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Previous: AES CHINA GENERATING CO LTD, DEF 14A, 1997-03-04 |
Next: STRONG INTERNATIONAL BOND FUND INC, 497J, 1997-03-04 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 3, 1997 (February 3,
1997)
JDN REALTY CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Maryland 1-12844 58-1468053
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission file number) (IRS Employer
of incorporation) Identification No.)
3340 Peachtree Road, N.E., Suite 1530, Atlanta, Georgia 30326
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (404) 262-3252
--------------
Not Applicable
- --------------------------------------------------------------------------------
(Former name of former address, if changed since last report)
<PAGE> 2
ITEM 5. OTHER EVENTS
On February 3, 1997, JDN Realty Corporation (the "Registrant")
made available additional operational information concerning the Registrant and
the properties owned or managed by it as of December 31, 1996 and for the
three months and year then ended, in the form of a supplemental information
package, a current copy of which is included as an exhibit to this filing. The
supplemental information package is available upon request as specified
therein.
On February 27, 1997, the Registrant's Board of Directors
declared a cash dividend for the quarter ending March 31, 1997. A copy of the
related press release is included as an exhibit to this filing.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Financial Statements:
NONE
Exhibits:
<TABLE>
<CAPTION>
Exhibit No. Description
---------- -----------
<S> <C>
99.1 Supplemental Information
as of December 31, 1996
and for the Three Months
and Year Then Ended
99.2 Press Release: JDN Realty
Corporation Declares
Quarterly Cash Dividend
</TABLE>
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
JDN REALTY CORPORATION
BY: /s/ William J. Kerley
---------------------------------
William J. Kerley
Chief Financial Officer
Date: March 3, 1997
-----------------------
<PAGE> 4
INDEX TO EXHIBITS
Exhibit No. Description
----------- -----------
99.1 Supplemental Information
as of December 31, 1996
and for the Three Months
and Year Then Ended
99.2 Press Release: JDN Realty
Corporation Declares
Quarterly Cash Dividend
<PAGE> 1
EXHIBIT 99.1
JDN REALTY CORPORATION
EARNINGS RELEASE AND
SUPPLEMENTAL INFORMATION
Quarter Ended December 31, 1996
TABLE OF CONTENTS
<TABLE>
<S> <C>
PRESS RELEASE...................................................1
INVESTOR INFORMATION............................................4
CONDENSED CONSOLIDATED BALANCE SHEETS...........................5
CONDENSED CONSOLIDATED STATEMENTS OF INCOME.....................6
FUNDS FROM OPERATIONS CALCULATION...............................8
PROJECTS UNDER CONSTRUCTION.....................................9
KEY RATIOS.....................................................10
DEBT ANALYSIS..................................................11
NET OPERATING INCOME...........................................12
TENANT INFORMATION.............................................13
OPERATING PORTFOLIO............................................14
LEASE EXPIRATION SCHEDULE......................................16
</TABLE>
<PAGE> 2
FOR IMMEDIATE RELEASE
Contact: William J. Kerley
Chief Financial Officer
(404) 262-3252
JDN REALTY CORPORATION ANNOUNCES 33.1% INCREASE IN
FUNDS FROM OPERATIONS FOR THE QUARTER ENDED DECEMBER 31, 1996
ATLANTA, GA (February 3, 1997) - JDN Realty Corporation (NYSE:JDN) today
announced results for the quarter and year ended December 31, 1996. For the
fourth quarter, funds from operations increased 33.1% to $6.9 million, or $0.58
per share, compared with funds from operations in the fourth quarter of 1995 of
$5.2 million, or $0.52 per share. Net income increased 14.9% to $4.6 million, or
$0.39 per share, compared with net income in the fourth quarter of 1995 of $4.0
million, or $0.40 per share. Total revenues increased 16.4% to $9.9 million,
compared with total revenues of $8.5 million in the fourth quarter of 1995.
For the year ended December 31, 1996, funds from operations increased 43.2% to
$24.7 million, or $2.23 per share, compared with funds from operations for the
year ended December 31, 1995 of $17.2 million, or $1.95 per share. Net income
increased 55.4% to $16.7 million, or $1.50 per share, compared to net income for
the year ended December 31, 1995 of $10.7 million, or $1.22 per share. Total
revenues increased 16.8% to $36.6 million, compared with total revenues of $31.4
million for the year ended December 31, 1995.
"The increase in our FFO and FFO per share for the quarter and year ended is
primarily attributable to revenues from our development, redevelopment and
acquisition properties. During the quarter, we enhanced our financial position
by raising $52.6 million in a common stock offering which closed on November 17,
1996. Repayment of debt with the proceeds of this offering contributed to the
strengthening of our balance sheet as evidenced by our relatively low debt to
total market capitalization ratio of 28.2% as of December 31, 1996," said J.
Donald Nichols, chairman and chief executive officer.
During the fourth quarter, the Company achieved the following through its
development activities:
- - In Canton, Georgia, the completion of a 238,000 square foot shopping
center anchored by a Wal-Mart Supercenter. The project is 94.1% leased.
- - In Greenville, North Carolina, the completion of a 324,000 square foot
power center anchored by Target, Kroger, T.J. Maxx, Circuit City,
Barnes & Noble, Reading China, Shoe Carnival, Dress Barn and Chili's.
The center is 94.8% leased.
- - In Conyers, Georgia, the grand opening of Rhodes and Sport Shoe Expo.
These tenants represent 58,000 square feet of this 424,000 square foot
power center, which is anchored by a Wal-Mart Supercenter and Home
Depot. The project is 97.4% leased.
