UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 2, 2021, the Company issued a press release regarding its financial results for the three and nine months ended September 30, 2021. A copy of the press release is furnished as Exhibit 99.1 to this report.
In addition, on November 3, 2021, the Company published certain supplementary financial information relating to the three and nine months ended September 30, 2021. Such information is furnished as Exhibit 99.2 to this report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
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99.1 |
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99.2 |
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104 |
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Cover Page Interactive Data File (embedded within Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SERITAGE GROWTH PROPERTIES |
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By: |
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/s/ Matthew Fernand |
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Matthew Fernand |
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Chief Legal Officer |
Date: November 3, 2021
Exhibit 99.1
Seritage Growth Properties Reports Third Quarter 2021 Operating Results
New York – November 2, 2021– Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of 170 retail, residential and mixed-use properties today reported financial and operating results for the three and nine months ended September 30, 2021.
“In the third quarter of 2021, we continued the repositioning of our portfolio into three main business lines: residential developments, both in conjunction with best-in-class partners or led by our in-house team; premier mixed-use assets, including large-scale master planned projects; and multi-tenant retail destinations such as grocery-anchored shopping centers and NNN outparcels,” said Andrea Olshan, Chief Executive Officer and President. “We are particularly excited about our residential opportunities, where we have accelerated the development of roughly 420 acres across 30 sites utilizing our integrated platform. Our team is hard at work advancing our site diligence and rigorously pursuing all necessary entitlements. This in house effort is dual tracked with our residential joint venture developments, and we are excited to be opening the first of these projects in the fourth quarter of this year.”
“As we focus on executing our development and leasing plans, we will continue to evaluate all facets of our company to ensure Seritage is optimally positioned to drive maximum value creation for our shareholders,” Ms. Olshan continued. “As part of this evaluation process, we are engaged in conversations with both our current and potential future lenders as to how to best capitalize our portfolio going forward.”
Financial Highlights:
During the third quarter, the Company reported:
For the nine months ended September 30, 2021:
Business Highlights
1
Financial Summary
The table below provides a summary of the Company’s financial results for the three months ended September 30, 2021:
(in thousands except per share amounts) |
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Three Months Ended |
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September 30, 2021 |
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June 30, 2021 |
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September 30, 2020 |
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Net loss attributable to Seritage |
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$ |
(21,759 |
) |
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$ |
(74,065 |
) |
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$ |
(51,278 |
) |
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Net loss per diluted share attributable to Seritage |
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(0.50 |
) |
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(1.73 |
) |
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(1.33 |
) |
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Total NOI |
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8,075 |
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7,553 |
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5,979 |
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FFO |
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(27,696 |
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(33,911 |
) |
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(19,898 |
) |
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FFO per diluted share |
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(0.49 |
) |
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(0.61 |
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(0.36 |
) |
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Company FFO |
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(24,909 |
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(29,305 |
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(25,093 |
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Company FFO per diluted share |
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(0.44 |
) |
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(0.52 |
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(0.45 |
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For the quarter ended September 30, 2021:
Total NOI is comprised of:
(in thousands) |
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Three Months Ended |
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Consolidated Properties |
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September 30, 2021 |
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Multi-tenant retail |
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$ |
11,395 |
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Premier |
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(458 |
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Residential |
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(3,099 |
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Sell |
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(974 |
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Sold |
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492 |
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Total |
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7,356 |
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Unconsolidated Properties |
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Residential |
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50 |
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Premier |
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132 |
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Other joint ventures |
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537 |
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Total |
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719 |
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Total NOI |
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$ |
8,075 |
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As of September 30, 2021, the Company had cash on hand of $160.5 million, including $7.2 million of restricted cash. The Company expects to use these sources of liquidity, together with a combination of future sales and/or potential debt and capital markets transactions, to fund its operations and select development activity. The availability of funding from sales of assets, partnerships and credit or capital markets transactions is subject to various conditions, including the consent of the Company’s lender under its $1.6 billion term loan facility (the “Term Loan Facility”), and there can be no assurance that such transactions will be consummated.
Dispositions
2
During the three months ended September 30, 2021, the Company sold five properties, generating $76.8 million of gross proceeds. Of the third quarter transactions:
As of November 2, 2021, the Company had assets under contract for sale representing anticipated gross proceeds of $224.4 million, subject to buyer diligence and closing conditions. The Company intends to realize cumulative gross proceeds of more than $350.0 million in 2021 through its ongoing capital recycling program. Since Seritage began its capital recycling program in July 2017, the Company has raised approximately $1.3 billion of gross cash proceeds from the sale of wholly-owned properties or joint venture interests in 110 properties, plus outparcels at various properties.
Development Activity
During the nine months ended September 30, 2021, the Company invested $77.6 million in its consolidated development and operating properties and an additional $31.7 million into its unconsolidated entities, including $32.6 million and $10.4 million, respectively during the three months ended September 30, 2021.
Multi-Tenant Retail: During the nine months ended September 30, 2021, the Company invested $32.1 million in its multi-tenant retail properties. The last two multi-tenant retail development projects at Roseville, Calif. and Ft. Wayne, Ind. are slated for their grand openings in the fourth quarter of 2021 and third quarter of 2022, respectively, and the remaining capital expenditures in the multi-tenant retail portfolio are primarily comprised of tenant improvements. During the third quarter, the Company opened stores representing 115 thousand square feet and $1.9 million of annual base rent. In total, for the first nine months of 2021, the Company opened stores representing 347 thousand square feet and $5.5 million of annual base rent.
Premier Mixed-Use: During the third quarter of 2021, the Company completed the first phase of its infrastructure work at its Park Heritage project in Dallas, Texas, and expects to complete the second and final phase by the second quarter of 2022. This project is entitled for residential, office and retail, and the Company is in active negotiations with various tenants. During the nine months ended September 30, 2021, the Company invested $33.0 million in its premier mixed-use projects and contributed $3.2 million to its premier mixed-used projects held in unconsolidated entities.
Subsequent to quarter end, the Company announced that the first tenant in its inaugural premier redevelopment opened at The Collection at UTC in San Diego, Calif. The Company continues to believe it is on track to open its project in Aventura, Fla., (Miami MSA), in the fourth quarter of 2022.
Residential: During the third quarter of 2021, the Company closed on legacy joint venture partnerships for the residential redevelopment of two properties located in West Covina, Calif. and Riverside, Calif. The Company contributed only the residential portion of these projects, or 66% of the acreage, to the joint venture at a value of $15.9 million (in aggregate), representing $21,300 per unit, and retained an 80% interest in each entity. The Company expects to open its first residential joint venture project in the fourth quarter of 2021. During the nine months ended September 30, 2021, the Company invested $1.2 million in its consolidated residential properties and an additional $12.3 million into its residential unconsolidated joint ventures.
Leasing Results
The table below provides a summary of all signed leases as of September 30, 2021, including unconsolidated entities at the Company’s proportional share:
(in thousands except number of leases and per square foot metrics)
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Number of |
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Leased |
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% of Total |
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Annual Base |
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% of |
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Tenant |
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Leases |
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GLA |
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Leased GLA |
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Rent ("ABR") |
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Total ABR |
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ABR PSF |
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In-place diversified leases |
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255 |
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5,673 |
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82.2 |
% |
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$ |
92,105 |
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76.4 |
% |
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$ |
16.24 |
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SNO diversified leases (1) |
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71 |
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1,226 |
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17.8 |
% |
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28,527 |
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23.6 |
% |
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23.27 |
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Total diversified leases |
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326 |
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6,899 |
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100.0 |
% |
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$ |
120,632 |
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100.0 |
% |
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$ |
17.49 |
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Multi-tenant Retail: The Company has 3.5 million leased square feet and 560 thousand square feet signed but not opened. With occupancy at 82%, the Company has 897 thousand square feet available for lease. During the three months ended September 30, 2021, the Company signed new leases at its retail properties totaling 96 thousand square feet at an average base rent of $13.11 PSF.
3
Additionally, the Company generated a leasing pipeline of over 200 thousand square feet comprised of big box value retailers and other national tenants.
Premier Mixed-Use: The Company has three premier mixed-use projects in the active leasing stage. In addition, for the office components of its mixed-use projects, the Company plans to sign leases prior to construction. As of September 30, 2021, the Company has 59 thousand leased square feet (47 thousand at share), 166 thousand square feet signed but not opened (157 thousand at share), and 389 thousand square feet available for lease (246 thousand at share). Additionally, the Company generated a leasing pipeline of approximately 150 thousand square feet (73 thousand at share).
The table below provides a reconciliation of SNO leases from June 30, 2021 to September 30, 2021, including unconsolidated entities at the Company’s proportional share:
(in thousands except number of leases and per square foot metrics)
(in thousands except number of leases and PSF data) |
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Number of |
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Annual |
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SNO Leases |
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GLA |
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ABR |
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Rent PSF |
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As of June 30, 2021 |
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83 |
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1,349 |
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$ |
32,339 |
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$ |
23.97 |
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Opened |
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(14 |
) |
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(208 |
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(3,793 |
) |
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18.26 |
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Sold / Contributed to JVs / terminated |
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(2 |
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(50 |
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(1,025 |
) |
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20.50 |
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Signed (1) |
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4 |
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135 |
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1,006 |
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7.44 |
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As of September 30, 2021 |
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71 |
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1,226 |
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$ |
28,527 |
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$ |
23.27 |
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During the three months ended September 30, 2021, the majority of the $1.0 million of SNO leases that were sold, contributed to unconsolidated entities or terminated were comprised of leases opportunistically terminated, or expected to be terminated, at the Company’s option to either mitigate tenant exposure risk or retain the space to execute on what we believe is a more accretive plan.
Dividends
On July 27, 2021, the Company’s Board of Trustees declared a preferred stock dividend of $0.4375 per each Series A Preferred Share. The preferred dividend was paid on October 15, 2021 to holders of record on September 30, 2021.
On October 26, 2021, the Company’s Board of Trustees declared a preferred stock dividend of $0.4375 per each Series A Preferred Share. The preferred dividend will be payable on January 14, 2022 to holders of record on December 31, 2021.
The Company’s Board of Trustees does not expect to declare dividends on its common shares in 2021 unless required to do so to maintain REIT status.
Supplemental Report
A Supplemental Report will be available in the Investors section of the Company’s website, www.seritage.com.
COVID-19 Pandemic
The Coronavirus (“COVID-19”) pandemic has caused and continues to cause significant impacts on the real estate industry in the United States, including the Company’s properties.
As a result of the development, fluidity and uncertainty surrounding this situation, the Company expects that these conditions may change, potentially significantly, in future periods and results for the three and nine months ended September 30, 2021 may not be indicative of the impact of the COVID-19 pandemic on the Company’s business for future periods. As such, the Company cannot reasonably estimate the impact of COVID-19 on its financial condition, results of operations or cash flows over the foreseeable future.
Non-GAAP Financial Measures
The Company makes reference to NOI, Total NOI, FFO and Company FFO which are financial measures that include adjustments to accounting principles generally accepted in the United States (“GAAP”).
4
None of NOI, Total NOI, FFO or Company FFO, are measures that (i) represent cash flow from operations as defined by GAAP; (ii) are indicative of cash available to fund all cash flow needs, including the ability to make distributions; (iii) are alternatives to cash flow as a measure of liquidity; or (iv) should be considered alternatives to net income (which is determined in accordance with GAAP) for purposes of evaluating the Company’s operating performance. Reconciliations of these measures to the respective GAAP measures the Company deems most comparable have been provided in the tables accompanying this press release.
Net Operating Income ("NOI”) and Total NOI
NOI is defined as income from property operations less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly the Company’s depiction of NOI may not be comparable to other REITs. The Company believes NOI provides useful information regarding Seritage, its financial condition, and results of operations because it reflects only those income and expense items that are incurred at the property level.
The Company also uses Total NOI, which includes its proportional share of unconsolidated properties. This form of presentation offers insights into the financial performance and condition of the Company as a whole given the Company’s ownership of unconsolidated properties that are accounted for under GAAP using the equity method.
The Company also considers NOI and Total NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI variable items such as termination fee income, as well as non-cash items such as straight-line rent and amortization of lease intangibles.
Funds from Operations ("FFO") and Company FFO
FFO is calculated in accordance with NAREIT which defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from property sales, real estate related depreciation and amortization, and impairment charges on depreciable real estate assets. The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry.
