SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  March 6, 2003

 

NEW PLAN EXCEL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

Item 9.            Regulation FD Disclosure

 

Included herein beginning on page A-1 is a copy of certain Supplemental Disclosure of the Registrant for the quarter ended December 31, 2002.

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	New Plan Excel Realty Trust, Inc.
Date:  March 6, 2003	By:	/s/ STEVEN F. SIEGEL
		Steven F. Siegel
		Executive Vice President, General Counsel and Secretary

 

 

 

 

SUPPLEMENTAL DISCLOSURE

 

Quarter Ended December 31, 2002

 

Certain statements in this Supplemental Disclosure that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: changes in the global political environment; national and local economic conditions; the competitive environment in which the Company operates; financing risks; property management risks; acquisition, disposition, development and joint venture risks, including risks that developments and redevelopments are not completed on time or on budget and strategies, actions and performance of affiliates that the Company may not control; potential environmental and other liabilities; and other factors affecting the real estate industry generally. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled “Business-Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2002, which discuss these and other factors that could adversely affect the Company’s results.

 

 

 

A-1

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclousre – Quarter Ended December 31, 2002

 

Table of Contents

 

Fourth Quarter Review / Shareholder Information	A-2
Financial Review
Balance Sheets	A-5
Income Statements	A-6
Funds from Operations / Funds Available for Distribution / Capital Expenditures	A-7
Selected Financial Ratios / Data	A-8
Summary of Outstanding Debt	A-9
Debt Maturity Schedule	A-10
Activity Review
2002 Portfolio / Property Acquisitions	A-11
2002 Portfolio / Property Dispositions	A-12
2002 Redevelopment / Outparcel Development Activities	A-13
Portfolio Review
Property Type Summary	A-14
Properties by State / Region	A-15
Same Property NOI Analysis	A-16
Top Ten Tenants	A-17
New Lease Summary	A-18
Lease Expiration Schedule	A-19
Property Portfolio	A-20
Appendix
Summary of Joint Venture Projects	A-28
Joint Venture Projects - Acquisition Activity	A-29
Joint Venture Projects - Disposition Activity	A-30

 

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclousre – Quarter Ended December 31, 2002

Fourth Quarter Review / Shareholder Information

 

New Plan Excel Realty Trust, Inc. is one of the nation’s largest real estate companies, focusing on the ownership and management of community and neighborhood shopping centers.  The Company operates as a self-administered and self-managed REIT, with a national portfolio of 394 properties and total assets of approximately $3.5 billion.  Its properties are strategically located across 35 states and include 349 community and neighborhood shopping centers, primarily grocery or name-brand discount chain anchored, with approximately 48.9 million square feet of gross leasable area, and 45 related retail real estate assets, with approximately 2.9 million square feet of gross leasable area.

 

Fourth Quarter Review

 

Financial Review

 

•                                          On November 6, 2002, the Company increased the maximum amount available under its Term Loan Facility with Fleet National Bank by $30 million to $155 million and extended the maturity date until December 31, 2003.

 

Activity Review

 

•                                          On December 12, 2002, the Company acquired a portfolio of 57 community and neighborhood shopping centers from Equity Investment Group, a private retail focused REIT.  The acquisition of one additional shopping center from Equity Investment Group was completed in January 2003.  The aggregate purchase price for the acquisition was approximately $437 million, consisting of the assumption of approximately $149 million of outstanding indebtedness, the issuance of approximately $25 million of units in a partnership controlled by New Plan and approximately $263 million of cash.  The cash component of the acquisition was financed through borrowings under the Company’s existing credit facility (a portion of which was subsequently paid down with proceeds generated from the sale of four of the Company’s factory outlet centers).

 

•                                          Also during the fourth quarter, the Company acquired Midway Market Square, a 234,670 square foot shopping center located in Elyria, Ohio, for approximately $24 million, including $18 million of assumed mortgage indebtedness.  In total, 151 shopping centers, totaling approximately 18.5 million square feet, were acquired during 2002 for an aggregate of approximately $1.2 billion.

 

•                                          On December 19, 2002, the Company sold four of its factory outlet centers to Chelsea Property Group for gross proceeds of approximately $193 million.

 

•                                          Also during the fourth quarter, the Company sold eight properties for an aggregate of approximately $23 million.  Properties sold during the quarter include Woodland Plaza, a 31,008 square foot shopping center located in Warsaw, Indiana; Pasadena Park, a 163,767 square foot shopping center located in Pasadena, Texas; Stein Mart Center, a 112,708 square foot shopping center located in Poway, California; Wilson Shopping Center, a 104,982 square foot shopping center  located in Wilson, North Carolina; Factory Merchants Ft. Chiswell, a 175,578 square foot factory outlet center located in Max Meadows, Virginia; a 45,510 square foot single tenant building located in Muskogee, Oklahoma; a 44,374 square foot single tenant 24 Hour Fitness located in Phoenix, Arizona; and a 4,654 square foot single tenant High Ridge Daycare located in High Ridge, Missouri.  In total, 27 properties, including ten shopping centers, five factory outlet centers, nine single tenant properties, one miscellaneous property, one outparcel and one land parcel, were sold during 2002 for an aggregate of approximately $250 million.

 

 

 

A-2

 

 

Portfolio Review

 

•                                          At the end of the fourth quarter, the gross leasable area (GLA) for the Company’s community and neighborhood shopping centers, excluding properties under redevelopment, was approximately 91 percent leased.  The GLA for the Company’s overall portfolio, excluding properties under redevelopment, was approximately 90 percent leased at December 31, 2002 and when including properties under redevelopment, the GLA for the overall portfolio was approximately 90 percent leased. The average annual base rent (ABR) per leased square foot at December 31, 2002 for the Company’s overall portfolio was $7.71.  During the quarter, 136 new leases, aggregating approximately 601,000 square feet, were signed at an average ABR of $9.43 per square foot.  Also during the quarter, 164 renewal leases, aggregating approximately 821,000 square feet, were signed at an average ABR of $7.42 per square foot, an increase of approximately 6.0 percent over the expiring leases.  In total, 533 new leases, aggregating approximately 2.2 million square feet, were signed during 2002 at an average ABR of $9.98 per square foot and 696 renewal leases, aggregating approximately 2.9 million square feet, were signed at an average ABR of $8.73 per square foot, an increase of approximately 6.1 percent over the expiring leases.

 

Joint Venture Projects / Notes Receivable

 

•                                          On October 11, 2002, New Plan sold individual land parcels accounting for approximately 450,000 square feet of anchor space at Clearwater Mall, located in Clearwater, Florida, to Costco, Lowe’s and Target.  The Company then contributed the remaining mall property to the joint venture currently redeveloping the property as a large open-air community shopping center, encompassing approximately 740,000 square feet of retail space.  Also on October 11, 2002, the joint venture closed an approximately $36 million construction loan with Wells Fargo.  New Plan received approximately $28 million from the land sales and loan transaction.

 

•                                          On November 25, 2002, a U.S. partnership comprised substantially of foreign investors purchased a 70 percent interest in The Centre at Preston Ridge – Phase 1, reducing New Plan’s ownership interest to 25 percent from 50 percent.  New Plan received proceeds of approximately $28 million in connection with the sale and will continue to receive leasing commissions and property management fees.  During 2002, the Company generated approximately $108 million of capital through joint venture transactions and the repayment of unscheduled debt.  In addition, approximately $14 million of land parcels were sold during 2002 at properties where the Company holds either a note receivable or joint venture interest.

 

•                                          On December 31, 2002, CA New Plan Venture Fund, the Company’s joint venture with a major U.S. pension fund in which New Plan provides 10 percent of the capital, acquired Ridglea Plaza.  The 197,601 square foot grocery-anchored community shopping center was purchased for approximately $14 million, with 75 percent financing.

 

Subsequent Events

 

•                                          On January 3, 2003, the Company acquired a portfolio of seven grocery-anchored neighborhood shopping centers located in Michigan and aggregating 534,386 square feet for approximately $46 million.

 

 

 

A-3

 

 

Shareholder Information

 

Corporate Headquarters		Transfer Agent and Registrar
New Plan Excel Realty Trust, Inc. 1120 Avenue of the Americas New York, NY  10036		Questions about dividend payments, shareholder accounts, replacement or lost certificates, stock transfers and name or address changes should be directed to:
Phone:  212-869-3000
Fax:  212-869-3989		EquiServe Trust Company, N.A.
www.newplan.com		P.O. Box 43010
		Providence, RI  02940-3010
Exchange Listing		Phone:  800-730-6001
New York Stock Exchange		www.equiserve.com
Common stock:  NXL
Series B preferred stock:  NXLprB		Corporate Communications Department
		Shareholders seeking financial and operating information may contact:
Senior Unsecured Debt Ratings
Standard & Poor’s:  BBB		Stacy Lipschitz
Moody’s:  Baa2		Vice President - Corporate Communications
		Phone:  212-869-3000
Quarterly Results		Fax:  212-869-3989
The Company expects to announce quarterly results as follows:		E-mail:	corporatecommunications@newplan.com slipschitz@newplan.com

 

First quarter 2003: May 8, 2003

Second quarter 2003: August 7, 2003

Third quarter 2003: October 30, 2003

 

The financial information included in this Supplemental Disclosure is only a summary of more detailed financial information included in the Company’s Quarterly Reports on Form 10-Q and Annual Report on Form 10-K, which documents are filed with the Securities and Exchange Commission.  For a more complete presentation and analysis of the Company’s financial information, please read these reports.  These reports are available on the SEC’s Internet site at www.sec.gov.  In addition, these reports are available on the Company’s website at www.newplan.com, under Investor Information; Financial Reports.

 

Funds from Operations (“FFO”) is a widely used performance measure for real estate companies and is provided here as a supplemental measure of operating performance to net income calculated in accordance with generally accepted accounting principles (“GAAP”).  The Company calculates FFO in accordance with the best practices described in the April 2002 National Policy Bulletin of the National Association of Real Estate Investment Trusts (the “White Paper”).  The White Paper defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from debt restructuring and sales of property, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.  Given the nature of the Company’s business as a real estate owner and operator, the Company believes that FFO is helpful to investors as a measure of its operational performance because it excludes various items included in net income that do not relate to or are not indicative of its operating performance such as various non-recurring items, gains and losses on sales of real estate and real estate related depreciation and amortization, which can make periodic and peer analyses of operating performance more difficult to compare.  FFO should not, however, be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s financial performance, is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, and is not indicative of funds available to fund the Company’s cash needs, including its ability to make distributions.  The Company’s computation of FFO may differ from the methodology utilized by other equity REITs to calculate FFO and, therefore, may not be comparable to such other REITs.

 

 

 

A-4

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Balance Sheets

(Unaudited, in thousands)

 

		As Of
		12/31/02			09/30/02			06/30/02			03/31/02			12/31/01
Assets:
Land		$	830,376		$	731,480		$	712,391		$	711,673		$	498,859
Buildings and improvements		2,735,046			2,599,462			2,598,266			2,591,388			2,184,787
Less: accumulated depreciation and amortization		(295,946		)	(310,113		)	(294,846		)	(281,573		)	(269,755		)
Net real estate		3,269,476			3,020,829			3,015,811			3,021,488			2,413,891
Real estate held for sale		21,276			44,743			41,019			58,873			20,747
Cash and cash equivalents		8,528			6,384			16,220			4,978			7,163
Restricted cash(1)		52,930			13,126			13,399			12,860			—
Marketable securities		2,115			2,098			2,206			2,080			1,887
Receivables
Trade, net of allowance for doubtful accounts of (December 31, 2002- $15,307, September 30, 2002- $14,874, June 30, 2002- $16,076, March 31, 2002 - $14,995, December 31, 2001- $15,633)		46,990			46,408			49,084			44,597			43,555
Other		43,479			18,965			10,497			10,331			8,736
Mortgages and notes receivable		2,632			2,939			40,014			44,496			45,360
Prepaid expenses and deferred charges		21,527			24,480			23,980			16,910			15,964
Investments in / advances to unconsolidated ventures(2)		31,234			53,518			54,244			50,118			41,876
Other assets(3)		15,092			21,663			20,394			24,033			23,687
TOTAL ASSETS		$	3,515,279		$	3,255,153		$	3,286,868		$	3,290,764		$	2,622,866
Liabilities:
Mortgages payable, including unamortized premium of (December 31, 2002- $20,403, September 30, 2002- $5,059, June 30, 2002- $5,336, March 31, 2002- $5,653, December 31, 2001- $6,063)		$	671,200		$	504,743		$	508,633		$	523,037		$	241,436
Notes payable, net of unamortized discount of (December 31, 2002- $2,222, September 30, 2002- $2,325, June 30, 2002- $2,428, March 31, 2002- $1,664, December 31, 2001- $1,752)		783,927			783,873			781,854			613,336			613,248
Notes payable, other(4)		28,349			—			—			—			—
Credit facilities		230,000			185,000			205,000			365,000			95,000
Capital leases		28,866			28,961			29,033			29,102			29,170
Dividends payable		44,836			44,827			44,866			44,616			41,692
Other liabilities (5)		106,690			107,959			103,023			91,643			80,982
Tenant security deposits		9,128			8,213			8,041			7,751			5,833
TOTAL LIABILITIES		1,902,996			1,663,576			1,680,450			1,674,485			1,107,361
Minority interest in consolidated partnership		39,434			13,966			14,203			20,167			22,267
Stockholders’ equity:
Preferred stock		8			8			23			23			23
Common stock		968			968			950			944			873
Additional paid-in capital		1,825,820			1,825,654			1,833,128			1,821,908			1,697,570
Accumulated other comprehensive loss		(593		)	(979		)	(1,887		)	(842		)	(1,965		)
Less: accumulated distributions in excess of net income		(253,354		)	(248,040		)	(239,999		)	(225,921		)	(203,263		)
TOTAL STOCKHOLDERS’ EQUITY		1,572,849			1,577,611			1,592,215			1,596,112			1,493,238
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	3,515,279		$	3,255,153		$	3,286,868		$	3,290,764		$	2,622,866

 

(1)   Consists primarily of cash held in escrow accounts as required by the REMIC mortgage payable deed of trust agreement and other loan agreements. 

(2)   Represents direct equity investments in Benbrooke Ventures, CA New Plan Venture Fund, Clearwater Mall, LLC, The Centre at Preston Ridge and Vail Ranch II and an outstanding notes receivable related to The Centre at Preston Ridge.

(3)   Other assets include: deposits, real estate tax escrow and furniture and fixtures.

(4)   Represents a promissory note issued in connection with the Equity Investment Group portfolio acquisition on December 12, 2002.  This note was repaid in full on January 2, 2003.

(5)   Other liabilities include: amounts payable for real estate taxes, interest, payroll and normal vendor payables.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-5

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Income Statements

(Unaudited, in thousands, except per share amounts)

 