- - In Asheville, North Carolina, the opening of Food Lion, Carmike
Cinemas, Office Max and Michaels. These tenants represent 116,000
square feet of this 188,000 square foot power center. The project is
98.3% leased.
Page 1 of 16
<PAGE> 3
Nichols commented further, "Development activity continues to be strong. During
1996, we delivered approximately 1.5 million square feet through development
activities. We have begun construction on projects totaling approximately 1.7
million square feet which are scheduled for delivery during 1997 and early 1998.
We continue to discuss additional projects with our tenants for 1998 and
beyond."
The Company currently has the following projects under construction:
- - In Conyers, Georgia, a Petsmart, Goody's and Party City representing
62,000 square feet of a 424,000 square foot power center anchored by a
Wal-Mart Supercenter (owned by Wal-Mart), and a Home Depot (owned by
Home Depot). These tenants are scheduled to open in the second and
third quarters of 1997.
- - In Asheville, North Carolina, a 25,000 square foot Goody's and 14,000
square feet of shop space, part of a 188,000 square foot power center
anchored by Food Lion, Circuit City, Carmike Cinemas, Office Max and
Michaels. These tenants are scheduled to open in the first and third
quarters of 1997.
- - In Warner Robins, Georgia, a 156,000 square foot shopping center
anchored by Lowe's. Tenant openings are projected in the second quarter
of 1997.
- - In Monaca, Pennsylvania, a 154,000 square foot shopping center anchored
by Lowe's. Tenant openings are projected to begin in the third quarter
of 1997 and extend through the first quarter of 1998.
- - In Cumming, Georgia, a 455,000 square foot power center anchored by a
Wal-Mart Supercenter and Home Depot (owned by Home Depot). Tenant
openings are projected to begin in the third quarter of 1997 and are
projected to extend through 1998.
- - In Winston-Salem, North Carolina, a 205,000 square foot free standing
Wal-Mart Supercenter which is scheduled for a second quarter 1997
opening.
- - In Greensboro, North Carolina, a 469,000 square foot power center
anchored by Target (owned by Target), Kroger, Baby Superstore, Kohl's,
Homeplace and Petsmart. Tenant openings are scheduled for the fourth
quarter of 1997 and the first quarter of 1998.
On December 16, 1996, the Company acquired a 123,000 square foot shopping center
in Decatur, Alabama for $6.8 million. The shopping center is 97.8% leased and is
anchored by Food World.
For the fourth quarter, the Company announced the following leasing and property
management information:
- - On a same property basis, annualized base rent per square foot
increased to $6.50 as of December 31, 1996 from $6.42 as of December
31, 1995.
- - New leases were signed for 7,202 square feet at an average rental rate
of $8.44 per square foot.
- - 56 tenants incurred contractual rental increases averaging 5.2%.
- - The overall occupancy rate at the end of the quarter was 98.2%.
The Company paid a cash dividend of $0.475 per share on December 27, 1996, to
shareholders of record on December 16, 1996. The dividend is equivalent to an
annualized dividend of $1.90 per share and represents a payout ratio of 82.0% of
funds from operations for the quarter. For the year, the payout ratio was
approximately 84.4%, as compared with 92.2% for 1995.
Page 2 of 16
<PAGE> 4
JDN Realty Corporation is a real estate company specializing in the development
and asset management of retail shopping centers anchored by value-oriented
retailers. Headquartered in Atlanta, Georgia, the Company owns and operates
directly or indirectly 48 properties, containing approximately 6.1 million
square feet of gross leasable area, located in nine states, primarily in the
Southeast. The common stock of JDN Realty Corporation is listed on the New York
Stock Exchange under the symbol JDN. For additional information, visit the
Company's home page on the internet at http://www.irinfo.com/jdn.
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended December 31,
1996 1995 % Change
---- ---- --------
<S> <C> <C> <C>
Total revenues $ 9,867 $ 8,479 16.4%
Income before extraordinary item $ 4,598 $ 4,002 14.9%
Net income $ 4,598 $ 4,002 14.9%
Net income per share $ 0.39 $ 0.40 (3.5)%
Funds from operations $ 6,907 $ 5,189 33.1%
Funds from operations per share $ 0.58 $ 0.52 11.8%
Dividends per share $ 0.4750 $ 0.4550 4.4%
Years Ended December 31,
1996 1995 % Change
---- ---- --------
Total revenues $ 36,623 $ 31,362 16.8%
Income before extraordinary item $ 16,682 $ 11,268 48.0%
Net income $ 16,682 $ 10,737 55.4%
Net income per share $ 1.50 $ 1.22 23.6%
Funds from operations $ 24,683 $ 17,234 43.2%
Funds from operations per share $ 2.23 $ 1.95 13.9%
Dividends per share $ 1.88 $ 1.8025 4.3%
Gross leasable square footage (operating) (1) 6,135 4,890 25.5%
Occupancy rate (1) 98.2% 98.9% (0.7)%
</TABLE>
(1) As of the end of the applicable period.