The Company makes certain adjustments to FFO, which it refers to as Company FFO, to account for certain non-cash and noncomparable items, such as termination fee income, severance and restructuring costs, unrealized loss on interest rate cap, litigation charges, acquisition-related expenses, amortization of deferred financing costs and certain up-front-hiring costs, that it does not believe are representative of ongoing operating results.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause or contribute to such differences include, but are not limited to: declines in retail, real estate and general economic conditions; the impact of the COVID-19 pandemic on the business of the Company’s tenants and business, income, cash flow, results of operations, financial condition, liquidity, prospects, ability to service the Company’s debt obligations and ability to pay dividends and other distributions to shareholders, the Company’s historical exposure to Sears Holdings and the effects of its previously announced bankruptcy filing; the litigation filed against us and other defendants in the Sears Holdings adversarial proceeding pending in bankruptcy court; risks relating to redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company’s indebtedness; restrictions with which the Company is required to comply in order to maintain REIT status and other legal requirements to which the Company is subject; failure to achieve expected occupancy and/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on the Company’s ability to fund operations and ongoing development; the Company’s ability to access or obtain sufficient sources of financing to fund the Company’s liquidity needs; the Company’s relatively limited history as an operating company; and environmental, health, safety and land use laws and regulations. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2020. While the Company believes that its forecasts and assumptions are reasonable, the Company cautions that actual results may differ materially. The Company intends the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.
5
About Seritage Growth Properties
Seritage is principally engaged in the ownership, development, redevelopment, management and leasing of diversified and mixed-use properties throughout the United States. As of September 30, 2021, the Company’s portfolio consisted of interests in 170 properties comprised of approximately 10.0 million square feet of GLA or build-to-suit leased area (approximately 8.0 million at share), approximately 4.0 million of which is held by unconsolidated entities (approximately 2.0 million at share), approximately 600 acres held for or under development and approximately 10.0 million square feet of GLA or approximately 850 acres to be disposed of.
Contact
Seritage Growth Properties
(212) 355-7800
IR@Seritage.com
6
Seritage Growth Properties
CONDENSED Consolidated Balance SheetS
(In thousands, except share and per share amounts)
(Unaudited)
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September 30, 2021 |
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December 31, 2020 |
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ASSETS |
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Investment in real estate |
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Land |
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$ |
516,488 |
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$ |
592,770 |
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Buildings and improvements |
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999,343 |
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1,107,532 |
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Accumulated depreciation |
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(159,347 |
) |
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(142,206 |
) |
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1,356,484 |
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1,558,096 |
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Construction in progress |
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390,443 |
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352,776 |
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Net investment in real estate |
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1,746,927 |
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1,910,872 |
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Real estate held for sale |
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12,273 |
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1,864 |
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Investment in unconsolidated entities |
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464,244 |
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457,033 |
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Cash and cash equivalents |
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153,378 |
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143,728 |
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Restricted cash |
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7,150 |
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6,526 |
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Tenant and other receivables, net |
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27,499 |
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46,570 |
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Lease intangible assets, net |
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15,970 |
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18,595 |
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Prepaid expenses, deferred expenses and other assets, net |
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67,265 |
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63,755 |
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Total assets (1) |
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$ |
2,494,706 |
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$ |
2,648,943 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Liabilities |
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Term Loan Facility, net |
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$ |
1,599,226 |
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$ |
1,598,909 |
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Sales-leaseback financing obligations |
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20,613 |
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20,425 |
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Accounts payable, accrued expenses and other liabilities |
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123,178 |
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146,882 |
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Total liabilities (1) |
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1,743,017 |
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1,766,216 |
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Commitments and contingencies (Note 9) |
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Shareholders' Equity |
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Class A common shares $0.01 par value; 100,000,000 shares authorized; |
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436 |
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389 |
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Series A preferred shares $0.01 par value; 10,000,000 shares authorized; |
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28 |
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28 |
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Additional paid-in capital |
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1,240,311 |
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1,177,260 |
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Accumulated deficit |
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(625,491 |
) |
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|
(528,637 |
) |
Total shareholders' equity |
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615,284 |
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649,040 |
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Non-controlling interests |
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136,405 |
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|
233,687 |
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Total equity |
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751,689 |
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|
|
882,727 |
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Total liabilities and shareholders' equity |
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$ |
2,494,706 |
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$ |
2,648,943 |
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(1) The Company's condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The condensed consolidated balance sheets, as of September 30, 2021, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $6.6 million of land, $3.9 million of building and improvements, $(0.9) million of accumulated depreciation and $4.3 million of other assets included in other line items. The Company's condensed consolidated balance sheets as of December 31, 2020, do not include assets and liabilities of consolidated variable interest entities. |
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7
Seritage Growth Properties
CONDENSED Consolidated Statements of OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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REVENUE |
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Rental income |
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$ |
28,819 |
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$ |
33,966 |
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$ |
87,560 |
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|
$ |
88,724 |
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Management and other fee income / (expense) |
|
|
184 |
|
|
|
(259 |
) |
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|
598 |
|
|
|
119 |
|
Total revenue |
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|
29,003 |
|
|
|
33,707 |
|
|
|
88,158 |
|
|
|
88,843 |
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EXPENSES |
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||||
Property operating |
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|
11,585 |
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|
|
11,154 |
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|
|
33,514 |
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|
|
30,152 |
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Real estate taxes |
|
|
8,542 |
|
|
|
9,487 |
|
|
|
27,758 |
|
|
|
28,096 |
|
Depreciation and amortization |
|
|
13,159 |
|
|
|
23,647 |
|
|
|
39,629 |
|
|
|
81,446 |
|
General and administrative |
|
|
8,780 |
|
|
|
11,203 |
|
|
|
32,002 |
|
|
|
29,267 |
|
Total expenses |
|
|
42,066 |
|
|
|
55,491 |
|
|
|
132,903 |
|
|
|
168,961 |
|
Gain / (loss) on sale of real estate, net |
|
|
22,774 |
|
|
|
(14,706 |
) |
|
|
65,079 |
|
|
|
59,959 |
|
Impairment of real estate assets |
|
|
(3,814 |
) |
|
|
(14,594 |
) |
|
|
(70,053 |
) |
|
|
(16,407 |
) |
Equity in loss of unconsolidated entities |
|
|
(5,535 |
) |
|
|
(335 |
) |
|
|
(9,024 |
) |
|
|
(2,551 |
) |
Interest and other income |
|
|
48 |
|
|
|
1,986 |
|
|
|
8,202 |
|
|
|
2,460 |
|
Interest expense |
|
|
(26,721 |
) |
|
|
(22,742 |
) |
|
|
(81,847 |
) |
|
|
(66,400 |
) |
Loss before taxes |
|
|
(26,311 |
) |
|
|
(72,175 |
) |
|
|
(132,388 |
) |
|
|
(103,057 |
) |
Provision for taxes |
|
|
(38 |
) |
|
|
(226 |
) |
|
|
(198 |
) |
|
|
(215 |
) |
Net loss |
|
|
(26,349 |
) |
|
|
(72,401 |
) |
|
|
(132,586 |
) |
|
|
(103,272 |
) |
Net loss attributable to non-controlling interests |
|
|
5,815 |
|
|
|
22,348 |
|
|
|
31,492 |
|
|
|
32,627 |
|
Net loss attributable to Seritage |
|
$ |
(20,534 |
) |
|
$ |
(50,053 |
) |
|
$ |
(101,094 |
) |
|
$ |
(70,645 |
) |
Preferred dividends |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(3,675 |
) |
|
|
(3,675 |
) |
Net loss attributable to Seritage common shareholders |
|
$ |
(21,759 |
) |
|
$ |
(51,278 |
) |
|
$ |
(104,769 |
) |
|
$ |
(74,320 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss per share attributable to Seritage Class A |
|
$ |
(0.50 |
) |
|
$ |
(1.33 |
) |
|
$ |
(2.50 |
) |
|
$ |
(1.95 |
) |
Net loss per share attributable to Seritage Class A |
|
$ |
(0.50 |
) |
|
$ |
(1.33 |
) |
|
$ |
(2.50 |
) |
|
$ |
(1.95 |
) |
Weighted average Class A common shares |
|
|
43,631 |
|
|
|
38,645 |
|
|
|
41,976 |
|
|
|
38,172 |
|
Weighted average Class A common shares |
|
|
43,631 |
|
|
|
38,645 |
|
|
|
41,976 |
|
|
|
38,172 |
|
8
Reconciliation of Net Loss to NOI and Total NOI (in thousands)
|
|
Three Months Ended |
|
|
Nine Months Ended September 30, |
|
||||||||||||||
NOI and Total NOI |
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
September 30, 2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Net loss |
|
$ |
(26,349 |
) |
|
$ |
(95,304 |
) |
|
$ |
(72,401 |
) |
|
$ |
(132,586 |
) |
|
$ |
(103,272 |
) |
Termination fee income |
|
|
(379 |
) |
|
|
— |
|
|
|
(5,300 |
) |
|
|
(2,990 |
) |
|
|
(6,290 |
) |
Management and other fee (income) / expense |
|
|
(184 |
) |
|
|
(279 |
) |
|
|
259 |
|
|
|
(598 |
) |
|
|
(119 |
) |
Depreciation and amortization |
|
|
13,159 |
|
|
|
13,328 |
|
|
|
23,647 |
|
|
|
39,629 |
|
|
|
81,446 |
|
General and administrative expenses |
|
|
8,780 |
|
|
|
11,990 |
|
|
|
11,203 |
|
|
|
32,002 |
|
|
|
29,267 |
|
Equity in loss of unconsolidated entities |
|
|
5,535 |
|
|
|
2,327 |
|
|
|
335 |
|
|
|
9,024 |
|
|
|
2,551 |
|
(Gain) / loss on sale of real estate, net |
|
|
(22,774 |
) |
|
|
(18,097 |
) |
|
|
14,706 |
|
|
|
(65,079 |
) |
|
|
(59,959 |
) |
Impairment of real estate assets |
|
|
3,814 |
|
|
|
64,539 |
|
|
|
14,594 |
|
|
|
70,053 |
|
|
|
16,407 |
|
Interest and other income |
|
|
(48 |
) |
|
|
(530 |
) |
|
|
(1,986 |
) |
|
|
(8,202 |
) |
|
|
(2,460 |
) |
Interest expense |
|
|
26,721 |
|
|
|
28,976 |
|
|
|
22,742 |
|
|
|
81,847 |
|
|
|
66,400 |
|
Provision for income taxes |
|
|
38 |
|
|
|
298 |
|
|
|
226 |
|
|
|
198 |
|
|
|
215 |
|
Straight-line rent / (expense) |
|
|
(1,005 |
) |
|
|
(1,238 |
) |
|
|
(1,774 |
) |
|
|
(2,033 |
) |
|
|
3,621 |
|
Above/below market rental (income) / expense |
|
|
48 |
|
|
|
102 |
|
|
|
(1,541 |
) |
|
|
111 |
|
|
|
(1,677 |
) |
NOI |
|
$ |
7,356 |
|
|
$ |
6,112 |
|
|
$ |
4,710 |
|
|
$ |
21,376 |
|
|
$ |
26,130 |
|
Unconsolidated entities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net operating income of unconsolidated entities |
|
|
666 |
|
|
|
1,646 |
|
|
|
1,481 |
|
|
|
4,749 |
|
|
|
4,297 |
|
Straight-line rent |
|
|
(272 |
) |
|
|
(168 |
) |
|
|
(136 |
) |
|
|
(576 |
) |
|
|
(407 |
) |
Above/below market rental (income) / expense |
|
|
181 |
|
|
|
(29 |
) |
|
|
(76 |
) |
|
|
119 |
|
|
|
(616 |
) |
Termination fee (income) / expense |
|
|
144 |
|
|
|
(9 |
) |
|
|
— |
|
|
|
(607 |
) |
|
|
(293 |
) |
Total NOI |
|
$ |
8,075 |
|
|
$ |
7,553 |
|
|
$ |
5,979 |
|
|
$ |
25,061 |
|
|
$ |
29,111 |
|
9
Reconciliation of Net Loss to FFO and Company FFO (in thousands)
|
|
Three Months Ended |
|
|
Nine Months Ended September 30, |
|
||||||||||||||
FFO and Company FFO |
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
September 30, 2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Net income / (loss) |
|
$ |
(26,349 |
) |
|
$ |
(95,304 |
) |
|
$ |
(72,401 |
) |
|
$ |
(132,586 |
) |
|
$ |
(103,272 |
) |
Real estate depreciation and amortization |
|
|
12,781 |
|
|
|
12,959 |
|
|
|
23,158 |
|
|
|
38,496 |
|
|
|
79,946 |
|
Real estate depreciation and amortization |
|
|
3,971 |
|
|
|
3,217 |
|
|
|
1,270 |
|
|
|
10,354 |
|
|
|
5,711 |
|
(Gain) / loss on sale of real estate |
|
|
(22,774 |
) |
|
|
(18,097 |
) |
|
|
14,706 |
|
|
|
(65,079 |
) |
|
|
(59,959 |
) |
Impairment of real estate assets |
|
|
3,814 |
|
|
|
64,539 |
|
|
|
14,594 |
|
|
|
70,053 |
|
|
|
16,407 |
|
Loss on disposition of real estate |
|
|
2,086 |
|
|
|
— |
|
|
|
— |
|
|
|
2,086 |
|
|
|
— |
|
Dividends on preferred shares |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(3,675 |
) |
|
|
(3,675 |
) |
FFO attributable to common shareholders |
|
$ |
(27,696 |
) |
|
$ |
(33,911 |
) |
|
$ |
(19,898 |
) |
|
$ |
(80,351 |
) |
|
$ |
(64,842 |
) |
Termination fee income |
|
|
(379 |
) |
|
|
— |
|
|
|
(5,300 |
) |
|
|
(2,990 |
) |
|
|
(6,290 |
) |
Termination fee income |
|
|
144 |
|
|
|
(9 |
) |
|
|
— |
|
|
|
(607 |
) |
|
|
(293 |
) |
Amortization of deferred financing costs |
|
|
105 |
|
|
|
106 |
|
|
|
105 |
|
|
|
317 |
|
|
|
316 |
|
Severance and restructuring costs |
|
|
2,891 |
|
|
|
2,196 |
|
|
|
— |
|
|
|
5,087 |
|
|
|
425 |
|
Mortgage recording costs |
|
|
26 |
|
|
|
2,313 |
|
|
|
— |
|
|
|
2,339 |
|
|
|
— |
|
Company FFO attributable to common |
|
$ |
(24,909 |
) |
|
$ |
(29,305 |
) |
|
$ |
(25,093 |
) |
|
$ |
(76,205 |
) |
|
$ |
(70,684 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FFO per diluted common share and unit |
|
$ |
(0.49 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.44 |
) |
|
$ |
(1.16 |
) |
Company FFO per diluted common share and unit |
|
$ |
(0.44 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.45 |
) |
|
$ |
(1.36 |
) |
|
$ |
(1.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted Average Common Shares and Units Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average common shares outstanding |
|
|
43,631 |
|
|
|
42,772 |
|
|
|
38,645 |
|
|
|
41,976 |
|
|
|
38,172 |
|
Weighted average OP units outstanding |
|
|
12,355 |
|
|
|
13,191 |
|
|
|
17,255 |
|
|
|
13,978 |
|
|
|
17,694 |
|
Weighted average common shares and |
|
|
55,986 |
|
|
|
55,963 |
|
|
|
55,900 |
|
|
|
55,954 |
|
|
|
55,866 |
|
10
Exhibit 99.2
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “projects,” “would,” “may” or other similar expressions in the Company’s Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of the Company’s Quarterly Report on Form 10-Q. The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in Part 1 of the Quarterly Report.
