EX-99.2 3 a2015q1exhibit992supplemen.htm SUPPLEMENTAL REPORT FOR THE THREE MONTHS ENDED MARCH 31, 2015 2015 Q1 Exhibit 99.2 Supplemental










































SAFE HARBOR: Some of the information contained in this presentation includes forward looking statements. Such statements are subject to a number of risks and uncertainties which could cause actual results in the future to differ materially and adversely from those described in the forward-looking statements. Investors should consult the Company's filings with the Securities and Exchange Commission for a description of the various risks and uncertainties which could cause such a difference before deciding whether to invest.










        


Table of Contents
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Page
 
Financial Statement Data
 
 
 
 
Consolidated and combined statement of operations (unaudited)
1
 
 
Consolidated balance sheets (unaudited)
2
 
 
Components of minimum rents and other revenue
3
 
 
Calculation of funds from operations (FFO)
4
 
 
Net operating income growth for comparable properties
5
 
 
 
 
 
Debt Information
 
 
 
 
Total debt maturities
6
 
 
EBITDA and key balance sheet metrics
7
 
 
 
 
 
 
Operational Data
 
 
 
 
Occupancy and rent metrics
8
 
 
Releasing spreads
9
 
 
Top 10 tenants
 
10
 
 
Lease expirations
11
 
 
 
 
 
 
Development Activity
 
 
 
 
Capital expenditures
12
 
 
Major redevelopment projects
13
 
 
 
 
 
Other
 
 
 
 
WP Glimcher property information
14-21
 
 
Glossary of terms
22



        


CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS
 
WP Glimcher
 
 
 
 
(Unaudited, dollars in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
Minimum rent (see components on page 3)
$
162,704

 
$
106,637

 
 
Overage rent
3,263

 
2,110

 
 
Tenant reimbursements
69,227

 
47,168

 
 
Other (see components on page 3)
2,528

 
2,054

 
 
Total revenue
237,722

 
157,969

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
Property operating expenses
(41,079
)
 
(26,140
)
 
 
Real estate taxes
(30,565
)
 
(19,947
)
 
 
Repairs and maintenance
(9,488
)
 
(7,150
)
 
 
Advertising and promotion
(2,687
)
 
(1,952
)
 
 
Total recoverable expenses
(83,819
)
 
(55,189
)
 
 
Depreciation and amortization
(92,184
)
 
(45,968
)
 
 
Provision for credit losses
(698
)
 
(786
)
 
 
General and administrative
(9,700
)
 
—

 
 
Merger and transaction costs
(20,810
)
 
—

 
 
Ground rent and other costs
(2,748
)
 
(1,119
)
 
 
Total operating expenses
(209,959
)
 
(103,062
)
 
 
 
 
 
 
 
 
Operating Income
27,763

 
54,907

 
 
 
 
 
 
 
 
Interest expense, net
(37,122
)
 
(13,917
)
 
 
Income and other taxes
(445
)
 
(75
)
 
 
Equity in income of unconsolidated real estate entities, net
216

 
345

 
 
Gain on sale of interest in property
—

 
242

 
 
 
 
 
 
 
 
Net (loss) income
(9,588
)
 
41,502

 
 
Net (loss) income attributable to noncontrolling interests
(2,296
)
 
7,110

 
 
Net (loss) income attributable to common shareholders
(7,292
)
 
34,392

 
 
Less: Preferred share dividends
(4,978
)
 
—

 
 
Net (loss) income to common shareholders
$
(12,270
)
 
$
34,392

 
 
 
 
 
 
 
 
(Loss) earnings per common share, basic and diluted
$
(0.07
)
 
$
0.22

 

SUPPLEMENTAL INFORMATION | 1


CONSOLIDATED BALANCE SHEETS
 
 
 
WP Glimcher
 
 
 
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
March 31,
 
December 31,
 
 
2015
 
2014
 
Assets:
 
 
 
 
Investment properties at cost
$
8,378,533

 
$
5,292,665

 
Less: accumulated depreciation
2,172,119

 
2,113,929

 
 
6,206,414

 
3,178,736

 
 
 
 
 
 
Cash and cash equivalents
255,616

 
108,768

 
Tenant accounts receivable and accrued revenue, net
72,256

 
69,616

 
Investment in unconsolidated subsidiaries, at equity
15,949

 
—

 
Deferred costs and other assets
479,629

 
170,883

 
Total assets
$
7,029,864

 
$
3,528,003

 
 
 
 
 
 
Liabilities:
 
 
 
 
Mortgage notes payable
$
2,757,416

 
$
1,435,114

 
Bonds payable
249,930

 
—

 
Unsecured term loan
500,000

 
500,000

 
Revolving credit facility
413,750

 
413,750

 
Bridge loan
941,570

 
—

 
Series G Cumulative Redeemable Preferred Stock (called for redemption)
117,500

 
—

 
Accounts payable, accrued expenses, intangibles, and deferred revenues
345,049

 
194,014

 
Distributions payable
5,750

 
—

 
Cash distributions and losses in partnerships and joint ventures, at equity
15,344

 
15,298

 
Other liabilities
14,653

 
11,786

 
Total liabilities
5,360,962

 
2,569,962

 
 
 
 
 
 
Redeemable noncontrolling interests
6,145

 
—

 
 
 
 
 
 
Equity:
 
 
 
 
Stockholders' equity
 
 
 
 
Series H Cumulative Redeemable Preferred Stock
104,251

 
—

 
Series I Cumulative Redeemable Preferred Stock
98,325

 
—

 
Common stock
19

 
16

 
Capital in excess of par value
1,215,096

 
720,921

 
Retained earnings
13,383

 
68,114

 
Accumulated other comprehensive loss
(340
)
 
—

 
Total stockholders' equity
1,430,734

 
789,051

 
Noncontrolling interests
232,023

 
168,990

 
Total equity
1,662,757

 
958,041

 
Total liabilities, redeemable noncontrolling interests and equity
$
7,029,864

 
$
3,528,003


SUPPLEMENTAL INFORMATION | 2                                    


COMPONENTS OF MINIMUM RENTS AND OTHER REVENUE
WP Glimcher
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2015
 
2014
 
 
 
 
 
 
Components of Minimum Rents:
 
 
 
 
 
 
 
 
 
  Base rent
$
147,159

 
$
97,871

 
  Mark-to-market adjustment
4,638

 
244

 
  Straight-line rents
1,595

 
176

 
  Temp tenant rents
9,312

 
8,346

 
       Total Minimum Rents
$
162,704

 
$
106,637

 
 
 
 
 
 
Components of Other Revenue:
 
 
 
 
Sponsorship and other ancillary property income
$
1,275

 
$
854

 
Lease termination income
470

 
218

 
Other
783

 
982

 
       Total Other Revenue
$
2,528

 
$
2,054



SUPPLEMENTAL INFORMATION | 3


CALCULATION OF FUNDS FROM OPERATIONS (INCLUDING PRO-RATA SHARE OF JOINT VENTURES)
 