		Three Months Ended																								Twelve Months Ended
		12/31/02			09/30/02			06/30/02			03/31/02			12/31/01			09/30/01			06/30/01			03/31/01			12/31/02			12/31/01
Rental Revenues:
Rental income		$	82,139		$	81,421		$	79,365		$	67,414		$	61,664		$	59,749		$	58,715		$	57,882		$	310,339		$	238,010
Percentage rents		1,626			1,205			1,482			2,336			935			1,321			889			2,038			6,649			5,183
Expense reimbursements		21,288			18,528			20,504			15,091			15,441			13,229			13,332			12,604			75,411			54,606
TOTAL RENTAL REVENUES		105,053			101,154			101,351			84,841			78,040			74,299			72,936			72,524			392,399			297,799
Rental Operating Expenses:
Operating costs		20,019			17,534			17,046			13,325			14,447			11,547			11,471			10,612			67,924			48,078
Real estate and other taxes		13,097			12,400			11,905			9,433			8,812			8,223			8,053			8,128			46,835			33,216
Provision for doubtful accounts		2,156			2,181			2,018			2,624			1,510			1,032			1,322			1,750			8,979			5,614
TOTAL RENTAL OPERATING EXPENSES		35,272			32,115			30,969			25,382			24,769			20,802			20,846			20,490			123,738			86,908
NET OPERATING INCOME		69,781			69,039			70,382			59,459			53,271			53,497			52,090			52,034			268,661			210,891
Other Income:
Interest, dividend and other income		2,074			3,042			2,736			3,162			3,338			3,297			3,793			3,793			11,014			13,990
Equity participation in ERT		—			—			—			—			—			—			(2,855		)	(1,458		)	—			(4,313		)
Equity in income of unconsolidated ventures		1,511			1,177			838			1,718			941			44			—			—			5,244			985
Foreign currency (loss) gain		—			(397		)	403			(19		)	(61		)	(369		)	349			(479		)	(13		)	(560		)
TOTAL OTHER INCOME		3,585			3,822			3,977			4,861			4,218			2,972			1,287			1,856			16,245			10,102
Other Expenses:
Interest expense		24,582			24,617			24,046			19,708			17,759			20,141			19,727			20,907			92,953			78,534
Depreciation and amortization		17,347			16,639			17,336			14,901			13,575			13,302			12,641			12,216			66,223			51,733
Severance costs		—			—			—			—			896			—			—			—			—			896
General and administrative		4,567			4,186			5,432			3,693			3,485			2,097			2,539			2,185			17,878			10,306
TOTAL OTHER EXPENSES		46,496			45,442			46,814			38,302			35,715			35,540			34,907			35,308			177,054			141,469
Income before real estate sales, impairment of real estate and minority interest		26,870			27,419			27,545			26,018			21,774			20,929			18,470			18,582			107,852			79,524
Gain (loss) on sale of real estate		—			—			52			319			927			700			8			(25		)	371			1,610
Impairment of real estate		(88,000		)	(229		)	—			—			(959		)	(8,774		)	(1,135		)	(2,239		)	(88,229		)	(13,107		)
Minority interest in income of consolidated partnership		(224		)	(74		)	(104		)	(240		)	(207		)	(215		)	(208		)	(218		)	(642		)	(848		)
INCOME FROM CONTINUING OPERATIONS		(61,354		)	27,116			27,493			26,097			21,535			12,640			17,135			16,100			19,352			67,179
Discontinued Operations:
Results of discontinued operations		4,863			5,688			5,688			5,453			5,582			8,921			10,646			11,103			21,692			36,483
Gain (loss) on sale of discontinued operations(1)		99,330			(284		)	1,755			(133		)	—			1,500			—			—			100,668			1,500
Impairment of real estate held for sale		(2,999		)	(2,729		)	(4,175		)	(9,429		)	—			—			—			—			(19,332		)	—
INCOME FROM DISCONTINUED OPERATIONS		101,194			2,675			3,268			(4,109		)	5,582			10,421			10,646			11,103			103,028			37,983
NET INCOME BEFORE EXTRAORDINARY ITEM		39,840			29,791			30,761			21,988			27,117			23,061			27,781			27,203			122,380			105,162
Extraordinary item(2)		(318		)	—			—			—			—			—			—			—			(318		)	—
NET INCOME		$	39,522		$	29,791		$	30,761		$	21,988		$	27,117		$	23,061		$	27,781		$	27,203		$	122,062		$	105,162
Preferred dividends		(4,859		)	(4,859		)	(5,646		)	(5,659		)	(5,660		)	(5,660		)	(5,660		)	(5,659		)	(21,023		)	(22,639		)
Discount on redemption of preferred stock		—			6,997			—			—			—			—			—			—			6,997			—
NET INCOME  AVAILABLE TO COMMON STOCKHOLDERS - BASIC(3)		34,981			31,929			25,115			16,329			21,457			17,401			22,121			21,544			108,354			82,523
Minority interest in income of consolidated partnership		224			74			104			240			207			215			208			218			642			848
NET INCOME  AVAILABLE TO COMMON STOCKHOLDERS - DILUTED(3)		$	35,205		$	32,003		$	25,219		$	16,569		$	21,664		$	17,616		$	22,329		$	21,762		$	108,996		$	83,371
NET INCOME PER COMMON SHARE - BASIC(3)		$	0.36		$	0.33		$	0.27		$	0.18		$	0.25		$	0.20		$	0.25		$	0.25		$	1.14		$	0.95
NET INCOME PER COMMON SHARE - DILUTED(3)		0.36			0.33			0.26			0.18			0.24			0.20			0.25			0.25			1.13			0.94
Weighted average common shares outstanding - basic		96,900			96,617			94,701			92,191			87,337			87,210			87,206			87,208			95,119			87,241
ERP partnership units		1,081			798			894			1,116			1,227			1,235			1,235			1,235			897			1,231
Options		442			519			621			575			492			355			313			169			536			327
Weighted average common shares outstanding - diluted		98,423			97,934			96,216			93,882			89,056			88,800			88,754			88,612			96,552			88,799

 

(1)   For the three and twelve months ended December 31, 2002, balances include approximately $17.0 million of previously deferred gain incurred in connection with the Company’s sale of its garden apartment portfolio in 2001, as well as approximately $1.8 million resulting from the sale of individual land parcels at Clearwater Mall in 4Q 2002. The sale of the land parcels occurred prior to the Company’s contribution of the remaining mall property to the joint venture currently redeveloping the property, resulting in the entire gain being recorded by the Company.

(2)   4Q 2002 write-off of mortgage premium / discount resulting from the prepayment of the San Dimas and Roanoke Landing mortgages.

(3)   Excludes extraordinary item.

On July 1, 2001, the Company acquired the 5 percent economic interest in ERT Development Corporation (ERT) not previously owned by the Company.  As a result, activities of ERT and the Company have been consolidated for GAAP purposes.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-6

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Funds from Operations / Funds Available for Distribution / Capital Expenditures

(In thousands, except per share amounts)

 

		Three Months Ended																								Twelve Months Ended
		12/31/02			09/30/02			06/30/02			03/31/02			12/31/01			09/30/01			06/30/01			03/31/01			12/31/02			12/31/01
Funds from Operations:
Net income before extraordinary item		$	39,840		$	29,791		$	30,761		$	21,988		$	27,117		$	23,061		$	27,781		$	27,203		$	122,380		$	105,162
Add:
Depreciation and amortization
Continuing operations real estate assets(1)		17,775			16,966			17,677			15,209			14,006			13,352			14,079			13,698			67,627			55,135
Discontinued operations real estate assets		141			1,153			1,224			1,482			1,431			4,449			4,089			3,859			4,000			13,828
Impairment of real estate
Impairment of real estate		88,000			229			—			—			959			8,774			1,878			2,239			88,229			13,850
Impairment of real estate held for sale		2,999			2,729			4,175			9,429			—			—			—			—			19,332			—
Deduct:
Preferred A dividends (2)		—			—			(787		)	(800		)	(801		)	(801		)	(801		)	(800		)	(1,587		)	(3,203		)
Preferred B dividends		(3,396		)	(3,396		)	(3,396		)	(3,396		)	(3,396		)	(3,396		)	(3,396		)	(3,396		)	(13,584		)	(13,584		)
Preferred D dividends		(1,463		)	(1,463		)	(1,463		)	(1,463		)	(1,463		)	(1,463		)	(1,463		)	(1,463		)	(5,852		)	(5,852		)
(Gain) loss on sale of real estate (3)		—			—			(10		)	(192		)	(859		)	63			614			25			(202		)	88
(Gain) loss on sale of discontinued operations (3) (4)		(97,538		)	284			(1,755		)	133			245			(1,500		)	—			—			(98,876		)	(1,500		)
FUNDS FROM OPERATIONS - BASIC		46,358			46,293			46,426			42,390			37,239			42,539			42,781			41,365			181,467			163,924
Add:
Preferred A dividends (2)		—			—			787			800			801			801			801			800			1,587			3,203
Minority interest in income of consolidated partnership		224			74			104			240			207			215			208			218			642			848
FUNDS FROM OPERATIONS - DILUTED		$	46,582		$	46,367		$	47,317		$	43,430		$	38,247		$	43,555		$	43,790		$	42,383		$	183,696		$	167,975
FUNDS FROM OPERATIONS PER SHARE - BASIC		$	0.48		$	0.48		$	0.49		$	0.46		$	0.43		$	0.49		$	0.49		$	0.47		$	1.91		$	1.88
FUNDS FROM OPERATIONS PER SHARE - DILUTED		0.47			0.47			0.48			0.45			0.42			0.48			0.48			0.47			1.88			1.85
Weighted average common shares outstanding - basic		96,900			96,617			94,701			92,191			87,337			87,210			87,206			87,208			95,119			87,241
ERP partnership units		1,081			798			894			1,116			1,227			1,235			1,235			1,235			897			1,231
Options		442			519			621			575			492			355			313			169			536			327
Dilutive effect of convertible Preferred A(2)		—			—			1,856			1,874			1,874			1,874			1,874			1,874			937			1,874
Weighted average common shares outstanding - diluted		98,423			97,934			98,072			95,756			90,930			90,674			90,628			90,486			97,489			90,673
Funds Available for Distribution:
Funds from operations - diluted		$	46,582		$	46,367		$	47,317		$	43,430		$	38,247		$	43,555		$	43,790		$	42,383		$	183,696		$	167,975
Straight line rents		(1,234		)	(924		)	(1,414		)	(503		)	(1,067		)	(389		)	(817		)	29			(4,075		)	(2,244		)
Tenant improvements		(2,486		)	(3,445		)	(2,845		)	(2,408		)	(3,493		)	(2,743		)	(822		)	(2,372		)	(11,184		)	(9,430		)
Leasing commissions		(1,783		)	(873		)	(882		)	(387		)	(690		)	(635		)	(255		)	(153		)	(3,925		)	(1,733		)
Building improvements capitalized		(3,326		)	(2,994		)	(2,603		)	(1,865		)	(3,404		)	(6,547		)	(5,613		)	(3,747		)	(10,788		)	(19,311		)
FUNDS AVAILABLE FOR DISTRIBUTION		$	37,753		$	38,131		$	39,573		$	38,267		$	29,593		$	33,241		$	36,283		$	36,140		$	153,724		$	135,257
FUNDS AVAILABLE FOR DISTRIBUTION PER SHARE - BASIC		$	0.39		$	0.39		$	0.42		$	0.42		$	0.34		$	0.38		$	0.42		$	0.41		$	1.62		$	1.55
FUNDS AVAILABLE FOR DISTRIBUTION PER SHARE - DILUTED		0.38			0.39			0.40			0.40			0.33			0.37			0.40			0.40			1.58			1.49
Dividend per Common share		$	0.41250		$	0.41250		$	0.41250		$	0.41250		$	0.41250		$	0.41250		$	0.41250		$	0.41250		$	1.65000		$	1.65000
Dividend per Preferred A share(2)		—			—			0.53125			0.53125			0.53125			0.53125			0.53125			0.53125			1.06250			2.12500
Dividend per Preferred B share		0.53906			0.53906			0.53906			0.53906			0.53906			0.53906			0.53906			0.53906			0.53906			2.15624
Dividend per Preferred D share		0.97500			0.97500			0.97500			0.97500			0.97500			0.97500			0.97500			0.97500			0.97500			3.90000
Common dividends		$	39,978		$	39,968		$	39,221		$	38,957		$	35,975		$	35,977		$	35,973		$	36,037		$	158,124		$	143,962
Preferred A dividends(2)		—			—			787			800			801			801			801			800			1,587			3,203
Preferred B dividends		3,396			3,396			3,396			3,396			3,396			3,396			3,396			3,396			13,584			13,534
Preferred D dividends		1,463			1,463			1,463			1,463			1,463			1,463			1,463			1,463			5,852			5,852
TOTAL DISTRIBUTIONS		$	44,837		$	44,827		$	44,867		$	44,616		$	41,635		$	41,637		$	41,633		$	41,696		$	179,147		$	166,551
Payout ratio of common dividends/diluted funds from operations(5)		86		%	86		%	83		%	90		%	92		%	83		%	82		%	85		%	86		%	85		%
Payout ratio of common dividends/funds available for distribution(5)		106		%	105		%	99		%	102		%	118		%	108		%	99		%	100		%	103		%	106		%
Capital Expenditures:
New development(6)		$	—		$	—		$	—		$	—		N/A			N/A			N/A			N/A			$	—		N/A
Building additions and expansions(7)		13,399			8,025			8,317			5,727			N/A			N/A			N/A			N/A				35,468		N/A
Building improvements capitalized(8)		3,326			2,994			2,603			1,865			$	3,404		$	6,547		$	5,613		$	3,747		10,788			$	19,311
Tenant improvements		2,486			3,445			2,845			2,408			3,493			2,743			822			2,372			11,184			9,430
Leasing commissions		1,783			873			882			387			690			635			255			153			3,925			1,733
TOTAL CAPITAL EXPENDITURES		$	20,994		$	15,337		$	14,647		$	10,387		N/A			N/A			N/A			N/A			$	61,365		N/A
Capitalized interest:		$	1,047		$	1,171		$	858		$	657		$	923		$	750		$	713		$	249		$	3,733		$	2,102

 

(1)   Includes pro rata share of joint venture projects.

(2)   On July 15, 2002, the Company redeemed all Preferred A shares outstanding, resulting in the issuance of approximately 1.9 million shares of common stock at an equivalent of $20.10 per share.

(3)   Excludes gain / loss on sale of land.

(4)   For the three and twelve months ended December 31, 2002, balances include approximately $17.0 million of previously deferred gain incurred in connection with the Company’s sale of its garden apartment portfolio in 2001.

(5)   Excludes severance costs.

(6)   Includes ground-up development.

(7)   Revenue-enhancing expenditures.

(8)   Nonrevenue-enhancing expenditures such as lighting, painting, parking lots, roofing and signage.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-7

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Selected Financial Ratios / Data

(In thousands, except per share amounts)

 

		Three Months Ended																								Twelve Months Ended
		12/31/02			09/30/02			06/30/02			03/31/02			12/31/01			09/30/01			06/30/01			03/31/01			12/31/02			12/31/01
Debt coverage ratios:
Interest coverage ratio (EBITDA /interest expense)		3.02		x	3.03		x	3.11		x	3.36		x	3.00		x	3.35		x	3.43		x	3.25		x	3.12		x	3.25		x
Debt service coverage (EBITDA/(interest expense + scheduled principal payments))		2.76		x	2.77		x	2.85		x	3.02		x	2.69		x	3.00		x	3.05		x	2.91		x	2.85		x	2.93		x
Fixed charge coverage (EBITDA/(interest expense + scheduled principal payments + preferred dividends))		2.33		x	2.36		x	2.35		x	2.41		x	2.18		x	2.40		x	2.43		x	2.35		x	2.37		x	2.35		x
Fixed charge coverage (excluding capitalized interest and scheduled principal payments)		2.61		x	2.64		x	2.61		x	2.70		x	2.45		x	2.70		x	2.74		x	2.58		x	2.64		x	2.60		x
Debt/equity ratios:
Total debt/total market capitalization		45.5		%	42.7		%	40.4		%	41.4		%	33.6		%	37.7		%	43.1		%	42.6		%	45.5		%	33.6		%
Total debt/total equity market capitalization		83.6		%	74.4		%	67.7		%	70.7		%	50.6		%	60.5		%	75.7		%	74.3		%	83.6		%	50.6		%
Total debt/total book assets		49.6		%	46.2		%	46.4		%	46.5		%	37.3		%	39.1		%	42.2		%	42.5		%	49.6		%	37.3		%
Total debt/undepreciated book value(1)		45.7		%	42.1		%	42.5		%	42.8		%	33.8		%	35.7		%	38.9		%	39.3		%	45.7		%	33.8		%
Overhead ratios:
Annualized G&A/total assets		0.52		%	0.51		%	0.66		%	0.45		%	0.53		%	0.31		%	0.35		%	0.30		%	0.51		%	0.39		%
G&A/total revenues (excluding currency change)		4.20		%	3.97		%	5.18		%	4.12		%	4.23		%	2.70		%	3.44		%	2.92		%	4.37		%	3.34		%
Market capitalization calculations:
Common shares outstanding		96,916			96,893			95,067			94,442			87,352			87,213			87,210			87,205			96,916			87,352
Preferred A shares outstanding(2)		—			—			1,492			1,507			1,507			1,507			1,507			1,507			—			1,507
Preferred B shares outstanding		6,300			6,300			6,300			6,300			6,300			6,300			6,300			6,300			6,300			6,300
Preferred D shares outstanding		1,500			1,500			1,500			1,500			1,500			1,500			1,500			1,500			1,500			1,500
Common stock price end of period		$	19.09		$	18.44		$	20.83		$	20.05		$	19.05		$	17.10		$	15.30		$	16.00		$	19.09		$	19.05
Preferred A price end of period(2)		—			—			25.49			26.00			25.50			25.95			23.35			24.25			—			25.50
Preferred B price end of period		25.20			25.05			25.00			24.93			24.90			24.70			24.11			23.20			25.20			24.90
Preferred D price end of period		50.00			50.00			50.00			50.00			50.00			50.00			50.00			50.00			50.00			50.00
Common market equity at end of period		$	1,850,126		$	1,786,707		$	1,980,246		$	1,893,562		$	1,664,056		$	1,491,342		$	1,334,313		$	1,395,280		$	1,850,126		$	1,664,213
Preferred market equity at end of period		233,760			232,815			270,531			271,241			270,299			269,717			262,081			257,705			233,760			270,299
Total equity market capitalization		2,083,886			2,019,522			2,250,777			2,164,803			1,934,355			1,761,059			1,596,394			1,652,985			2,083,886			1,934,512
Total debt end of period		1,742,342			1,502,577			1,524,520			1,530,475			978,854			1,065,185			1,208,410			1,227,502			1,742,342			978,854
TOTAL MARKET CAPITALIZATION		$	3,826,228		$	3,522,099		$	3,775,297		$	3,695,278		$	2,913,209		$	2,826,244		$	2,804,804		$	2,880,487		$	3,826,228		$	2,913,366
EBITDA calculation (includes pro rata share of joint venture projects):
Net income before extraordinary item		$	39,840		$	29,791		$	30,761		$	21,988		$	27,117		$	23,061		$	27,781		$	27,203		$	122,380		$	105,162
Depreciation and amortization
Continuing operations real estate assets		17,775			16,966			17,677			15,209			14,006			13,352			14,079			13,698			67,627			55,135
Discontinued operations real estate assets		141			1,153			1,224			1,482			1,431			4,449			4,089			3,859			4,000			13,828
Income taxes		233			155			150			125			114			114			174			114			663			516
Interest expense
Continuing operations		24,582			25,269			24,639			20,345			21,303			20,141			19,727			20,907			94,835			82,078
Discontinued operations		—			—			37			13			70			61			55			60			50			246
(Gain) loss on sale of real estate		—			—			(52		)	(319		)	(927		)	(700		)	(8		)	25			(371		)	(1,610		)
(Gain) loss on sale of discontinued operations(3)		(99,330		)	284			(1,755		)	133			—			(1,500		)	—			—			(100,668		)	(1,500		)
Impairment of real estate
Impairment of real estate		88,000			229			—			—			959			8,774			1,878			2,239			88,229			13,850
Impairment of real estate held for sale		2,999			2,729			4,175			9,429			—			—			—			—			19,332			—
EBITDA		$	74,240		$	76,576		$	76,856		$	68,405		$	64,073		$	67,752		$	67,775		$	68,105		$	296,077		$	267,705

 

(1)   Excludes accumulated depreciation on operating and held for sale assets.