Financial Information
Summary Information
September 30, 2021
(in thousands, except per share and PSF amounts)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
Financial Results |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Net loss attributable to Seritage |
|
$ |
(21,759 |
) |
|
$ |
(51,278 |
) |
|
$ |
(104,769 |
) |
|
$ |
(74,320 |
) |
Total NOI |
|
$ |
8,075 |
|
|
$ |
5,979 |
|
|
$ |
25,061 |
|
|
$ |
29,111 |
|
FFO |
|
$ |
(27,696 |
) |
|
$ |
(19,898 |
) |
|
$ |
(80,351 |
) |
|
$ |
(64,842 |
) |
Company FFO |
|
$ |
(24,909 |
) |
|
$ |
(25,093 |
) |
|
$ |
(76,205 |
) |
|
$ |
(70,684 |
) |
Net loss per diluted share attributable to Seritage |
|
$ |
(0.50 |
) |
|
$ |
(1.33 |
) |
|
$ |
(2.50 |
) |
|
$ |
(1.95 |
) |
FFO per diluted share |
|
$ |
(0.49 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.44 |
) |
|
$ |
(1.16 |
) |
Company FFO per diluted share |
|
$ |
(0.44 |
) |
|
$ |
(0.45 |
) |
|
$ |
(1.36 |
) |
|
$ |
(1.27 |
) |
Wtd. avg. diluted shares - EPS |
|
|
43,631 |
|
|
|
38,645 |
|
|
|
41,976 |
|
|
|
38,172 |
|
Wtd. avg diluted shares - FFO/share |
|
|
55,986 |
|
|
|
55,900 |
|
|
|
55,954 |
|
|
|
55,866 |
|
Stock trading price range |
|
$14.25to$18.22 |
|
|
$9.24to$15.97 |
|
|
$13.86to$23.22 |
|
|
$6.49to$40.50 |
|
Condensed Consolidated Balance Sheets (unaudited)
September 30, 2021
(in thousands, except share and per share amounts)
|
|
September 30, 2021 |
|
|
December 31, 2020 |
|
||
ASSETS |
|
|
|
|
|
|
||
Investment in real estate |
|
|
|
|
|
|
||
Land |
|
$ |
516,488 |
|
|
$ |
592,770 |
|
Buildings and improvements |
|
|
999,343 |
|
|
|
1,107,532 |
|
Accumulated depreciation |
|
|
(159,347 |
) |
|
|
(142,206 |
) |
|
|
|
1,356,484 |
|
|
|
1,558,096 |
|
Construction in progress |
|
|
390,443 |
|
|
|
352,776 |
|
Net investment in real estate |
|
|
1,746,927 |
|
|
|
1,910,872 |
|
Real estate held for sale |
|
|
12,273 |
|
|
|
1,864 |
|
Investment in unconsolidated entities |
|
|
464,244 |
|
|
|
457,033 |
|
Cash and cash equivalents |
|
|
153,378 |
|
|
|
143,728 |
|
Restricted cash |
|
|
7,150 |
|
|
|
6,526 |
|
Tenant and other receivables, net |
|
|
27,499 |
|
|
|
46,570 |
|
Lease intangible assets, net |
|
|
15,970 |
|
|
|
18,595 |
|
Prepaid expenses, deferred expenses and other assets, net |
|
|
67,265 |
|
|
|
63,755 |
|
Total assets (1) |
|
$ |
2,494,706 |
|
|
$ |
2,648,943 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
||
Term Loan Facility, net |
|
$ |
1,599,226 |
|
|
$ |
1,598,909 |
|
Sales-leaseback financing obligations |
|
|
20,613 |
|
|
|
20,425 |
|
Accounts payable, accrued expenses and other liabilities |
|
|
123,178 |
|
|
|
146,882 |
|
Total liabilities (1) |
|
|
1,743,017 |
|
|
|
1,766,216 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies (Note 9) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Shareholders' Equity |
|
|
|
|
|
|
||
Class A common shares $0.01 par value; 100,000,000 shares authorized; |
|
|
436 |
|
|
|
389 |
|
Series A preferred shares $0.01 par value; 10,000,000 shares authorized; |
|
|
28 |
|
|
|
28 |
|
Additional paid-in capital |
|
|
1,240,311 |
|
|
|
1,177,260 |
|
Accumulated deficit |
|
|
(625,491 |
) |
|
|
(528,637 |
) |
Total shareholders' equity |
|
|
615,284 |
|
|
|
649,040 |
|
Non-controlling interests |
|
|
136,405 |
|
|
|
233,687 |
|
Total equity |
|
|
751,689 |
|
|
|
882,727 |
|
Total liabilities and shareholders' equity |
|
$ |
2,494,706 |
|
|
$ |
2,648,943 |
|
(1) The Company's condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The condensed consolidated balance sheets, as of September 30, 2021, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $6.6 million of land, $3.9 million of building and improvements, $(0.9) million of accumulated depreciation and $4.3 million of other assets included in other line items. The Company's condensed consolidated balance sheets as of December 31, 2020, do not include assets and liabilities of consolidated variable interest entities. |
|
Condensed Consolidated Statements of Operations (unaudited)
September 30, 2021
(in thousands, except per share amounts)
|
|
Three Months Ended |
|
|||||||||||||||||||||||||
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|
September 30, 2020 |
|
|
June 30, 2020 |
|
|
March 31, 2020 |
|
|||||||
REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Rental income |
|
$ |
28,819 |
|
|
$ |
27,595 |
|
|
$ |
31,146 |
|
|
$ |
27,478 |
|
|
$ |
33,966 |
|
|
$ |
21,648 |
|
|
$ |
33,110 |
|
Management and other fee income / (expense) |
|
|
184 |
|
|
|
279 |
|
|
|
135 |
|
|
|
174 |
|
|
|
(259 |
) |
|
|
171 |
|
|
|
207 |
|
Total revenue |
|
|
29,003 |
|
|
|
27,874 |
|
|
|
31,281 |
|
|
|
27,652 |
|
|
|
33,707 |
|
|
|
21,819 |
|
|
|
33,317 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Property operating |
|
|
11,585 |
|
|
|
11,286 |
|
|
|
10,643 |
|
|
|
11,012 |
|
|
|
11,154 |
|
|
|
8,697 |
|
|
|
10,301 |
|
Real estate taxes |
|
|
8,542 |
|
|
|
9,061 |
|
|
|
10,155 |
|
|
|
8,672 |
|
|
|
9,487 |
|
|
|
9,384 |
|
|
|
9,225 |
|
Depreciation and amortization |
|
|
13,159 |
|
|
|
13,328 |
|
|
|
13,142 |
|
|
|
14,551 |
|
|
|
23,647 |
|
|
|
23,702 |
|
|
|
34,097 |
|
General and administrative |
|
|
8,780 |
|
|
|
11,990 |
|
|
|
11,232 |
|
|
|
(418 |
) |
|
|
11,203 |
|
|
|
8,644 |
|
|
|
9,420 |
|
Total expenses |
|
|
42,066 |
|
|
|
45,665 |
|
|
|
45,172 |
|
|
|
33,817 |
|
|
|
55,491 |
|
|
|
50,427 |
|
|
|
63,043 |
|
Gain / (loss) on sale of real estate, net |
|
|
22,774 |
|
|
|
18,097 |
|
|
|
24,208 |
|
|
|
28,596 |
|
|
|
(14,706 |
) |
|
|
53,877 |
|
|
|
20,788 |
|
Gain on sale of interests in unconsolidated |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,758 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Impairment of real estate assets |
|
|
(3,814 |
) |
|
|
(64,539 |
) |
|
|
(1,700 |
) |
|
|
(47,701 |
) |
|
|
(14,594 |
) |
|
|
(1,813 |
) |
|
|
— |
|
Equity in loss of unconsolidated entities |
|
|
(5,535 |
) |
|
|
(2,327 |
) |
|
|
(1,162 |
) |
|
|
(2,161 |
) |
|
|
(335 |
) |
|
|
(1,322 |
) |
|
|
(894 |
) |
Interest and other income |
|
|
48 |
|
|
|
530 |
|
|
|
7,624 |
|
|
|
934 |
|
|
|
1,986 |
|
|
|
141 |
|
|
|
333 |
|
Interest expense |
|
|
(26,721 |
) |
|
|
(28,976 |
) |
|
|
(26,150 |
) |
|
|
(24,916 |
) |
|
|
(22,742 |
) |
|
|
(22,145 |
) |
|
|
(21,513 |
) |
Income / (loss) before taxes |
|
|
(26,311 |
) |
|
|
(95,006 |
) |
|
|
(11,071 |
) |
|
|
(49,655 |
) |
|
|
(72,175 |
) |
|
|
130 |
|
|
|
(31,012 |
) |
Benefit / (provision) for taxes |
|
|
(38 |
) |
|
|
(298 |
) |
|
|
138 |
|
|
|
(37 |
) |
|
|
(226 |
) |
|
|
(26 |
) |
|
|
37 |
|
Net income /(loss) |
|
|
(26,349 |
) |
|
|
(95,304 |
) |
|
|
(10,933 |
) |
|
|
(49,692 |
) |
|
|
(72,401 |
) |
|
|
104 |
|
|
|
(30,975 |
) |
Net income / (loss) attributable to non-controlling interests |
|
|
5,815 |
|
|
|
22,464 |
|
|
|
3,213 |
|
|
|
15,311 |
|
|
|
22,348 |
|
|
|
(32 |
) |
|
|
10,311 |
|
Net income / (loss) attributable to Seritage |
|
$ |
(20,534 |
) |
|
$ |
(72,840 |
) |
|
$ |
(7,720 |
) |
|
$ |
(34,381 |
) |
|
$ |
(50,053 |
) |
|
$ |
72 |
|
|
$ |
(20,664 |
) |
Preferred dividends |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
Net loss attributable to Seritage common shareholders |
|
$ |
(21,759 |
) |
|
$ |
(74,065 |
) |
|
$ |
(8,945 |
) |
|
$ |
(35,606 |
) |
|
$ |
(51,278 |
) |
|
$ |
(1,153 |
) |
|
$ |
(21,889 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net loss per share attributable to Seritage Class A |
|
$ |
(0.50 |
) |
|
$ |
(1.73 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.92 |
) |
|
$ |
(1.33 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.59 |
) |
Net loss per share attributable to Seritage Class A |
|
$ |
(0.50 |
) |
|
$ |
(1.73 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.92 |
) |
|
$ |
(1.33 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.59 |
) |
Weighted average Class A common shares |
|
|
43,631 |
|
|
|
42,772 |
|
|
|
39,477 |
|
|
|
38,675 |
|
|
|
38,645 |
|
|
|
38,634 |
|
|
|
37,232 |
|
Weighted average Class A common shares |
|
|
43,631 |
|
|
|
42,772 |
|
|
|
39,477 |
|
|
|
38,675 |
|
|
|
38,645 |
|
|
|
38,634 |
|
|
|
37,232 |
|
Total Net Operating Income
September 30, 2021
(in thousands)
|
|
|
Three Months Ended |
|
|||||||||||||||||||||||||