WP Glimcher
 
 
 
 
 
(in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
 
2015
 
2014
 
Funds from Operations ("FFO"):
 
 
 
 
 
Net (loss) income
 
$
(9,588
)
 
$
41,502

 
Less: Preferred dividends and distributions on preferred operating partnership units
 
(5,028
)
 
—

 
Real estate depreciation and amortization, including joint venture impact
 
91,682

 
47,134

 
Noncontrolling interest portion of depreciation and amortization
 
(33
)
 
—

 
Gain on sale of interest in property
 
—

 
(242
)
 
Net income attributable to noncontrolling interest holders in properties
 
3

 
—

 
FFO
 
$
77,036

 
$
88,394

 
 
 
 
 
 
 
Adjusted Funds from Operations:
 
 
 
 
 
FFO
 
$
77,036

 
$
88,394

 
Add back: Glimcher merger and transaction costs
 
20,810

 
—

 
Add back: Bridge loan fee amortization
 
4,120

 
—

 
Adjusted FFO
 
$
101,966

 
$
88,394

 
 
 
 
 
 
 
Weighted average common shares outstanding - diluted (1)
 
213,975

 
186,738

 
 
 
 
 
 
 
FFO per diluted share
 
$
0.36

 
$
0.47

 
Total adjustments
 
0.11

 
—

 
Adjusted FFO per diluted share
 
$
0.47

 
$
0.47

 
 
 
 
 
 
 
(1) FFO per share in 2015 has been calculated using 215,044 common shares, which includes common stock equivalents.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
 
2015
 
2014
 
Supplemental Disclosure of Amounts included in FFO:
 
 
 
 
 
Deferred leasing costs
 
$
5,418

 
$
2,725

 
Non-cash stock compensation expense
 
$
2,316

 
$
—

 
Straight-line adjustment as an increase to minimum rents
 
$
1,595

 
$
176

 
Straight-line and fair market value adjustment to ground lease expense recorded as an increase to other operating expense
 
$
202

 
$
207

 
Fair value of debt amortized as a decrease to interest expense
 
$
4,460

 
$
112

 
Mark-to-market adjustment as an increase to base rents
 
$
4,638

 
$
244

 

SUPPLEMENTAL INFORMATION | 4


NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES
 
WP Glimcher
 
 
 
 
 
 
 
 
Including Pro-Rata Share of Unconsolidated Properties
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2015
 
2014
 
Variance $
 
Variance %
 
 
 
 
 
 
 
 
 
 
Comparable Net Operating Income (Comp NOI)
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
Minimum rent
$
153,890

 
$
152,740

 
$
1,150

 
0.8
 %
 
Overage rent
2,977

 
2,823

 
154

 
5.5
 %
 
Tenant reimbursements
69,851

 
68,916

 
935

 
1.4
 %
 
Other
5,887

 
5,870

 
17

 
0.3
 %
 
Total revenue
232,605

 
230,349

 
2,256

 
1.0
 %
 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
Recoverable
(80,595
)
 
(79,666
)
 
(929
)
 
1.2
 %
 
Property operating
(1,654
)
 
(1,678
)
 
24

 
-1.4
 %
 
Ground rent
(1,982
)
 
(1,954
)
 
(28
)
 
1.4
 %
 
Total operating expenses
(84,231
)
 
(83,298
)
 
(933
)
 
1.1
 %
 
 
 
 
 
 
 
 
 
 
Comp NOI - Total portfolio
$
148,374

 
$
147,051

 
$
1,323

 
0.9
 %
 
 
 
 
 
 
 
 
 
 
Comp NOI - Malls
$
115,291

 
$
115,161

 
$
130

 
0.1
 %
 
Comp NOI - Community centers
$
33,083

 
$
31,890

 
$
1,193

 
3.7
 %
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(9,588
)
 
$
41,502

 
$
(51,090
)
 
 
 
Income and other taxes
445

 
75

 
370

 
 
 
Interest expense
37,122

 
13,917

 
23,205

 
 
 
Gain on sale of interest in property
—

 
(242
)
 
242

 
 
 
Income from unconsolidated entities
(216
)
 
(345
)
 
129

 
 
 
Straight-line rents
(1,728
)
 
(149
)
 
(1,579
)
 
 
 
Fair value rent amortization
(4,638
)
 
(244
)
 
(4,394
)
 
 
 
Management fee allocation
5,217

 
3,501

 
1,716

 
 
 
Termination income and outparcel sales
(507
)
 
(1,018
)
 
511

 
 
 
Other adjustments for comp
468

 
216

 
252

 
 
 
Operating income
26,575

 
57,213

 
(30,638
)
 
 
 
General and administrative
9,700

 
—

 
9,700

 
 
 
Merger and transaction costs
20,810

 
—

 
20,810

 
 
 
Depreciation and amortization
92,184

 
45,968

 
46,216

 
 
 
NOI of consolidated properties
$
149,269

 
$
103,181

 
$
46,088

 
 
 
 
 
 
 
 
 
 
 
 
NOI of unconsolidated properties
2,300

 
10,437

 
(8,137
)
 
 
 
Adjustments for comp (SL & management fee allocation)
152

 
211

 
(59
)
 
 
 
Less: partner share on comp NOI
(2,380
)
 
(2,499
)
 
119

 
 
 
NOI from sold properties
67

 
39

 
28

 
 
 
Total NOI of our portfolio
$
149,408

 
$
111,369

 
$
38,039

 
 
 
 
 
 
 
 
 
 
 
 
Less: NOI from non-comparable properties (1)
(2,524
)
 
(589
)
 
(1,935
)
 
 
 
Adjustment to include Glimcher NOI from prior to merger (1)
7,843

 
43,499

 
(35,656
)
 
 
 
Less: NOI from non-core properties (2)
(6,353
)
 
(7,228
)
 
875

 
 
 
Comparable NOI
$
148,374

 
$
147,051

 
$
1,323

 
 
 
Comparable NOI percentage change
 
 
 
 
0.9
%
 
 
 
 
 
 
 
 
 
 
 
 
(1) NOI excluded from comparable property NOI relates to properties not owned and operating in all periods reported. The assets acquired as part of the Glimcher merger are included in Comp NOI.
 
(2) NOI from seven non-core properties.
 

SUPPLEMENTAL INFORMATION | 5



TOTAL DEBT MATURITIES
WP Glimcher
(dollars in thousands)







(1) Assumes full exercise of extension options.


