<PAGE> 1
EXHIBIT 99
CENTER TRUST, INC.
SUPPLEMENTAL INFORMATION
SEPTEMBER 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
SEPTEMBER 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 53 shopping centers, comprised of 45 community shopping centers, two regional
malls and 6 single tenant facilities comprising 10.8 million square feet of
total shopping center gross leasable area (GLA) and 9.0 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, September 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
SEPTEMBER 30, 2000
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------ ------------------
2000 1999 2000 1999
------- ------- ------- -------
<S> <C> <C> <C> <C>
OPERATING HIGHLIGHTS
Funds From Operations (FFO)
FFO - Basic.................................... $ 7,821 $10,588 $24,882 $31,953
FFO - Diluted(1)............................... $11,095 $13,864 $34,705 $42,144
FFO per share - Basic.......................... $ 0.28 $ 0.38 $ 0.88 $ 1.10
FFO per share - Diluted(1)..................... $ 0.30 $ 0.38 $ 0.93 $ 1.10
Net Income Available to Common Shareholders....... $ 2,802 $ 1,753 $15,614 $22,985
Net Income Per Share - Basic and Diluted....... $ 0.11 $ 0.07 $ 0.59 $ 0.90
EBITDA............................................ $22,692 $23,229 $69,098 $70,938
Funds Available for Distribution (FAD)............ $ 8,388 $10,659 $25,963 $32,320
FAD per share - Basic.......................... $ 0.30 $ 0.38 $ 0.91 $ 1.11
Dividends Per Share............................... $ 0.21 $ 0.36 $ 0.63 $ 1.08
Interest Expense Coverage Ratio Based on EBITDA... 1.5 1.7 1.6 1.7
General and Administrative Expense................ $ 1,577 $ 2,404 $ 4,208 $ 5,365
G&A as % of Total Rental Revenue............... 6.3% 8.8% 5.6% 6.6%
Ratio of Expense Recoveries to Recoverable 89.7% 85.2% 88.7% 86.0%
Expenses.......................................
Ratio of Operating Expenses to Total Rental 33.9% 34.5% 34.3% 34.4%
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
SEPTEMBER 30, 2000
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 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........ 26,701,759 26,144,935 26,701,759 26,144,935
---------- ---------- ---------- ----------
Total Units and Common Shares Outstanding
at End of Period........................ 28,461,201 27,981,558 28,461,201 27,981,558
========== ========== ========== ==========
Basic Weighted Average Units Outstanding... 1,759,442 1,836,623 1,727,677 3,525,080
Basic Weighted Average Common Shares
Outstanding............................. 26,670,348 26,144,845 26,668,268 25,539,348
---------- ---------- ---------- ----------
Basic Weighted Average Units and Common
Shares Outstanding...................... 28,429,790 27,981,468 28,395,945 29,064,428
Number of Common Shares Attributed to
Convertible and Exchangeable
Debentures(1)........................... 8,808,222 8,808,222 8,808,222 9,150,120
---------- ---------- ---------- ----------
Diluted Weighted Average Common Shares and
Common Share Equivalents................ 37,238,012 36,789,690 37,204,167 38,214,548
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
AS OF
---------------------------------------------
SEPTEMBER 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 $ 18.00
Low............................................. $ 4.88 $ 9.06 $ 9.50
Common Stock Price at End of Period................ $ 6.00 $ 9.69 $ 12.25
Equity Market Capitalization....................... $170,767 $274,253 $ 371,481
Fixed-Rate Debt.................................... 239,560 260,928 260,491
Floating-Rate Debt................................. 244,647 263,540 236,895
Subordinated Debentures............................ 158,548 158,548 168,599
-------- -------- ----------
Total Capitalization............................... $813,522 $957,269 $1,037,466
======== ======== ==========
Debt-to-Total Capitalization....................... 79.0% 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 diluted 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 SEPTEMBER 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
Cancelled Stock Grants........................ (33,333) -- (33,333)
Issuance of Stock Grants to Employees......... 31,773 -- 31,773
---------- ---------- ----------
Balance, September 30, 2000..................... 26,701,759 1,759,442 28,461,201
========== ========== ==========
</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
SEPTEMBER 30, 2000
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------ ------------------
2000 1999 % CHANGE 2000 1999 % CHANGE
------- ------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
COMMUNITY SHOPPING CENTERS(1)
Revenues:
Rental Revenue............... $16,655 $16,664 -0.1% $50,122 $49,501 1.3%
Recoveries from Tenants...... 4,650 4,618 0.7% 13,797 13,336 3.5%
Other Income................. 220 124 77.4% 580 494 17.4%
------- ------- ------- -------
Total Revenues.......... 21,525 21,406 0.6% 64,499 63,331 1.8%
Expenses:
Recoverable Operating
Expenses..................... 4,831 4,939 -2.2% 14,356 14,256 0.7%
