EX-99.2 3 a5822308ex99_2.htm EXHIBIT 99.2

Exhibit 99.2

AmREIT

Supplemental Financial Information
September 30, 2008
(Unaudited)

Table of Contents

Page #

Corporate Profile 1
Consolidated Balance Sheets 2
Consolidated Statements of Operations 3
Consolidated Statements of Operations - Segments 4 - 7
 
Summary of Operating Results
Funds From Operations 8
Dividends – All Classes of Common Shares 8
Rental and Earned Income 9
Real Estate Operating Revenue 9
Discontinued Operations 10
Interest Expense 10
 
Summary Balance Sheet Information
Common Share Data 11
Capitalization 11
 
Debt Information
Outstanding Balances and Terms 12
Fixed vs. Variable Rate Debt 13
 
Property & Tenant Information
Property Table 14
Tenant Concentration 15
Leasing Activity Report 15
Lease Expiration Schedule 16

This Supplemental Financial Information package contains historical information of the Company and is intended to supplement the Company’s Quarterly Report on Form 10-Q for the nine months ended September 30, 2008.  All financial information in this Supplemental Financial Information package is shown in thousands, except for per share data and share information.

Certain information contained in this Supplemental Financial Information package includes certain forward-looking statements reflecting AmREIT’s expectations in the near term that involve a number of risks and uncertainties; however, many factors may materially affect the actual results, including demand for our properties, changes in rental and occupancy rates, changes in property operating costs, interest rate fluctuations, and changes in local and general economic conditions.  Accordingly, there is no assurance that AmREIT’s expectations will be realized.

Corporate Profile:

AmREIT (AMEX: AMY) We are an established real estate company that has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes.  We seek to create value and drive net operating income (“NOI”) growth on the properties owned in our institutional-grade portfolio of Irreplaceable Corners™ and those owned by a series of closed-end, merchant development funds.  Our primary objective is to build long-term shareholder value and continue to build and enhance the net asset value (“NAV”) of us and our advised funds. AmREIT is headquartered in Houston, Texas and has an office in Dallas, Texas.

Corporate Office:

8 Greenway Plaza, Suite 1000
Houston, Texas  77046
(800) 888-4400
(713) 850-0498 (fax)
www.amreit.com

Stock Exchange:

American Stock Exchange – AMY

1

Consolidated Balance Sheets:

    Sept 30, December 31,
  2008   2007
ASSETS (unaudited)
Real estate investments at cost:
Land $ 127,582 $ 130,563
Buildings 135,228 141,045
Tenant improvements   9,662   10,105
272,472 281,713
Less accumulated depreciation and amortization   (18,570)   (15,626)
253,902 266,087
Real estate held for sale
and investment in direct financing leases held for sale, net 29,213 22,438
Net investment in direct financing leases held for investment 2,066 2,058
Intangible lease cost, net 10,590 13,096
Investment in merchant development funds and other affiliates   5,402   10,514

 

Net real estate investments 301,173 314,193
 
Cash and cash equivalents 344 1,221
Tenant receivables, net 3,121 4,398
Accounts receivable, net 2,227 1,251
Accounts receivable - related party 1,612 5,386
Notes receivable - related party 7,045 10,442
Deferred costs 2,262 2,472
Other assets   7,969   4,394
TOTAL ASSETS $ 325,753 $ 343,757
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Notes payable $ 167,829 $ 168,560
Notes payable, held for sale 12,447 12,811
Accounts payable, related party
Accounts payable and other liabilities 7,939 7,699
Below market leases, net 2,273 3,401
Security deposits   710   674
TOTAL LIABILITIES   191,198   193,145
 