SUPPLEMENTAL INFORMATION | 6


EBITDA AND KEY BALANCE SHEET METRICS
 
 
 
 
 
WP Glimcher
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
March 31,
 
 
 
 
2015
 
2014
 
 
Calculation of EBITDA:
 
 
 
 
 
 
Net (loss) income
 
$
(9,588
)
 
$
41,502

 
 
Interest expense, net
 
37,122

 
13,917

 
 
Income and other taxes
 
445

 
75

 
 
Depreciation and amortization
 
92,184

 
45,968

 
 
EBITDA
 
120,163

 
101,462

 
 
Merger and transaction costs
 
20,810

 
—

 
 
Add back: Bridge loan fee amortization
 
4,120

 
—

 
 
Gain on sale of interest in property
 
—

 
(242
)
 
 
Adjusted EBITDA
 
$
145,093

 
$
101,220

 
 
 
 
 
 
 
 
 
 
 
As of
March 31, 2015
 
 
 
 
Key Balance Sheet Metrics:
 
Ratio
 
 
 
 
Total indebtedness to Total assets
 
54.1%
 
 
 
 
Secured indebtedness to Total assets
 
30.4%
 
 
 
 
Consolidated EBITDA / Annual service charge
 
3.26x
 
 
 
 
Total unencumbered assets / Total unsecured indebtedness
 
222%
 
 
 

Note:  Balance sheet metrics above are based upon the bond covenants definitions using the trailing 12 months of EBITDA for all properties including the Glimcher assets.



SUPPLEMENTAL INFORMATION | 7


OCCUPANCY AND RENT METRICS
 
 
 
 
WP Glimcher
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31,
2015
 
March 31,
2014
 
 
 
 
 
 
 
 
Malls:
 
 
 
 
 
 
 
 
 
 
 
  Occupancy
89.9%
 
91.3%
 
 
 
 
 
 
 
 
  Occupancy cost
12.7%
 
13.0%
 
 
 
 
 
 
 
 
  Base minimum rent PSF
$26.68
 
$26.48
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Community centers:
 
 
 
 
 
  Occupancy
95.2%
 
93.8%
 
 
 
 
 
 
 
 
  Base minimum rent PSF
$12.79
 
$12.36
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total portfolio:
 
 
 
 
 
  Occupancy
91.9%
 
92.3%
 
 
 
 
 
 
 
 
  Base minimum rent PSF
$21.11
 
$20.79
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Properties acquired from Glimcher in January 2015 are included in each period reported.
 
The Company's seven non-core malls are excluded from these metrics.


SUPPLEMENTAL INFORMATION | 8


RELEASING SPREADS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WP Glimcher
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the trailing 12 months ended March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Square Footage of Openings
 
Opening Rate PSF
 
Closing Rate PSF
 
Releasing Spread
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
 
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Community centers:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
120,185

 
$
22.21

 
$
24.26

 
$
2.05

 
9.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewal
 
255,799

 
$
19.28

 
$
19.86

 
$
0.58

 
3.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
All Deals
 
375,984

 
$
20.27

 
$
21.27

 
$
1.00

 
4.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Malls:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
261,198

 
$
36.97

 
$
38.70

 
$
1.73

 
4.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewal
 
1,198,216

 
$
37.79

 
$
39.04

 
$
1.25

 
3.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
All Deals
 
1,459,414

 
$
37.64

 
$
38.98

 
$
1.34

 
3.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Portfolio:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
381,383

 
$
32.31

 
$
34.15

 
$
1.85

 
5.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Renewal
 
1,454,015

 
$
34.70

 
$
35.67

 
$
0.97

 
2.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
All Deals
 
1,835,398

 
$
34.19

 
$
35.35

 
$
1.16

 
3.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note :The Company's seven non-core malls are excluded from these metrics.
 
 


SUPPLEMENTAL INFORMATION | 9


TOP 10 TENANTS
 
 
 
 
 
 
 
 
WP Glimcher
 
 
 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Anchor Stores
(Ranked by Percent of Total Minimum Rents)
 
Tenant Name
 
Number
of Stores
 
GLA of
Stores
 
Percent of Total GLA in Portfolio
 
Percent of Total Base Minimum Rent (1)
 
 
 
 
 
 
 
 
 
 
 
Signet Jewelers, Ltd.
 
180
 
237,996
 
0.3%
 
3.2%
 
L Brands, Inc.
 
141
 
661,295
 
1.0%
 
2.7%
 
Foot Locker, Inc.
 
125
 
510,085
 
0.7%
 
2.2%
 
Ascena Retail Group Inc.
 
119
 
602,777
 
0.9%
 
1.6%
 
Luxottica Group
 
104
 
279,597
 
0.4%
 
1.3%
 
Genesco Inc.
 
133
 
212,247
 
0.3%
 
1.3%
 
American Eagle Outfitters, Inc.
 
53
 
300,373
 
0.4%
 
1.3%
 
The Gap, Inc.
 
43
 
508,440
 
0.7%
 
1.2%
 
The Finish Line, Inc.
 
52
 
294,975
 
0.4%
 
1.2%
 
Claire's Stores Inc.
 
89
 
113,819
 
0.2%
 
0.8%
 
 
 
 
 
 
 
 
 
 
 
Anchor Stores
(Ranked by Total GLA)
 
Tenant Name
 
Number
of Stores
 
GLA of
Stores
 
Percent of Total GLA in Portfolio
 
Percent of Total Base Minimum Rent (1)
 
 
 
 
 
 
 
 
 
 
 
 Sears Holding Corporation (including Kmarts)
 
60
 
8,353,804
 
12.2%
 
1.2%
 
 JCPenney Company, Inc.
 
49
 
6,202,632
 
9.1%
 
1.4%
 
 Macy's, Inc.
 
36
 
6,027,126
 
8.8%
 
0.5%
 
 Dillard's, Inc.
 
28
 
3,902,495
 
5.7%
 
0.1%
 
 The Bon-Ton Stores, Inc.
 
19
 
1,856,405
 
2.7%
 
0.9%
 
 Target Corporation
 
12
 
1,625,339
 
2.4%
 
0.0%
 
 Kohl's Corporation
 
15
 
1,277,064
 
1.9%
 
0.9%
 
 Belk, Inc.
 
13
 
1,070,585
 
1.6%
 
0.1%
 
 Dick's Sporting Goods, Inc.
 
15
 
840,330
 
1.2%
 
1.3%
 
 Burlington Stores, Inc.
 
