EX-99.2 3 ar9316ex992.htm EXHIBIT 99.2

Exhibit 99.2

Message

Supplemental Financial Information

December 31, 2006

(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 Income

9

Real Estate Revenue Allocation

9

Discontinued Operations

10

Interest Expense

10

 

 

Summary Balance Sheet Information

 

Common Share Data

11

Capitalization

11

Net Asset Valuation

11

Debt Information

 

Outstanding Balances and Terms

12 - 13

Fixed vs. Variable Rate Debt

13

 

 

Property & Tenant Information

 

Property Table

14 - 15

Tenant Diversification

16

Leasing Activity Report

16

Lease Expiration Schedule

17

This Supplemental Financial Information package contains historical information of the Company and is intended to supplement the Company’s Annual Report on Form 10-K for the twelve months ended December 31, 2006.  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) is a growing real estate company focused on the development, acquisition, construction, disposition, brokerage, leasing and management of shopping centers in major metropolitan markets throughout the Southwest and Southeast.  The company deploys its broad range of real estate development and operating expertise to grow two distinct businesses within AmRIET.  The first is a 1.0 million square foot portfolio of “Irreplaceable Corners TM” – Premier retail properties in high traffic, densely populated areas.  The second is an advisory and sponsorship business that had a total of $280 million in assets under management as of December 31, 2006.  Founded in 1985, AmREIT is a fully integrated equity real estate investment trust that has been public since 2002.

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 (in thousands):

 

 

December 31
2006

 

December 31,
2005

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Real estate investments at cost:

 

 

 

 

 

 

 

Land

 

$

122,043

 

$

112,784

 

Buildings

 

 

140,487

 

 

127,094

 

Tenant improvements

 

 

9,296

 

 

7,366

 

 

 

 

 

 

 

 

271,826

 

 

247,244

 

Less accumulated depreciation and amortization

 

 

(10,628

)

 

(5,943

)

 

 

 

 

 

 

 

261,198

 

 

241,301

 

Real estate held for sale, net

 

 

2,708

 

 

3,569

 

Net investment in direct financing leases held for investment

 

 

19,204

 

 

19,212

 

Intangible lease cost, net

 

 

16,016

 

 

17,761

 

Investment in merchant development funds and other affiliates

 

 

2,651

 

 

2,311

 

 

 

 

 

Net real estate investments

 

 

301,777

 

 

284,154

 

Cash and cash equivalents

 

 

3,415

 

 

5,915

 

Tenant receivables

 

 

4,330

 

 

3,132

 

Accounts receivable, net

 

 

1,772

 

 

1,807

 

Accounts receivable - related party

 

 

1,665

 

 

4,158

 

Notes receivable - related party

 

 

10,104

 

 

11,232

 

Deferred costs

 

 

2,045

 

 

1,487

 

Other assets

 

 

3,311

 

 

3,086

 

 

 

 

 

TOTAL ASSETS

 

$

328,419

 

$

314,971

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Notes payable

 

$

144,453

 

$

114,687

 

Accounts payable and other liabilities

 

 

9,151

 

 

8,232

 

Below market leases, net

 

 

3,960

 

 

2,940

 

Security deposits

 

 

668

 

 

651

 

 

 

 

 

TOTAL LIABILITIES

 

 

158,232

 

 

126,510

 

 

 

 

 

Minority interest

 

 

1,137

 

 

1,176

 

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, 6,549,950 and 6,479,278 shares issued, respectively

 

 

65

 

 

65

 

Class B Common shares, $.01 par value, 3,000,000 shares authorized, 1,080,180 and 2,148,649 shares issued, respectively

 

 

11

 

 

22

 

Class C Common shares, $.01 par value, 4,400,000 shares authorized, 4,145,531 and 4,119,923 shares issued, respectively

 

 

41

 

 

41

 

Class D Common shares, $.01 par value, 17,000,000 shares authorized, 11,039,803 and 11,035,482 shares issued, respectively

 

 

110

 

 

110

 

Capital in excess of par value

 

 

194,696

 

 

204,331

 

Accumulated distributions in excess of earnings

 

 

(23,749

)

 

(16,736

)

Cost of treasury shares, 292,238 and 77,741 Class A shares, respectively

 

 

(2,124

)

 

(548

)

 

 

 

 

TOTAL SHAREHOLDERS’ EQUITY

 

 

169,050

 

 

187,285

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

328,419

 

$

314,971

 

 

 

 

 

2


Consolidated Statements of Operations:

 

 

Quarter ended December31,

 

Year Ended December 31,

 

 

 

 

 

 

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income from operating leases

 

$

7,413

 

$

6,959

 

$

28,158

 

$

20,484

 

Earned income from direct financing leases

 

 

508

 

 

508

 

 

2,030

 

 

2,030

 

Real estate fee income

 

 

556

 

 

133

 

 

1,334

 

 

485

 

Real estate fee income - related party

 

 

4,409

 

 

1,219

 

 

6,983

 

 

4,588

 

Construction revenues

 

 

1,380

 

 

1,636

 

 

3,025

 

 

2,302

 

Construction revenues - related party

 

 

3,749

 

 

1,361

 

 

10,435

 

 

2,434

 

Securities commission income - related party

 

 

2,382

 

 

644

 

 

6,554

 

 

1,163

 

Asset management fee income - related party

 

 

267

 

 

128

 

 

823

 

 

495

 

 

 

 

 

 

 

Total revenues

 

 

20,664

 

 

12,588

 

 

59,342

 