Minority interest 1,233 1,179
 
Shareholders' equity:
Preferred shares, $.01 par value, 10,000,000 shares authorized, none issued - -
Class A common shares, $.01 par value, 50,000,000 shares authorized,
6,634,489 and 6,626,559 shares issued and outstanding, respectively 66 66
Class C common shares, $.01 par value, 4,400,000 shares authorized,
4,152,970 and 4,143,971 shares issued and outstanding, respectively 42 41
Class D common shares, $.01 par value, 17,000,000 shares authorized,
11,041,185 and 11,045,763 shares issued and outstanding, respectively 110 110
Capital in excess of par value 185,737 185,165
Accumulated distributions in excess of earnings (43,054) (33,365)
Cost of treasury shares, 1,297,236 and 337,308 Class A common shares, respectively   (9,579)   (2,584)
TOTAL SHAREHOLDERS' EQUITY   133,322   149,433
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 325,753 $ 343,757

2

Consolidated Statements of Operations:

    Three months ended September 30,   Nine Months Ended September 30,
  2008   2007   2008     2007
 
Revenues:
Rental income from operating leases $ 7,414 $ 7,418 $ 23,042 $ 21,814
Earned income from direct financing leases 60 59 180 179
Real estate fee income 101 118 386 972
Real estate fee income - related party 520 1,775 3,165 2,837
Construction management fee income 118 19 364 15
Asset management fee income - related party   377   334   1,130   930
Total revenues   8,590   9,723   28,267   26,747
 
Expenses:
General and administrative 2,216 1,508 5,651 4,357
Property expense 2,203 1,865 6,623 5,544
Legal and professional 331 362 1,061 1,026
Real estate commissions 49 1 91 448
Depreciation and amortization   1,778   1,984   6,283   5,818
Total expenses   6,577   5,720   19,709   17,193
 
Operating income 2,013 4,003 8,558 9,554
 
Other income (expense):
Interest and other income - related party 253 323 743 822
Loss from merchant development funds and other affiliates (108) 462 (497) 435
Income tax benefit for taxable REIT subsidiary 378 (301) 434 (83)
Interest expense   (2,333)   (2,189)   (6,895)   (6,354)
 
Income before discontinued operations 203 2,298 2,343 4,374
 
Loss from discontinued operations, net of taxes   (554)   (293)   (2,362)   (266)
Loss from discontinued operations   (554)   (293)   (2,362)   (266)
 
Net income (351) 2,005 (19) 4,108
 
Distributions paid to class B, C and D shareholders   (2,507)   (2,693)   (7,508)   (8,109)
 
Net loss available to class A shareholders $ (2,858) $ (688) $ (7,527) $ (4,001)
 
Net loss per class A common share - basic and diluted
Loss before discontinued operations $ (0.43) $ (0.06) $ (0.89) $ (0.59)
Loss from discontinued operations $ (0.10) $ (0.05) $ (0.41) $ (0.04)
Net loss $ (0.53) $ (0.11) $ (1.30) $ (0.63)
 
Weighted average class A common shares used to
compute net loss per share, basic and diluted   5,383   6,385   5,787   6,373

3

Segmented Statements of Operations:

    Asset Advisory  

For the three months ended

September 30, 2008 (in thousands)

Portfolio

Real Estate

Operations

Securities  

Merchant

Development

Funds

Total
Rental income $ 7,474 $ - $ - $ - $ 7,474
Real estate fee income 621 - - 621
Construction management fee income - 118 - - 118
Asset management fee income   -     -     -     377     377  
Total revenue 7,474 739 - 377 8,590
 
General and administrative 340 1,848 - 28 2,216
Property expense 2,201 2 - - 2,203
Legal and professional 321 10 - 331
Real estate commissions - 49 - - 49
Depreciation and amortization   1,778     -     -     -     1,778  
Total expenses 4,640 1,909 - 28 6,577
 
Interest income (expense) (2,149 ) 92 - (276 ) (2,333 )
Other income/ (expense) 149 380 - (6 ) 523
 
Income (loss) from discontinued operations 1,158 156 (1,868 ) - (554 )
         