Other Operating Expenses........ 516 506 2.0% 1,502 1,497 0.3%
------- ------- ------- -------
Total Expenses.......... 5,347 5,445 -1.8% 15,858 15,753 0.7%
------- ------- ------- -------
Net Operating Income.............. $16,178 $15,961 1.4% $48,641 $47,578 2.2%
======= ======= ======= =======
Total Properties........ 40 40 40 40
======= ======= ======= =======
Percentage Leased................. 95.1% 95.4% 95.1% 95.4%
======= ======= ======= =======
Average Base Rent per square
foot............................ $ 11.02 $ 10.78 $ 11.02 $ 10.78
======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------ ------------------
2000 1999 % CHANGE 2000 1999 % CHANGE
------- ------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
REGIONAL MALLS
Revenues:
Rental Revenue............... $ 4,462 $ 4,405 1.3% $13,394 $13,457 -0.5%
Recoveries from Tenants...... 2,390 2,306 3.6% 6,828 6,965 -2.0%
Other Income.................... 830 736 12.8% 2,333 2,533 -7.9%
------- ------- ------- -------
Total Revenues.......... 7,682 7,447 3.2% 22,555 22,955 -1.7%
Expenses:
Recoverable Operating
Expenses..................... 2,720 3,168 -14.1% 8,641 9,107 -5.1%
Other Operating Expenses........ 20 40 -50.0% 92 68 35.3%
------- ------- ------- -------
Total Expenses.......... 2,740 3,208 -14.6% 8,733 9,175 -4.8%
------- -------
Net Operating Income.............. $ 4,942 $ 4,239 16.6% $13,822 $13,780 0.3%
======= ======= ======= =======
Total Properties........ 2 2 2 2
======= ======= ======= =======
Percentage Leased................. 92.7% 91.2% 92.7% 91.2%
======= ======= ======= =======
Average Base Rent per square
foot............................ $ 15.44 $ 16.58 $ 15.44 $ 16.58
======= ======= ======= =======
</TABLE>
Same Store properties are those which were owned as of January 1, 1999.
-------------------------
(1) Excludes Marshalls Plaza, Pacific Linen Plaza, Frontier Village and El
Camino North which are properties where we are either re-tenanting or
preparing for redevelopment.
9
<PAGE> 7
CENTER TRUST, INC.
PORTFOLIO HIGHLIGHTS AND LEASING ACTIVITY
AS OF SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
AS OF
---------------------------------------------
SEPTEMBER 30, DECEMBER 31, DECEMBER 31,
2000 1999 1998
------------- ------------ ------------
<S> <C> <C> <C>
PORTFOLIO HIGHLIGHTS
Company Owned GLA
Community Shopping Centers..................... 7,083,555 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...................... 8,976,506 9,398,071 10,184,625
Percentage Leased
Community Shopping Centers..................... 94.7% 95.0% 91.9%
Regional Malls................................. 92.7% 90.9% 90.9%
Single Tenant Facilities....................... 100.0% 100.0% 100.0%
Overall Portfolio............................ 94.7% 94.9% 92.7%
Average Base Rent
Community Shopping Centers
Anchor....................................... $ 8.21 $ 8.70 $ 9.14
Pad.......................................... $ 15.27 $ 15.05 $ 14.59
Shop......................................... $ 15.56 $ 15.32 $ 14.79
Overall...................................... $ 10.95 $ 11.11 $ 11.26
Regional Malls
Anchor....................................... $ 10.98 $ 11.75 $ 11.69
Pad.......................................... $ 18.94 $ 18.61 $ 17.99
Shop......................................... $ 23.35 $ 24.20 $ 22.92
Overall...................................... $ 15.44 $ 16.70 $ 16.16
Single Tenant Facilities....................... $ 5.45 $ 5.97 $ 6.37
Overall Portfolio............................ $ 11.23 $ 11.40 $ 11.23
Number of Properties
Community Shopping Centers..................... 45 47 49
Regional Malls................................. 2 2 2
Single Tenant Facilities....................... 6 7 12
Overall Portfolio............................ 53 56 63
</TABLE>
<TABLE>
<CAPTION>
THREE NINE
MONTHS MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------- -------------
<S> <C> <C>
SUMMARY OF LEASING ACTIVITY -- COMMUNITY SHOPPING CENTERS
Space Vacated
Number of Leases....................................... 22 60
Gross Leasable Area.................................... 68,731 258,394
Base Rent per Square Foot.............................. $ 13.52 $ 18.15
New Leases Executed
Number of Leases....................................... 14 41
Gross Leasable Area.................................... 21,505 178,926
Base Rent per Square Foot.............................. $ 16.85 $ 12.54
Lease Renewals Executed
Number of Leases....................................... 33 105
Gross Leasable Area.................................... 104,157 332,454
New Annual Base Rent per Square Foot................... $ 14.20 $ 16.22
Percentage Change from Prior........................... .4% 2.87%
Leases with Contractual Rent Adjustments
Number of Leases....................................... 52 257
Gross Leasable Area.................................... 151,000 641,259
New Annual Base Rent per Square Foot................... $ 15.08 $ 15.47
Percentage Change from Prior........................... 7.6% 4.6%
</TABLE>
10
<PAGE> 8
CENTER TRUST, INC.