A copy of the Company's supplemental materials for the quarter ended December
31, 1996 is available to interested parties upon written request to:
Investor Relations
JDN Realty Corporation
3340 Peachtree Road, N.E.
Suite 1530
Atlanta, Georgia 30326
Fax: (404) 364-6446
Page 3 of 16
<PAGE> 5
INVESTOR INFORMATION
RESEARCH COVERAGE:
<TABLE>
<S> <C> <C>
A.G. Edwards & Sons, Inc. Marsha J. Camp (314) 955-5369
Alex. Brown & Sons Incorporated Cathy C. Creswell (410) 895-3250
Barry C. Curtis (410) 895-3388
Samuel T. Hillers (410) 895-3368
Bankers Trust (BT Securities Kevin Comer (212) 250-5941
Corporation) Evelyn Leon-Infurna (212) 250-6325
Equitable Securities Corporation Robert E. Williams (615) 780-9368
Brian W. Ruttenbur (615) 780-4185
Interstate/Johnson Lane Christopher W. Marinac (404) 240-5024
J.C. Bradford & Co. Steve Temple (615) 748-9537
Merrill Lynch & Co. Eric I. Hemel (212) 449-0334
Steve Sakwa (212) 449-0335
The Robinson-Humphrey Company, Inc. James H. Kammert (404) 266-6000
Smith Barney, Inc. William A. Acheson (212) 816-1923
David M. Sherman (212) 816-8408
</TABLE>
QUARTERLY RESULTS:
The Company plans to announce quarterly results according to the following
schedule:
First Quarter 1997 Late April 1997
Second Quarter 1997 Late July 1997
Third Quarter 1997 Late October 1997
Fourth Quarter 1997 Late January 1998
For additional information, please contact:
Investor Relations
JDN Realty Corporation
3340 Peachtree Road, N.E.
Suite 1530
Atlanta, Georgia 30326
(404) 262-3252
Fax: (404) 364-6446
Page 4 of 16
<PAGE> 6
JDN REALTY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
December 31, December 31,
1996 1995
----------- ------------
(Unaudited)
(In thousands)
<S> <C> <C>
ASSETS
Shopping center properties, at cost:
Land $ 50,455 $ 40,576
Buildings and improvements 262,568 223,649
Property under development 19,646 12,593
--------- ---------
332,669 276,818
Less: accumulated depreciation and amortization (27,973) (20,312)
--------- ---------
Shopping center properties, net 304,696 256,506
Cash and cash equivalents 2,709 3,109
Restricted cash - escrow 3,659 3,060
Rents receivable 2,208 2,628
Investments in and advances to unconsolidated entities 41,253 22,564
Deferred costs, net of amortization 6,181 7,459
Other assets 11,280 542
--------- ---------
$ 371,986 $ 295,868
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgage notes payable $ 141,882 $ 128,839
Accounts payable and accrued expenses 1,264 5,720
Other liabilities 2,301 1,323
--------- ---------
Total Liabilities 145,447 135,882
Shareholders' Equity
Preferred stock, par value $.01 per share-
authorized 20,000,000 shares, none outstanding -- --
Common stock, par value $.01 per share-
authorized 150,000,000 shares, issued and
outstanding 13,056,054 and 10,012,054 shares
in 1996 and 1995, respectively 131 100
Paid-in capital 233,497 166,975
Accumulated deficit (7,089) (7,089)
--------- ---------
Total Shareholders' Equity 226,539 159,986
--------- ---------
$ 371,986 $ 295,868
========= =========
</TABLE>
Page 5 of 16
<PAGE> 7
JDN REALTY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended December 31,
1996 1995
----------- ---------
(In thousands)
<S> <C> <C>
Revenue:
Minimum and percentage rents $ 8,878 $ 7,486
Recoveries from tenants 941 848
Other revenue 48 145
--------- ---------
Total revenues 9,867 8,479
Operating expenses:
Operating and maintenance 715 539
Real estate taxes 451 464
General and administrative 932 783
Depreciation and amortization 2,080 1,743
--------- ---------
Total operating expenses 4,178 3,529
--------- ---------
Income from operations 5,689 4,950
Other income (expense):
Interest expense, net (1,465) (1,525)
Other expense, net (70) (89)
Equity in net income of unconsolidated entities 444 125
--------- ---------
Income before net gain on real estate sales 4,598 3,461
Net gain on real estate sales -- 541
--------- ---------
Net income $ 4,598 $ 4,002
========= =========
Net income per share $ 0.39 $ 0.40
========= =========
Weighted average shares outstanding 11,925 10,012
========= =========
</TABLE>
Page 6 of 16
<PAGE> 8
JDN REALTY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Years Ended December 31,
1996 1995
--------- ---------
(In thousands)
<S> <C> <C>
Revenue:
Minimum and percentage rents $ 32,933 $ 27,466
Recoveries from tenants 3,475 3,245
Other revenue 215 651
--------- ---------
Total revenues 36,623 31,362
Operating expenses:
Operating and maintenance 2,586 2,231
Real estate taxes 1,817 1,970
General and administrative 3,367 2,818
Depreciation and amortization 7,786 6,558
--------- ---------
Total operating expenses 15,556 13,577
--------- ---------
Income from operations 21,067 17,785
Other income (expense):
Interest expense, net (5,598) (6,977)
Other expense, net (187) (151)
Equity in net income of unconsolidated entities 1,415 125
--------- ---------
Income before net gain (loss) on real estate sales
