<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 OF REPORT: (DATE OF EARLIEST EVENT REPORTED)
FEBRUARY 29, 2000
------------------------
CENTER TRUST, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
(FORMERLY CENTERTRUST RETAIL PROPERTIES, INC.)
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 February 29, 2000 the Registrant made available additional financial and
operational information concerning the Registrant, Center Trust, Inc., and
properties owned as of December 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 December 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.
CENTER TRUST, INC.
By: /s/ STUART J. S. GULLAND
------------------------------------
Stuart J. S. Gulland
Senior Vice President and
Chief Financial Officer
Dated: February 29, 2000
3
<PAGE> 1
EXHIBIT 99
CENTER TRUST, INC.
SUPPLEMENTAL INFORMATION
DECEMBER 31, 1999
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
-----
<S> <C>
Company Profile............................................. 5
Operating Highlights/Capital Structure...................... 6-7
Reconciliation of Common Shares and Operating Partnership
Units Outstanding......................................... 8
Same Property Activity...................................... 9
Portfolio Highlights and Leasing Activity................... 10
Portfolio Summary........................................... 11
Portfolio Detail -- by Region............................... 12-15
Lease Expirations -- Overall Portfolio/Total Community
Shopping Centers.......................................... 16
Tenant Concentration........................................ 17
Segment Concentration....................................... 18
Summary of Disposition Properties........................... 19
Consolidated Statements of Operations and Reconciliation to
Funds From Operations..................................... 20
Consolidated Balance Sheets................................. 21
Summary of Outstanding Debt................................. 22
Schedule of Mortgage Debt Maturities........................ 23
</TABLE>
4
<PAGE> 2
CENTER TRUST, INC.
COMPANY PROFILE
DECEMBER 31, 1999
Center Trust, Inc., is an owner, manager and developer of retail shopping
centers in the western United States. The Company owns or controls a portfolio
of 56 shopping centers, comprised of 47 community shopping centers, two regional
malls and 7 single tenant facilities comprising 11.1 million square feet of
total shopping center gross leasable area (GLA) and 9.4 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, December 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.
Questions regarding the information contained in this document should be
directed to Stuart Gulland, Senior Vice President and Chief Financial Officer or
Ed Stokx, Vice President and Controller, Center Trust, Inc., 3500 Sepulveda
Boulevard, Manhattan Beach, California, 90266, telephone (310) 546-4520, fax
(310) 546-5069 or email at [email protected].
5
<PAGE> 3
CENTER TRUST, INC.
OPERATING HIGHLIGHTS
DECEMBER 31, 1999
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
------------------- -------------------
1999 1998 1999 1998
------- -------- -------- -------
<S> <C> <C> <C> <C>
OPERATING HIGHLIGHTS
Funds From Operations (FFO)
FFO - Basic.................................. $10,524 $ 10,900 $ 42,477 $36,301
FFO - Diluted(1)............................. $13,799 $ 14,366 $ 55,943 $50,169
FFO per share - Basic........................ $ 0.38 $ 0.35 $ 1.48 $ 1.37
FFO per share - Diluted(1)................... $ 0.38 $ 0.36 $ 1.48 $ 1.40
Net income Available to Common Shareholders..... $ 3,672 $(14,855) $ 26,657 $(8,113)
Net Income Per Share - Basic & Diluted....... $ 0.14 $ (0.58) $ 1.04 $ (0.38)
Net Operating Income............................ $25,575 $ 25,821 $201,878 $89,975
EBITDA.......................................... $22,500 $ 23,925 $ 93,438 $84,160
Funds Available for Distribution (FAD).......... $10,489 $ 10,852 $ 42,809 $36,642
FAD per share - Basic........................ $ 0.38 $ 0.35 $ 1.49 $ 1.38
Dividends Per Share............................. $ 0.36 $ 0.36 $ 1.44 $ 1.44
Interest Expense Coverage Ratios
Based on EBITDA.............................. 1.6 1.8 1.7 1.7
Based on EBITDA - Excluding Debentures....... 2.1 2.5 2.3 2.4
General & Administrative Expense(2)............. $ 1,075 $ 1,896 $ 5,292 $ 5,835
G&A as % of Total Rental Revenue............. 4.1% 6.9% 4.9% 6.0%
Ratio of Expense Recoveries to Recoverable 93.1% 85.0% 87.7% 86.2%
Expenses.....................................
Ratio of Operating Expenses to Total Rental 34.1% 36.7% 34.3% 34.8%
Revenue......................................
</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.
(2) Excludes a non-recurring restructuring charge of $1.1 million recorded in
September 1999 and a non-recurring year-end adjustment for deferred
compensation in December 1999 of $2.0 million.
6
<PAGE> 4
CENTER TRUST, INC.
CAPITAL STRUCTURE
DECEMBER 31, 1999
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
------------------------ ------------------------
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
EQUITY INFORMATION
Units Outstanding at End of Period...... 1,654,725 4,978,240 1,654,725 4,978,240
Common Outstanding at End of Period..... 26,647,968 25,346,727 26,647,968 25,346,727
---------- ---------- ---------- ----------
Total Units and Common Shares
Outstanding at End of Period......... 28,302,693 30,324,967 28,302,693 30,324,967
========== ========== ========== ==========
Basic Weighted Average Units
Outstanding.......................... 1,762,161 5,169,497 3,084,350 4,996,278
Basic Weighted Average Common Shares
Outstanding.......................... 26,168,540 25,607,087 25,696,646 21,519,034
---------- ---------- ---------- ----------
Basic Weighted Average Units and Common
Shares Outstanding................... 27,930,701 30,776,584 28,780,996 26,515,312
---------- ---------- ---------- ----------
Number of Common Shares Attributed to
Convertible and Exchangeable
Debentures(1)........................ 8,808,222 9,366,611 9,120,523 9,366,611
---------- ---------- ---------- ----------
Diluted Weighted Average Common Shares
and Common Share Equivalents......... 36,738,923 40,143,195 37,901,519 35,881,923
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
AS OF
---------------------------------------------
DECEMBER 31 DECEMBER 31, DECEMBER 31,
1999 1998 1997
------------- ------------ ------------
(IN THOUSANDS, EXCEPT SHARE DATA)
<S> <C> <C> <C>
MARKET CAPITALIZATION
Stock Price Activity During Period
High............................................ $ 13.00 $ 12.94 $ 18.25
Low............................................. $ 9.06 $ 9.50 $ 15.50
Common Stock Price at End of Period................ $ 9.69 $ 12.25 $ 17.44
Fixed-Rate Mortgage Debt........................... $260,928 $ 260,491 $168,933
Floating-Rate Mortgage Debt........................ 263,540 236,895 144,727
Subordinated Debentures............................ 158,548 168,599 168,599
Equity Market Capitalization....................... 274,253 371,481 356,729
-------- ---------- --------
Total Capitalization............................... $957,269 $1,037,466 $838,988
======== ========== ========
Total Capitalization Assuming Conversion of
Debentures...................................... $884,073 $ 983,608 $833,743
======== ========== ========
Debt-to-Total Capitalization....................... 71.4% 64.2% 57.5%
Debt-to-Total Capitalization Assuming Conversion of
Debentures...................................... 59.3% 50.6% 37.6%
</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. Such shares are not included in the
determination of diluted EPS if they are antidilutive.