10
 
814,577
 
1.2%
 
0.8%
 
 
 
 
 
 
 
 
 
 
 
(1) Total base minimum rent represents 2015 combined base rental revenues

SUPPLEMENTAL INFORMATION | 10


LEASE EXPIRATIONS
 
 
 
 
 
 
 
WP Glimcher
 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
In-line Stores and Freestanding
 
 
Number of Leases Expiring
 
Square
Feet
 
Average Base
Minimum Rent PSF
 
Percentage of Gross Annual Rental Revenues
 
Year
 
 
 
 
 
 
 
 
Month To Month Leases
336

 
869,096

 
$
24.53

 
3.4
%
 
2015
390

 
913,803

 
$
25.90

 
3.8
%
 
2016
1,017

 
3,217,414

 
$
24.26

 
12.5
%
 
2017
860

 
2,806,057

 
$
24.39

 
11.0
%
 
2018
662

 
2,038,964

 
$
26.89

 
8.8
%
 
2019
557

 
1,924,478

 
$
26.11

 
8.1
%
 
2020
368

 
1,572,347

 
$
24.11

 
6.1
%
 
2021
227

 
1,075,073

 
$
23.33

 
4.0
%
 
2022
246

 
1,078,113

 
$
24.43

 
4.2
%
 
2023
301

 
1,416,388

 
$
23.52

 
5.3
%
 
2024
238

 
924,940

 
$
27.12

 
4.0
%
 
2025 and Thereafter
187

 
902,186

 
$
24.11

 
3.5
%
 
Specialty Leasing Agreements w/ terms in excess of 12 months
856

 
1,892,634

 
$
11.65

 
3.5
%
 
 
 
 
 
 
 
 
 
 
Anchors
 
 
Number of Leases Expiring
 
Square
Feet
 
Average Base
Minimum Rent PSF
 
Percentage of Gross Annual Rental Revenues
 
Year
 
 
 
 
 
 
 
 
Month To Month Leases
2

 
47,081

 
$
9.36

 
0.1
%
 
2015
15

 
979,105

 
$
4.75

 
0.7
%
 
2016
39

 
1,826,428

 
$
6.74

 
2.0
%
 
2017
33

 
2,232,961

 
$
4.81

 
1.7
%
 
2018
45

 
2,514,052

 
$
7.42

 
3.0
%
 
2019
34

 
2,167,505

 
$
6.14

 
2.1
%
 
2020
51

 
2,723,792

 
$
7.11

 
3.1
%
 
2021
28

 
2,269,920

 
$
7.09

 
2.6
%
 
2022
17

 
986,203

 
$
6.66

 
1.1
%
 
2023
26

 
1,232,950

 
$
8.35

 
1.7
%
 
2024
16

 
851,919

 
$
7.29

 
1.0
%
 
2025 and Thereafter
49

 
4,924,676

 
$
3.32

 
2.6
%
 
Specialty Leasing Agreements w/ terms in excess of 12 months
—

 
—

 
$
0.00

 
0.0
%
 
 
 
 
 
 
 
 
 


SUPPLEMENTAL INFORMATION | 11


CAPITAL EXPENDITURES
 
 
 
 
WP Glimcher
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months
Ended
March 31, 2015
 
Three Months
Ended
March 31, 2014
 
 
 
 
 
 
 
New Developments
 
$
744

 
$
789

 
Redevelopments, Renovations, and Expansions
 
$
24,746

 
$
30,063

 
 
 
 
 
 
 
Property Capital Expenditures:
 
 
 
 
 
   Non-anchor stores tenant improvements and allowances
 
$
7,763

 
$
9,402

 
   Operational capital expenditures
 
1,629

 
2,679

 
   Total Property Capital Expenditures
 
$
9,392

 
$
12,081

 
 
 
 
 
 
 
Note: Properties acquired from Glimcher in January 2015 are included in both periods presented.


SUPPLEMENTAL INFORMATION | 12


MAJOR REDEVELOPMENT PROJECTS
 
 
 
 
 
 
WP Glimcher
 
 
 
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Name
 
City
 
St
Estimated
Total Costs (2)
 
Estimated
Project Yield (2)
 
Costs
Incurred
to Date (1)
 
Estimated
Completion (2)
 
Description
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Projects:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fairfield Town Center
 
 Houston
 
 TX
 $75,000 - $85,000
 
8% - 9%
 
$
2,800

 
2016/2017
 
Multi-phase retail development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gateway Center
 
 Austin
 
 TX
 $7,000 - $9,000
 
8% - 9%
 
$
0

 
2016 2Q
 
Add Saks Fifth Avenue OFF 5TH
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jefferson Valley Mall
 
 Yorktown Hts
 
 NY
 $32,000 - $36,000
 
7% - 8%
 
$
1,900

 
2017 2Q
 
Redevelop center and add Dick's Sporting Goods
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mall at Fairfield Commons
 
 Dayton
 
 OH
 $18,000 - $20,000
 
7% - 8%
 
$
1,100

 
2015 4Q
 
Demolish former department store & replace with restaurants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Polaris Fashion Place
 
Columbus
 
OH
$24,000 - $28,000
 
8% - 9%
 
$
10,100

 
2015 4Q
 
New Dick's Sporting Goods and Field & Stream anchors
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rockaway Commons
 
 Rockaway
 
 NJ
 $8,000 - $10,000
 
13% - 14%
 
$
1,000

 
2015 4Q
 
Re-anchor with Nordstrom Rack & additional junior anchor
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scottsdale Quarter - Phase III
 
 Scottsdale
 
 AZ
 $115,000 - $125,000
 
7% - 8%
 
$
47,200

 
2015/2016
 
Multi-use addition to existing center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Town Center Plaza
 
 Leawood
 
 KS
 $30,000 - $35,000
 
7% - 8%
 
$
6,000

 
2015/2016
 
New Arhaus, Restoration Hardware, and pedestrian walkway
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Total major projects
 
 
 
 
 $300,000 - $350,000
 
7% - 9%
 
$
70,100

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Project costs exclude the allocation of internal costs such as labor, interest, and taxes.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Estimated total costs, project yield, and completion are subject to adjustment as a result of changes (some of which are not under the direct control of the company) that are inherent in the development process.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note that the project yield excludes any NOI benefit to the property that is indirectly related to the redevelopment, although each project does benefit other aspects of the mall.


SUPPLEMENTAL INFORMATION | 13



WP GLIMCHER PROPERTY INFORMATION
 
 
 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
Property Name
 
St
 
City
 
Legal
Ownership (1)
 
 Total
Center
Square Feet
 
Total
WPG Owned Square Feet
 
Total
Tenant Owned Square Feet
 
Maturity Date (2)
 
Interest Rate
 
Type
 
 Total
 
 WP Glimcher
Share
Malls
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anderson Mall
 
SC
 
Anderson
 
100%
 
671,028

 
315,839
 
355,189
 
12/1/2022
 
4.61%
 
Fixed
 
$19,849
 
$19,849
Arbor Hills
 
MI
 
Ann Arbor
 
93%
 
87,395

 
87,395
 
—
 
1/1/2026
 
4.27%
 
Fixed
 
$25,499
 
$23,620
Arboretum, The
 
TX
 
Austin
 
100%
 
194,956

 
194,956
 
—
 
 
 
 
 
 
 
 
 
 
Ashland Town Center
 
KY
 
Ashland
 
100%
 
434,310

 
330,920
 
103,390
 
7/6/2021
 
4.90%
 
Fixed
 
$39,716
 
$39,716
Bowie Town Center
 
MD
 
Bowie
(Wash, D.C.)
 
