T
|
ANNUAL REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
o
|
TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware
(State
or other jurisdiction of incorporation or organization)
|
62-1545718
(I.R.S.
Employer Identification No.)
|
2030
Hamilton Place Blvd, Suite 500
Chattanooga,
TN
(Address
of principal executive office)
|
37421
(Zip
Code)
|
Title
of each Class
|
Name
of each exchange on which registered
|
|
Common
Stock, $0.01 par value
|
New
York Stock Exchange
|
|
7.75%
Series C Cumulative Redeemable Preferred Stock, $0.01 par
value
|
New
York Stock Exchange
|
|
7.375%
Series D Cumulative Redeemable Preferred Stock, $0.01 par
value
|
New
York Stock Exchange
|
Large accelerated filer T | Accelerated filer o |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Page
|
||||
2
|
||||
PART
I
|
||||
1.
|
2
|
|||
1A.
|
11
|
|||
1B.
|
26
|
|||
2.
|
26
|
|||
3.
|
47
|
|||
4.
|
47
|
|||
PART
II
|
||||
5.
|
48 | |||
6.
|
49
|
|||
7.
|
50
|
|||
7A.
|
80
|
|||
8.
|
80
|
|||
9.
|
80
|
|||
9A.
|
80
|
|||
9B.
|
81
|
|||
PART
III
|
||||
10.
|
82
|
|||
11.
|
82
|
|||
12.
|
82
|
|||
13.
|
82
|
|||
14.
|
82
|
|||
PART
IV
|
||||
15.
|
83
|
|||
84
|
||||
85
|
||||
149
|
|
·
|
general
industry, economic and business
conditions;
|
|
·
|
interest
rate fluctuations, costs and availability of capital and capital
requirements;
|
|
·
|
costs
and availability of real estate;
|
|
·
|
inability
to consummate acquisition
opportunities;
|
|
·
|
competition
from other companies and retail
formats;
|
|
·
|
changes
in retail rental rates in our
markets;
|
|
·
|
shifts
in customer demands;
|
|
·
|
tenant
bankruptcies or store closings;
|
|
·
|
changes
in vacancy rates at our properties;
|
|
·
|
changes
in operating expenses;
|
|
·
|
changes
in applicable laws, rules and regulations;
and
|
|
·
|
the
ability to obtain suitable equity and/or debt financing and the continued
availability of financing in the amounts and on the terms necessary to
support our future business.
|
|
§
|
interests in 84 regional
malls/open-air centers (the “Malls”), 34 associated centers (the
“Associated Centers”), 13 community centers (the “Community Centers”), one
mixed-use center and 19 office buildings, including our corporate office
(the “Office Buildings”);
|
|
§
|
an
interest in one community center that is currently under construction (the
“Construction Property”), as well as options to acquire certain shopping
center development sites; and
|
|
§
|
mortgages
on 13 properties, 12 that are secured by first mortgages and one that is
secured by a wrap-around mortgage on the underlying real estate and
related improvements (the
“Mortgages”).
|
|
§
|
GLA
– refers to gross leasable area of retail space in square feet, including
anchors and mall tenants
|
|
§
|
Anchor
– refers to a department store or other large retail
store
|
|
§
|
Freestanding
– property locations that are not attached to the primary complex of
buildings that comprise the mall shopping
center
|
|
§
|
Outparcel
– land used for freestanding developments, such as retail stores, banks
and restaurants, which are generally on the periphery of the
Properties
|
Market
|
Percentage
of Total Revenues
|
|||
St.
Louis, MO
|
9.8 | % | ||
Nashville,
TN
|
4.1 | % | ||
Kansas
City (Overland Park), KS
|
3.1 | % | ||
Madison,
WI
|
2.8 | % | ||
Chattanooga,
TN
|
2.6 | % |
Tenant
|
Number
of Stores
|
Square
Feet
|
Percentage
of Total Revenues
|
|||||||||
Limited
Brands, LLC (1)
|
159 | 800,309 | 3.07 | % | ||||||||
Foot
Locker, Inc.
|
181 | 685,554 | 2.51 | % | ||||||||
The
Gap, Inc.
|
94 | 985,080 | 2.28 | % | ||||||||
Abercrombie
& Fitch Co.
|
98 | 659,673 | 2.25 | % | ||||||||
AE
Outfitters Retail Company
|
86 | 501,338 | 2.12 | % | ||||||||
Signet
Group plc (2)
|
117 | 208,108 | 1.86 | % | ||||||||
Luxottica
Group, S.P.A. (3)
|
149 | 324,529 | 1.56 | % | ||||||||
Genesco
Inc. (4)
|
188 | 266,361 | 1.52 | % | ||||||||
Dick's
Sporting Goods, Inc.
|
18 | 1,074,973 | 1.39 | % | ||||||||
Zale
Corporation
|
135 | 137,831 | 1.36 | % | ||||||||
Express
Fashions
|
49 | 404,982 | 1.33 | % | ||||||||
JC
Penney Co. Inc. (5)
|
75 | 8,528,507 | 1.31 | % | ||||||||
Finish
Line, Inc.
|
72 | 372,872 | 1.23 | % | ||||||||
New
York & Company, Inc.
|
58 | 412,948 | 1.22 | % | ||||||||
Charlotte
Russe Holding, Inc.
|
52 | 360,274 | 1.18 | % | ||||||||
Aeropostale,
Inc.
|
76 | 260,117 | 1.01 | % | ||||||||
Pacific
Sunwear of California
|
69 | 252,616 | 0.94 | % | ||||||||
The
Buckle, Inc.
|
50 | 247,907 | 0.94 | % | ||||||||
Christopher
& Banks, Inc.
|
87 | 297,010 | 0.90 | % | ||||||||
The
Regis Corporation (6)
|
157 | 189,395 | 0.88 | % | ||||||||
Barnes
& Noble, Inc.
|
23 | 700,553 | 0.87 | % | ||||||||
Charming
Shoppes, Inc. (7)
|
51 | 290,878 | 0.86 | % | ||||||||
The
Children's Place Retail Stores, Inc.