 

33,981

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

3,251

 

 

2,529

 

 

9,489

 

 

6,209

 

Property expense

 

 

1,648

 

 

2,089

 

 

6,851

 

 

4,860

 

Construction costs

 

 

4,782

 

 

2,784

 

 

12,290

 

 

4,283

 

Legal and professional

 

 

642

 

 

373

 

 

1,559

 

 

1,593

 

Real estate commissions

 

 

502

 

 

68

 

 

1,042

 

 

266

 

Securities commissions

 

 

2,038

 

 

563

 

 

5,732

 

 

1,012

 

Depreciation and amortization

 

 

2,120

 

 

2,061

 

 

8,741

 

 

6,046

 

 

 

 

 

 

 

Total expenses

 

 

14,983

 

 

10,467

 

 

45,704

 

 

24,269

 

 

 

 

 

 

 

Operating income

 

 

5,681

 

 

2,121

 

 

13,638

 

 

9,712

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

555

 

 

191

 

 

1,425

 

 

705

 

Income from merchant development funds and other affiliates

 

 

448

 

 

(27

)

 

967

 

 

161

 

Federal income tax (expense) benefit for taxable REIT subsidiary

 

 

(1,223

)

 

99

 

 

(870

)

 

(379

)

Interest expense

 

 

(2,150

)

 

(1,690

)

 

(8,083

)

 

(6,412

)

Minority interest in income of consolidated joint ventures

 

 

(40

)

 

(152

)

 

(150

)

 

(240

)

 

 

 

 

 

 

Income before discontinued operations

 

 

3,271

 

 

542

 

 

6,927

 

 

(3,547

)

Income from discontinued operations

 

 

20

 

 

2,107

 

 

254

 

 

3,356

 

Gain on sales of real estate acquired for resale

 

 

370

 

 

2,351

 

 

382

 

 

3,223

 

 

 

 

 

 

 

Income from discontinued operations

 

 

390

 

 

4,458

 

 

636

 

 

6,579

 

 

 

 

 

 

 

Net income

 

 

3,661

 

 

5,000

 

 

7,563

 

 

10,126

 

Distributions paid to class B, C and D shareholders

 

 

(2,713

)

 

(2,897

)

 

(11,442

)

 

(9,245

)

 

 

 

 

 

 

Net loss available to class A shareholders

 

$

948

 

$

2,103

 

$

(3,879

)

$

881

 

 

 

 

 

 

 

Net (loss) income per class A common share - basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before discontinued operations

 

$

0.09

 

$

(0.36

)

$

(0.72

)

$

(1.09

)

Income from discontinued operations

 

 

0.06

 

 

0.69

 

 

0.10

 

 

1.26

 

 

 

 

 

 

 

Net loss

 

$

0.15

 

$

0.33

 

$

(0.62

)

$

0.17

 

 

 

 

 

 

 

Weighted average class A common shares used to compute net (loss) income per share, basic and diluted

 

 

6,238

 

 

6,446

 

 

6,300

 

 

5,205

 

 

 

 

 

 

 

3


Segmented Statements of Operations:

 

 

 

 

 

 

 

 

Asset Advisory Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended
December 31, 2006

 

Portfolio

 

Real Estate
Development
& Operations

 

Securities
Operations

 

Merchant
Development
Funds

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

Rental income

 

$

30,139

 

$

49

 

$

—  

 

$

—  

 

$

—  

 

$

30,188

 

Securities commission income

 

 

—  

 

 

—  

 

 

6,554

 

 

—  

 

 

—  

 

 

6,554

 

Real estate fee income

 

 

—  

 

 

8,317

 

 

—  

 

 

—  

 

 

—  

 

 

8,317

 

Construction revenues

 

 

—  

 

 

13,460

 

 

—  

 

 

—  

 

 

—  

 

 

13,460

 

Other income

 

 

—  

 

 

—  

 

 

—  

 

 

823

 

 

—  

 

 

823

 

 

 

 

 

 

 

 

 

Total revenue

 

 

30,139

 

 

21,826

 

 

6,554

 

 

823

 

 

—  

 

 

59,342

 

Securities commissions

 

 

—  

 

 

—  

 

 

5,732

 

 

—  

 

 

—  

 

 

5,732

 

Depreciation and amortization

 

 

8,734

 

 

7

 

 

—  

 

 

—  

 

 

—  

 

 

8,741

 

Property expense

 

 

6,828

 

 

—  

 

 

23

 

 

—  

 

 

—  

 

 

6,851

 

Construction costs

 

 

—  

 

 

12,290

 

 

—  

 

 

—  

 

 

—  

 

 

12,290

 

Legal and professional

 

 

1,248

 

 

1,284

 

 

69

 

 

—  

 

 

—  

 

 

2,601

 

General and administrative

 

 

1,819

 

 

5,219

 

 

2,284

 

 

167

 

 

—  

 

 

9,489

 

 

 

 

 

 

 

 

 

Total expenses

 

 

18,629

 

 

18,800

 

 

8,108

 

 

167

 

 

—  

 

 

45,704

 

Interest expense

 

 

(7,519

)

 

(330

)

 

(234

)

 

—  

 

 

—  

 

 

(8,083

)

Other income/ (expense)

 

 

1,033

 

 

(415

)

 

602

 

 

152

 

 

—  

 

 

1,372

 

Income from discontinued operations

 

 

281

 

 

355

 

 

—  

 

 

—  

 

 

—  

 

 

636

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

5,305

 

$

2,636

 