7
<PAGE> 5
CENTER TRUST, INC.
RECONCILIATION OF COMMON SHARES AND OPERATING PARTNERSHIP
UNITS OUTSTANDING
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
COMMON OPERATING PARTNERSHIP
STOCK UNITS TOTAL
---------- --------------------- ----------
<S> <C> <C> <C>
Balance, January 1, 1998........................ 16,174,848 4,279,789 20,454,637
Shares/Units Issued........................... 2,700,000 913,472 3,613,472
Issuance of Stock Awards to Employees......... 139,310 -- 139,310
---------- ---------- ----------
Balance, March 31, 1998......................... 19,014,158 5,193,261 24,207,419
Shares/Units Issued........................... 3,333,333 78,978 3,412,311
Issuance of Stock Awards to Employees......... 769 -- 769
---------- ---------- ----------
Balance, June 30, 1998.......................... 22,348,260 5,272,239 27,620,499
Shares/Units Issued........................... 3,366,667 1,621 3,368,288
Shares/Units Repurchased...................... -- (86,148) (86,148)
Issuance of Stock Awards to Employees......... 64,681 -- 64,681
---------- ---------- ----------
Balance, September 30, 1998..................... 25,779,608 5,187,712 30,967,320
Shares Repurchased(1)......................... (436,700) -- (436,700)
Units Repurchased............................. -- (209,472) (209,472)
Issuance of Stock Awards to Employees......... 3,819 -- 3,819.....
---------- ---------- ----------
Balance, December 31, 1998...................... 25,346,727 4,978,240 30,324,967
Shares Repurchased(1)......................... (966,700) -- (966,700)
Units Converted to Shares..................... 40,000 (40,000) --
Shares issued for Convertible Debentures...... 222 -- 222
Issuance of Stock Awards to Employees......... 17,099 -- 17,099
---------- ---------- ----------
Balance, March 31, 1999......................... 24,437,348 4,938,240 29,375,588
Shares Repurchased(1)(2)...................... (600,101) -- (600,101)
Units Repurchased(3).......................... -- (3,101,617) (3,101,617)
Shares Issued................................. 2,260,232 -- 2,260,232
Issuance of Stock Awards to Employees......... 15,746 -- 15,746
---------- ---------- ----------
Balance, June 30, 1999.......................... 26,113,225 1,836,623 27,949,848
Issuance of Stock Awards to Employees......... 35,610 -- 35,610
Shares Repurchased(1)......................... (3,900) -- (3,900)
---------- ---------- ----------
Balance, September 30, 1999..................... 26,144,935 1,836,623 27,981,558
Units Converted to Shares..................... 22,375 (22,375) --
Units Retired through Sale of Assets.......... -- (159,523) (159,523)
Issuance of Stock Awards to Employees......... 480,658 -- 480,658
---------- ---------- ----------
Balance, December 31, 1999...................... 26,647,968 1,654,725 28,302,693
========== ========== ==========
</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 $10.77.
(2) Includes 590,034 shares repurchased from the Haagen Family on May 25,1999.
(3) Includes 2,839,284 units repurchased from the Haagen Family on May 25, 1999
and 262,333 units repurchased from a former officer of the Company on June
24, 1999.
8
<PAGE> 6
CENTER TRUST, INC.
SAME PROPERTY ACTIVITY
DECEMBER 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
------------------ --------------------
1999 1998 % CHANGE 1999 1998 % CHANGE
------- ------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
COMMUNITY SHOPPING CENTERS
Revenues:
Rental Revenue........... $12,055 $11,994 0.5% $47,924 $46,976 2.0%
Recoveries from
Tenants................ 3,387 3,381 0.2% 12,326 11,687 5.5%
Other Income............. 115 140 (17.9)% 533 744 (28.4)%
------- ------- ------- -------
Total Revenues...... 15,557 15,515 0.3% 60,783 59,407 2.3%
Expenses:
Recoverable Operating
Expenses................. 3,615 3,646 (0.9)% 13,211 12,624 4.6%
Other Operating Expenses.... 378 512 (26.2)% 1,734 1,663 4.3%
------- ------- ------- -------
Total Expenses...... 3,993 4,158 (4.0)% 14,945 14,287 4.6%
------- ------- ------- -------
Net Operating Income.......... $11,564 $11,357 1.8% $45,838 $45,120 1.6%
======= ======= ======= =======
Total Properties.... 28 28 28 28
======= ======= ======= =======
Percentage Leased............. 95.2% 94.1% 95.2% 94.1%
======= ======= ======= =======
Average Base Rent per square
foot........................ $ 11.45 $ 11.32 $ 11.45 $ 11.32
======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
------------------ --------------------
1999 1998 % CHANGE 1999 1998 % CHANGE
------- ------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
REGIONAL MALLS
Revenues:
Rental Revenue........... $ 4,346 $ 4,469 (2.8)% $18,267 $18,040 1.3%
Recoveries from
Tenants................ 2,297 2,260 1.6% 9,082 9,392 (3.3)%
Other Income................ 795 766 3.8% 3,454 3,316 4.2%
------- ------- ------- -------
Total Revenues...... 7,438 7,495 (0.8)% 30,803 30,748 0.2%
Expenses:
Recoverable Operating
Expenses................. 3,093 3,015 2.6% 11,986 12,174 (1.5)%
Other Operating Expenses.... 30 25 20.0% 98 532 (81.6)%
------- ------- ------- -------
Total Expenses...... 3,123 3,040 2.7% 12,084 12,706 (4.9)%
------- ------- ------- -------
Net Operating Income.......... $ 4,315 $ 4,455 (3.1)% $18,719 $18,042 3.8%
======= ======= ======= =======
Total Properties.... 2 2 2 2
======= ======= ======= =======
Percentage Leased............. 90.9% 90.9% 90.9% 90.9%
======= ======= ======= =======
Average Base Rent per square
foot........................ $ 16.70 $ 16.16 $ 16.70 $ 16.16
======= ======= ======= =======
</TABLE>
Same Store properties are those which were owned as of January 1, 1998.
9
<PAGE> 7
CENTER TRUST, INC.