|
54 | 227,571 | 0.85 | % | ||||||||
Tween
Brands, Inc. (8)
|
67 | 272,925 | 0.78 | % | ||||||||
Sun
Capital Partners, Inc. (9)
|
55 | 684,929 | 0.78 | % | ||||||||
2,220 | 19,147,240 | 35.00 | % |
(1)
|
Limited
Brands, LLC operates Victoria’s Secret and Bath & Body
Works.
|
(2)
|
Signet
Group plc operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's
Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden
Jewelers and Rogers Jewelers.
|
(3)
|
Luxottica
Group, S.P.A. operates Lenscrafters, Sunglass Hut and Pearl
Vision.
|
(4)
|
Genesco
Inc. operates Journey's, Jarman, Underground Station, Hat World, Lids, Hat
Zone and Cap Factory stores.
|
(5)
|
JC
Penney Co. Inc. owns 36 of these
stores.
|
(6)
|
The
Regis Corporation sold the Trade Secret line of salons in 2009, including
55 stores in our portfolio.
|
(7)
|
Charming
Shoppes, Inc. operates Lane Bryant, Fashion Bug and
Catherine’s.
|
(8)
|
Tween
Brands, Inc. was purchased by The Dress Barn, Inc. in late
2009.
|
(9)
|
Sun
Capital Partners, Inc. operates Anchor Blue, Fazoli's, Friendly's, Life
Uniform, Shopko, Smokey Bones, Souper Salad and Limited
Stores.
|
|
§
|
aggressive
leasing that seeks to increase occupancy and facilitate an optimal
merchandise mix,
|
|
§
|
originating
and renewing leases at higher base rents per square foot compared to the
previous lease,
|
|
§
|
merchandising,
marketing, sponsorship and promotional activities
and
|
|
§
|
actively
controlling operating costs and resulting tenant occupancy
costs.
|
Property
|
Location
|
Total
Project Square Feet
|
Opening
Date
|
||||
Completed in 2009:
|
|||||||
Hammock
Landing (Phases I and 1A)
|
West
Melbourne, FL
|
470,042 |
Spring
|
||||
Summit
Fair
|
Lee's
Summit, MO
|
483,172 |
Summer*
|
||||
Settlers
Ridge (Phase I)
|
Robinson
Township, PA
|
401,022 |
Fall
|
||||
The
Promenade
|
D'Iberville,
MS
|
651,262 |
Fall
|
||||
2,005,498 |
Property
|
Location
|
Total
Project Square Feet
|
Opening
Date
|
||||
Currently under
construction:
|
|||||||
The
Pavilion at Port Orange (Phases I and 1A)
|
Port
Orange, FL
|
483,942 |
Spring
2010
|
Property
|
Location
|
Total
Project Square Feet
|
Opening
Date
|
||||
Completed in 2009:
|
|||||||
Asheville
Mall - Barnes & Noble
|
Asheville,
NC
|
40,000 |
Spring
|
||||
Oak
Park Mall - Barnes & Noble
|
Kansas
City, KS
|
34,000 |
Spring
|
||||
74,000 |
|
·
|
National,
regional and local economic climates, which may be negatively impacted by
loss of jobs, production slowdowns, adverse weather conditions, natural
disasters, acts of violence, war or terrorism, declines in residential
real estate activity and other factors which tend to reduce consumer
spending on retail goods.
|
|
·
|
Adverse
changes in levels of consumer spending, consumer confidence and seasonal
spending (especially during the holiday season when many retailers
generate a disproportionate amount of their annual
profits).
|
|
·
|
Local
real estate conditions, such as an oversupply of, or reduction in demand
for, retail space or retail goods, and the availability and
creditworthiness of current and prospective
tenants.
|
|
·
|
Increased
operating costs, such as increases in repairs and maintenance, real
property taxes, utility rates and insurance
premiums.
|
|
·
|
Delays
or cost increases associated with the opening of new or renovated
properties, due to higher than estimated construction costs, cost
overruns, delays in receiving zoning, occupancy or other governmental
approvals, lack of availability of materials and labor, weather
conditions, and similar factors which may be outside our ability to
control.
|
|
·
|
Perceptions
by retailers or shoppers of the safety, convenience and attractiveness of
the shopping center.
|
|
·
|
The
willingness and ability of the shopping center’s owner to provide capable
management and maintenance
services.
|
|
·
|
The
convenience and quality of competing retail properties and other retailing
options, such as the Internet.
|
|
·
|
Adverse
changes in governmental regulations, such as local zoning and land use
laws, environmental regulations or local tax structures that could inhibit
our ability to proceed with development, expansion, or renovation
activities that otherwise would be beneficial to our
Properties.
|
|
·
|
Potential
environmental or other legal liabilities that reduce the amount of funds
available to us for investment in our
Properties.
|
|
·
|
Any
inability to obtain sufficient financing (including construction financing
and permanent debt), or the inability to obtain such financing on
commercially favorable terms, to fund repayment of maturing loans, new
developments, acquisitions, and property expansions and renovations which
otherwise would benefit our
Properties.
|
|
·
|
An
environment of rising interest rates, which could negatively impact both
the value of commercial real estate such as retail shopping centers and
the overall retail climate.
|
|
·
|
actual
or anticipated variations in our operating results, funds from operations,
cash flows or liquidity;
|
|
·
|
changes
in our earnings estimates or those of
analysts;
|
|
·
|
changes
in our dividend policy;
|
|
·
|
impairment
charges affecting the carrying value of one or more of our Properties or
other assets;
|
|
·
|
publication
of research reports about us, the retail industry or the real estate
industry generally;
|
|
·
|
increases
in market interest rates that lead purchasers of our securities to seek
higher dividend or interest rate
yields;
|
|
·
|
changes
in market valuations of similar
companies;
|
|
·
|
adverse
market reaction to the amount of our outstanding debt at any time, the
amount of our maturing debt in the near and medium term and our ability to
refinance such debt and the terms thereof or our plans to incur additional
debt in the future;
|
|
·
|
additions
or departures of key management
personnel;
|
|
·
|
actions
by institutional security holders;
|
|
·
|
speculation
in the press or investment
community;
|
|
·
|
the
occurrence of any of the other risk factors included in, or incorporated
by reference in, this report; and
|
|
·
|
general
market and economic conditions.
