<PAGE> 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 OR REPORT: (DATE OF EARLIEST EVENT REPORTED)
MAY 4, 1999
------------------------
CENTERTRUST RETAIL PROPERTIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
COMMISSION FILE: 1-12588
<TABLE>
<S> <C>
MARYLAND 95-4444963
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
</TABLE>
3500 SEPULVEDA BOULEVARD
MANHATTAN BEACH, CALIFORNIA 90266
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (310) 546-4520
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE> 2
ITEM 5. OTHER EVENTS
On May 4, 1999 the Registrant made available additional financial and
operational information concerning the Registrant, CenterTrust Retail
Properties, Inc., and properties owned as of March 31, 1999, in the form of a
Supplemental Information package, a copy of which is included as an exhibit to
this filing. The Supplemental Information package is available upon request as
specified therein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS:
None
EXHIBITS:
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION PAGE NUMBER
- ------- ----------- -----------
<C> <S> <C>
99 Supplemental Information as of March 31, 1999............... 4
</TABLE>
2
<PAGE> 3
SIGNATURES
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 thereunto duly authorized.
CENTERTRUST RETAIL PROPERTIES, INC.
By: /s/ STUART J. S. GULLAND
------------------------------------
Stuart J. S. Gulland
Senior Vice President and
Chief Financial Officer
Dated: May 4, 1999
3
<PAGE> 1
EXHIBIT 99
CENTER TRUST
SUPPLEMENTAL INFORMATION
MARCH 31, 1999
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
-----
<S> <C>
Company Profile............................................. 5
Financial Highlights........................................ 6-7
Reconciliation of Common Shares and Operating Partnership
Units Outstanding......................................... 8
Same Property Activity...................................... 9
Summary of Leasing Activity -- Community Shopping Centers... 10
Portfolio Summary........................................... 11
Portfolio Detail -- by Region............................... 12-16
Lease Expirations -- Overall Portfolio/Total Community
Shopping Centers.......................................... 17
Lease Expirations -- Community Shopping Centers by Region... 18-19
Tenant Concentration........................................ 20
Segment Concentration....................................... 21
Consolidated Statements of Operations and Reconciliation to
Funds From Operations..................................... 22
Balance Sheets.............................................. 23
Summary of Outstanding Debt................................. 24
Schedule of Mortgage Debt Maturities........................ 25
</TABLE>
4
<PAGE> 2
CENTER TRUST
COMPANY PROFILE
MARCH 31, 1999
Center Trust, a fully integrated, self-managed real estate investment
trust, is a leading developer, owner and manager of retail shopping centers in
the western United States. The Company owns or controls a portfolio of 62
shopping centers, comprised of 49 community shopping centers, two regional malls
and 11 single tenant facilities comprising 12.3 million square feet of total
shopping center gross leasable area (GLA) and 10.2 million square feet of
Company owned GLA. The Company owns properties in five states, California,
Oregon, Washington, Nevada and Arizona.
The following Supplemental Information was prepared to provide additional
financial, operational and portfolio information as of, and for the quarter
ended, March 31, 1999 for the Company and its portfolio of assets. This
information should be read in conjunction with the Company's 1998 Form 10-K and
1999 quarterly filings on Form 10-Q.
Certain statements contained in this Supplemental Information package may
be forward-looking within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from what is currently anticipated. Those risks include, among
others, national and local economic, business and real estate conditions that
will, among other things, affect demand for retail properties, availability of
financing for both tenants and the Company, adverse changes in the real estate
markets including, among other things, competition with other companies, risks
of real estate acquisition and development (including the failure of pending
acquisitions to close and successful completion of renovations), governmental
actions and initiatives, and environmental/safety requirements, and other risks
detailed from time to time in Center Trust's SEC filings.
Copies of this information as well as other public filings are available by
request. Please direct your requests in addition to any questions you have to
Stuart Gulland, Senior Vice President and Chief Financial Officer, Ed Stokx,
Vice President and Controller or Lorie Schkud, Investor Relations, Center Trust,
3500 Sepulveda Boulevard, Manhattan Beach, California, 90266, or call (310)
546-4520.
5
<PAGE> 3
CENTER TRUST
FINANCIAL HIGHLIGHTS
MARCH 31, 1999
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
1999 1998
------- -------
<S> <C> <C>
FINANCIAL HIGHLIGHTS
Funds From Operations (FFO)
FFO -- Basic........................................... $10,702 $ 7,520
FFO -- Diluted(1)...................................... $14,169 $10,987
FFO per share -- Basic................................. $ 0.35 $ 0.34
FFO per share -- Diluted(1)............................ $ 0.36 $ 0.35
Net Income Available to Common Shareholders............... $20,892 $ 1,780
Net Income Per Share -- Basic.......................... $ 0.83 $ 0.10
Net Income Per Share -- Diluted........................ $ 0.70 $ 0.10
======= =======
EBITDA.................................................... $23,599 $17,935
Funds Available for Distribution (FAD).................... $10,864 $ 7,748
FAD per share -- Basic................................. $ 0.36 $ 0.35
Dividends Per Share....................................... $ 0.36 $ 0.36
Interest Expense Coverage Ratios
Based on EBITDA........................................ 1.8 1.7
Based on EBITDA -- Excluding Debentures................ 2.5 2.6
</TABLE>
<TABLE>
<CAPTION>
AS OF
-------------------------------------------
MARCH 31, DECEMBER 31, DECEMBER 31,
1999 1998 1997
----------- ------------ ------------
<S> <C> <C> <C>
PORTFOLIO INFORMATION
Company Owned GLA
Community Shopping Centers..................... 8,003,655 7,887,404 4,704,838
Regional Malls................................. 1,178,009 1,178,009 1,152,040
Single Tenant Facilities....................... 1,000,086 1,119,212 1,360,121
Total Company Owned GLA...................... 10,181,750 10,184,625 7,216,999
Percentage Leased
Community Shopping Centers..................... 91.8% 91.9% 93.8%
Regional Malls................................. 89.1% 90.9% 91.3%
Single Tenant Facilities....................... 100.0% 100.0% 100.0%
Overall Portfolio............................ 92.3% 92.7% 94.6%
Average Base Rent
Community Shopping Centers..................... $ 10.93 $ 11.26 $ 11.15
Regional Malls................................. $ 16.33 $ 16.16 $ 16.95
Single Tenant Facilities....................... $ 6.13 $ 6.37 $ 5.73
Overall Portfolio............................ $ 11.03 $ 11.23 $ 10.96
Number of Properties
Community Shopping Centers..................... 49 49 30
Regional Malls................................. 2 2 2
Single Tenant Facilities....................... 11 12 14
Overall Portfolio............................ 62 63 46
</TABLE>
- ---------------
(1) Common shares attributed to the exchangeable and convertible debentures are
included in the weighted average calculation of diluted shares for purposes
of calculating Funds From Operations.
