<PAGE> 1
EXHIBIT 99
CENTER TRUST, INC.
SUPPLEMENTAL INFORMATION
JUNE 30, 2000
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 Store 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
Consolidated Statements of Operations and Reconciliation to
Funds From Operations..................................... 19
Consolidated Balance Sheets................................. 20
Summary of Outstanding Debt................................. 21
Schedule of Mortgage Debt Maturities........................ 22
</TABLE>
4
<PAGE> 2
CENTER TRUST, INC.
COMPANY PROFILE
JUNE 30, 2000
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 55 shopping centers, comprised of 47 community shopping centers, two regional
malls and 6 single tenant facilities comprising 11 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, June 30, 2000 for the Company and its portfolio of assets. This
information should be read in conjunction with the Company's 1999 Form 10-K and
2000 quarterly filings on Form 10-Q.
Questions regarding the information contained in this document should be
directed to Stuart Gulland, Chief Operating Officer or Ed Stokx, Senior Vice
President of Finance, 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
JUNE 30, 2000
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------ ------------------
2000 1999 2000 1999
------- ------- ------- -------
<S> <C> <C> <C> <C>
OPERATING HIGHLIGHTS
Funds From Operations (FFO)
FFO - Basic.................................... $ 8,119 $10,663 $17,061 $21,365
FFO - Diluted(1)............................... $11,394 $14,111 $23,610 $28,280
FFO per share - Basic.......................... $ 0.29 $ 0.37 $ 0.60 $ 0.72
FFO per share - Diluted(1)..................... $ 0.31 $ 0.37 $ 0.63 $ 0.73
Net income Available to Common Shareholders....... $10,092 $ 340 $12,812 $21,232
Net Income Per Share - Basic................... $ 0.38 $ 0.01 $ 0.48 $ 0.84
Net Income Per Share - Diluted................. $ 0.38 $ 0.01 $ 0.48 $ 0.81
EBITDA............................................ $23,017 $24,110 $46,406 $47,709
Funds Available for Distribution (FAD)............ $ 8,478 $10,797 $17,575 $21,661
FAD per share - Basic.......................... $ 0.30 $ 0.37 $ 0.62 $ 0.73
Dividends Per Share............................... $ 0.21 $ 0.36 $ 0.42 $ 0.72
Interest Expense Coverage Ratios
Based on EBITDA................................ 1.5 1.8 1.6 1.8
Based on EBITDA - Excluding Debentures......... 2.0 2.4 2.0 2.4
General & Administrative Expense.................. $ 1,324 $ 1,431 $ 2,631 $ 2,961
G&A as % of Total Rental Revenue............... 5.3% 5.3% 5.2% 5.5%
Ratio of Expense Recoveries to Recoverable 87.7% 85.2% 88.3% 86.5%
Expenses.......................................
Ratio of Operating Expenses to Total Rental 35.0% 34.1% 34.5% 34.3%
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.
6
<PAGE> 4
CENTER TRUST, INC.
CAPITAL STRUCTURE
JUNE 30, 2000
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
----------------------- -----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
EQUITY INFORMATION
Units Outstanding at End of Period......... 1,759,442 1,836,623 1,759,442 1,836,623
Common Outstanding at End of Period........ 26,703,319 26,113,225 26,703,319 26,113,225
---------- ---------- ---------- ----------
Total Units and Common Shares Outstanding
at End of Period........................ 28,462,761 27,949,848 28,462,761 27,949,848
========== ========== ========== ==========
Basic Weighted Average Units Outstanding... 1,664,147 3,797,710 1,664,147 4,369,308
Basic Weighted Average Common Shares
Outstanding............................. 26,686,488 25,229,944 26,667,228 25,236,600
---------- ---------- ---------- ----------
Basic Weighted Average Units and Common
Shares Outstanding...................... 28,350,635 29,027,654 28,331,375 29,605,908
Number of Common Shares Attributed to
Convertible and Exchangeable
Debentures(1)........................... 8,808,222 9,315,830 8,808,222 9,341,110
---------- ---------- ---------- ----------
Diluted Weighted Average Common Shares and
Common Share Equivalents................ 37,158,857 38,343,484 37,139,597 38,947,018
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
AS OF
----------------------------------------
JUNE 30, DECEMBER 31, DECEMBER 31,
2000 1999 1998
-------- ------------ ------------
(IN THOUSAND, EXCEPT SHARE DATA)
<S> <C> <C> <C>
MARKET CAPITALIZATION
Stock Price Activity During Period
High............................................... $ 10.50 $ 13.00 $ 12.94
Low................................................ $ 4.88 $ 9.06 $ 9.50
Common Stock Price at End of Period................... $ 5.06 $ 9.69 $ 12.25
Equity Market Capitalization.......................... $144,022 $274,253 $ 371,481
Fixed-Rate Debt....................................... 258,870 260,928 260,491
Floating-Rate Debt.................................... 253,125 263,540 236,895
Subordinated Debentures............................... 158,548 158,548 168,599
-------- -------- ----------
Total Capitalization.................................. $814,565 $957,269 $1,037,466
======== ======== ==========
Debt-to-Total Market Capitalization................... 82.3% 71.4% 64.2%
======== ======== ==========
</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 JUNE 30, 2000
<TABLE>
<CAPTION>
COMMON OPERATING PARTNERSHIP
STOCK UNITS TOTAL
---------- --------------------- ----------
<S> <C> <C> <C>
Balance, January 1, 1999........................ 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 Grants to Employees......... 17,099 -- 17,099
---------- ---------- ----------
Balance, March 31, 1999......................... 24,437,348 4,938,240 29,375,588
Shares Repurchased(1)(2)...................... (596,101) (596,101)
Units Repurchased(3).......................... -- (3,101,617) (3,101,617)
Shares Issued................................. 2,260,232 -- 2,260,232
Issuance of Stock Grants to Employees......... 11,746 -- 11,746
---------- ---------- ----------
Balance, June 30, 1999.......................... 26,113,225 1,836,623 27,949,848
Issuance of Stock Grants 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 Grants to Employees......... 480,658 -- 480,658
---------- ---------- ----------
Balance, December 31, 1999...................... 26,647,968 1,654,725 28,302,693
Units Issued.................................. -- 104,717 104,717
Issuance of Stock Grants to Employees......... 38,520 -- 38,520
---------- ---------- ----------
Balance, March 31, 2000......................... 26,686,488 1,759,442 28,445,930
Issuance of Stock Grants to Employees......... 16,831 -- 16,831
---------- ---------- ----------
Balance, June 30, 2000.......................... 26,703,319 1,759,442 28,462,761
========== ========== ==========
</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.