|
|
·
|
discount
shopping centers;
|
|
·
|
outlet
malls;
|
|
·
|
wholesale
clubs;
|
|
·
|
direct
mail;
|
|
·
|
shopping
via the internet.
|
|
·
|
result
in the acceleration of a significant amount of debt for non-compliance
with the terms of such debt or, if such debt contains cross-default or
cross-acceleration provisions, other
debt;
|
|
·
|
result
in the loss of assets due to foreclosure or sale on unfavorable terms,
which could create taxable income without accompanying cash
proceeds;
|
|
·
|
materially
impair our ability to borrow unused amounts under existing financing
arrangements or to obtain additional financing or refinancing on favorable
terms or at all;
|
|
·
|
require
us to dedicate a substantial portion of our cash flow to paying principal
and interest on our indebtedness, reducing the cash flow available to fund
our business, to pay dividends, including those necessary to maintain our
REIT qualification, or to use for other
purposes;
|
|
·
|
increase
our vulnerability to the ongoing economic
downturn;
|
|
·
|
limit
our ability to withstand competitive pressures;
or
|
|
·
|
reduce
our flexibility to respond to changing business and economic
conditions.
|
|
·
|
Impact
of adverse changes in exchange rates of foreign
currencies;
|
|
·
|
Difficulties
in the repatriation of cash and
earnings;
|
|
·
|
Differences
in managerial styles and customs;
|
|
·
|
Changes
in applicable laws and regulations in the United States that affect
foreign operations;
|
|
·
|
Changes
in foreign political, legal and economic environments;
and
|
|
·
|
Differences
in lending practices.
|
|
·
|
The Ownership
Limit – As described above, to maintain our status as a REIT under
the Internal Revenue Code, not more than 50% in value of our outstanding
capital stock may be owned, directly or indirectly, by five or fewer
individuals (as defined in the Internal Revenue Code to include certain
entities) during the last half of a taxable year. Our certificate of
incorporation generally prohibits ownership of more than 6% of the
outstanding shares of our capital stock by any single stockholder
determined by value (other than Charles Lebovitz, David Jacobs, Richard
Jacobs and their affiliates under the Internal Revenue Code’s attribution
rules). In addition to preserving our status as a REIT, the ownership
limit may have the effect of precluding an acquisition of control of us
without the approval of our board of
directors.
|
|
·
|
Classified Board of
Directors; Removal for Cause – Our certificate of incorporation
provides for a board of directors divided into three classes, with one
class elected each year to serve for a three-year term. As a result, at
least two annual meetings of stockholders may be required for the
stockholders to change a majority of our board of directors. In addition,
our stockholders can only remove directors for cause and only by a vote of
75% of the outstanding voting stock. Collectively, these provisions make
it more difficult to change the composition of our board of directors and
may have the effect of encouraging persons considering unsolicited tender
offers or other unilateral takeover proposals to negotiate with our board
of directors rather than pursue non-negotiated takeover
attempts.
|
|
·
|
Advance Notice
Requirements for Stockholder Proposals – Our bylaws establish
advance notice procedures with regard to stockholder proposals relating to
the nomination of candidates for election as directors or new business to
be brought before meetings of our stockholders. These procedures generally
require advance written notice of any such proposals, containing
prescribed information, to be given to our Secretary at our principal
executive offices not less than 60 days nor more than 90 days prior to the
meeting.
|
|
·
|
Vote Required to Amend
Bylaws – A vote of 66
2/3% of
our outstanding voting stock (in addition to any separate approval that
may be required by the holders of any particular class of stock) is
necessary for stockholders to amend our
bylaws.
|
|
·
|
Delaware Anti-Takeover
Statute – We are a Delaware corporation and are subject to Section
203 of the Delaware General Corporation Law. In general, Section 203
prevents an “interested stockholder” (defined generally as a person owning
15% or more of a company’s outstanding voting stock) from engaging in a
“business combination” (as defined in Section 203) with us for three years
following the date that person becomes an interested stockholder
unless:
|
·
|
Tax Consequences of
the Sale or Refinancing of Certain Properties – Since certain of
our Properties had unrealized gain attributable to the difference between
the fair market value and adjusted tax basis in such Properties
immediately prior to their contribution to the Operating Partnership, a
taxable sale of any such Properties, or a significant reduction in the
debt encumbering such Properties, could cause adverse tax consequences to
the members of our senior management who owned interests in our
predecessor entities. As a result, members of our senior management might
not favor a sale of a property or a significant reduction in debt even
though such a sale or reduction could be beneficial to us and the
Operating Partnership. Our bylaws provide that any decision relating to
the potential sale of any property that would result in a
disproportionately higher taxable income for members of our senior
management than for us and our stockholders, or that would result in a
significant reduction in such property’s debt, must be made by a majority
of the independent directors of the board of directors. The Operating
Partnership is required, in the case of such a sale, to distribute to its
partners, at a minimum, all of the net cash proceeds from such sale up to
an amount reasonably believed necessary to enable members of our senior
management to pay any income tax liability arising from such
sale.
|
·
|
Interests in Other
Entities; Policies of the Board of Directors – Certain entities
owned in whole or in part by members of our senior management, including
the construction company that built or renovated most of our properties,
may continue to perform services for, or transact business with, us and
the Operating Partnership. Furthermore, certain property tenants are
affiliated with members of our senior management. Accordingly, although
our bylaws provide that any contract or transaction between us or the
Operating Partnership and one or more of our directors or officers, or
between us or the Operating Partnership and any other entity in which one
or more of our directors or officers are directors or officers or have a
financial interest, must be approved by our disinterested directors or
stockholders after the material facts of the relationship or interest of
the contract or transaction are disclosed or are known to them, these
affiliations could nevertheless create conflicts between the interests of
these members of senior management and the interests of the Company, our
shareholders and the Operating Partnership in relation to any transactions
between us and any of these
entities.