(2)   On July 15, 2002, the Company redeemed all Preferred A shares outstanding, resulting in the issuance of approximately 1.9 million shares of common stock at an equivalent of $20.10 per share.

(3)   For the three and twelve months ended December 31, 2002, balances include approximately $17.0 million of previously deferred gain incurred in connection with the Company’s sale of its garden apartment portfolio in 2001, as well as approximately $1.8 million resulting from the sale of individual land parcels at Clearwater Mall in 4Q 2002. The sale of the land parcels occurred prior to the Company’s contribution of the remaining mall property to the joint venture currently redeveloping the property, resulting in the entire gain being recorded by the Company.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-8

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Summary of Outstanding Debt

(In thousands)

 

		Lender		Outstanding Balance			Actual Interest Rate		Maturity Date		Percent of Total Indebtedness
Fixed Rate Debt:
Secured Mortgage Indebtedness
Lake Drive Plaza		Aegon USA Realty		$	3,322		7.200	%	04/01/03		0.20	%
Hunting Hills		Laureate Realty Services		3,704			8.250	%	05/01/03		0.22	%
Valley Fair Mall		Lincoln National Life		15,515			7.600	%	01/01/04		0.92	%
Merchants Park / The Crossing at Fry Road		John Hancock		21,066			7.810	%	07/01/04		1.24	%
Briggsmore Plaza		AETNA Life Insurance		428			8.288	%	08/01/04		0.03	%
Genesee Valley Shopping Center		Nationwide Life Insurance		7,873			8.850	%	02/10/05		0.46	%
Roundtree Place		Nationwide Life Insurance		6,438			8.850	%	02/10/05		0.38	%
Grant Mills Station		Laureate Realty Services		6,924			8.850	%	02/10/05		0.41	%
Lagniappe Village Shopping Center		Laureate Realty Services		5,814			8.850	%	02/10/05		0.34	%
Mist Lake Plaza		Banker Financial		8,736			8.850	%	02/10/05		0.52	%
Parkway Plaza I		Sun Life Assurance Company		9,098			7.630	%	04/01/06		0.54	%
Parkway Plaza II		Sun Life Assurance Company		2,589			8.020	%	04/01/06		0.15	%
Alexis Park		SECORE Financial		4,583			9.390	%	10/01/06		0.27	%
Normandy Plaza		State Farm		2,991			8.200	%	02/01/07		0.18	%
Montebello Plaza		Dwyer-Curlett Inc.		5,182			9.625	%	03/05/07		0.31	%
Crown Point		Capital Market Services		7,291			8.120	%	05/01/07		0.43	%
Skyway Plaza		LaSalle National Bank		3,696			9.250	%	05/01/07		0.22	%
Westminster City Center		Wells Fargo Bank, N.A.		28,716			6.690	%	02/01/08		1.70	%
Glengary Shopping Center		Lehman Brothers Holdings, Inc.		3,984			7.320	%	03/01/08		0.24	%
42 properties (REMIC)		Wells Fargo Bank Minnesota		154,877			6.670	%	06/01/08		9.14	%
Tuckernuck Square		LaSalle National Bank		5,446			7.880	%	12/01/08		0.32	%
Brice Park		USG Annuity and Life		3,567			7.875	%	02/01/09		0.21	%
London Marketplace		Aegon USA Realty		4,155			8.265	%	04/01/09		0.25	%
Paradise Plaza		CIGNA		1,938			9.150	%	04/15/09		0.11	%
Bristol Plaza		Sun Life Assurance Company		6,400			8.090	%	11/01/09		0.38	%
Festival Center		KeyBank National Association		2,542			8.240	%	01/01/10		0.15	%
Perry Marketplace		American Express		4,480			9.000	%	04/01/10		0.26	%
Saddletree Village Shopping Center		Aegon USA Realty		1,720			8.250	%	05/22/10		0.10	%
Sunshine Square		Sun Life Assurance Company		7,650			8.490	%	05/31/10		0.45	%
Marwood Plaza		Sun Life Assurance Company		4,435			8.280	%	06/01/10		0.26	%
Hampton Village Centre		Orix		29,398			8.530	%	06/30/10		1.74	%
Greentree		Conning Asset Management		5,113			8.240	%	10/01/10		0.30	%
Merchant’s Central		Conning Asset Management		6,354			8.240	%	10/01/10		0.38	%
Northside Plaza		Conning Asset Management		2,231			8.240	%	10/01/10		0.13	%
Habersham Crossing		Conning Asset Management		3,764			8.240	%	10/01/10		0.22	%
Johnstown Galleria Outparcel		Holliday Fenoglio Fowler		2,734			8.000	%	07/11/11		0.16	%
Merchants Crossing		American Equity Investment		5,395			7.630	%	09/14/11		0.32	%
Irving West		Protective Life		2,275			8.500	%	10/01/11		0.13	%
Hunt River Commons		Nationwide Life Insurance		7,465			7.070	%	10/01/11		0.44	%
Chapel Square		American National		1,725			9.250	%	02/01/13		0.10	%
Northgate		State Farm		6,686			8.750	%	06/30/13		0.39	%
University IV		IDS Life Insurance Company		2,052			8.250	%	03/01/15		0.12	%
Riverview Plaza		Protective Life		4,762			8.625	%	09/01/15		0.28	%
Stratford Commons		Protective Life		5,285			8.125	%	10/01/15		0.31	%
Midway Market Square		MONY		17,698			8.180	%	04/15/16		1.04	%
Green Acres		Protective Life		11,400			7.500	%	07/01/16		0.67	%
Lexington Town Square		American Enterprise		1,896			8.500	%	10/01/16		0.11	%
Elkhart Market Centre		Protective Life		13,500			7.500	%	08/01/18		0.80	%
Northshore Plaza		IDS Life Insurance Company		3,769			8.050	%	02/01/20		0.22	%
Covered Bridge		Protective Life		2,800			7.500	%	06/01/20		0.17	%
Olympia Corners		Protective Life		5,500			7.500	%	06/01/20		0.32	%
Sun Plaza		Protective Life		10,225			7.500	%	06/01/20		0.60	%
The Vineyards		Protective Life		8,500			7.500	%	06/01/20		0.50	%
Arvada Plaza		American Centurion		2,189			7.670	%	05/01/21		0.13	%
Aurora Plaza		Protective Life		6,600			7.500	%	06/01/21		0.39	%
Cheyenne Plaza		SAFECO Life Insurance Co.		4,923			7.880	%	06/01/21		0.29	%
Hilltop Plaza		IDS Life Insurance Company		5,930			7.640	%	06/01/21		0.35	%
Karl Plaza		Lehman Brothers Holdings, Inc.		3,927			7.320	%	03/01/28		0.23	%
TOTAL FIXED RATE SECURED MORTGAGE INDEBTEDNESS				$	529,256		6.178	%			31.25	%
Unsecured Notes
7.33%, 4 Year Unsecured Notes		—		$	49,000		7.330	%	11/20/03		2.89	%
6.88%, 7 Year Unsecured Notes (1)		—		75,000			6.875	%	10/15/04		4.43	%
7.75%, 10 Year Unsecured Notes		—		100,000			7.750	%	04/06/05		5.90	%
7.35%, 10 Year Unsecured Notes		—		30,000			7.350	%	06/15/07		1.77	%
5.88%, 5 Year Unsecured Notes		—		250,000			5.875	%	06/15/07		14.76	%
7.40%, 10 Year Unsecured Notes		—		150,000			7.400	%	09/15/09		8.86	%
7.97%, 30 Year Unsecured Notes		—		10,000			7.970	%	08/14/26		0.59	%
7.65%, 30 Year Unsecured Notes		—		25,000			7.650	%	11/02/26		1.48	%
7.68%, 30 Year Unsecured Notes		—		10,000			7.680	%	11/02/26		0.59	%
7.68%, 30 Year Unsecured Notes		—		10,000			7.680	%	11/02/26		0.59	%
6.90%, 30 Year Unsecured Notes		—		25,000			6.900	%	02/15/28		1.48	%
6.90%, 30 Year Unsecured Notes		—		25,000			6.900	%	02/15/28		1.48	%
7.50%, 30 Year Unsecured Notes		—		25,000			7.500	%	07/30/29		1.48	%
TOTAL FIXED RATE UNSECURED NOTES				$	784,000		6.896	%			46.29	%
CAPITAL LEASES				$	28,866		7.500	%	06/20/31		1.70	%
TOTAL FIXED RATE DEBT				$	1,342,122		6.771	%			79.24	%
Variable Rate Debt (2):
Secured Mortgage Indebtedness
23 properties (REMIC)		Wells Fargo Bank Minnesota		$	110,500		3.214	%	07/01/03		6.52	%
Highland Commons		GE Financial Assurance		3,963			8.250	%	12/01/09		0.23	%
Lexington Road Plaza		Great Northern Insured Annuity		7,078			6.755	%	09/01/11		0.42	%
TOTAL VARIABLE RATE SECURED MORTGAGE INDEBTEDNESS				$	121,541		3.584	%			7.18	%
Unsecured Credit Facilities
$155 Million Term Loan Facility		Fleet National Bank		$	155,000		2.614	%	12/31/03		9.15	%
$350 Million Revolving Credit Facility		Fleet National Bank		75,000			2.764	%	04/25/05		4.43	%
TOTAL CREDIT FACILITIES				$	230,000		2.663	%			13.58	%
TOTAL VARIABLE RATE DEBT				$	351,541		2.981	%			20.76	%
TOTAL DEBT				$	1,693,663		5.971	%			100.00	%
Net Unamortized Premiums on Mortgages				$	20,403
Net Unamortized Discount on Notes				(2,222		)
Notes Payable, other (3)				28,349
Impact of Reverse Swap Agreement with Fleet National Bank on Notes (1)				2,149
TOTAL DEBT - NET				$	1,742,342

(1)   The Company has entered into a two-year reverse swap agreement with Fleet National Bank related to $50.0 million outstanding under its 6.88%, 7 Year Unsecured Notes maturing October 15, 2004.  Under the agreement, Fleet National Bank will pay to the Company the difference between the fixed rate of the swap, 4.357%, and the floating rate option, which is the 6-month LIBOR rate, in arrears.

(2)   The Company incurs interest on these obligations using either the 30-day LIBOR rate, Moody’s A Corporate Bond Index or a rate determined by the appropriate remarketing agent plus spreads ranging from 125 to 375 basis points, as determined by the applicable loan agreement.

(3)   Represents a promissory note issued in connection with the Equity Investment Group portfolio acquisition on December 12, 2002.  This note was repaid in full on January 2, 2003.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-9

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Debt Maturity Schedule

(In thousands)

 

		Scheduled Amortization			Scheduled Maturities			Total Debt Maturing			Percent of Debt Maturing
2003		$	15,805		$	349,028	(1)	$	364,833		21.19	%
2004		15,304			110,354			125,658			7.30	%
2005		15,019			208,694		(2)	223,713			12.99	%
2006		15,405			13,534			28,939			1.68	%
2007		14,719			292,292			307,011			17.83	%
2008		13,150			174,325			187,475			10.89	%
2009		7,706			168,699			176,405			10.24	%
2010+		103,204			204,774			307,978			17.88	%
		$	200,312		$	1,521,700		$	1,722,012		100.00	%
Net Unamortized Premiums on Mortgages								$	20,403
Net Unamortized Discount on Notes								(2,222		)
Impact of Reverse Swap Agreement with Fleet National Bank on Notes								2,149
TOTAL DEBT - NET								$	1,742,342

 

Weighted Average Maturity:

 

		Fixed Rate Debt		Variable Rate Debt		Total Debt
Including capital leases and credit facilities		7.9 Years		1.0 Years		6.5 Years
Excluding capital leases and credit facilities		7.5 Years		1.2 Years		7.0 Years

(1)   Scheduled maturities include $155.0 million representing the balance of the $155 Million Term Loan Facility drawn as of December 31, 2002 and maturing December 31, 2003, $110.5 million representing the balance of the Variable Rate REMIC, which was repaid and retired on March 3, 2003, and $28.3 million representing the balance of the promissory note issued in connection with the Equity Investment Group portfolio acquisition on December 12, 2002, which was repaid in full on January 2, 2003.

(2)   Scheduled maturities include $75.0 million representing the balance of the $350 Million Revolving Credit Facility drawn as of December 31, 2002 and maturing April 25, 2005.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-10

 

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

2002 Portfolio / Property Acquisitions

 

		Property Type (1)		Location		Purchase Date		Purchase Amount			Cap- Rate		Net Operating Income (NOI) (2)			GLA		Percent Leased (3)		Anchor Tenants		Year Built
Portfolio Acquisitions
1Q 2002
92 Shopping Centers		S		FL, LA, MS, NM, TX		03/01/02		$	654,000,000		10.0	%	$	65,000,000		10.4 M SF		90	%	Varied		Varied
4Q 2002
57 Shopping Centers (4)		S		Varied		12/12/02		$	437,000,000		9.5	%	$	41,500,000		7.7 M SF		92	%	Varied		Varied
Property Acquisitions
3Q 2002
Superior Marketplace (5)		S		Superior, CO		07/31/02		$	51,600,000		9.0	%	$	4,200,000		148,302		99	%	Costco, Michaels, Office Max, PetsMart, SuperTarget, T.J. Maxx		1997
4Q 2002
Midway Market Square		S		Elyria, Ohio		11/20/02		$	23,740,000		10.1	%	$	2,400,114		234,670		99	%	Circuit City, Dick’s Sporting Goods, Giant Eagle, Home Depot, Sofa Express, Target		2001
				2002 Total Acquisitions				$	1,166,340,000		9.7	%	$	113,100,114		18.5 M SF

(1) S - Shopping Center

(2) Projected NOI for the twelve-month period following the closing date of acquisition.

(3) As of closing date of acquisition.

(4) The acquisition of one additional 198,315 SF shopping center was completed on January 3, 2003 and is included in the portfolio purchase amount and NOI.

(5) Acquired for approximately $13.6 million in cash and the satisfaction of $38.0 million of notes receivable and accrued interest.  Cap-rate and NOI calculated on a stabilized basis and includes TIF and municipal bond financing. Property is in the later stages of development and is expected to total 295,602 square feet when complete.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

 

A-11

 

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

2002 Portfolio / Property Dispositions

 

		Property Type (1)		Location		Sale Date		Sale Amount			Book Value			Gain / (Loss)			Cap- Rate		NOI (2)			GLA / Acres		Percent Leased(3)		Year Built
Portfolio Dispositions
4Q 2002
Four Factory Outlet Centers		F		FL, MO, NJ		12/19/02		$	193,000,000		$	113,987,904		$	79,012,096		11.0	%	$	21,230,000		1,340,059		94	%	Varied
Property Dispositions
1Q 2002
Lucky stores		T		Mesa, AZ		01/09/02		$	1,050,000		$	1,182,667		$	(132,667	)	10.7	%	$	112,192		29,827		100	%	1982
Pueblo I		T		Pueblo, CO		02/04/02		700,000			508,863			191,137			—		(22,650		)	12,556		0	%	1977
Outparcel, adjacent to Kimball Crossing		O		Kimball, TN		02/20/02		350,000			222,956			127,044			—		—			1.217	acres	—		—
Total								$	2,100,000		$	1,914,486		$	185,514		—		$	89,542		42,383
2Q 2002
Kroger		T		Missouri City, TX		05/01/02		$	1,625,000		$	1,615,185		$	9,815		10.0	%	$	163,036		44,183		100	%	1982
Crossroads Plaza		S		Mt. Pleasant, PA		06/07/02		3,450,000			1,681,069			1,768,931			10.2	%	353,286			105,783		95	%	1975
Unity Professional Bldg.		M		Fridley, MN		06/26/02		8,350,000			8,247,524			102,476			9.6	%	801,655			62,518		94	%	1991
Lucky stores		T		Phoenix, AZ		06/27/02		1,355,000			1,471,530			(116,530		)	10.2	%	138,559			28,217		100	%	1982
Land, adjacent to Mist Lake Plaza		L		Lexington, KY		06/28/02		73,250			30,803			42,447			—		—			0.152	acres	—		—
Total								$	14,853,250		$	13,046,111		$	1,807,139		—		$	1,456,536		240,701
3Q 2002
Fairfield Center		S		Fairfield, OH		07/11/02		$	2,800,000		$	2,687,305		$	112,695		6.9	%	$	191,858		74,095		93	%	1978
Belpre Plaza		S		Belpre, OH		07/15/02		400,000			430,884			(30,884		)	10.2	%	40,731			88,426		25	%	1969
Market Central		S		Dalton, GA		08/09/02		3,000,000			2,999,614			386			10.0	%	301,150			34,000		84	%	1994
Coachella Plaza		S		Coachella, CA		08/13/02		1,800,000			1,378,186			421,814			8.5	%	153,802			11,184		100	%	1991
Dearborne I		T		Dearborne Hts., MI		08/21/02		600,000			1,380,318			(780,318		)	—		(22,621		)	9,914		100	%	1988
Westcrest Long Point		T		Houston, TX		08/21/02		150,000			51,733			98,267			15.3	%	22,971			1,500		100	%	1968
Granville Corners		S		Oxford, NC		09/27/02		8,600,000			8,706,395			(106,395		)	10.1	%	870,901			138,352		99	%	1991
Total								$	17,350,000		$	17,634,435		$	(284,435	)	—		$	1,558,792		357,471
4Q 2002
Woodland Plaza		S		Warsaw, IN		10/18/02		$	1,900,000		$	1,799,541		$	100,459		9.8	%	$	186,260		31,008		74	%	1989
Muskogee I		T		Muskogee, OK		10/18/02		575,000			600,138			(25,138		)	—		(14,500		)	45,510		0	%	1981
Pasadena Park		S		Pasadena, TX		10/21/02		3,950,000			3,948,094			1,906			9.9	%	390,412			163,767		50	%	1971
Factory Merchants Ft. Chiswell		F		Max Meadows, VA		10/22/02		1,500,000			1,441,850			58,150			12.8	%	192,430			175,578		47	%	1989
24 Hour Fitness		T		Phoenix, AZ		10/31/02		7,200,000			7,204,369			(4,369		)	9.9	%	709,338			44,374		100	%	1994
Stein Mart Center		S		Poway, CA		11/01/02		7,050,000			5,571,161			1,478,839			5.6	%	396,915			112,708		61	%	1981
Wilson Shopping Center		S		Wilson, NC		11/15/02		375,000			396,387			(21,387		)	—		(18,075		)	104,982		76	%	1973
High Ridge Daycare		T		High Ridge, MO		11/26/02		218,000			287,293			(69,293		)	9.6	%	21,000			4,654		100	%	1980
Total								$	22,768,000		$	21,248,833		$	1,519,167		—		$	1,863,780		682,581
				2002 Total Disposition				$	250,071,250		$	167,831,769		$	82,239,481		—		$	26,198,650		2,663,195

 

(1)   F - Factory Outlet Center, L - Land, M - Miscellaneous Property, O - Outparcel, S - Shopping Center, T - Single Tenant Property

(2)   Projected recurring property NOI as of closing date of sale.