$

(1,186

)

$

808

 

$

—  

 

$

7,563

 

 

 

 

 

 

 

 

 

4


 

 

 

 

 

 

 

 

Asset Advisory Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended
December 31, 2005

 

Portfolio

 

Real Estate
Development
& Operations

 

Securities
Operations

 

Merchant
Development
Funds

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

Rental income

 

$

22,514

 

$

—  

 

$

—  

 

$

—  

 

$

—  

 

$

22,514

 

Securities commission income

 

 

—  

 

 

—  

 

 

10,350

 

 

—  

 

 

(9,187

)

 

1,163

 

Real estate fee income

 

 

—  

 

 

5,073

 

 

—  

 

 

—  

 

 

—  

 

 

5,073

 

Construction revenues

 

 

—  

 

 

4,736

 

 

—  

 

 

—  

 

 

—  

 

 

4,736

 

Other income

 

 

—  

 

 

—  

 

 

—  

 

 

495

 

 

—  

 

 

495

 

 

 

 

 

 

 

 

 

Total revenue

 

 

22,514

 

 

9,809

 

 

10,350

 

 

495

 

 

(9,187

)

 

33,981

 

Securities commissions

 

 

—  

 

 

—  

 

 

8,076

 

 

—  

 

 

(7,064

)

 

1,012

 

Depreciation and amortization

 

 

6,046

 

 

—  

 

 

—  

 

 

—  

 

 

—  

 

 

6,046

 

Property expense

 

 

4,803

 

 

57

 

 

—  

 

 

—  

 

 

—  

 

 

4,860

 

Construction costs

 

 

—  

 

 

4,283

 

 

—  

 

 

—  

 

 

—  

 

 

4,283

 

Legal and professional

 

 

1,214

 

 

532

 

 

112

 

 

1

 

 

 

 

 

1,859

 

General and administrative

 

 

1,657

 

 

3,597

 

 

2,818

 

 

260

 

 

(2,123

)

 

6,209

 

 

 

 

 

 

 

 

 

Total expenses

 

 

13,720

 

 

8,469

 

 

11,006

 

 

261

 

 

(9,187

)

 

24,269

 

Interest expense

 

 

(5,816

)

 

(572

)

 

(24

)

 

—  

 

 

—  

 

 

(6,412

)

Other income/ (expense)

 

 

269

 

 

(19

)

 

(59

)

 

56

 

 

—  

 

 

247

 

Income from discontinued operations

 

 

4,584

 

 

1,995

 

 

—  

 

 

—  

 

 

—  

 

 

6,579

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

7,831

 

$

2,744

 

$

(739

)

$

290

 

$

—  

 

$

10,126

 

 

 

 

 

 

 

 

 

5


 

 

 

 

 

 

 

 

Asset Advisory Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended
December 31, 2006

 

Portfolio

 

Real Estate
Development
& Operations

 

Securities
Operations

 

Merchant
Development
Funds

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

Rental income

 

$

7,888

 

$

33

 

$

—  

 

$

—  

 

$

—  

 

$

7,921

 

Securities commission income

 

 

—  

 

 

—  

 

 

2,382

 

 

—  

 

 

—  

 

 

2,382

 

Real estate fee income

 

 

—  

 

 

4,965

 

 

—  

 

 

—  

 

 

—  

 

 

4,965

 

Construction revenues

 

 

—  

 

 

5,129

 

 

—  

 

 

—  

 

 

—  

 

 

5,129

 

Other income

 

 

—  

 

 

—  

 

 

—  

 

 

267

 

 

—  

 

 

267

 

 

 

 

 

 

 

 

 

Total revenue

 

 

7,888

 

 

10,127

 

 

2,382

 

 

267

 

 

—  

 

 

20,664

 

General and administrative

 

 

996

 

 

1,570

 

 

650

 

 

35

 

 

—  

 

 

3,251

 

Property expense

 

 

1,740

 

 

(95

)

 

3

 

 

—  

 

 

—  

 

 

1,648

 

Construction costs

 

 

—  

 

 

4,782

 

 

—  

 

 

—  

 

 

—  

 

 

4,782

 

Legal and professional

 

 

535

 

 

94

 

 

13

 

 

—  

 

 

—  

 

 

642

 

Real estate commissions

 

 

—  

 

 

502

 

 

—  

 

 

—  

 

 

—  

 

 

502

 

Securities commissions

 

 

—  

 

 

—  

 

 

2,038

 

 

—  

 

 

—  

 

 

2,038

 

Depreciation and amortization

 

 

2,115

 

 

5

 

 

—  

 

 

—  

 

 

—  

 

 

2,120

 

 

 

 

 

 

 

 

 

Total expenses

 

 

5,386

 

 

6,858

 

 

2,704

 

 

35

 

 

—  

 

 

14,983

 

Interest expense

 

 

(1,977

)

 

25

 

 

(198

)

 

—  

 

 

—  

 

 

(2,150

)

Other income/ (expense)

 

 

(23

)

 

(525

)

 

476

 

 

(189

)

 

—  

 

 

(261

)

Income (loss) from discontinued operations

 

 

(8

)

 

399

 

 

—  

 

 

—  

 

 

—  

 

 

391

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

494

 

$

3,168

 

$

(44

)

$

43

 

$

—  

 

$

3,661

 

 

 

 

 

 

 

 

 

6


 

 

 

 

 

 

 

 

Asset Advisory Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended
December 31, 2005

 

Portfolio

 

Real Estate
Development
& Operations

 