PORTFOLIO HIGHLIGHTS AND LEASING ACTIVITY
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
AS OF DECEMBER 31,
---------------------------------------------
1999 1998 1997
------------- ------------ ------------
<S> <C> <C> <C>
PORTFOLIO HIGHLIGHTS
Company Owned GLA
Community Shopping Centers...................... 7,547,955 7,887,404 4,704,838
Regional Malls.................................. 1,178,109 1,178,009 1,152,040
Single Tenant Facilities........................ 672,007 1,119,212 1,360,121
Total Company Owned GLA....................... 9,398,071 10,184,625 7,216,999
Percentage Leased
Community Shopping Centers...................... 95.0% 91.9% 93.8%
Regional Malls.................................. 90.9% 90.9% 91.3%
Single Tenant Facilities........................ 100.0% 100.0% 100.0%
Overall Portfolio............................. 94.9% 92.7% 94.6%
Average Base Rent
Community Shopping Centers
Anchor........................................ $ 8.70 $ 9.14 $ 9.37
Pad........................................... $ 15.05 $ 14.59 $ 13.52
Shop.......................................... $ 15.32 $ 14.79 $ 15.05
Overall....................................... $ 11.11 $ 11.26 $ 11.15
Regional Malls
Anchor........................................ $ 11.75 $ 11.69 $ 11.99
Pad........................................... $ 18.61 $ 17.99 $ 17.29
Shop.......................................... $ 24.20 $ 22.92 $ 24.37
Overall....................................... $ 16.70 $ 16.16 $ 16.95
Single Tenant Facilities........................ $ 5.97 $ 6.37 $ 5.73
Overall Portfolio............................. $ 11.40 $ 11.23 $ 10.96
Number of Properties
Community Shopping Centers...................... 47 49 30
Regional Malls.................................. 2 2 2
Single Tenant Facilities........................ 7 12 14
Overall Portfolio............................. 56 63 46
</TABLE>
<TABLE>
<CAPTION>
THREE
MONTHS
ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
------------ ------------
<S> <C> <C>
SUMMARY OF LEASING ACTIVITY -- COMMUNITY SHOPPING CENTERS
Space Vacated
Number of Leases....................................... 11 85
Gross Leasable Area.................................... 32,633 281,289
Base Rent per Square Foot.............................. $ 13.70 $ 12.34
New Leases Executed
Number of Leases....................................... 14 78
Gross Leasable Area.................................... 47,055 356,144
Base Rent per Square Foot.............................. $ 14.05 $ 12.67
Lease Renewals Executed
Number of Leases....................................... 40 146
Gross Leasable Area.................................... 126,168 459,329
New Annual Base Rent per Square Foot................... $ 14.25 $ 12.92
Percentage Change from Prior........................... 1.1% 1.9%
Leases with Contractual Rent Adjustments
Number of Leases....................................... 74 347
Gross Leasable Area.................................... 288,478 1,122,108
New Annual Base Rent per Square Foot................... $ 10.86 $ 13.04
Percentage Change from Prior........................... 8.0% 9.00%
</TABLE>
10
<PAGE> 8
CENTER TRUST, INC.
PORTFOLIO SUMMARY
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
NUMBER TOTAL LEASED GLA COMPANY
OF ---------------- OWNED PERCENT
PROPERTIES ANCHOR PAD SHOP GLA LEASED
---------- --------- ---------------- --------- --------- -------
<S> <C> <C> <C> <C> <C> <C>
COMMUNITY SHOPPING CENTERS
Pacific Northwest Region.................... 11 906,626 110,555 638,692 1,756,419 94.3%
Northern & Central California Region........ 7 348,261 11,808 349,888 770,621 92.1%
Southern California Region.................. 23 2,691,363 350,102 788,500 3,961,902 96.7%
Southwest Region............................ 6 585,783 55,566 334,719 1,059,013 92.2%
-- --------- ------- --------- --------- -----
TOTAL COMMUNITY SHOPPING
CENTERS......................... 47 4,532,033 528,031 2,111,799 7,547,955 95.0%
REGIONAL MALLS.............................. 2 609,515 78,594 383,254 1,178,109 90.9%
SINGLE TENANT FACILITIES.................... 7 668,107 3,900 -- 672,007 100.0%
-- --------- ------- --------- --------- -----
TOTAL PORTFOLIO................... 56 5,809,655 610,525 2,495,053 9,398,071 94.9%
== ========= ======= ========= ========= =====
<CAPTION>
AVERAGE
BASE
ANNUALIZED RENT
BASE RENT PER SQ. FT.
------------ -----------
<S> <C> <C>
COMMUNITY SHOPPING CENTERS
Pacific Northwest Region.................... $ 17,906,763 $10.81
Northern & Central California Region........ 7,411,860 10.44
Southern California Region.................. 46,326,559 12.10
Southwest Region............................ 8,069,635 8.27
------------ ------
TOTAL COMMUNITY SHOPPING
CENTERS......................... 79,714,817 11.11
REGIONAL MALLS.............................. 17,896,061 16.70
SINGLE TENANT FACILITIES.................... 4,012,527 5.97
------------ ------
TOTAL PORTFOLIO................... $101,623,405 $11.40
============ ======
</TABLE>
11
<PAGE> 9
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF DECEMBER 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 -- 73,812 150,163 96.3% $ 1,599,919
Covington, WA
Fairwood Shopping Center.......... 1995 109,249 10,777 81,846 208,181 97.0 1,967,302
Renton, WA
Frontier Village Shopping 1993 68,473 22,023 58,637 153,320 97.3 1,521,762
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 1988 159,282 26,587 68,171 262,725 96.7 2,252,072
Gresham, OR
The Medford Center................ 1998 196,032 17,432 53,642 325,922 82.0 2,041,261
Medford, OR
Pacific Linen Plaza............... 1988 25,000 -- 44,432 69,432 100.0 998,902
Lynnwood, WA
Pavilions' Centre................. 1995 123,562 -- 76,647 200,209 100.0 3,060,357
Federal Way, WA
Ross Center....................... 1987 53,331 7,000 70,944 132,465 99.1 1,562,780
Portland, OR
Silverdale Shopping Center........ 1990 29,020 -- 36,642 67,287 97.6 804,498
Silverdale, WA
Vancouver Park Place.............. 1987 33,938 14,900 29,106 77,944 100.0 962,070
Vancouver, WA
Westgate North Shopping Center.... 1980 37,902 11,836 44,813 108,771 86.9 1,135,840
Tacoma, WA
--------- ------- --------- ---------- ----- ------------
Pacific Northwest Region.......... 906,626 110,555 638,692 1,756,419 94.3 17,906,763
--------- ------- --------- ---------- ----- ------------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 1978 -- -- 12,740 14,115 90.3 90,556
Bakersfield, CA
Madera Marketplace................ 1992 92,278 -- 70,856 168,596 96.8 1,689,491
Madera, CA
Marshall's Plaza.................. 1989 27,000 -- 33,715 79,000 76.9 705,524
Modesto, CA
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF DECEMBER 31, 1999
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
COMMUNITY RETAIL CENTERS
PACIFIC NORTHWEST
Covington Square.................. $11.06 Safeway, Rite-Aid
Covington, WA
Fairwood Shopping Center.......... 9.75 Safeway, Ace Hardware, Pic
Renton, WA 'N' Save, Quality Food
Centers
Frontier Village Shopping 10.20 Safeway, Bartell Drugs
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 8.87 Ross Stores, Emporium, GI
Gresham, OR Joe's, Craft Warehouse,
JoAnn's
The Medford Center................ 7.64 Cinemark Theatres, Sears,
Medford, OR Emporium, Payless*,
Safeway*, Circuit City
Pacific Linen Plaza............... 14.39 Payless Shoesource, Men's
Lynnwood, WA Wearhouse
Pavilions' Centre................. 15.29 Quality Food Centers,
Federal Way, WA Barnes & Noble, Blockbuster
Music, Petco, JoAnn ETC.