and extraordinary items 16,697 10,782
Net gain (loss) on real estate sales (15) 486
--------- ---------
Income before extraordinary items 16,682 11,268
Extraordinary items -- (531)
--------- ---------
Net income $ 16,682 $ 10,737
========= =========
Net income per share $ 1.50 $ 1.22
========= =========
Weighted average shares outstanding 11,086 8,819
========= =========
</TABLE>
Page 7 of 16
<PAGE> 9
JDN REALTY CORPORATION
FUNDS FROM OPERATIONS CALCULATION
FUNDS AVAILABLE FOR DISTRIBUTION CALCULATION
<TABLE>
<CAPTION>
(Dollars in thousands except per share data) Three Months Ended December 31, Years Ended December 31,
------------------------------- -----------------------
1996 1995 1996 1995
-------- -------- -------- --------
FUNDS FROM OPERATIONS:
<S> <C> <C> <C> <C>
Net income $ 4,598 $ 4,002 $ 16,682 $ 10,737
Depreciation of real estate assets 1,950 1,643 7,303 6,149
Amortization of tenant allowances and tenant improvements 23 28 104 106
Amortization of deferred leasing commissions 67 57 255 197
Net loss on real estate sales 0 (541) 15 (486)
Extraordinary items 0 0 0 531
Depreciation of real estate assets held in
unconsolidated entities 269 0 324 0
-------- -------- -------- --------
FFO $ 6,907 $ 5,189 $ 24,683 $ 17,234
======== ======== ======== ========
FFO per share $ 0.58 $ 0.52 $ 2.23 $ 1.95
======== ======== ======== ========
Weighted average shares outstanding (in thousands) 11,925 10,012 11,086 8,819
======== ======== ======== ========
FUNDS AVAILABLE FOR DISTRIBUTION:
FFO $ 6,907 $ 5,189 $ 24,683 $ 17,234
Adjustments:
Amortization of deferred loan costs 335 304 1,278 1,473
Other depreciation and amortization 40 15 124 106
Straight-line rent (6) 2 14 9
Tenant allowances and tenant improvements (88) 44 (239) (257)
Leasing commissions (53) (62) (163) (283)
Building improvements (78) (202) (288) (424)
-------- -------- -------- --------
Funds available for distribution $ 7,057 $ 5,290 $ 25,409 $ 17,858
======== ======== ======== ========
Funds available for distribution per share $ 0.59 $ 0.53 $ 2.29 $ 2.02
======== ======== ======== ========
Dividends per share $ 0.4750 $ 0.4550 $ 1.8800 $ 1.8025
======== ======== ======== ========
Payout ratio of FFO 82.01% 87.78% 84.44% 92.24%
======== ======== ======== ========
Payout ratio of funds available for distribution 80.27% 86.10% 82.03% 89.02%
======== ======== ======== ========
</TABLE>
Page 8 of 16
<PAGE> 10
JDN REALTY CORPORATION
PROJECTS UNDER CONSTRUCTION
DECEMBER 31, 1996
<TABLE>
<CAPTION>
ESTIMATED ACTUAL OR PROJECTED
TOTAL SIGNED/ PERCENT TOTAL PROJECTED FIRST FULL
LOCATION/ SQUARE COMMITTED LEASED/ PROJECT TENANT QUARTER OF
ANCHORS FEET LEASES COMMITTED COST OPENING STABILIZATION
- ------------------------- -------------- --------------- --------------- -------------- ---------------- --------------
<S> <C> <C> <C> <C> <C> <C>
CONYERS, GA (1)
Wal-Mart (2) 199,000 8/21/96
Home Depot (2) 105,000 9/25/96
Rhodes 43,000 9/12/96
Goody's 25,000 3rd Qtr 97
Sport Shoe Expo 15,000 10/6/96
Petsmart 26,000 2nd Qtr 97
Party City 11,000 3rd Qtr 97
---------
424,000 424,000 100.0% $7,310,000 4th Qtr 97
ASHEVILLE, NC (1)
Food Lion 40,000 12/18/96
Circuit City 33,000 8/30/96
Carmike Cinemas 32,000 11/21/96
Goody's 25,000 3rd Qtr 97
Office Max 24,000 9/5/96
Michaels 20,000 9/9/96
Shops 14,000 1st Qtr 97
---------
188,000 180,500 96.0% $15,747,000 2nd Qtr 97
WARNER ROBINS, GA
Lowe's (3) 132,000 2nd Qtr 97
Shops 24,000 2nd Qtr 97
---------
156,000 132,000 84.6% $10,688,000 3rd Qtr 97
MONACA, PA
Lowe's (3) 126,000 3rd Qtr 97
Shops Phase I 14,000 3rd Qtr 97
Shops Phase II 14,000 1st Qtr 98
---------
154,000 126,000 81.8% $10,961,000 3rd Qtr 97
CUMMING, GA
Wal-Mart 204,000 3rd Qtr 97
Home Depot (2) 102,000 3rd Qtr 97
Additional Retail 149,000 1998
---------
455,000 306,000 67.3% $21,895,000 1st Qtr 98
WINSTON-SALEM, NC
Wal-Mart (3) 205,000 205,000 100.0% $14,316,000 2nd Qtr 97 3rd Qtr 97
GREENSBORO, NC
Target (2) 122,000 4th Qtr 97
Kohl's 87,000 1st Qtr 98
Kroger (4) 59,000 4th Qtr 97
Homeplace 53,000 4th Qtr 97
Baby Superstore 42,000 4th Qtr 97
Petsmart 26,000 4th Qtr 97
Mini-Anchor 14,000 4th Qtr 97
Party City 11,000 4th Qtr 97
Blockbuster 6,000 4th Qtr 97
Dollar Tree 4,000 4th Qtr 97
Shops 45,000 1st Qtr 98
---------
469,000 390,600 83.3% $27,834,000 2nd Qtr 98
TBA
TBA 151,000 133,000 88.1% $11,900,000 4th Qtr 97 1st Qtr 98
WOODSTOCK, GA
Pike Nurseries 12,000 12,000 100.0% $2,400,000 2nd Qtr 97 3rd Qtr 97
PEACHTREE CITY, GA
Pike Nurseries 12,000 12,000 100.0% $1,630,000 2nd Qtr 97 3rd Qtr 97
--------- --------- ------------
TOTAL 2,226,000 1,921,100 86.3% $124,681,000
========= ========= ============
TOTAL OWNED 1,698,000 1,393,100 82.0% $124,681,000
========= ========= ============
TOTAL NON-OWNED 528,000 528,000 100.0% $0
========= ========= ============
</TABLE>
<TABLE>
<S> <C>
(1) Property held through a joint venture interest. (3) Owned by JDN Development Company, Inc.