6
<PAGE> 4
CENTER TRUST
FINANCIAL HIGHLIGHTS
MARCH 31, 1999
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------------
1999 1998
---------- ----------
<S> <C> <C>
EQUITY INFORMATION
Units Outstanding at End of Period........................ 4,938,240 5,193,261
Common Shares Outstanding at End of Period(1)............. 24,437,348 19,014,158
---------- ----------
Total Units and Common Shares Outstanding at End of
Period................................................. 29,375,588 24,207,419
========== ==========
Basic Weighted Average Units Outstanding.................. 4,940,907 4,373,898
Basic Weighted Average Common Shares Outstanding.......... 25,243,256 17,645,687
---------- ----------
Basic Weighted Average Units and Common Shares
Outstanding............................................ 30,184,163 22,019,587
Number of Common Shares Attributed to Convertible and
Exchangeable Debentures................................ 9,366,389 9,366,611
Other Common Stock Equivalents............................ -- 122,702
---------- ----------
Diluted Weighted Average Common Shares and Common Share
Equivalents(2)......................................... 39,550,552 31,508,901
========== ==========
</TABLE>
<TABLE>
<CAPTION>
AS OF
-----------------------------------------
MARCH 31, DECEMBER 31, DECEMBER 31,
1999 1998 1997
--------- ------------ ------------
(IN THOUSANDS, EXCEPT SHARE DATA)
<S> <C> <C> <C>
DEBT-TO-MARKET CAPITALIZATION
Common Stock Price at End of Period................... $ 11.50 $ 12.25 $ 17.44
Equity Market Capitalization.......................... $337,819 $ 371,481 $356,729
Total Capitalization.................................. $999,043 $1,037,466 $838,988
Total Capitalization Assuming Conversion of
Debentures......................................... $938,162 $ 938,608 $833,743
Debt-to-Total Capitalization.......................... 66.2% 64.2% 57.5%
Debt-to-Total Capitalization(3)....................... 53.2% 59.4% 61.1%
Debt-to-Total Capitalization Assuming Conversion of
Debentures......................................... 52.5% 50.6% 37.6%
Debt-to-Total Capitalization Assuming Conversion of
Debentures(3)...................................... 52.8% 45.5% 41.2%
</TABLE>
- ---------------
(1) As of March 31, 1999, an affiliate of Lazard Freres Real Estate Investors,
LLC was obligated to purchase as additional 2,260,232 shares of common stock
at $15.00 per share.
(2) Common shares attributed to the exchangeable and convertible debentures are
included in the weighted average calculation of diluted shares for purposes
of calculating Funds From Operations. Such shares are not included in the
determination of diluted EPS if they are antidilutive.
(3) Assuming a consistent stock price of $15.00 per share which represents the
price of stock sold during the respective periods.
7
<PAGE> 5
CENTER TRUST
RECONCILIATION OF COMMON SHARES AND OPERATING PARTNERSHIP
UNITS OUTSTANDING
AS OF MARCH 31, 1999
<TABLE>
<S> <C>
COMMON SHARES:
Balance, January 1, 1998.................................. 16,174,848
Shares Issued.......................................... 2,700,000
Issuance of Stock Awards to Employees.................. 139,310
----------
Balance, March 31, 1998................................... 19,014,158
Shares Issued.......................................... 3,333,333
Issuance of Stock Awards to Employees.................. 769
----------
Balance, June 30, 1998.................................... 22,348,260
Shares Issued.......................................... 3,366,667
Issuance of Stock Awards to Employees.................. 64,681
----------
Balance, September 30, 1998............................... 25,779,608
Shares Repurchased(1).................................. (436,700)
Issuance of Stock Awards to Employees.................. 3,819
----------
BALANCE, DECEMBER 31, 1998................................ 25,346,727
Shares Repurchased(1).................................. (966,700)
Operating Partnership Units Converted to Shares........ 40,000
Shares issued for Convertible Debentures............... 222
Issuance of Stock Awards to Employees.................. 17,099
----------
BALANCE, MARCH 31, 1999................................... 24,437,348
==========
OPERATING PARTNERSHIP UNITS:
Balance, January 1, 1998.................................. 4,279,789
Units Issued........................................... 913,472
----------
Balance, March 31, 1998................................... 5,193,261
Units Issued........................................... 78,978
----------
Balance, June 30, 1998.................................... 5,272,239
Units Issued........................................... 1,621
Units Repurchased...................................... (86,148)
----------
Balance, September 30, 1998............................... 5,187,712
Units Repurchased...................................... (209,472)
----------
BALANCE, DECEMBER 31, 1998................................ 4,978,240
Units Converted to Shares.............................. (40,000)
----------
BALANCE, MARCH 31, 1999................................... 4,938,240
==========
</TABLE>
- ---------------
(1) Shares purchased under $25 million repurchase program approved by the Board
of Directors. Average cost per share including commissions and other costs
was $10.78.
8
<PAGE> 6
CENTER TRUST
SAME PROPERTY ACTIVITY
MARCH 31, 1999
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
COMMUNITY SHOPPING CENTERS(1) 1999 1998 % CHANGE
----------------------------- ------- ------- --------
<S> <C> <C> <C>
Revenues:
Rental Revenue............................................ $11,858 $11,457 3.5%
Recoveries from Tenants................................... 2,964 2,937 0.9%
Other Income.............................................. 136 177 (23.2)%
------- -------
Total Revenues....................................... 14,958 14,571 2.7%
------- -------
Expenses:
Recoverable Operating Expenses............................ 3,252 3,099 4.9%
Other Operating Expenses.................................. 392 355 10.4%
------- -------
Total Expenses....................................... 3,644 3,454 5.5%
------- -------
Net Operating Income........................................ $11,314 $11,117 1.8%
======= =======
Total Properties..................................... 28 28
======= =======
Percentage Leased........................................... 93.8% 93.4%
======= =======
Average Base Rent per square foot........................... $ 11.33 $ 11.11
======= =======
</TABLE>
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
REGIONAL MALLS 1999 1998 % CHANGE
-------------- ------- ------- --------
<S> <C> <C> <C>
Revenues:
Rental Revenue............................................ $ 4,513 $ 4,489 0.5%
Recoveries from Tenants................................... 2,453 2,235 9.8%
Other Income.............................................. 1,068 777 37.5%
------- -------
Total Revenues....................................... 8,034 7,501 7.1%
Expenses:
Recoverable Operating Expenses............................ 3,020 2,766 9.2%
Other Operating Expenses.................................. (2) 407 (100.5)%
------- -------
Total Expenses....................................... 3,018 3,173 (4.9)%
------- -------
Net Operating Income........................................ $ 5,016 $ 4,328 15.9%
======= =======
Total Properties..................................... 2 2
======= =======
Percentage Leased........................................... 89.1% 89.2%
======= =======
Average Base Rent per square foot........................... $ 16.33 $ 16.53
======= =======
</TABLE>
Same Store properties are those which were owned as of January 1, 1998.
- ---------------
(1) Excludes Empire Center which is held for sale. Including this property, same
property NOI increased .6% for the quarter ended March 31, 1999 over the
same period in the prior year.
9
<PAGE> 7
CENTER TRUST
SUMMARY OF LEASING ACTIVITY -- COMMUNITY SHOPPING CENTERS
AS OF MARCH 31, 1999
<TABLE>
<CAPTION>
THREE
MONTHS ENDED
MARCH 31,
------------
<S> <C>
Space Vacated
Number of Leases.......................................... 21
Gross Leasable Area....................................... 60,879
Base Rent per Square Foot................................. $ 13.96
New Leases Executed
Number of Leases.......................................... 22
Gross Leasable Area....................................... 98,101
Base Rent per Square Foot................................. $ 11.40
Lease Renewals Executed(1)
Number of Leases.......................................... 35
Gross Leasable Area....................................... 86,708
New Annual Base Rent per Square Foot...................... $ 15.05
Percentage Change from Prior.............................. 5.6%
Leases with Contractural Rent Adjustments
Number of Leases.......................................... 65
Gross Leasable Area....................................... 185,801
New Annual Base Rent per Square Foot...................... $ 15.19
Percentage Change from Prior.............................. 3.5%
</TABLE>
- ---------------
(1) Excludes renewal of 63,800 square feet for anchor tenant.