(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.
8
<PAGE> 6
CENTER TRUST, INC.
SAME STORE PROPERTY ACTIVITY
JUNE 30, 2000
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------- -----------------
2000 1999 % CHANGE 2000 1999 % CHANGE
-------- -------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
COMMUNITY SHOPPING CENTERS
Revenues:
Rental Revenue..................... $19,486 $19,200 1.5% $38,639 $38,188 1.2%
Recoveries from Tenants............ 5,143 4,963 3.6% 10,342 9,947 4.0%
Other Income....................... 338 197 71.6% 506 391 29.4%
------- ------- ------- -------
Total Revenues................ 24,967 24,360 2.5% 49,487 48,526 2.0%
Expenses:
Recoverable Operating Expenses........ 5,410 5,285 2.4% 10,838 10,651 1.8%
Other Operating Expenses.............. 508 508 0.0% 1,028 1,015 1.3%
------- ------- ------- -------
Total Expenses................ 5,918 5,793 2.2% 11,866 11,666 1.7%
------- ------- ------- -------
Net Operating Income.................... $19,049 $18,567 2.6% $37,621 $36,860 2.1%
======= ======= ======= =======
Total Properties.............. 46 46 46 46
======= ======= ======= =======
Percentage Leased....................... 95.4% 93.0% 95.4% 93.0%
======= ======= ======= =======
Average Base Rent per square foot....... $ 11.07 $ 10.91 $ 11.07 $ 10.91
======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------- -----------------
2000 1999 % CHANGE 2000 1999 % CHANGE
-------- -------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
REGIONAL MALLS
Revenues:
Rental Revenue..................... $ 4,482 $ 4,520 -0.8% $ 8,932 9,052 -1.3%
Recoveries from Tenants............ 2,250 2,204 2.1% 4,438 4,659 -4.7%
Other Income.......................... 747 1,043 -28.4% 1,502 1,797 -16.4%
------- ------- ------- -------
Total Revenues................ 7,479 7,767 -3.7% 14,872 15,508 -4.1%
Expenses:
Recoverable Operating Expenses........ 2,975 2,925 1.7% 5,921 5,939 -0.3%
Other Operating Expenses.............. 43 22 95.5% 72 28 157.1%
------- ------- ------- -------
Total Expenses................ 3,018 2,947 2.4% 5,993 5,967 0.4%
------- -------
Net Operating Income.................... $ 4,461 $ 4,820 -7.4% 8,879 9,541 -6.9%
======= ======= ======= =======
Total Properties.............. 2 2 2 2
======= ======= ======= =======
Percentage Leased....................... 91.3% 90.0% 91.3% 90.0%
======= ======= ======= =======
Average Base Rent per square foot....... $ 15.11 $ 16.24 $ 15.11 $ 16.24
======= ======= ======= =======
</TABLE>
Same Store properties are those which were owned as of January 1, 1999.
9
<PAGE> 7
CENTER TRUST, INC.
PORTFOLIO HIGHLIGHTS AND LEASING ACTIVITY
AS OF JUNE 30, 2000
<TABLE>
<CAPTION>
AS OF
------------------------------------------
JUNE 30, DECEMBER 31, DECEMBER 31,
2000 1999 1998
---------- ------------ ------------
<S> <C> <C> <C>
PORTFOLIO HIGHLIGHTS
Company Owned GLA
Community Shopping Centers...................... 7,435,056 7,547,955 7,887,404
Regional Malls.................................. 1,328,109 1,178,109 1,178,009
Single Tenant Facilities........................ 564,842 672,007 1,119,212
Total Company Owned GLA....................... 9,328,007 9,398,071 10,184,625
Percentage Leased
Community Shopping Centers...................... 95.4% 95.0% 91.9%
Regional Malls.................................. 91.3% 90.9% 90.9%
Single Tenant Facilities........................ 100.0% 100.0% 100.0%
Overall Portfolio............................. 95.1% 94.9% 92.7%
Average Base Rent
Community Shopping Centers
Anchor........................................ $ 8.34 $ 8.70 $ 9.14
Pad........................................... $ 15.25 $ 15.05 $ 14.59
Shop.......................................... $ 15.42 $ 15.32 $ 14.79
Overall....................................... $ 10.95 $ 11.11 $ 11.26
Regional Malls
Anchor........................................ $ 10.61 $ 11.75 $ 11.69
Pad........................................... $ 18.61 $ 18.61 $ 17.99
Shop.......................................... $ 23.49 $ 24.20 $ 22.92
Overall....................................... $ 15.11 $ 16.70 $ 16.16
Single Tenant Facilities........................ $ 5.45 $ 5.97 $ 6.37
Overall Portfolio............................. $ 11.17 $ 11.40 $ 11.23
Number of Properties
Community Shopping Centers...................... 47 47 49
Regional Malls.................................. 2 2 2
Single Tenant Facilities........................ 6 7 12
Overall Portfolio............................. 55 56 63
</TABLE>
<TABLE>
<CAPTION>
THREE SIX
MONTHS MONTHS
ENDED ENDED
JUNE 30, JUNE 30,
-------- --------
<S> <C> <C>
SUMMARY OF LEASING ACTIVITY -- COMMUNITY SHOPPING CENTERS
Space Vacated
Number of Leases....................................... 11 33
Gross Leasable Area.................................... 22,883 87,571
Base Rent per Square Foot.............................. $ 15.27 $ 14.40
New Leases Executed
Number of Leases....................................... 12 30
Gross Leasable Area.................................... 51,454 164,778
Base Rent per Square Foot.............................. $ 12.90 $ 12.00
Lease Renewals Executed
Number of Leases....................................... 36 73
Gross Leasable Area.................................... 97,080 232,277
New Annual Base Rent per Square Foot................... $ 16.26 $ 15.77
Percentage Change from Prior........................... 5.93% 4.29%
Leases with Contractual Rent Adjustments
Number of Leases....................................... 81 182
Gross Leasable Area.................................... 218,379 483,337
New Annual Base Rent per Square Foot................... $ 14.68 $ 15.25
Percentage Change from Prior........................... 4.4% 4.6%
</TABLE>
10
<PAGE> 8
CENTER TRUST, INC.