(2) Tenant will build and own its portion of the shopping center. (4) Ground lease.
</TABLE>
Page 9 of 16
<PAGE> 11
JDN REALTY CORPORATION
KEY RATIOS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
As of or for the
Three Months Ended December 31,
1996 1995
------------- ---------------
<S> <C> <C>
COVERAGE RATIOS
Interest Coverage Ratio (EBITDA/Interest expense) 5.56 4.77
Debt Service Coverage Ratio (EBITDA/Interest expense + Scheduled principal payments) 4.73 4.12
DEBT/EQUITY RATIOS
Total debt/Total market capitalization 28.23% 36.51%
Total debt/Equity market capitalization 39.34% 57.51%
Total debt/Book equity capitalization 62.63% 80.53%
RETURN ON INVESTMENT RATIOS
Annualized return on book value (Funds from operations/Average book equity) 13.65% 12.95%
Annualized return on operating real estate investments (EBITDA/Average
operating real estate investments (undepreciated book value)) 11.15% 11.70%
OVERHEAD RATIOS
Annualized general & administrative expenses/Average total assets 1.04% 1.09%
General & administrative expenses/Total revenues 9.45% 9.23%
RECOVERABLE EXPENSES RATIOS
Recoveries as a percent of recoverable expenses 94.15% 94.86%
Recoveries as a percent of operating and maintenance expenses and real estate taxes 80.71% 84.56%
PAYOUT RATIOS
FFO payout ratio (Declared dividends/FFO) 82.01% 87.78%
FAD payout ratio (Declared dividends/Funds available for distribution) 80.27% 86.10%
MARKET CAPITALIZATION CALCULATIONS
Shares outstanding (end of quarter) 13,056,054 10,012,054
Stock price (end of quarter) $ 27.625 $ 22.375
------------ ------------
Equity market capitalization $360,673,492 $224,019,708
Total debt (end of quarter) 141,882,184 128,838,991
------------ ------------
Total market capitalization $502,555,676 $352,858,699
============ ============
EBITDA CALCULATION
Income before extraordinary items $ 4,597,960 $ 4,002,177
Plus: Depreciation and amortization 2,080,320 1,742,873
Interest expense, net 1,464,933 1,525,343
------------ ------------
EBITDA $ 8,143,213 $ 7,270,393
============ ============
</TABLE>
Page 10 of 16
<PAGE> 12
JDN REALTY CORPORATION
DEBT ANALYSIS
DECEMBER 31, 1996
OUTSTANDING DEBT:
<TABLE>
<CAPTION>
EFFECTIVE PERCENT
PRINCIPAL INTEREST MATURITY OF TOTAL MONTHS TO
BALANCE RATE (1) DATE INDEBTEDNESS MATURITY
------------- ---------- -------- ------------ ----------
(in thousands)
<S> <C> <C> <C> <C> <C>
Fixed Rate
Term Debt $ 71,771 8.63% 29-Mar-01 50.6% 51
Mortgage note payable 6,553 7.38% 01-Dec-03 4.6% 83
-------- ------ ----- ---
78,324 8.53% 55.2% 54
Floating Rate
Bank Credit Facility 28,800 7.90% (2) 30-Jun-98 20.3% 18
Construction loan - Opelika, Alabama 1,552 7.23% (3) 05-Dec-97 1.1% 11
Construction loan - Greenville, North Carolina 14,042 6.88% (4) 23-Jan-99 9.9% 25
Construction loan - Newnan, Georgia 19,164 7.01% (4) 21-Aug-98 13.5% 20
-------- ------ ----- --
63,558 7.39% 44.8% 20
-------- ------ ----- --
$141,882 8.02% 100.0% 38
======== ====== ===== ==
</TABLE>
WEIGHTED AVERAGE INTEREST RATES:
<TABLE>
<CAPTION>
WEIGHTED
AVERAGE WEIGHTED
PRINCIPAL EFFECTIVE AVERAGE
BALANCE INTEREST RATE INTEREST RATE (5)
-------- --------------- ----------------
<S> <C> <C> <C>
Fixed Rate Debt $ 78,324 8.53% 6.80%
Hedged Floating Rate Debt 63,558 8.30% 7.95%
-------- ---- -----
Total Debt $141,882 8.42% 7.31%
======== ===== ======
</TABLE>
DEBT MATURITIES:
(dollars in thousands)
<TABLE>
<CAPTION>
CUMULATIVE
% OF % OF
SCHEDULED DEBT DEBT
YEAR AMORTIZATION MATURITIES TOTAL EXPIRING EXPIRING
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1997 $1,082 $ 1,529 $ 2,611 1.8% 1.8%
1998 1,443 47,963 49,406 34.8% 36.6%
1999 1,241 13,703 14,944 10.5% 47.1%
2000 1,296 - 1,296 0.9% 48.0%
2001 568 67,224 67,792 47.9% 95.9%
2002 179 - 179 0.1% 96.0%
2003 192 5,462 5,654 4.0% 100.0%
----------------------------------------------------
$6,001 $135,881 $141,882 100.0%
====================================================
</TABLE>
(1) Represents stated rate plus amortization of deferred loan costs.
Excludes effect of swap transaction.
(2) Stated rate of 30-day Eurodollar plus 1.50%
(3) Stated rate of LIBOR plus 1.75%
(4) Stated rate of LIBOR plus 1.50%
(5) Interest when the amortization of deferred loan costs is excluded.
