EX-99.2 3 srg-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

img966142_0.jpg
 

 

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
   common shareholders

 

$

(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
   common shareholders

 

$

(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;
   43,631,345 and 38,896,428 shares issued and outstanding
   as of September 30, 2021 and December 31, 2020, respectively

 

 

436

 

 

 

389

 

Series A preferred shares $0.01 par value; 10,000,000 shares authorized;
   2,800,000 shares issued and outstanding as of September 30, 2021
   December 31, 2020; liquidation preference of $70,000

 

 

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
   joint ventures

 

 

—

 

 

 

—

 

 

 

—

 

 

 

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
   common shareholders - Basic

 

$

(0.50

)

 

$

(1.73

)

 

$

(0.23

)

 

$

(0.92

)

 

$

(1.33

)

 

$

(0.03

)

 

$

(0.59

)

Net loss per share attributable to Seritage Class A
   common shareholders - Diluted

 

$

(0.50

)

 

$

(1.73

)

 

$

(0.23

)

 

$

(0.92

)

 

$

(1.33

)

 

$

(0.03

)

 

$

(0.59

)

Weighted average Class A common shares
   outstanding - Basic

 

 

43,631

 

 

 

42,772

 

 

 

39,477

 

 

 

38,675

 

 

 

38,645

 

 

 

38,634

 

 

 

37,232

 

Weighted average Class A common shares
   outstanding - Diluted

 

 

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
   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

 

 

 

—

 

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
   (consolidated properties)

 

 

 

12,781

 

 

 

12,959

 

 

 

12,756

 

 

 

14,017

 

 

 

23,158

 

 

 

23,201

 

 

 

33,587

 

Real estate depreciation and amortization
   (unconsolidated entities)

 

 

 

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
   (unconsolidated entities)

 

 

 

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
   and unitholders

 

 

$

(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
   (unconsolidated entities)

 

 

 

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
   shareholders and unitholders

 

 

$

(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
   Unit distributions payable

 

 

1,554

 

 

 

1,554

 

 

 

 

 

 

 

 

Total accounts payable, accrued expenses and
   other liabilities

 

$

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
   rental income/expense

 

 

 

 

 

 

 

 

 

 

 

 

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.