|
Mall
/ Location
|
Year
of Opening/ Acquisition
|
Year
of Most Recent Expansion
|
Our
Ownership
|
Total
GLA (1)
|
Total Mall
Store GLA (2)
|
Mall
Store Sales per Square Foot (3)
|
Percentage Mall
Store GLA Leased (4)
|
Anchors
& Junior Anchors
|
|||||||||||||||||||||
Non-Stabilized Malls:
|
|||||||||||||||||||||||||||||
Alamance
Crossing
Burlington,
NC
|
2007
|
N/A | 100 | % | 682,918 | 227,576 | $ | 190 | 74 | % |
Belk,
Barnes & Noble, Dillard's, JC Penney, Hobby Lobby
|
||||||||||||||||||
Stabilized Malls:
|
|||||||||||||||||||||||||||||
Arbor
Place
Atlanta
(Douglasville), GA
|
1999
|
N/A | 100 | % | 1,176,454 | 378,368 | $ | 322 | 97 | % |
Bed
Bath & Beyond, Belk, Borders, Dillard's, JC Penney, Macy's, Old Navy,
Sears
|
||||||||||||||||||
Asheville
Mall
Asheville,
NC
|
1972/2000 | 2000 | 100 | % | 974,399 | 270,888 | 316 | 94 | % |
Barnes
& Noble, Belk, Dillard's, Dillard's West, JC Penney, Old Navy,
Sears
|
|||||||||||||||||||
Bonita
Lakes Mall (5)
Meridian,
MS
|
1997 | N/A | 100 | % | 634,104 | 185,963 | 248 | 92 | % |
Belk,
Dillard's, JC Penney, Sears
|
|||||||||||||||||||
Brookfield
Square
Brookfield,
WI
|
1967/2001 | 2007 | 100 | % | 1,089,758 | 292,471 | 363 | 100 | % |
Barnes
& Noble, Boston Store, JC Penney, Old Navy, Sears
|
|||||||||||||||||||
Burnsville
Center
Burnsville,
MN
|
1977/1998 | N/A | 100 | % | 1,073,467 | 403,303 | 328 | 97 | % |
Becker
Furniture World, Dick's Sporting Goods, JC Penney, Macy's, Old Navy,
Sears
|
|||||||||||||||||||
Cary
Towne Center
Cary,
NC
|
1979/2001 | 1993 | 100 | % | 1,014,155 | 407,423 | 245 | 96 | % |
Belk,
Dillard's, JC Penney, Macy's, Sears
|
|||||||||||||||||||
Chapel
Hill Mall (6) (9)
Akron,
OH
|
1966/2004 | 1995 | 62.8 | % | 863,406 | 278,072 | 256 | 94 | % |
JC
Penney, Macy's, Old Navy, Sears, SHOE DEPT. ENCORE
|
|||||||||||||||||||
CherryVale
Mall
Rockford,
IL
|
1973/2001 | 2007 | 100 | % | 849,086 | 334,501 | 311 | 96 | % |
Barnes
& Noble, Bergner's, JC Penney, Macy's, Sears
|
|||||||||||||||||||
Chesterfield
Mall (9)
Chesterfield,
MO
|
1976/2007 | 2006 | 62.8 | % | 1,287,349 | 478,088 | 288 | 85 | % |
Borders,
Dillard's, H&M, Macy's, Old Navy, Sears
|
|||||||||||||||||||
Citadel
Mall
Charleston,
SC
|
1981/2001 | 2000 | 100 | % | 1,138,527 | 356,699 | 197 | 84 | % |
Belk,
Dillard's, JC Penney, Sears, Target
|
|||||||||||||||||||
Coastal
Grand-Myrtle Beach
Myrtle
Beach, SC
|
2004 | 2007 | 50 | % | 1,093,246 | 425,814 | 295 | 98 | % |
Bed
Bath & Beyond, Belk, Books A Million, Dick's Sporting Goods,
Dillard's, Old Navy, Sears, JC Penney
|
|||||||||||||||||||
College
Square
Morristown,
TN
|
1988 | 1999 | 100 | % | 486,196 | 295,869 | 244 | 92 | % |
Belk,
JC Penney, Kohl's, Sears
|
|||||||||||||||||||
Columbia
Place
Columbia,
SC
|
1977/2001 | N/A | 100 | % | 1,093,486 | 437,484 | 198 | 83 | % |
Burlington
Coat Factory, Macy's, Sears
|
|||||||||||||||||||
CoolSprings
Galleria
Nashville,
TN
|
1991 | 1994 | 100 | % | 1,118,319 | 363,683 | 391 | 97 | % |
Belk,
Dillard's, JC Penney, Macy's, Sears
|
|||||||||||||||||||
Cross
Creek Mall
Fayetteville,
NC
|
1975/2003 | 2000 | 100 | % | 1,048,571 | 253,639 | 507 | 100 | % |
Belk,
JC Penney, Macy's, Sears
|
|||||||||||||||||||
East
Towne Mall
Madison,
WI
|
1971/2001 | 2004 | 100 | % | 830,315 | 271,691 | 315 | 94 | % |
Barnes
& Noble, Boston Store, Dick's Sporting Goods, Gordman's, JC Penney,
Sears, Steinhafels
|
|||||||||||||||||||
Eastgate
Mall (7)
Cincinnati,
OH
|
1980/2003 | 1995 | 100 | % | 921,304 | 274,446 | 281 | 87 | % |
Dillard's,
JC Penney, Kohl's, Sears
|
|||||||||||||||||||
Eastland
Mall
Bloomington,
IL
|
1967/2005 | N/A | 100 | % | 768,862 | 203,316 | 312 | 90 | % |
Bergner's,
JC Penney, Kohl's, Macy's, Old Navy, Sears
|
|||||||||||||||||||
Fashion
Square
Saginaw,
MI
|
1972/2001 | 1993 | 100 | % | 797,251 | 318,055 | 258 | 95 | % |
JC
Penney, Macy's, Sears
|
|||||||||||||||||||
Fayette
Mall
Lexington,
KY
|
1971/2001 | 1993 | 100 | % | 1,214,135 | 366,061 | 456 | 100 | % |
Dick's
Sporting Goods, Dillard's, JC Penney, Macy's, Sears
|
|||||||||||||||||||
Foothills
Mall
Maryville,
TN
|
1983/1996 | 2004 | 95 | % | 481,801 | 155,105 | 224 | 97 | % |
Belk
for Women, Belk for Men, Kids & Home, JC Penney, Sears, TJ
Maxx
|
|||||||||||||||||||
Friendly
Shopping Center and The Shops at Friendly
Greensboro,
NC
|
1957/
2006/ 2007
|
1996 | 50 | % | 1,253,043 | 542,947 | 381 | 89 | % |
Barnes
& Noble, Belk, Macy's, Old Navy, Sears, Harris Teeter,
REI
|
|||||||||||||||||||
Frontier
Mall
Cheyenne,
WY
|
1981 | 1997 | 100 | % | 536,442 | 222,691 | 258 | 94 | % |
Dillard's
I, Dillard's II, Gart Sports, JC Penney,
Sears
|
Mall
/ Location
|
Year
of Opening/ Acquisition
|
Year
of Most Recent Expansion
|
Our
Ownership
|
Total
GLA (1)
|
Total Mall
Store GLA (2)
|
Mall
Store Sales per Square Foot (3)
|
Percentage Mall
Store GLA Leased (4)
|
Anchors
& Junior Anchors
|
|||||||||||||||||||||
Georgia
Square
Athens,
GA
|
1981
|
N/A | 100 | % | 670,678 | 249,124 | 222 | 99 | % |
Belk,
JC Penney, Macy's, Sears
|
|||||||||||||||||||
Governor's
Square
Clarksville,
TN
|
1986
|
1999 | 47.5 | % | 740,466 | 270,014 | 344 | 96 | % |
Belk,
Borders, Dillard's, JC Penney,Old Navy, Sears
|
|||||||||||||||||||
Greenbrier
Mall (9)
Chesapeake,
VA
|
1981/2004 | 2004 | 63 | % | 898,416 | 315,684 | 314 | 81 | % |
Dillard's,
JC Penney, Macy's, Sears
|
|||||||||||||||||||
Gulf
Coast Town Center
Ft.