100%
 
578,402

 
277,104
 
301,298
 
 
 
 
 
 
 
 
 
 
Boynton Beach Mall
 
FL
 
Boynton Beach (Miami)
 
100%
 
1,102,240

 
590,688
 
511,552
 
 
 
 
 
 
 
 
 
 
Brunswick Square
 
NJ
 
East Brunswick (New York)
 
100%
 
760,640

 
289,345
 
471,295
 
3/1/2024
 
4.80%
 
Fixed
 
$75,874
 
$75,874
Charlottesville Fashion Square
 
VA
 
Charlottesville
 
100%
 
576,903

 
353,200
 
223,703
 
4/1/2024
 
4.54%
 
Fixed
 
$49,292
 
$49,292
Chautauqua Mall
 
NY
 
Lakewood
 
100%
 
427,590

 
422,614
 
4,976
 
 
 
 
 
 
 
 
 
 
Chesapeake Square
 
VA
 
Chesapeake
(VA Beach)
 
75%
 
759,928

 
560,419
 
199,509
 
2/1/2017
 
5.84%
 
Fixed
 
$63,656
 
$47,742
Clay Terrace
 
IN
 
Carmel (Indianapolis)
 
100%
 
501,730

 
482,854
 
18,876
 
10/1/2015
 
5.08%
 
Fixed
 
$115,000
 
$115,000
Colonial Park Mall
 
PA
 
Harrisburg
 
100%
 
739,187

 
371,741
 
367,446
 
 
 
 
 
 
 
 
 
 
Cottonwood Mall
 
NM
 
Albuquerque
 
100%
 
1,043,950

 
409,873
 
634,077
 
4/6/2024
 
4.82%
 
Fixed
 
$103,594
 
$103,594
Dayton Mall
 
OH
 
Dayton
 
100%
 
1,443,520

 
785,239
 
658,281
 
9/1/2022
 
4.57%
 
Fixed
 
$82,000
 
$82,000
Edison Mall
 
FL
 
Fort Myers
 
100%
 
1,054,445

 
572,153
 
482,292
 
 
 
 
 
 
 
 
 
 
Forest Mall (3)
 
WI
 
Fond Du Lac
 
100%
 
500,899

 
249,569
 
251,330
 
 
 
 
 
 
 
 
 
 
Grand Central Mall
 
WV
 
Parkersburg
 
100%
 
848,124

 
742,301
 
105,823
 
7/6/2020
 
6.05%
 
Fixed
 
$42,344
 
$42,344


SUPPLEMENTAL INFORMATION | 14


WP GLIMCHER PROPERTY INFORMATION
 
 
 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
Property Name
 
St
 
City
 
Legal
Ownership (1)
 
 Total
Center
Square Feet
 
Total
WPG Owned Square Feet
 
Total
Tenant Owned Square Feet
 
Maturity Date (2)
 
Interest Rate
 
Type
 
 Total
 
 WP Glimcher
Share
Malls
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Great Lakes Mall
 
OH
 
Mentor
(Cleveland)
 
100%
 
1,287,311

 
580,178
 
707,133
 
 
 
 
 
 
 
 
 
 
Gulf View Square (3)
 
FL
 
Port Richey (Tampa)
 
100%
 
754,763

 
400,117
 
354,646
 
 
 
 
 
 
 
 
 
 
Indian Mound Mall
 
OH
 
Newark
 
100%
 
556,817

 
464,156
 
92,661
 
 
 
 
 
 
 
 
 
 
Irving Mall
 
TX
 
Irving
(Dallas)
 
100%
 
1,052,944

 
489,400
 
563,544
 
 
 
 
 
 
 
 
 
 
Jefferson Valley Mall
 
NY
 
Yorktown Heights (New York)
 
100%
 
554,927

 
389,235
 
165,692
 
 
 
 
 
 
 
 
 
 
Knoxville Center (3)
 
TN
 
Knoxville
 
100%
 
960,709

 
506,097
 
454,612
 
 
 
 
 
 
 
 
 
 
Lima Mall
 
OH
 
Lima
 
100%
 
743,186

 
543,364
 
199,822
 
 
 
 
 
 
 
 
 
 
Lincolnwood Town Center
 
IL
 
Lincolnwood (Chicago)
 
100%
 
421,991

 
421,991
 
—
 
4/1/2021
 
4.26%
 
Fixed
 
$52,209
 
$52,209
Lindale Mall
 
IA
 
Cedar Rapids
 
100%
 
712,940

 
462,187
 
250,753
 
 
 
 
 
 
 
 
 
 
Longview Mall
 
TX
 
Longview
 
100%
 
638,564

 
194,479
 
444,085
 
 
 
 
 
 
 
 
 
 
Malibu Lumber Yard
 
CA
 
Malibu
 
100%
 
31,479

 
31,479
 
—
 
 
 
 
 
 
 
 
 
 
Mall at Fairfield Commons, The
 
OH
 
Beavercreek
 
100%
 
1,008,714

 
859,302
 
149,412
 
 
 
 
 
 
 
 
 
 
Mall at Johnson City, The
 
TN
 
Johnson City
 
100%
 
570,995

 
495,587
 
75,408
 
5/6/2020
 
6.76%
 
Fixed
 
$52,074
 
$52,074
Maplewood Mall
 
MN
 
St. Paul (Minneapolis)
 
100%
 
908,006

 
325,527
 
582,479
 
 
 
 
 
 
 
 
 
 
Markland Mall
 
IN
 
Kokomo
 
100%
 
418,019

 
414,539
 
3,480
 
 
 
 
 
 
 
 
 
 
Melbourne Square
 
FL
 
Melbourne
 
100%
 
705,656

 
420,838
 
284,818
 
 
 
 
 
 
 
 
 
 
Merritt Square Mall
 
FL
 
Merritt Island
 
100%
 
810,972

 
475,299
 
335,673
 
9/1/2015
 
5.35%
 
Fixed
 
$53,297
 
$53,297



SUPPLEMENTAL INFORMATION | 15


WP GLIMCHER PROPERTY INFORMATION
 
 
 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
Property Name
 
St
 
City
 
Legal
Ownership (1)
 
 Total
Center
Square Feet
 
Total
WPG Owned Square Feet
 
Total
Tenant Owned Square Feet
 
Maturity Date (2)
 
Interest Rate
 
Type
 
 Total
 
 WP Glimcher
Share
Malls
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mesa Mall
 
CO
 
Grand Junction
 
100%
 
873,831

 
431,127
 
442,704
 
6/1/2016
 
5.79%
 
Fixed
 
$87,250
 
$87,250
Morgantown Mall
 
WV
 
Morgantown
 
100%
 
555,372

 
555,372
 
—
 
 
 
 
 
 
 
 
 