Net income (loss) $ 1,992   $ (542 ) $ (1,868 ) $ 67   $ (351 )

4
    Asset Advisory  

For the three months ended

September 30, 2007 (in thousands)

Portfolio

Real Estate

Operations

Securities  

Merchant

Development

Funds

Total
Rental income $ 7,477 $ - $ - $ - $ 7,477
Real estate fee income - 1,893 - - 1,893
Construction management fee income - 19 - - 19
Asset management fee income   -     -     -     334     334  
Total revenue 7,477 1,912 - 334 9,723
 
General and administrative 352 1,206 - (50 ) 1,508
Property expense 1,860 5 - 1,865
Legal and professional 338 24 - - 362
Real estate commissions - 1 - - 1
Depreciation and amortization   1,984     -     -     -     1,984  
Total expenses 4,534 1,236 - (50 ) 5,720
 
Interest expense (2,038 ) (151 ) - (2,189 )
Other income/ (expense) (135 ) 305 - 314 484
 
Income (loss) from discontinued operations 150 (64 ) (379 ) - (293 )
         
Net income (loss) $ 920   $ 766   $ (379 ) $ 698   $ 2,005  

5
    Asset Advisory  

For the nine months ended

September 30, 2008 (in thousands)

Portfolio

Real Estate

Operations

Securities  

Merchant

Development

Funds

Total
Rental income $ 23,222 $ - $ - $ - $ 23,222
Real estate fee income - 3,551 - - 3,551
Construction management fee income - 364 - - 364
Asset management fee income   -     -     -     1,130     1,130  
Total revenue 23,222 3,915 - 1,130 28,267
 
General and administrative 1,107 4,448 - 96 5,651
Property expense 6,615 8 - 6,623
Legal and professional 983 78 - 1,061
Real estate commissions - 91 - - 91
Depreciation and amortization   6,283     -     -     -     6,283  
Total expenses 14,988 4,625 - 96 19,709
 
Interest income (expense) (6,446 ) 117 - (566 ) (6,895 )
Other income/ (expense) 405 528 - (253 ) 680
 
Income (loss) from discontinued operations 1,489 (1,274 ) (2,577 ) - (2,362 )
         
Net income (loss) $ 3,682   $ (1,339 ) $ (2,577 ) $ 215   $ (19 )

6
    Asset Advisory  

For the nine months ended

September 30, 2007 (in thousands)

Portfolio

Real Estate

Operations

Securities  

Merchant

Development

Funds

Total
Rental income $ 21,993 $ - $ - $ - $ 21,993
Real estate fee income - 3,809 - - 3,809
Construction management fee income - 15 - - 15
Asset management fee income   -     -     -     930   930  
Total revenue 21,993 3,824 - 930 26,747
 
General and administrative 948 3,377 - 32 4,357
Property expense 5,519 25 - 5,544
Legal and professional 909 117 - - 1,026
Real estate commissions - 448 - - 448
Depreciation and amortization   5,818     -     -     -   5,818  
Total expenses 13,194 3,967 - 32 17,193
 
Interest expense (5,939 ) (415 ) - - (6,354 )
Other income 143 826 - 205 1,174
 
Income (loss) from discontinued operations 709 (169 ) (806 ) - (266 )
         
Net income (loss) $ 3,712   $ 99   $ (806 ) $ 1,103 $ 4,108  

7

AmREIT
Summary of Operating Results

    Three Months Ended

September 30,

Nine Months Ended

September 30,

Funds From Operations:   2008       2007     2008       2007  
Income – before discontinued operations 203 2,298 $ 2,343 $ 4,374
Income – from discontinued operations (554 ) (293 ) (2,362 ) (266 )
Plus depreciation of real estate assets – from operations 1,804 1,990 6,335 5,826
Plus depreciation of real estate assets – from
discontinued operations 14 40 81 118
Adjustments for nonconsolidated affiliates 138 66 702 102
Less gain on sale of real estate held for investment (924 ) - (924 ) -
Less class B, C & D distributions (2,507 ) (2,693 ) (7,508 ) (8,109 )
Total Funds From Operations available to class A        
shareholders   (1,826 ) $ 1,408     ($1,333 ) $ 2,045  
 