NOI and Total NOI |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|
September 30, 2020 |
|
|
June 30, 2020 |
|
|
March 31, 2020 |
|
|||||||
Net income / (loss) |
|
|
$ |
(26,349 |
) |
|
$ |
(95,304 |
) |
|
$ |
(10,933 |
) |
|
$ |
(49,692 |
) |
|
$ |
(72,401 |
) |
|
$ |
104 |
|
|
$ |
(30,975 |
) |
Termination fee income |
|
|
|
(379 |
) |
|
|
— |
|
|
|
(2,611 |
) |
|
|
(1,314 |
) |
|
|
(5,300 |
) |
|
|
— |
|
|
|
(990 |
) |
Management and other fee (income) / expense |
|
|
|
(184 |
) |
|
|
(279 |
) |
|
|
(135 |
) |
|
|
(174 |
) |
|
|
259 |
|
|
|
(171 |
) |
|
|
(207 |
) |
Depreciation and amortization |
|
|
|
13,159 |
|
|
|
13,328 |
|
|
|
13,142 |
|
|
|
14,551 |
|
|
|
23,647 |
|
|
|
23,702 |
|
|
|
34,097 |
|
General and administrative expenses |
|
|
|
8,780 |
|
|
|
11,990 |
|
|
|
11,232 |
|
|
|
(418 |
) |
|
|
11,203 |
|
|
|
8,644 |
|
|
|
9,420 |
|
Equity in loss of unconsolidated entities |
|
|
|
5,535 |
|
|
|
2,327 |
|
|
|
1,162 |
|
|
|
2,161 |
|
|
|
335 |
|
|
|
1,322 |
|
|
|
894 |
|
Gain on sale of interests in unconsolidated |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,758 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Gain) / loss on sale of real estate, net |
|
|
|
(22,774 |
) |
|
|
(18,097 |
) |
|
|
(24,208 |
) |
|
|
(28,596 |
) |
|
|
14,706 |
|
|
|
(53,877 |
) |
|
|
(20,788 |
) |
Impairment of real estate assets |
|
|
|
3,814 |
|
|
|
64,539 |
|
|
|
1,700 |
|
|
|
47,701 |
|
|
|
14,594 |
|
|
|
1,813 |
|
|
|
— |
|
Interest and other income |
|
|
|
(48 |
) |
|
|
(530 |
) |
|
|
(7,624 |
) |
|
|
(934 |
) |
|
|
(1,986 |
) |
|
|
(141 |
) |
|
|
(333 |
) |
Interest expense |
|
|
|
26,721 |
|
|
|
28,976 |
|
|
|
26,150 |
|
|
|
24,916 |
|
|
|
22,742 |
|
|
|
22,145 |
|
|
|
21,513 |
|
Provision / (benefit) for income taxes |
|
|
|
38 |
|
|
|
298 |
|
|
|
(138 |
) |
|
|
37 |
|
|
|
226 |
|
|
|
26 |
|
|
|
(37 |
) |
Straight-line rent / (expense) |
|
|
|
(1,005 |
) |
|
|
(1,238 |
) |
|
|
210 |
|
|
|
1,362 |
|
|
|
(1,774 |
) |
|
|
2,694 |
|
|
|
2,701 |
|
Above/below market rental (income) / expense |
|
|
|
48 |
|
|
|
102 |
|
|
|
(39 |
) |
|
|
(116 |
) |
|
|
(1,541 |
) |
|
|
(39 |
) |
|
|
(97 |
) |
NOI |
|
|
$ |
7,356 |
|
|
$ |
6,112 |
|
|
$ |
7,908 |
|
|
$ |
7,726 |
|
|
$ |
4,710 |
|
|
$ |
6,222 |
|
|
$ |
15,198 |
|
Unconsolidated entities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net operating income of unconsolidated entities |
|
|
$ |
666 |
|
|
$ |
1,646 |
|
|
$ |
2,437 |
|
|
$ |
1,825 |
|
|
$ |
1,481 |
|
|
$ |
1,514 |
|
|
$ |
1,302 |
|
Straight-line rent |
|
|
|
(272 |
) |
|
|
(168 |
) |
|
|
(137 |
) |
|
|
(274 |
) |
|
|
(136 |
) |
|
|
(100 |
) |
|
|
(171 |
) |
Above/below market rental (income) / expense |
|
|
|
181 |
|
|
|
(29 |
) |
|
|
(33 |
) |
|
|
(97 |
) |
|
|
(76 |
) |
|
|
(58 |
) |
|
|
(482 |
) |
Termination fee (income) / expense |
|
|
|
144 |
|
|
|
(9 |
) |
|
|
(742 |
) |
|
|
(534 |
) |
|
|
— |
|
|
|
(293 |
) |
|
|
— |
|
Total NOI |
|
|
$ |
8,075 |
|
|
$ |
7,553 |
|
|
$ |
9,433 |
|
|
$ |
8,646 |
|
|
$ |
5,979 |
|
|
$ |
7,285 |
|
|
$ |
15,847 |
|
Funds from Operations and Company FFO
September 30, 2021
(in thousands, except per share amounts)
|
|
|
Three Months Ended |
|
|||||||||||||||||||||||||
FFO and Company FFO |
|
|
September 30, 2021 |
|
|
June 30, 2021 |
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
|
September 30, 2020 |
|
|
June 30, 2020 |
|
|
March 31, 2020 |
|
|||||||
Net income / (loss) |
|
|
$ |
(26,349 |
) |
|
$ |
(95,304 |
) |
|
$ |
(10,933 |
) |
|
$ |
(49,692 |
) |
|
$ |
(72,401 |
) |
|
$ |
104 |
|
|
$ |
(30,975 |
) |
Real estate depreciation and amortization |
|
|
|
12,781 |
|
|
|
12,959 |
|
|
|
12,756 |
|
|
|
14,017 |
|
|
|
23,158 |
|
|
|
23,201 |
|
|
|
33,587 |
|
Real estate depreciation and amortization |
|
|
|
3,971 |
|
|
|
3,217 |
|
|
|
3,165 |
|
|
|
3,397 |
|
|
|
1,270 |
|
|
|
2,597 |
|
|
|
1,844 |
|
Gain on sale of interests in unconsolidated entities |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,758 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Gain) / loss on sale of real estate, net |
|
|
|
(22,774 |
) |
|
|
(18,097 |
) |
|
|
(24,208 |
) |
|
|
(28,596 |
) |
|
|
14,706 |
|
|
|
(53,877 |
) |
|
|
(20,788 |
) |
Impairment of real estate assets |
|
|
|
3,814 |
|
|
|
64,539 |
|
|
|
1,700 |
|
|
|
47,701 |
|
|
|
14,594 |
|
|
|
1,813 |
|
|
|
— |
|
Loss on disposition of real estate |
|
|
|
2,086 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Dividends on preferred shares |
|
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
|
|
(1,225 |
) |
FFO attributable to common shareholders |
|
|
$ |
(27,696 |
) |
|
$ |
(33,911 |
) |
|
$ |
(18,745 |
) |
|
$ |
(16,156 |
) |
|
$ |
(19,898 |
) |
|
$ |
(27,387 |
) |
|
$ |
(17,557 |
) |
Termination fee income |
|
|
|
(379 |
) |
|
|
— |
|
|
|
(2,611 |
) |
|
|
(1,314 |
) |
|
|
(5,300 |
) |
|
|
— |
|
|
|
(990 |
) |
Termination fee (income) / expense |
|
|
|
144 |
|
|
|
(9 |
) |
|
|
(742 |
) |
|
|
(534 |
) |
|
|
— |
|
|
|
(293 |
) |
|
|
— |
|
Amortization of deferred financing costs |
|
|
|
105 |
|
|
|
106 |
|
|
|
106 |
|
|
|
105 |
|
|
|
105 |
|
|
|
105 |
|
|
|
106 |
|
Severance and restructuring costs |
|
|
|
2,891 |
|
|
|
2,196 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
425 |
|
|
|
— |
|
Mortgage recording costs |
|
|
|
26 |
|
|
|
2,313 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Company FFO attributable to common |
|
|
$ |
(24,909 |
) |
|
$ |
(29,305 |
) |
|
$ |
(21,992 |
) |
|
$ |
(17,899 |
) |
|
$ |
(25,093 |
) |
|
$ |
(27,150 |
) |
|
$ |
(18,441 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FFO per diluted common share and unit |
|
|
$ |
(0.49 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.31 |
) |
Company FFO per diluted common share and unit |
|
|
$ |
(0.44 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.33 |
) |
Additional Information
September 30, 2021
(in thousands)
|
|
As of |
|
|
As of |
|
||
Debt Summary |
|
September 30, 2021 |
|
|
December 31, 2020 |
|
||
Term Loan Facility (drawn / undrawn) |
|
$1,600,000 / 400,000 |
|
|
$1,600,000 / 400,000 |
|
||
Interest rate / undrawn rate |
|
7.00% / 1.00% |
|
|
7.00% / 1.00% |
|
||
Maturity |
|
July 2023 |
|
|
July 2023 |
|
||
|
|
|
|
|
|
|
||
Prepaid Expenses, Deferred Expenses and Other Assets |
|
September 30, 2021 |
|
|
December 31, 2020 |
|
||
Deferred expenses |
|
$ |
20,370 |
|
|
$ |
22,972 |
|
Right of Use Asset |
|
|
17,188 |
|
|
|
18,849 |
|
Other assets |
|
|
10,442 |
|
|
|
9,412 |
|
Prepaid insurance |
|
|
9,002 |
|
|
|
5,143 |
|
FF&E |
|
|
2,341 |
|
|
|
2,870 |
|
Other prepaid expenses |
|
|
5,062 |
|
|
|
4,065 |
|
Prepaid real estate taxes |
|
|
2,860 |
|
|
|
444 |
|
Total prepaid expenses, deferred expenses and other assets |
|
$ |
67,265 |
|
|
$ |
63,755 |
|
Additional Information
September 30, 2021
(in thousands)
|
|
September 30, 2021 |
|
|
December 31, 2020 |
|
||
Accounts payable and accrued expenses |
|
$ |
51,760 |
|
|
$ |
44,777 |
|
Accrued development expenditures |
|
|
23,876 |
|
|
|
20,586 |
|
Accrued real estate taxes |
|
|
16,490 |
|
|
|
29,290 |
|
Variable consideration payment |
|
|
156 |
|
|
|
16,125 |
|
Below-market leases |
|
|
3,861 |
|
|
|
4,186 |
|
Environmental reserve |
|
|
9,477 |
|
|
|
9,477 |
|
Lease liability |
|
|
6,690 |
|
|
|
8,199 |
|
Prepaid rental income |
|
|
2,469 |
|
|
|
3,375 |
|
Accrued interest |
|
|
4,667 |
|
|
|
4,978 |
|
Deferred maintenance |
|
|
1,722 |
|
|
|
1,722 |
|
Unearned tenant reimbursements |
|
|
456 |
|
|
|
2,613 |
|
Common and preferred dividends and OP |
|
|
1,554 |
|
|
|
1,554 |
|
|
|
|
|
|
|
|
||
Total accounts payable, accrued expenses and |
|
$ |
123,178 |
|
|
$ |
146,882 |
|
Additional Information (cont’d)
September 30, 2021
(in thousands, except per share amounts)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
Rental Revenue Detail |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rental income |
|
$ |
22,893 |
|
|
$ |
22,201 |
|
|
|
67,999 |
|
|
|
63,775 |
|
Tenant reimbursements |
|
|
5,547 |
|
|
|
6,465 |
|
|
|
16,571 |
|
|
|
18,659 |
|
Termination income |
|
|
379 |
|
|
|
5,300 |
|
|
|
2,990 |
|
|
|
6,290 |
|
Total |
|
$ |
28,819 |
|
|
$ |
33,966 |
|
|
$ |
87,560 |
|
|
$ |