PORTFOLIO SUMMARY
AS OF JUNE 30, 2000
<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.................... 11 906,626 110,555 646,309 1,754,158 94.8%
Northern and Central California Region...... 7 348,261 11,808 342,738 771,380 91.1%
Southern California Region.................. 23 2,580,173 346,143 783,638 3,850,505 96.3%
Southwest Region............................ 6 633,313 57,523 328,789 1,059,013 96.3%
-- --------- ------- --------- --------- -----
TOTAL COMMUNITY SHOPPING
CENTERS......................... 47 4,468,373 526,029 2,101,474 7,435,056 95.4%
REGIONAL MALLS.............................. 2 759,515 78,594 374,534 1,328,109 91.3%
SINGLE TENANT FACILITIES.................... 6 560,942 3,900 -- 564,842 100.0%
-- --------- ------- --------- --------- -----
TOTAL PORTFOLIO................... 55 5,788,830 608,523 2,476,008 9,328,007 95.1%
== ========= ======= ========= ========= =====
<CAPTION>
AVERAGE
BASE
ANNUALIZED RENT
BASE RENT PER SQ. FT.
------------ -----------
<S> <C> <C>
COMMUNITY SHOPPING CENTERS
Pacific Northwest Region.................... $ 18,136,453 $10.90
Northern and Central California Region...... 7,374,398 10.49
Southern California Region.................. 43,704,803 11.78
Southwest Region............................ 8,466,585 8.30
------------ ------
TOTAL COMMUNITY SHOPPING
CENTERS......................... 77,682,239 10.95
REGIONAL MALLS.............................. 18,319,466 15.11
SINGLE TENANT FACILITIES.................... 3,077,083 5.45
------------ ------
TOTAL PORTFOLIO................... $ 99,078,788 $11.17
============ ======
</TABLE>
11
<PAGE> 9
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF JUNE 30, 2000
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 -- 62,083 150,163 88.5% $ 1,421,985
Covington, WA
Fairwood Shopping Center.......... 1995 109,249 10,777 80,511 208,265 96.3 1,891,164
Renton, WA
Frontier Village Shopping 1993 68,473 22,023 49,999 153,320 91.6 1,460,482
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 1988 159,282 26,587 68,295 264,649 96.0 2,275,898
Gresham, OR
The Medford Center................ 1998 196,032 17,432 88,432 326,403 92.5 2,588,337
Medford, OR
Pacific Linen Plaza............... 1988 25,000 -- 44,432 69,432 100.0 1,034,825
Lynnwood, WA
Pavilions' Centre................. 1995 123,562 -- 76,647 200,209 100.0 3,061,957
Federal Way, WA
Ross Center....................... 1987 53,331 7,000 70,944 132,465 99.1 1,573,957
Portland, OR
Silverdale Shopping Center........ 1990 29,020 -- 36,947 67,287 98.0 815,381
Silverdale, WA
Vancouver Park Place.............. 1987 33,938 14,900 27,006 77,944 97.3 933,881
Vancouver, WA
Westgate North Shopping Center.... 1980 37,902 11,836 41,013 104,021 87.2 1,078,586
Tacoma, WA
--------- ------- --------- ---------- ----- ------------
Pacific Northwest Region.......... 906,626 110,555 646,309 1,754,158 94.8 18,136,453
--------- ------- --------- ---------- ----- ------------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 1978 -- -- 11,540 14,115 81.8 80,859
Bakersfield, CA
Madera Marketplace................ 1992 92,278 -- 67,928 168,596 95.0 1,652,054
Madera, CA
Marshall's Plaza.................. 1989 27,000 -- 31,915 79,000 74.6 708,445
Modesto, CA
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF JUNE 30, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
COMMUNITY RETAIL CENTERS
PACIFIC NORTHWEST
Covington Square.................. $10.70 Safeway, Rite-Aid
Covington, WA
Fairwood Shopping Center.......... 9.43 Safeway, Ace Hardware, Pic
Renton, WA 'N' Save, Quality Food
Centers
Frontier Village Shopping 10.40 Safeway, Bartell Drugs
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 8.95 Ross Stores, Emporium, GI
Gresham, OR Joe's, Craft Warehouse
The Medford Center................ 8.57 Cinemark Theatres, Sears,
Medford, OR Emporium, Payless*,
Safeway*, Circuit City, 24
Hour Fitness
Pacific Linen Plaza............... 14.90 World Lighting
Lynnwood, WA
Pavilions' Centre................. 15.29 Quality Food Centers,
Federal Way, WA Barnes & Noble, Blockbuster
Music, Petco, JoAnn ETC.