PORTFOLIO SUMMARY
AS OF SEPTEMBER 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.................... 11 906,626 110,555 634,453 1,754,158 94.2%
Northern and Central California Region...... 7 348,261 11,808 344,536 771,380 91.3%
Southern California Region.................. 22 2,465,363 333,943 789,768 3,733,500 96.1%
Southwest Region............................ 5 465,580 36,395 260,339 824,517 92.5%
-- --------- ------- --------- --------- -----
TOTAL COMMUNITY SHOPPING
CENTERS......................... 45 4,185,830 492,701 2,029,096 7,083,555 94.7%
REGIONAL MALLS.............................. 2 759,515 78,594 392,647 1,328,109 92.7%
SINGLE TENANT FACILITIES.................... 6 560,942 3,900 -- 564,842 100.0%
-- --------- ------- --------- --------- -----
TOTAL PORTFOLIO................... 53 5,506,287 575,195 2,421,743 8,976,506 94.7%
== ========= ======= ========= ========= =====
<CAPTION>
AVERAGE
BASE
ANNUALIZED RENT
BASE RENT PER SQ. FT.
------------ -----------
<S> <C> <C>
COMMUNITY SHOPPING CENTERS
Pacific Northwest Region.................... $ 18,154,588 $10.99
Northern and Central California Region...... 7,428,072 10.54
Southern California Region.................. 42,252,809 11.77
Southwest Region............................ 5,792,627 7.60
------------ ------
TOTAL COMMUNITY SHOPPING
CENTERS......................... 73,628,096 10.98
REGIONAL MALLS.............................. 18,996,893 15.44
SINGLE TENANT FACILITIES.................... 3,077,083 5.45
------------ ------
TOTAL PORTFOLIO................... $ 95,702,072 $11.25
============ ======
</TABLE>
11
<PAGE> 9
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF SEPTEMBER 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% $ 1,423,007
Covington, WA
Fairwood Shopping Center.......... 1995 109,249 10,777 80,044 208,265 96.1 1,945,916
Renton, WA
Frontier Village Shopping 1993 68,473 22,023 49,999 153,320 91.6 1,462,088
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 1988 159,282 26,587 67,295 264,649 95.7 2,267,136
Gresham, OR
The Medford Center................ 1998 196,032 17,432 87,699 326,403 92.3 2,585,372
Medford, OR
Pacific Linen Plaza............... 1988 25,000 -- 44,432 69,432 100.0 1,082,696
Lynnwood, WA
Pavilions' Centre................. 1995 123,562 -- 76,647 200,209 100.0 3,101,410
Federal Way, WA
Ross Center....................... 1987 53,331 7,000 65,615 132,465 95.1 1,506,262
Portland, OR
Silverdale Shopping Center........ 1990 29,020 -- 33,870 67,287 93.5 778,071
Silverdale, WA
Vancouver Park Place.............. 1987 33,938 14,900 27,006 77,944 97.3 934,373
Vancouver, WA
Westgate North Shopping Center.... 1980 37,902 11,836 39,763 104,021 86.0 1,068,258
Tacoma, WA
--------- ------- --------- ---------- ----- ------------
Pacific Northwest Region.......... 906,626 110,555 634,453 1,754,158 94.2 18,154,588
--------- ------- --------- ---------- ----- ------------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 1978 -- -- 11,540 14,115 81.8 81,057
Bakersfield, CA
Madera Marketplace................ 1992 92,278 -- 66,488 168,596 94.2 1,633,411
Madera, CA
Marshall's Plaza.................. 1989 27,000 -- 34,253 79,000 77.5 714,307
Modesto, CA
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF SEPTEMBER 30, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
COMMUNITY RETAIL CENTERS
PACIFIC NORTHWEST
Covington Square.................. $10.71 Safeway, Rite-Aid
Covington, WA
Fairwood Shopping Center.......... 9.73 Safeway, Ace Hardware, Pic
Renton, WA 'N' Save, Quality Food
Centers
Frontier Village Shopping 10.41 Safeway, Bartell Drugs
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 8.96 Ross Stores, Emporium, GI
Gresham, OR Joe's, Craft Warehouse
The Medford Center................ 8.58 Cinemark Theatres, Sears,
Medford, OR Emporium, Payless*,
Safeway*, Circuit City, 24
Hour Fitness
Pacific Linen Plaza............... 15.59 World Lighting
Lynnwood, WA
Pavilions' Centre................. 15.49 Quality Food Centers,
Federal Way, WA Barnes & Noble, Blockbuster
Music, Petco, JoAnn ETC.