(3)   As of closing date of sale.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

A-12

 

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

2002 Redevelopment / Outparcel Development Activities

 

		Location				Year Built				Year Acquired				Project Description				Adjusted GLA				Percent Leased(1)				Construction									Expected Total Project Cost			Expected Stabilized Return on Cost
																										Expected Start Date				Expected Completion Date			Percent Complete
COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS
Redevelopment Activities
Arapahoe Crossings (2)		Aurora, CO				1996				2001				Final phase of development				467,000				99		%		Oct-01				Jan-03			99	%	—			—
Island Plaza		James Island, SC				1994				1997				Expansion of Food Lion by 9,000 SF				179,531				45		%		Oct-01				Feb-03			80	%	$	1,120,000		13.5	%
Bristol Plaza		Santa Ana, CA				1972				1997				Conversion of a former grocer into Trader Joe’s and Petco and façade renovation				111,403				100		%		Jul-02				Mar-03			75	%	3,917,000			12.5	%
Paseo del Norte		Albuquerque, NM				2001				2002				Develop shopping center and replace anchor tenant				48,000				0		%		Jul-02				May-03			10	%	2,613,000			12.0	%
Superior Marketplace		Superior, CO				1997				2002				Completion of Phase I development and Phase II development				295,602				99		%		Aug-02				Jun-04			17	%	20,200,000			11.9	%
Regency Park		Jacksonville, FL				1985				1997				Addition of a 10,867 SF Party City by combining stores and constructing 4,430 SF				333,865				80		%		Aug-02				Jan-03			10	%	1,200,000			14.0	%
J*Town Center		Jeffersontown, KY				1959				1988				Phase I of reconfiguration of shopping center with 15,000 SF of new retail shops				201,000				32		%		Aug-02				May-03			10	%	1,700,000			13.2	%
Kenworthy Crossing		El Paso,  TX				2000				2002				Re-tenanting of former grocery space with Albertsons				74,171				87		%		Aug-02				Feb-03			75	%	5,002,000			11.0	%
Laurel Square		Brick, NJ				1973				1992				Façade renovation with contract rent increases				246,235				97		%		Sep-02				Apr-03			10	%	610,000			13.2	%
Old Egypt		Magnolia, TX				2002				2002				Construction of a new 14,580 SF Walgreen store				14,580				100		%		Oct-02				Dec-03			25	%	3,046,000			11.0	%
Braes Heights(3)		Houston, TX				1953				2002				Conversion of second floor space into leasable office space				203,167				96		%		Jan-03				Jul-03			40	%	611,000			14.0	%
Sun Plaza(3)		Ft. Walton Beach, FL				1970				2002				Construction of a new 44,480 SF Publix and 4,200 SF of retail shops				159,101				63		%		Feb-03				Jan-04			0	%	4,446,923			12.1	%
Tarpon Mall(3)		Tarpon Springs, FL				1950				2002				Construction of a new 44,480 SF Publix, façade renovation and construction of a 4,000 SF outparcel building				135,491				48		%		Feb-03				Dec-03			0	%	7,015,195			10.5	%
Westgate(3)		Dublin, GA				1974				1990				Partial sale of shopping center to Home Depot for construction of a 95,000 SF store and construction of 19,000 SF of retail shops and outparcel leased to McDonald’s				114,665				72		%		Feb-03				Dec-03			0	%	1,900,000			11.0	%
Sunshine Square (3)		Medford, NY				1989				2002				Construction of a new 65,000 SF Stop & Shop and façade renovation				230,235				85		%		Jun-03				Jul-04			0	%	4,796,792			15.2	%
Total																																			$	58,177,910
Outparcel Development Activities
Braes Heights		Houston, TX				1953				2002				Construction of a new 14,471 SF Eckerd on outparcel and re-tenanting of former Eckerd space				203,167				96		%		Jan-02				Feb-03			90	%	$	2,000,000		11.0	%
Colonial Marketplace(3)		Orlando, FL				1986				1998				Purchase of adjacent 7,200 SF building to lease and renovate				136,023				99		%		Mar-03				Oct-03			20	%	2,000,000			12.0	%
Total																																			$	4,000,000
ENCLOSED MALLS / SPECIALTY RETAIL PROPERTIES
Redevelopment Activities (4)
The Mall at 163rd Street		Miami, FL				1956				1998				Redevelopment of enclosed regional mall; contingent contract entered into with Wal-Mart				300,000				66		%		Apr-03				Dec-04			15	%	$	20,000,000		10.5	%
Total																																			$	20,000,000
		Location			Year Built				Year Acquired				Project Description				Adjusted GLA				Percent Leased(1)				Construction										Expected Total Project Cost			Expected Stabilized Return on Cost
																									Start Date					Completion Date			Percent Complete
Completed 2002 Redevelopment / Outparcel Development Activities
Southfield Shopping Center		Southfield, MI			1970				1998				Façade renovation				106,948				93		%		Oct-01				Jan-02				100	%	$	533,560		15.9	%
Eastgate Shopping Center		Louisville, KY			1987				1993				Expansion of Kroger by 17,548 SF				162,041				99		%		May-01				Mar-02				100	%	0			—
Greeneville Commons		Greeneville, TN			1990				1992				Construction of a 5,500 SF tenant space leased to Hibbett Sports				228,618				99		%		Sep-01				Mar-02				100	%	485,289			15.9	%
Hampton Square		Southampton, PA			1980				1998				Addition of a 37,268 SF McCaffrey’s in existing space				62,933				98		%		Jul-01				Apr-02				100	%	1,200,000			27.3	%
Fashion Corner		Saginaw, MI			1986				1995				Phase II addition of Bed, Bath & Beyond and complete renovation of the shopping center				188,877				62		%		Jan-02				Jun-02				100	%	2,031,000			12.4	%
Long Point Square		Houston, TX			1980				2002				Conversion of a former grocer into multiple tenant space				74,329				75		%		Jul-01				Jul-02				100	%	400,000			13.0	%
Coconut Creek		Coconut Creek, FL			1983				2002				Construction of a new 51,000 SF Publix and façade renovation				267,251				72		%		Jul-01				Aug-02				100	%	5,700,000			10.1	%
Westridge Court		Naperville, IL			1990				1997				Expansion of Petco by 6,000 SF				452,183				99		%		May-02				Aug-02				100	%	980,000			10.0	%
Rock Prairie Crossing		College Station, TX			2000				2002				Construction of a 14,471 SF Eckerd on outparcel				118,254				100		%		Oct-01				Aug-02				100	%	1,300,000			12.7	%
J*Town Center		Jeffersontown, KY			1959				1988				Construction of a 10,055 SF CVS on outparcel				201,000				32		%		Jun-02				Sep-02				100	%	1,160,000			13.0	%
Delhi		Cincinnati, OH			1973				1996				Façade renovation				166,317				97		%		Jan-02				Sep-02				100	%	479,000			13.7	%
Townshire		Bryan, TX			1957				2002				Construction of a new 62,000 SF Albertsons and façade renovation				136,693				86		%		Feb-01				Sep-02				100	%	3,800,000			12.3	%
Rutland Plaza		St. Petersburg, FL			1964				1996				Construction of 14,000 SF of retail shops and facade renovation				149,562				100		%		Jun-02				Oct-02				100	%	665,000			14.0	%
Cordele Square		Cordele, GA			1968				1990				Increased lease commitment by Harvey Foods and Goody’s for façade renovation				128,927				93		%		May-02				Oct-02				100	%	450,000			12.0	%
Haymarket Mall		Des Moines, IA			1979				1995				Construction of a 10,000 SF Famous Footwear on outparcel				240,372				100		%		Jun-02				Nov-02				100	%	877,000			12.5	%
Haymarket Square		Des Moines, IA			1979				1995				Repositioning of shopping center with three new anchors, a 37,164 SF Nova Cinema, a 29,214 SF Big Lots and a 11,900 SF Dollar Tree				266,803				96		%		Jul-02				Nov-02				100	%	1,425,000			14.5	%
Bennetts Mills Plaza		Jackson, NJ			1988				1994				Expansion of Stop & Shop by 25,000 SF and façade renovation				115,238				98		%		Dec-01				Nov-02				100	%	620,000			12.0	%
Dover Park Plaza		Yardville, NJ			1966				2000				Addition of a new 12,000 SF CVS and façade renovation				56,222				84		%		Feb-02				Nov-02				100	%	528,000			12.0	%
Village Plaza		Garland, TX			1964				2002				Construction of 8,660 SF of new GLA				89,241				100		%		Jul-02				Nov-02				100	%	820,000			12.8	%
Southwood Plaza		Bowling Green, OH			1961				1990				Addition of a 6,000 SF Blockbuster Video and expansion of Big Lots to 33,600 SF				81,959				93		%		Aug-02				Dec-02				100	%	650,000			12.5	%
Central Avenue Marketplace		Toledo, OH			1968				1990				Definitive contract signed with Wal-Mart for a 142,000 SF store				LAND				—				Oct-01				Dec-02				100	%	4,003,184			14.0	%
Dillsburg Shopping Center		Dillsburg, PA			1994				1996				Construction of a new 55,000 SF Giant, a new 13,813 SF Eckerd and 8,630 SF of retail shops pre-leased to Hallmark, H&R Block and a salon				132,398				100		%		Feb-02				Dec-02				100	%	8,500,000			13.1	%
Parkview East		Pasadena, TX			1968				2002				Reconfiguration of retail shop space to accommodate two new tenants and facade renovation				38,186				93		%		Aug-02				Dec-02				100	%	1,116,000			13.0	%
Total																																			$	37,723,033
TOTAL 2002 COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS REDEVELOPMENT / OUTPARCEL DEVELOPMENT ACTIVITIES(5)																																			$	99,900,943

 

(1)   Includes all leases in force at December 31, 2002, including those that are fully executed, but not yet open, and is based on current GLA, not adjusted GLA.

(2)   Final phase of development is expected to cost $7.1 million, of which approximately $6.1 million was completed as of year-end.

(3)   Indicates project added during 4Q 2002.

(4)   Expected total project cost less land sales.

(5)   Excludes Enclosed Malls / Specialty Retail Properties.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

A-13

 

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Property Type Summary

 

										ABR					Quarterly NOI(1)
		# of Properties		GLA		Percent Leased		Leased GLA		Amount			Percent of Company ABR		Amount			Percent of Company NOI
Stabilized Properties
Community and Neighborhood Shopping Centers		334		46,279,112		91	%	42,062,418		$	315,147,334		88.0	%	$	61,123,912		81.8	%
Single Tenant Properties		32		868,994		84	%	733,694		4,593,754			1.3	%	899,398			1.2	%
Enclosed Malls / Specialty Retail Properties		4		1,731,385		78	%	1,342,795		17,675,555			4.9	%	8,884,718			11.9	%
Miscellaneous Properties		8		34,760		100	%	34,760		326,940			0.1	%	(78,370		)	-0.1	%
		378		48,914,251		90	%	44,173,667		$	337,743,583		94.4	%	$	70,829,658	%	94.7
Redevelopment Properties
Community and Neighborhood Shopping Centers		15		2,633,282		77	%	2,034,837		$	18,991,925		5.3	%	$	141,677		0.2	%
Enclosed Malls / Specialty Retail Properties		1		300,000		66	%	198,039		1,231,054			0.3	%	3,791,925			5.1	%
		16		2,933,282		76	%	2,232,876		$	20,222,979		5.6	%	$	3,933,602		5.3	%
TOTAL PORTFOLIO		394		51,847,533		90	%	46,406,543		$	357,966,562		100.0	%	$	74,763,260		100.0	%

 

COMMUNITY AND NEIGHBORHOOD SHOPPING CENTERS ANCHOR, NON-ANCHOR TENANT MIX:(2)

 

						ABR
		Leased GLA		Percent of Shopping Centers Leased GLA		Amount			Per Foot			Percent of Shopping Centers ABR
Anchor Tenants		26,267,689		59.6	%	$	152,161,183		$	5.79		45.5	%
Non-anchor Tenants		17,829,566		40.4	%	181,978,076			10.21			54.5	%
		44,097,255		100.0	%	$	334,139,259		$	7.58		100.0	%

 

(1)   Data includes $4.982 million of Quarterly NOI from properties classified as discontinued operations under SFAS 144.

(2)   Anchor tenants include 1) major discount stores, 2) major grocers, 3) tenants with square footage greater than 10,000 square feet if the shopping centers GLA is less than 125,000 square feet and tenants with square footage greater than 25,000 square feet if the shopping center GLA is greater than 125,000 square feet and 4) tenants with square footage greater than 10 percent of the shopping center GLA, but not less than 5,000 square feet.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-14

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Properties by State / Region

 

State		Number of Properties		Percent Leased		GLA		Percent of Scheduled ABR
Alabama		7		90	%	760,014		1.2	%
Arizona		8		89	%	973,147		2.1	%
Arkansas		2		98	%	237,991		0.4	%
California		15		91	%	2,455,132		7.2	%
Colorado		5		100	%	1,210,066		3.4	%
Delaware		1		100	%	30,000		0.0	%
Florida		30		86	%	4,872,133		10.5	%
Georgia		34		90	%	3,672,992		6.0	%
Illinois		12		88	%	1,512,688		3.3	%
Indiana		17		81	%	1,537,770		2.0	%
Iowa		3		98	%	547,493		0.7	%
Kentucky		11		91	%	1,809,123		3.0	%
Louisiana		6		96	%	738,341		1.0	%
Maryland		2		85	%	278,934		0.6	%
Massachusetts		2		100	%	348,917		0.6	%
Michigan		13		91	%	2,396,416		5.0	%
Minnesota		1		98	%	55,715		0.1	%
Mississippi		1		100	%	87,721		0.1	%
Nebraska		2		100	%	9,671		0.0	%
Nevada		3		63	%	587,388		1.0	%
New Jersey		7		93	%	865,405		2.0	%
New Mexico		2		49	%	97,600		0.1	%
New York		25		86	%	3,531,579		6.2	%
North Carolina		14		95	%	1,885,678		3.2	%
Ohio		25		88	%	3,876,028		6.7	%
Pennsylvania		14		86	%	2,147,269		4.4	%
Rhode Island		1		91	%	148,395		0.3	%
South Carolina		7		70	%	792,641		1.1	%
Tennessee		16		97	%	1,926,084		3.5	%
Texas		86		92	%	9,370,240		18.6	%
Utah		3		98	%	606,334		1.0	%
Virginia		13		93	%	1,708,807		3.3	%
West Virginia		3		91	%	354,938		0.6	%
Wisconsin		2		87	%	259,953		0.4	%
Wyoming		1		91	%	154,930		0.3	%
		394		90	%	51,847,533		100	%
Region
East		100		89	%	13,901,686		25.3	%
Midwest		76		88	%	10,350,664		18.6	%
South		182		91	%	21,665,516		41.3	%
West		36		90	%	5,929,667		14.8	%
		394		90	%	51,847,533		100	%

 

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-15

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Same Property NOI Analysis

(In thousands, except property statistics)

 