Weighted average Class A shares outstanding   5,383     6,385     5,787     6,373  
 
Funds from operations per Class A share $ (0.34 ) $ 0.22 $ (0.23 ) $ 0.32
 
Dividends:
Class A Common share dividends per share $ 0.12 $ 0.12 $ 0.36 $ 0.36
Class B Common share dividends per share (1) $ - $ 0.19 $ - $ 0.57
Class C Common share dividends per share (2) $ 0.17 $ 0.17 $ 0.51 $ 0.51
Class D Common share dividends per share (3) $ 0.16 $ 0.16 $ 0.48 $ 0.48

(1)  The class B common shares received a cumulative preferred dividend, fixed at 8%, payable quarterly.  On December 20, 2007, we redeemed our remaining class B common shares at $10.18 per share.

(2)  The class C common shares receive a preferred dividend, fixed at 7%, payable monthly.  The shares are convertible into our class A common shares based on 110% of invested capital (i.e. $1,000 in class C common shares will convert into $1,100 in class A common shares) after the seventh anniversary of issuance (beginning in August 2010).  We have the right to force conversion of the class C common shares into Class A common shares on a one-for-one basis or to redeem the shares at a cash redemption price of $11.00 per share at the holder’s option.

(3)  The class D common shares receive a fixed 6.5% annual dividend, payable monthly.  The shares are convertible into our class A common shares based on 107.7% of invested capital (i.e. $1,000 in class D common shares will convert into $1,077 in class A common shares) after the seventh anniversary of issuance (beginning in August 2011).  The class D common shares became callable by the Company beginning in July 2005, based on the same conversion formula, prorated for the time the shares were outstanding (107.7% of invested capital).

8
  Three Months Ended   Nine Months Ended
September 30, September 30,
Rental and Earned Income:   2008     2007   2008     2007
Base minimum rent $ 5,398 $ 5,366 $ 16,254 $ 15,564
Earned income from direct financing leases 60 59 180 179
Straight line rent 70 102 81 416
Over/Under market rent 18 49 866 130
Percentage rent 149 140 129 165
Tenant reimbursements 1,679 1,733 5,612 5,358
Lease termination fees   100   27   100   179
 
Total Rental and Earned Income $ 7,474 $ 7,477 $ 23,222 $ 21,993

Three Months Ended   Nine Months Ended
Sept 30, Sept 30,
Real Estate Operating Revenue:   2008       2007     2008       2007  
 
Development and construction management fees
Merchant development funds and affiliates $ 87 $ 125 $ 302 $ 578
Unrelated third parties 31 118 173 276
Leasing and brokerage commissions
Merchant development funds and affiliates 174 1,406 2,043 1599
Unrelated third parties 70 - 213 696
Property management fees
Merchant development funds and affiliates 259 244 820 660
Unrelated third parties   -     -       -  
Total Real Estate Operating Revenue $ 621   $ 1,893   $ 3,551   $ 3,809  
 

Percent attributable to merchant development funds and affiliates

 

84 % 94 % 89 % 74 %

Percent attributable to unrelated third parties

 

16 % 6 % 11 % 26 %

9

Discontinued Operations:

  Three months ended   Nine months ended
September 30 September 30

2008

 

2007

2008

 

2007

Rental revenue $ 269 $ 253 $ 955 $ 740
Earned income from direct financing leases 441 447 1,328 1,342
Real estate fee income 17 - 115
Construction revenues 3,242 1,956 6,680 3,847
Securities commission income 344 933 1,293 3,410
Interest and other income 2 39 15 34
Gain on sale of real estate held for investment   924     -     924     -  
Total revenues   5,239     3,628     11,310     9,373  
 