Ross Center....................... 11.96 Ross Stores, Michaels, Pier
Portland, OR 1 Imports
Silverdale Shopping Center........ 12.37 Ross Stores
Silverdale, WA
Vancouver Park Place.............. 12.32 T.J. Maxx, Pier 1 Imports
Vancouver, WA
Westgate North Shopping Center.... 11.94 Quality Food Centers
Tacoma, WA
------
Pacific Northwest Region.......... 10.99
------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 7.02
Bakersfield, CA
Madera Marketplace................ 10.29 Wal-Mart*, Pak-N-Sav
Madera, CA
Marshall's Plaza.................. 11.66 Marshall's
Modesto, CA
</TABLE>
12
<PAGE> 10
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF SEPTEMBER 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 -- -- 34,660 39,060 88.7% $ 537,590
Visalia, CA
Rheem Valley...................... 1990 51,009 5,150 81,753 153,999 89.6 1,593,251
Moraga, CA
Rosedale Village Shopping 1991 72,324 6,658 48,565 127,547 100.0 1,427,576
Center..........................
Bakersfield, CA
Southpointe Plaza................. 1982 105,650 -- 67,277 189,063 91.5 1,440,881
Sacramento, CA
--------- ------- --------- ---------- ----- ------------
Northern & Central California 348,261 11,808 344,536 771,380 91.3 7,428,072
Region............................
--------- ------- --------- ---------- ----- ------------
SOUTHERN CALIFORNIA REGION
Center of El Centro............... 1980 149,300 5,623 19,616 178,889 97.6 701,836
El Centro, CA
Country Fair Shopping Center...... 1992 96,225 27,341 36,747 168,310 95.2 2,396,898
Chino, CA
Covina Town Square................ 1997 171,233 15,918 63,618 264,461 94.8 2,755,020
Covina, CA
Date Palm Center.................. 1987 99,919 -- 11,691 117,362 95.1 1,682,656
Cathedral City, CA
El Camino North................... 1982 66,982 133,024 60,023 289,673 89.8 3,177,058
Oceanside, CA
Fire Mountain Center.............. 1987 44,481 23,432 23,515 92,378 99.0 1,810,007
Oceanside, CA
Fullerton Town Center............. 1987 186,613 19,722 33,144 264,647 90.5 3,537,728
Fullerton, CA
Gardena Gateway Center............ 1990 41,300 5,062 19,625 65,987 100.0 947,666
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 1,554,323
Los Angeles, CA
La Verne Towne Center............. 1986 158,860 1,940 58,239 231,143 94.8 1,358,475
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 SEPTEMBER 30, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Mineral King Plaza................ $15.51 Vons*, Longs Drugs*
Visalia, CA
Rheem Valley...................... 11.55 T. J. Maxx, Longs Drugs
Moraga, CA
Rosedale Village Shopping 11.19 Savemart, Payless Drugs,
Center.......................... Kmart*
Bakersfield, CA
Southpointe Plaza................. 8.33 Big 5 Sporting Goods
Sacramento, CA
------
Northern & Central California 10.54
Region............................
------
SOUTHERN CALIFORNIA REGION
Center of El Centro............... 4.02 Sears, Mervyn's
El Centro, CA
Country Fair Shopping Center...... 14.95 Albertsons*, PETsMART,
Chino, CA Rite-Aid, Staples, T.J.
Maxx
Covina Town Square................ 10.99 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................... 12.22 Mervyn's*, Toys 'R' Us*,
Oceanside, CA Petco*, Ross Stores,
Steinmart
Fire Mountain Center.............. 19.80 Strouds, Lamps Plus, Trader
Oceanside, CA Joe's, Bookstar
Fullerton Town Center............. 14.77 Costco*, AMC Theatres, Toys
Fullerton, CA 'R' Us, Office Depot
Gardena Gateway Center............ 14.36 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............. 6.20 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 SEPTEMBER 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% $ 2,728,100
San Diego, CA
Montebello Town Square............ 1992 210,533 7,879 26,667 250,438 97.9 2,740,161
Montebello, CA
Mountain Square Shopping Center... 1988 185,945 -- 74,319 273,189 95.3 3,153,819
Upland, CA
North County Plaza................ 1987 43,610 28,720 70,270 153,325 93.0 2,084,669
Carlsbad, CA
Parkway Place..................... 1989 91,127 8,958 16,381 120,425 96.7 1,245,260
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 4,175,687
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 -- 31,531 56,019 94.5 778,059
Rancho Cucamonga, CA
--------- ------- --------- ---------- ----- ------------
Southern California Region.......... 2,465,363 333,943 789,768 3,733,500 96.1 42,252,809
--------- ------- --------- ---------- ----- ------------
SOUTHWEST REGION
Kyrene Village Shopping Center.... 1987 81,355 5,120 48,715 161,174 83.9 1,047,149
Chandler, AZ
North Mountain Village............ 1985 41,215 -- 49,996 94,379 100.0 887,193
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 SEPTEMBER 30, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Loma Square....................... $13.33 T.J. Maxx, Circuit City,
San Diego, CA Sav- on Drugs, Super Crown
Books, Staples
Montebello Town Square............ 11.18 Sears, Toys 'R' Us, AMC
Montebello, CA Theatres, Petco
Mountain Square Shopping Center... 12.12 Home Depot, Staples,
Upland, CA Pavilions, Factory 2 U