		Three Months Ended								Three Months Ended								Three Months Ended
		12/31/02			12/31/01			Percent Change		09/30/02			09/30/01			Percent Change		06/30/02			06/30/01			Percent Change
Analysis Specific Property Statistics:
Number of properties included in analysis		210			210					223			223					230			230
Gross leasable area		28,352,526			28,352,526					29,869,552			29,869,552					31,195,000			31,195,000
Percent leased		89.6		%	91.8		%	-2.2	%	90.1		%	91.7		%	-1.6	%	89.2		%	91.3		%	-2.1	%
Termination Fees:(1)		$	12		$	49				$	1,600		$	261				$	32		$	30
Property revenues		$	65,200		$	65,393		-0.3	%	$	72,989		$	70,988		2.8	%	$	76,531		$	75,752		1.0	%
Property operating expenses		22,434			21,458			4.5	%	22,007			19,537			12.6	%	23,330			21,916			6.5	%
SAME PROPERTY NOI (GAAP BASIS)		$	42,766		$	43,935		-2.7	%	$	50,982		$	51,451		-0.9	%	$	53,201		$	53,836		-1.2	%
Operating margin (GAAP basis)		65.6		%	67.2		%	-1.6	%	69.8		%	72.5		%	-2.6	%	69.5		%	71.1		%	-1.6	%
Straight-line rent adjustment		484			855			-43.4	%	421			173			143.4	%	425			753			-43.6	%
SAME PROPERTY NOI		$	42,282		$	43,080		-1.9	%	$	50,561		$	51,278		-1.4	%	$	52,776		$	53,083		-0.6	%
Operating margin		64.8		%	65.9		%	-1.0	%	69.3		%	72.2		%	-3.0	%	69.0		%	70.1		%	-1.1	%

 

		Three Months Ended								Twelve Months Ended
		03/31/02			03/31/01			Percent Change		12/31/02			12/31/01			Percent Change
Analysis Specific Property Statistics:
Number of properties included in analysis		237			237					208			208
Gross leasable area		32,272,672			32,272,672					27,768,124			27,768,128
Percent leased		89.5		%	91.4		%	-1.9	%	90.2		%	92.4		%	-2.2	%
Termination Fees:(1)		$	562		$	659				$	2,190		$	856
Property revenues		$	77,836		$	79,156		-1.7	%	$	260,784		$	259,495		0.5	%
Property operating expenses		22,413			22,892			-2.1	%	80,451			76,486			5.2	%
SAME PROPERTY NOI (GAAP BASIS)		$	55,423		$	56,264		-1.5	%	$	180,333		$	183,009		-1.5	%
Operating margin (GAAP basis)		71.2		%	71.1		%	0.1	%	69.2		%	70.5		%	-1.4	%
Straight-line rent adjustment		(136		)	(102		)	33.3	%	1,409			1,947			-27.6	%
SAME PROPERTY NOI		$	55,559		$	56,366		-1.4	%	$	178,924		$	181,062		-1.2	%
Operating margin		71.4		%	71.2		%	0.2	%	68.6		%	69.8		%	-1.2	%

 

(1)   Excluded from Property revenues.

NOI is defined as Property revenues less Property operating expenses, excluding depreciation and amortization and interest expense.  Same store excludes properties that have or are undergoing redevelopment and includes only properties owned for the full quarters.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

A-16

 

 

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Top Ten Tenants

 

		Tenant		Number of Leases		GLA		ABR			ABR as a Percentage of Total Portfolio ABR
1		The Kroger Co.(1)		47		2,387,228		$	15,610,606		4.4	%
2		Kmart Corporation		36		3,345,453		13,679,948			3.8	%
3		Wal-Mart Stores(2)		29		3,182,776		13,365,569			3.7	%
4		Ahold USA(3)		21		1,039,586		7,703,014			2.2	%
5		Winn-Dixie Stores(4)		21		957,261		5,995,290			1.7	%
6		The TJX Companies(5)		24		803,137		5,430,648			1.5	%
7		J.C. Penney Company(6)		43		769,179		4,819,363			1.3	%
8		Delhaize America(7)		21		692,183		4,400,255			1.2	%
9		Publix Super Markets		14		669,453		4,026,750			1.1	%
10		Big Lots, Inc.		35		989,845		3,600,114			1.0	%
				291		14,836,101		$	78,631,557		22.0	%

 

(1) Includes King Soopers, Kroger, Ralphs and Smith’s. 

(2) Includes SAM’S CLUBS, Supercenters and Wal-Mart stores.

(3) Includes BI-LO, Food Max, Giant, Martin’s, Stop & Shop and Tops Market.

(4) Includes Save Rite Grocery Warehouse and Winn-Dixie.

(5) Includes A.J. Wright, HomeGoods, Marshalls and T.J. Maxx.

(6) Includes Eckerd and JCPenney.

(7) Includes Food Lion and Kash n’ Karry.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-17

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

New Lease Summary

 

NEW LEASE SUMMARY

 

		Number		GLA		Total New ABR			Tenant Improvements Committed			Leasing Commissions
1Q 2002		71		299,355		$	3,068,063		$	1,474,832		$	202,518
psf						10.25			4.93			0.68
2Q 2002		133		568,546		$	5,921,995		$	2,299,136		$	480,725
psf						10.42			4.04			0.85
3Q 2002		193		748,620		$	7,480,645		$	2,262,256		$	527,991
psf						9.99			3.02			0.71
4Q 2002		136		600,799		$	5,666,098		$	2,080,316		$	908,480
psf						9.43			3.46			1.51
2002 Total		533		2,217,320		$	22,136,800		$	8,116,540		$	2,119,714
						9.98			3.66			0.96

 

RENEWAL LEASE SUMMARY

 

		Number		GLA		Total Former ABR			Total New ABR			Increase/(Decrease)
												Total Dollar			Percent
1Q 2002		143		683,503		$	5,218,436		$	5,470,804		$	252,368		4.8	%
psf						7.63			8.00			0.37
2Q 2002		200		748,437		$	6,557,254		$	7,099,740		$	542,486		8.3	%
psf						8.76			9.49			0.72
3Q 2002		189		655,229		$	6,391,971		$	6,714,569		$	322,598		5.0	%
psf						9.76			10.25			0.49
4Q 2002		164		820,839		$	5,748,687		$	6,093,899		$	345,212		6.0	%
psf						7.00			7.42			0.42
2002 Total		696		2,908,008		$	23,916,348		$	25,379,012		$	1,462,664		6.1	%
						8.22			8.73			0.50

 

Renewal leases include expiring leases renewed with the same tenant and the exercise of options.  All other leases are categorized as new.

Data includes all leases in force at December 31, 2002, September 30, 2002, June 30, 2002 and March 31, 2002, including those that are fully executed, but not yet open.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-18

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Lease Expiration Schedule

 

		Number of Leases Expiring		Leased GLA		Percent of GLA		ABR Per Foot			Percent of Total ABR
2003		1456		4,908,642		10.58	%	$	8.44		11.58	%
2004		1035		4,184,526		9.02	%	8.66			10.13	%
2005		1006		5,276,953		11.37	%	7.72			11.38	%
2006		804		4,594,973		9.90	%	8.07			10.36	%
2007		761		4,596,156		9.90	%	8.37			10.74	%
2008		307		2,653,619		5.72	%	6.52			4.83	%
2009		162		2,493,476		5.37	%	7.27			5.06	%
2010		149		2,799,074		6.03	%	6.76			5.28	%
2011		139		2,294,406		4.94	%	7.87			5.04	%
2012		118		1,283,879		2.77	%	9.10			3.27	%
2013+		345		11,320,839		24.39	%	7.06			22.33	%
		6,282		46,406,543		100.0	%	$	7.71		100.0	%

 

Does not assume exercise of renewal options or base rent escalations over lease term.

The above does not purport to disclose all items required under GAAP.

The Company's Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

A-19

 

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Property Portfolio

 

		Property Name		City		State			Year Built		Date Acquired		GLA		Percent Leased (1)		ABR			Anchor Tenant		Anchor Tenant Not Owned
Stabilized Properties
		Community and Neighborhood Shopping Centers
1		Cloverdale Village		Florence			AL		1986		10/27/94		59,407		100	%	$	381,268		Winn-Dixie
2		Riverview Plaza		Gadsden			AL		1990		10/12/95		147,621		100	%	927,816			Wal-Mart
3		Grants Mill Station		Irondale			AL		1991		07/01/98		226,837		67	%	895,646			Wal-Mart
4		Payton Park		Sylacauga			AL		1995		07/01/98		231,820		99	%	1,386,464			Wal-Mart
5		Conway Towne Center		Conway			AR		1986		12/12/02		177,149		98	%	1,232,623			JC Penney		Office Depot
6		Glendale Galleria		Glendale			AZ		1991		08/01/97		119,461		99	%	1,248,492			Food 4 Less, Osco Drugs
7		Kmart Plaza		Mesa			AZ		1970		12/28/90		182,933		97	%	698,743			Kmart
8		Southern Village Mesa		Mesa			AZ		1987		08/01/97		84,054		98	%	596,338			Food City
9		Sun Valley Plaza		Mesa			AZ		1981		05/31/94		107,405		52	%	454,200			Family Dollar
10		Metro Marketplace		Phoenix			AZ		1988		06/21/91		249,575		85	%	2,068,345			Office Max, Toys R Us
11		Northmall Centre		Tucson			AZ		1996		12/31/96		163,785		96	%	1,443,054			CompUSA, JC Penney, Stein Mart
12		Bakersfield Plaza		Bakersfield			CA		1970		06/20/97		213,164		90	%	1,766,659			Circuit City, Longs Drugs		Mervyn’s
13		Sony/Kinko		Burbank			CA		1988		05/01/89		14,176		100	%	404,364			—
14		Carmen Plaza		Camarillo			CA		1971		06/20/97		129,264		94	%	1,204,082			24 Hour Fitness		Big Lots, Garfields, Kragen, Trader Joe’s
15		Cudahy Plaza		Cudahy			CA		1968		06/20/97		138,430		100	%	671,039			Kmart, Pic “N” Save
16		Arbor Faire		Fresno			CA		1993		04/09/97		199,986		92	%	1,854,902			Home Depot, PetsMart, Smart & Final		Mervyn’s
17		Broadway Faire		Fresno			CA		1995		04/09/97		60,383		100	%	1,051,758			United Artists, Wherehouse
18		Briggsmore Plaza		Modesto			CA		1974		06/20/97		98,945		94	%	709,386			Grocery Outlet, Macfrugals, Outdoor World		Fitness Choice
19		Montebello Plaza		Montebello			CA		1974		06/20/97		289,790		96	%	2,792,386			99c Only, Circuit City, Max Foods, Office Depot, Sav-On Drugs
20		Paradise Plaza		Paradise			CA		1979		06/20/97		198,484		99	%	730,416			Albertsons, Kmart, Rite Aid
21		Metro 580		Pleasanton			CA		1996		09/15/97		174,584		80	%	2,191,707			Borders, Linens ‘N Things		Wal-Mart
22		Rose Pavilion		Pleasanton			CA		1987		02/27/98		277,848		85	%	3,858,885			Levitz Furniture, Macy’s Home Store		Long’s Drugs
23		San Dimas Plaza		San Dimas			CA		1986		10/07/97		119,161		95	%	1,623,996			T.J. Maxx		Ralph’s, Rite Aid
24		Vail Ranch Center		Temecula			CA		1997		12/31/97		99,204		99	%	1,050,680			Rite Aid, Stater Bros.
25		Arvada Plaza		Arvada			CO		1977		12/12/02		98,272		100	%	474,117			Arc Thrift Store, King Soopers
26		Aurora Plaza		Aurora			CO		1965		12/12/02		157,786		100	%	833,040			Big Lots, King Soopers, Qmovies.net
27		Westminster City Center		Westminster			CO		1996		12/16/97		339,600		100	%	3,854,301			Babies R Us, Barnes & Noble, Circuit City, CompUSA, Golfsmith
28		Brooksville Square		Brooksville			FL		1987		03/28/94		192,452		98	%	1,333,101			Kmart, Publix, Walgreens
29		Coconut Creek		Coconut Creek			FL		1983		03/01/02		267,251		72	%	2,047,502			Big Lots, Lady of America Gym, Publix
30		Northgate S.C.		DeLand			FL		1993		06/30/93		186,396		100	%	1,282,978			Kmart, Publix
31		Morse Shores		Ft. Myers			FL		1983		03/01/02		169,545		99	%	1,033,320			Beall’s Outlet, Big Lots, Publix
32		Holly Hill Shopping Center		Holly Hill			FL		1984		12/12/02		116,096		91	%	825,403			Family Dollar, Winn-Dixie
33		Normandy Square		Jacksonville			FL		1976		12/12/02		87,235		100	%	620,136			Eckerd, Family Dollar, Winn-Dixie
34		Plaza 66		Kenneth City			FL		1985		12/12/02		95,320		98	%	735,894			Kash n’ Karry
35		Eastgate S.C.		Lake Wales			FL		1994		05/20/94		102,161		7	%	62,220			—		Winn-Dixie
36		Leesburg Square		Leesburg			FL		1986		12/23/92		91,682		98	%	692,655			Ryan’s Family Steakhouse
37		Miami Gardens		Miami			FL		1996		10/06/97		244,719		100	%	2,320,216			Kmart, Ross, Winn-Dixie
38		Freedom Square		Naples			FL		1995		10/06/97		211,839		100	%	1,756,360			Kmart, Publix
39		Southgate		New Port Richey			FL		1966		08/27/97		262,911		97	%	878,674			Big Lots, Publix
40		Presidential Plaza		North Lauderdale			FL		1977		04/18/97		88,306		94	%	654,491			Winn-Dixie
41		Colonial Marketplace		Orlando			FL		1986		04/01/98		128,823		99	%	999,904			Office Max		Target
42		Silver Hills		Orlando			FL		1985		03/01/02		108,812		92	%	401,954			AutoZone, Buddy’s Home, Winn-Dixie
43		23rd Street Station		Panama City			FL		1986		07/01/98		98,827		96	%	976,969			Publix
44		Pensacola Square		Pensacola			FL		1986		12/12/02		134,806		100	%	1,229,293			Circuit City, Ethan Allen, Office Max		Books-A—Million, Hobby Lobby
45		Riverwood		Port Orange			FL		1990		09/05/97		93,506		94	%	484,327			Walgreens, Winn-Dixie
46		Seminole Plaza		Seminole			FL		1964		06/11/98		144,011		96	%	758,155			Burlington Coat, T.J. Maxx
47		Eagles Park		St. Petersburg			FL		1986		03/01/02		126,171		87	%	983,924			Publix
48		Rutland Plaza		St. Petersburg			FL		1964		11/01/96		149,562		100	%	1,099,190			Big Lots, Winn-Dixie
49		Skyway Plaza		St. Petersburg			FL		1959		12/12/02		110,799		89	%	683,980			Dollar Tree, Kash n’ Karry, Walgreens
50		Downtown Publix		Stuart			FL		1965		03/01/02		153,196		89	%	1,233,203			Beall’s Outlet, Publix, Schumacher Music

 

 

 

A-20

 

 

