EX-99.1 3 tfoc8k08092006ex99-1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1


 
                                           2005           
                             2004       
 
2003                                2002
 
   2001       
 
(In thousands, except per share and center data)
OPERATING DATA
                                                                       
Total revenues
$    198,761
       $   190,483
$    113,727
$  101,999
$   96,504     
Operating income
74,011
69,201
39,920
34,994
32,951     
Income from continuing operations
6,572
6,525
10,459
5,578
2,300     
Net income
5,089
7,046
12,849
11,007
7,112     
           
SHARE DATA
          
Basic:
          
Income from continuing operations
$           .08
$            .24
$            .48
$         .23
$         .03     
Net income
$           .16
$            .26
$            .60
$         .55
$         .34     
Weighted average common shares
28,380
27,044
20,103
16,645
15,851     
Diluted:
 
 
 
 
 
Income from continuing operations
$           .08
$             .24
$           .47
$        .22
$         .03     
Net income
$           .16
$             .26
$           .59
$        .54
$         .34     
Weighted average common shares
28,646
27,261
20,566
17,029
15,895     
Common dividends paid
$         1.28
$           1.25
$         1.23
$1.22
$       1.22     
 
          
BALANCE SHEET DATA
          
Real estate assets, before depreciation
$1,152,866
$ 1,077,393
$1,078,553
$622,399
$ 599,266     
Total assets
1,000,605
936,378
987,437
477,675
476,272     
Debt
663,607
488,007
540,319
345,005
358,195     
Shareholders’ equity
250,214
161,133
167,418
90,635
76,371     
           
OTHER DATA
          
Cash flows provided by (used in):
          
Operating activities
$     83,902
$      84,816
$     46,561
  $   39,687
$    44,626     
Investing activities
$  (336,563
)                            $        2,607
$  (327,068
)                                       $ (26,883
)                                                     $  (23,269) 
Financing activities
$   251,488
$     (93,156
)                   $   289,271
$ (12,247
)                                                     $  (21,476)
           
Gross Leasable Area Open:
 
 
 
 
 
Wholly-owned
8,261
5,066
5,299
5,469
5,332     
Partially-owned (consolidated)
---
3,271
3,273
---
---         
Partially-owned (unconsolidated)
402
402
324
260
---         
Managed
64
105
434
457
105       
 
 
 
 
 
 
Number of centers:
 
 
 
 
 
Wholly-owned
31
23
26
28
   29       
Partially-owned (consolidated)
---
9
9
---
---       
Partially-owned (unconsolidated)
1
1
1
1
---       
Managed
1
3
4
5
3       
           
(1) In December 2003, COROC, a joint venture in which we initially had a one-third ownership interest and have consolidated for financial reporting purposes under the provisions of FIN 46R, purchased the 3.3 million square foot Charter Oak portfolio of outlet center properties for $491.0 million, including the assumption of $186.4 million of cross-collateralized debt which has a stated, fixed interest rate of 6.59% and matures in July 2008. We recorded the debt at its fair value of $198.3 million, with an effective interest rate of 4.97%. Accordingly, a debt premium of $11.9 million was recorded and is being amortized over the life of the debt. We funded the majority of our share of the equity required for the transaction through the issuance of 4.6 million common shares on December 10, 2003, generating approximately $88.0 million in net proceeds. The results of the Charter Oak portfolio have been included in the consolidated financial statements since December 2003.

In November 2005, we purchased for $286.0 million (including acquisition costs) the remaining two-thirds interest in this joint venture. The transaction was funded with a combination of common and preferred shares and senior unsecured notes.