 
Muncie Mall
 
IN
 
Muncie
 
100%
 
635,710

 
385,910
 
249,800
 
4/1/2021
 
4.19%
 
Fixed
 
$36,441
 
$36,441
New Towne Mall
 
OH
 
New Philadelphia
 
100%
 
509,561

 
509,561
 
—
 
 
 
 
 
 
 
 
 
 
Northlake Mall (3)
 
GA
 
Atlanta
 
100%
 
962,969

 
576,569
 
386,400
 
 
 
 
 
 
 
 
 
 
Northtown Mall
 
MN
 
Blaine
 
100%
 
547,854

 
547,854
 
—
 
 
 
 
 
 
 
 
 
 
Northwoods Mall
 
IL
 
Peoria
 
100%
 
693,481

 
220,512
 
472,969
 
 
 
 
 
 
 
 
 
 
Oak Court Mall
 
TN
 
Memphis
 
100%
 
849,266

 
363,449
 
485,817
 
4/1/2021
 
4.76%
 
Fixed
 
$39,458
 
$39,458
Oklahoma City Properties
 
OK
 
Oklahoma City
 
99%
 
288,135

 
288,135
 
—
 
 
 
 
 
 
 
 
 
 
Orange Park Mall
 
FL
 
Orange Park (Jacksonville)
 
100%
 
959,525

 
556,345
 
403,180
 
 
 
 
 
 
 
 
 
 
Paddock Mall
 
FL
 
Ocala
 
100%
 
551,988

 
321,431
 
230,557
 
 
 
 
 
 
 
 
 
 
Pearlridge Center
 
HI
 
Aiea
 
100%
 
1,139,762

 
1,139,762
 
—
 
11/1/2015
 
4.60%
 
Fixed
 
$171,388
 
$171,388
Polaris Fashion Place
 
OH
 
Columbus
 
100%
 
1,437,685

 
685,466
 
752,219
 
3/1/2025
 
3.90%
 
Fixed
 
$225,000
 
$225,000
Port Charlotte Town Center
 
FL
 
Port Charlotte
 
80%
 
764,698

 
480,489
 
284,209
 
11/1/2020
 
5.30%
 
Fixed
 
$45,450
 
$36,360
Richmond Town Square (3)
 
OH
 
Richmond Heights (Cleveland)
 
100%
 
1,011,775

 
541,824
 
469,951
 
 
 
 
 
 
 
 
 
 
River Oaks Center (3)
 
IL
 
Calumet City (Chicago)
 
100%
 
1,192,571

 
688,312
 
504,259
 
 
 
 
 
 
 
 
 
 
River Valley Mall
 
OH
 
Lancaster
 
100%
 
521,578

 
521,578
 
—
 
1/11/2016
 
5.65%
 
Fixed
 
$45,573
 
$45,573



SUPPLEMENTAL INFORMATION | 16


WP GLIMCHER PROPERTY INFORMATION
 
 
 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
Property Name
 
St
 
City
 
Legal
Ownership (1)
 
 Total
Center
Square Feet
 
Total
WPG Owned Square Feet
 
Total
Tenant Owned Square Feet
 
Maturity Date (2)
 
Interest Rate
 
Type
 
 Total
 
 WP Glimcher
Share
Malls
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rolling Oaks Mall
 
TX
 
San Antonio
 
100%
 
882,347

 
286,039
 
596,308
 
 
 
 
 
 
 
 
 
 
Rushmore Mall
 
SD
 
Rapid City
 
100%
 
829,234

 
752,758
 
76,476
 
2/1/2019
 
5.79%
 
Fixed
 
$94,000
 
$94,000
Scottsdale Quarter
 
AZ
 
Scottsdale
 
100%
 
541,386

 
541,386
 
—
 
5/22/2015
 
3.27%
 
Variable
 
$130,000
 
$130,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10/1/2015
 
4.91%
 
Fixed
 
$65,179
 
$65,179
Seminole Towne Center
 
FL
 
Sanford
(Orlando)
 
45%
 
1,104,689

 
591,399
 
513,290
 
5/6/2021
 
5.97%
 
Fixed
 
$57,125
 
$25,706
Southern Hills Mall
 
IA
 
Sioux City
 
100%
 
794,372

 
550,425
 
243,947
 
6/1/2016
 
5.79%
 
Fixed
 
$101,500
 
$101,500
Southern Park Mall
 
OH
 
Youngstown
 
100%
 
1,204,703

 
1,009,139
 
195,564
 
 
 
 
 
 
 
 
 
 
Sunland Park Mall
 
TX
 
El Paso
 
100%
 
922,165

 
327,228
 
594,937
 
 
 
 
 
 
 
 
 
 
Outlet Collection | Seattle, The
 
WA
 
Seattle
 
100%
 
921,472

 
921,472
 
—
 
1/12/2018
 
1.68%
 
Variable
 
$86,500
 
$86,500
Town Center at Aurora
 
CO
 
Aurora
(Denver)
 
100%
 
1,082,834

 
342,893
 
739,941
 
4/1/2021
 
4.19%
 
Fixed
 
$55,000
 
$55,000
Town Center Crossing & Plaza
 
KS
 
Leawood
 
100%
 
605,164

 
483,931
 
121,233
 
2/1/2027
 
4.25%
 
Fixed
 
$36,462
 
$36,462
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2/1/2027
 
5.00%
 
Fixed
 
$73,307
 
$73,307
Towne West Square
 
KS
 
Wichita
 
100%
 
936,978

 
440,445
 
496,533
 
6/1/2021
 
5.61%
 
Fixed
 
$48,433
 
$48,433
Valle Vista Mall
 
TX
 
Harlingen
 
100%
 
650,504

 
492,104
 
158,400
 
5/10/2017
 
5.35%
 
Fixed
 
$40,000
 
$40,000
Virginia Center Commons (3)
 
VA
 
Glen Allen
 
100%
 
785,049

 
444,141
 
340,908
 
 
 
 
 
 
 
 
 
 
Waterford Lakes Town Center
 
FL
 
Orlando
 
100%
 
960,164

 
685,664
 
274,500
 
 
 
 
 
 
 
 
 
 
Weberstown Mall
 
CA
 
Stockton
 
100%
 
856,817

 
283,493
 
573,324
 
6/8/2016
 
5.90%
 
Fixed
 
$60,000
 
$60,000



SUPPLEMENTAL INFORMATION | 17


WP GLIMCHER PROPERTY INFORMATION
 
 
 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
Property Name
 
St
 
City
 
Legal
Ownership (1)
 
 Total
Center
Square Feet
 
Total
WPG Owned Square Feet
 
Total
Tenant Owned Square Feet
 
Maturity Date (2)
 
Interest Rate
 
Type
 
 Total
 
 WP Glimcher
Share
Malls
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
West Ridge Mall
 
KS
 
Topeka
 
100%
 
995,609

 
391,498
 
604,111
 
3/6/2024
 
4.84%
 
Fixed
 
$42,573
 
$42,573
Westminster Mall
 
CA
 
Westminster
(Los Angeles)
 
100%
 
1,203,700

 
431,009
 
772,691
 
4/1/2024
 
4.65%
 
Fixed
 
$83,824
 
$83,824
WestShore Plaza
 
FL
 
Tampa
 
100%
 
1,076,374

 
847,912
 
228,462
 
10/1/2017
 
3.65%
 
Variable
 
$119,600
 
$119,600
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Community Centers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bloomingdale Court
 
IL
 
Bloomingdale (Chicago)
 
100%
 
686,640

 
375,095
 
311,545
 
11/1/2015
 
8.15%
 
Fixed
 
$24,611
 
$24,611
Bowie Town Center Strip
 
MD
 
Bowie
(Wash, D.C.)
 