Page 11 of 16
<PAGE> 13
JDN REALTY CORPORATION
NET OPERATING INCOME (1)
DECEMBER 31, 1996
(dollars in thousands)
<TABLE>
<CAPTION>
Three Months Ended December 31,
1996 1995 % Change
------- ------ --------
<S> <C> <C> <C>
Same Properties (2) $6,151 $6,127 0.4%
Acquisitions 199 15 1243.0%
Development / Redevelopment 2,366 1,169 102.4%
Dispositions 0 37 -100.0%
------ ------ -------
$8,716 $7,348 18.6%
====== ====== =======
</TABLE>
<TABLE>
<CAPTION>
Years Ended December 31,
1996 1995 % Change
------- ------- ---------
<S> <C> <C> <C>
Same Properties (2) $24,355 $23,915 1.8%
Acquisitions 682 15 4493.0%
Development / Redevelopment 7,070 2,346 201.4%
Dispositions 0 177 -100.0%
------- ------- ------
$32,107 $26,453 21.4%
======= ======= ======
</TABLE>
(1) Net operating income represents property revenues less property expenses
excluding interest expense, depreciation and amortization.
(2) Same Properties represents properties owned and operating during the
current period which were also owned and operated during the same period
of the prior year.
Page 12 of 16
<PAGE> 14
JDN REALTY CORPORATION
TENANT INFORMATION
DECEMBER 31, 1996
SIGNIFICANT TENANTS (> 1% OF ANNUALIZED BASE RENT):
<TABLE>
<CAPTION>
NUMBER PERCENT OF PERCENT OF
OF STORES ADDITIONAL COMPANY ANNUALIZED COMPANY
TENANT LEASED STORES* GLA BASE RENT GLA
------------------ --------------- ------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Wal-Mart 17 10 1,776,775 21.2% 29.0%
Lowe's 7 1 714,007 10.7% 11.6%
Kroger 6 2 367,062 7.0% 6.0%
Bruno's 7 - 365,613 5.1% 6.0%
Kmart 4 - 389,564 4.1% 6.4%
Food Lion 7 - 204,798 3.5% 3.3%
Winn-Dixie 4 - 160,328 2.4% 2.6%
Ingles 5 - 150,612 1.6% 2.5%
Circuit City 2 - 61,526 1.4% 1.0%
Blockbuster 7 - 44,754 1.5% 0.7%
BI-LO 2 - 94,901 1.3% 1.5%
Cato 10 - 59,147 1.2% 1.0%
Fashion Bug 6 - 62,200 1.2% 1.0%
----------- -------------- -------------- ------------ -----------
Total 84 13 4,451,287 62.2% 72.6%
=========== ============== ============== ============ ===========
</TABLE>
* Represents additional tenant stores that are not owned by the Company but
are a part of or adjacent to the Company's shopping center properties.
TENANT MIX:
<TABLE>
<CAPTION>
PERCENT OF PERCENT OF ANNUALIZED
COMPANY COMPANY ANNUALIZED ANNUALIZED BASE RENT PER
TYPE OF TENANT SPACE GLA GLA BASE RENT BASE RENT OCCUPIED SF
-------------------------- -------------- --------------- ------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
Anchor 4,751,807 77.5% $28,183,910 68.1% $5.93
Non-Anchor 1,271,071 20.7% 13,204,981 31.9% 10.39
Unleased 111,752 1.8% 0 0.0% 0.00
-------------- --------------- ------------- ---------------- ----------------
Total or Average 6,134,630 100.0% $41,388,891 100.0% $6.87
============== =============== ============= ================ ================
PERCENT OF PERCENT OF ANNUALIZED
COMPANY COMPANY ANNUALIZED ANNUALIZED BASE RENT PER
TYPE OF TENANT SPACE GLA GLA BASE RENT BASE RENT OCCUPIED SF
-------------------------- -------------- --------------- ------------- ---------------- ----------------
National 4,171,256 68.0% $26,543,218 64.1% $6.36
Regional 1,340,887 21.9% 9,566,583 23.1% 7.13
Local 510,735 8.3% 5,279,090 12.8% 10.34
Unleased 111,752 1.8% 0 0.0% 0.00
-------------- --------------- ------------- ---------------- ----------------
Total or Average 6,134,630 100.0% $41,388,891 100.0% $6.87
============== =============== ============= ================ ================
PERCENT OF PERCENT OF ANNUALIZED
COMPANY COMPANY ANNUALIZED ANNUALIZED BASE RENT PER
TYPE OF RETAILER GLA GLA BASE RENT BASE RENT OCCUPIED SF
-------------------------- -------------- --------------- ------------- ---------------- ----------------
Discount 2,166,342 35.3% $10,439,315 25.2% $4.82
Supermarket 1,403,625 22.9% 9,010,138 21.8% 6.42