Ross Center....................... 11.90 Ross Stores, Michaels, Pier
Portland, OR 1 Imports
Silverdale Shopping Center........ 12.25 Ross Stores
Silverdale, WA
Vancouver Park Place.............. 12.34 T.J. Maxx, Pier 1 Imports,
Vancouver, WA Olive Garden
Westgate North Shopping Center.... 12.01 Quality Food Centers
Tacoma, WA
------
Pacific Northwest Region.......... 10.81
------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 7.11
Bakersfield, CA
Madera Marketplace................ 10.36 Wal-Mart*, J.C. Penney
Madera, CA (Dark), Pak-N-Sav
Marshall's Plaza.................. 11.62 Marshall's
Modesto, CA
</TABLE>
12
<PAGE> 10
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF DECEMBER 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>
Mineral King Plaza................ 1983 -- -- 32,860 39,060 84.1% $ 511,976
Visalia, CA
Rheem Valley...................... 1990 51,009 5,150 90,271 153,260 95.5 1,670,852
Moraga, CA
Rosedale Village Shopping 1991 72,324 6,658 42,169 127,527 95.0 1,319,065
Center..........................
Bakersfield, CA
Southpointe Plaza................. 1982 105,650 -- 67,277 189,063 91.5 1,424,396
Sacramento, CA
--------- ------- --------- ---------- ----- ------------
Northern & Central California 348,261 11,808 349,888 770,621 92.1 7,411,860
Region............................
--------- ------- --------- ---------- ----- ------------
SOUTHERN CALIFORNIA REGION
Center of El Centro............... 1980 149,300 5,623 18,616 178,889 97.0 683,836
El Centro, CA
Country Fair Shopping Center...... 1992 96,225 27,341 31,899 163,462 95.1 2,258,613
Chino, CA
Covina Town Square................ 1997 266,383 15,918 63,618 359,611 96.2 5,110,252
Covina, CA
Date Palm Center.................. 1987 99,919 -- 12,937 117,362 96.2 1,692,236
Cathedral City, CA
El Camino North................... 1982 101,582 133,024 65,141 319,307 93.9 3,599,341
Oceanside, CA
Fire Mountain Center.............. 1987 44,481 23,432 23,339 92,378 98.8 1,792,123
Oceanside, CA
Fullerton Town Center............. 1987 177,653 19,722 38,179 255,687 92.1 3,702,275
Fullerton, CA
Gardena Gateway Center............ 1990 41,300 5,062 17,125 65,987 96.2 972,115
Gardena, CA
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 51,263 165,047 98.8 1,549,537
Los Angeles, CA
La Verne Towne Center............. 1986 158,860 1,940 58,019 231,143 94.7% $ 1,357,898
La Verne, CA
Lakewood Plaza.................... 1989 93,342 4,365 15,804 113,511 100.0 1,308,068
Bellflower, CA
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF DECEMBER 31, 1999
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Mineral King Plaza................ $15.58 Vons*, Longs Drugs*
Visalia, CA
Rheem Valley...................... 11.41 T. J. Maxx, Longs Drugs
Moraga, CA
Rosedale Village Shopping 10.89 Savemart, Payless Drugs,
Center.......................... Kmart*
Bakersfield, CA
Southpointe Plaza................. 8.24 Target, Big 5 Sporting
Sacramento, CA Goods
------
Northern & Central California 10.44
Region............................
------
SOUTHERN CALIFORNIA REGION
Center of El Centro............... 3.94 Sears, Mervyn's, Miller's
El Centro, CA Outpost
Country Fair Shopping Center...... 14.53 Albertsons*, PETsMART,
Chino, CA Rite-Aid, Staples, T.J.
Maxx
Covina Town Square................ 14.77 Home Depot, Staples,
Covina, CA PETsMART, Michael's, AMC
Theatres
Date Palm Center.................. 14.99 Sam's Club (Wal-Mart)
Cathedral City, CA
El Camino North................... 12.01 Mervyn's*, Toys 'R' Us*,
Oceanside, CA Petco*, Ross Stores, Stein
Mart
Fire Mountain Center.............. 19.64 Strouds, Lamps Plus, Trader
Oceanside, CA Joe's, Bookstar
Fullerton Town Center............. 15.72 Price Club*, AMC Theatres,
Fullerton, CA Toys 'R' Us, Office Depot
Gardena Gateway Center............ 15.31 Rite-Aid, 99 Ranch Market
Gardena, CA
Huntington Center................. 11.66 Toys 'R' Us, Lucky
Huntington Beach, CA
Kenneth Hahn Plaza................ 9.50 Food 4 Less, Pic 'N' Save
Los Angeles, CA Rite-Aid, Trak Auto
La Verne Towne Center............. $ 6.21 Target, Top Value
La Verne, CA
Lakewood Plaza.................... 11.52 Stater Bros., Staples
Bellflower, CA
</TABLE>
13
<PAGE> 11
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF DECEMBER 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>
Loma Square....................... 1980 96,514 -- 107,470 210,704 96.8 2,698,609
San Diego, CA
Montebello Town Square............ 1992 210,533 7,879 25,167 250,438 97.3 2,712,175
Montebello, CA
Mountain Square Shopping Center... 1988 185,945 -- 70,099 273,189 93.7 3,098,335
Upland, CA
North County Plaza................ 1987 43,610 28,720 73,045 153,325 94.8 2,125,361
Carlsbad, CA
Parkway Place..................... 1989 91,127 12,917 15,347 120,425 99.1 1,225,856
Escondido, CA
Pomona Gateway Center............. 1993 96,418 6,487 1,000 103,905 100.0 923,447
Pomona, CA
San Fernando Mission Plaza........ 1991 50,508 2,293 14,391 67,192 100.0 906,054
San Fernando, CA
Torrance Promenade................ 1991 215,562 20,496 30,183 266,907 99.8 4,156,986
Torrance, CA
Vermont-Slauson Shopping Center... 1981 142,411 3,720 23,613 169,744 100.0 993,598
Los Angeles, CA
Vineyards Marketplace............. 1991 21,415 -- 32,245 56,035 95.8 788,452
Rancho Cucamonga, CA
Vista Balboa...................... 1988 105,210 12,200 -- 117,410 100.0 1,386,271
San Diego, CA
--------- ------- --------- ---------- ----- ------------
Southern California Region.......... 2,691,363 350,102 788,500 3,961,902 96.7 46,326,559
