $1.29 per share on 14,609,014 weighted average shares for the six months ended June 30, 1999. Net operating income before depreciation from wholly-owned properties and the Company's proportionate share of partnerships and joint venture properties increased 23% to $45,783,000 for the six months ended June 30, 2000, from $37,168,000 for the six months ended June 30, 1999. On a diluted basis, net income for the six months ended June 30, 2000 was $1.61 per share on 13,362,324 total weighted average shares outstanding compared to $0.81 per share on 13,311,782 total weighted average shares outstanding for the six months ended June 30, 1999. Net income for the six months ended June 30, 2000 includes a gain on the sale of the CVS Building in Alexandria, VA totaling $6.6 million, or $0.50 per share, and a gain on the sale of the Company's interest in Park Plaza shopping center in Pinellas Park, Florida totaling $2.3 million, or $0.17 per share. Net income for the 1999 six-month period includes gains on the sales of 135 Commerce Drive in Fort Washington, PA and a land parcel at Crest Plaza in Allentown, PA totaling $1,346,000 or $0.10 per share. Same Store NOI Growth -- Multifamily and Shopping Center Portfolios Same store net operating income for the Company's portfolio of multifamily properties increased 4.0% over the second quarter of 1999, primarily driven by a 2.8% increase in rents and reduced rental concessions. Same store net operating income, excluding non-recurring lease termination fees, for the second quarter of 2000 for the Company's shopping center portfolio increased 6.0% over the comparable quarter in 1999 primarily driven by new leases at North Dartmouth Mall, Palmer Park Mall and Christiana Power Center. Comments from Management Commenting on the Company's second quarter and six months results, Ronald Rubin, Chief Executive Officer of PREIT, said "We are pleased with our performance at all levels, with solid growth in FFO, net income and retail and multifamily NOI. These results were driven by our focus on development activity, the positive fundamentals of our core portfolio and expanding relationships with leading national and regional retailers. At the same time, acquisitions completed during 1999 and early 2000 generated strong returns." Mr. Rubin continued, "In the quarters ahead, the Company is committed to prudently investing its capital in developing high quality retail properties in the Mid-Atlantic region. Our development and redevelopment schedule is well on target, with approximately $200 million in projects currently underway at a number of prime locations." Portfolio Highlights Development Pipeline / 8 Projects o Paxton Towne Centre (Harrisburg, PA) - Construction of the 695,000 square foot power center is on schedule and, as of June 30, 2000, 73% complete and 80% leased. In July, the power center celebrated its grand opening with the introduction of several stores including Target, Men's Warehouse and Borders Books and Music. Additional stores are slated to open during the 2000 third and fourth quarters. o Metroplex Shopping Center (Plymouth Meeting, PA) - Construction of the 780,000 square foot power center is on schedule and, as of June 30, 2000, 71% complete and 90% leased. The first stores are scheduled to open in August 2000. o Willow Grove Park (Willow Grove, PA) - Construction has commenced on the infrastructure for a new Macy's department store, which will be added to this 980,000 square foot regional shopping center. Macy's is expected to open in the third quarter of 2001. Dispositions o CVS Building (Alexandria, VA) - As previously announced, in April, the Company sold a 294,000 square foot industrial property for total proceeds of approximately $11.7 million. In connection with the sale, the Company terminated the lease with the building's sole tenant, CVS Drug Co., which otherwise would have expired on April 30, 2002. o Valley View (Wilmington, DE) - In July, the Company sold Valley View, a 55,700 square foot strip shopping center, generating proceeds of approximately $9,600,000. The Company expects to record a gain of approximately $1,500,000 ($0.11 per share) in the 2000 third quarter. Additional Second Quarter 2000 Activity o Frankford Arsenal (Philadelphia, PA) - During the second quarter the Company terminated its proposed plans