Myers, FL
|
2005 | N/A | 50 | % | 1,228,360 | 312,280 | 250 | 87 | % |
Babies
R Us, Bass Pro Outdoor World, Belk, Best Buy, Borders, Golf Galaxy, JC
Penney, Jo-Ann Fabrics, Marshall's, Petco, Ron Jon Surf Shop,
Ross, Staples, Target
|
|||||||||||||||||||
Hamilton
Place
Chattanooga,
TN
|
1987 | 1998 | 90 | % | 1,170,712 | 339,832 | 343 | 96 | % |
Dillard's
for Men Kids & Home, Dillard's for Women, JC Penney, Belk for Men Kids
& Home, Belk for Women, Sears, Barnes & Noble
|
|||||||||||||||||||
Hanes
Mall
Winston-Salem,
NC
|
1975/2001 | 1990 | 100 | % | 1,558,860 | 546,425 | 289 | 96 | % |
Belk,
Dillard's, JC Penney, Macy's, Old Navy, Sears
|
|||||||||||||||||||
Harford
Mall
Bel
Air, MD
|
1973/2003 | 2007 | 100 | % | 505,372 | 181,196 | 356 | 99 | % |
Macy's,
Old Navy, Sears
|
|||||||||||||||||||
Hickory
Hollow Mall
Nashville,
TN
|
1978/1998 | 1991 | 100 | % | 1,107,476 | 401,989 | 159 | 69 | % |
Macy's,
Sears, Electronic Express
|
|||||||||||||||||||
Hickory
Point Mall
Decatur, IL
|
1977/2005 | N/A | 100 | % | 818,102 | 191,186 | 216 | 85 | % | Bergner's, JC Penney, Kohl's, Old Navy, Sears, Von Maur | |||||||||||||||||||
Honey
Creek Mall
Terre Haute, IN
|
1968/2004 | 1981 | 100 | % | 675,786 | 184,271 | 324 | 98 | % | Elder-Beerman, JC Penney, Macy's, Sears | |||||||||||||||||||
Imperial
Valley Mall
El Centro, CA
|
2005 | N/A | 60 | % | 762,637 | 269,780 | 317 | 96 | % | Dillard's, JC Penney, Kohl's, Sears | |||||||||||||||||||
Janesville
Mall
Janesville, WI
|
1973/1998 | 1998 | 100 | % | 613,833 | 160,503 | 289 | 94 | % | Boston Store, JC Penney, Kohl's, Sears | |||||||||||||||||||
Jefferson
Mall
Louisville, KY
|
1978/2001 | 1999 | 100 | % | 990,452 | 248,930 | 328 | 92 | % | Dillard's, JC Penney, Macy's, Old Navy, Sears | |||||||||||||||||||
Kentucky
Oaks Mall
Paducah, KY
|
1982/2001 | 1995 | 50 | % | 1,134,973 | 353,775 | 292 | 84 | % | Best Buy, Dillard's, Elder-Beerman, JC Penney, Sears, Hobby Lobby, Office Max, Old Navy, Toys R Us, Shopko, Service Merchandise (11) | |||||||||||||||||||
The
Lakes Mall
Muskegon, MI
|
2001 | N/A | 100 | % | 590,578 | 188,672 | 262 | 93 | % | Bed Bath & Beyond, Dick's Sporting Goods, JC Penney, Sears, Younkers | |||||||||||||||||||
Lakeshore
Mall
Sebring,
FL
|
1992 | 1999 | 100 | % | 489,030 | 141,202 | 206 | 86 | % |
Beall's
(8), Belk, JC Penney, Kmart, Sears
|
|||||||||||||||||||
Laurel
Park Place
Livonia,
MI
|
1989/2005 | 1994 | 70 | % | 489,858 | 191,048 | 310 | 97 | % |
Parisian,
Von Maur
|
|||||||||||||||||||
Layton
Hills Mall
Layton,
UT
|
1980/2006 | 1998 | 100 | % | 620,742 | 190,478 | 360 | 100 | % |
JCPenney,
Macy's, Mervyn's (vacant), Sports Authority
|
|||||||||||||||||||
Madison
Square
Huntsville,
AL
|
1984 | 1985 | 100 | % | 929,993 | 296,559 | 250 | 85 | % |
Belk,
Dillard's, JC Penney, Sears
|
|||||||||||||||||||
Mall
del Norte
Laredo,
TX
|
1977/2004 | 1993 | 100 | % | 1,209,675 | 403,055 | 451 | 98 | % |
Beall
Bros. (8), Dillard's, JC Penney, Joe Brand, Macy's, Macy's Home Store,
Mervyn's (vacant), Sears
|
|||||||||||||||||||
Mall
of Acadiana (9)
Lafayette,
LA
|
1979/2005 | 2004 | 62.8 | % | 994,162 | 301,899 | 392 | 100 | % |
Dillard's,
JCPenney, Macy's, Sears
|
|||||||||||||||||||
Meridian
Mall (10)
Lansing,
MI
|
1969/1998 | 2001 | 100 | % | 972,748 | 358,914 | 252 | 83 | % |
Bed
Bath & Beyond, Dick's Sporting Goods, JC Penney, Macy's, Old Navy,
Schuler Books, Younkers
|
|||||||||||||||||||
MidRivers
Mall
St.