--------- ------- --------- ---------- ----- ------------
SOUTHWEST REGION
Charleston Plaza.................. 1989 153,131 19,171 51,672 234,496 95.5 2,353,990
Las Vegas, NV
Kyrene Village Shopping Center.... 1987 95,957 5,120 57,490 161,174 98.4 1,226,701
Chandler, AZ
North Mountain Village............ 1985 41,215 -- 51,191 94,379 97.9 877,174
Phoenix, AZ
Randolph Plaza.................... 1999 136,110 6,150 28,511 180,382 94.7% $ 995,057
Tucson, AZ
Southern Palms Center............. 1980 56,345 20,025 123,641 251,663 79.5 1,885,994
Tempe, AZ
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF DECEMBER 31, 1999
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Loma Square....................... 13.23 T.J. Maxx, Circuit City,
San Diego, CA Sav- on Drugs, Super Crown
Books
Montebello Town Square............ 11.13 Sears, Toys 'R' Us, AMC
Montebello, CA Theatres, Petco
Mountain Square Shopping Center... 12.10 Home Depot, Staples,
Upland, CA Pavilions
North County Plaza................ 14.62 Marshall's, Michael's, Kids
Carlsbad, CA 'R' Us
Parkway Place..................... 10.27 Albertsons, Office Depot
Escondido, CA
Pomona Gateway Center............. 8.89 Vons, Pic 'N' Save
Pomona, CA
San Fernando Mission Plaza........ 13.48 KV-Mart (Vons)
San Fernando, CA
Torrance Promenade................ 15.61 Ross, Marshall's, Office
Torrance, CA Depot, Linens 'n Things,
Bookstar, Sears Homelife,
Loehmann's, Kids 'R' Us
Vermont-Slauson Shopping Center... 5.85 Ralphs, Kmart, Sav-on Drugs
Los Angeles, CA
Vineyards Marketplace............. 14.69 Albertson's*, Sav-on Drugs
Rancho Cucamonga, CA
Vista Balboa...................... 11.81 Albertsons, SportMart
San Diego, CA
------
Southern California Region.......... 12.10
------
SOUTHWEST REGION
Charleston Plaza.................. 10.51 Home Base, Albertsons*,
Las Vegas, NV Sav-on Drugs
Kyrene Village Shopping Center.... 7.74 Basha's, Kyrene Lanes,
Chandler, AZ Audio Express
North Mountain Village............ 9.49 Fry's Food & Drug*, T. J.
Phoenix, AZ Maxx, Greenbacks
Randolph Plaza.................... $ 5.83 Fry's, Walgreen's,
Tucson, AZ MacFrugal's
Southern Palms Center............. 9.43 Heilig Meyer Furniture,
Tempe, AZ Staples, Coomers Craft Mall
</TABLE>
14
<PAGE> 12
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF DECEMBER 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>
Sunrise Place Center.............. 1992 103,025 5,100 22,214 136,919 95.2 730,719
Tucson, AZ
--------- ------- --------- ---------- ----- ------------
Southwest Region.................... 585,783 55,566 334,719 1,059,013 92.2 8,069,635
--------- ------- --------- ---------- ----- ------------
COMMUNITY RETAIL CENTERS............ 4,532,033 528,031 2,111,799 7,547,955 95.0 79,714,817
--------- ------- --------- ---------- ----- ------------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 1988 141,554 29,610 157,167 359,704 91.3 5,810,348
Los Angeles, CA
Media City Center................. 1992 467,961 48,984 226,087 818,405 90.8 12,085,713
Burbank, CA
--------- ------- --------- ---------- ----- ------------
REGIONAL MALLS...................... 609,515 78,594 383,254 1,178,109 90.9 17,896,061
--------- ------- --------- ---------- ----- ------------
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 -- -- 86,479 100.0 415,951
Madera, CA
Kmart............................. 1990 86,479 -- -- 86,479 100.0 411,132
Rocklin, CA
Sam's Club........................ 1988 110,822 3,900 -- 114,722 100.0 732,765
Downey, CA
--------- ------- --------- ---------- ----- ------------
SINGLE TENANT FACILITIES............ 668,107 3,900 -- 672,007 100.0 4,012,527
--------- ------- --------- ---------- ----- ------------
TOTAL PROPERTIES.................... 5,809,655 610,525 2,495,053 9,398,071 94.9 $101,623,405
========= ======= ========= ========== ===== ============
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF DECEMBER 31, 1999
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Sunrise Place Center.............. 5.61 Smith's Food & Drug
Tucson, AZ
------
Southwest Region.................... 8.27
------
COMMUNITY RETAIL CENTERS............ 11.11
------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 17.70 Sears*, Robinsons-May*,
Los Angeles, CA Albertsons, T.J. Maxx,
Sony/ Magic Johnson
Theaters
Media City Center................. 16.27 Macy's, IKEA*, Sears*,
Burbank, CA Mervyn's*, AMC Theatres,
Sports Chalet, CompUSA,
Barnes & Noble, Virgin
Megastore, Circuit City,
Office Depot
------
REGIONAL MALLS...................... 16.70
------
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............................. 4.81 Kmart
Madera, CA
Kmart............................. 4.75 Kmart
Rocklin, CA
Sam's Club........................ 6.39 Sam's Club (Wal-Mart)
Downey, CA
------
SINGLE TENANT FACILITIES............ 5.97
------
TOTAL PROPERTIES.................... $11.40
======
</TABLE>
- ---------------
* Anchor space non-owned by Company
15
<PAGE> 13
CENTER TRUST
LEASE EXPIRATIONS -- OVERALL PORTFOLIO
DECEMBER 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....... 129 241,921 $13.00 74,096 $ 3.76 1,000 $13.00 166,825 $17.10
2000................. 193 524,339 14.69 132,079 9.85 39,059 14.84 353,201 16.48
2001................. 223 693,525 14.01 250,927 8.14 33,147 16.96 409,451 17.36
2002................. 213 829,751 12.31 394,318 6.76 52,448 18.27 382,985 17.20
2003................. 134 540,759 11.97 207,978 5.05 46,772 15.90 286,009 16.36