88,724 |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Select Non-Cash Items |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Straight-line rental income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholly-owned |
|
$ |
1,005 |
|
|
$ |
1,774 |
|
|
$ |
2,033 |
|
|
$ |
(3,621 |
) |
Joint ventures |
|
|
272 |
|
|
|
136 |
|
|
|
576 |
|
|
|
407 |
|
Total |
|
$ |
1,277 |
|
|
$ |
1,910 |
|
|
$ |
2,609 |
|
|
$ |
(3,214 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net amortization of above/below market |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wholly-owned |
|
$ |
(48 |
) |
|
$ |
1,541 |
|
|
$ |
(111 |
) |
|
$ |
1,677 |
|
Joint ventures |
|
|
(181 |
) |
|
|
76 |
|
|
|
(119 |
) |
|
|
616 |
|
Total |
|
$ |
(229 |
) |
|
$ |
1,617 |
|
|
$ |
(230 |
) |
|
$ |
2,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization of deferred financing costs |
|
$ |
(106 |
) |
|
$ |
(105 |
) |
|
$ |
(317 |
) |
|
$ |
(316 |
) |
Share-based compensation expense |
|
|
(272 |
) |
|
|
(626 |
) |
|
|
(1,225 |
) |
|
|
(3,179 |
) |
SNO Lease Summary
The table below provides a reconciliation of SNO leases from June 30, 2021 to September 30, 2021, including unconsolidated entities at the Company’s proportional share:
(in thousands except number of leases and PSF data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Number of |
|
|
Leased |
|
|
% of Total |
|
|
Annual Base |
|
|
% of |
|
|
|
|
||||||
Tenant |
|
Leases |
|
|
GLA |
|
|
Leased GLA |
|
|
Rent ("ABR") |
|
|
Total ABR |
|
|
ABR PSF |
|
||||||
In-place diversified leases |
|
|
255 |
|
|
|
5,673 |
|
|
|
82.2 |
% |
|
$ |
92,105 |
|
|
|
76.4 |
% |
|
$ |
16.24 |
|
SNO diversified leases (1) |
|
|
71 |
|
|
|
1,226 |
|
|
|
17.8 |
% |
|
|
28,527 |
|
|
|
23.6 |
% |
|
|
23.27 |
|
Total diversified leases |
|
|
326 |
|
|
|
6,899 |
|
|
|
100.0 |
% |
|
$ |
120,632 |
|
|
|
100.0 |
% |
|
$ |
17.49 |
|
(1) SNO = signed not yet opened leases. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands except number of leases and PSF data) |
|
Number of |
|
|
|
|
|
|
|
|
Annual |
|
||||
|
|
SNO Leases |
|
|
GLA |
|
|
ABR |
|
|
Rent PSF |
|
||||
As of June 30, 2021 |
|
|
83 |
|
|
|
1,349 |
|
|
$ |
32,339 |
|
|
$ |
23.97 |
|
Opened |
|
|
(14 |
) |
|
|
(208 |
) |
|
|
(3,793 |
) |
|
|
18.26 |
|
Sold / Contributed to JVs / terminated |
|
|
(2 |
) |
|
|
(50 |
) |
|
|
(1,025 |
) |
|
|
20.50 |
|
Signed (1) |
|
|
4 |
|
|
|
135 |
|
|
|
1,006 |
|
|
|
7.44 |
|
As of September 30, 2021 |
|
|
71 |
|
|
|
1,226 |
|
|
$ |
28,527 |
|
|
$ |
23.27 |
|
(1) One signed lease is at a property the Company expects to sell. |
|
Top Tenants
September 30, 2021
(in thousands)
The following table lists the top tenants in the portfolio as of September 30, 2021, based on signed leases and including Unconsolidated Properties presented at the Company’s proportional share:
|
Number of |
|
|
Total |
|
% of Total |
|
|
|||
Tenant |
Leases |
SF |
|
Rent |
|
Rent |
|
Concepts / Brands |
|||
Dick's Sporting Goods |
12 |
|
780,970 |
|
|
12,511,539 |
|
|
10.4 |
% |
|
Dave & Buster's |
10 |
|
288,181 |
|
|
8,355,362 |
|
|
6.9 |
% |
|
Round One Entertainment |
8 |
|
342,623 |
|
|
7,225,205 |
|
|
6.0 |
% |
|
Cinemark |
4 |
|
168,074 |
|
|
4,915,923 |
|
|
4.1 |
% |
|
Nordstrom Rack |
6 |
|
217,259 |
|
|
4,676,390 |
|
|
3.9 |
% |
|
Burlington Stores |
9 |
|
342,720 |
|
|
4,420,706 |
|
|
3.7 |
% |
|
At Home |
7 |
|
773,665 |
|
|
4,231,030 |
|
|
3.5 |
% |
|
Primark |
3 |
|
134,065 |
|
|
3,168,751 |
|
|
2.6 |
% |
|
Ross Dress For Less |
11 |
|
243,866 |
|
|
2,960,412 |
|
|
2.5 |
% |
Ross Dress for Less, dd's Discounts |
AMC |
2 |
|
99,218 |
|
|
2,802,681 |
|
|
2.3 |
% |
|
Bed Bath & Beyond |
6 |
|
137,738 |
|
|
2,489,450 |
|
|
2.1 |
% |
Bed Bath & Beyond, buybuyBaby, Cost Plus World Market, andThat! |
TJX |
9 |
|
184,116 |
|
|
2,355,774 |
|
|
2.0 |
% |
TJ Maxx, Marhsalls, HomeGoods, HomeSense, Sierra Trading Post |
Amazon |
2 |
|
73,300 |
|
|
2,217,400 |
|
|
1.8 |
% |
|
Vasa Fitness |
3 |
|
163,912 |
|
|
1,865,502 |
|
|
1.5 |
% |
|
Floor & Décor |
2 |
|
143,548 |
|
|
1,691,216 |
|
|
1.4 |
% |
|
24 Hour Fitness |
2 |
|
77,646 |
|
|
1,628,966 |
|
|
1.4 |
% |
|
Mercado del Rio |
1 |
|
17,053 |
|
|
1,534,770 |
|
|
1.3 |
% |
|
Pinstripes |
1 |
|
26,515 |
|
|
1,482,139 |
|
|
1.2 |
% |
|
Whole Foods |
2 |
|
71,235 |
|
|
1,257,772 |
|
|
1.0 |
% |
|
Total |
100 |
|
4,285,702 |
|
|
71,790,987 |
|
|
59.5 |
% |
|
Multi-tenant Retail
Consolidated Properties
|
|
|
|
|
|
Total |
|
|
In-Place |
|
|
SNO |
|
|
|
|
Land |
|
|
|||
Property Address |
|
City |
|
State |
|
GLA (1) |
|
|
GLA (1) |
|
|
GLA (1) |
|
|
Leased (1) |
|
Acres |
|
Significant Tenants (1) |
|||
12025 North 32nd Street |
|
Phoenix |
|
AZ |
|
|
151,200 |
|
|
|
151,200 |
|
|
- |
|
|
100.0% |
|
11 |
|
At Home |
|
575 Fletcher Parkway |
|
El Cajon |
|
CA |
|
|
244,900 |
|
|
|
110,400 |
|
|
|
74,000 |
|
|
75.3% |
|
20 |
|
Ashley Furniture, Bob's Discount Furniture, Burlington Stores, Extra Space Storage |
1191 Galleria Boulevard |
|
Roseville |
|
CA |
|
|
125,800 |
|
|
- |
|
|
|
109,500 |
|
|
87.0% |
|
7 |
|
AAA, Cinemark, Round One Entertainment |
|
40710 Winchester Road |
|
Temecula |
|
CA |
|
|
120,100 |
|
|
|
59,100 |
|
|
|
53,600 |
|
|
93.8% |
|
10 |
|
Round One Entertainment, Dick's Sporting Goods |
145 West Hillcrest Drive |
|
Thousand Oaks |
|
CA |
|
|
161,400 |
|
|
|
113,700 |
|
|
- |
|
|
70.4% |
|
11 |
|
Dave & Busters, DSW, Nordstrom Rack |
|
19563 Coastal Highway |
|
Rehoboth Beach |
|
DE |
|
|
102,100 |
|
|
|
53,100 |
|
|
|
22,800 |
|
|
74.3% |
|
13 |
|
andThat!, PetSmart, Aldi |
1460 West 49th Street |
|
Hialeah (2) |
|
FL |
|
|
106,300 |
|
|
|
106,300 |
|
|
- |
|
|
100.0% |
|
9 |
|
Aldi, Bed Bath & Beyond, Ross Dress for Less, dd’s Discounts |
|
10700 Biscayne Boulevard |
|
North Miami |
|
FL |
|
|
129,400 |
|
|
|
84,100 |
|
|
|
45,300 |
|
|
100.0% |
|
11 |
|
Aldi, Burlington Stores, Ross Dress for Less, Michaels Stores |
3111 East Colonial Drive |
|
Orlando |
|
FL |
|
|
118,400 |
|
|
|
70,400 |
|
|
|
26,300 |
|
|
81.7% |
|
18 |
|
Floor & Décor |
2300 Tyrone Boulevard North |
|
St. Petersburg |
|
FL |
|
|
141,600 |
|
|
|
133,800 |
|
|
|
7,800 |
|
|
100.0% |
|
15 |
|
Dick's Sporting Goods, Five Below, PetSmart |
2860 South Highland Avenue |
|
Lombard |
|
IL |
|
|
139,300 |
|
|
|
139,300 |
|
|
- |
|
|
100.0% |
|
8 |
|
The Dump |
|
7503 West Cermak Road |
|
North Riverside |
|
IL |
|
|
216,400 |
|
|
|
69,900 |
|
|
|
19,900 |
|
|
41.5% |
|
13 |
|
Round One Entertainment, Aldi, Blink Fitness, Amita Health |
2500 Wabash Avenue |
|
Springfield |
|
IL |
|
|
119,500 |
|
|
|
103,000 |
|
|
|
5,000 |
|
|
90.4% |
|
5 |
|
Binny's Beverage Depot, Burlington Stores, Marshalls |
4201 Coldwater Road |
|
Ft. Wayne |
|
IN |
|
|
84,400 |
|
|
- |
|
|
|
76,700 |
|
|
90.9% |
|
19 |
|
Five Below, HomeGoods |
|
101 West Lincoln Highway |
|
Merrillville |
|
IN |
|
|
170,900 |
|
|
|
163,000 |
|
|
- |
|
|
95.4% |
|
9 |
|
At Home, Dollar Tree |
|
200 Grossman Drive |
|
Braintree |
|
MA |
|
|
89,800 |
|
|
|
47,600 |
|
|
|
37,500 |
|
|
94.8% |
|
34 |
|
Nordstrom Rack, Ulta Beauty |
1302 Bridford Parkway |
|
Greensboro |
|
NC |
|
|
178,500 |
|
|
|
140,000 |
|
|
|
28,200 |
|
|
94.2% |
|
16 |
|
Floor & Décor, Gabriel Brothers |
4700 2nd Avenue |
|
Kearney |
|
NE |
|
|
64,900 |
|
|
|
64,900 |
|
|
- |
|
|
100.0% |
|
8 |
|
Ross Dress for Less, Five Below, Marshall's |
|
1500 South Willow Street |
|
Manchester |
|
NH |
|
|
106,600 |
|
|
|
80,400 |
|
|
- |
|
|
75.4% |
|
11 |
|
Dick's Sporting Goods, Dave & Buster's |
|
1640 Route 22 |
|
Watchung |
|
NJ |
|
|
117,100 |
|
|
|
103,000 |
|
|
|
14,100 |
|
|
100.0% |
|
12 |
|
Cinemark, HomeGoods, Sierra Trading Post, Ulta Beauty, Chick-fil-A , City MD |
4000 Jericho Turnpike |
|
East Northport |
|
NY |
|
|
179,700 |
|
|
|
93,300 |
|
|
- |
|
|
51.9% |
|
18 |
|
24 Hour Fitness, AMC |
|
200 Eastview Mall |
|
Victor |
|
NY |
|
|
138,600 |
|
|
|
119,600 |
|
|
- |
|
|
86.3% |
|
14 |
|
Dick's Sporting Goods |
|
4100 Belden Village Avenue Northwest |
|
Canton |
|
OH |
|
|
190,600 |
|
|
|
116,300 |
|
|
- |
|
|
61.0% |
|
19 |
|
Dick's Sporting Goods, Dave & Busters, Cheddar's |
|
160 North Gulph Road |
|
King of Prussia (2) |
|
PA |
|
|
210,900 |
|
|
|
174,500 |
|
|
- |
|
|
82.7% |
|
14 |
|
Dick's Sporting Goods, Primark, Outback Steakhouse, Yardhouse |
|
3801B Clemson Boulevard |
|
Anderson |
|