10
<PAGE> 8
CENTER TRUST
PORTFOLIO SUMMARY
AS OF MARCH 31, 1999
<TABLE>
<CAPTION>
GLA AS
% OF
TOTAL
NUMBER TOTAL LEASED GLA COMPANY
OF ---------------- COMPANY OWNED PERCENT
PROPERTIES ANCHOR PAD SHOP OWNED GLA GLA LEASED
---------- --------- ---------------- --------- ---------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
COMMUNITY SHOPPING CENTERS
Pacific Northwest Region............ 12 936,286 103,432 689,357 1,901,979 18.68% 90.9
Northern & Central California
Region............................ 7 364,261 11,808 370,374 771,302 7.58% 96.8
Southern California Region.......... 24 2,745,240 346,770 826,278 4,261,029 41.85% 92.0
Southwest Region.................... 6 557,438 55,566 337,547 1,069,345 10.50% 88.9
-- --------- ------- --------- ---------- ----- -----
TOTAL COMMUNITY SHOPPING
CENTERS................. 49 4,603,225 517,576 2,223,556 8,003,655 78.61% 91.8
REGIONAL MALLS...................... 2 609,515 78,594 361,378 1,178,009 11.57% 89.1
SINGLE TENANT FACILITIES............ 11 996,186 3,900 -- 1,000,086 9.82% 100.0
-- --------- ------- --------- ---------- ----- -----
TOTAL PORTFOLIO........... 62 6,208,926 600,070 2,584,934 10,181,750 100.0% 92.3
== ========= ======= ========= ========== ===== =====
<CAPTION>
AVERAGE
BASE
ANNUALIZED RENT
BASE RENT PER SQ. FT.
------------ -----------
<S> <C> <C>
COMMUNITY SHOPPING CENTERS
Pacific Northwest Region............ $ 18,057,977 $10.40
Northern & Central California
Region............................ 7,976,687 10.69
Southern California Region.......... 46,649,232 11.91
Southwest Region.................... 7,699,195 8.10
------------ ------
TOTAL COMMUNITY SHOPPING
CENTERS................. 80,383,091 $10.93
REGIONAL MALLS...................... 17,141,711 $16.33
SINGLE TENANT FACILITIES............ 6,135,305 $ 6.13
------------ ------
TOTAL PORTFOLIO........... $103,660,107 $11.03
============ ======
</TABLE>
11
<PAGE> 9
<TABLE>
<CAPTION>
CENTER TRUST
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 1999
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED
PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT
------------- -------- --------- ------- --------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
COMMUNITY RETAIL CENTERS
PACIFIC NORTHWEST
Covington Square.................. 1986 70,837 -- 73,139 151,423 95.1 $ 1,576,141
Covington, WA
Fairwood Shopping Center.......... 1995 109,249 10,954 83,647 215,859 94.4 1,991,073
Renton, WA
Frontier Village Shopping 1993 68,473 22,023 61,624 153,320 99.2 1,522,439
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 1988 159,282 26,587 59,162 264,649 92.6 2,087,172
Gresham, OR
The Medford Center................ 1998 196,032 9,432 50,873 319,988 80.1 1,981,068
Medford, OR
Pacific Linen Plaza............... 1988 25,000 -- 42,244 69,432 96.8 926,095
Lynnwood, WA
Pavilions' Centre................. 1995 80,056 -- 76,647 200,209 78.3 2,621,958
Federal Way, WA
Ross Center....................... 1987 53,331 7,000 68,544 132,465 97.3 1,492,637
Portland, OR
Silverdale Shopping Center........ 1990 29,020 -- 36,642 67,287 97.6 796,350
Silverdale, WA
Sixth Avenue Plaza................ 1986 73,166 -- 53,571 139,107 91.1 968,899
Tacoma, WA
Vancouver Park Place.............. 1987 33,938 14,100 27,751 77,989 97.2 902,418
Vancouver, WA
Westgate North Shopping Center.... 1980 37,902 13,336 55,513 110,251 96.8 1,191,727
Tacoma, WA
--------- ------- --------- ---------- ----- ------------
Pacific Northwest Region.......... 936,286 103,432 689,357 1,901,979 90.9 18,057,977
--------- ------- --------- ---------- ----- ------------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 1978 -- -- 12,740 14,115 90.3 90,370
Bakersfield, CA
Madera Marketplace................ 1992 92,278 -- 70,856 168,596 96.8 1,684,077
Madera, CA
<CAPTION>
CENTER TRUST
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 1999
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
COMMUNITY RETAIL CENTERS
PACIFIC NORTHWEST
Covington Square.................. $10.95 Safeway, Payless Drugs
Covington, WA
Fairwood Shopping Center.......... 9.77 Safeway, Ace Hardware, Pic
Renton, WA 'N' Save, Quality Food
Centers
Frontier Village Shopping 10.01 Safeway, Bartell Drugs
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 8.52 Ross Stores, Emporium, GI
Gresham, OR Joe's, Craft Warehouse
The Medford Center................ 7.49 Cinemark Theatres, Sears,
Medford, OR Emporium, Payless*,
Safeway*, Circuit City
Pacific Linen Plaza............... 13.77 Pacific Linen, Payless
Lynnwood, WA Shoesource, Men's Wearhouse
Pavilions' Centre................. 16.73 Quality Food Centers,
Federal Way, WA Barnes & Noble, Blockbuster
Music, Petco
Ross Center....................... 11.58 Ross Stores, Michaels, Pier
Portland, OR 1 Imports
Silverdale Shopping Center........ 12.13 Ross Stores
Silverdale, WA
Sixth Avenue Plaza................ 7.64 Sears, Drug Emporium
Tacoma, WA
Vancouver Park Place.............. 11.91 T.J. Maxx, Pier 1 Imports
Vancouver, WA
Westgate North Shopping Center.... 11.16 Quality Food Centers
Tacoma, WA
------
Pacific Northwest Region.......... 10.40
------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 7.09
Bakersfield, CA
Madera Marketplace................ 10.32 Wal-Mart*, J.C. Penney,
Madera, CA Pik- N-Sav
</TABLE>
12
<PAGE> 10
<TABLE>
<CAPTION>
CENTER TRUST
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 1999
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED
PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT
------------- -------- --------- ------- --------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Marshall's Plaza.................. 1989 43,000 -- 34,875 79,000 98.6 $ 1,133,197
Modesto, CA
Mineral King Plaza................ 1983 -- -- 32,860 39,060 84.1 517,559
Visalia, CA
Rheem Valley...................... 1990 51,009 5,150 91,482 153,941 95.9 1,655,168
Moraga, CA
Rosedale Village Shopping 1991 72,324 6,658 46,679 127,527 98.5 1,393,354
Center..........................
Bakersfield, CA
Southpointe Plaza................. 1982 105,650 -- 80,882 189,063 98.7 1,502,962
Sacramento, CA
--------- ------- --------- ---------- ----- ------------
Northern & Central California 364,261 11,808 370,374 771,302 96.8 7,976,687
Region............................
--------- ------- --------- ---------- ----- ------------
SOUTHERN CALIFORNIA REGION
Advantage/Sportmart Shopping 1988 105,210 12,650 -- 117,860 100.0 1,370,610
Center..........................