Home Improvement 714,008 11.6% 4,410,885 10.7% 6.18
Apparel 201,157 3.3% 1,680,987 4.1% 8.36
Restaurant 164,986 2.7% 2,147,071 5.2% 13.01
Video 113,321 1.9% 1,323,674 3.2% 11.68
Drug Store 111,210 1.8% 804,643 1.9% 7.24
Footwear 93,350 1.5% 921,259 2.2% 9.87
Theater 92,196 1.5% 934,245 2.2% 10.13
Electronics 76,456 1.2% 748,271 1.8% 9.79
Other - Retail 585,645 9.6% 5,611,735 13.6% 9.58
Other - Service 300,582 4.9% 3,356,668 8.1% 11.17
Unleased 111,752 1.8% 0 0.0% 0.00
-------------- --------------- ------------- ---------------- ----------------
Total or Average 6,134,630 100.0% $41,388,891 100.0% $6.87
============== =============== ============= ================ ================
</TABLE>
Page 13 of 16
<PAGE> 15
JDN REALTY CORPORATION
OPERATING PORTFOLIO
DECEMBER 31, 1996
<TABLE>
<CAPTION>
YEAR BUILT/ ANNUALIZED
RENOVATED TOTAL COMPANY PERCENT ANNUALIZED BASE RENT PER
LOCATION OR EXPANDED GLA GLA OCCUPIED BASE RENT OCCUPIED SF MAJOR TENANTS
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALABAMA
Decatur 1965/1996 123,031 123,031 97.8% $ 765,468 6.36 Food World
Gadsden 1979 131,044 85,341 100.0% 317,808 3.72 Public Wholesale,
Food World(1), Eckerd
Opelika 1993/1995 306,225 306,225 100.0% 1,821,732 5.95 Wal-Mart, Lowe's, Winn-Dixie,
Goody's, Revco
---------------------------- --------------
Sub Total 560,300 514,597 2,905,008
% of Portfolio Total 7.0% 8.4% 7.0%
FLORIDA
Fort Walton Beach 1986 124,851 21,901 89.0% 218,376 11.20 Wal-Mart(1)
Tallahassee 1990/1994 265,299 109,052 100.0% 734,376 6.73 Wal-Mart(1), Lowe's
---------------------------- --------------
Sub Total 390,150 130,953 952,752
% of Portfolio Total 4.8% 2.1% 2.3%
GEORGIA
Canton 1983 130,926 65,052 95.7% 431,940 6.94 Wal-Mart(1), Ingles, Revco
Canton (3) 1996 238,026 238,026 94.1% 1,526,508 6.81 Wal-Mart
Cartersville 1984 135,813 135,813 94.0% 492,288 3.86 Wal-Mart, Ingles, Eckerd
Cartersville 1995 375,828 375,828 100.0% 2,325,996 6.19 Wal-Mart, Lowe's
Conyers (5) 1996 366,799 57,662 100.0% 549,060 9.52 Wal-Mart(1), Home Depot(1),
Rhodes, The Sport Shoe
Eastman 1990 82,904 41,603 100.0% 278,220 6.69 Wal-Mart(1), Food Lion
Fayetteville 1990 156,063 156,063 96.1% 1,371,348 9.14 Bruno's, Cinemark Movies, Revco
Fort Oglethorpe 1973/1992 176,903 176,903 97.7% 770,004 4.45 Kmart, FoodMax, Revco
Griffin 1986 172,545 64,771 100.0% 434,520 6.71 Wal-Mart(1), Winn-Dixie
LaFayette 1990 70,849 70,849 96.6% 422,640 6.17 Food Lion, Goody's, Revco
LaGrange 1984 62,990 62,990 100.0% 233,064 3.70 Wal-Mart
Lawrenceville - LTC 1989/1995 320,880 277,082 95.6% 2,089,620 7.88 Wal-Mart, Kroger, Regal Cinemas
Lawrenceville - FFV 1990 89,064 89,064 97.2% 866,724 10.01 Winn-Dixie, Eckerd
Lilburn 1990 73,950 73,950 95.9% 622,620 8.78 Kroger
Loganville (4) 1995 90,496 90,496 93.8% 839,496 9.89 Kroger
Madison 1989 106,100 106,100 95.7% 489,732 4.82 Wal-Mart, Ingles, Revco
Newnan 1995 423,667 360,669 100.0% 2,444,355 6.78 Wal-Mart, Lowe's, Uptons(1)
Riverdale 1989 134,878 22,402 84.5% 261,264 13.81 Kroger(1)
Stockbridge 1988 162,779 162,779 100.0% 806,844 4.96 Kmart, Bruno's
Union City 1986 181,954 100,004 96.5% 774,480 8.02 Wal-Mart(1), Ingles,
Drug Emporium
Woodstock 1995 164,452 164,452 100.0% 1,442,556 8.77 Wal-Mart
Ground Leases 1996 0 0 100.0% 250,704 N/A Pike Nurseries
---------------------------- --------------
Sub Total 3,717,866 2,892,558 19,723,983
% of Portfolio Total 46.2% 47.2% 47.7%
KENTUCKY
Richmond 1992 229,313 158,042 100.0% 1,004,304 6.35 Kmart, Lowe's(1), Food Lion
---------------------------- --------------
Sub Total 229,313 158,042 1,004,304
% of Portfolio Total 2.9% 2.6% 2.4%
NORTH CAROLINA
Asheville (4) 1996 148,370 148,370 100.0% 1,399,908 9.44 Food Lion, Circuit City,
Carmike Cinemas,
Goody's(2), Office Max,
Michaels
Greenville 1996 323,822 226,822 94.8% 2,225,772 10.35 Target(1), Kroger, T.J.