Securities
Operations

 

Merchant
Development
Funds

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

Rental income

 

$

7,468

 

$

—  

 

$

—  

 

$

—  

 

$

—  

 

$

7,468

 

Securities commission income

 

 

—  

 

 

—  

 

 

645

 

 

—  

 

 

—  

 

 

645

 

Real estate fee income

 

 

—  

 

 

1,352

 

 

—  

 

 

—  

 

 

—  

 

 

1,352

 

Construction revenues

 

 

—  

 

 

2,997

 

 

—  

 

 

—  

 

 

—  

 

 

2,997

 

Other income

 

 

—  

 

 

—  

 

 

—  

 

 

128

 

 

—  

 

 

128

 

 

 

 

 

 

 

 

 

Total revenue

 

 

7,468

 

 

4,349

 

 

645

 

 

128

 

 

—  

 

 

12,590

 

General and administrative

 

 

663

 

 

1,141

 

 

634

 

 

92

 

 

—  

 

 

2,530

 

Property expense

 

 

2,083

 

 

5

 

 

—  

 

 

—  

 

 

—  

 

 

2,088

 

Construction costs

 

 

—  

 

 

2,784

 

 

—  

 

 

—  

 

 

—  

 

 

2,784

 

Legal and professional

 

 

305

 

 

41

 

 

27

 

 

1

 

 

—  

 

 

374

 

Real estate commissions

 

 

—  

 

 

69

 

 

—  

 

 

—  

 

 

—  

 

 

69

 

Securities commissions

 

 

—  

 

 

—  

 

 

563

 

 

—  

 

 

—  

 

 

563

 

Depreciation and amortization

 

 

2,062

 

 

—  

 

 

—  

 

 

—  

 

 

—  

 

 

2,062

 

 

 

 

 

 

 

 

 

Total expenses

 

 

5,113

 

 

4,040

 

 

1,224

 

 

93

 

 

—  

 

 

10,470

 

Interest expense

 

 

(1,286

)

 

(477

)

 

43

 

 

(29

)

 

—  

 

 

(1,749

)

Other income/ (expense)

 

 

105

 

 

2

 

 

(18

)

 

20

 

 

—  

 

 

109

 

Income (loss) from discontinued operations

 

 

2,989

 

 

1,470

 

 

—  

 

 

—  

 

 

—  

 

 

4,459

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

4,163

 

$

1,304

 

$

(554

)

$

26

 

$

—  

 

$

4,939

 

 

 

 

 

 

 

 

 

7


AmREIT
Summary of Operating Results

 

 

Three Months Ended
December 31,

 

Year Ended
December 31,

 

 

 

 

 

Funds From Operations:

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

Income – before discontinued operations

 

$

3,271

 

$

542

 

$

6,927

 

$

3,547

 

Income – from discontinued operations

 

 

390

 

 

4,458

 

 

636

 

 

6,579

 

Plus depreciation of real estate assets – from operations

 

 

2,141

 

 

2,210

 

 

8,766

 

 

5,952

 

Plus depreciation of real estate assets – from discontinued operations

 

 

—  

 

 

177

 

 

16

 

 

111

 

Adjustments for nonconsolidated affiliates

 

 

21

 

 

35

 

 

132

 

 

100

 

Less gain on sale of real estate assets acquired for investment

 

 

1

 

 

(2,805

)

 

(285

)

 

(3,400

)

Less class B, C & D distributions

 

 

(2,713

)

 

(2,897

)

 

(11,442

)

 

(9,245

)

 

 

 

 

 

 

Total Funds From Operations available to class A shareholders

 

$

3,111

 

$

1,720

 

$

4,750

 

$

3,644

 

 

 

 

 

 

 

Weighted Average Class A Shares Outstanding

 

 

6,238

 

 

6,446

 

 

6,300

 

 

5,205

 

 

 

 

 

 

 

Funds from Operations per Class A Share

 

$

0.50

 

$

0.27

 

$

0.75

 

$

0.70

 

Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Common share dividends per share

 

$

0.12

 

$

0.12

 

$

0.50

 

$

0.50

 

Class B Common share dividends per share (1)

 

$

0.19

 

$

0.19

 

$

0.74

 

$

0.74

 

Class C Common share dividends per share (2)

 

$

0.17

 

$

0.17

 

$

0.70

 

$

0.70

 

Class D Common share dividends per share (3)

 

$

0.16

 

$

0.16

 

$

0.65

 

$

0.65

 

(1)

The class B common shares receive a cumulative preferred dividend, fixed at 8%, payable quarterly.  The shares are currently convertible on a one for one basis into our class A common shares, and became callable by the Company beginning in July 2005 on a one for one basis, or $10.18 in cash at the holders option.