San Diego, CA
Center of El Centro............... 1980 149,300 5,623 18,616 178,889 97.0 682,601
El Centro, CA
Country Fair Shopping Center...... 1992 96,225 24,341 23,121 168,367 85.3 1,856,383
Chino, CA
Covina Town Square................ 1997 266,383 12,663 49,654 357,680 91.9 4,960,966
Covina, CA
Date Palm Center.................. 1987 99,919 -- 12,937 117,362 96.2 1,692,437
Cathedral City, CA
El Camino North................... 1982 96,600 133,024 64,091 326,807 89.9 3,537,355
Oceanside, CA
Empire Center..................... 1993 50,967 15,690 84,751 261,996 57.8 1,505,670
Fontana, CA
Fire Mountain Center.............. 1987 44,481 14,580 24,465 93,778 89.1 1,644,229
Oceanside, CA
Fullerton Town Center............. 1987 177,653 19,722 49,205 278,647 88.5 3,816,348
Fullerton, CA
Gardena Gateway Center............ 1990 41,300 5,062 18,225 65,987 97.9 982,933
Gardena, CA
<CAPTION>
CENTER TRUST
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 1999
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Marshall's Plaza.................. $14.55 Marshall's, Good Guys
Modesto, CA
Mineral King Plaza................ 15.75 Vons*, Longs Drugs*
Visalia, CA
Rheem Valley...................... 11.21 T. J. Maxx, Longs Drugs*
Moraga, CA
Rosedale Village Shopping 11.09 Savemart, Payless Drugs,
Center.......................... Kmart*
Bakersfield, CA
Southpointe Plaza................. 8.06 Target, Big 5 Sporting
Sacramento, CA Goods
------
Northern & Central California 10.69
Region............................
------
SOUTHERN CALIFORNIA REGION
Advantage/Sportmart Shopping 11.63 Advantage (Lucky),
Center.......................... SportMart
San Diego, CA
Center of El Centro............... 3.93 Sears, Mervyn's, Miller's
El Centro, CA Outpost
Country Fair Shopping Center...... 12.92 Albertsons*, PETsMART,
Chino, CA Rite-Aid, Staples, T.J.
Maxx
Covina Town Square................ 15.09 Home Depot, Staples,
Covina, CA PETsMART, Michael's, AMC
Theatres
Date Palm Center.................. 15.00 Sam's Club (Wal-Mart)
Cathedral City, CA
El Camino North................... 12.04 Mervyn's*, Toys 'R' Us*,
Oceanside, CA Mann Theatres, Ross Stores,
Stein Mart
Empire Center..................... 9.94 Target*, Mervyn's*,
Fontana, CA Miller's Outpost, Ross
Stores
Fire Mountain Center.............. 19.69 Strouds, Lamps Plus, Trader
Oceanside, CA Joe's, Bookstar
Fullerton Town Center............. 15.48 Price Club*, AMC Theatres,
Fullerton, CA Toys 'R' Us, Office Depot
Gardena Gateway Center............ 15.22 Rite-Aid, 99 Ranch Market
Gardena, CA
</TABLE>
13
<PAGE> 11
<TABLE>
<CAPTION>
CENTER TRUST
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 1999
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED
PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT
------------- -------- --------- ------- --------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Huntington Center................. 1989 105,879 4,365 -- 110,244 100.0 $ 1,285,121
Huntington Beach, CA
Kenneth Hahn Plaza................ 1987 97,186 14,598 53,116 165,465 99.7 1,562,229
Los Angeles, CA
La Verne Towne Center............. 1986 170,340 1,940 46,203 231,143 94.5 1,308,768
La Verne, CA
Lakewood Plaza.................... 1989 93,342 -- 15,804 113,511 96.2 1,241,448
Bellflower, CA
Loma Square....................... 1980 96,514 -- 107,470 210,704 96.8 2,679,694
San Diego, CA
Montebello Town Square............ 1992 210,533 7,879 25,167 250,438 97.3 2,710,299
Montebello, CA
Mountain Square Shopping Center... 1988 186,036 -- 50,899 273,280 86.7 2,904,188
Upland, CA
North County Plaza................ 1987 43,610 28,720 71,170 153,325 93.6 2,074,373
Carlsbad, CA
Parkway Place..................... 1989 91,127 12,917 13,756 120,460 97.8 1,229,821
Escondido, CA
Pomona Gateway Center............. 1993 96,418 6,487 1,000 108,887 95.4 913,724
Pomona, CA
San Fernando Mission Plaza........ 1991 50,508 2,293 12,994 67,192 97.9 875,556
San Fernando, CA
Torrance Promenade................ 1991 211,883 20,496 30,849 263,228 100.0 4,080,282
Torrance, CA
Vermont-Slauson Shopping Center... 1981 142,411 3,720 23,613 169,744 100.0 987,925
Los Angeles, CA
Vineyards Marketplace............. 1991 21,415 -- 29,172 56,035 90.3 746,272
Rancho Cucamonga, CA
--------- ------- --------- ---------- ----- ------------
Southern California Region.......... 2,745,240 346,770 826,278 4,261,029 92.0 46,649,232
--------- ------- --------- ---------- ----- ------------
SOUTHWEST REGION
Charleston Plaza.................. 1989 153,131 19,171 42,012 234,496 91.4 2,294,068
Las Vegas, NV
<CAPTION>
CENTER TRUST
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 1999
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Huntington Center................. $11.66 Toys 'R' Us, Lucky
Huntington Beach, CA
Kenneth Hahn Plaza................ 9.47 Food 4 Less, Pic 'N' Save,
Los Angeles, CA Rite-Aid, Super Trak Auto
La Verne Towne Center............. 5.99 Target, Albertson's
La Verne, CA
Lakewood Plaza.................... 11.37 Lucky, Staples
Bellflower, CA
Loma Square....................... 13.14 T.J. Maxx, Circuit City,
San Diego, CA Sav- on Drugs, Staples,
Super Crown Books
Montebello Town Square............ 11.13 Sears, Toys 'R' Us, AMC
Montebello, CA Theatres, Petco
Mountain Square Shopping Center... 12.26 Home Depot, Staples,
Upland, CA Pavilions
North County Plaza................ 14.46 Marshall's, Michael's, Kids
Carlsbad, CA 'R' Us
Parkway Place..................... 10.44 Advantage (Lucky), Office
Escondido, CA Depot
Pomona Gateway Center............. 8.79 Vons, Pic 'N' Save
Pomona, CA
San Fernando Mission Plaza........ 13.31 KV-Mart (Vons)
San Fernando, CA
Torrance Promenade................ 15.50 Ross, Marshall's, Office
Torrance, CA Depot, Linens 'n Things,
Bookstar, Sears Homelife,
Loehmann's, Kids 'R' Us
Vermont-Slauson Shopping Center... 5.82 Ralphs, Kmart, Sav-on Drugs
Los Angeles, CA
Vineyards Marketplace............. 14.75 Albertson's*, Sav-on Drugs
Rancho Cucamonga, CA
------
Southern California Region.......... 11.91
------
SOUTHWEST REGION
Charleston Plaza.................. 10.70 Home Base, Lucky*, Sav-on
Las Vegas, NV Drugs
</TABLE>
14
<PAGE> 12
<TABLE>
<CAPTION>
CENTER TRUST
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 1999
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED
PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT
------------- -------- --------- ------- --------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Kyrene Village Shopping Center.... 1987 95,957 5,120 56,902 161,174 98.0 $ 1,135,757
Chandler, AZ
North Mountain Village............ 1985 41,215 -- 53,164 94,379 100.0 866,143
Phoenix, AZ
Randolph Plaza.................... 1972 136,110 6,150 34,094 180,434 97.7 993,023
Tucson, AZ
Southern Palms Center............. 1980 28,000 20,025 125,661 254,863 68.1 1,648,236
Tempe, AZ
Sunrise Place Center.............. 1992 103,025 5,100 25,714 143,999 92.9 761,968
Tucson, AZ
--------- ------- --------- ---------- ----- ------------
Southwest Region.................... 557,438 55,566 337,547 1,069,345 88.9 7,699,195
--------- ------- --------- ---------- ----- ------------
COMMUNITY RETAIL CENTERS............ 4,603,225 517,576 2,223,556 8,003,655 91.8 80,383,091
--------- ------- --------- ---------- ----- ------------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 1988 141,554 29,610 155,948 359,604 91.0 5,849,436
Los Angeles, CA
Media City Center................. 1992 467,961 48,984 205,430 818,405 88.3 11,292,275
Burbank, CA
--------- ------- --------- ---------- ----- ------------
Regional Malls...................... 609,515 78,594 361,378 1,178,009 89.1 17,141,711
--------- ------- --------- ---------- ----- ------------
SINGLE TENANT FACILITIES
Home Base......................... 1988 107,165 -- -- 107,165 100.0 935,444
Glendora, CA
Kmart............................. 1990 104,204 -- -- 104,204 100.0 551,576
Phoenix, AZ
Kmart............................. 1990 86,479 -- -- 86,479 100.0 457,744
Banning, CA
Kmart............................. 1990 86,479 -- -- 86,479 100.0 507,915
El Centro, CA
Kmart............................. 1990 86,479 -- -- 86,479 100.0 365,373
Los Banos, CA
<CAPTION>
CENTER TRUST
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 1999
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Kyrene Village Shopping Center.... $ 7.19 Basha's, Kyrene Lanes
Chandler, AZ
North Mountain Village............ 9.18 Fry's Food & Drug*, T. J.