Ross Center....................... 11.99 Ross Stores, Michaels, Pier
Portland, OR 1 Imports
Silverdale Shopping Center........ 12.36 Ross Stores
Silverdale, WA
Vancouver Park Place.............. 12.31 T.J. Maxx, Pier 1 Imports
Vancouver, WA
Westgate North Shopping Center.... 11.89 Quality Food Centers
Tacoma, WA
------
Pacific Northwest Region.......... 10.90
------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 7.01
Bakersfield, CA
Madera Marketplace................ 10.31 Wal-Mart*, Pak-N-Sav
Madera, CA
Marshall's Plaza.................. 12.02 Marshall's
Modesto, CA
</TABLE>
12
<PAGE> 10
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF JUNE 30, 2000
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 -- -- 33,760 39,060 86.4% $ 527,276
Visalia, CA
Rheem Valley...................... 1990 51,009 5,150 81,753 153,999 89.6 1,580,537
Moraga, CA
Rosedale Village Shopping 1991 72,324 6,658 48,565 127,547 100.0 1,425,092
Center..........................
Bakersfield, CA
Southpointe Plaza................. 1982 105,650 -- 67,277 189,063 91.5 1,400,134
Sacramento, CA
--------- ------- --------- ---------- ----- ------------
Northern & Central California 348,261 11,808 342,738 771,380 91.1 7,374,398
Region............................
--------- ------- --------- ---------- ----- ------------
SOUTHERN CALIFORNIA REGION
Center of El Centro............... 1980 149,300 5,623 18,616 178,889 97.0 645,636
El Centro, CA
Country Fair Shopping Center...... 1992 96,225 27,341 31,842 163,405 95.1 2,270,582
Chino, CA
Covina Town Square................ 1997 171,233 15,918 63,618 264,461 94.8 2,737,487
Covina, CA
Date Palm Center.................. 1987 99,919 -- 11,691 117,362 95.1 1,682,656
Cathedral City, CA
El Camino North................... 1982 76,582 133,024 65,141 294,173 93.4 3,394,386
Oceanside, CA
Fire Mountain Center.............. 1987 44,481 23,432 24,465 92,378 100.0 1,821,147
Oceanside, CA
Fullerton Town Center............. 1987 186,613 19,722 33,144 264,647 90.5 3,605,472
Fullerton, CA
Gardena Gateway Center............ 1990 41,300 5,062 17,305 65,987 96.5 947,666
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 1,553,479
Los Angeles, CA
La Verne Towne Center............. 1986 158,860 1,940 58,239 231,143 94.8 1,356,040
La Verne, CA
Lakewood Plaza.................... 1989 93,342 4,365 15,804 113,511 100.0 1,309,621
Bellflower, CA
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF JUNE 30, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Mineral King Plaza................ $15.62 Vons*, Longs Drugs*
Visalia, CA
Rheem Valley...................... 11.46 T. J. Maxx, Longs Drugs
Moraga, CA
Rosedale Village Shopping 11.17 Savemart, Payless Drugs,
Center.......................... Kmart*
Bakersfield, CA
Southpointe Plaza................. 8.10 Big 5 Sporting Goods
Sacramento, CA
------
Northern & Central California 10.49
Region............................
------
SOUTHERN CALIFORNIA REGION
Center of El Centro............... 3.72 Sears, Mervyn's
El Centro, CA
Country Fair Shopping Center...... 14.61 Albertsons*, PETsMART,
Chino, CA Rite-Aid, Staples, T.J.
Maxx
Covina Town Square................ 10.92 Home Depot, Staples,
Covina, CA PETsMART, Michael's, AMC
Theatres*
Date Palm Center.................. 15.08 Sam's Club (Wal-Mart)
Cathedral City, CA
El Camino North................... 12.35 Mervyn's*, Toys 'R' Us*,
Oceanside, CA Petco*, Ross Stores,
Steinmart
Fire Mountain Center.............. 19.71 Strouds, Lamps Plus, Trader
Oceanside, CA Joe's, Bookstar
Fullerton Town Center............. 15.06 Costco*, AMC Theatres, Toys
Fullerton, CA 'R' Us, Office Depot
Gardena Gateway Center............ 14.88 Marukai (Rite-Aid), 99
Gardena, CA Ranch Market
Huntington Center................. 11.66 Toys 'R' Us, Albertsons
Huntington Beach, CA
Kenneth Hahn Plaza................ 9.53 Food 4 Less, Pic 'N' Save
Los Angeles, CA Rite-Aid, Super Trak Auto
La Verne Towne Center............. 6.19 Target, Top Valu
La Verne, CA (Albertsons)
Lakewood Plaza.................... 11.54 Stater Bros. (Albertsons),
Bellflower, CA Staples
</TABLE>
13
<PAGE> 11
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF JUNE 30, 2000
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 -- 108,128 210,704 97.1% $ 2,724,946
San Diego, CA
Montebello Town Square............ 1992 210,533 7,879 25,167 250,438 97.3 2,719,461
Montebello, CA
Mountain Square Shopping Center... 1988 185,945 -- 70,099 273,189 93.7 3,099,638
Upland, CA
North County Plaza................ 1987 43,610 28,720 70,170 153,325 92.9 2,079,144
Carlsbad, CA
Parkway Place..................... 1989 91,127 8,958 16,381 120,425 96.7 1,225,166
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 67,192 100.0 908,650
San Fernando, CA
Torrance Promenade................ 1991 215,562 20,496 30,183 266,907 99.8 4,175,460
Torrance, CA
Vermont-Slauson Shopping Center... 1981 142,411 3,720 23,613 169,744 100.0 998,547