		Property Name		City		State		Year Built		Date Acquired		GLA		Percent Leased (1)		ABR		Anchor Tenant		Anchor Tenant Not Owned
51		Albany Plaza		Albany		GA		1968		05/12/94		114,169		89	%	611,788		Big Lots, Food Lion
52		Southgate Plaza		Albany		GA		1969		07/11/90		61,816		97	%	388,494		OK Beauty Supply, Save-A—Lot
53		Eastgate Plaza		Americus		GA		1980		07/11/90		44,365		100	%	133,323		Beall’s
54		Perlis Plaza		Americus		GA		1972		07/11/90		165,315		96	%	937,243		Belk’s, Harveys
55		Northeast Plaza		Atlanta		GA		1952		12/12/02		431,089		81	%	2,952,140		Furniture Plus, Mars Music, Publix
56		North Leg Plaza		Augusta		GA		1987		12/12/02		118,580		100	%	604,660		Beall’s Outlet, Big Lots, Food Lion
57		Sweetwater Village		Austell		GA		1985		10/27/94		66,197		95	%	439,182		CVS, Save Rite Grocery Warehouse
58		Cedar Plaza		Cedartown		GA		1994		10/27/94		83,300		96	%	547,070		Badcock Furniture, Kroger
59		Covered Bridge		Clayton		GA		1986		12/12/02		61,375		100	%	403,074		BI-LO, Family Dollar
60		Cordele Square		Cordele		GA		1968		07/11/90		128,927		93	%	592,806		Belk’s, Harvey Foods
61		Southgate Plaza		Cordele		GA		1969		07/11/90		39,262		51	%	67,947		Fred’s Dollar Store
62		Habersham Crossing		Cornelia		GA		1990		03/01/96		161,278		98	%	791,225		B.C. Moore, Wal-Mart
63		Habersham Village		Cornelia		GA		1985		05/06/92		147,182		99	%	732,383		Kmart, Winn-Dixie
64		Covington Gallery		Covington		GA		1991		12/30/93		174,857		96	%	999,140		Ingles, Kmart
65		Northside Plaza		Dalton		GA		1990		10/11/95		73,931		100	%	544,940		BI-LO, Family Dollar
66		Midway Village		Douglasville		GA		1989		05/01/97		73,028		100	%	523,090		Save Rite Grocery Warehouse
67		Marshalls at Eastlake		Marietta		GA		1982		10/26/98		55,193		95	%	421,597		Marshalls
68		New Chastain Corners		Marietta		GA		1990		07/17/97		108,380		97	%	1,080,560		Kroger
69		Pavilions at Eastlake		Marietta		GA		1986		03/01/99		159,088		95	%	1,620,914		Kroger
70		Village at Southlake		Morrow		GA		1983		04/13/98		53,384		91	%	408,373		Marshalls
71		Merchants Crossing		Newnan		GA		1974		12/12/02		174,059		100	%	808,113		Hastings, Kmart, Kroger
72		Perry Marketplace		Perry		GA		1992		12/30/92		179,973		59	%	572,542		Kroger
73		Creekwood Shopping Center		Rex		GA		1990		05/01/97		69,778		98	%	569,374		Save Rite Grocery Warehouse
74		Shops of Riverdale		Riverdale		GA		1995		02/15/96		34,255		36	%	150,851		—		Wal-Mart
75		Eisenhower Square		Savannah		GA		1985		07/16/97		125,120		100	%	859,673		Eisenhower Cinema, Food Lion
76		Victory Square		Savannah		GA		1986		07/02/92		168,514		78	%	875,983		Food Lion, Scotty’s
77		Wisteria Village Shopping Center		Snellville		GA		1985		10/11/95		164,646		93	%	988,097		Kmart
78		University Commons		Statesboro		GA		1994		07/24/96		59,814		100	%	556,470		—
79		Tift-Town		Tifton		GA		1965		07/11/90		58,818		68	%	167,508		Beall’s Outlet, CVS
80		Westgate		Tifton		GA		1980		07/11/90		16,307		100	%	140,858		—
81		Haymarket Mall		Des Moines		IA		1979		05/12/95		240,372		100	%	1,092,641		Burlington Coat Factory, Hobby Lobby
82		Haymarket Square		Des Moines		IA		1979		05/12/95		266,803		96	%	1,240,391		Big Lots, Dahl’s Foods, Nova Cinema, Office Depot
83		Village Mart		Aurora		IL		1978		12/12/02		89,528		100	%	660,002		Eagle Country Market, Family Dollar, Village Discount Outlet
84		Festival Center		Bradley		IL		1989		12/12/02		63,796		100	%	419,703		Dollar General, Festival Foods
85		Southfield Plaza		Bridgeview		IL		1958		12/03/96		198,331		91	%	1,759,806		Dominick’s Foods, Hobby Lobby
86		Pershing Plaza		Decatur		IL		1986		12/12/02		90,109		100	%	387,458		Big Lots, Hobby Lobby
87		Freeport Plaza		Freeport		IL		1968		12/12/02		87,846		100	%	475,391		Cub Foods, Stone’s Hallmark
88		Westridge Court		Naperville		IL		1990		07/18/97		452,183		99	%	5,365,399		Borders, CompUSA, Cub Foods, Linens ‘N Things, Marshalls, Nova 8 Theatre, Spiegel
89		Olympia Corners		Olympia Fields		IL		1988		12/12/02		113,167		93	%	905,783		Jewel-Osco, Major Motors Auto Supply
90		Tinley Park Plaza		Tinley Park		IL		1973		09/20/95		283,470		55	%	1,291,983		T.J. Maxx, Walt’s Finer Foods
91		Columbus Center		Columbus		IN		1964		12/01/88		270,227		33	%	705,413		OfficeMax
92		Elkhart Plaza West		Elkhart		IN		1997		12/12/02		81,651		96	%	631,489		CVS, Martin’s Super Market
93		Elkhart Market Centre		Goshen		IN		1990		12/12/02		349,115		99	%	1,870,005		Sam’s Wholesale Club, Wal-Mart
94		Marwood Plaza		Indianapolis		IN		1966		12/12/02		107,080		100	%	723,621		CVS, Fashion Bug Plus, Kroger
95		Westlane Shopping Center		Indianapolis		IN		1968		12/12/02		71,490		100	%	397,989		Family Dollar, Lo Bill Foods
96		Jasper Manor		Jasper		IN		1990		02/18/92		194,120		76	%	698,018		Holiday Foods, Kmart
97		Valley View Plaza		Marion		IN		1989		03/28/94		29,974		100	%	306,556		—		Wal-Mart
98		Town Fair		Princeton		IN		1991		02/09/93		113,939		100	%	480,449		Goody’s, Kmart
99		Knox Plaza		Vincennes		IN		1989		12/12/02		72,914		97	%	343,728		Buehler Foods		Big Lots
100		Wabash Crossing		Wabash		IN		1988		12/16/93		166,992		100	%	975,014		Kmart, Scott’s Foods
101		Green River Plaza		Campbellsville		KY		1989		03/08/96		190,316		99	%	1,001,469		Goody’s, Kroger
102		Kmart Plaza		Elizabethtown		KY		1992		02/04/93		130,466		100	%	791,559		Kmart, Staples
103		Florence Plaza		Florence		KY		1985		12/12/02		170,404		100	%	1,196,445		99 Center, Dick’s Sporting Goods, Rhodes Furniture		Toys R’ Us

 

 

 

 

 

A-21

 

 

		Property Name		City		State		Year Built		Date Acquired		GLA		Percent Leased (1)		ABR		Anchor Tenant		Anchor Tenant Not Owned
104		Highland Commons		Glasgow		KY		1992		03/31/93		130,466		100	%	753,619		Food Lion, Kmart
105		Mist Lake Plaza		Lexington		KY		1993		07/01/98		217,292		96	%	1,579,292		Wal-Mart
106		London Marketplace		London		KY		1994		03/17/94		169,032		100	%	1,062,099		Kmart, Kroger
107		Eastgate Shopping Center		Louisville		KY		1987		11/10/93		162,041		99	%	1,413,160		Kroger
108		Picadilly Square		Louisville		KY		1973		04/25/89		96,370		84	%	363,593		Big Lots, Save-A—Lot
109		Towne Square North		Owensboro		KY		1988		12/12/02		163,248		99	%	906,512		Books-A—Million, Hobby Lobby, Office Depot
110		Lexington Road Plaza		Versailles		KY		1994		04/28/94		182,578		100	%	1,253,079		Kmart, Kroger
111		Karam Shopping Center		Lafayette		LA		1970		12/12/02		100,238		100	%	345,574		Conn’s Appliance, Super 1 Foods
112		Desiard Plaza		Monroe		LA		1984		12/12/02		65,439		86	%	293,747		Brookshire’s, Family Dollar
113		Iberia Plaza		New Iberia		LA		1983		03/01/02		132,107		98	%	625,421		Stage, Super 1
114		Lagniappe Village		New Iberia		LA		1990		07/01/98		220,225		92	%	957,881		Big Lots
115		The Pines		Pineville		LA		1991		03/01/02		179,039		100	%	985,675		Kmart, Super 1
116		Points West		Brockton		MA		1960		12/12/02		144,042		100	%	842,215		HomeGoods, Ocean State Job Lot
117		Holyoke Shopping Center		Holyoke		MA		1971		12/12/02		204,875		100	%	1,185,215		Stop & Shop
118		Liberty Plaza		Randallstown		MD		1962		05/12/95		215,574		82	%	1,463,349		Marshalls
119		Rising Sun Towne Centre		Rising Sun		MD		1998		06/04/99		63,360		94	%	575,560		Martin’s
120		Maple Village		Ann Arbor		MI		1965		10/14/94		288,046		98	%	1,596,905		Dunham’s, Kmart
121		Farmington Crossroads		Farmington		MI		1986		12/11/95		84,310		93	%	630,228		Farmer Jack
122		Delta Center		Lansing		MI		1985		12/12/95		186,246		99	%	1,899,637		Farmer Jack, Pet Food Warehouse
123		Hampton Village Centre		Rochester Hills		MI		1990		12/12/95		460,353		98	%	4,686,186		Farmer Jack, Kohl’s, Star Theatre, T.J. Maxx		Target
124		Fashion Corner		Saginaw		MI		1986		12/12/95		188,877		62	%	971,089		Bed, Bath & Beyond, Best Buy
125		Green Acres		Saginaw		MI		1960		12/12/02		271,506		90	%	1,564,172		A.J. Wright, Big Lots, Farmer Jack
126		Hall Road Crossing		Shelby Township		MI		1985		12/12/95		175,763		100	%	1,914,004		Gander Mountain
127		Southfield Shopping Center		Southfield		MI		1970		02/12/98		106,948		93	%	1,016,207		Farmer Jack		Burlington Coats, F&M, Marshalls
128		Delco Plaza		Sterling Heights		MI		1973		11/14/96		154,853		100	%	749,240		Babies R Us, Bed, Bath & Beyond, Dunham’s
129		Westland Crossing		Westland		MI		1986		11/16/99		141,738		88	%	1,148,407		—		Toys R Us
130		Roundtree Place		Ypsilanti		MI		1992		07/01/98		195,413		100	%	1,305,499		Busch Grocery, Wal-Mart
131		Washtenaw Fountain Plaza		Ypsilanti		MI		1989		10/05/92		136,103		38	%	468,587		—
132		University IV		Spring Lake Park		MN		1978		12/12/02		55,715		97	%	402,766		Northwest Bookstore, Paper Warehouse, The Gym
133		Jacksonian Plaza		Jackson		MS		1990		03/01/02		87,721		100	%	351,136		Books-A—Million, Georgia Carpet Outlet, Office Depot
134		Stanly County Plaza		Albermarle		NC		1988		03/28/94		63,637		96	%	442,359		Ingles		Wal-Mart
135		Village Marketplace		Asheboro		NC		1988		04/13/95		87,869		84	%	554,259		—
136		Macon Plaza		Franklin		NC		1982		12/12/02		92,967		91	%	349,764		BI-LO, Peebles
137		Foothills Market		Jonesville		NC		1988		06/05/95		49,630		94	%	280,649		Food Lion
138		Chapel Square		Kannapolis		NC		1992		12/01/94		45,450		94	%	343,479		Food Lion		Wal-Mart
139		Kinston Pointe		Kinston		NC		1991		07/05/95		248,180		97	%	695,333		Wal-Mart
140		Roxboro Square		Roxboro		NC		1989		06/05/95		98,980		94	%	602,116		—
141		Siler Crossing		Siler City		NC		1988		06/05/95		132,639		92	%	675,406		—
142		Crossroads Center		Statesville		NC		1991		02/27/96		340,190		99	%	2,026,871		Wal-Mart
143		Thomasville Crossing		Thomasville		NC		1996		04/18/97		78,509		95	%	625,035		Lowe’s Food
144		Anson Station		Wadesboro		NC		1988		08/23/95		132,353		94	%	710,449		Food Lion, Wal-Mart
145		Roanoke Landing		Williamston		NC		1991		01/02/96		156,561		99	%	1,014,174		Wal-Mart, Winn-Dixie		Belk’s
146		Parkway Plaza		Winston-Salem		NC		1960		12/12/02		286,405		93	%	2,329,623		Lowes Foods, Office Depot
147		Stratford Commons		Winston-Salem		NC		1995		12/30/96		72,308		100	%	925,465		Michaels, Office Max, Wherehouse
148		Hamilton Plaza-Kmart Plaza		Hamilton		NJ		1972		05/12/94		149,060		100	%	775,819		Kmart
149		Bennetts Mills Plaza		Jackson		NJ		1988		09/01/94		115,238		98	%	1,053,383		Countyline Hardware, Stop & Shop
150		Middletown Plaza		Middletown		NJ		1972		01/01/75		198,068		84	%	2,111,508		ShopRite
151		Tinton Falls Plaza		Tinton Falls		NJ		1953		01/30/98		100,582		92	%	879,164		Burlington Coat Factory, Lifestyle Fitness		A&P
152		Dover Park Plaza		Yardville		NJ		1966		01/28/00		56,222		84	%	553,860		CVS
153		Socorro		Socorro		NM		1976		03/01/02		48,000		100	%	418,000		Smith’s Food
154		Galleria Commons		Henderson		NV		1998		06/09/98		276,460		52	%	1,630,180		Babies R Us, Stein Mart, T.J. Maxx
155		Renaissance Center East		Las Vegas		NV		1981		10/17/96		145,578		92	%	1,302,516		Albertsons
156		Kietzke Center		Reno		NV		1974		06/20/97		165,350		55	%	712,778		Ric’s Furniture
157		University Mall		Canton		NY		1967		01/01/76		78,738		24	%	162,000		—

 

 

 

A-22

 

 

		Property Name		City		State		Year Built		Date Acquired		GLA		Percent Leased (1)		ABR		Anchor Tenant		Anchor Tenant Not Owned
158		Cortlandville		Cortland		NY		1984		08/04/87		100,300		95	%	245,963		—
159		Kmart Plaza		De Witt		NY		1970		08/03/93		115,500		100	%	590,575		Kmart, Office Max
160		D & F Plaza		Dunkirk		NY		1967		01/01/86		190,217		90	%	905,828		Big Lots, Quality Markets
161		Elmira Plaza		Elmira		NY		1976		02/13/89		50,803		89	%	135,728		Big Lots, Dollar General
162		Genesee Valley Shopping Center		Geneseo		NY		1993		07/01/98		204,609		100	%	1,454,438		Wal-Mart, Wegmans
163		Pyramid Mall		Geneva		NY		1973		08/03/93		239,500		98	%	1,180,739		Big Lots, Kmart, Tops Market
164		McKinley Plaza		Hamburg		NY		1991		06/14/92		92,795		98	%	864,055		T.J. Maxx
165		Hornell Plaza		Hornell		NY		1995		07/31/98		253,703		98	%	1,795,494		Wal-Mart, Wegmans
166		Cayuga Mall		Ithaca		NY		1969		05/12/89		205,426		98	%	1,135,667		Eckerd, Penn Traffic, T.J. Maxx
167		Shops at Seneca Mall		Liverpool		NY		1971		08/03/93		237,202		84	%	1,206,810		Kmart, Price Chopper
168		Transit Road Plaza		Lockport		NY		1971		08/03/93		138,119		100	%	365,605		Save-A—Lot
169		Wallkill Plaza		Middletown		NY		1986		12/12/95		203,234		92	%	1,625,690		ShopRite
170		Monroe ShopRite Plaza		Monroe		NY		1972		08/01/97		122,394		98	%	1,311,443		Eckerd, Lifeplex, ShopRite
171		Rockland Plaza		Nanuet		NY		1963		01/01/83		247,957		99	%	4,337,737		Marshalls, Rockbottom
172		South Plaza		Norwich		NY		1967		04/01/83		143,665		46	%	227,198		Plaza Lanes, Sav-A—Lot
173		Westgate Plaza		Oneonta		NY		1967		01/20/84		71,952		34	%	107,977		—
174		Oswego Plaza		Oswego		NY		1966		01/01/77		128,087		98	%	624,934		Big Lots, JC Penney
175		Mohawk Acres		Rome		NY		1965		01/20/84		155,840		80	%	577,439		Applebees
176		Price Chopper Plaza		Rome		NY		1988		08/03/93		78,400		80	%	394,930		Price Chopper
177		Westgate Manor		Rome		NY		1961		01/01/86		65,813		96	%	382,836		Big Lots, Rome Cinemas
178		Northland		Watertown		NY		1962		01/01/73		122,666		26	%	275,208		—
179		Whitestown Plaza		Whitesboro		NY		1953		04/03/02		80,612		76	%	530,565		Third Price Sportswear, Victory Markets
180		Ashland Square		Ashland		OH		1990		10/06/93		163,168		99	%	934,254		Wal-Mart
181		Harbor Plaza		Ashtabula		OH		1988		02/20/91		51,794		77	%	284,978		—
182		Southwood Plaza		Bowling Green		OH		1961		05/16/90		81,959		93	%	362,873		Big Lots, Hallmark
183		Springbrook Plaza		Canton		OH		1989		12/12/02		174,353		84	%	1,245,224		Circuit City, OfficeMax		Pat Catan’s Craft Centers
184		Brentwood Plaza		Cincinnati		OH		1957		05/04/94		232,567		89	%	1,193,449		—
185		Delhi		Cincinnati		OH		1973		05/22/96		166,317		97	%	1,447,532		Big Lots, Kroger
186		Hillcrest Square		Cincinnati		OH		1981		12/12/02		150,218		100	%	557,175		Furniture & Mattress Dist. Center, Kroger
187		Western Village		Cincinnati		OH		1960		05/04/94		138,526		76	%	554,165		—
188		Crown Point		Columbus		OH		1980		07/23/98		147,427		95	%	1,128,458		Kroger
189		Greentree Shopping Center		Columbus		OH		1974		07/23/98		128,501		80	%	904,726		Kroger
190		Karl Plaza		Columbus		OH		1972		12/12/02		100,396		93	%	582,174		Staples		Frank’s Nursery & Crafts
191		South Towne Centre		Dayton		OH		1972		03/27/92		308,699		99	%	2,469,956		Borders, Burlington Coat Factory, Kmart, Value City Furniture
192		Heritage Square		Dover		OH		1959		08/31/93		231,735		63	%	810,719		Bag N Save Foods
193		The Vineyards		Eastlake		OH		1989		12/12/02		144,820		96	%	1,144,176		Goodwill, Tops Market
194		Midway Crossing		Elyria		OH		1986		12/11/95		138,265		88	%	981,779		Dunham’s		Kids R Us, Toys R Us
195		Midway Market Square		Elyria		OH		2001		11/20/02		234,670		99	%	2,627,104		Circuit City, Dick’s Sporting Goods, Giant Eagle, Sofa Express		Home Depot, Target
196		Silver Bridge Plaza		Gallipolis		OH		1972		12/28/86		145,481		80	%	500,589		Big Lots, Tractor Supply Company
197		Parkway Plaza		Maumee		OH		1955		09/06/89		140,021		60	%	374,972		The Pharm
198		Napoleon Center		Napoleon		OH		1991		12/12/02		60,795		100	%	449,540		Chief Supermarket, Rite Aid
199		New Boston		New Boston		OH		1991		02/17/93		238,711		96	%	1,385,337		Festival Foods, Wal-Mart
200		Market Place		Piqua		OH		1972		11/20/91		169,311		58	%	542,857		—
201		Brice Park		Reynoldsburg		OH		1989		03/04/98		168,284		99	%	1,724,471		Gregg Appliances
202		Alexis Park		Toledo		OH		1969		12/12/02		258,942		96	%	1,159,642		Food Town, Value City
203		Glengary Shopping Center		Westerville		OH		1976		12/12/02		101,068		71	%	566,732		Aldi
204		Bethel Park		Bethel Park		PA		1965		05/14/97		224,069		98	%	1,336,458		Ames Department Store, Giant Eagle
205		Bristol Plaza		Bristol		PA		1989		12/12/02		145,356		98	%	1,332,759		Big Lots, Pathmark
206		Dillsburg Shopping Center		Dillsburg		PA		1994		10/16/96		132,398		100	%	1,076,685		Eckerd, Giant Food Stores
207		Market Street Square		Elizabethtown		PA		1993		10/06/97		169,481		100	%	1,378,379		Kmart, Weis Markets
208		Johnstown Galleria Outparcel		Johnstown		PA		1993		07/31/97		61,968		87	%	339,677		Dunham’s, Staples		Toys R Us
209		New Garden		Kennett Square		PA		1979		06/20/97		149,270		91	%	642,743		Acme Markets, Big Lots
210		Stone Mill Plaza		Lancaster		PA		1988		01/06/94		94,493		95	%	885,509		Giant Food Stores, Rent-To-Own