Phoenix, AZ Maxx, Greenbacks
Randolph Plaza.................... 5.63 Fry's, Walgreen's,
Tucson, AZ MacFrugal's
Southern Palms Center............. 9.49 Mega Foods, Heilig Meyer
Tempe, AZ Furniture, Coomers Craft
Mall
Sunrise Place Center.............. 5.69 Smith's Food & Drug
Tucson, AZ
------
Southwest Region.................... 8.10
------
COMMUNITY RETAIL CENTERS............ 10.93
------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 17.88 Sears*, Robinsons-May*,
Los Angeles, CA Lucky, T.J. Maxx, Sony/
Magic Johnson Theaters
Media City Center................. 15.63 Macy's, IKEA*, Sears*,
Burbank, CA Mervyn's*, AMC Theatres,
Sports Chalet, CompUSA,
Barnes & Noble, Virgin
Megastore
------
Regional Malls...................... 16.33
------
SINGLE TENANT FACILITIES
Home Base......................... 8.73 Home Base
Glendora, CA
Kmart............................. 5.29 Kmart
Phoenix, AZ
Kmart............................. 5.29 Kmart
Banning, CA
Kmart............................. 5.87 Kmart
El Centro, CA
Kmart............................. 4.22 Kmart
Los Banos, CA
</TABLE>
15
<PAGE> 13
<TABLE>
<CAPTION>
CENTER TRUST
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 1999
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED
PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT
------------- -------- --------- ------- --------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Kmart............................. 1990 86,479 -- -- 86,479 100.0 $ 415,951
Madera, CA
Kmart............................. 1990 86,479 -- -- 86,479 100.0 411,132
Rocklin, CA
Oracle Road....................... 1989 102,400 -- -- 102,400 100.0 537,600
Tucson, AZ
Vons.............................. 1989 36,800 -- -- 36,800 100.0 312,800
Escondido, CA
Vons.............................. 1993 102,400 -- -- 102,400 100.0 907,959
Simi Valley, CA
Sam's Club........................ 1988 110,822 3,900 -- 114,722 100.0 731,811
Downey, CA
--------- ------- --------- ---------- ----- ------------
SINGLE TENANT FACILITIES............ 996,186 3,900 -- 1,000,086 100.0 6,135,305
--------- ------- --------- ---------- ----- ------------
TOTAL PROPERTIES.................... 6,208,926 600,070 2,584,934 10,181,750 92.3 $103,660,107
========= ======= ========= ========== ===== ============
<CAPTION>
CENTER TRUST
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 1999
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Kmart............................. $ 4.81 Kmart
Madera, CA
Kmart............................. 4.75 Kmart
Rocklin, CA
Oracle Road....................... 5.25 Montgomery Ward
Tucson, AZ
Vons.............................. 8.50 Vons
Escondido, CA
Vons.............................. 8.87 Vons
Simi Valley, CA
Sam's Club........................ 6.38 Sam's Club (Wal-Mart)
Downey, CA
------
SINGLE TENANT FACILITIES............ 6.13
------
TOTAL PROPERTIES.................... $11.03
======
</TABLE>
16
<PAGE> 14
CENTER TRUST
LEASE EXPIRATIONS -- OVERALL PORTFOLIO
MARCH 31, 1999
<TABLE>
<CAPTION>
OVERALL PORTFOLIO ANCHORS PADS SHOPS
----------------------------- -------------------- ------------------ --------------------
NUMBER BASE BASE BASE BASE
YEAR OF OF SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER
EXPIRATION LEASES FEET SQ. FT. FEET SQ. FT. FEET SQ. FT. FEET SQ. FT.
---------- ------ --------- -------- --------- -------- ------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Month to Month....... 135 315,681 $11.86 120,799 $ 5.98 -- -- 194,882 $15.51
1999................. 155 315,998 14.67 34,480 10.56 6,952 $14.47 274,566 15.20
2000................. 186 553,396 13.97 149,347 9.60 47,749 14.66 356,300 15.72
2001................. 233 720,486 14.01 256,622 8.32 42,147 16.39 421,717 17.23
2002................. 180 702,763 12.84 307,373 7.51 56,548 18.20 338,842 16.79
2003................. 131 578,581 10.86 214,277 4.34 46,772 15.72 317,532 14.54
2004................. 94 830,046 9.61 617,057 7.20 29,788 14.43 183,201 16.96
2005................. 40 383,148 13.66 240,580 12.56 29,679 14.41 112,889 15.81
2006................. 51 406,281 12.77 236,153 10.26 37,105 13.00 133,023 17.17
2007................. 41 399,466 11.28 231,757 8.31 48,738 11.73 118,971 16.89
2008................. 31 495,697 10.93 423,693 9.83 39,167 19.65 32,837 14.79
THEREAFTER........... 117 3,700,387 9.14 3,376,788 8.70 223,425 14.44 100,174 12.24
----- --------- ------ --------- ------ ------- ------ --------- ------
TOTAL....... 1,394 9,401,930 $11.03 6,208,926 $ 8.57 608,070 $15.07 2,584,934 $15.96
===== ========= ====== ========= ====== ======= ====== ========= ======
</TABLE>
LEASE EXPIRATIONS -- TOTAL COMMUNITY SHOPPING CENTERS
MARCH 31, 1999
<TABLE>
<CAPTION>
OVERALL PORTFOLIO ANCHORS PADS SHOPS
----------------------------- -------------------- ------------------ --------------------
NUMBER BASE BASE BASE BASE
YEAR OF OF SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER
EXPIRATION LEASES FEET SQ. FT. FEET SQ. FT. FEET SQ. FT. FEET SQ. FT.
---------- ------ --------- -------- --------- -------- ------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Month to Month....... 88 258,254 $10.19 120,799 $ 5.98 -- -- 137,455 $13.90
1999................. 128 287,554 13.89 34,480 10.56 6,952 $14.47 246,122 14.34
2000................. 173 531,169 13.72 149,347 9.60 43,849 15.24 337,973 15.35
2001................. 189 669,409 12.64 256,622 8.32 42,147 16.39 370,640 15.21
2002................. 153 652,521 11.76 307,373 7.51 55,508 17.72 289,640 15.13
2003................. 107 534,125 9.96 214,277 4.34 46,772 15.72 273,076 13.38
2004................. 75 660,783 9.38 484,085 7.32 23,288 15.88 153,410 14.89
2005................. 28 266,369 10.45 143,001 7.41 27,959 13.51 95,409 14.11
2006................. 44 364,194 12.12 210,849 9.22 30,695 14.05 122,650 16.63
2007................. 32 309,669 10.51 194,957 8.28 48,738 11.73 65,974 16.18
2008................. 26 337,869 10.42 271,571 9.03 34,167 17.84 32,131 14.28
THEREAFTER........... 90 2,480,441 10.02 2,215,864 9.69 165,501 13.15 99,076 12.14
----- --------- ------ --------- ------ ------- ------ --------- ------
TOTAL....... 1,133 7,352,357 $10.93 4,603,225 $ 8.68 525,576 $14.68 2,223,556 $14.71
===== ========= ====== ========= ====== ======= ====== ========= ======
</TABLE>
17
<PAGE> 15
CENTER TRUST
LEASE EXPIRATIONS-COMMUNITY SHOPPING CENTERS BY REGION
MARCH 31, 1999
PACIFIC NORTHWEST REGION
<TABLE>
<CAPTION>
OVERALL PORTFOLIO ANCHORS PADS SHOPS
----------------------------- ------------------ ------------------ ------------------
NUMBER BASE BASE BASE BASE
YEAR OF OF SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER
EXPIRATION LEASES FEET SQ. FT. FEET SQ. FT. FEET SQ. FT. FEET SQ. FT.