Los Angeles, CA
Vineyards Marketplace............. 1991 21,415 -- 33,378 56,019 97.8 802,931
Rancho Cucamonga, CA
Vista Balboa...................... 1988 105,210 12,200 -- 117,410 100.0 1,386,271
San Diego, CA
--------- ------- --------- ---------- ----- ------------
Southern California Region.......... 2,580,173 346,143 783,638 3,850,505 96.3 43,704,803
--------- ------- --------- ---------- ----- ------------
SOUTHWEST REGION
Charleston Plaza.................. 1989 153,131 21,128 57,072 234,496 98.7 2,472,835
Las Vegas, NV
Kyrene Village Shopping Center.... 1987 95,957 5,120 52,475 161,174 95.3 1,171,939
Chandler, AZ
North Mountain Village............ 1985 41,215 -- 53,164 94,379 100.0 912,800
Phoenix, AZ
Randolph Plaza.................... 1999 136,110 6,150 33,267 180,382 97.3 1,086,218
Tucson, AZ
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF JUNE 30, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Loma Square....................... $13.32 T.J. Maxx, Circuit City,
San Diego, CA Sav- on Drugs, Super Crown
Books, Staples
Montebello Town Square............ 11.16 Sears, Toys 'R' Us, AMC
Montebello, CA Theatres, Petco
Mountain Square Shopping Center... 12.11 Home Depot, Staples,
Upland, CA Pavilions, Factory 2 U
North County Plaza................ 14.59 Marshall's, Michael's, Kids
Carlsbad, CA 'R' Us
Parkway Place..................... 10.52 Albertsons, Office Depot
Escondido, CA
Pomona Gateway Center............. 8.89 Vons, Pic 'N' Save
Pomona, CA
San Fernando Mission Plaza........ 13.52 Value Plus (Vons)
San Fernando, CA
Torrance Promenade................ 15.68 Ross, Marshall's, Office
Torrance, CA Depot, Linens 'n Things,
Bookstar, Sears Homelife,
Loehmann's, Kids 'R' Us
Vermont-Slauson Shopping Center... 5.88 Ralphs, Kmart, Sav-on Drugs
Los Angeles, CA
Vineyards Marketplace............. 14.65 Albertsons*, Sav-on Drugs
Rancho Cucamonga, CA
Vista Balboa...................... 11.81 Albertsons, SportMart
San Diego, CA
------
Southern California Region.......... 11.78
------
SOUTHWEST REGION
Charleston Plaza.................. 10.69 Home Base, Albertsons*,
Las Vegas, NV Sav-on Drugs
Kyrene Village Shopping Center.... 7.63 Basha's, Kyrene Lanes,
Chandler, AZ Audio Express
North Mountain Village............ 9.67 Fry's Food & Drug*, T. J.
Phoenix, AZ Maxx, Greenbacks
Randolph Plaza.................... 6.19 Fry's, Walgreen's,
Tucson, AZ MacFrugal's
</TABLE>
14
<PAGE> 12
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF JUNE 30, 2000
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>
Southern Palms Center............. 1980 103,875 20,025 111,797 251,663 93.7% $ 2,100,426
Tempe, AZ
Sunrise Place Center.............. 1992 103,025 5,100 21,014 136,919 94.3 722,366
Tucson, AZ
--------- ------- --------- ---------- ----- ------------
Southwest Region.................... 633,313 57,523 328,789 1,059,013 96.3 8,466,585
--------- ------- --------- ---------- ----- ------------
COMMUNITY RETAIL CENTERS............ 4,468,373 526,029 2,101,474 7,435,056 95.4 77,682,239
--------- ------- --------- ---------- ----- ------------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 1988 291,554 29,610 148,006 509,704 92.0 6,621,009
Los Angeles, CA
Media City Center................. 1992 467,961 48,984 226,528 818,405 90.8 11,698,457
Burbank, CA
--------- ------- --------- ---------- ----- ------------
REGIONAL MALLS...................... 759,515 78,594 374,534 1,328,109 91.3 18,319,466
--------- ------- --------- ---------- ----- ------------
SINGLE TENANT FACILITIES
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............ 560,942 3,900 -- 564,842 100.0 3,077,083
--------- ------- --------- ---------- ----- ------------
TOTAL PROPERTIES.................... 5,788,830 608,523 2,476,008 9,328,007 95.1 $ 99,078,788
========= ======= ========= ========== ===== ============
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF JUNE 30, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Southern Palms Center............. $ 8.91 Food 4 Less, Heilig Meyer
Tempe, AZ Furniture, Staples, Coomers
Craft Mall
Sunrise Place Center.............. 5.59 Smith's Food & Drug
Tucson, AZ
------
Southwest Region.................... 8.30
------
COMMUNITY RETAIL CENTERS............ 10.95
------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 14.11 Sears*, Robinsons-May*,
Los Angeles, CA Wal-Mart, Albertsons, T.J.
Maxx, Sony/Magic Johnson
Theaters
Media City Center................. 15.73 Macy's, IKEA*, Sears*,
Burbank, CA Mervyn's*, AMC Theatres,
Sports Chalet, CompUSA,
Barnes & Noble, Virgin
Megastore
------
REGIONAL MALLS...................... 15.11
------
SINGLE TENANT FACILITIES
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............ 5.45
------
TOTAL PROPERTIES.................... $11.17
======
</TABLE>
---------------
* Anchor space non-owned by Company
15
<PAGE> 13
CENTER TRUST, INC.