Other general and administrative 809 686 2,079 1,821
Property expense 32 73 162 155
Construction costs 2,737 1,792 6,079 3,521
Legal and professional 34 62 224 177
Securities commissions 291 788 1,131 2,862
Depreciation and amortization 14 40 81 118
Restructuring charges 2,298 - 2,298 -
Minority interest 52 28 281 104
Impairment charge - - 1,332 -
Interest expense 326 438 1,182 1,004
Federal income tax expense (benefit)   (800 )   14     (1,177 )   (123 )
Total expenses   5,793     3,921     13,672     9,639  
(Loss) from discontinued operations (554 ) (293 ) (2,362 ) (266 )
Basic and diluted (loss) from discontinued operations
per class A common share $ (0.10 ) $ (0.05 ) $ (0.41 ) $ (0.04 )

  Three Months Ended   Nine Months Ended
September 30, September 30,
Interest Expense:

2008

 

2007

2008

 

2007

Interest paid – floating rate $ 324 $ 181 $ 1,109 $ 610
Interest paid – fixed rate 1,985 1,995 5,716 5,710
Loan cost amortization 84 72 249 210
Out-of-market debt amortization   (60 )   (59 )   (179 )   (176 )
Total Interest Expense $ 2,333   $ 2,189   $ 6,895   $ 6,354  

10

AmREIT
Summary Balance Sheet Information

   

September

30, 2008

December

31, 2007

Class A Common Share Data:
Closing market price $ 6.75 $ 7.16
 
Dividend yield 7.41 % 6.98 %
 
90-day average trading volume 5,684 9,866
 
 
Total Capitalization:
 
Debt $ 180,276 * $ 181,371
Class A common shares at market 36,026 45,354
Class C common shares as converted 45,683 45,584
Class D common shares as converted   118,914     118,963  
Total Capitalization $ 380,899   $ 391,272  
 
Debt to Total Capitalization 47.3 % 46.4 %

* Includes debt associated with assets held for sale in the amount of $12,447 as of September 30, 2008

11

AmREIT
Debt Information

Description Amount

Outstanding

9-30-2008

  Amount

Outstanding

12-31-2007

Interest Rate

Annual Debt

Service

Maturity Date
MacArthur Park $ 13,410   $ 13,410 6.17 % $ 827 12/1/2008
2008 Maturities $ 13,410 $ 13,410
 
Credit Facility $ 27,880 $ 30,439 4.29 % $ 1,195 10/30/2009
Commerce & Zarzamora $ 2,644 $ - 5.50 % $ 145 9/4/2009
2009 Maturities 30,524 30,439
 
Sugarland IHOP $ 1,075 $ 1,110 8.25 % $ 138 3/1/2011
Sugar Land Plaza   2,236   2,258 7.60 % 203 11/1/2011
2011 Maturities $ 3,311 $ 3,368
 
AAA CTL Notes (3) $ 12,447 $ 12,811

7.72% - 7.89

%

$ 1,110 04/2012-08/2012
5115 Buffalo Spdwy.   2,674   2,699 7.58 % 241 5/11/2012
2012 Maturities $ 15,121 $ 15,510
 
Cinco Ranch $ 8,048 $ 8,158 5.60 % $ 601 7/10/2013
Plaza in the Park   17,010   17,243 5.60 % 1,270 7/10/2013
2013 Maturities $ 25,058 $ 25,401
 
Uptown Park $ 49,000 $ 49,000 5.37 % $ 2,631 6/1/2015
2015 Maturities $ 49,000 $ 49,000
 
Southbank - Riverwalk $ 20,000 $ 20,000 5.91 % $ 1,182 6/1/2016
2016 Maturities $ 20,000 $ 20,000
 
Bakery Square $ 3,492 $ 3,704 8.00 % $ 571 2/10/2017
Uptown Plaza Dallas $ 19,900 $ 19,900 5.64 % $ 783 4/1/2017
2017 Maturities $ 23,392 $ 23,604
   
Total Maturities (2) $ 179,816 $ 180,732

(1) Our revolving credit facility is a variable-rate debt instrument, and its outstanding balance fluctuates throughout the year based on our liquidity needs. Annual Debt Service on this debt instrument assumes that the amount outstanding and the interest rate as of September 30, 2008 remain constant through maturity.