---------- ------ --------- -------- ------- -------- ------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Month to Month......... 21 86,236 $ 8.47 42,420 $2.30 -- -- 43,816 $14.45
1999................... 38 87,119 13.04 -- -- 2,677 $15.41 84,442 12.97
2000................... 43 121,576 13.97 -- -- 18,790 18.34 102,786 13.17
2001................... 46 201,890 10.18 105,780 5.37 32 -- 96,078 15.35
2002................... 34 141,565 10.82 68,605 6.70 12,100 13.98 60,860 14.83
2003................... 35 146,718 11.58 26,832 6.04 9,974 17.63 109,912 12.38
2004................... 20 153,409 6.31 101,295 2.70 3,017 11.26 49,097 13.45
2005................... 9 80,860 11.66 29,080 6.30 12,259 12.95 39,521 15.21
2006................... 14 82,842 13.19 47,130 8.58 -- -- 35,712 19.26
2007................... 9 48,639 14.16 -- -- 18,562 11.53 30,077 15.79
2008................... 11 129,885 9.61 109,804 9.04 10,136 14.03 9,945 11.33
THEREAFTER............. 19 456,336 9.35 405,340 9.12 23,885 11.58 27,111 10.97
--- --------- ------ ------- ----- ------- ------ ------- ------
TOTAL......... 299 1,737,075 $10.40 936,286 $7.30 111,432 $14.08 689,357 $14.00
=== ========= ====== ======= ===== ======= ====== ======= ======
</TABLE>
NORTHERN AND CENTRAL CALIFORNIA REGION
<TABLE>
<CAPTION>
OVERALL PORTFOLIO ANCHORS PADS SHOPS
--------------------------- ------------------ ----------------- ------------------
NUMBER BASE BASE BASE BASE
YEAR OF OF SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER
EXPIRATION LEASES FEET SQ. FT. FEET SQ. FT. FEET SQ. FT. FEET SQ. FT.
---------- ------ ------- -------- ------- -------- ------ -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Month to Month........... 21 49,279 $10.31 27,000 $ 7.65 -- -- 22,279 $13.54
1999..................... 19 31,713 13.31 -- -- -- -- 31,713 13.31
2000..................... 28 62,599 10.75 25,165 5.21 -- -- 37,434 14.47
2001..................... 37 77,420 13.76 -- -- -- -- 77,420 13.76
2002..................... 29 70,791 14.65 -- -- 6,658 $12.30 64,133 14.89
2003..................... 17 72,439 12.02 -- -- -- -- 72,439 12.02
2004..................... 16 43,922 18.39 16,000 26.26 1,650 14.67 26,272 13.84
2005..................... 3 40,246 7.83 25,844 6.71 -- -- 14,402 9.85
2006..................... 4 19,810 12.17 -- -- -- -- 19,810 12.17
2007..................... 2 35,668 7.15 33,796 6.21 -- -- 1,872 24.04
2008..................... 1 2,600 20.92 -- -- -- -- 2,600 20.92
THEREAFTER............... 5 239,956 7.20 236,456 7.08 3,500 15.00 -- --
--- ------- ------ ------- ------ ------ ------ ------- ------
TOTAL........... 182 746,443 $10.69 364,261 $ 7.73 11,808 $13.43 370,374 $13.51
=== ======= ====== ======= ====== ====== ====== ======= ======
</TABLE>
18
<PAGE> 16
CENTER TRUST
LEASE EXPIRATIONS-COMMUNITY SHOPPING CENTERS BY REGION
MARCH 31, 1999
SOUTHERN CALIFORNIA REGION
<TABLE>
<CAPTION>
OVERALL PORTFOLIO ANCHORS PADS SHOPS
----------------------------- -------------------- ------------------ ------------------
NUMBER BASE BASE BASE BASE
YEAR OF OF SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER
EXPIRATION LEASES FEET SQ. FT. FEET SQ. FT. FEET SQ. FT. FEET SQ. FT.
---------- ------ --------- -------- --------- -------- ------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Month to Month....... 34 107,248 $11.37 51,379 $ 8.13 -- -- 55,869 $14.35
1999................. 45 111,694 15.90 18,100 14.41 4,275 $13.88 89,319 16.29
2000................. 79 281,012 15.07 109,580 11.12 25,059 12.80 146,373 18.43
2001................. 78 307,019 14.29 150,842 10.39 31,265 16.85 124,912 18.37
2002................. 60 341,150 12.15 210,768 8.02 33,000 19.02 97,382 18.76
2003................. 43 271,717 8.76 176,807 3.89 36,798 15.20 58,112 19.51
2004................. 32 350,661 10.59 269,029 8.78 9,396 22.43 72,226 15.80
2005................. 13 97,277 12.04 58,312 9.09 15,700 13.96 23,265 18.12
2006................. 21 249,508 11.70 163,719 9.40 25,575 14.26 60,214 16.88
2007................. 15 142,706 12.42 89,975 11.33 30,176 11.85 22,565 17.51
2008................. 10 148,179 12.74 113,580 10.61 21,013 21.07 13,586 17.68
THEREAFTER........... 56 1,510,117 11.28 1,333,149 11.04 114,513 12.89 62,455 13.42
--- --------- ------ --------- ------ ------- ------ ------- ------
TOTAL....... 486 3,918,288 $11.91 2,745,240 $ 9.92 346,770 $14.90 826,278 $17.26
=== ========= ====== ========= ====== ======= ====== ======= ======
</TABLE>
SOUTHWEST REGION
<TABLE>
<CAPTION>
OVERALL PORTFOLIO ANCHORS PADS SHOPS
--------------------------- ------------------ ----------------- ------------------
NUMBER BASE BASE BASE BASE
YEAR OF OF SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER
EXPIRATION LEASES FEET SQ. FT. FEET SQ. FT. FEET SQ. FT. FEET SQ. FT.