(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 2010).  After three years and beginning in August 2006, subject to the issuance date of the respective shares, we have the right to force conversion of the shares into class A shares at the 10% conversion premium 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 C common shares will convert into $1,077 in class A common shares) after the seventh anniversary of issuance (beginning in 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
December 31,

 

Twelve Months Ended
December 31,

 

 

 

 

 

 

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

 

Rental and Earned Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Base minimum rent

 

$

5,032

 

$

4,698

 

$

19,712

 

$

14,825

 

Earned income from direct financing leases

 

 

508

 

 

508

 

 

2,030

 

 

2,030

 

Straight line rent

 

 

432

 

 

73

 

 

782

 

 

319

 

Over/Under market rent

 

 

32

 

 

31

 

 

82

 

 

218

 

Percentage rent

 

 

469

 

 

70

 

 

760

 

 

154

 

Tenant reimbursements

 

 

1,448

 

 

2,087

 

 

6,105

 

 

4,968

 

Lease termination fees

 

 

—  

 

 

—  

 

 

717

 

 

—  

 

 

 

 

 

 

 

Total Rental and Earned Income

 

$

7,921

 

$

7,467

 

$

30,188

 

$

22,514

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

 

 

 

 

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

 

Real Estate Operating Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Development and construction management fees

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant development funds and affiliates

 

$

603

 

$

183

 

$

970

 

$

1,243

 

Unrelated third parties

 

 

140

 

 

40

 

 

170

 

 

70

 

Leasing and brokerage commissions

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant development funds and affiliates

 

 

3,676

 

 

919

 

 

5,608

 

 

3,145

 

Unrelated third parties

 

 

416

 

 

93

 

 

1,164

 

 

415

 

Property management fees

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchant development funds and affiliates

 

 

130

 

 

117

 

 

405

 

 

200

 

 

 

 

 

 

 

Total Real Estate Operating Revenue

 

$

4,965

 

$

1,352

 

$

8,317

 

$

5,073

 

 

 

 

 

 

 

Percent attributable to merchant development funds and affiliates

 

 

89

%

 

90

%

 

84

%

 

90

%

Percent attributable to unrelated third parties

 

 

11

%

 

10

%

 

16

%

 

10

%

9


 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

 

 

 

 

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue and earned income from DFL

 

$

—  

 

$

256

 

$

52

 

$

1,804

 

Gain on sale of real estate held for investment

 

 

(1

)

 

2,805

 

 

285

 

 

3,400

 

Interest and other income

 

 

—  

 

 

—  

 

 

—  

 

 

146

 

Gain on sale of real estate held for resale

 

 

370

 

 

2,351

 

 

382

 

 

3,223

 

 

 

 

 

 

 

Total revenues

 

 

369

 

 

5,412

 

 

719

 

 

8,573

 

 

 

 

 

 

 

Property expense

 

 

(3

)

 

(205

)

 

(104

)

 

(382

)

General and administrative

 

 

(3

)

 

(262

)

 

(17

)

 

(271

)

Federal income tax expense

 

 

(15

)

 

(166

)

 

7

 

 

(340

)

Legal and professional

 

 

17

 

 

6

 

 

(39

)

 

(2

)

Depreciation and amortization

 

 

1

 

 

5

 

 

(15

)

 

(111

)

Minority interest

 

 

24

 

 

(195

)

 

92

 

 

(597

)

Interest expense

 

 

—  

 

 

(28

)

 

(7

)

 

(182

)

Debt prepayment penalty

 

 

—  

 

 

(109

)

 

—  

 

 

(109

)

 

 

 

 

 

 

Total expenses

 

 

21

 

 

(954

)

 

(83

)

 

(1,994

)

 

 

 

 

 

 

Income from discontinued operations

 

 

390

 

 

4,458

 

$

636

 

$

6,579

 

 

 

 

 

 

 

Basic and diluted income from discontinued  operations per class A common share

 

$

0.06

 

$

0.69

 

$

0.10

 

$

1.26

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

 

 

 

 

 

 

2006

 

2005

 

2006

 

2005

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest paid – floating rate

 

$

125

 

$

—  

 

$

467

 

$

579

 

Interest paid – fixed rate

 

 

2,016

 

 

1,699

 

 

7,595

 

 

5,839

 

Loan cost amortization

 

 

67

 

 

50

 

 

253

 

 

221

 

Out-of-market debt amortization

 

 

(58

)

 

(59

)

 

(232

)

 

(227

)

 

 

 

 

 

 

Total Interest Expense

 

$

2,150

 

$

1,690

 

$

8,083

 

$

6,412

 

 

 

 

 

 

 

10


AmREIT
Summary Balance Sheet Information

 

 

December 31,
2006

 

December 31,
2005

 

 

 

 

 

Class A Common Share Data:

 

 

 

 

 

 

 

Closing market price

 

$

8.33

 

$

6.90

 

Dividend yield

 

 

6.00

%

 

7.24

%

90-day average trading volume

 

 

16,474

 

 

25,095

 

Total Capitalization:

 

 

 

 

 

 

 

Debt

 

$

144,453

 

$

114,687

 

Class A common shares at market

 

 

52,127

 

 

44,171

 

Class B common shares as converted

 

 

8,998

 

 

14,826

 

Class C common shares as converted

 

 

45,601

 

 

45,319

 

Class D common shares as converted

 

 

118,899

 

 

118,852

 

 

 

 

 

Total Capitalization

 

$

370,078

 

$

337,855

 

 

 

 

 

Debt to Total Capitalization

 

 

39.0

%

 

33.9

%

Portfolio Net Asset Value Calculation:

Annual Property NOI

 

 

 

 

$

22,323,000

 

 

 

 

Average Property Cap Rate

 

 

6.30

%

 

 

 

 

 

 

Property Gross Value

 

 

 

 

 

354,339,000

 

 

 

 

Property Held for Sale

 

 

 

 

 

1,905,000

 

 

 

 

Notes Receivable

 

 

 

 

 

10,078,000

 

 

 

 

Cash, Receivables, Other

 

 

 

 

 

15,391,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Asset Value

 

 

 

 

 

 

 

 

381,713,000

 

Notes Payable

 

 

 

 

 

(140,213,000

)

 

 

 

Security Deposits

 

 

 

 

 

(9,829,000

)

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

 

 

 

 

 

 

(150,042,000

)

Minority Interest (1)

 

 

 

 

 

 

 

 

(2,814,000

)

 

 

 

 

 

 

 

 

 

Total Net Asset Value (NAV)

 

 

 

 

 

 

 

 

228,857,000

 

NAV – Non Traded Shares (2)

 

 

 

 

 

 

 

 

170,638,000

 

NAV – class A common shares (2)

 

 

 

 

 

 

 

 

58,219,000

 

NAV – Per Class A common (2)

 

 

 

 

 

 

 

$

9.30

 

(1) Includes the portion of the net asset value that is owned by third parties or management, such as management’s ownership interest in AAA CTL.