SC |
|
|
117,100 |
|
|
|
117,100 |
|
|
- |
|
|
100.0% |
|
12 |
|
Burlington Stores, Sportsman's Warehouse |
|
7801 Rivers Avenue |
|
Charleston |
|
SC |
|
|
106,400 |
|
|
|
52,900 |
|
|
- |
|
|
49.7% |
|
15 |
|
Burlington Stores |
|
4570 Poplar Avenue |
|
Memphis |
|
TN |
|
|
112,700 |
|
|
|
100,000 |
|
|
- |
|
|
88.7% |
|
11 |
|
LA Fitness, Hopdoddy, Nordstrom Rack, Ulta Beauty |
|
12625 North Interstate Highway 35 |
|
Austin |
|
TX |
|
|
52,700 |
|
|
|
45,000 |
|
|
- |
|
|
85.4% |
|
13 |
|
AMC |
|
12605 North Gessner Road |
|
Houston |
|
TX |
|
|
134,000 |
|
|
|
134,000 |
|
|
- |
|
|
100.0% |
|
11 |
|
At Home |
201 Central Park Mall |
|
San Antonio |
|
TX |
|
|
164,200 |
|
|
|
121,100 |
|
|
- |
|
|
73.8% |
|
17 |
|
Tru Fit, Bed Bath & Beyond |
|
2010 North Main Street |
|
Layton |
|
UT |
|
|
86,500 |
|
|
|
66,400 |
|
|
- |
|
|
76.8% |
|
7 |
|
Vasa Fitness |
|
12000 Fair Oaks Mall |
|
Fairfax |
|
VA |
|
|
211,000 |
|
|
|
154,400 |
|
|
- |
|
|
73.2% |
|
15 |
|
Dave & Busters, Dick's Sporting Goods |
|
4588 Virginia Beach Boulevard |
|
Virginia Beach |
|
VA |
|
|
166,200 |
|
|
|
132,000 |
|
|
- |
|
|
79.4% |
|
15 |
|
DSW, The Fresh Market, Nordstrom Rack, Smokey Bones |
|
141 West Lee Highway |
|
Warrenton |
|
VA |
|
|
75,500 |
|
|
|
30,600 |
|
|
|
31,600 |
|
|
82.4% |
|
9 |
|
HomeGoods |
5200 South 76th Street |
|
Greendale |
|
WI |
|
|
187,400 |
|
|
|
133,700 |
|
|
- |
|
|
71.3% |
|
19 |
|
Dick's Sporting Goods, Round One Entertainment |
|
5261 Arlington Avenue |
|
Riverside |
|
CA |
|
|
12,200 |
|
|
|
12,200 |
|
|
- |
|
|
100.0% |
|
5 |
|
Bank of America |
|
1209 Plaza Drive |
|
West Covina |
|
CA |
|
|
11,000 |
|
|
- |
|
|
- |
|
|
0.0% |
|
7 |
|
n/a |
||
53 West Towne Mall |
|
Madison |
|
WI |
|
|
118,400 |
|
|
|
110,600 |
|
|
|
7,800 |
|
|
100.0% |
|
18 |
|
Dave & Busters, Total Wine & More, Hobby Lobby |
Total |
|
|
|
|
|
|
4,963,700 |
|
|
|
3,506,900 |
|
|
|
560,100 |
|
|
81.9% |
|
498 |
|
|
(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share
(2)Property is subject to a ground lease
Retail
Other Joint Ventures
Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties |
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Total |
|
|
In-Place |
|
|
SNO |
|
|
|
|
Land |
|
|
|||
Mall Name |
|
City |
|
State |
|
Joint Venture |
|
GLA (1) |
|
|
GLA (1) |
|
|
GLA (1) |
|
|
Leased (1) |
|
Acres |
|
Significant Tenants (1) |
|||
Altamonte Mall |
|
Altamonte Springs |
|
FL |
|
GGP II JV |
|
|
62,800 |
|
|
- |
|
|
- |
|
|
0.0% |
|
17 |
|
n/a |
||
Coastland Center |
|
Naples |
|
FL |
|
GGP II JV |
|
|
33,700 |
|
|
|
24,100 |
|
|
|
9,600 |
|
|
100.0% |
|
12 |
|
CMX Cinebistro, Uncle Julio’s |
Willowbrook Mall |
|
Wayne |
|
NJ |
|
GGP II JV |
|
|
140,500 |
|
|
|
50,200 |
|
|
|
52,500 |
|
|
73.1% |
|
41 |
|
Cinemark, Dave & Busters, Yardhouse, BJ's Wholesale |
Stonebriar Centre |
|
Frisco |
|
TX |
|
GGP I JV |
|
|
81,500 |
|
|
- |
|
|
- |
|
|
0.0% |
|
11 |
|
n/a |
||
Natick Collection |
|
Natick (2) |
|
MA |
|
GGP I JV |
|
|
95,400 |
|
|
|
44,300 |
|
|
- |
|
|
46.4% |
|
2 |
|
Dave & Busters, Open World Entertainment |
|
Total |
|
|
|
|
|
|
|
|
413,900 |
|
|
|
118,600 |
|
|
|
62,100 |
|
|
43.7% |
|
83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Simon Joint Venture Properties |
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
Total |
|
|
In-Place |
|
|
SNO |
|
|
|
|
Land |
|
|
|||
Mall Name |
|
City |
|
State |
|
Joint Venture |
|
GLA (1) |
|
|
GLA (1) |
|
|
GLA (1) |
|
|
Leased (1) |
|
Acres |
|
Significant Tenants (1) |
|||
Santa Rosa Plaza |
|
Santa Rosa |
|
CA |
|
Simon JV |
|
|
82,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
7 |
|
n/a |
||
Briarwood |
|
Ann Arbor |
|
MI |
|
Simon JV |
|
|
85,300 |
|
|
- |
|
|
- |
|
|
0.0% |
|
15 |
|
n/a |
||
The Shops at Nanuet |
|
Nanuet |
|
NY |
|
Simon JV |
|
|
110,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
14 |
|
n/a |
||
Woodland Hills Mall |
|
Tulsa |
|
OK |
|
Simon JV |
|
|
75,100 |
|
|
- |
|
|
- |
|
|
0.0% |
|
12 |
|
n/a |
||
Barton Creek Square |
|
Austin |
|
TX |
|
Simon JV |
|
|
82,300 |
|
|
- |
|
|
- |
|
|
0.0% |
|
16 |
|
n/a |
||
Total |
|
|
|
|
|
|
|
|
436,100 |
|
|
- |
|
|
- |
|
|
0.0% |
|
65 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Macerich Joint Venture Properties |
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Total |
|
|
In-Place |
|
|
SNO |
|
|
|
|
Land |
|
|
|||
Mall Name |
|
City |
|
State |
|
Joint Venture |
|
GLA (1) |
|
|
GLA (1) |
|
|
GLA (1) |
|
|
Leased (1) |
|
Acres |
|
Significant Tenants (1) |
|||
Chandler Fashion Center |
|
Chandler |
|
AZ |
|
Macerich JV |
|
|
69,700 |
|
|
|
5,000 |
|
|
|
32,000 |
|
|
53.10% |
|
10 |
|
Firestone |
Los Cerritos Center |
|
Cerritos |
|
CA |
|
Macerich JV |
|
|
138,800 |
|
|
- |
|
|
- |
|
|
0.00% |
|
20 |
|
n/a |
||
Vintage Faire Mall |
|
Modesto |
|
CA |
|
Macerich JV |
|
|
60,200 |
|
|
|
22,900 |
|
|
|
17,300 |
|
|
66.80% |
|
12 |
|
Dave & Busters, Dick's Sporting Goods |
Danbury Fair |
|
Danbury |
|
CT |
|
Macerich JV |
|
|
89,300 |
|
|
|
35,000 |
|
|
- |
|
|
39.20% |
|
12 |
|
Primark |
|
Deptford Mall |
|
Deptford |
|
NJ |
|
Macerich JV |
|
|
95,900 |
|
|
|
74,600 |
|
|
- |
|
|
77.80% |
|
14 |
|
Dick's Sporting Goods, Round One Entertainment, Crunch Fitness |
|
Freehold Raceway Mall |
|
Freehold |
|
NJ |
|
Macerich JV |
|
|
69,400 |
|
|
|
33,300 |
|
|
- |
|
|
48.00% |
|
10 |
|
Primark |
|
Washington Square Mall |
|
Portland |
|
OR |
|
Macerich JV |
|
|
110,000 |
|
|
- |
|
|
- |
|
|
0.00% |
|
4 |
|
n/a |
||
Total |
|
|
|
|
|
|
|
|
633,300 |
|
|
|
170,800 |
|
|
|
49,300 |
|
|
34.80% |
|
81 |
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
Total |
|
|
In-Place |
|
|
SNO |
|
|
|
|
Land |
|
|
|||
Property Address |
|
City |
|
State |
|
Joint Venture |
|
GLA (1) |
|
|
GLA (1) |
|
|
GLA (1) |
|
|
Leased (1) |
|
Acres |
|
Significant Tenants (1) |
|||
1445 New Britain Ave |
|
West Hartford |
|
CT |
|
West Hartford JV |
|
|
81,800 |
|
|
|
52,900 |
|
|
|
4,500 |
|
|
70.2% |
|
15 |
|
buybuy Baby, REI, Cost Plus World Market, Shake Shack, Saks OFF 5th |
126 Shawan Road |
|
Cockeysville |
|
MD |
|
Cockeysville JV |
|
|
80,100 |
|
|
|
39,600 |
|
|
|
26,000 |
|
|
81.9% |
|
12 |
|
HomeGoods, Michaels Stores, OneLife Fitness, Ashley Furniture |
12625 North Interstate Highway 35 |
|
Austin |
|
TX |
|
RD Development JV |
|
- |
|
|
- |
|
|
- |
|
|
0.0% |
|
11 |
|
n/a |
|||
20700 South Avalon Boulevard |
|
Carson |
|
CA |
|
Carson Investment |
|
|
36,400 |
|
|
|
20,400 |
|
|
|
1,600 |
|
|
60.4% |
|
13 |
|
Burlington Stores, Chipotle, Ross Dress for Less |
Total |
|
|
|
|
|
|
|
|
198,300 |
|
|
|
112,900 |
|
|
|
32,100 |
|
|
73.1% |
|
51 |
|
|
(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share
(2)Property is subject to a ground lease
Residential
Consolidated Properties
|
|
|
|
|
|
Land |
|
Auxiliary |
|
|
Auxiliary |
|
|
Available To Lease |
|
|
|
|||
Property Address |
|
City |
|
State |
|
Acres |
|
In-Place GLA (1) |
|
|
SNO GLA (1) |
|
|
Auxiliary GLA (1) |
|
|
Significant Tenants (1) |
|||
7780 W Arrowhead Towne Center |
|
Glendale |
|
AZ |
|
9 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
6515 East Southern Avenue |
|
Mesa |
|
AZ |
|
5 |
|
|
16,800 |
|
|
- |
|
|
- |
|
|
Carvana |
||
7611 West Thomas Road |
|
Phoenix |
|
AZ |
|
5 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
5900 Sunrise Mall |
|
Citrus Heights |
|
CA |
|
21 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
5901 Florin Road |
|
Florin |
|
CA |
|
20 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
72880 Highway 111 |
|
Palm Desert |
|
CA |
|
7 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
100 Inland Center |
|
San Bernardino |
|
CA |
|
20 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
850 Hartford Turnpike |
|
Waterford |
|
CT |
|
11 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
4125 Cleveland Avenue |
|
Ft. Myers |
|
FL |
|
12 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
3800 US Highway 98 North |
|
Lakeland |
|
FL |
|
12 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
20701 Southwest 112th Avenue |
|
Miami |
|
FL |
|
15 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
8000 West Broward Boulevard |
|
Plantation |
|
FL |
|
18 |
|
- |
|
|
|
76,700 |
|
|
|
107,700 |