2004................. 149 878,605 11.06 516,480 7.26 36,488 17.01 325,637 16.42
2005................. 67 426,659 14.52 211,340 13.29 41,369 15.27 173,950 15.84
2006................. 50 410,251 12.85 245,048 10.55 37,105 13.07 128,098 17.18
2007................. 38 353,456 11.63 194,957 8.31 45,363 11.84 113,136 17.27
2008................. 32 496,109 11.13 423,602 9.88 39,167 20.12 33,340 16.38
2009................. 28 595,795 7.77 524,666 6.30 52,366 17.16 18,763 22.52
THEREAFTER........... 97 2,924,063 9.90 2,634,164 9.48 186,241 14.10 103,658 12.94
----- --------- ------ --------- ------ ------- ------ --------- ------
TOTAL....... 1,353 8,915,233 $11.40 5,809,655 $ 8.70 610,525 $15.47 2,495,053 $16.68
===== ========= ====== ========= ====== ======= ====== ========= ======
</TABLE>
LEASE EXPIRATIONS -- TOTAL COMMUNITY SHOPPING CENTERS
DECEMBER 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....... 77 178,635 $ 9.64 74,096 $ 3.76 1,000 $13.00 103,539 $13.81
2000................. 161 466,616 14.21 132,079 9.85 35,159 15.55 299,378 15.98
2001................. 182 644,269 12.74 250,927 8.14 33,147 16.96 360,195 15.56
2002................. 180 776,825 11.25 394,318 6.76 51,408 17.75 331,099 15.60
2003................. 113 504,165 11.07 207,978 5.05 46,772 15.90 249,415 15.19
2004................. 122 802,603 10.09 485,908 6.98 28,188 18.12 288,507 14.54
2005................. 54 308,080 12.21 113,761 7.43 39,649 14.57 154,670 15.12
2006................. 42 365,595 12.17 219,744 9.57 30,695 14.14 115,156 16.60
2007................. 30 300,459 10.55 194,957 8.31 45,363 11.84 60,139 16.84
2008................. 26 337,778 10.54 271,480 9.12 34,167 17.80 32,131 14.83
2009................. 23 470,932 7.81 413,844 6.30 38,884 17.35 18,204 21.90
THEREAFTER........... 75 2,015,906 10.97 1,772,941 10.74 143,599 12.73 99,366 12.48
----- --------- ------ --------- ------ ------- ------ --------- ------
TOTAL....... 1,085 7,171,863 $11.11 4,532,033 $ 8.70 528,031 $15.05 2,111,799 $15.32
===== ========= ====== ========= ====== ======= ====== ========= ======
</TABLE>
16
<PAGE> 14
CENTER TRUST, INC.
SUMMARY OF TENANTS WITH RENTS EXCEEDING 1% OF TOTAL RENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
PERCENTAGE
PERCENTAGE TOTAL OF COMPANY
NUMBER OF ANNUALIZED OF TOTAL TENANT OWNED
NUMBER RETAIL TENANT STORES BASE RENT BASE RENT GLA GLA
------ ------------- --------- ----------- ---------- --------- ----------
<C> <S> <C> <C> <C> <C> <C>
1 AMC THEATRES................... 6 $ 5,907,780 5.81% 259,842 2.76%
2 SAFEWAY/VONS................... 7 3,321,091 3.27% 393,819 4.19%
3 AMERICAN STORES
(SAV-ON, ALBERTSON'S).......... 10 3,677,277 3.62% 450,624 4.79%
4 K-MART......................... 6 2,562,498 2.52% 532,624 5.67%
5 SAM'S CLUB (WAL-MART).......... 2 2,138,834 2.10% 210,741 2.24%
6 FRED MEYER
(RALPHS/FFL/QFC,
SMITH'S)....................... 6 1,995,879 1.96% 299,699 3.19%
7 T.J. MAXX...................... 9 1,982,526 1.95% 247,614 2.63%
8 HOME DEPOT..................... 2 1,875,930 1.85% 200,549 2.13%
9 TOYS 'R' US.................... 5 1,802,233 1.77% 180,780 1.92%
10 HOME BASE...................... 2 1,710,826 1.68% 212,572 2.26%
11 SEARS.......................... 5 1,657,583 1.63% 299,642 3.19%
12 STAPLES........................ 6 1,513,504 1.49% 136,513 1.45%
13 BARNES & NOBLE................. 4 1,434,609 1.41% 70,276 0.75%
14 MAGIC JOHNSON THEATRES......... 1 1,288,210 1.27% 67,579 0.72%
15 ROSS STORES INC. .............. 5 1,166,621 1.15% 142,852 1.52%
16 PAYLESS SHOE SOURCE............ 16 1,058,759 1.04% 54,409 0.58%
17 OFFICE DEPOT................... 4 1,111,023 1.09% 101,594 1.08%
18 CIRCUIT CITY................... 3 1,035,900 1.02% 84,680 0.90%
-- ----------- ----- --------- -----
TOTAL.......................... 99 $37,241,083 36.65% 3,946,409 41.99%
== =========== ===== ========= =====
</TABLE>
17
<PAGE> 15
CENTER TRUST, INC.
MAJOR SEGMENT CONCENTRATION EXCEEDING 2% OF TOTAL RENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
PERCENTAGE
TOTAL SEGMENT PERCENT TOTAL OF COMPANY
NUMBER OF ANNUALIZED OF TOTAL SEGMENT OWNED
NUMBER RETAIL TENANT LEASES BASE RENT BASE RENT GLA GLA
------ ------------- --------- ------------- --------- --------- ----------
<C> <S> <C> <C> <C> <C> <C>
1 GROCERY STORES........... 24 $ 9,860,562 9.70% 1,227,610 13.06%
2 THEATRES................. 9 8,219,557 8.09% 409.694 4.36%
3 FAST FOOD RESTAURANTS.... 193 6,965,916 6.85% 329,439 3.51%
4 RESTAURANTS.............. 73 5,843,627 5.75% 379,680 4.04%
5 DISCOUNT DEPT. STORES.... 10 5,410,887 5.32% 963,747 10.25%
DISCOUNT APPAREL
6 STORES................... 36 4,487,548 4.42% 495,491 5.27%
7 WOMEN'S WEAR............. 62 4,189,983 4.12% 282,518 3.01%
8 HOME IMPROVEMENT......... 12 4,043,165 3.98% 468,838 4.99%
9 AUDIO/VIDEO STORES....... 34 3,483,441 3.43% 186,879 1.99%
10 HOME FURNISHINGS......... 24 3,359,618 3.31% 250,663 2.67%
11 DEPARTMENT STORES........ 9 2,802,871 2.76% 704,610 7.50%
BANK/FINANCIAL
12 SERVICES................. 59 2,513,855 2.47% 160,535 1.71%
13 VARIETY STORES........... 33 2,481,509 2.44% 280,063 2.98%
14 BEAUTY SUPPLY/SALONS..... 103 2,462,167 2.42% 134,860 1.43%
15 OFFICE SUPPLY STORES..... 10 2,453,781 2.41% 224,937 2.39%
16 MAJOR SHOE STORES........ 36 2,304,066 2.27% 116,942 1.24%
17 ELECTRONICS.............. 22 2,130,597 2.10% 144,478 1.54%
--- ----------- ----- --------- -----
TOTAL.................... 749 $73,013,150 71.85% 6,760,984 71.94%
=== =========== ===== ========= =====
</TABLE>
18
<PAGE> 16
CENTER TRUST, INC.