(2) NAV and NAV per share represent only the portfolio value and other liquid assets.  We have not valued the asset advisory business or any of our general partner back end interests in the above analysis.

11


AmREIT
Debt Information

Description

 

Amount
Outstanding
12-31-2006

 

Amount
Outstanding
12-31-2005

 

Interest
Rate

 

Annual Debt
Service

 

Maturity
Date

 

 

 

 

 

 

 

Credit Facility (1)

 

$

11,929

 

$

—  

 

 

6.93

%

$

826

 

 

11/4/2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2007 Maturities

 

$

11,929

 

$

—  

 

 

 

 

 

 

 

 

 

 

MacArthur Park

 

$

13,410

 

$

13,410

 

 

6.17

%

$

827

 

 

12/1/2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2008 Maturities

 

$

13,410

 

$

13,410

 

 

 

 

 

 

 

 

 

 

Merger Notes (2)

 

$

—  

 

$

760

 

 

5.47

%

$

43

 

 

7/23/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2010 Maturities

 

$

—  

 

$

760

 

 

 

 

 

 

 

 

 

 

Sugarland IHOP

 

$

1,155

 

$

1,196

 

 

8.25

%

$

138

 

 

3/1/2011

 

Sugar Land Plaza

 

 

2,286

 

 

2,313

 

 

7.60

%

 

203

 

 

11/1/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011 Maturities

 

$

3,441

 

$

3,509

 

 

 

 

 

 

 

 

 

 

Albuquerque IHOP

 

$

670

 

$

692

 

 

7.82

%

$

75

 

 

4/24/2012

 

Baton Rouge IHOP

 

 

1,107

 

 

1,143

 

 

7.82

%

 

124

 

 

4/24/2012

 

Beaverton IHOP

 

 

785

 

 

811

 

 

7.82

%

 

88

 

 

4/16/2012

 

Charlottesville IHOP

 

 

558

 

 

576

 

 

7.82

%

 

62

 

 

4/24/2012

 

El Paso #1934 IHOP

 

 

673

 

 

695

 

 

7.82

%

 

75

 

 

4/16/2012

 

Rochester IHOP

 

 

842

 

 

870

 

 

7.82

%

 

94

 

 

4/16/2012

 

Shawnee IHOP

 

 

665

 

 

686

 

 

7.82

%

 

74

 

 

4/18/2012

 

5115 Buffalo Spdwy.

 

 

2,731

 

 

2,761

 

 

7.58

%

 

241

 

 

5/11/2012

 

Salem IHOP

 

 

551

 

 

567

 

 

7.82

%

 

61

 

 

5/17/2012

 

Springfield IHOP

 

 

915

 

 

944

 

 

7.82

%

 

102

 

 

6/21/2012

 

Roanoke IHOP

 

 

635

 

 

654

 

 

7.89

%

 

71

 

 

7/26/2012

 

Centerville IHOP

 

 

1,110

 

 

1,145

 

 

7.89

%

 

124

 

 

7/26/2012

 

Memphis #4462 IHOP

 

 

1,199

 

 

1,237

 

 

7.89

%

 

134

 

 

7/19/2012

 

Alexandria IHOP

 

 

640

 

 

660

 

 

7.89

%

 

71

 

 

7/19/2012

 

El Paso #1938 IHOP

 

 

802

 

 

826

 

 

7.89

%

 

89

 

 

8/23/2012

 

La Verne IHOP

 

 

668

 

 

688

 

 

7.89

%

 

74

 

 

8/23/2012

 

Memphis #4482 IHOP

 

 

696

 

 

717

 

 

7.89

%

 

77

 

 

8/23/2012

 

Parker IHOP

 

 

749

 

 

772

 

 

7.89

%

 

83

 

 

8/23/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012 Maturities

 

$

15,996

 

$

16,444

 

 

 

 

 

 

 

 

 

 

Cinco Ranch

 

$

8,298

 

$

8,430

 

 

5.60

%

$

601

 

 

7/10/2013

 

Plaza in the Park

 

 

17,538

 

 

17,817

 

 

5.60

%

 

1,270

 

 

7/10/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013 Maturities

 

$

25,836

 

$

26,247

 

 

 

 

 

 

 

 

 

 

Uptown Park

 

$

49,000

 

$

49,000

 

 

5.37

%

$

2,631

 

 

6/1/2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 Maturities

 

$

49,000

 

$

49,000

 

 

 

 

 

 

 

 

 

 

Southbank - Riverwalk

 

$

20,000

 

$

—  

 

 

5.91

%

$

1,182

 

 

6/1/2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016 Maturities

 

$

20,000

 

$

—  

 

 

 

 

 

 

 

 

 

 

Bakery Square

 

$

3,967

 

$

4,211

 

 

8.00

%

$

571

 

 

2/10/2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017 Maturities

 

$

3,967

 

$

4,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Maturities (3)

 

$

143,579

 

$

113,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

(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 December 31, 2006 remain constant through maturity.