---------- ------ ------- -------- ------- -------- ------ -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Month to Month........... 12 15,491 $11.25 -- -- -- -- 15,491 $11.25
1999..................... 26 57,028 11.57 16,380 $6.30 -- -- 40,648 13.70
2000..................... 23 65,982 10.34 14,602 5.75 -- -- 51,380 11.59
2001..................... 28 83,080 11.47 -- -- 10,850 $13.96 72,230 11.10
2002..................... 30 99,015 9.69 28,000 5.58 3,750 27.95 67,265 10.39
2003..................... 12 43,251 8.53 10,638 7.52 -- -- 32,613 8.86
2004..................... 7 112,801 6.27 97,761 4.98 9,225 10.93 5,815 20.59
2005..................... 3 47,986 7.38 29,765 5.80 -- -- 18,221 9.96
2006..................... 5 12,034 13.44 -- -- 5,120 13.00 6,914 13.77
2007..................... 6 82,646 6.50 71,186 5.40 -- -- 11,460 13.32
2008..................... 4 57,205 5.79 48,187 5.29 3,018 8.18 6,000 8.60
THEREAFTER............... 10 274,032 6.60 240,919 5.69 23,603 15.73 9,510 7.01
--- ------- ------ ------- ----- ------ ------ ------- ------
TOTAL........... 166 950,551 $ 8.10 557,438 $5.55 55,566 $14.80 337,547 $11.21
=== ======= ====== ======= ===== ====== ====== ======= ======
</TABLE>
19
<PAGE> 17
CENTER TRUST
SUMMARY OF TENANTS WITH RENTS EXCEEDING 1% OF TOTAL RENTS
AS OF MARCH 31, 1999
<TABLE>
<CAPTION>
PERCENTAGE
PERCENTAGE TOTAL OF COMPANY
NUMBER OF ANNUALIZED OF TOTAL TENANT OWNED
RETAIL TENANT STORES BASE RENT BASE RENT GLA GLA
------------- --------- ----------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C>
AMC THEATRES............................ 6 $ 5,907,780 5.70% 259,842 2.55%
SAFEWAY/VONS............................ 9 4,541,856 4.38% 533,019 5.24%
LUCKY STORES............................ 5 3,081,453 2.97% 308,170 3.03%
K-MART.................................. 7 2,927,871 2.82% 619,103 6.08%
SAM'S CLUB/WAL-MART..................... 2 2,138,834 2.06% 210,741 2.07%
TJX..................................... 9 1,982,526 1.91% 247,614 2.43%
HOME DEPOT.............................. 2 1,875,930 1.81% 200,549 1.97%
TOYS 'R' US............................. 5 1,802,233 1.74% 180,780 1.78%
SEARS ROEBUCK & CO. .................... 5 1,797,587 1.73% 320,722 3.15%
HOME BASE............................... 2 1,710,833 1.65% 212,572 2.09%
FRED MEYERS (RALPHS/FFL/QFC)............ 5 1,650,745 1.59% 196,674 1.93%
BARNES & NOBLE.......................... 4 1,465,822 1.41% 70,276 0.69%
ROSS STORES INC. ....................... 6 1,404,271 1.35% 170,012 1.67%
MAGIC JOHNSON THEATRES.................. 1 1,288,210 1.24% 67,579 0.66%
STAPLES................................. 5 1,276,729 1.23% 108,259 1.06%
PAYLESS SHOE SOURCE..................... 18 1,259,311 1.21% 60,589 0.60%
THE LIMITED STORES...................... 10 1,176,730 1.14% 64,216 0.63%
OFFICE DEPOT............................ 4 1,090,026 1.05% 101,594 1.00%
--- ----------- ----- --------- -----
TOTAL.............................. 105 $38,378,747 36.99% 3,932,311 38.63%
=== =========== ===== ========= =====
</TABLE>
20
<PAGE> 18
CENTER TRUST
MAJOR SEGMENT CONCENTRATION EXCEEDING 2% OF TOTAL RENTS
AS OF MARCH 31, 1999
<TABLE>
<CAPTION>
PERCENT
TOTAL SEGMENT PERCENT TOTAL OF COMPANY
NUMBER OF ANNUALIZED OF TOTAL SEGMENT OWNED
SEGMENT TYPE LEASES BASE RENT BASE RENT GLA GLA
------------ --------- ------------- --------- --------- ----------
<S> <C> <C> <C> <C> <C>
GROCERY STORES........................... 26 $11,056,223 10.67% 1,365,415 13.41%
THEATRES................................. 9 8,219,557 7.93% 409,694 4.02%
FAST FOOD RESTAURANTS.................... 196 6,987,034 6.74% 342,833 3.37%
RESTAURANTS.............................. 76 5,995,332 5.78% 405,032 3.98%
DISCOUNT DEPT. STORES.................... 11 5,758,110 5.55% 1,050,226 10.31%
DISCOUNT APPAREL STORES.................. 35 4,489,058 4.33% 523,375 5.14%
WOMEN'S WEAR............................. 62 4,323,682 4.17% 271,038 2.66%
HOME IMPROVEMENT......................... 13 4,073,862 3.93% 483,796 4.75%
DEPARTMENT STORES........................ 11 3,523,675 3.40% 831,108 8.16%
HOME FURNISHINGS......................... 23 3,159,535 3.05% 251,778 2.47%
AUDIO/VIDEO STORES....................... 30 3,153,606 3.04% 173,757 1.71%
MAJOR SHOE STORES........................ 41 2,591,029 2.50% 132,972 1.31%
BEAUTY SUPPLY/SALONS..................... 107 2,518,139 2.43% 113,015 1.11%
BANK/FINANCIAL SERVICES.................. 63 2,507,301 2.42% 166,367 1.63%
ELECTRONICS.............................. 25 2,502,536 2.41% 164,685 1.62%
VARIETY STORES........................... 35 2,469,432 2.38% 293,790 2.89%
OFFICE SUPPLY STORES..................... 9 2,213,111 2.13% 196,683 1.93%
--- ----------- ----- --------- -----
TOTAL............................... 772 $75,541,222 72.86% 7,175,564 70.47%
=== =========== ===== ========= =====
</TABLE>
21
<PAGE> 19
CENTER TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS AND RECONCILIATION
TO FUNDS FROM OPERATIONS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
1999 1998
------- -------
(UNAUDITED)
<S> <C> <C>
Rental revenues............................................. $26,225 $19,532
Expense reimbursements...................................... 8,133 6,173
Percentage rents............................................ 618 239
Other income................................................ 1,190 1,225
------- -------
Total revenues.................................... 36,166 27,169
------- -------
Interest.................................................... 13,095 10,254
Depreciation and amortization............................... 6,026 5,389
Property operating costs:
Common area............................................... 5,527 4,077
Property taxes............................................ 3,607 2,772
Leasehold rentals......................................... 424 411
Marketing................................................. 141 75
Other operating........................................... 1,338 1,190
General and administrative.................................. 1,530 709
------- -------
Total expenses.................................... 31,688 24,877
------- -------
Income From Operations Before Gain on Sale of Assets and
Minority Interests........................................ 4,478 2,292
Gain on Sale of Asset....................................... 20,575 --
Minority interests -- Operating Partnership................. (4,089) (443)
Minority interests -- Other................................. (72) (69)
------- -------
Net Income.................................................. 20,892 1,780
------- -------
Adjustments to reconcile net loss to FFO:
Depreciation of real property............................. 5,993 5,348
Minority Interests........................................ 3,996 367
Gain on Sale of Asset..................................... (20,575)
Other..................................................... 383 25
------- -------
Funds From Operations -- Basic.............................. 10,702 7,520
------- -------
Adjustments to reconcile Basic to Diluted FFO:
Debenture interest........................................ 3,142 3,142
Amortization of Deferred costs-Debentures................. 325 325
------- -------
Funds From Operations -- Diluted(2)......................... $14,169 $10,987
======= =======
</TABLE>
22
<PAGE> 20
CENTER TRUST
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
ASSETS
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31, DECEMBER 31,
1999 1998 1997
----------- ------------ ------------
(UNAUDITED)
<S> <C> <C> <C>
Rental Properties..................................... $1,064,324 $1,074,629 $ 783,279
Accumulated depreciation and amortization............. (139,320) (141,785) (121,202)
---------- ---------- ---------
Rental properties, net.............................. 925,004 932,844 662,077
Cash and cash equivalents............................. 6,471 6,636 3,613