 

 

 

A-23

 

 

		Property Name		City		State		Year Built		Date Acquired		GLA		Percent Leased (1)		ABR		Anchor Tenant		Anchor Tenant Not Owned
211		Ivyridge		Philadelphia		PA		1963		08/02/95		112,278		78	%	885,164		Super Fresh
212		Roosevelt Mall		Philadelphia		PA		1964		01/01/64		560,439		96	%	5,929,258		Strawbridge’s
213		Hampton Square		Southampton		PA		1980		12/29/98		62,933		98	%	638,946		McCaffrey’s
214		Shops at Prospect		West Hempfield		PA		1994		07/31/95		63,392		100	%	535,562		Redner’s Markets		Kmart
215		Hunt River Commons		North Kingstown		RI		1989		12/12/02		148,395		91	%	1,177,272		Marshalls, Ocean State Job Lot, Stop & Shop
216		South Park		Aiken		SC		1991		12/12/02		55,580		100	%	258,025		Fred’s, Goodwill Emporium
217		Circle Center		Hilton Head		SC		1992		03/24/94		65,313		91	%	619,924		BI-LO
218		Palmetto Crossroads		Hilton Head		SC		1990		10/18/95		40,916		94	%	302,344		Food Lion
219		Lexington Town Square		Lexington		SC		1978		12/12/02		75,763		97	%	372,937		Carolina Pet Supply, Eckerds, Food Lion
220		Festival Centre		North Charleston		SC		1987		12/12/02		322,876		59	%	1,297,292		Hamrick’s Apparel, Holiday Inn Worldwide, Piggly Wiggly
221		Remount Village		North Charleston		SC		1996		11/13/96		60,238		97	%	557,372		BI-LO
222		Congress Crossing		Athens		TN		1990		11/10/88		172,305		99	%	1,109,296		BI-LO, Kmart
223		St. Elmo Central		Chattanooga		TN		1995		08/06/96		74,978		100	%	663,435		Winn-Dixie
224		Saddletree Village		Columbia		TN		1990		06/15/98		45,800		94	%	295,354		Food Lion
225		West Towne Square		Elizabethton		TN		1998		06/09/98		99,224		86	%	545,227		Stringer’s Restaurant, Winn-Dixie
226		Greeneville Commons		Greeneville		TN		1990		03/10/92		228,618		99	%	1,537,247		Kmart, Proffitt’s
227		Hazel Path		Hendersonville		TN		1989		11/27/95		67,965		84	%	427,802		Food Lion		Wal-Mart
228		Kimball Crossing		Kimball		TN		1987		11/27/95		280,476		99	%	1,735,156		Factory Direct Home Furnishing, Wal-Mart
229		Chapman-Ford Crossing		Knoxville		TN		1990		12/30/92		185,604		97	%	1,036,946		Food Lion, Goody’s, Wal-Mart
230		Chapman Square		Knoxville		TN		1986		12/12/02		53,591		84	%	410,195		Dollar Tree		Kroger
231		Farrar Place Shopping Center		Manchester		TN		1989		12/15/95		43,220		100	%	354,432		Food Lion		The Crystal Company
232		Georgetown Square		Murfreesboro		TN		1986		09/29/93		104,117		91	%	848,132		Kroger
233		Apison Crossing		Ooltewah		TN		1997		07/29/97		79,048		98	%	612,955		Winn-Dixie
234		Madison Street Station		Shelbyville		TN		1985		10/11/95		56,766		100	%	366,906		BI-LO
235		Commerce Central		Tullahoma		TN		1995		08/09/96		182,401		98	%	1,186,446		Wal-Mart
236		Merchant’s Central		Winchester		TN		1997		12/09/97		208,123		99	%	1,193,161		Wal-Mart
237		Palm Plaza		Aransas		TX		1979		03/01/02		52,104		74	%	196,248		Beall’s, Family Dollar
238		Bardin Place Center		Arlington		TX		1993		10/06/97		303,899		97	%	2,499,665		Kmart, Oshman’s		Hobby Lobby
239		Windsor Village		Austin		TX		1959		03/01/02		115,796		57	%	550,584		—
240		Baytown Shopping Center		Baytown		TX		1987		03/01/02		95,941		96	%	943,755		—
241		Cedar Bellaire		Bellaire		TX		1950		03/01/02		50,967		100	%	447,290		H.E.B. Pantry Foods
242		El Camino		Bellaire		TX		1972		03/01/02		71,575		100	%	350,667		Davis Food City, Hancock Fabrics
243		Rice Bellaire		Bellaire		TX		1961		03/01/02		20,465		100	%	450,256		Walgreens
244		Brenham Four Corners		Brenham		TX		1975		03/01/02		114,571		100	%	708,869		Eckerd, H.E.B. Pantry Foods, Palais Royal
245		Bryan Square		Bryan		TX		1966		03/01/02		55,115		100	%	178,616		Kroger
246		Townshire		Bryan		TX		1957		03/01/02		136,693		86	%	595,171		Albertsons, Tops Printing
247		Plantation Plaza		Clute		TX		1973		03/01/02		98,429		94	%	727,097		Kroger, Walgreens
248		Culpepper Plaza		College Station		TX		1976		03/01/02		206,398		92	%	1,378,337		Baskins
249		Rock Prairie Crossing		College Station		TX		2000		03/01/02		118,254		100	%	1,103,422		Kroger, Eckerd
250		Carmel Village		Corpus Christi		TX		1963		03/01/02		86,678		91	%	586,670		Beall’s, Tuesday Morning
251		Five Points		Corpus Christi		TX		1985		03/01/02		276,593		97	%	2,008,733		Beall’s, Hobby Lobby, Melrose Fashion, Sutherland Lumber
252		Claremont Village		Dallas		TX		1976		03/01/02		66,980		100	%	438,163		Minyard
253		Jeff Davis		Dallas		TX		1975		03/01/02		69,563		100	%	451,740		Blockbuster, Carnival, Family Dollar, Pancho’s
254		Stevens Park Village		Dallas		TX		1974		03/01/02		45,492		100	%	416,288		O’Reilly’s Auto Parts, Minyard
255		Webb Royal		Dallas		TX		1961		03/01/02		108,627		98	%	723,660		Minyard, Nothing Over $1.00
256		Westmoreland Heights		Dallas		TX		1952		03/01/02		108,033		97	%	549,064		Malone’s
257		Wynnewood Village		Dallas		TX		1961		03/01/02		462,269		98	%	3,755,973		Colbert’s, Eckerd, Fallas Paredes, Family Dollar, Factory 2-U, Kroger, Macfrugals, Mighty Dollar, Rhoton’s Food for Less
258		Parktown		Deer Park		TX		1985		03/01/02		122,926		96	%	693,234		Gerland’s, Walgreens
259		Friendswood Square		Friendswood		TX		1979		03/01/02		64,038		90	%	501,877		—
260		Forest Hills		Ft. Worth		TX		1968		03/01/02		69,967		100	%	242,520		Family Dollar, Fiesta
261		Meadowbrook		Ft. Worth		TX		1966		03/01/02		40,308		92	%	384,544		Dollar General, Eckerd, O’Reilly ‘s Auto Parts
262		Westcliff		Ft. Worth		TX		1955		03/01/02		133,705		93	%	644,004		Martin’s Hardware, Minyard
263		Village Plaza		Garland		TX		1964		03/01/02		89,241		100	%	699,882		Truong Nguyen Grocer

 

 

 

A-24

 

 

		Property Name		City		State		Year Built		Date Acquired		GLA		Percent Leased (1)		ABR		Anchor Tenant		Anchor Tenant Not Owned
264		North Hills Village		Haltom City		TX		1960		03/01/02		43,299		83	%	172,812		Ace Hardware, Advantage Rental, Save-A—Lot
265		Highland Village Town Center		Highland Village		TX		1996		03/01/02		99,441		94	%	1,060,635		Kroger
266		Antoine Square		Houston		TX		1974		03/01/02		54,512		96	%	276,468		Kroger
267		Bay Forest		Houston		TX		1980		03/01/02		71,469		100	%	655,806		Kroger
268		Beltway South		Houston		TX		1998		03/01/02		107,174		97	%	794,388		Kroger
269		Braes Link		Houston		TX		1968		03/01/02		38,997		100	%	580,928		Walgreens
270		Braes Oaks		Houston		TX		1966		03/01/02		46,720		100	%	423,176		H.E.B. Pantry Foods
271		Braesgate		Houston		TX		1972		03/01/02		91,670		100	%	613,375		—
272		Broadway		Houston		TX		1971		03/01/02		74,942		91	%	347,643		—
273		Clear Lake Camino South		Houston		TX		1964		03/01/02		101,458		83	%	750,634		Hancock Fabrics, H.E.B. Pantry Foods
274		Edgebrook Plaza		Houston		TX		1974		03/01/02		100,170		89	%	630,018		Office Depot, Value Village
275		Fondren		Houston		TX		1971		03/01/02		45,873		98	%	503,285		Eckerd, Fiesta Home Furniture
276		Hearthstone Corners		Houston		TX		1977		03/01/02		209,547		100	%	1,631,058		Big Lots, Kroger, Powerhouse Gym, Stein Mart
277		Huntington Village		Houston		TX		1980		03/01/02		111,467		100	%	769,116		Family Dollar, Foodtown, Twice Blessed
278		Inwood Forest		Houston		TX		1985		03/01/02		77,553		100	%	784,797		Randalls
279		Jester Village		Houston		TX		1961		03/01/02		64,442		98	%	489,569		H.E.B. Pantry Foods, Walgreens
280		Jones Plaza		Houston		TX		1974		03/01/02		111,255		86	%	977,329		24 Hour Fitness, Hancock Fabrics
281		Jones Square		Houston		TX		1977		03/01/02		169,003		99	%	1,081,011		D&D Sporting Goods, Hobby Lobby, King Dollar, Macfrugals, Walgreens
282		Lazybrook		Houston		TX		1962		03/01/02		10,745		81	%	81,840		—
283		Long Point Square		Houston		TX		1980		03/01/02		74,329		75	%	398,620		Family Dollar, Family Thrift, Hometown Warehouse
284		Maplewood Mall		Houston		TX		1962		03/01/02		94,148		88	%	484,691		Cox’s Foodrama, Family Dollar
285		Merchants Park		Houston		TX		1955		03/01/02		241,742		100	%	1,954,576		Fallas Paredes, Family Thrift, Golden Island, Kroger, Macfrugals, Merchants Bank
286		Mount Houston Square		Houston		TX		1974		03/01/02		173,819		60	%	717,416		Fallas Paredes, Walgreens
287		North 45 Plaza		Houston		TX		1975		03/01/02		132,239		87	%	778,904		Furr’s Cafeteria, Amco Furniture
288		Northgate		Houston		TX		1972		03/01/02		43,244		100	%	346,305		Blockbuster, Firestone, OfficeMax
289		Northshore East		Houston		TX		1956		03/01/02		87,206		87	%	1,053,438		Office Depot
290		Northshore West		Houston		TX		1956		03/01/02		144,982		94	%	1,095,020		Conn Appliances, Factory 2-U, Petco, Sellers Brothers
291		Northtown Plaza		Houston		TX		1960		03/01/02		192,009		100	%	1,572,691		China Border, Factory 2-U, Fallas Paredes, Jo-Ann Fabrics, Macfrugals
292		Northwood		Houston		TX		1972		03/01/02		135,914		93	%	859,658		Eckerd, Food City
293		Orange Grove		Houston		TX		1970		03/01/02		177,612		45	%	970,127		Office Max, Prince’s Dollar Store
294		Pinemont		Houston		TX		1969		03/01/02		76,477		85	%	812,188		Family Dollar
295		Sharpstown Office Building		Houston		TX		1968		03/01/02		97,558		92	%	559,600		Burlington Coat Factory, Hollywood Video
296		Stella Link		Houston		TX		1956		03/01/02		99,727		89	%	603,804		Conn’s Clearance, Davis Food City
297		Tanglewilde		Houston		TX		1972		03/01/02		87,309		100	%	787,263		Cavender’s Boot City, Eckerd, Firestone, Party City, Salon In The Park
298		Tidwell Place		Houston		TX		1983		03/01/02		41,630		100	%	259,980		Family Dollar
299		Westheimer Commons		Houston		TX		1984		03/01/02		249,789		95	%	2,265,111		Coomers, Hancock Fabrics, Kroger, Marshalls, Michaels, Walgreens, Wherehouse
300		Irving West		Irving		TX		1987		09/14/93		70,056		97	%	610,479		—
301		The Crossing at Fry Road		Katy		TX		1984		03/01/02		225,403		100	%	1,906,638		Hobby Lobby, Kroger, Palais Royal, Stein Mart
302		Washington Square		Kaufman		TX		1978		03/01/02		65,050		100	%	273,043		Eckerd, Family Dollar
303		League City		League City		TX		1980		03/01/02		99,021		90	%	461,973		Bealls (Stage), Family Dollar, H.E.B. Pantry Foods, Jo-Ann Fabrics
304		Jefferson Park		Mount Pleasant		TX		1976		03/01/02		132,441		91	%	634,795		Bealls (Stage), Super 1
305		Crossroads Center		Pasadena		TX		1980		03/01/02		135,692		98	%	1,325,952		Kroger, Sears Hardware
306		Parkview East		Pasadena		TX		1968		03/01/02		38,186		93	%	267,436		Dollar General, Hancock Fabrics
307		Parkview West		Pasadena		TX		1966		03/01/02		39,939		91	%	321,155		—
308		Spencer Square		Pasadena		TX		1974		03/01/02		195,376		92	%	2,026,255		Eckerd, Kroger, Petco, Rockin Rodeo(Bushwacker’s)
309		Pearland Plaza		Pearland		TX		1978		03/01/02		156,661		94	%	1,047,134		Kroger, Palais Royal, Petco, Walgreens
310		Northshore Plaza		Portland		TX		1981		12/12/02		152,144		98	%	833,601		Beall’s, H.E.B.		Kmart
311		Lamar Plaza		Rosenberg		TX		1975		03/01/02		154,855		38	%	234,058		Dollar General
312		Klein Square		Spring		TX		1977		03/01/02		80,857		98	%	642,916		Family Dollar, Foodtown
313		Keegan’s Meadow		Stafford		TX		1983		03/01/02		125,298		97	%	1,158,785		99 Cents Store, Randalls
314		Texas City Bay		Texas City		TX		1973		03/01/02		235,784		96	%	1,228,879		China Border, Factory 2-U, Kmart, Kroger
315		Tomball Parkway Plaza		Tomball		TX		1984		03/01/02		133,629		95	%	806,177		King Dollar, Palais Royal		Hobby Lobby, TSE Tractor Supply
316		Village Center		Victoria		TX		1970		03/01/02		118,827		87	%	345,967		Bealls (Stage), Dollar King, Fabric Warehouse, Megaworld, Victoria Office Equipment

 

 

 

A-25

 

 