North County Plaza................ 14.62 Marshall's, Michael's, Kids
Carlsbad, CA 'R' Us
Parkway Place..................... 10.69 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............. 14.70 Albertsons*, Sav-on Drugs
Rancho Cucamonga, CA
------
Southern California Region.......... 11.77
------
SOUTHWEST REGION
Kyrene Village Shopping Center.... 7.75 Basha's, Kyrene Lanes,
Chandler, AZ Audio Express
North Mountain Village............ 9.73 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 SEPTEMBER 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 20,025 110,747 251,663 93.2% $ 2,090,569
Tempe, AZ
Sunrise Place Center.............. 1992 103,025 5,100 17,614 136,919 91.8 681,497
Tucson, AZ
--------- ------- --------- ---------- ----- ------------
Southwest Region.................... 465,580 36,395 260,339 824,517 92.5 5,792,627
--------- ------- --------- ---------- ----- ------------
COMMUNITY RETAIL CENTERS............ 4,185,830 492,701 2,029,096 7,083,555 94.7 73,628,096
--------- ------- --------- ---------- ----- ------------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 1988 291,554 29,610 157,692 509,704 93.9 7,000,520
Los Angeles, CA
Media City Center................. 1992 467,961 48,984 234,955 818,405 91.9 11,996,373
Burbank, CA
--------- ------- --------- ---------- ----- ------------
REGIONAL MALLS...................... 759,515 78,594 392,647 1,328,109 92.7 18,996,893
--------- ------- --------- ---------- ----- ------------
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.................... 5,506,287 575,195 2,421,743 8,976,506 94.7 $ 95,702,072
========= ======= ========= ========== ===== ============
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF SEPTEMBER 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.............. 5.42 Smith's Food & Drug
Tucson, AZ
------
Southwest Region.................... 7.60
------
COMMUNITY RETAIL CENTERS............ 10.98
------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 14.62 Sears*, Robinsons-May*,
Los Angeles, CA Wal-Mart, Albertsons, T.J.
Maxx, Sony/Magic Johnson
Theaters
Media City Center................. 15.95 Macy's, IKEA*, Sears*,
Burbank, CA Mervyn's*, AMC Theatres,
Sports Chalet, CompUSA,
Barnes & Noble, Virgin
Megastore
------
REGIONAL MALLS...................... 15.44
------
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.................... $11.25
======
</TABLE>
---------------
* Anchor space non-owned by Company
15
<PAGE> 13
CENTER TRUST, INC.
LEASE EXPIRATIONS -- OVERALL PORTFOLIO
SEPTEMBER 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................ 114 155,784 15.56 0 0.00 4,900 9.34 150,884 15.76
2000................. 57 112,956 14.13 25,165 5.21 0 0.00 87,791 16.68
2001................. 215 684,959 13.03 279,978 7.15 26,182 16.58 378,799 17.13
2002................. 205 791,926 12.54 369,599 6.89 48,698 17.50 373,629 17.49
2003................. 161 618,349 12.02 246,434 5.01 46,772 16.17 325,143 16.73
2004................. 145 844,679 11.08 501,480 7.20 39,488 17.54 303,711 16.65
2005................. 145 643,282 15.81 256,340 14.35 57,569 17.48 329,373 16.66
2006................. 65 504,913 12.98 299,068 10.25 41,470 13.43 164,375 17.82
2007................. 41 354,751 11.67 194,957 8.31 45,363 11.84 114,431 17.32
2008................. 28 369,628 11.81 305,137 10.39 26,153 21.34 38,338 16.65
2009................. 25 446,615 7.89 372,835 5.66 55,017 17.94 18,763 22.52
THEREAFTER........... 97 2,975,383 9.18 2,649,994 8.56 183,583 14.28 141,806 13.81
----- --------- ------ --------- ------ ------- ------ --------- ------
TOTAL....... 1,298 8,503,225 11.25 5,500,987 8.34 575,195 15.73 2,427,043 16.82
===== ========= ====== ========= ====== ======= ====== ========= ======
</TABLE>
LEASE EXPIRATIONS -- TOTAL COMMUNITY SHOPPING CENTERS
SEPTEMBER 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................ 57 81,060 14.41 0 0.00 1,000 13.00 80,060 14.43
2000................. 36 90,676 14.12 25,165 5.21 0 0.00 65,511 17.54
2001................. 175 635,126 11.65 279,978 7.15 26,182 16.58 328,966 15.09
2002................. 167 731,214 11.39 369,599 6.89 47,658 16.92 313,957 15.84
2003................. 135 567,516 10.87 246,434 5.01 46,772 16.17 274,310 15.22
2004................. 119 768,677 10.11 470,908 6.90 31,188 18.68 266,581 14.78
2005................. 126 513,906 13.99 158,761 9.05 55,849 17.05 299,296 16.03
2006................. 56 459,139 12.42 273,764 9.44 35,060 14.43 150,315 17.36
2007................. 34 304,193 10.63 194,957 8.31 45,363 11.84 63,873 16.86
2008................. 24 318,462 10.49 260,180 9.20 21,153 17.87 37,129 15.32
2009................. 20 321,752 7.97 262,013 5.39 41,535 18.11 18,204 21.90
THEREAFTER........... 74 1,915,906 10.19 1,638,771 9.69 140,941 12.83 136,194 13.32
----- --------- ------ --------- ------ ------- ------ --------- ------
TOTAL....... 1,023 6,707,627 10.98 4,180,530 8.25 492,701 15.27 2,034,396 15.56
===== ========= ====== ========= ====== ======= ====== ========= ======
</TABLE>
16
<PAGE> 14
CENTER TRUST, INC.