LEASE EXPIRATIONS -- OVERALL PORTFOLIO
JUNE 30, 2000
<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>
M-T-M................ 125 214,144 12.70 42,420 2.30 4,900 9.34 166,824 15.45
2000................. 92 216,036 13.41 61,447 6.65 4,600 13.35 149,989 16.18
2001................. 228 670,504 14.15 237,558 8.02 33,147 17.01 399,799 17.56
2002................. 211 805,488 12.63 379,299 7.08 52,448 18.41 373,741 17.47
2003................. 155 593,281 11.94 230,054 4.86 48,729 16.18 314,498 16.47
2004................. 150 882,443 11.08 526,080 7.36 39,488 17.54 316,875 16.45
2005................. 118 600,792 15.01 256,340 13.40 57,969 16.17 286,483 16.21
2006................. 56 478,071 12.48 299,068 10.25 37,105 13.07 141,898 17.01
2007................. 40 353,751 11.61 194,957 8.31 45,363 11.84 113,431 17.21
2008................. 30 383,946 11.65 316,437 10.27 29,171 20.02 38,338 16.65
2009................. 27 469,969 8.32 388,844 6.12 62,362 17.78 18,763 22.52
THEREAFTER........... 102 3,204,936 9.30 2,856,326 8.70 193,241 14.23 155,369 13.69
----- --------- ------ --------- ------ ------- ------ --------- ------
TOTAL....... 1,334 8,873,361 11.17 5,788,830 8.36 608,523 15.64 2,476,008 16.64
===== ========= ====== ========= ====== ======= ====== ========= ======
</TABLE>
LEASE EXPIRATIONS -- TOTAL COMMUNITY SHOPPING CENTERS
JUNE 30, 2000
<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>
M-T-M................ 71 141,481 10.76 42,420 2.30 1,000 13.00 98,061 14.40
2000................. 66 181,673 13.32 61,447 6.65 4,600 13.35 115,626 16.87
2001................. 189 628,612 12.81 237,558 8.02 33,147 17.01 357,907 15.59
2002................. 177 751,811 11.54 379,299 7.08 51,408 17.89 321,104 15.79
2003................. 131 547,945 10.91 230,054 4.86 48,729 16.18 269,162 15.13
2004................. 124 806,441 10.15 495,508 7.08 31,188 18.68 279,745 14.63
2005................. 103 479,724 13.47 158,761 9.28 56,249 15.70 264,714 15.51
2006................. 47 432,297 11.83 273,764 9.44 30,695 14.14 127,838 16.37
2007................. 33 303,193 10.57 194,957 8.31 45,363 11.84 62,873 16.65
2008................. 26 332,780 10.36 271,480 9.11 24,171 16.71 37,129 15.32
2009................. 23 455,928 8.03 388,844 6.12 48,880 18.10 18,204 21.90
THEREAFTER........... 78 2,033,991 10.42 1,734,281 9.93 150,599 12.96 149,111 13.23
----- --------- ------ --------- ------ ------- ------ --------- ------
TOTAL....... 1,068 7,095,876 10.95 4,468,373 8.34 526,029 15.25 2,101,474 15.42
===== ========= ====== ========= ====== ======= ====== ========= ======
</TABLE>
16
<PAGE> 14
CENTER TRUST, INC.
SUMMARY OF TENANTS WITH RENTS EXCEEDING 1% OF TOTAL RENTS
AS OF JUNE 30, 2000
<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 ALBERTSONS INC................... 10 $ 3,677,278 3.71% 450,624 5.08%
2 AMC ENTERTAINMENT................ 5 3,510,000 3.54% 164,692 1.86%
3 SAFEWAY INC...................... 7 3,321,091 3.35% 393,819 4.44%
4 WAL-MART STORES (1) INC.......... 3 3,038,834 3.07% 360,741 4.07%
5 KROGER CO., THE
(Ralph's/FFL/QFC)................ 8 2,580,449 2.60% 408,790 4.61%
6 KMART CORP....................... 6 2,562,498 2.59% 532,624 6.00%
7 TJX COMPANIES INC., THE.......... 9 2,010,430 2.03% 247,614 2.79%
8 HOME DEPOT INC., THE............. 2 1,875,930 1.89% 200,549 2.26%
9 TOYS 'R' US INC.................. 5 1,802,233 1.82% 189,740 2.14%
10 STAPLES INC...................... 6 1,512,321 1.53% 136,513 1.54%
11 BARNES & NOBLE INC............... 4 1,434,609 1.45% 70,276 0.79%
12 LOEWS CINEPLEX ENTERTAINMENT..... 1 1,288,210 1.30% 67,579 0.76%
13 ROSS STORES INC.................. 5 1,166,621 1.18% 142,852 1.61%
14 OFFICE DEPOT INC................. 4 1,111,023 1.12% 101,594 1.14%
15 SEARS............................ 5 1,105,248 1.12% 258,446 2.91%
16 CIRCUIT CITY STORES INC.......... 3 1,088,400 1.10% 84,680 0.95%
17 PAYLESS SHOESQUARE INC........... 16 1,068,466 1.08% 54,409 0.61%
-- ----------- ------ --------- ------
TOTAL............................ 99 $34,153,641 34.47% 3,865,542 43.56%
== =========== ====== ========= ======
</TABLE>
---------------
(1) Includes location at Baldwin Hills Crenshaw Plaza where rent has not yet
commenced.
17
<PAGE> 15
CENTER TRUST, INC.