to develop a 500,000 square foot power center at Frankford Arsenal in Philadelphia, PA. As a result, the Company recorded a charge of $370,000 ($0.03 per share) in its management and development affiliate, PREIT-RUBIN, Inc. during the 2000 second quarter. Jonathan B. Weller, PREIT's President and Chief Operating Officer, commented. "As we look forward to the remainder of 2000, the Company will continue to focus on prudently growing the business and maintaining the growth of our development pipeline which currently consists of six power centers, one entertainment center and one enclosed mall." Capital Resources As of June 30, 2000, the Company had approximately $99 million outstanding, including letters of credit, under its $150 million line of credit. Edward Glickman, Chief Financial Officer of PREIT, added, "The Company continues to closely examine financing options and is actively engaged in discussions to expand its line of credit. In the coming months we will continue to take steps to solidify our capital structure and seek out new sources to fund our development projects and redevelopment activities. We believe that a disciplined allocation of our capital among these assets can offer the potential for the generation of strong FFO growth and solid returns." Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on shopping centers (approximately 9.5 million square feet) and apartment communities (7,242 units) located primarily in the eastern United States. The Company's portfolio currently consists of 46 properties in 10 states. In addition, there are 7 retail properties under development, which will add approximately 3.0 million square feet to the portfolio. Pennsylvania Real Estate Investment Trust is headquartered in Philadelphia, Pennsylvania. With the exception of the historical information contained in the release, the matters described herein contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve various risks which may cause actual results to differ materially. These risks include, but are not limited to, the ability of the Company to grow internally or by acquisition and to integrate acquired businesses, the availability of adequate funds at reasonable cost, changing industry and competitive conditions, and other risks outside the control of the company referred to in the Company's registration statement and periodic reports filed with the Securities and Exchange Commission. [Financial Tables Follow] # # # ** A supplemental quarterly financial package ** is available on the Company's web site at www.preit.com. To receive additional information on Pennsylvania Real Estate Investment Trust via fax at no charge, please dial 1-800-PRO-INFO and enter the ticker symbol PEI. Pennsylvania Real Estate Investment Trust Selected Financial Data (Unaudited) - -------------------------------------------------------------------------------- FUNDS FROM OPERATIONS - --------------------------------------------------------------------------------
Three Months Ended ------------------ June 30, 2000 June 30, 1999 ------------- ------------- Income before minority interest in operating partnership $ 16,815,000 $ 5,406,000 Less: Gains on sales of interests in real estate (6,648,000) Add: Depreciation and amortization: Wholly owned & consolidated partnership, net 3,716,000 3,266,000 Unconsolidated partnerships & joint ventures 1,137,000 1,137,000 Excess purchase price over net asset acquired 92,000 54,000 Refinancing prepayment fee of partnership/joint ventures -- 55,000 Less: Depreciation of non-real estate assets (65,000) (60,000) Amortization of deferred financing assets (167,000) (237,000) ------------ ----------- FUNDS FROM OPERATIONS $ 14,880,000 (1) $ 9,621,000 (1) ============ =========== FUNDS FROM OPERATIONS PER SHARE AND OP UNITS $1.00 $0.66 ============ =========== Weighted average number of shares outstanding 13,384,774 13,314,945 Weighted average effect of full conversion of OP units 1,535,358 1,320,688 ------------ ----------- Total weighted average shares of outstanding including OP units 14,920,132 14,635,633 ------------ -----------
(1) Includes the non-cash effect of straightline rents of $183,000 and $323,000 for the 2nd quarter 2000 and 1999 and $478,000 and $618,000 for year to date 2000 and 1999, respectively. FUNDS FROM OPERATIONS