SUMMARY OF TENANTS WITH RENTS EXCEEDING 1% OF TOTAL RENTS
AS OF SEPTEMBER 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 AMC ENTERTAINMENT(1)............. 5 $ 3,510,000 3.67% 164,692 1.94%
2 SAFEWAY INC...................... 7 3,321,091 3.47% 393,819 4.63%
3 WAL-MART STORES INC.(2).......... 3 3,038,834 3.18% 360,741 4.24%
4 ALBERTSONS INC................... 8 2,744,748 2.87% 362,349 4.26%
5 KMART CORP....................... 6 2,562,498 2.68% 532,624 6.26%
6 KROGER CO., THE
(Ralph's/FFL/QFC)................ 7 2,271,504 2.37% 361,260 4.25%
7 TJX COMPANIES INC., THE.......... 9 1,974,430 2.06% 247,614 2.91%
8 HOME DEPOT INC., THE............. 2 1,875,930 1.96% 200,549 2.36%
9 TOYS 'R' US INC. ................ 5 1,802,233 1.88% 189,740 2.23%
10 STAPLES INC. .................... 6 1,512,321 1.58% 136,513 1.61%
11 LOEWS CINEPLEX ENTERTAINMENT..... 1 1,484,853 1.55% 67,579 0.79%
12 BARNES & NOBLE INC............... 4 1,434,609 1.50% 70,276 0.83%
13 ROSS STORES INC.................. 5 1,166,621 1.22% 142,852 1.68%
14 OFFICE DEPOT INC................. 4 1,111,023 1.16% 101,594 1.19%
15 SEARS............................ 5 1,105,248 1.15% 258,446 3.04%
16 CIRCUIT CITY STORES INC.......... 3 1,088,400 1.14% 84,680 1.00%
17 PAYLESS SHOESOURCE INC........... 15 1,024,366 1.07% 51,259 0.60%
-- ----------- ------ --------- ------
TOTAL............................ 95 $33,028,709 34.51% 3,726,587 43.83%
== =========== ====== ========= ======
</TABLE>
---------------
(1) Includes $628,208 of annualized base rent for location at Montebello Town
Square which was subsequently sold on October 27, 2000. As a result,
Percentage of Total Base Rent is now 3.01%
(2) 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 SEPTEMBER 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..................... 25 $ 9,660,413 10.09% 1,227,514 14.44%
2 Fast Food........................ 182 6,684,919 6.99% 305,607 3.59%
3 Theaters/Entertainment(1)........ 13 6,410,128 6.70% 354,115 4.16%
4 Discount Retailers............... 11 6,310,887 6.59% 1,113,747 13.10%
5 Restaurants...................... 69 5,614,252 5.87% 363,354 4.27%
6 Family Apparel................... 36 4,539,449 4.74% 549,551 6.46%
7 Home Furnishings/Housewares...... 35 4,038,872 4.22% 297,301 3.50%
8 Health & Beauty.................. 136 3,979,672 4.16% 237,123 2.79%
9 Music and Video.................. 36 3,571,530 3.73% 184,735 2.17%
10 Women's Apparel.................. 51 3,556,032 3.72% 242,767 2.85%
11 Electronics...................... 34 2,902,737 3.03% 173,192 2.04%
12 Office Supply.................... 9 2,435,243 2.54% 224,007 2.63%
13 Footwear......................... 39 2,423,815 2.53% 120,793 1.42%
14 Home Improvement................. 10 2,348,359 2.45% 256,266 3.01%
15 Crafts........................... 15 1,964,255 2.05% 192,288 2.26%
--- ----------- ------ --------- ------
TOTAL............................ 701 $66,440,563 69.42% 5,842,360 68.71%
=== =========== ====== ========= ======
</TABLE>
---------------
(1) Includes $628,208 of annualized base rent for location at Montebello Town
Square which was subsequently sold on October 27, 2000. As a result,
Percentage of Total Base Rent is now 6.04%.