 

(2) The Merger Notes were paid off during the quarter ended March 31, 2006.

 

(3) Total maturities above are $874 thousand and $1.1 million less than total debt as reported in our consolidated financial statements as of December 31, 2006 and December 31, 2005, respectively, due to the premium recorded on above-market debt assumed in conjunction with certain of our property acquisitions.

Fixed vs. Variable Rate Debt:

 

 

December 31,
2006

 

% of
Total

 

December 31,
2005

 

% of
Total

 

 

 

 

 

 

 

Variable rate

 

$

11,929

 

 

8.3

%

$

—  

 

 

0.0

%

Fixed rate

 

 

132,524

 

 

91.7

%

 

114,687

 

 

100.0

%

 

 

 

 

 

 

 

 

$

144,453

 

 

100.0

%

$

114,687

 

 

100.0

%

13


AmREIT
Property & Tenant Information

Multi-Tenant Shopping Centers

 

Major Tenants

 

City

 

State

 

Date
Acquired

 

GLA

 

Annualized
Base Rent as of
December 31,
2006

 

%
Leased

 

 

 

 

 

 

 

 

 

Uptown Park - Phase I and II

 

 

Ann Taylor, McCormick & Schmick’s

 

 

Houston

 

 

TX

 

 

6/1/2005

 

 

169,112

 

$

4,520,617

 

 

93

%

Southbank - Riverwalk

 

 

Hard Rock Café

 

 

San Antonio

 

 

TX

 

 

9/30/2005

 

 

46,673

 

 

1,511,552

 

 

100

%

MacArthur Park and Pad Sites

 

 

Kroger

 

 

Irving

 

 

TX

 

 

12/04 & 12/05

 

 

237,381

 

 

3,917,651

 

 

97

%

Plaza in the Park

 

 

Kroger

 

 

Houston

 

 

TX

 

 

7/1/2004

 

 

144,062

 

 

2,496,892

 

 

95

%

Cinco Ranch

 

 

Kroger

 

 

Houston

 

 

TX

 

 

7/1/2004

 

 

97,297

 

 

1,207,722

 

 

100

%

Bakery Square

 

 

Walgreens & Bank of America

 

 

Houston

 

 

TX

 

 

7/21/2004

 

 

34,614

 

 

853,738

 

 

100

%

Uptown Plaza

 

 

CVS/pharmacy

 

 

Houston

 

 

TX

 

 

12/10/2003

 

 

28,000

 

 

1,236,646

 

 

94

%

Woodlands Plaza

 

 

FedEx/Kinkos & Rug Gallery

 

 

The Woodlands

 

 

TX

 

 

6/3/1998

 

 

20,018

 

 

373,317

 

 

100

%

Sugarland Plaza

 

 

Mattress Giant

 

 

Sugarland

 

 

TX

 

 

7/1/1998

 

 

16,750

 

 

349,612

 

 

100

%

Terrace Shops

 

 

Starbucks

 

 

Houston

 

 

TX

 

 

12/15/2003

 

 

16,395

 

 

436,844

 

 

93

%

584 N. Germantown Pkwy.
(Baptist Memorial Medical Plaza)

 

 

Auto Zone & Baptist Memorial

 

 

Memphis

 

 

TN

 

 

7/23/2002

 

 

15,000

 

 

194,026

 

 

75

%

Courtyard on Post Oak

 

 

Verizon Wireless

 

 

Houston

 

 

TX

 

 

6/15/2004

 

 

13,597

 

 

477,361

 

 

100

%

Uptown Plaza - Dallas

 

 

Grotto, Century Bank, Pei Wei

 

 

Dallas

 

 

TX

 

 

3/30/2006

 

 

38,872

 

 

1,622,985

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-Tenant Shopping Centers Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

877,771

 

 

19,198,963

 

 

 

 

Single Tenant (Ground Leases)

 

City

 

State

 

Date
Acquired

 

GLA

 

Annualized
Base Rent as of
December 31,
2006

 

%
Leased

 

 

 

 

 

 

 

 

CVS Corporation

 

 

Houston

 

 

TX

 

 

1/10/2003

 

 

13,824

 

$

327,167

 

 

100

%

Darden Restaurants

 

 

Peachtree City

 

 

GA

 

 

12/18/1998

 

 

6,867

 

 

79,366

 

 

100

%

Carlson Restaurants

 

 

Hanover

 

 

MD

 

 

9/16/2003

 

 

6,802

 

 

141,674

 

 

100

%

Citibank

 

 

San Antonio

 

 

TX

 

 

12/17/2004

 

 

4,439

 

 

155,000

 

 

100

%

Fontana Tract (2)

 

 

Dallas

 

 

TX

 

 

12/11/2006

 

 

—  

 

 

—  

 

 

—  

 

Washington Mutual

 

 

Houston

 

 

TX

 

 

12/11/1996

 

 

3,685

 

 

98,160

 

 

100

%

Washington Mutual

 

 

The Woodlands

 

 

TX

 

 

9/23/1996

 

 

3,685

 

 

61,794

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single Tenant (Ground Leases) Total

 

 

 

 

 

 

 

 

 

 

 

39,302

 

 

863,161

 

 

 

 

14


Single Tenant (Fee Simple)

 

City

 

State

 

Date
Acquired

 

GLA

 