Six Months Ended ---------------- June 30, 2000 June 30, 1999 ------------- ------------- Income before minority interest in operating partnership $ 23,944,000 $ 11,837,000 Less: Gains on sales of interests in real estate (8,911,000) (1,346,000) Add: Depreciation and amortization: Wholly owned & consolidated partnership, net 7,427,000 6,422,000 Unconsolidated partnerships & joint ventures 2,258,000 2,196,000 Excess purchase price over net asset acquired 146,000 107,000 Refinancing prepayment fee of partnership/joint ventures -- 55,000 Less: Depreciation of non-real estate assets (130,000) (120,000) Amortization of deferred financing assets (330,000) (376,000) ------------ ------------ FUNDS FROM OPERATIONS $ 24,404,000 (1) $ 18,775,000 (1) ============ ============ FUNDS FROM OPERATIONS PER SHARE AND OP UNITS $1.64 $1.29 ============ ============ Weighted average number of shares outstanding 13,362,324 13,311,782 Weighted average effect of full conversion of OP units 1,538,096 1,297,232 ------------ ------------ Total weighted average shares of outstanding including OP units 14,900,420 14,609,014 ------------ ------------
(1) Includes the non-cash effect of straightline rents of $183,000 and $323,000 for the 2nd quarter 2000 and 1999 and $478,000 and $618,000 for year to date 2000 and 1999, respectively. OPERATING RESULTS
Three Months Ended ------------------ June 30, 2000 June 30, 1999 ------------- ------------- REVENUES Gross revenues from real estate $ 28,121,000 $ 21,659,000 Interest and other income 325,000 402,000 ------------ ----------- 28,446,000 22,061,000 ------------ ----------- EXPENSES Property operating expenses 7,425,000 7,512,000 Depreciation and amortization 3,716,000 3,309,000 General & administrative expenses 1,406,000 993,000 Interest expense 5,642,000 5,362,000 ------------ ----------- 18,189,000 17,176,000 ------------ ----------- Income before equity in unconsolidated entities, gains on sales of interests in real estate and minority interest in operating partnership 10,257,000 4,885,000 Equity in loss of PREIT-RUBIN, Inc. (1,898,000) (856,000) Equity in income of partnerships and joint ventures 1,808,000 1,377,000 Gains on sales of interests in real estate 6,648,000 -- ------------ ----------- Income before minority interest in operating partnership 16,815,000 5,406,000 Minority interest in operating partnership (1,732,000) (488,000) ------------ ----------- NET INCOME $ 15,083,000 $ 4,918,000 ============ =========== PER SHARE DATA Net income before gains on sales of interests in real estate $0.63 $0.37 Gains on sales of interests in real estate 0.50 (1) -- ------------ ----------- BASIC INCOME PER SHARE $1.13 $0.37 ============ =========== DILUTED INCOME PER SHARE $1.13 $0.37 ============ =========== Weighted average number of shares outstanding 13,384,774 13,314,945 ------------ -----------
(1) 2nd qtr 2000 includes gain on sale of CVS Building, Alexandria, VA. (2) Year to date 2000 includes gain on sale of CVS Building, Alexandria, VA and gain on sale of interest in Park Plaza shopping center in Pinellas Park, Florida. (3) 1999 includes gains on sales of interest in 135 Commerce Drive, Fort Washington, PA, and land parcel at Crest Plaza, Allentown, PA. OPERATING RESULTS
Six Months Ended ---------------- June 30, 2000 June 30, 1999 ------------- ------------- REVENUES Gross revenues from real estate $ 51,342,000 $ 42,759,000 Interest and other income 556,000 564,000 ------------ ------------ 51,898,000 43,323,000 ------------ ------------ EXPENSES Property operating expenses 15,604,000 14,889,000 Depreciation and amortization 7,427,000 6,525,000 General & administrative expenses 2,441,000 1,846,000 Interest expense 11,486,000 10,467,000 ------------ ------------ 36,958,000 33,727,000 ------------ ------------ Income before equity in unconsolidated entities, gains on sales of interests in real estate and minority interest in operating partnership 14,940,000 9,596,000 Equity in loss of PREIT-RUBIN, Inc. (3,387,000) (1,948,000) Equity in income of partnerships and joint ventures 3,480,000 2,843,000 Gains on sales of interests in real estate 8,911,000 1,346,000 (3) ------------ ------------ Income before minority interest in operating partnership 23,944,000 11,837,000 Minority interest in operating partnership (2,471,000) (1,049,000) ------------ ------------ NET INCOME $ 21,473,000 $ 10,788,000 ============ ============ PER SHARE DATA Net income before gains on sales of interests in real estate $0.94 $0.71 Gains on sales of interests in real estate 0.67 (2) 0.10 (3) ------------ ------------ BASIC INCOME PER SHARE $1.61 $0.81 ============ ============ DILUTED INCOME PER SHARE $1.61 $0.81 ============ ============ Weighted average number of shares outstanding 13,362,324 13,311,782 ------------ ------------