100%
 
106,589

 
40,927
 
65,662
 
 
 
 
 
 
 
 
 
 
Canyon View
 
CO
 
Grand Junction
 
100%
 
43,054

 
43,054
 
—
 
11/6/2023
 
5.47%
 
Fixed
 
$5,533
 
$5,533
Charles Towne Square
 
SC
 
Charleston
 
100%
 
71,794

 
71,794
 
—
 
 
 
 
 
 
 
 
 
 
Chesapeake Center
 
VA
 
Chesapeake (Virginia Beach)
 
100%
 
305,853

 
128,972
 
176,881
 
 
 
 
 
 
 
 
 
 
Concord Mills Marketplace
 
NC
 
Concord (Charlotte)
 
100%
 
230,683

 
216,870
 
13,813
 
11/1/2023
 
4.82%
 
Fixed
 
$16,000
 
$16,000
Countryside Plaza
 
IL
 
Countryside (Chicago)
 
100%
 
403,756

 
204,295
 
199,461
 
 
 
 
 
 
 
 
 
 
Dare Centre
 
NC
 
Kill Devil Hills
 
100%
 
168,673

 
109,154
 
59,519
 
 
 
 
 
 
 
 
 
 
DeKalb Plaza
 
PA
 
King of Prussia (Philadelphia)
 
100%
 
101,911

 
44,091
 
57,820
 
 
 
 
 
 
 
 
 
 
Empire East
 
SD
 
Sioux Falls
 
100%
 
301,438

 
167,616
 
133,822
 
 
 
 
 
 
 
 
 
 
Fairfax Court
 
VA
 
Fairfax
(Wash, D.C.)
 
100%
 
249,488

 
245,999
 
3,489
 
 
 
 
 
 
 
 
 
 
Fairfield Town Center
 
TX
 
Houston
 
100%
 
108,000

 
—
 
108,000
 
 
 
 
 
 
 
 
 
 



SUPPLEMENTAL INFORMATION | 18


WP GLIMCHER PROPERTY INFORMATION
 
 
 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
Property Name
 
St
 
City
 
Legal
Ownership (1)
 
 Total
Center
Square Feet
 
Total
WPG Owned Square Feet
 
Total
Tenant Owned Square Feet
 
Maturity Date (2)
 
Interest Rate
 
Type
 
 Total
 
 WP Glimcher
Share
Community Centers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forest Plaza
 
IL
 
Rockford
 
100%
 
434,838

 
414,542
 
20,296
 
10/10/2019
 
7.50%
 
Fixed
 
$17,270
 
$17,270
Gaitway Plaza
 
FL
 
Ocala
 
88%
 
208,051

 
207,251
 
800
 
 
 
 
 
 
 
 
 
 
Gateway Centers
 
TX
 
Austin
 
100%
 
512,652

 
403,649
 
109,003
 
 
 
 
 
 
 
 
 
 
Greenwood Plus
 
IN
 
Greenwood (Indianapolis)
 
100%
 
155,319

 
146,091
 
9,228
 
 
 
 
 
 
 
 
 
 
Henderson Square
 
PA
 
King of Prussia (Philadelphia)
 
100%
 
107,371

 
53,615
 
53,756
 
4/1/2016
 
4.43%
 
Fixed
 
$12,863
 
$12,863
Keystone Shoppes
 
IN
 
Indianapolis
 
100%
 
29,080

 
29,080
 
—
 
 
 
 
 
 
 
 
 
 
Lake Plaza
 
IL
 
Waukegan (Chicago)
 
100%
 
215,568

 
124,939
 
90,629
 
 
 
 
 
 
 
 
 
 
Lake View Plaza
 
IL
 
Orland Park (Chicago)
 
100%
 
367,370

 
311,961
 
55,409
 
 
 
 
 
 
 
 
 
 
Lakeline Plaza
 
TX
 
Cedar Park (Austin)
 
100%
 
387,240

 
356,803
 
30,437
 
10/10/2019
 
7.50%
 
Fixed
 
$16,179
 
$16,179
Lima Center
 
OH
 
Lima
 
100%
 
233,878

 
173,878
 
60,000
 
 
 
 
 
 
 
 
 
 
Lincoln Crossing
 
IL
 
O'Fallon
(St. Louis)
 
100%
 
243,326

 
37,861
 
205,465
 
 
 
 
 
 
 
 
 
 
MacGregor Village
 
NC
 
Cary
 
100%
 
144,301

 
144,301
 
—
 
 
 
 
 
 
 
 
 
 
Mall of Georgia Crossing
 
GA
 
Buford
(Atlanta)
 
100%
 
440,670

 
317,535
 
123,135
 
10/6/2022
 
4.28%
 
Fixed
 
$23,989
 
$23,989
Markland Plaza
 
IN
 
Kokomo
 
100%
 
90,527

 
80,977
 
9,550
 
 
 
 
 
 
 
 
 
 
Martinsville Plaza
 
VA
 
Martinsville
 
100%
 
102,105

 
94,760
 
7,345
 
 
 
 
 
 
 
 
 
 
Matteson Plaza
 
IL
 
Matteson (Chicago)
 
100%
 
272,336

 
180,936
 
91,400
 
 
 
 
 
 
 
 
 
 
Morgantown Commons
 
WV
 
Morgantown
 
100%
 
230,843

 
230,843
 
—
 
 
 
 
 
 
 
 
 
 



SUPPLEMENTAL INFORMATION | 19


WP GLIMCHER PROPERTY INFORMATION
 
 
 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
Property Name
 
St
 
City
 
Legal
Ownership (1)
 
 Total
Center
Square Feet
 
Total
WPG Owned Square Feet
 
Total
Tenant Owned Square Feet
 
Maturity Date (2)
 
Interest Rate
 
Type
 
 Total
 
 WP Glimcher
Share
Community Centers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Muncie Towne Plaza
 