Peters, MO (9)
|
1987/2007 | 1999 | 62.8 | % | 1,089,190 | 296,690 | 304 | 94 | % |
Borders,
Dillard's, JC Penney, Macy's, Sears, Dick's Sporting Goods, Inc.,
Wehrenberg Theaters
|
Mall
/ Location
|
Year
of Opening/ Acquisition
|
Year
of Most Recent Expansion
|
Our
Ownership
|
Total
GLA (1)
|
Total Mall
Store GLA (2)
|
Mall
Store Sales per Square Foot (3)
|
Percentage Mall
Store GLA Leased (4)
|
Anchors
& Junior Anchors
|
|||||||||||||||||||||
Midland
Mall
Midland,
MI
|
1991/2001 | N/A | 100 | % | 505,916 | 137,909 | 278 | 92 | % |
Barnes
& Noble, Elder-Beerman, JC Penney, Sears, Target
|
|||||||||||||||||||
Monroeville
Mall
Pittsburgh,
PA
|
1969/2004 | 2003 | 100 | % | 1,143,716 | 420,170 | 272 | 91 | % |
Boscov's,
JC Penney, Macy's
|
|||||||||||||||||||
Northpark
Mall
Joplin,
MO
|
1972/2004 | 1996 | 100 | % | 966,217 | 348,525 | 271 | 90 | % |
JC
Penney, Macy's, Macy's Home Store, Old Navy, Sears, Shopko (11), TJ
Maxx
|
|||||||||||||||||||
Northwoods
Mall
Charleston,
SC
|
1972/2001 | 1995 | 100 | % | 788,936 | 272,742 | 280 | 95 | % |
Belk,
Books A Million, Dillard's, JC Penney, Sears
|
|||||||||||||||||||
Oak
Hollow Mall
High
Point, NC
|
1995 | N/A | 75 | % | 799,972 | 249,852 | 173 | 62 | % |
Belk,
Dillard's, JC Penney, Sears, Sears Call Center
|
|||||||||||||||||||
Oak
Park Mall
Overland
Park, KS
|
1974/2005 | 1998 | 100 | % | 1,562,679 | 453,519 | 403 | 91 | % |
Barnes
& Noble, Dillard's North, Dillard's South, JC Penney, Macy's,
Nordstrom, XXI Forever
|
|||||||||||||||||||
Old
Hickory Mall
Jackson,
TN
|
1967/2001 | 1994 | 100 | % | 542,665 | 165,570 | 316 | 97 | % |
Belk,
JC Penney, Macy's, Sears
|
|||||||||||||||||||
Panama
City Mall
Panama
City, FL
|
1976/2002 | 1984 | 100 | % | 605,153 | 222,964 | 211 | 95 | % |
Dillard's,
JC Penney, Sears
|
|||||||||||||||||||
Park
Plaza (9)
Little
Rock, AR
|
1988/2004 | N/A | 62.8 | % | 562,432 | 237,067 | 432 | 97 | % |
Dillard's
I, Dillard's II, XXI Forever
|
|||||||||||||||||||
Parkdale
Mall
Beaumont,
TX
|
1972/2001 | 1986 | 100 | % | 1,228,452 | 321,404 | 316 | 87 | % |
Beall
Bros. (8), Books A Million, Dillard's, Hadley's Furniture, JC Penney,
Kaplan College, Macy's, Marshall's, Old Navy, Sears, XXI
Forever
|
|||||||||||||||||||
Parkway
Place Mall
Huntsville,
AL
|
1957/1998 | 2002 | 50 | % | 620,746 | 272,582 | 287 | 94 | % |
Dillard's,
Belk
|
|||||||||||||||||||
Pemberton
Square
Vicksburg,
MS
|
1985 | 1999 | 100 | % | 351,444 | 133,641 | 137 | 58 | % |
Belk,
Dillard's, JC Penney
|
|||||||||||||||||||
Plaza
del Sol
Del
Rio, TX
|
1979 | 1996 | 50.6 | % | 261,150 | 106,377 | 169 | 85 | % |
Beall
Bros. (8), JC Penney, Ross
|
|||||||||||||||||||
Post
Oak Mall
College
Station, TX
|
1982 | 1985 | 100 | % | 775,000 | 317,902 | 300 | 91 | % |
Beall
Bros. (8), Dillard's, Dillard's South, JC Penney, Macy's,
Sears
|
|||||||||||||||||||
Randolph
Mall
Asheboro,
NC
|
1982/2001 | 1989 | 100 | % | 379,097 | 143,904 | 223 | 95 | % |
Belk,
Books A Million, Dillard's, JC Penney, Sears
|
|||||||||||||||||||
Regency
Mall
Racine,
WI
|
1981/2001 | 1999 | 100 | % | 815,672 | 210,257 | 232 | 91 | % |
Boston
Store, JC Penney, Sears, Target, Flooring Super Center, Burlington Coat
Factory
|
|||||||||||||||||||
Richland
Mall
Waco,
TX
|
1980/2002 | 1996 | 100 | % | 708,249 | 227,024 | 303 | 96 | % |
Beall
Bros. (8), Dillard's I, Dillard's II, JC Penney, Sears, XXI
Forever
|
|||||||||||||||||||
River
Ridge Mall
Lynchburg,
VA
|
1980/2003 | 2000 | 100 | % | 743,822 | 259,666 | 295 | 69 | % |
Belk,
JC Penney, Macy's, Sears
|
|||||||||||||||||||
Rivergate
Mall
Nashville, TN
|
1971/1998 | 1998 | 100 | % | 1,133,513 | 352,293 | 261 | 89 | % | Dillard's, JC Penney, Macy's, Sears | |||||||||||||||||||
South
County Center
St. Louis, MOC (9)
|
1963/2007 | 2001 | 62.8 | % | 1,030,832 | 326,864 | 362 | 94 | % | Dillard's, JC Penney, Macy's, Sears | |||||||||||||||||||
Southaven
Towne Center
Southave, MS
|
2005 | N/A | 100 | % | 520,828 | 130,376 | 311 | 86 | % | Bed Bath & Beyond, Books A Million, Cost Plus, Dillard's, Gordman's, HH Gregg, JC Penney | |||||||||||||||||||
Southpark
Mall
Colonial Heights, VA
|
1989/2003 | 2007 | 100 | % | 682,844 | 210,562 | 283 | 100 | % | Dillard's, JC Penney, Macy's, Sears | |||||||||||||||||||
St.