		Property Name		City		State		Year Built		Date Acquired		GLA		Percent Leased (1)		ABR			Anchor Tenant		Anchor Tenant Not Owned
317		Hanover Square		Mechanicsville		VA		1991		01/06/93		129,987		95	%	1,378,416			Ukrops Supermarket		Kohl’s
318		Victorian Square		Midlothian		VA		1991		03/24/94		271,215		95	%	1,781,428			Kmart, Kroger
319		Jefferson Green		Newport News		VA		1988		12/12/02		55,045		97	%	627,865			Northern Handyman
320		VA-KY Regional S.C.		Norton		VA		1989		12/30/92		193,238		100	%	1,246,650			Goody’s, Ingles, Wal-Mart
321		Cross Pointe Marketplace		Richmond		VA		1987		12/12/02		73,788		86	%	462,097			Food Lion
322		Tuckernuck Square		Richmond		VA		1981		12/12/02		86,010		95	%	846,276			Babies R Us, Chuck E. Cheese
323		Cave Spring Corners		Roanoke		VA		1969		06/05/97		171,125		51	%	567,164			Kroger
324		Hunting Hills		Roanoke		VA		1989		04/02/98		166,207		98	%	928,326			Wal-Mart
325		Lakeside Plaza		Salem		VA		1989		04/15/99		82,033		98	%	760,825			CVS, Kroger
326		Lake Drive Plaza		Vinton		VA		1976		02/12/98		148,060		100	%	1,016,657			Big Lots, Kroger
327		Hilltop Plaza		Virginia Beach		VA		1972		12/12/02		152,025		97	%	1,105,689			Office Depot, The North Carolina Company
328		Ridgeview Centre		Wise		VA		1990		07/02/92		176,690		100	%	1,173,678			Food City, Kmart		Belk’s
329		Packard Plaza		Cudahy		WI		1968		12/12/02		117,827		94	%	567,209			Aldi, Dunham’s, Jo Ann Fabrics, Merchandise Outlet
330		Northridge Plaza		Milwaukee		WI		1974		12/12/02		142,126		81	%	866,600			Big Lots, Circuit City
331		Moundsville Plaza		Moundsville		WV		1961		12/27/88		174,663		84	%	935,265			Big Lots, Kroger
332		Grand Central Plaza		Parkersburg		WV		1986		06/08/88		74,017		100	%	662,762			Office Depot, T.J. Maxx
333		Kmart Plaza		Vienna		WV		1975		02/25/93		106,258		96	%	526,680			Kmart
334		Cheyenne Plaza		Cheyenne		WY		1970		12/12/02		154,930		91	%	907,628			Big Lots, Big R Ranch & Home		Econofoods, Hobby Lobby
										TOTAL		46,279,112		91	%	$	315,147,334
		Single Tenant Properties
1		Kroger		Muscle Shoals		AL		1982		08/10/93		10,069		100	%	$	60,414
2		Kroger		Muscle Shoals		AL		1982		08/10/93		42,130		100	%	252,780			Big Lots
3		Kroger		Scottsboro		AL		1982		08/10/93		42,130		100	%	217,391
4		Mad Butcher		Pine Bluff		AR		1981		08/10/93		60,842		100	%	288,999
5		24 Hour Fitness		Scottsdale		AZ		1994		08/19/94		44,374		100	%	749,773
6		Doverama at Rodney		Dover		DE		1959		01/01/69		30,000		100	%	70,000
7		Gold’s Gym		Brandon		FL		1982		08/10/93		36,750		100	%	238,875
8		New Port Richey Center		New Port Richey		FL		1988		12/12/02		43,441		100	%	333,844			Kash n’ Karry
9		Albany I		Albany		GA		1981		08/10/93		72,900		100	%	150,380
10		Rite Aid		East Albany		GA		1982		08/10/93		10,069		100	%	54,567
11		Kroger		East Albany		GA		1982		08/10/93		34,019		100	%	197,612			Harvey Foods
12		Kmart		Atlantic		IA		1980		01/19/94		40,318		100	%	160,000
13		Decatur I		Decatur		IL		1983		08/10/93		29,000		0	%	—
14		Kroger		Ottawa		IL		1982		08/10/93		44,088		100	%	278,866
15		Lucky stores		Peoria		IL		1983		08/10/93		30,000		100	%	208,133			Leath Furniture
16		Kroger		Waterloo		IL		1982		08/10/93		31,170		100	%	207,135			Schnuck Markets
17		Helping Hands		Fort Wayne		IN		1976		12/31/92		4,584		100	%	49,694
18		Hobart I		Hobart		IN		1983		08/10/93		29,300		0	%	—
19		Kindercare		Indianapolis		IN		1976		12/31/92		4,268		100	%	38,000
20		Kindercare		Indianapolis		IN		1976		12/31/92		4,452		100	%	24,555
21		Kindercare		Indianapolis		IN		1976		12/31/92		4,212		100	%	38,000
22		Kindercare		Indianapolis		IN		1976		12/31/92		4,452		100	%	38,000
23		Michigan City I		Michigan City		IN		1983		08/10/93		29,000		0	%	—
24		Safeway		West Monroe		LA		1981		08/10/93		41,293		100	%	228,671			Brookshire’s
25		Kindercare		Kalamazoo		MI		1990		02/06/91		6,260		100	%	77,999
26		Northern Automotive		Grand Island		NE		1988		12/31/92		5,671		100	%	79,140			Northeast Healthcare
27		Northern Automotive		Hastings		NE		1988		12/31/92		4,000		100	%	56,658			Northeast Healthcare
28		Kroger		Clearfield		PA		1982		08/10/93		31,170		100	%	210,000			Penn Traffic
29		Hardees		Hanover		PA		1971		07/31/97		3,800		100	%	24,100
30		Winn-Dixie		Chattanooga		TN		1995		03/31/97		43,848		100	%	237,413
31		Yarbrough		El Paso		TX		1995		03/01/02		48,000		0	%	—
32		Pizza Hut		Harrisonburg		VA		1969		07/31/96		3,384		100	%	22,755
										TOTAL		868,994		84	%	$	4,593,754

 

 

 

A-26

 

 

		Property Name		City		State		Year Built		Date Acquired		GLA		Percent Leased (1)		ABR			Anchor Tenant		Anchor Tenant Not Owned
		Enclosed Malls / Specialty Retail Properties
1		Factory Merchants Barstow		Barstow		CA		1989		11/01/93		330,310		77	%	$	4,137,024		Esprit, Gap, Polo, Timberland
2		Pointe*Orlando		Orlando		FL		1997		11/30/99		458,519		83	%	9,446,203			Disney, FAO Schwarz, Foot Locker, Muvico, XS
3		Laurel Mall		Connellsville		PA		1970		05/15/01		336,222		34	%	390,408			Shop ‘n Save
4		Valley Fair Mall		West Valley City		UT		1970		12/31/96		606,334		98	%	3,701,920			JC Penney, Meier & Frank, Mervyn’s
										TOTAL		1,731,385		78	%	$	17,675,555
		Miscellaneous Properties
1		Genzyme Corp.		Scottsdale		AZ		1971		12/17/90		21,560		100	%	$	293,808
2		Roxbury Township		Roxbury		NJ		—		12/31/97		LAND		—		—
3		North Central Avenue		Hartsdale		NY		—		07/31/72		LAND		—		—
4		Central Avenue Marketplace		Toledo		OH		1968		08/14/90		LAND		—		—
5		Cavitt Office Building		Bryan		TX		1957		03/01/02		13,200		100	%	33,132
6		Victoria Crossing		Victoria		TX		—		03/01/02		LAND		—		—
7		Taylorsville		Salt Lake City		UT		—		06/01/99		LAND		—		—
8		Valley Fair Apartments		West Valley City		UT		1975		03/01/97		APTS		—		—
										TOTAL		34,760		100	%	$	326,940
				TOTAL STABILIZED PORTFOLIO								48,914,251		90	%	$	337,743,583
Redevelopment Properties
		Community and Neighborhood Shopping Centers
1		Bristol Plaza		Santa Ana		CA		1972		06/20/97		111,403		100	%	$	1,588,911		Pic “N” Save, Rite Aid
2		Arapahoe Crossings(2)		Aurora		CO		1996		10/10/01		466,106		99	%	5,445,173			Borders, King Soopers, Kohl’s, Mann Theatre, Marshalls, Old Navy, Ross
3		Superior Marketplace		Superior		CO		1997		07/31/02		148,302		99	%	1,479,666			Michaels, Office Max, PetsMart,T.J. Maxx		Costco, SuperTarget
4		Sun Plaza		Ft. Walton Beach		FL		1970		12/12/02		166,340		63	%	751,265			Circuit City, Office Depot, T.J. Maxx
5		Regency Park		Jacksonville		FL		1985		06/16/97		333,948		80	%	2,163,736			Babies R Us, Marshalls, Rhodes Furniture
6		Tarpon Mall		Tarpon Springs		FL		1950		12/12/02		168,709		48	%	433,455			Publix
7		Westgate		Dublin		GA		1974		07/11/90		184,004		72	%	602,601			Big Lots, Food Max
8		J*Town Center		Jeffersontown		KY		1959		10/21/88		196,910		32	%	424,319			Save-A—Lot
9		Laurel Square		Brick		NJ		1973		07/13/92		246,235		97	%	1,704,295			Kmart, Pathmark
10		Sunshine Square		Medford		NY		1989		12/12/02		204,047		85	%	1,627,248			Stop & Shop, Ultimate Fitness
11		Paseo del Norte		Albuquerque		NM		2001		03/01/02		49,600		0	%	—			—
12		Island Plaza		James Island		SC		1994		10/06/97		171,955		45	%	632,739			Food Lion
13		Kenworthy Crossing		El Paso		TX		2000		03/01/02		70,969		87	%	412,450			—
14		Braes Heights		Houston		TX		1953		03/01/02		100,264		96	%	1,393,067			Eckerd
15		Old Egypt		Magnolia		TX		2002		03/01/02		14,490		100	%	333,000			—
										TOTAL		2,633,282		77	%	$	18,991,925
		Enclosed Malls / Specialty Retail Properties
1		The Mall at 163rd Street (3)		Miami		FL		1956		12/31/98		300,000		66	%	$	1,231,054		Marshalls		Home Depot
										TOTAL		300,000		66	%	$	1,231,054
				TOTAL REDEVELOPMENT PROPERTIES								2,933,282		76	%	$	20,222,979
				TOTAL PORTFOLIO								51,847,533		90	%	$	357,966,562

 

(1) Includes all leases in force at December 31, 2002, including those that are fully executed, but not yet open.

(2) In final phase of development.

(3) Expected GLA when redevelopment is complete.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

 

A-27

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Summary of Joint Venture Projects

 

Property Name		City		State		JV Partner		Equity Investment			Percent Ownership		Economic Structure		Project Bank Debt Outstanding			GLA		Percent Leased(1)		ABR			Anchor Tenants
Benbrooke Ventures
Rodney Village		Dover		DE		Benbrooke Partners		—			—		—		—			213,686		91	%	$	971,160		Family Furniture Clearance, Farm Fresh
Fruitland Plaza		Fruitland		MD		Benbrooke Partners		—			—		—		—			104,095		66	%	522,195			Dollar General, Food Lion
Fredricksburg		Spotsylvania		VA		Benbrooke Partners		—			—		—		—			83,374		20	%	126,000			—
Total								$	8,894,000		50	%	8.5%preferred return		$	—		401,155		70	%	$	1,619,355
CA New Plan Venture Fund(2)
Stabilized Properties
Ventura Downs		Kissimmee		FL		Major U.S. pension fund		—			—		—		—			98,191		100	%	$	988,070		Blockbuster, Publix, Walgreens
Flamingo Falls		Pembroke Pines		FL		Major U.S. pension fund		—			—		—		—			108,565		100	%	2,099,092			Eckerd, Fresh Market
Sarasota Village		Sarasota		FL		Major U.S. pension fund		—			—		—		—			169,310		95	%	1,072,471			Gold’s Gym, Publix
Atlantic Plaza		Satellite Beach		FL		Major U.S. pension fund		—			—		—		—			133,070		96	%	905,402			Beall’s, Publix, Starnet Cinemas
Mableton Walk		Mableton		GA		Major U.S. pension fund		—			—		—		—			105,742		99	%	1,052,514			Piccadilly Cafeteria, Publix
Raymond Road		Jackson		MS		Major U.S. pension fund		—			—		—		—			62,345		83	%	337,144			Kroger
Mint Hill Festival		Charlotte		NC		Major U.S. pension fund		—			—		—		—			59,047		100	%	565,406			Eckerd, Harris Teeter
Ladera		Albuquerque		NM		Major U.S. pension fund		—			—		—		—			124,584		80	%	943,320			Greenbacks, John Brooks
Harwood Central Village		Bedford		TX		Major U.S. pension fund		—			—		—		—			119,742		94	%	1,051,647			Kroger, Petco
Odessa-Winwood Town Center		Odessa		TX		Major U.S. pension fund		—			—		—		—			309,716		100	%	1,838,714			HEB, Michael’s, Office Depot, Target
Ridglea Plaza		Fort Worth		TX		Major U.S. pension fund		—			—		—		—			197,601		86	%	1,622,196			Stein Mart, Tom Thumb
In-Process Development Properties
Marketplace at Wycliffe - Phase 1		Lake Worth		FL		Major U.S. pension fund		—			—		—		—			108,729		96	%	—			Blockbuster, Walgreens, Winn-Dixie
Marketplace at Wycliffe - Phase 2		Lake Worth		FL		Major U.S. pension fund		—			—		—		—			26,760		41	%	—			—
Spring Valley Crossing		Dallas		TX		Major U.S. pension fund		—			—		—		—			105,549		64	%	—			Albertson’s
Windvale		The Woodlands		TX		Major U.S. pension fund		—			—		—		—			126,299		69	%	—			Randalls
Total (3)								$	6,371,000		10	%	Increased participation after 12% IRR		$	97,651,763		1,855,250		94	%	$	12,475,977
Clearwater Mall, LLC
Clearwater Mall		Clearwater		FL		The Sembler Company		$	4,007,000		50	%	9.5% preferred return		$	11,449,000		274,521		42	%	$	1,383,216		Costco (NAP), Lowe’s (NAP), Target (NAP)
The Centre At Preston Ridge
Phase 1		Frisco		TX		Foreign Investor / George Allen / Milton Schaffer		—			25	%	Increased participation after 10% return		$	70,000,000		734,400		99	%	$	11,953,000		Best Buy, DSW Shoe Warehouse, Linens N Things, Marshalls, MJ Design, Old Navy, PetsMart, Ross, Staples, Stein Mart, Target (NAP), T.J. Maxx, Ulta 3
Phase 2(4)		Frisco		TX		George Allen / Milton Schaffer		—			50	%	10% preferred return		—			—		—		—			—
Phase 3(5)		Frisco		TX		George Allen / Milton Schaffer		—			50	%	10% preferred return		900,000			—		—		—			—
Total								$	10,706,000						$	70,900,000		734,400		99	%	$	11,953,000
Vail Ranch II(6)(7)
Vail Ranch II		Temecula		CA		Land Grand Development		$	1,256,000		50	%	12% preferred return		$	8,944,000		109,200		86	%	$	1,195,320		Powerhouse Gym, Stein Mart
Investments in / Advances to Unconsolidated Ventures								$	31,234,000				Total New Plan Pro Rata Share (3)		$	37,911,676		761,563		78	%	$	6,334,793

 

(1) Includes all leases in force at December 31, 2002, including those that are fully executed, but not yet open.

(2) AEW serves as the advisor for the joint venture partner.  Equity investment includes temporary investments.

(3) Percent leased excludes CA New Plan Venture Fund in-process development properties.

(4)  The joint venture is comprised of 38.55 acres of undeveloped land. Included in the Company’s equity investment balance is approximately $3.0 million of outstanding notes receivable.

(5)  The joint venture is comprised of 5.4 acres of undeveloped land.  Proposed 51,000 square foot shopping center to be anchored by CompUSA.

(6) Project data is based on information provided by joint venture partner.

(7) Phase 1 of the project is owned by the Company.

NAP - Anchor tenant not owned

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-28

 

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Joint Venture Projects - Acquisition Activity

 

Property Name / Joint Venture

Type(1)

Location

Purchase Date

Purchase Amount

Cap- Rate

NOI (2)

GLA

Percent Leased(3)

Anchor Tenants

Year Built

4Q 2002

Ridglea Plaza / CA New Plan Venture Fund

S

Fort Worth, TX

12/31/02

$

14,400,000

9.2

%

$

1,319,208

197,601

86

%

Stein Mart, Tom Thumb

1975

 

(1) S - Shopping Center

(2) Projected NOI for the twelve-month period following the closing date of acquisition.

(3) As of closing date of acquisition.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

 

 

A-29

 

 

New Plan Excel Realty Trust, Inc.

Supplemental Disclosure - Quarter Ended December 31, 2002

Joint Venture Projects - Disposition Activity

 

Property Name		Type(1)		Location		Transaction Description		Sale Date		Proceeds Amount			Book Value			Gain / (Loss)
1Q 2002
The Centre at Preston Ridge - Phase 2(2)		L		Frisco, TX		Sale of 23.3 acres of land		01/18/02		$	13,000,985		$	11,765,000		$	1,235,985
4Q 2002
Clearwater Mall(3)		L		Clearwater, FL		Sale of land parcels by New Plan for 450,000 square feet of anchor space to Costco, Lowe’s and Target and construction loan transaction		10/11/02		$	28,000,000		$	26,208,000		$	1,792,000
The Centre at Preston Ridge - Phase 1		O		Frisco, TX		Sale of 50% of New Plan ownership interest		11/25/02		27,500,000			27,500,000			—
Total										$	55,500,000		$	53,708,000		$	1,792,000
2002 Total Dispositions										$	68,500,985		$	65,473,000		$	3,027,985

 

(1)          L - Land, O - Ownership Interest

(2)          Proceeds used to reduce bank debt guaranteed by the Company on the property.

(3)          The sale of the land parcels occurred prior to the Company’s contribution of the remaining mall property to the joint venture currently redeveloping the property, resulting in the entire gain being recorded by the Company.

The above does not purport to disclose all items required under GAAP.

The Company’s Form 10-K for the year ended December 31, 2002 should be read in conjunction with the above information.

 

A-30