(2) Total maturities above are $460 thousand and $639 thousand less than total debt as reported in our consolidated financial statements as of September 30, 2008 and December 31, 2007, respectively, due to the premium recorded on above-market debt assumed in conjunction with certain of our property acquisitions.

(3) The associated assets are held for sale as of September 30, 2008 and December 31, 2007.

12

Fixed vs. Variable Rate Debt:

September 30,

2008

 

% of

Total

 

December 31,

2007

 

% of

Total

     

Variable rate

$

30,524

16.9

%

$

30,439

6.1

%

Fixed rate *

 

149,752

83.1

%

 

150,932

93.9

%

$

180,276

100.0

%

$

181,371

100.0

%

* Includes debt of $12,447 associated with assets held for sale as of September 30, 2008

13

AmREIT
Property & Tenant Information

Grocery Anchored Shopping Centers City State GLA ABR % Leased
1 AmREIT C-Ranch LP Houston TX 97,297 $ 1,259,937 100%
2 MacArthur Park Irving TX 237,381 3,965,635 98%
3 Plaza in the Park Houston TX 144,062 2,659,456 98%
3 Grocery Anchored Shopping Centers Total 478,740 $ 7,885,028
 
Neighborhood Lifestyle & Community Shopping Center City State GLA ABR % Leased
1 Bakery Square Houston TX 34,614 $ 856,010 100%
2 Courtyard on Post Oak Houston TX 13,597 485,997 100%
3 Sugarland Plaza Sugarland TX 16,750 349,612 100%
4 Terrace Shops Houston TX 16,395 443,752 100%
5 Uptown Plaza (including CVS) Houston TX 28,000 1,242,311 100%
6 Uptown Park Houston TX 169,112 5,340,870 99%
7 Woodlands Plaza The Woodlands TX 20,018 321,724 85%
8 Southbank - Riverwalk San Antonio TX 46,673 1,536,786 100%
9 Uptown Plaza - Dallas Dallas TX 32,490 1,186,363 96%
9 Community Shopping Centers Total 377,649 $ 11,763,425
 
Single Tenant (Ground Leases) - Land City State GLA ABR % Leased
1 410-Blanco (Citibank) San Antonio TX 4,439 $ 159,979 100%
2 Carlson Restaurants Hanover MD 6,802 141,674 100%
3 Darden (2) Peachtree City GA 6,867 84,772 100%
4 CVS Corporation (Eckerds at Yorktown) Houston TX 13,824 327,167 100%
5 Fontana Tract - (land) (2) Dallas TX 0 0 100%
6 Commerce & Zarzamora (land) San Antonio TX 0 0 100%
7 Woodlands Ring Road - Ground Leases The Woodlands TX 66,349 667,341 100%
7 Single Tenant (Ground Leases) Total 98,281 $ 1,380,933
 