Maxx, Circuit City,
Barnes & Noble, Reading China
Hendersonville 1988/1995 168,120 133,052 100.0% 716,280 5.38 Wal-Mart, Ingles
Rockingham 1988 168,776 168,776 98.8% 917,232 5.50 Wal-Mart, Lowe's, Harris Teeter
Wallace 1989 118,990 118,990 100.0% 536,760 4.51 Wal-Mart, Wilson's
Wilmington 1991 169,432 169,432 100.0% 1,092,984 6.45 Wal-Mart, Winn-Dixie
---------------------------- --------------
Sub Total 1,097,510 965,442 6,888,936
% of Portfolio Total 13.7% 15.7% 16.7%
</TABLE>
Page 14 of 16
<PAGE> 16
JDN REALTY CORPORATION
OPERATING PORTFOLIO
DECEMBER 31, 1996
<TABLE>
<CAPTION>
YEAR BUILT/ ANNUALIZED
RENOVATED TOTAL COMPANY PERCENT ANNUALIZED BASE RENT PER
LOCATION OR EXPANDED GLA GLA OCCUPIED BASE RENT OCCUPIED SF MAJOR TENANTS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
OHIO
Burlington 1991/1995 356,179 159,359 100.0% 1,035,012 6.49 Lowe's, Sam's
Club(1), Wal-Mart(1)
Steubenville (3) 1996 130,497 130,497 100.0% 871,236 6.68 Lowe's
---------------------------- --------------
Sub Total 486,676 289,856 1,906,248
% of Portfolio Total 6.1% 4.7% 4.6%
SOUTH CAROLINA
Charleston 1991 188,886 188,886 98.6% 1,438,344 7.72 Wal-Mart, Food Lion
Cheraw 1990 111,028 45,099 100.0% 310,608 6.89 Wal-Mart(1), Food Lion
Lake City 1991 135,962 135,962 100.0% 714,672 5.26 Wal-Mart, Food Lion
Sumter 1987 158,293 19,143 86.5% 120,180 7.26 Wal-Mart(1), Kroger(1)
---------------------------- --------------
Sub Total 594,169 389,090 2,583,804
% of Portfolio Total 7.4% 6.3% 6.2%
TENNESSEE
Chattanooga 1992 214,579 214,579 96.7% 1,479,444 7.13 Kmart, FoodMax
Columbia 1993 68,948 68,948 100.0% 511,272 7.42 FoodMax
Farragut 1991 71,311 71,311 100.0% 510,960 7.17 BI-LO
Franklin 1983 185,999 18,000 100.0% 131,940 7.33 Big Lots(1)
Goodlettsville 1987 84,945 84,945 96.7% 672,372 8.18 Kroger
Memphis 1993 64,223 64,223 100.0% 537,624 8.37 Kroger
Murfreesboro 1972/1993 117,750 117,750 97.2% 748,452 6.54 FoodMax
Tullahoma 1989 70,766 70,766 96.5% 426,384 6.24 BI-LO
---------------------------- --------------
Sub Total 878,521 710,522 5,018,448
% of Portfolio Total 10.9% 11.6% 12.1%
VIRGINIA
Lexington 1989 83,570 83,570 100.0% 405,408 4.85 Wal-Mart
---------------------------- --------------
Sub Total 83,570 83,570 405,408
% of Portfolio Total 1.0% 1.4% 1.0%
TOTAL 8,038,075 6,134,630 98.2% $41,388,891 $ 6.87
===================================================================================================================================
</TABLE>
(1) Major tenant that is not owned by the Company.
(2) Major tenant that is currently under development by the Company.
(3) Property held by JDN Development Company, Inc.
(4) Property held through a joint venture interest.
(5) Property held by JDN Development Company, Inc. through a joint venture
interest.
Page 15 of 16
<PAGE> 17
JDN REALTY CORPORATION
LEASE EXPIRATION SCHEDULE
DECEMBER 31, 1996
<TABLE>
<CAPTION>
ANNUALIZED PERCENT OF
COMPANY GLA ANNUALIZED BASE RENT PERCENT OF ANNUALIZED
LEASE NUMBER OF UNDER EXPIRING BASE RENT PER SQ. FT. COMPANY GLA BASE RENT
EXPIRATION LEASES LEASES UNDER EXPIRING UNDER EXPIRING REPRESENTED BY REPRESENTED BY
YEAR EXPIRING (SQ. FT.) LEASES (1) LEASES (1) EXPIRING LEASES EXPIRING LEASES
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1997 106 318,858 2,324,830 7.29 5.3% 5.5%
1998 132 269,821 2,640,062 9.78 4.5% 6.3%
1999 115 297,744 2,928,357 9.84 4.9% 6.9%
2000 69 262,420 2,459,584 9.37 4.4% 5.8%
2001 66 163,647 1,940,361 11.86 2.7% 4.6%
2002 12 38,227 439,224 11.49 0.6% 1.0%
2003 6 49,201 383,050 7.79 0.8% 0.9%
2004 7 208,704 929,746 4.45 3.5% 2.2%
2005 7 60,181 458,242 7.61 1.0% 1.1%
2006 19 275,536 1,834,760 6.66 4.6% 4.3%
Thereafter 76 4,078,539 25,912,353 6.35 67.7% 61.4%
-------------- ------------- --------------- -------------- ------------- -------------
Total or Average 615 6,022,878 $ 42,250,569 $ 7.02 100.0% 100.0%
============== ============= =============== ============== ============= =============
</TABLE>
(1) Represents rates in effect at the time of lease expiration.
Page 16 of 16
<PAGE> 1
EXHIBIT 99.2
[JDN LOGO] PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: William J. Kerley
Chief Financial Officer
(404) 262-3252
JDN REALTY CORPORATION
DECLARES QUARTERLY CASH DIVIDEND
ATLANTA, Georgia (February 27, 1997) - JDN Realty Corporation (NYSE-JDN) today
announced that its Board of Directors has declared a cash dividend of $0.475
per share for the quarter ending March 31, 1997. The dividend represents an
annualized cash dividend of $1.90 and is payable on March 31, 1997, to
shareholders of record on March 21, 1997.
JDN Realty Corporation is a real estate company specializing in the
development and asset management of retail shopping centers anchored by
value-oriented retailers. Headquartered in Atlanta, Georgia, the Company owns
and operates 49 properties, containing approximately 6.3 million square feet of
gross leasable area, located in ten states, primarily in the Southeast. The
common stock of JDN Realty Corporation is listed on the New York Stock Exchange
under the symbol JDN.
###
JDN REALTY CORPORATION
3340 PEACHTREE ROAD, NE
SUITE 1530
ATLANTA, GEORGIA 30326
(404) 262-3252
www.info.com/jdn/
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