18
<PAGE> 16
CENTER TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND RECONCILIATION TO FUNDS FROM OPERATIONS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------ --------------------
2000 1999 2000 1999
------- ------- -------- --------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Rental income..................................... $24,540 $26,870 $ 74,201 $ 79,710
Expense reimbursements............................ 7,579 8,065 23,004 24,054
Percentage rents.................................. 428 532 1,422 1,541
Other income...................................... 1,494 1,234 4,595 3,755
------- ------- -------- --------
Total Revenues.......................... 34,041 36,701 103,222 109,060
------- ------- -------- --------
Interest.......................................... 14,993 13,938 44,693 40,544
Depreciation and amortization..................... 6,444 6,263 19,227 18,387
Property operating costs:
Common area..................................... 4,943 5,722 15,215 16,565
Property taxes.................................. 3,241 3,476 9,915 10,781
Leasehold rentals............................... 369 438 1,094 1,285
Marketing....................................... 269 265 801 610
Other operating................................. 950 1,167 2,891 3,516
General and administrative........................ 1,577 2,404 4,208 5,365
------- ------- -------- --------
Total Expenses.......................... 32,786 33,673 98,044 97,053
------- ------- -------- --------
Income from Operations before Other Items......... 1,255 3,028 5,178 12,007
Gain (Loss) on the Sale of Assets................. 2,473 (214) 14,197 20,361
Minority Interests -- Operating Partnership....... (258) (126) (1,079) (4,255)
Minority Interests -- Other....................... (79) (78) (229) (223)
------- ------- -------- --------
Net Income before Extraordinary Loss.............. 3,391 2,610 18,067 27,890
Extraordinary Loss -- Early Extinguishment of
Debt............................................ (589) (857) (2,453) (4,905)
------- ------- -------- --------
Net Income........................................ 2,802 1,753 15,614 22,985
Adjustments to reconcile net income to FFO:
Depreciation of real property................... 6,275 6,225 18,937 18,285
Minority Interests.............................. 167 41 797 4,005
Extraordinary Loss -- Early Extinguishment of
Debt......................................... 589 857 2,453 4,905
(Gain) Loss on the Sale of Assets............... (2,473) 214 (14,197) (20,361)
Other........................................... 461 1,498 1,278 2,134
------- ------- -------- --------
Funds From Operations -- Basic.................... 7,821 10,588 24,882 31,953
Adjustments to reconcile Basic to Diluted FFO:
Debenture interest.............................. 2,954 2,954 8,862 9,221
Amortization of Deferred costs -- Debentures.... 320 322 961 970
------- ------- -------- --------
Funds From Operations -- Diluted(1)............... $11,095 $13,864 $ 34,705 $ 42,144
======= ======= ======== ========
</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>
SEPTEMBER 30, DECEMBER 31,
2000 1999
------------- ------------
(UNAUDITED)
<S> <C> <C>
ASSETS
Rental Properties........................................... $ 980,504 $1,030,689
Accumulated depreciation and amortization................... (153,566) (143,610)
---------- ----------
Rental properties, net.................................... 826,938 887,079
Cash and cash equivalents................................... 12,050 5,204
Tenant receivables, net..................................... 14,969 12,267
Other receivables........................................... 7,085 6,181
Restricted cash and securities.............................. 26,467 20,577
Deferred charges, net....................................... 20,946 20,966
Other assets................................................ 2,277 3,305
---------- ----------
Total............................................. $ 910,732 $ 955,579
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Secured debt................................................ $ 484,207 $ 524,468
7 1/2% Convertible subordinated debentures.................. 128,548 128,548
7 1/4% Exchangeable subordinated debentures................. 30,000 30,000
Accrued distributions....................................... 5,991 9,963
Accrued interest............................................ 4,544 5,441
Accounts payable and other accrued expenses................. 9,608 6,760
Accrued construction costs.................................. 817 1,753
Tenant security and other deposits.......................... 4,632 5,948
---------- ----------
Total liabilities........................................... 668,347 712,881
========== ==========
MINORITY INTERESTS
Operating partnership (1,759,442 and 1,654,725 units issued
as of September 30, 2000 and December 31, 1999,
respectively)............................................. 14,529 14,091
Other minority interests.................................... 1,547 1,319
---------- ----------
Total minority interest..................................... 16,076 15,410
---------- ----------
STOCKHOLDERS' EQUITY
Common stock ($.01 par value, 100,000,000 shares authorized;
206,701,759 and 26,647,968 shares issued and outstanding
as of September 30, 2000 and December 31, 1999,
respectively)............................................. 266 266
Additional paid-in capital.................................. 361,886 361,412
Accumulated distributions and deficit....................... (135,843) (134,390)
---------- ----------
Total stockholders' equity.................................. 226,309 227,288
---------- ----------
Total............................................. $ 910,732 $ 955,579
========== ==========
</TABLE>
20
<PAGE> 18
CENTER TRUST, INC.