|
|
GameTime, Powerhouse Gym |
|
3340 Mall Loop Drive |
|
Joliet |
|
IL |
|
17 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
2 Orland Square Drive |
|
Orland Park |
|
IL |
|
16 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
15700 Emerald Way |
|
Bowie |
|
MD |
|
11 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
3207 Solomons Island Road |
|
Edgewater |
|
MD |
|
14 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
2100 Southfield Road |
|
Lincoln Park |
|
MI |
|
17 |
|
|
3,800 |
|
|
- |
|
|
- |
|
|
Bank of America |
||
14250 Buck Hill Road |
|
Burnsville |
|
MN |
|
15 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
3001 White Bear Avenue North |
|
Maplewood |
|
MN |
|
14 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
425 Rice Street |
|
St. Paul |
|
MN |
|
17 |
|
100 |
|
|
- |
|
|
- |
|
|
n/a |
|||
310 Daniel Webster Highway |
|
Nashua |
|
NH |
|
12 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
7875 Johnnycake Ridge Road |
|
Mentor |
|
OH |
|
20 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
6950 West 130th Street |
|
Middleburg Heights |
OH |
|
19 |
|
|
35,800 |
|
|
- |
|
|
- |
|
|
Carvana |
|||
1180 Southeast 82nd Avenue |
|
Happy Valley |
|
OR |
|
12 |
|
|
45,000 |
|
|
- |
|
|
|
99,300 |
|
|
Dick's Sporting Goods |
|
2800 North Germantown Parkway |
|
Cordova |
|
TN |
|
12 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
300 Baybrook Mall |
|
Friendswood |
|
TX |
|
13 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
4000 North Shepherd |
|
Houston |
|
TX |
|
12 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
6301 Northwest Loop 410 |
|
Ingram |
|
TX |
|
12 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
2501 Irving Mall |
|
Irving |
|
TX |
|
18 |
|
|
7,500 |
|
|
|
5,000 |
|
|
- |
|
|
Carvana, CareNow, Chick-fil-A |
|
3001 Iowa Avenue |
|
Riverside |
|
CA |
|
13 |
|
|
38,100 |
|
|
- |
|
|
|
94,500 |
|
|
Jack in the Box, Stater Brothers |
1675 West 49th Street |
|
Hialeah |
|
FL |
|
15 |
|
- |
|
|
|
16,500 |
|
|
|
128,700 |
|
|
Five Below, Panera Bread |
|
5901 Duke Street |
|
Alexandria |
|
VA |
|
18 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
5261 Arlington Avenue |
|
Riverside - Resi |
|
CA |
|
14 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
|||
1209 Plaza Drive |
|
West Covina - Resi |
CA |
|
8 |
|
- |
|
|
- |
|
|
- |
|
|
n/a |
||||
Total |
|
|
|
|
|
474 |
|
|
147,100 |
|
|
|
98,200 |
|
|
|
430,200 |
|
|
|
(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share
Residential
Joint Ventures
Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties |
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
Land |
|
Auxiliary |
|
|
Auxiliary |
|
|
Available To Lease |
|
|
||
Mall Name |
|
City |
|
State |
|
Joint Venture |
|
Acres |
|
In-Place GLA (1) |
|
|
SNO GLA (1) |
|
|
Auxiliary GLA (1) |
|
Significant Tenants (1) |
||
Alderwood |
|
Lynnwood |
|
WA |
|
GGP I JV |
|
12 |
|
|
4,600 |
|
|
|
20,100 |
|
|
- |
|
Dave & Busters, Cheesecake Factory |
Total |
|
|
|
|
|
|
|
12 |
|
|
4,600 |
|
|
|
20,100 |
|
|
|
|
|
(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share
Premier Mixed-Use Properties
Consolidated Properties
|
|
|
|
|
|
Total |
|
|
In-Place |
|
|
SNO |
|
|
|
|
|
Land |
|
|
||||
Property Address |
|
City |
|
State |
|
GLA (1) |
|
|
GLA (1) |
|
|
GLA (1) |
|
|
Leased (1) |
|
|
Acres |
|
Site Opportunities |
||||
19505 Biscayne Boulevard |
|
Aventura |
|
FL |
|
|
215,400 |
|
|
- |
|
|
|
111,100 |
|
|
|
51.6 |
% |
|
13 |
|
Retail |
|
5900 Glades Road |
|
Boca Raton |
|
FL |
|
|
4,200 |
|
|
|
4,200 |
|
|
- |
|
|
|
100.0 |
% |
|
19 |
|
Retail |
|
195 North Broadway |
|
Hicksville |
|
NY |
|
|
57,900 |
|
|
|
22,100 |
|
|
|
35,800 |
|
|
|
100.0 |
% |
|
30 |
|
Retail |
13131 Preston Road |
|
Dallas |
|
TX |
|
- |
|
|
- |
|
|
- |
|
|
|
0.0 |
% |
|
23 |
|
Residential, Retail, Office |
|||
2200 148th Avenue Northeast |
|
Redmond |
|
WA |
|
|
7,500 |
|
|
|
7,500 |
|
|
- |
|
|
|
100.0 |
% |
|
15 |
|
Residential, Retail, Office |
|
Total |
|
|
|
|
|
|
285,000 |
|
|
|
33,800 |
|
|
|
146,900 |
|
|
|
63.4 |
% |
|
99 |
|
|
Joint Ventures
Invesco Real Estate Joint Venture Properties |
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
Total |
|
|
In-Place |
|
|
SNO |
|
|
|
|
Land |
|
|
|||
Property Address |
|
City |
|
State |
|
Joint Venture |
|
GLA (1) |
|
|
GLA (1) |
|
|
GLA (1) |
|
|
Leased (1) |
|
Acres |
|
Site Opportunities |
|||
302 Colorado Ave |
|
Santa Monica |
|
CA |
|
Mark 302 JV |
|
|
51,500 |
|
|
- |
|
|
- |
|
|
0.0% |
|
3 |
|
Residential, Retail, Office |
||
4575 La Jolla Village Dr |
|
San Diego |
|
CA |
|
UTC JV |
|
|
113,100 |
|
|
|
12,800 |
|
|
|
9,600 |
|
|
19.8% |
|
13 |
|
Life Sciences / Office, Retail, Residential |
Total |
|
|
|
|
|
|
|
|
164,600 |
|
|
|
12,800 |
|
|
|
9,600 |
|
|
13.6% |
|
16 |
|
|
(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share
Other Properties
Consolidated Properties
|
|
|
|
|
|
|
Total |
|
|
In-Place |
|
|
SNO |
|
|
|
|
Land |
|
|
|||
Property Address |
|
City |
|
State |
|
|
GLA (1) |
|
|
GLA (1) |
|
|
GLA (1) |
|
|
Leased (1) |
|
Acres |
|
Significant Tenants (1) |
|||
700 East Northern Lights Boulevard |
|
Anchorage |
|
AK |
|
|
|
158,500 |
|
|
|
134,000 |
|
|
- |
|
|
84.5% |
|
18 |
|
Guitar Center, Nordstrom Rack, Planet Fitness, Safeway |
|
3930 McCain Boulevard |
|
North Little Rock |
|
AR |
|
|
|
177,100 |
|
|
|
6,300 |
|
|
|
6,700 |
|
|
7.3% |
|
15 |
|
Aspen Dental, Longhorn Steakhouse |
2250 El Mercado Loop |
|
Sierra Vista |
|
AZ |
|
|
|
94,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
7 |
|
n/a |
||
5950 East Broadway Boulevard |
|
Tucson |
|
AZ |
|
|
|
218,800 |
|
|
|
50,600 |
|
|
- |
|
|
23.1% |
|
20 |
|
Round One Entertainment |
|
3150 South 4th Avenue |
|
Yuma |
|
AZ |
|
|
|
90,400 |
|
|
- |
|
|
- |
|
|
0.0% |
|
15 |
|
n/a |
||
42126 Big Bear Boulevard |
|
Big Bear Lake |
|
CA |
|
|
|
80,000 |
|
|
|
4,000 |
|
|
- |
|
|
5.0% |
|
7 |
|
Subway, Wells Fargo Bank |
|
565 Broadway |
|
Chula Vista |
|
CA |
|
|
|
250,100 |
|
|
- |
|
|
- |
|
|
0.0% |
|
16 |
|
n/a |
||
3751 South Dogwood Road |
|
El Centro |
|
CA |
|
|
|
139,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
13 |
|
n/a |
||
1420 Travis Boulevard |
|
Fairfield |
|
CA |
|
|
|
150,000 |
|
|
|
28,500 |
|
|
|
3,500 |
|
|
21.3% |
|
9 |
|
Dave & Busters |
3636 North Blackstone Avenue |
|
Fresno |
|
CA |
|
|
|
216,600 |
|
|
|
20,900 |
|
|
|
22,500 |
|
|
20.0% |
|
13 |
|
Ross Dress for Less, dd's Discounts |
1011 West Olive Avenue |
|
Merced |
|
CA |
|
|
|
98,200 |
|
|
- |
|
|
|
5,600 |
|
|
5.7% |
|
9 |
|
Burlington Stores, dd's Discounts, Five Below |
|
5080 East Montclair Plaza Lane |
|
Montclair |
|
CA |
|
|
|
174,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
4 |
|
n/a |
||
1855 Main Street |
|
Ramona |
|
CA |
|
|
|
107,500 |
|
|
|
14,700 |
|
|
- |
|
|
13.7% |
|
11 |
|
Dollar Tree |
|
1700 North Main Street |
|
Salinas |
|
CA |
|
|
|
133,000 |
|
|
- |
|
|
|
32,200 |
|
|
24.2% |
|
10 |
|
Burlington |
|
1178 El Camino Real |
|
San Bruno |
|
CA |
|
|
|
276,600 |
|
|
- |
|
|
- |
|
|
0.0% |
|
11 |
|
n/a |
||
2180 Tully Road |
|
San Jose |
|
CA |
|
|
|
262,500 |
|
|
- |
|
|
- |
|
|
0.0% |
|
22 |
|
n/a |
||
200 Town Center East |
|
Santa Maria |
|
CA |
|
|
|
108,600 |
|
|
- |
|
|
- |
|
|
0.0% |
|
7 |
|
n/a |
||
3295 East Main Street |
|
Ventura |
|
CA |
|
|
|
178,600 |
|
|
- |
|
|
- |
|
|
0.0% |
|
2 |
|
n/a |
||
100 Westminster Mall |
|
Westminster |
|
CA |
|
|
|
197,900 |
|
|
- |
|
|
- |
|
|
0.0% |
|
14 |
|
n/a |
||
10785 West Colfax Avenue |
|
Lakewood |
|
CO |
|
|
|
153,000 |
|
|
- |
|
|
- |
|
|
0.0% |
|
8 |
|
n/a |
||
1400 East 104th Avenue |
|
Thornton |
|
CO |
|
|
|
203,100 |
|
|
|
61,700 |
|
|
- |
|
|
30.4% |
|
23 |
|
Vasa Fitness |
|
7350 Manatee Avenue West |
|
Bradenton |
|
FL |
|
|
|
82,900 |
|
|
- |
|
|
|
49,900 |
|
|
60.2% |
|
9 |
|
Target |
|
27001 U.S. 19 North |
|
Clearwater |
|
FL |
|
|
|
211,200 |
|
|
|
75,500 |
|
|
- |
|
|
35.7% |
|
14 |
|
Whole Foods, Nordstrom Rack |
|
1625 Northwest 107th Avenue |
|
Doral |
|
FL |
|
|
|
212,900 |
|
|
- |
|
|
- |
|
|
0.0% |
|
13 |
|
n/a |
||
3100 Southwest College Road |
|
Ocala |
|
FL |
|
|
|
146,200 |
|
|
- |
|
|
- |
|
|
0.0% |
|
11 |
|
n/a |
||
733 North Highway 231 |