Clair Square (9)(12)
Fairview Heights, IL
|
1974/1996 | 1993 | 62.8 | % | 1,107,435 | 286,614 | 398 | 100 | % | Dillard's, JC Penney, Macy's, Sears | |||||||||||||||||||
Stroud
Mall (13)
Stroudsburg, PA
|
1977/1998 | 2005 | 100 | % | 419,481 | 169,298 | 264 | 96 | % | JC Penney, Sears, Bon-Ton |
Mall
/ Location
|
Year
of Opening/ Acquisition
|
Year
of Most Recent Expansion
|
Our
Ownership
|
Total
GLA (1)
|
Total Mall
Store GLA (2)
|
Mall
Store Sales per Square Foot (3)
|
Percentage Mall
Store GLA Leased (4)
|
Anchors
& Junior Anchors
|
|||||||||||||||||||||
Sunrise
Mall
Brownsville,
TX
|
1979/2003 | 2000 | 100 | % | 752,853 | 301,396 | 388 | 89 | % |
Beall
Bros. (8), Dillard’s, JC Penney, Sears, A'gaci
|
|||||||||||||||||||
Towne
Mall
Franklin,
OH
|
1977/2001 | N/A | 100 | % | 445,687 | 152,997 | 167 | 45 | % |
Elder-Beerman,
Sears,Dillards
|
|||||||||||||||||||
Triangle
Town Center
Raleigh,
NC
|
2002/2005 | N/A | 50 | % | 1,272,263 | 436,794 | 274 | 95 | % |
Barnes
& Noble, Belk, Dillard's, Macy's, Sak's Fifth Avenue,
Sears
|
|||||||||||||||||||
Turtle
Creek Mall
Hattiesburg,
MS
|
1994 | 1995 | 100 | % | 843,387 | 220,293 | 319 | 99 | % |
Belk
I, Belk II, Dillard's, JC Penney, Sears
|
|||||||||||||||||||
Valley
View Mall
Roanoke,
VA
|
1985/2003 | 2007 | 100 | % | 862,497 | 315,765 | 317 | 95 | % |
Barnes
& Noble, Belk, JC Penney, Macy's, Old Navy, Sears
|
|||||||||||||||||||
Volusia
Mall
Daytona
Beach, FL
|
1974/2004 | 1982 | 100 | % | 1,065,241 | 246,698 | 310 | 96 | % |
Dillard's
East, Dillard's West, Dillard's South, JC Penney, Macy's,
Sears
|
|||||||||||||||||||
Walnut
Square (14)
Dalton,
GA
|
1980 | 1992 | 100 | % | 492,028 | 212,835 | 242 | 92 | % |
Belk,
Belk Home & Kids, JC Penney, Sears
|
|||||||||||||||||||
Wausau
Center (15)
Wausau,
WI
|
1983/2001 | 1999 | 100 | % | 423,309 | 150,109 | 253 | 89 | % |
JC
Penney, Sears, Younkers
|
|||||||||||||||||||
West
County Center
Des
Peres, MO (9)
|
1969/2007 | 2002 | 62.8 | % | 1,209,649 | 427,228 | 444 | 95 | % |
Barnes
& Noble, JC Penney, Macy's, Nordstrom,Forever 21, Dick's Sporting
Goods
|
|||||||||||||||||||
West
Towne Mall
Madison,
WI
|
1970/2001 | 2004 | 100 | % | 915,961 | 322,387 | 470 | 97 | % |
Boston
Store, Dick's Sporting Goods, JC Penney, Sears, XXI Forever, Toys R
Us
|
|||||||||||||||||||
WestGate
Mall (16)
Spartanburg,
SC
|
1975/1995 | 1996 | 100 | % | 951,098 | 285,852 | 243 | 89 | % |
Bed
Bath & Beyond, Belk, Dick's Sporting Goods, Dillard's, JC Penney,
Sears
|
|||||||||||||||||||
Westmoreland
Mall (9)
Greensburg,
PA
|
1977/2002 | 1994 | 62.8 | % | 1,004,338 | 331,387 | 303 | 99 | % |
JC
Penney, Macy's, Macy's Home Store, Old Navy, Sears, The
Bon-Ton
|
|||||||||||||||||||
York
Galleria
York,
PA
|
1989/1999 | N/A | 100 | % | 764,514 | 227,297 | 305 | 97 | % |
Bon
Ton, Boscov's, JC Penney, Sears
|
|||||||||||||||||||
Total
Stabilized Malls
|
71,264,850 | 23,518,200 | $ | 310 | 92 | % | |||||||||||||||||||||||
Grand
total
|
71,947,768 | 23,745,776 | $ | 309 | 92 | % |
(1)
|
Includes
total square footage of the anchors (whether owned or leased by the
anchor) and mall stores. Does not include future expansion
areas.
|
(2)
|
Excludes
anchors.
|
(3)
|
Totals
represent weighted averages.
|
(4)
|
Includes
tenants paying rent for executed leases as of December 31,
2009.
|
(5)
|
Bonita
Lakes Mall - We are the lessee under a ground leases for 82 acres,
which extends through June 30, 2035, including four five-year renewal
options. The annual ground rent for 2009 was
$33,924.
|
(6)
|
Chapel
Hill Mall - Ground rent is the greater of $10,000 or 30% of aggregate
fixed minimum rent paid by tenants of certain store units. The
annual ground rent for 2009 was
$23,125.