SUMMARY OF OUTSTANDING DEBT
SEPTEMBER 30, 2000
(IN THOUSANDS)
<TABLE>
<CAPTION>
BALANCE BALANCE
MATURITY AVERAGE SEPTEMBER 30, DECEMBER 31,
LENDER PROPERTY RATE DATE MATURITIES 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 0.6 $ 8,139 $ 8,182
Metropolitan Life Insurance
Company........................... Date Palm 10.450% 07/31/02 1.8 9,142 9,254
The Travelers Insurance Company..... North County 10.375% 01/31/03 2.3 15,320 15,573
Nomura Asset Capital
Corporation(1).................... Tranche A 8.938% 04/01/05 4.5 22,060 22,198
DLJ Mortgage Acceptance Corp........ Charleston 8.050% 01/01/06 5.3 -- 15,201
Teachers............................ Pavilions 7.440% 08/01/06 5.8 23,716 24,064
Column Financial, Inc............... Mineral King 9.680% 08/01/06 5.8 3,603 3,673
Eastrich #79 Corporation (AEW)(2)... Loan #1 11.450% 10/15/06 6.0 15,910 19,908
Eastrich #79 Corporation (AEW)(3)... Loan #2 10.900% 10/15/06 6.0 8,834 9,153
Chase Commercial Mortgage Banking
Corp.............................. Torrance Promenade 8.300% 11/10/09 9.1 29,840 29,981
Chase Commercial Mortgage Banking
Corp.............................. Vineyards Marketplace 8.300% 11/10/09 9.1 5,166 5,191
Chase Commercial Mortgage Banking
Corp.............................. Kyrene Village 8.300% 11/10/09 9.1 7,908 7,945
Nomura Asset Capital
Corporation(1).................... Tranche B 9.000% 04/01/10 9.5 32,774 32,975
Aid Association for Lutherans....... Westgate North 8.300% 04/01/14 13.5 5,671 5,846
First Union National Bank........... Gardena, Gresham, Loma 7.750% 07/01/09 8.8 51,477 51,784
Square and Southpointe
-------- --------
Total Fixed-Rate Mortgages.... 8.790% 7.08 239,560 260,928
-------- --------
VARIABLE-RATE MORTGAGES
First Union National Bank(8)........ Covina, Randolph Plaza 9.250% 06/01/02 1.7 57,474 58,017
Fairwood and Mountain
Square
First Union National Bank(8)........ Fire Mountain 9.250% 08/01/02 1.8 11,334 11,448
-------- --------
Total Variable-Rate
Mortgages................... 9.250% 1.70 68,808 69,465
-------- --------
OTHER SECURED DEBT
CRA -- Certificates of
Participation, Series 1985........ Baldwin Hills 5.300% 12/01/14 14.2 30,000 30,000
CDC -- Certificates of
Participation, Series 1985........ Kenneth Hahn Plaza 5.200% 12/01/15 15.2 6,000 6,000
Chase Manhattan Bank(4)............. Secured Line of Credit 158,075
G.E. Capital(5)..................... Secured Line of Credit 9.130% 03/31/02 1.50 139,839
-------- --------
Total Other Secured Debt...... 8.342% 4.13 175,839 194,075
-------- --------
TOTAL SECURED DEBT............ 8.693% 5.24 484,207 524,468
-------- --------
Convertible debentures(6)........... 7.500% 01/15/01 0.3 128,548 128,548
Exchangeable debentures(7).......... 7.250% 12/27/03 3.5 30,000 30,000
-------- --------
TOTAL DEBT OUTSTANDING........ 8.387% 4.16 $642,755 $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 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. The debentures were
repaid as of November 3, 2000.
(8) Interest based on LIBOR plus 250 basis points.
(9) Loan secured by freestanding AMC Theatre; Theatre was subsequently sold
April 17, 2000 and loan assumed by new owner.
21
<PAGE> 19
CENTER TRUST, INC.
SCHEDULE OF MORTGAGE DEBT MATURITIES
SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
SCHEDULED PERCENT OF
AMORTIZATION SCHEDULED DEBT
YEAR PAYMENTS MATURITIES MATURING TOTAL
---- ------------ ---------- ---------- --------
<S> <C> <C> <C> <C>
2000........................................... $ 1,168 -- $ 1,168
2001........................................... 4,876 $ 8,105 1.8% 12,981
2002........................................... 4,670 216,348(1) 48.4% 221,018
2003........................................... 4,148 14,434 3.2% 18,582
2004........................................... 4,432 -- 4,432
2005........................................... 4,432 20,953 4.7% 25,385
2006........................................... 3,838 38,151 8.5% 41,989
2007........................................... 2,176 -- 2,176
2008........................................... 2,333 -- 2,333
2009........................................... 1,906 85,212 19.0% 87,118
Thereafter..................................... 2,639 64,386 14.4% 67,025
------- -------- ---- --------
Total.......................................... $36,618 $447,589 100% $484,207
======= ======== ==== ========
</TABLE>
---------------
(1) Represents amount outstanding on the Company's secured credit facility which
is due on March 31, 2002.
22