Tenant receivables, net............................... 10,879 13,543 6,017
Other Receivables..................................... 6,805 7,984 7,575
Restricted cash and Securities........................ 16,423 5,437 9,435
Deferred charges, net................................. 19,575 18,682 19,759
Other assets.......................................... 2,134 1,895 2,237
---------- ---------- ---------
Total............................................ $ 987,291 $ 987,021 $ 710,713
========== ========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES
Secured debt.......................................... $ 492,629 $ 497,386 $ 313,660
7 1/2% Convertible subordinated debentures............ 138,595 138,599 138,599
7 1/4% Exchangeable subordinated debentures........... 30,000 30,000 30,000
Accrued distributions................................. 10,583 10,931 7,371
Accrued interest...................................... 3,815 5,873 5,604
Accounts payable and other accrued expenses........... 8,775 6,718 8,482
Accrued construction costs............................ 1,938 1,955 10,996
Tenant security and other deposits.................... 6,562 5,957 4,729
---------- ---------- ---------
Total liabilities................................ 692,897 697,419 519,441
---------- ---------- ---------
MINORITY INTERESTS
Operating Partnership (4,938,240 and 4,978,240 units
issued as of March 31, 1999 and December 31, 1998,
respectively)....................................... 49,384 47,717 39,685
Other minorities...................................... 1,451 1,514 1,748
---------- ---------- ---------
Total minority interest.......................... 50,835 49,231 41,433
---------- ---------- ---------
REDEEMABLE COMMON STOCK
(590,034 shares outstanding as of March 31, 1999 and
December 31, 1998, redeemable on May 25, 1999)...... 9,903 9,903 8,385
---------- ---------- ---------
STOCKHOLDERS' EQUITY
Common stock ($.01 par value, 100,000,000 shares
authorized; 23,847,314 and 24,756,693 shares issued
and outstanding as of March 31, 1999 and December
31, 1998, respectively)............................. 238 248 157
Additional paid-in capital............................ 345,392 354,281 223,972
Accumulated distributions and deficit................. (111,974) (124,061) (82,675)
---------- ---------- ---------
Total stockholders' equity....................... 233,656 230,468 141,454
---------- ---------- ---------
Total............................................ $ 987,291 $ 987,021 $ 710,713
========== ========== =========
</TABLE>
23
<PAGE> 21
CENTER TRUST
SUMMARY OF OUTSTANDING DEBT
MARCH 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
MATURITY BALANCE BALANCE
LENDER PROPERTY RATE DATE MARCH 31, 1999 DECEMBER 31, 1998
------ -------- ------------- -------- -------------- -----------------
<S> <C> <C> <C> <C> <C>
Mortgage Loans
Nomura Asset Capital Corporation(1)... Tranche B 9.000% 04/01/10 $ 33,163 $ 33,236
Eastrich #79 Corporation(AEW)(2)...... Loan # 1 11.450% 10/15/06 29,316 29,607
Teachers.............................. Pavilions 7.440% 08/01/06 24,393 24,498
Nomura Asset Capital Corporation(1)... Tranche A 8.938% 04/01/05 22,327 22,377
The Prudential Insurance Company of
America.............................. Loma Square 9.310% 08/15/99 18,688 18,881
Aetna Life Insurance Company.......... Covina 9.600% 09/01/04 17,767 17,807
The Travelers Insurance Company....... North County 10.375% 01/31/03 15,812 15,890
DLJ Mortgage Acceptance Corp.......... Charleston 8.050% 01/01/06 15,363 15,415
Eastrich #79 Corporation (AEW)(3)..... Loan # 2 10.900% 10/15/06 9,446 9,538
Metropolitan Life Insurance Company... Date Palm 10.450% 07/31/02 9,358 9,391
Connecticut General Life Insurance
Company.............................. Gresham 7.500% 05/01/99 9,358 9,442
Principal Mutual Life Insurance
Company.............................. North Mountain Village 8.250% 05/01/01 8,222 8,234
Sun Life Assurance Company of
Canada............................... Fairwood 8.375% 02/01/04 7,398 7,458
Massachusetts Mutual Life Insurance
Company.............................. Fire Mountain 10.250% 10/01/99 7,357 7,383
Aid Association for Lutherans......... Gardena 10.050% 02/15/02 6,622 6,641
The Travelers Insurance Company....... Glendora 9.500% 10/01/99 6,044 6,058
Aid Association for Lutherans......... Westgate North 8.300% 04/01/14 6,012 6,066
Column Financial, Inc................. Mineral King 9.680% 08/01/06 3,740 3,761
Metropolitan Life Insurance Company... Escondido 9.300% 11/01/99 2,676 2,686
-------- --------
Total Mortgage Loans Payable....... 9.320%(4) 253,062 254,369
-------- --------
CRA -- Certificates of Participation,
Series 1985.......................... Baldwin Hills 5.300% 12/01/14 30,000 30,000
CDC -- Certificates of Participation,
Series 1985.......................... Willowbrook 5.200% 12/01/15 6,000 6,000
Chase Manhattan Bank(5)............... Secured Line of Credit LIBOR+1-1.375% 12/30/00 197,462 200,895
-------- --------
Total Secured Debt................. 486,524 491,264
-------- --------
Convertible debentures(6)............ 7.500% 01/15/01 138,595 138,599
Exchangeable debentures(7)........... 7.250% 12/27/03 30,000 30,000
-------- --------
Total debt outstanding(8).......... $655,119 $659,863
======== ========
</TABLE>
- ---------------
(1) Secured by San Fernando Mission, Rosedale, Country Fair, Fullerton, La
Verne, and $11 million of U.S. Treasury Securities.
(2) Secured by KMart -- Rocklin, KMart -- El Centro, KMart -- Banning,
KMart -- Los Banos, Kmart -- Madera, KMart -- Phoenix, Advantage, Huntington
Beach, Oracle Road and Simi Valley.
(3) Secured by Lakewood, Sam's Club -- Downey, and Parkway Place.
(4) Weighted average interest rate on mortgage debt.
(5) Secured by Media City, Montebello, The City Center, Medford Shopping Center,
Empire Center, Ross Center, Pacific Linen, Vancouver Park Place, Smitty's,
Marshalls Plaza, Ross Plaza -- Silverdale, Covington, Vineyards Marketplace,
Frontier Village and Rheem Valley.
(6) Convertible debentures bear interest at 7 1/2% and mature January 15, 2001.
Such debentures are convertible into common stock at a conversion price of
$18.00 per share.
(7) Exchangeable debentures bear interest at 7 1/4% and mature December 31,
2003. Such debentures are convertible into common stock at a conversion
price of $18.00 per share or may be put to the Company after. December 27,
2000 for the principal amount plus accrued interest.
(8) Excludes $6.105 million in Community Facility District Bonds.
24
<PAGE> 22
CENTER TRUST
SCHEDULE OF MORTGAGE DEBT MATURITIES
MARCH 31, 1999
<TABLE>
<CAPTION>
SCHEDULED
AMORTIZATION SCHEDULED
YEAR PAYMENTS MATURITIES TOTAL
---- ------------ ---------- --------
<S> <C> <C> <C>
1999..................................................... $ 3,410 $ 43,724 $ 47,134
2000..................................................... 4,372 197,462(1) 201,834
2001..................................................... 4,778 8,105 12,883
2002..................................................... 5,077 8,842 13,919
2003..................................................... 4,779 14,434 19,213
2004..................................................... 4,685 22,625 27,310
2005..................................................... 4,380 20,953 25,333
2006..................................................... 3,286 59,780 63,066
2007..................................................... 1,107 -- 1,107
2008..................................................... 1,199 -- 1,199
Thereafter............................................... 9,140 64,386 73,526
------- -------- --------
Total.................................................... $46,213 $440,311 $486,524
======= ======== ========
</TABLE>
- ---------------
(1) Represents amount outstanding on the Company's secured credit facility which
is due on December 31, 2000.
25