|
Panama City |
|
FL |
|
|
|
139,300 |
|
|
- |
|
|
- |
|
|
0.0% |
|
15 |
|
n/a |
||
7171 North Davis Highway |
|
Pensacola |
|
FL |
|
|
|
7,200 |
|
|
|
7,200 |
|
|
- |
|
|
100.0% |
|
14 |
|
BJ's Wholesale Club, Bubba's 33 |
|
8201 South Tamiami Trail |
|
Sarasota |
|
FL |
|
|
|
212,400 |
|
|
- |
|
|
- |
|
|
0.0% |
|
15 |
|
n/a |
||
4501 66th Street North |
|
St. Petersburg |
|
FL |
|
|
|
113,800 |
|
|
- |
|
|
- |
|
|
0.0% |
|
11 |
|
n/a |
4600 1st Avenue Northeast |
|
Cedar Rapids |
|
IA |
|
|
|
146,000 |
|
|
- |
|
|
- |
|
|
0.0% |
|
12 |
|
n/a |
||
1405 South Grand Avenue |
|
Charles City |
|
IA |
|
|
|
96,600 |
|
|
- |
|
|
- |
|
|
0.0% |
|
11 |
|
n/a |
||
2307 Superior Street |
|
Webster City |
|
IA |
|
|
|
40,800 |
|
|
- |
|
|
- |
|
|
0.0% |
|
4 |
|
n/a |
||
5050 South Kedzie Avenue |
|
Chicago |
|
IL |
|
|
|
120,700 |
|
|
|
17,200 |
|
|
- |
|
|
14.3% |
|
9 |
|
n/a |
|
3231 Chicago Road |
|
Steger |
|
IL |
|
|
|
87,400 |
|
|
- |
|
|
- |
|
|
0.0% |
|
3 |
|
n/a |
||
3101 Northview Drive |
|
Elkhart |
|
IN |
|
|
|
86,600 |
|
|
- |
|
|
|
86,600 |
|
|
100.0% |
|
8 |
|
n/a |
|
3010 Fort Campbell Boulevard |
|
Hopkinsville |
|
KY |
|
|
|
85,100 |
|
|
|
64,600 |
|
|
- |
|
|
75.9% |
|
13 |
|
Bargain Hunt, Farmer's Furniture, Harbor Freight |
|
5101 Hinkleville Road |
|
Paducah |
|
KY |
|
|
|
97,300 |
|
|
|
64,400 |
|
|
- |
|
|
66.2% |
|
9 |
|
Burlington Stores, Ross Dress for Less |
|
5715 Johnston Street |
|
Lafayette |
|
LA |
|
|
|
194,900 |
|
|
- |
|
|
- |
|
|
0.0% |
|
16 |
|
n/a |
||
1325 Broadway |
|
Saugus |
|
MA |
|
|
|
210,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
15 |
|
APEX Entertainment |
||
417 Main Street |
|
Madawaska |
|
ME |
|
|
|
49,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
2 |
|
n/a |
||
1560 US 31 South |
|
Manistee |
|
MI |
|
|
|
94,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
12 |
|
n/a |
||
32123 Gratiot Avenue |
|
Roseville |
|
MI |
|
|
|
364,600 |
|
|
|
154,600 |
|
|
- |
|
|
42.4% |
|
21 |
|
At Home, Hobby Lobby |
|
2760 I-75 Business Spur |
|
Sault Ste. Marie |
|
MI |
|
|
|
92,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
5 |
|
n/a |
||
3100 Washtenaw Road |
|
Ypsilanti |
|
MI |
|
|
|
91,700 |
|
|
|
91,700 |
|
|
- |
|
|
100.0% |
|
11 |
|
At Home |
|
1 Flower Valley Shopping Center |
|
Florissant |
|
MO |
|
|
|
119,000 |
|
|
|
4,300 |
|
|
- |
|
|
3.6% |
|
11 |
|
n/a |
|
3700 South Campbell Avenue |
|
Springfield |
|
MO |
|
|
|
112,900 |
|
|
|
112,900 |
|
|
- |
|
|
100.0% |
|
8 |
|
At Home |
|
2308 Highway 45 North |
|
Columbus |
|
MS |
|
|
|
166,700 |
|
|
|
45,400 |
|
|
- |
|
|
27.2% |
|
20 |
|
Bargain Hunt |
|
1 South Tunnel Road |
|
Asheville |
|
NC |
|
|
|
110,600 |
|
|
- |
|
|
- |
|
|
0.0% |
|
16 |
|
n/a |
||
50 Fox Run Road |
|
Portsmouth |
|
NH |
|
|
|
127,100 |
|
|
- |
|
|
- |
|
|
0.0% |
|
13 |
|
n/a |
||
77 Rockingham Park Boulevard |
|
Salem |
|
NH |
|
|
|
251,600 |
|
|
|
123,800 |
|
|
- |
|
|
49.2% |
|
12 |
|
Cinemark, Dick's Sporting Goods |
|
4000 Meadows Lane |
|
Las Vegas |
|
NV |
|
|
|
130,300 |
|
|
|
42,500 |
|
|
- |
|
|
32.6% |
|
11 |
|
Round One Entertainment |
|
5400 Meadowood Mall Circle |
|
Reno |
|
NV |
|
|
|
162,700 |
|
|
|
41,300 |
|
|
- |
|
|
25.4% |
|
3 |
|
Round One Entertainment |
|
1425 Central Avenue |
|
Albany |
|
NY |
|
|
|
277,900 |
|
|
|
49,600 |
|
|
|
10,000 |
|
|
21.4% |
|
21 |
|
Whole Foods, REI, Ethan Allen |
4155 State Route 31 |
|
Clay |
|
NY |
|
|
|
146,500 |
|
|
- |
|
|
- |
|
|
0.0% |
|
11 |
|
n/a |
||
2801 West State Street |
|
Olean |
|
NY |
|
|
|
120,700 |
|
|
|
55,400 |
|
|
- |
|
|
45.9% |
|
13 |
|
Marshall's, Ollie's Bargain Hunt |
|
317 Greece Ridge Center Drive |
|
Rochester |
|
NY |
|
|
|
128,500 |
|
|
- |
|
|
- |
|
|
0.0% |
|
14 |
|
n/a |
||
171 Delaware Avenue |
|
Sidney |
|
NY |
|
|
|
94,400 |
|
|
- |
|
|
- |
|
|
0.0% |
|
19 |
|
n/a |
||
600 Lee Boulevard |
|
Yorktown Heights |
|
NY |
|
|
|
160,000 |
|
|
|
38,500 |
|
|
- |
|
|
24.1% |
|
12 |
|
24 Hour Fitness |
|
2700 Miamisburg Centerville Road |
|
Dayton |
|
OH |
|
|
|
180,200 |
|
|
|
13,400 |
|
|
- |
|
|
7.4% |
|
22 |
|
Outback Steakhouse |
|
3408 West Central Avenue |
|
Toledo |
|
OH |
|
|
|
218,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
11 |
|
n/a |
||
4400 South Western Avenue |
|
Oklahoma City |
|
OK |
|
|
|
223,700 |
|
|
|
50,300 |
|
|
- |
|
|
22.5% |
|
19 |
|
Vasa Fitness |
|
400 North Best Avenue |
|
Walnutport |
|
PA |
|
|
|
121,200 |
|
|
- |
|
|
- |
|
|
0.0% |
|
17 |
|
n/a |
||
PR 167 & Las Cumbres |
|
Bayamon |
|
PR |
|
|
|
114,600 |
|
|
- |
|
|
- |
|
|
0.0% |
|
10 |
|
n/a |
400 Calle Betances |
|
Caguas |
|
PR |
|
|
|
138,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
8 |
|
n/a |
||
Plaza Carolina Station |
|
Carolina |
|
PR |
|
|
|
198,000 |
|
|
- |
|
|
- |
|
|
0.0% |
|
11 |
|
n/a |
||
PR Road 2, Km 149.5 |
|
Mayaguez |
|
PR |
|
|
|
118,200 |
|
|
- |
|
|
- |
|
|
0.0% |
|
9 |
|
n/a |
||
650 Bald Hill Road |
|
Warwick |
|
RI |
|
|
|
131,500 |
|
|
|
123,100 |
|
|
- |
|
|
93.6% |
|
20 |
|
At Home, Hook & Reel, Skechers |
|
9484 Dyer Street |
|
El Paso |
|
TX |
|
|
|
114,200 |
|
|
|
68,700 |
|
|
|
30,400 |
|
|
86.8% |
|
11 |
|
dd's Discount, Ross Dress for Less, Five Below, Burlington Stores |
1401 Greenbrier Parkway |
|
Chesapeake |
|
VA |
|
|
|
169,700 |
|
|
- |
|
|
- |
|
|
0.0% |
|
15 |
|
n/a |
||
Total |
|
|
|
|
|
|
|
10,292,600 |
|
|
|
1,565,100 |
|
|
|
247,400 |
|
|
17.6% |
|
843 |
|
|
(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share
Non-GAAP Financial Measures
The Company makes reference to NOI, Total NOI, FFO and Company FFO which are financial measures that include adjustments to accounting principles generally accepted in the United States (“GAAP”).
None of NOI, Total NOI, FFO or Company FFO, are measures that (i) represent cash flow from operations as defined by GAAP; (ii) are indicative of cash available to fund all cash flow needs, including the ability to make distributions; (iii) are alternatives to cash flow as a measure of liquidity; or (iv) should be considered alternatives to net income (which is determined in accordance with GAAP) for purposes of evaluating the Company’s operating performance. Reconciliations of these measures to the respective GAAP measures the Company deems most comparable have been provided in the tables accompanying this press release.
Net Operating Income (“NOI”) and Total NOI
NOI is defined as income from property operations less property operating expenses. Other REITs may use different methodologies for calculating NOI, and accordingly the Company’s depiction of NOI may not be comparable to other REITs. The Company believes NOI provides useful information regarding Seritage, its financial condition, and results of operations because it reflects only those income and expense items that are incurred at the property level.
The Company also uses Total NOI, which includes its proportional share of unconsolidated properties. This form of presentation offers insights into the financial performance and condition of the Company as a whole given the Company’s ownership of unconsolidated properties that are accounted for under GAAP using the equity method.
The Company also considers NOI and Total NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI variable items such as termination fee income, as well as non-cash items such as straight-line rent and amortization of lease intangibles.
Funds from Operations (“FFO”) and Company FFO
FFO is calculated in accordance with NAREIT which defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from property sales, real estate related depreciation and amortization, and impairment charges on depreciable real estate assets. The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry.
The Company makes certain adjustments to FFO, which it refers to as Company FFO, to account for certain non-cash and non-comparable items, such as termination fee income, severance and restructuring costs, unrealized loss on interest rate cap, litigation charges, acquisition-related expenses, amortization of deferred financing costs and certain up-front-hiring costs, that it does not believe are representative of ongoing operating results.
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