SUMMARY OF DISPOSITION PROPERTIES
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
COMPANY
DATE OF OWNED PERCENT GROSS
DISPOSITION PROPERTY NAME LOCATION TOTAL GLA GLA LEASED SALES PRICE
----------- ------------- -------- --------- --------- ------- -----------
<S> <C> <C> <C> <C> <C> <C>
1/26/1999............ Sam's Club Fountain Valley, CA 119,126 119,126 100.0%
2/11/1999............ The City Center San Francisco, CA 194,193 194,193 99.3%
--------- --------- -----------
Subtotal -- First Quarter 313,319 313,319 $47,118,000
--------- --------- -----------
8/2/1999............. Empire Center Fontana, CA 626,496 261,996 57.8%
9/15/1999............ Sixth Avenue Plaza Tacoma, WA 139,107 139,107 100.0%
9/16/1999............ Oracle Road Tucson, AZ 102,400 102,400 100.0%
--------- --------- -----------
Subtotal -- Third Quarter 868,003 503,503 23,968,000
--------- --------- -----------
11/10/99............. Von's Simi Valley, CA 102,400 102,400 100.0%
12/28/99............. K-MART Los Banos, CA 86,479 86,479 100.0%
12/29/99............. Von's Escondido, CA 36,800 36,800 100.0%
--------- --------- -----------
Subtotal -- Fourth Quarter 225,679 225,679 13,100,000
--------- --------- -----------
Total 1999 1,407,001 1,042,501 $84,186,000
========= ========= ===========
</TABLE>
19
<PAGE> 17
CENTER TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND RECONCILIATION TO FUNDS FROM OPERATIONS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
------------------ -------------------
1999 1998 1999 1998
------- -------- -------- --------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Rental revenues..................................... $25,700 $ 26,732 $105,410 $ 94,756
Expense reimbursements.............................. 8,333 8,626 32,387 28,909
Percentage rents.................................... 562 925 2,103 1,728
Other income........................................ 1,231 1,491 4,986 5,102
------- -------- -------- --------
Total Revenues............................ 35,826 37,774 144,886 130,495
------- -------- -------- --------
Interest............................................ 14,105 13,218 54,649 48,385
Depreciation and amortization....................... 6,467 6,795 24,854 24,313
Property operating costs:
Common area....................................... 4,652 6,014 21,217 20,393
Property taxes.................................... 3,724 3,753 14,505 12,477
Leasehold rentals................................. 396 415 1,681 1,652
Marketing......................................... 578 378 1,188 685
Other operating................................... 901 1,393 4,417 5,293
General and administrative.......................... 3,075 1,896 8,440 5,835
------- -------- -------- --------
Total Expenses............................ 33,898 33,862 130,951 119,033
------- -------- -------- --------
Income from Operations before Other Items........... 1,928 3,912 13,935 11,462
Gain on Sale of Assets.............................. 3,630 -- 23,991 1,055
Write-down of Asset Held for Sale................... -- (21,685) -- (21,685)
Minority interests -- Operating Partnership......... (242) 2,980 (4,497) 1,323
Minority interests -- Other......................... (66) (62) (289) (268)
------- -------- -------- --------
Net Income (Loss) before Extraordinary Loss......... 5,250 (14,855) 33,140 (8,113)
Extraordinary Loss -- Early Extinguishment of
Debt.............................................. (1,578) -- (6,483)
------- -------- -------- --------
Net Income (Loss)................................... 3,672 (14,855) 26,657 (8,113)
------- -------- -------- --------
Adjustments to reconcile net income (loss) to FFO:
Depreciation of real property..................... 6,370 6,729 24,655 24,155
Minority Interests................................ 158 (3,060) 4,163 (1,634)
Extraordinary Loss -- Early Extinguishment of
Debt........................................... 1,578 -- 6,483 --
Gain on Sale of Assets............................ (3,630) -- (23,991) (1,055)
Write-down of Asset Held for Sale................. -- 21,685 -- 21,685
Non-recurring Restructuring Charge................ -- -- 1,148 --
Other............................................. 2,376 401 3,362 1,263
------- -------- -------- --------
Funds From Operations -- Basic...................... 10,524 10,900 42,477 36,301
Adjustments to reconcile Basic to Diluted FFO:
Debenture interest................................ 2,955 3,141 12,176 12,568
Amortization of Deferred costs -- Debentures...... 320 325 1,290 1,300
------- -------- -------- --------
Funds From Operations -- Diluted(1)................. $13,799 $ 14,366 $ 55,943 $ 50,169
======= ======== ======== ========
</TABLE>
- ---------------
(1) For purposes of computing FFO, diluted information assumes the conversion of
the Company's Debentures at $18 per share as well as other common stock
equivalents.
20
<PAGE> 18
CENTER TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
ASSETS
<TABLE>
<CAPTION>
DECEMBER 31, DECEMBER 31,
1999 1998
------------ ------------
(UNAUDITED)
<S> <C> <C>
Rental Properties........................................... $1,030,689 $1,074,629
Accumulated depreciation and amortization................... (143,610) (141,785)
---------- ----------
Rental properties, net.................................... 887,079 932,844
Cash and cash equivalents................................... 5,204 6,636
Tenant receivables, net..................................... 12,267 13,543
Other receivables........................................... 6,181 7,984
Restricted cash and securities.............................. 20,577 5,437
Deferred charges, net....................................... 20,966 18,682
Other assets................................................ 3,305 1,895
---------- ----------
Total............................................. $ 955,579 $ 987,021
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Secured debt................................................ $ 524,468 $ 497,386
7 1/2% Convertible subordinated debentures.................. 128,548 138,599
7 1/4% Exchangeable subordinated debentures................. 30,000 30,000
Accrued distributions....................................... 9,963 10,931
Accrued interest............................................ 5,441 5,873
Accounts payable and other accrued expenses................. 6,760 6,718
Accrued construction costs.................................. 1,753 1,955
Tenant security and other deposits.......................... 5,948 5,957
---------- ----------
Total liabilities........................................... 712,881 697,419
========== ==========
MINORITY INTERESTS
Operating partnership (1,654,725 and 4,978,240 units issued
as of December 31, 1999 and 1998, respectively)........... 14,091 47,717
Other minority interests.................................... 1,319 1,514
---------- ----------
Total minority interest..................................... 15,410 49,231
---------- ----------
REDEEMABLE COMMON STOCK
(590,034 shares as of December 31, 1998, redeemed May 25,
1999)..................................................... -- 9,903
---------- ----------
STOCKHOLDERS' EQUITY
Common stock ($.01 par value, 100,000,000 shares authorized;
26,647,968 and 24,756,693 shares issued and outstanding as
of December 31, 1999 and 1998, respectively).............. 266 248
Additional paid-in capital.................................. 361,412 354,281
Accumulated distributions and deficit....................... (134,390) (124,061)
---------- ----------
Total stockholders' equity.................................. 227,288 230,468
---------- ----------
Total............................................. $ 955,579 $ 987,021
========== ==========
</TABLE>
21
<PAGE> 19
CENTER TRUST, INC.