IN
 
Muncie
 
100%
 
172,617

 
172,617
 
—
 
10/10/2019
 
7.50%
 
Fixed
 
$6,727
 
$6,727
North Ridge Shopping Center
 
NC
 
Raleigh
 
100%
 
169,641

 
164,241
 
5,400
 
12/1/2022
 
3.41%
 
Fixed
 
$12,500
 
$12,500
Northwood Plaza
 
IN
 
Fort Wayne
 
100%
 
208,076

 
79,877
 
128,199
 
 
 
 
 
 
 
 
 
 
Palms Crossing
 
TX
 
McAllen
 
100%
 
392,305

 
358,468
 
33,837
 
8/1/2021
 
5.49%
 
Fixed
 
$36,514
 
$36,514
Plaza at Buckland Hills, The
 
CT
 
Manchester
 
100%
 
329,885

 
218,986
 
110,899
 
 
 
 
 
 
 
 
 
 
Richardson Square
 
TX
 
Richardson (Dallas)
 
100%
 
517,265

 
41,354
 
475,911
 
 
 
 
 
 
 
 
 
 
Rockaway Commons
 
NJ
 
Rockaway
(New York)
 
100%
 
238,253

 
229,145
 
9,108
 
 
 
 
 
 
 
 
 
 
Rockaway Town Plaza
 
NJ
 
Rockaway
(New York)
 
100%
 
371,908

 
70,632
 
301,276
 
 
 
 
 
 
 
 
 
 
Royal Eagle Plaza
 
FL
 
Coral Springs (Miami)
 
100%
 
202,952

 
191,999
 
10,953
 
 
 
 
 
 
 
 
 
 
Shops at Arbor Walk, The
 
TX
 
Austin
 
100%
 
458,468

 
280,314
 
178,154
 
8/1/2021
 
5.49%
 
Fixed
 
$41,268
 
$41,268
Shops at North East Mall, The
 
TX
 
Hurst
(Dallas)
 
100%
 
365,039

 
365,039
 
—
 
 
 
 
 
 
 
 
 
 
St. Charles Towne Plaza
 
MD
 
Waldorf (Wash, D.C.)
 
100%
 
391,597

 
330,047
 
61,550
 
 
 
 
 
 
 
 
 
 
Tippecanoe Plaza
 
IN
 
Lafayette
 
100%
 
90,522

 
85,811
 
4,711
 
 
 
 
 
 
 
 
 
 
University Center
 
IN
 
Mishawaka
 
100%
 
150,441

 
100,441
 
50,000
 
 
 
 
 
 
 
 
 
 
University Town Plaza
 
FL
 
Pensacola
 
100%
 
565,538

 
216,194
 
349,344
 
 
 
 
 
 
 
 
 
 
Village Park Plaza
 
IN
 
Carmel (Indianapolis)
 
100%
 
575,576

 
290,037
 
285,539
 
 
 
 
 
 
 
 
 
 
Washington Plaza
 
IN
 
Indianapolis
 
100%
 
50,107

 
50,107
 
—
 
 
 
 
 
 
 
 
 
 



SUPPLEMENTAL INFORMATION | 20


WP GLIMCHER PROPERTY INFORMATION
 
 
 
 
 
 
 
 
As of March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
Property Name
 
St
 
City
 
Legal
Ownership (1)
 
 Total
Center
Square Feet
 
Total
WPG Owned Square Feet
 
Total
Tenant Owned Square Feet
 
Maturity Date (2)
 
Interest Rate
 
Type
 
 Total
 
 WP Glimcher
Share
Community Centers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
West Ridge Plaza
 
KS
 
Topeka
 
100%
 
254,480

 
99,987
 
154,493
 
3/6/2024
 
4.84%
 
Fixed
 
$10,643
 
$10,643
West Town Corners
 
FL
 
Altamonte Springs (Orlando)
 
88%
 
385,403

 
236,785
 
148,618
 
 
 
 
 
 
 
 
 
 
Westland Park Plaza
 
FL
 
Orange Park (Jacksonville)
 
88%
 
163,259

 
163,259
 
—
 
 
 
 
 
 
 
 
 
 
White Oaks Plaza
 
IL
 
Springfield
 
100%
 
387,911

 
235,128
 
152,783
 
10/10/2019
 
7.50%
 
Fixed
 
$13,452
 
$13,452
Whitehall Mall
 
PA
 
Whitehall
 
100%
 
613,417

 
598,543
 
14,874
 
11/1/2018
 
7.00%
 
Fixed
 
$10,086
 
$10,086
Wolf Ranch
 
TX
 
Georgetown (Austin)
 
100%
 
627,284

 
415,098
 
212,186
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
68,347,860

 
43,097,615
 
25,250,245
 
 
 
 
 
 
 
$2,766,102
 
$2,707,800
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners.
 
(2) Assumes full exercise of extension options.
 
(3) Non-core property
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




SUPPLEMENTAL INFORMATION | 21


GLOSSARY OF TERMS
 
 
 
 
 
 
 
 
 
 
 
   - Average rent PSF
 
Average base minimum rent charge in effect for the reporting period for all tenants that qualify to be included in the occupancy as defined below.
 
   - EBITDA
 
Net income/(loss) attributable to the company before interest, depreciation and amortization, gains/losses on sale of operating properties, impairment charges, income taxes and unrealized remeasurement adjustment of derivative instrument.
 
   - Funds from operation (FFO)
 
Funds From Operation ("FFO") is a supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income/(loss) attributable to common shareholders computed in accordance with generally accepted accounting principles ("GAAP"), excluding (i) gains or losses from sales of operating real estate assets and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties and (iv) impairment of depreciable real estate and in substance real estate equity investments and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis.
 
   - Gross leasable area (GLA)
 
Measure of the total amount of leasable space in a property.
 
   - Net operating income (NOI)
 
Revenues from all rental property less operating and maintenance expenses, real estate taxes and rent expense including the company's pro-rata share of real estate joint ventures. Excludes non-recurring items such as termination income and sales from outparcels.
 
   - Occupancy
 
Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. For malls, all company owned space except for mall anchors, mall majors, mall freestanding, office and mall outlots in the calculation. For community lifestyle centers, all owned GLA other than office are included in the calculation.
 
   - Occupancy cost
 
Percent of tenant's total occupancy cost (rent and reimbursement of CAM, tax and insurance) to tenant sales for mall stores of 10,000 sf or less.
 
   - Re-leasing Spreads
 
Releasing Spread is a ‘‘same space’’ measure that compares opening and closing rates on individual spaces, including spaces greater than 10,000 square feet. The Opening Rate is the average of the initial cash Total Rent PSF for spaces leased during the trailing 12-month period, and includes new leases and existing tenant renewals, amendments and relocations (including expansions and downsizings). The Closing Rate is the average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance (CAM) and base percentage rent. It includes leasing activity on all spaces occupied by tenants as long as the opening and closing dates are within 24 months of one another.


SUPPLEMENTAL INFORMATION | 22