Single Tenant (Fee Simple) City State GLA ABR % Leased
1 AFC, Inc. Atlanta GA 2,583 $ 119,279 100%
2 Advance Auto Aurora IL 7,000 Note (1) (2) (3) (4) 0%
3 Advance Auto St. Louis MO 7,000 Note (1) (2) (3) (4) 0%
4 Advance Auto (land) Washington MO 0 Note (1) (2) (3) (4) 0%
5 McAlister's Deli Champaign IL 7,000 175,392 100%
6 McAlister's Deli Peoria IL 3,426 153,000 100%
7 Sunbelt Rental (2 acres of land) Champaign IL 12,000 176,970 100%
8 Carlson Restaurants Houston TX 8,500 215,000 100%
9 Golden Corral Houston TX 12,000 210,450 100%
10 Golden Corral (2) Humble TX 12,000 208,941 100%
11 IHOP Corporation #1483 Sugarland TX 4,020 190,452 100%
12 IHOP Corporation #1737 (5) Centerville UT 4,020 163,872 100%
13 IHOP Corporation #4462 (5) Memphis TN 4,020 179,472 100%
14 IHOP Corporation #5318 Topeka KS 4,020 159,504 100%
14 Single Tenant (Fee Simple) Total 87,589 $ 1,952,332
 
Single Tenant (Leasehold) City State GLA ABR % Leased
15 Single Tenant (Leasehold) Total (5) Various Various 60,300 $ 1,530,108 100%
 
Company Total Sq. Ft. 1,102,559 $ 24,511,826

14

(1)      Under Development (GLA represents proposed leasable square footage)

(2)      Held for Sale

(3)      Held in joint venture of which we are the managing 50% owner.

(4)      Advance Auto properties are located in MO and IL.  Each of the properties has a proposed GLA of 7,000 square feet.

(5)       IHOP properties are located in NM, LA, TX, CA, TN, CO, VA, NY, OR, KS, and MO.  Each of the properties has a GLA of 4,020 square feet.  These properties are held by a consolidated subsidiary, 75.0% of which is owned by us, 19.6% of which is owned by AmREIT Income & Growth Corporation, one of our merchant development funds, and the remainder of which is owned by unaffiliated third parties.  We have assigned to management approximately 50% of our back-end participation interest in this entity as part of our long-term incentive compensation program.  Accordingly, approximately half of the future net cash flows from such participation interest are owned by management.

Top Tenants by base rent concentration for the nine months ended September 30, 2008:

  Three months ended   Nine months ended
September 30, September 30,

Tenant

2008

 

2007

2008

 

2007

IHOP Corporation* $ 556 $ 561 $ 1,673 $ 1,686
Kroger 529 529 1,587 1,587
CVS 230 255 691 691
Grotto 85 193 334 529
Hard Rock Cafe 111 110 332 329
TGI Fridays 109 109 326 310
Champps Americana 106 112 317 317
Golden Corral 105 91 308 274
Linens 'N Things 101 101 302 302
Paesanos   89   89   267   269
$ 2,021 $ 2,150 $ 6,137 $ 6,294

Leasing Activity for the quarter ended September 30, 2008:

    Rent per sq. ft.  
# of leases

Total sq. ft.

New Rent   Old Rent % Change
New leases 1 8500 $42.50   $42.50 N/A
 
Activity on existing leases:
Lease renewals 4 5,875 $30.45 $28.04 8.59%
Non-renewals 0 N/A N/A N/A N/A
Cancelled leases 2 3,452 N/A $27.37 N/A

15

Lease Expirations by Year:

    Number of    
Expiration Leases Square Percent

Year

  Expiring   Footage   of Total
2008 5 12,465 1.19%
2009 30 79,657 7.59%
2010 30 128,507 12.24%
2011 49 186,967 17.81%
2012 21 66,168 6.30%
2013 30 93,704 8.93%
2014 9 36,370 3.46%
2015 2 7,251 0.69%
2016 10 41,068 3.91%
2017 7 47,090 4.49%
2018 2 2,737 0.26%
2019 1 4,020 0.38%
2020 4 75,991 7.24%
2021 4 89,676 8.54%
2022 2 4,020 0.38%
2023 2 71,873 6.04%
2024 3 21,864 2.08%
2025 7 45,597 4.34%
2026 4 16,080 1.53%
2027 3 12,060 1.15%
2056   1   15,120   1.44%
226 1,058,285

16