SUMMARY OF OUTSTANDING DEBT
DECEMBER 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
BALANCE BALANCE
MATURITY YEARS TO DECEMBER 31, DECEMBER 31,
LENDER PROPERTY RATE DATE MATURITY 1999 1998
------ -------- ------ -------- -------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
FIXED-RATE MORTGAGES
Connecticut General Life Insurance
Company............................... Gresham 7.500% 05/01/99 $ 9,442
The Prudential Insurance Company of
America............................... Loma Square 9.310% 08/15/99 18,881
Massachusetts Mutual Life Insurance
Company............................... Fire Mountain 10.250% 10/01/99 7,383
The Travelers Insurance Company......... Glendora 9.500% 10/01/99 6,058
Metropolitan Life Insurance Company..... Escondido 9.300% 11/01/99 2,686
Aid Association for Lutherans........... Gardena 10.050% 02/15/02 6,641
Sun Life Assurance Company of Canada.... Fairwood 8.375% 02/01/04 7,458
Aetna Life Insurance Company............ Covina 9.600% 09/01/04 17,807
Principal Mutual Life Insurance
Company............................... North Mountain Village 8.250% 05/01/01 1.3 $ 8,182 8,234
Metropolitan Life Insurance Company..... Date Palm 10.450% 07/31/02 2.6 9,254 9,391
The Travelers Insurance Company......... North County 10.375% 01/31/03 3.1 15,573 15,890
Nomura Asset Capital Corporation(1)..... Tranche A 8.938% 04/01/05 5.3 22,198 22,377
DLJ Mortgage Acceptance Corp............ Charleston 8.050% 01/01/06 6.0 15,201 15,415
Teachers................................ Pavilions 7.44% 08/01/06 6.6 24,064 24,498
Column Financial, Inc................... Mineral King 9.680% 08/01/06 6.6 3,673 3,761
Eastrich #79 Corporation (AEW)(2)....... Loan #1 11.450% 10/15/06 6.8 19,908 29,607
Eastrich #79 Corporation (AEW)(3)....... Loan #2 10.900% 10/15/06 6.8 9,153 9,538
First Union National Bank(7)............ Gardena, Gresham, Loma 7.750% 07/01/09 9.5 51,784 --
Square & Southpointe
Chase Commercial Mortgage Banking
Corp.................................. Torrance Promenade 8.300% 11/10/09 9.9 29,981 --
Chase Commercial Mortgage Banking
Corp.................................. Kyrene Village 8.300% 11/10/09 9.9 5,191
Chase Commercial Mortgage Banking
Corp.................................. Vineyards Marketplace 8.300% 11/10/09 9.9 7,945
Nomura Asset Capital Corporation(1)..... Tranche B 9.000% 04/01/10 10.3 32,975 33,236
Aid Association for Lutherans........... Westgate North 8.300% 04/01/14 14.3 5,846 6,066
---- --------
Total Fixed-Rate Mortgages........ 8.790% 7.7 260,928 254,369
---- --------
VARIABLE-RATE MORTGAGES
First Union National Bank(7)............ Covina, Randolph Plaza, 8.980% 06/01/02 2.4 58,017 --
Fairwood & Mountain Square
First Union National Bank(7)............ Fire Mountain 8.980% 08/01/02 2.6 11,448 --
---- --------
Total Variable-Rate Mortgages..... 8.980% 2.5 69,465 --
---- --------
OTHER SECURED DEBT
CRA -- Certificates of Participation,
Series 1985........................... Baldwin Hills 5.300% 12/01/14 14.9 30,000 30,000
CDC -- Certificates of Participation,
Series 1985........................... Willowbrook 5.200% 12/01/15 15.9 6,000 6,000
Chase Manhattan Bank(4)................. Secured Line of Credit 7.801% 12/30/00 1.0 158,075 200,895
---- --------
Total Other Secured Debt.......... 7.334% 3.6 194,075 236,895
---- --------
TOTAL SECURED DEBT................ 8.276% 5.5 524,468 491,264
---- --------
Convertible debentures(5)............... 7.500% 01/15/01 1.1 128,548 138,599
Exchangeable debentures(6).............. 7.250% 12/27/03 4.0 30,000 30,000
---- --------
TOTAL DEBT OUTSTANDING............ 8.085% 4.6 $683,016 $659,863
==== ========
</TABLE>
- ---------------
(1) Secured by San Fernando Mission, Rosedale, Country Fair, Fullerton, La
Verne, and $10.6 million of U.S. Treasury Securities.
(2) Secured by KMart -- Rocklin, KMart -- El Centro, KMart -- Banning,
Kmart -- Madera, KMart -- Phoenix, Advantage and Huntington Beach.
(3) Secured by Lakewood, Sam's Club -- Downey, and Parkway Place.
(4) Secured by Media City, Montebello, Medford Shopping Center, Ross Center,
Pacific Linen, Vancouver Park Place, Sunrise Place, Marshalls Plaza, Ross
Plaza -- Silverdale, Covington, Frontier Village and Rheem Valley. Interest
based on LIBOR plus 137.5 basis points.
(5) 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.
(6) 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.
(7) Interest based on LIBOR plus 250 basis points.
22
<PAGE> 20
CENTER TRUST, INC.
SCHEDULE OF MORTGAGE DEBT MATURITIES
DECEMBER 31, 1999
<TABLE>
<CAPTION>
SCHEDULED PERCENT OF
AMORTIZATION SCHEDULED DEBT
YEAR PAYMENTS MATURITIES MATURING TOTAL
---- ------------ ---------- ---------- --------
<S> <C> <C> <C> <C>
2000......................................... $ 5,175 $158,075(1) 32.9% $163,250
2001......................................... 5,573 8,105 1.7% 13,678
2002......................................... 5,223 75,983 15.8% 81,206
2003......................................... 4,610 14,434 3.0% 19,044
2004......................................... 4,930 -- 4,930
2005......................................... 4,934 20,953 4.4% 25,887
2006......................................... 3,976 53,846 11.2% 57,822
2007......................................... 2,176 -- 2,176
2008......................................... 2,333 -- 2,333
2009......................................... 1,906 85,212 17.7% 87,118
Thereafter................................... 2,639 64,385 13.4% 67,024
------- -------- ------- --------
Total........................................ $43,475 $480,993 100% $524,468
======= ======== ======= ========
</TABLE>
- ---------------
(1) Represents amount outstanding on the Company's secured credit facility which
is due on December 31, 2000.
23