MAJOR SEGMENT CONCENTRATION EXCEEDING 2% OF TOTAL RENTS
AS OF JUNE 30, 2000
<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 Supermarkets..................... 26 $10,400,207 10.50% 1,294,365 14.59%
2 Fast Food........................ 187 6,856,122 6.92% 316,413 3.57%
3 Discount Retailers............... 11 6,310,887 6.37% 1,113,747 12.55%
4 Theaters/Entertainment........... 14 6,249,917 6.31% 357,283 4.03%
5 Restaurants...................... 74 5,837,515 5.89% 380,789 4.29%
6 Family Apparel................... 37 4,939,753 4.99% 565,938 6.38%
7 Home Furnishings/Housewares...... 37 4,165,785 4.20% 315,537 3.56%
8 Health & Beauty.................. 136 3,958,337 4.00% 235,271 2.65%
9 Music and Video.................. 37 3,587,299 3.62% 192,080 2.16%
10 Women's Apparel.................. 49 3,444,065 3.48% 233,481 2.63%
11 Home Improvement................. 11 3,123,741 3.15% 361,673 4.08%
12 Electronics...................... 37 2,954,719 2.98% 177,375 2.00%
13 Carts/Kiosks..................... 9 2,579,671 2.60% 670,027 7.55%
14 Office Supply.................... 9 2,435,243 2.46% 224,007 2.52%
15 Footwear......................... 37 2,365,555 2.39% 119,024 1.34%
16 Sporting Goods, Bicycles......... 17 2,077,498 2.10% 160,556 1.81%
--- ----------- ------ --------- ------
TOTAL............................ 728 $71,286,314 71.95% 6,717,566 75.70%
=== =========== ====== ========= ======
</TABLE>
18
<PAGE> 16
CENTER TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND RECONCILIATION TO FUNDS FROM OPERATIONS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------ --------------------
2000 1999 2000 1999
------- ------- -------- --------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Rental revenues................................... $24,452 $26,615 $ 49,661 $ 52,840
Expense reimbursements............................ 7,715 7,856 15,425 15,989
Percentage rents.................................. 661 391 994 1,009
Other income...................................... 1,512 1,331 3,101 2,521
------- ------- -------- --------
Total Revenues.......................... 34,340 36,193 69,181 72,359
------- ------- -------- --------
Interest.......................................... 15,009 13,511 29,700 26,606
Depreciation and amortization..................... 6,314 6,098 12,783 12,124
Property operating costs:
Common area..................................... 5,146 5,316 10,272 10,843
Property taxes.................................. 3,340 3,698 6,674 7,305
Leasehold rentals............................... 361 423 725 847
Marketing....................................... 314 204 532 345
Other operating................................. 838 1,011 1,941 2,349
General and administrative........................ 1,324 1,431 2,631 2,961
------- ------- -------- --------
Total Expenses.......................... 32,646 31,692 65,258 63,380
------- ------- -------- --------
Income from Operations before Other Items......... 1,694 4,501 3,923 8,979
Gain on Sale of Assets............................ 9,149 -- 11,724 20,575
Minority interests -- Operating Partnership....... (675) (40) (821) (4,129)
Minority interests -- Other....................... (76) (73) (150) (145)
------- ------- -------- --------
Net Income before Extraordinary Loss.............. 10,092 4,388 14,676 25,280
Extraordinary Loss -- Early Extinguishment of
Debt............................................ -- (4,048) (1,864) (4,048)
------- ------- -------- --------
Net Income........................................ $10,092 $ 340 $ 12,812 $ 21,232
------- ------- -------- --------
Adjustments to reconcile net income to FFO:
Depreciation of real property................... 6,251 6,067 12,662 12,060
Minority Interests.............................. 571 (45) 630 3,964
Extraordinary Loss -- Early Extinguishment of
Debt......................................... -- 4,048 1,864 4,048
Gain on Sale of Assets.......................... (9,149) -- (11,724) (20,575)
Other........................................... 354 253 817 636
------- ------- -------- --------
Funds From Operations -- Basic.................... 8,119 10,663 17,061 21,365
Adjustments to reconcile Basic to Diluted FFO:
Debenture interest.............................. 2,954 3,125 5,908 6,267
Amortization of Deferred costs -- Debentures.... 321 323 641 648
------- ------- -------- --------
Funds From Operations -- Diluted(1)............... $11,394 $14,111 $ 23,610 $ 28,280
======= ======= ======== ========
</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.
19
<PAGE> 17
CENTER TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
ASSETS
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
----------- ------------
(UNAUDITED)
<S> <C> <C>
ASSETS
Rental Properties........................................... $1,013,488 $1,030,689
Accumulated depreciation and amortization................... (151,817) (143,610)
---------- ----------
Rental properties, net.................................... 861,671 887,079
Cash and cash equivalents................................... 5,981 5,204
Tenant receivables, net..................................... 13,919 12,267
Other receivables........................................... 8,147 6,181
Restricted cash and securities.............................. 25,173 20,577
Deferred charges, net....................................... 22,065 20,966
Other assets................................................ 1,549 3,305
---------- ----------
Total............................................. $ 938,505 $ 955,579
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Secured debt................................................ $ 511,995 $ 524,468
7 1/2% Convertible subordinated debentures.................. 128,548 128,548
7 1/4% Exchangeable subordinated debentures................. 30,000 30,000
Accrued distributions....................................... 5,713 9,963
Accrued interest............................................ 5,300 5,441
Accounts payable and other accrued expenses................. 6,448 6,760
Accrued construction costs.................................. 733 1,753
Tenant security and other deposits.......................... 4,651 5,948
---------- ----------
Total liabilities........................................... 693,388 712,881
========== ==========
MINORITY INTERESTS
Operating partnership (1,759,442 and 1,654,725 units issued
as of June 30, 2000 and December 31, 1999,
respectively)............................................. 14,794 14,091
Other minority interests.................................... 1,469 1,319
---------- ----------
Total minority interest..................................... 16,263 15,410
---------- ----------
STOCKHOLDERS' EQUITY
Common stock ($.01 par value, 100,000,000 shares authorized;
26,703,319 and 26,647,968 shares issued and outstanding as
of June 30, 2000 and December 31, 1999, respectively)..... 266 266
Additional paid-in capital.................................. 361,354 361,412
Accumulated distributions and deficit....................... (132,766) (134,390)
---------- ----------
Total stockholders' equity.................................. 228,854 227,288
---------- ----------
Total............................................. $ 938,505 $ 955,579
========== ==========
</TABLE>
20
<PAGE> 18
CENTER TRUST, INC.