(1) 2nd qtr 2000 includes gain on sale of CVS Building, Alexandria, VA. (2) Year to date 2000 includes gain on sale of CVS Building, Alexandria, VA and gain on sale of interest in Park Plaza shopping center in Pinellas Park, Florida. (3) 1999 includes gains on sales of interest in 135 Commerce Drive, Fort Washington, PA, and land parcel at Crest Plaza, Allentown, PA. Pennsylvania Real Estate Investment Trust Selected Financial Data (Unaudited) - -------------------------------------------------------------------------------- EQUITY IN INCOME OF PARTNERSHIPS AND JOINT VENTURES - --------------------------------------------------------------------------------
Three Months Ended Six Months Ended ------------------ ---------------- June 30, 2000 June 30, 1999 June 30, 2000 June 30, 1999 ------------- ------------- ------------- ------------- Gross revenues from real estate $19,343,000 $14,363,000 $ 35,767,000 $ 28,521,000 ============ =========== ============ ============ Expenses: Property operating expenses 6,255,000 4,830,000 11,723,000 9,682,000 Mortgage and bank loan interest 6,503,000 4,331,000 11,617,000 8,519,000 Refinancing prepayment fee (1) -- 110,000 -- 110,000 Depreciation and amortization 3,217,000 2,311,000 5,713,000 4,465,000 ------------- ------------- ------------- ------------- 15,975,000 11,582,000 29,053,000 22,776,000 ------------- ------------- ------------- ------------- 3,368,000 2,781,000 6,714,000 5,745,000 Partner's Share (1,560,000) (1,404,000) (3,234,000) (2,902,000) ------------- ------------- ------------- ------------- EQUITY IN INCOME OF PARTNERSHIPS AND JOINT VENTURES $ 1,808,000 $ 1,377,000 $ 3,480,000 $ 2,843,000 ============= ============= ============= =============
(1) The Company's share is $55,000. Supplemental Information for Wholly Owned Properties and the Company's Proportionate Share of Partnerships and Joint Ventures - -------------------------------------------------------------------------------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATIONS ("EBITDA") - --------------------------------------------------------------------------------
Three Months Ended Six Months Ended ------------------ ---------------- June 30, 2000 June 30, 1999 June 30, 2000 June 30, 1999 ------------- ------------- ------------- ------------- Gross Revenues $28,121,000 $21,659,000 $ 51,342,000 $ 42,759,000 Operating expenses (7,425,000) (7,512,000) (15,604,000) (14,889,000) ------------- ------------- ------------- ------------- Net operating income: Wholly-owned properties 20,696,000 14,147,000 35,738,000 27,870,000 Company's proportionate share of partnerships and joint ventures net operating income 5,107,000 4,705,000 10,045,000 9,298,000 ------------- ------------- ------------- ------------- Combined net operating income 25,803,000 18,852,000 45,783,000 37,168,000 Interest income 325,000 402,000 556,000 564,000 Company's proportionate share of PREIT-RUBIN, Inc. net operating income (loss) (1,437,000) (403,000) (2,567,000) (1,173,000) General and administrative expenses (1,406,000) (993,000) (2,441,000) (1,846,000) ------------- ------------- ------------- ------------- EBITDA $23,285,000 $17,858,000 $ 41,331,000 $ 34,713,000 ============= ============= ============= ============= MORTGAGE NOTES, BANK AND CONSTRUCTION LOANS PAYABLE Wholly-Owned Properties Mortgage notes payable $264,600,000 $268,900,000 Bank Loans payable 92,200,000 74,473,000 Construction Loan Payable 14,822,000 ------------- ------------- 371,622,000 343,373,000 Company's Proportionate Share of Partnerships and Joint Ventures Mortgage notes payable 113,019,000 111,385,000 Bank loans payable 2,475,000 Construction loans payable 19,759,000 7,553,000 ------------- ------------- Total mortgage notes and bank loans payable $504,400,000 $464,786,000 ============= =============
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