|
(7)
|
Eastgate
Mall - Ground rent is $24,000 per
year.
|
(8)
|
Lakeshore
Mall, Mall del Norte, Parkdale Mall, Plaza del Sol, Post Oak Mall,
Richland Mall, and Sunrise Mall - Beall Bros. operating in Texas is
unrelated to Beall's operating in
Florida.
|
(9)
|
Chapel
Hill Mall, Chesterfield Mall, Greenbrier Mall, Mall of Acadiana, Mid
Rivers Mall, Park Plaza, South County Center, St. Clair Square, West
County Center and Westmoreland Mall: These properties are
presented on a consolidated basis in our financial statements; See Note3
in the Notes to Consolidated Financial Statements in Part IV, Item
15.
|
(10)
|
Meridian
Mall - We are the lessee under several ground leases in effect through
March 2067, with extension options. Fixed rent is $18,700 per
year plus 3% to 4% of all rents.
|
(11)
|
Kentucky
Oaks Mall, Layton Hills Mall, Northpark Mall and Towne Mall - Space
is vacant.
|
(12)
|
St.
Clair Square - We are the lessee under a ground lease for 20 acres, which
extends through January 31, 2073, including 14 five-year renewal options
and one four-year renewal option. The rental amount is $40,500
per year. In addition to base rent, the landlord receives 0.25%
of Dillard's sales in
excess of
$16,200,000.
|
(13)
|
Stroud
Mall - We are the lessee under a ground lease, which extends through July,
2089. The current rental amount is $60,000 per year, increasing
by $10,000 every ten years through 2059. An additional $100,000
is paid every 10 years.
|
(14)
|
Walnut
Square - We are the lessee under several ground leases, which extend
through March 14, 2078, including six ten-year renewal options and one
eight-year renewal option. The rental amount is $149,450 per
year. In addition to base rent, the landlord receives 20% of
the percentage rents collected. The
Company has a right of first refusal to purchase the
fee.
|
(15)
|
Wausau
Center - Ground rent is $76,000 per year plus 10% of net taxable cash
flow.
|
(16)
|
WestGate
Mall - We are the lessee under several ground leases for approximately 53%
of the underlying land. The leases extend through October 31,
2084, including six ten-year renewal options. The rental amount
is $130,300 per year. In addition to base rent, the landlord
receives 20% of the percentage rents collected. The Company has
a right of first refusal to purchase the
fee.
|
Name
|
Property
|
Location
|
||
Hobby
Lobby
|
Alamance
Crossing
|
Burlington,
NC
|
||
Barnes
& Noble
|
Asheville
Mall
|
Asheville,
NC
|
||
Becker
Furniture World
|
Burnsville
Center
|
Burnsville,
MN
|
||
SHOE
DEPT. ENCORE
|
Chapel
Hill Mall
|
Akron,
OH
|
||
Steinhafels
|
East
Towne Mall
|
Madison,
WI
|
||
Electronics
Express
|
Hickory
Hollow Mall
|
Nashville,
TN
|
||
Vintage
Stock
|
Northpark
Mall
|
Joplin,
MO
|
||
Sears
Operation Center
|
Oak
Hollow Mall
|
High
Point, NC
|
||
Barnes
& Noble
|
Oak
Park Mall
|
Overland
Park, KS
|
||
Flooring
Supercenter
|
Regency
Mall
|
Racine,
WI
|
||
Bed
Bath & Beyond
|
Southaven
Towne Center
|
Southaven,
MS
|
||
HH
Gregg
|
Southaven
Towne Center
|
Southaven,
MS
|
||
A'GACI
|
Sunrise
Mall
|
Brownsville,
TX
|
||
Books
A Million
|
Volusia
Mall
|
Daytona
Beach, FL
|
||
Forever
21
|
West
County Center
|
Des
Peres, MO
|
||
XXI
Forever
|
West
Towne Mall
|
Madison,
WI
|
Number
of Stores
|
Gross
Leasable Area
|
|||||||||||||||||||||||
Mall
|
Anchor
|
Mall
|
Anchor
|
|||||||||||||||||||||
Anchor
Name
|
Leased
|
Owned
|
Total
|
Leased
|
Owned
|
Total
|
||||||||||||||||||
JCPenney
(1)
|
38 | 36 | 74 | 3,991,811 | 4,422,693 | 8,414,504 | ||||||||||||||||||
Sears
(2)
|
20 | 52 | 72 | 2,116,402 | 7,303,144 | 9,419,546 | ||||||||||||||||||
Dillard's
(3)
|
3 | 50 | 53 | 442,897 | 7,138,430 | 7,581,327 | ||||||||||||||||||
Sak's
|
- | 1 | 1 | - | 83,066 | 83,066 | ||||||||||||||||||
Macy's
(4)
|
14 | 32 | 46 | 1,837,454 | 5,116,896 | 6,954,350 | ||||||||||||||||||
Belk
(5)
|
8 | 27 | 35 | 879,797 | 3,370,962 | 4,250,759 | ||||||||||||||||||
Bon-Ton:
|
||||||||||||||||||||||||
Bon-Ton
|
2 | 1 | 3 | 186,824 | 131,915 | 318,739 | ||||||||||||||||||
Bergner's
|
- | 3 | 3 | - | 385,401 | 385,401 | ||||||||||||||||||
Boston
Store (6)
|
1 | 4 | 5 | 96,000 | 599,280 | 695,280 | ||||||||||||||||||
Younkers
|
3 | 1 | 4 | 269,060 | 106,131 | 375,191 | ||||||||||||||||||
Elder-Beerman
|
3 | 1 | 4 | 194,613 | 117,888 | 312,501 | ||||||||||||||||||
Parisian
|
1 | - | 1 | 148,810 | - | 148,810 | ||||||||||||||||||
Subtotal
|
10 | 10 | 20 | 895,307 | 1,340,615 | 2,235,922 | ||||||||||||||||||
A'GACI
|
1 | - | 1 | 28,000 | - | 28,000 | ||||||||||||||||||
Babies
R Us
|
1 | - | 1 | 30,700 | - | 30,700 | ||||||||||||||||||
Barnes
& Noble
|
12 | - | 12 | 359,675 | - |