SUMMARY OF OUTSTANDING DEBT
JUNE 30, 2000
(IN THOUSANDS)
<TABLE>
<CAPTION>
BALANCE BALANCE
MATURITY YEARS TO JUNE 30, DECEMBER 31,
LENDER PROPERTY RATE DATE MATURITY 2000 1999
------ -------- ------ -------- -------- --------- ------------
<S> <C> <C> <C> <C> <C> <C>
FIXED RATE MORTGAGES
Principal Mutual Life Insurance Company... North Mountain Village 8.250% 05/01/01 0.8 $ 8,154 $ 8,182
Metropolitan Life Insurance Company....... Date Palm 10.450% 07/31/02 2.1 9,180 9,254
The Travelers Insurance Company........... North County 10.375% 01/31/03 2.6 15,406 15,573
Nomura Asset Capital Corporation(1)....... Tranche A 8.938% 04/01/05 4.8 22,106 22,198
DLJ Mortgage Acceptance Corp.............. Charleston 8.050% 01/01/06 5.5 15,088 15,201
Teachers.................................. Pavilions 7.440% 08/01/06 6.1 23,834 24,064
Column Financial, Inc..................... Mineral King 9.680% 08/01/06 6.1 3,627 3,673
Eastrich #79 Corporation (AEW)(2)......... Loan # 1 11.450% 10/15/06 6.3 19,409 19,909
Eastrich #79 Corporation (AEW)(3)......... Loan # 2 10.900% 10/15/06 6.3 8,943 9,153
Chase Commercial Mortgage Banking Corp.... Torrance Promenade 8.300% 11/10/09 9.4 29,886 29,981
Chase Commercial Mortgage Banking Corp.... Vineyards Marketplace 8.300% 11/10/09 9.4 5,174 5,191
Chase Commercial Mortgage Banking Corp.... Kyrene Village 8.300% 11/10/09 9.4 7,920 7,945
Nomura Asset Capital Corporation(1)....... Tranche B 9.000% 04/01/10 9.8 32,840 32,975
Aid Association for Lutherans............. Westgate North 8.300% 04/01/14 13.8 5,730 5,846
First Union National Bank................. Gardena, Gresham, Loma 7.750% 07/01/09 9.0 51,574 51,784
Square & Southpointe
---- -------- --------
Total Fixed-Rate Mortgages.......... 8.783% 7.21 258,871 260,928
---- -------- --------
VARIABLE-RATE MORTGAGES
First Union National Bank(8).............. Covina, Randolph Plaza 9.250% 06/01/02 1.9 57,622 58,017
Fairwood & Mountain Square
First Union National Bank(8).............. Fire Mountain 9.250% 08/01/02 2.1 11,370 11,448
---- -------- --------
Total Variable-Rate Mortgages....... 9.250% 1.95 68,992 69,465
---- -------- --------
OTHER SECURED DEBT
CRA -- Certificates of Participation,
Series 1985............................. Baldwin Hills 4.300% 12/01/14 14.4 30,000 30,000
CDC -- Certificates of Participation,
Series 1985............................. Willowbrook 4.650% 12/01/15 15.4 6,000 6,000
Chase Manhattan Bank(4)................... Secured Line of Credit 158,075
G.E. Capital(5)........................... Secured Line of Credit 9.150% 03/31/02 1.75 148,132
---- -------- --------
Total Other Secured Debt............ 8.394% 4.26 184,132 194,075
---- -------- --------
TOTAL SECURED DEBT.................. 8.706% 5.44 511,995 524,468
---- -------- --------
Convertible debentures(6)................. 7.500% 01/15/01 0.5 128,548 128,548
Exchangeable debentures(7)................ 7.250% 12/27/03 3.5 30,000 30,000
---- -------- --------
TOTAL DEBT OUTSTANDING.............. 8.410% 4.42 $670,543 $683,016
==== ======== ========
</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 line of credit replaced with new GE Capital line of credit March 31,
2000. See (5) below.
(5) Secured by Media City, Montebello, Medford Shopping Center, Ross Center,
Madera Marketplace, Pacific Linen, Vancouver Park Place, Sunrise Place,
Marshall's Plaza, Ross Plaza -- Silverdale, Covington, Frontier Village,
Rheem Valley, Pomona and Southern Palms. Interest based on LIBOR plus 250
basis points.
(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) Interest based on LIBOR plus 250 basis points.
21
<PAGE> 19
CENTER TRUST, INC.
SCHEDULE OF MORTGAGE DEBT MATURITIES
JUNE 30, 2000
<TABLE>
<CAPTION>
SCHEDULED PERCENT OF
AMORTIZATION SCHEDULED DEBT
YEAR PAYMENTS MATURITIES MATURING TOTAL
---- ------------ ---------- ---------- --------
<S> <C> <C> <C> <C>
2000........................................... $ 2,506 -- $ 2,506
2001........................................... 5,337 $ 8,105 1.7% 13,442
2002........................................... 5,144 224,568(1) 47.6% 229,712
2003........................................... 4,610 14,434 3.1% 19,044
2004........................................... 4,930 -- 0.0% 4,930
2005........................................... 4,934 20,953 4.4% 25,887
2006........................................... 3,976 53,846 11.4% 57,822
2007........................................... 2,176 -- 2,176
2008........................................... 2,333 -- 2,333
2009........................................... 1,906 85,212 18.1% 87,118
Thereafter..................................... 2,639 64,386 13.7% 67,025
------- -------- ---- --------
Total.......................................... $40,491 $471,504 100% $511,995
======= ======== ==== ========
</TABLE>
---------------
(1) Represents amount outstanding on the Company's secured credit facility which
is due on March 31, 2002.
22