Annualized
Base Rent as of
December 31,
2006

 

%
Leased

 

 

 

 

 

 

 

 

Golden Corral

 

 

Houston

 

 

TX

 

 

7/23/2002

 

 

12,000

 

 

182,994

 

 

100

%

Golden Corral

 

 

Humble

 

 

TX

 

 

7/23/2002

 

 

12,000

 

 

181,688

 

 

100

%

Carlson Restaurants

 

 

Houston

 

 

TX

 

 

7/23/2005

 

 

8,500

 

 

200,000

 

 

100

%

#1483 IHOP Corporation

 

 

Sugarland

 

 

TX

 

 

9/22/1999

 

 

4,020

 

 

189,146

 

 

100

%

#1737 IHOP Corporation

 

 

Centerville

 

 

UT

 

 

7/25/2002

 

 

4,020

 

 

162,656

 

 

100

%

# 4462 IHOP Corporation (5)

 

 

Memphis

 

 

TN

 

 

8/23/2002

 

 

4,020

 

 

178,898

 

 

100

%

#5318 IHOP Corporation

 

 

Topeka

 

 

KS

 

 

9/30/1999

 

 

4,020

 

 

158,359

 

 

100

%

AFC, Inc.

 

 

Atlanta

 

 

GA

 

 

7/23/2002

 

 

2,583

 

 

119,279

 

 

100

%

Advance Auto (1)(2)(3)(4)

 

 

Various

 

 

 

 

 

Various

 

 

21,000

 

 

131,421

 

 

Note

(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Single Tenant (Fee Simple) Total

 

 

 

 

 

 

 

 

 

 

 

72,163

 

 

1,504,441

 

 

 

 

Single Tenant (Leasehold)

 

City

 

State

 

Date
Acquired

 

GLA

 

Annualized
Base Rent as of
December 31,
2006

 

%
Leased

 

 

 

 

 

 

 

 

IHOP Corporation (5)

 

 

Various

 

 

Various

 

 

Various

 

 

60,300

 

$

1,560,215

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Company Total GLA % Leased

 

 

 

 

 

 

 

 

 

 

 

1,049,725

 

$

23,126,780

 

 

96.50

%

(1)

Under Development (GLA represents proposed leaseable 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, OR, VA, TX, CA, TN, CO, VA, NY, OR, KS, UT 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 AmREIT, 19.6% of which is own by AMREIT Income & Growth Fund, one of our affiliated merchant development funds, and the remainder of which is owned by unaffiliated third parties.

(6)

This property is 100% leased; however, rent does not commence until after December 31, 2006.

15


Top Tenants by revenue concentration for the year ended December 31, 2006:

Tenant

 

Rental
Income

 

% of Rental
Income

 

 

 

 

Kroger

 

$

2,710

 

 

8.94

%

IHOP Corporation

 

 

2,249

 

 

7.42

%

CVS/pharmacy

 

 

1,046

 

 

3.45

%

Landry’s

 

 

872

 

 

2.88

%

Linens ‘N Things

 

 

624

 

 

2.06

%

 

 

 

 

Total

 

$

7,501

 

 

24.75

%

 

 

 

 

Leasing Activity for the quarter ended December 31, 2006:

 

 

 

 

 

 

 

 

Rent per sq. ft.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# of leases

 

Total sq. ft.

 

New Rent

 

Old Rent

 

% Change

 

 

 

 

 

 

 

 

New leases

 

 

7

 

 

19,302

 

 

35.43

 

 

N/A

 

 

N/A

 

Activity on Existing Leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease renewals

 

 

3

 

 

10,445

 

 

30.67

 

 

25.67

 

 

19.48

%

Non-renewals

 

 

0

 

 

—  

 

 

N/A

 

 

N/A

 

 

N/A

 

Expired/Cancelled leases

 

 

3

 

 

5,607

 

 

N/A

 

 

19.61

 

 

N/A

 

16


Lease Expirations by Year:

Expiration Year

 

Number of
Leases
Expiring

 

Square
Footage

 

Percent
of Total

 

 

 

 

 

2007

 

 

15

 

 

35,369

 

 

3.65

%

2008

 

 

22

 

 

67,791

 

 

7.00

%

2009

 

 

32

 

 

77,939

 

 

8.05

%

2010

 

 

32

 

 

130,919

 

 

13.52

%

2011

 

 

52

 

 

193,102

 

 

19.95

%

2012

 

 

7

 

 

26,274

 

 

2.71

%

2013

 

 

6

 

 

25,373

 

 

2.62

%

2014

 

 

7

 

 

27,287

 

 

2.82

%

2015

 

 

1

 

 

3,000

 

 

0.31

%

2016

 

 

10

 

 

49,583

 

 

5.12

%

2019

 

 

1

 

 

4,020

 

 

0.42

%

2020

 

 

4

 

 

75,991

 

 

7.85

%

2021

 

 

4

 

 

86,806

 

 

8.97

%

2022

 

 

1

 

 

4,020

 

 

0.42

%

2023

 

 

1

 

 

63,373

 

 

6.55

%

2024

 

 

3

 

 

21,864

 

 

2.26

%

2025

 

 

6

 

 

32,100

 

 

3.32

%

2026

 

 

4

 

 

16,080

 

 

1.66

%

2027

 

 

3

 

 

12,060

 

 

1.25

%

2056

 

 

1

 

 

15,120

 

 

1.56

%

 

 

 

 

Totals

 

 

212

 

 

968,071

 

 

100.00

%

17