<PAGE>
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 3, 1998
(January 28, 1998)
JDN REALTY CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Maryland 1-12844 58-1468053
- --------------------------------------------------------------------------------
(State of other jurisdiction (Commission file number) (IRS Employer
of incorporation) Identification No.)
3340 Peachtree Road, NE, 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>
ITEM 5. OTHER EVENTS
On January 28, 1998, 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, 1997 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.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Financial Statements:
None
Exhibits:
Exhibits No. Description
------------ -----------
99.1 Supplemental Information
as of December 31, 1997
and for the Three Months
and Year Then Ended
<PAGE>
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: February 3, 1998
----------------------
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
----------- -----------
99.1 Supplemental Information
as of December 31, 1997
and for the Three Months
and Year Then Ended
<PAGE>
EXHIBIT 99.1
JDN REALTY CORPORATION
EARNINGS RELEASE AND
SUPPLEMENTAL INFORMATION
Quarter Ended December 31, 1997
TABLE OF CONTENTS
PRESS RELEASE............................................................ 1
INVESTOR INFORMATION..................................................... 5
CONDENSED CONSOLIDATED BALANCE SHEETS.................................... 6
CONDENSED CONSOLIDATED STATEMENTS OF INCOME.............................. 7
FUNDS FROM OPERATIONS CALCULATION........................................ 9
PROJECTS UNDER CONSTRUCTION.............................................. 10
KEY RATIOS............................................................... 11
DEBT ANALYSIS............................................................ 12
NET OPERATING INCOME..................................................... 13
TENANT INFORMATION....................................................... 14
OPERATING PORTFOLIO...................................................... 15
LEASE EXPIRATION SCHEDULE................................................ 17
<PAGE>
FOR IMMEDIATE RELEASE
Contact: William J. Kerley
Chief Financial Officer
(404) 262-3252
JDN REALTY CORPORATION REPORTS RECORD
FINANCIAL PERFORMANCE AND DEVELOPMENT ACTIVITY
FOR THE FOURTH QUARTER AND FULL-YEAR
ATLANTA, GA (January 28, 1998) - JDN Realty Corporation (NYSE: JDN) today
announced results for the quarter ended December 31, 1997. For the fourth
quarter, funds from operations increased 59.7% to $11.0 million compared with
funds from operations in the fourth quarter of 1996 of $6.9 million. Funds from
operations per share increased 12.5% to $0.65, compared with funds from
operations per share in the fourth quarter of 1996 of $0.58 per share. Net
income increased 72.4% to $7.9 million, or $0.47 per share, compared with net
income in the fourth quarter of 1996 of $4.6 million, or $0.39 per share. Total
revenues increased 46.7% to $14.5 million, compared with total revenues of $9.9
million in the fourth quarter of 1996.
For the year ended December 31, 1997, funds from operations increased 52.7% to
$37.7 million compared with funds from operations for the year ended December
31, 1996, of $24.7 million. Funds from operations per share increased 10.1% to
$2.45 for the year ended December 31, 1997, compared with funds from operations
per share for the year ended December 31, 1996, of $2.23 per share. Net income
increased 27.6% to $21.3 million, or $1.38 per share, compared with net income
for the year ended December 31, 1996, of $16.7 million, or $1.50 per share.
Total revenue increased 31.1% to $48.0 million, compared with total revenue of
$36.6 million for the year ended December 31, 1996.
Commenting on the results, J. Donald Nichols, chairman and chief executive
officer, stated, "Through a disciplined and dedicated growth strategy, we are
excited to report another record year in terms of financial performance,
developments completed and developments started. During the fourth quarter, we
strengthened our capital structure by successfully completing a stock offering
of three million shares that raised approximately $90.0 million. The proceeds
were used to fund the Company's development, redevelopment and acquisition
activities. Also during the quarter, we completed the development of
approximately 869,000 square feet of owned gross leasable area (GLA). This
brings our total development completions for the year to over 1.7 million
square-feet of owned GLA. Furthermore, our development and redevelopment
activity continues to remain strong with 29 projects currently under
construction which, when completed, will represent an investment of $270.9
million. Due to this activity, our current development pipeline is more than
double the development pipeline as of December 31, 1996."
Nichols continued, "We continue to anticipate the completion of more than $180.0
million of new developments in 1998, and the announced projects expected to be
delivered in 1998 are already 90.7% leased or committed."
Nichols continued further, "Our Company's growth strategy continues to payoff
for our shareholders. We reported a total return for the year of 24.3% and an
average of 23.9% per year over the last three years."
Page 1 of 17
<PAGE>
Nichols stated, "As I mentioned last quarter, we continue to see positive
results from our Strategic Alliance program. Through these relationships we are
better able to evaluate more opportunities and accept only those developments
that best match the Company's strategy."
During the fourth quarter, the Company had approximately 869,000 square feet of
grand openings, which were 96.0% leased and represent an investment of
approximately $67.5 million, including:
. In Cordele, Georgia, the grand opening of a 149,704 square-foot Wal-Mart and
26,350 square feet of retail shop space. The project is 94.7% leased.
. In Cumming, Georgia, the grand opening of a 27,900 square-foot Goody's, a
23,500 square-foot OfficeMax, and 2,400 square feet of retail shop space. The
project is 99.5% leased.
. In Greensboro, North Carolina, the grand opening of a 58,876 square-foot
Kroger, a 42,296 square-foot Babies R Us, a 26,040 square-foot PetsMart, and
67,725 square feet of retail shop space. The project is 88.2% leased.
. In Lilburn, Georgia, the grand opening of a 132,847 square-foot Lowe's. The
project is 100.0% leased.
. In Marietta, Georgia, the grand opening of a 132,847 square-foot Lowe's. The
project is 92.6% leased.
. In Woodstock, Georgia, the grand opening of a 132,847 square-foot Lowe's. The
project is 100.0% leased.
. In Conyers, Georgia, the grand opening of 7,300 square feet of retail shop
space. The project is 98.6% leased.
. In Monaca, Pennsylvania, the grand opening of 16,725 square feet of retail
shop space. The project is 94.6% leased.
During the fourth quarter, the Company began construction on 13 projects with
approximately 1.9 million square feet of company-owned gross leasable area that,
when completed, will represent an investment of approximately $127.5 million.
Nichols added, "In addition to our development and redevelopment activities, we
have continued to selectively acquire shopping centers. During the quarter, we
purchased a shopping center in Topeka, Kansas, and immediately began its
redevelopment. This acquisition brings the total number of acquisitions for the
year to eight. These acquisitions have added more than 780,000 square feet of
gross leasable area to our operating portfolio. We have been able to diversify
geographically as well as within our tenant base through our selective
acquisitions. In addition, we have under contract a portfolio of five shopping
centers in Milwaukee, Wisconsin, which we expect to close in February. These
shopping centers will further diversify our portfolio."
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
$6.59 as of December 31, 1997, from $6.52 as of December 31, 1996.
. New leases were signed for 30,161 square feet at an average rental rate of
$11.97 per square foot.
. 70 tenants incurred contractual rental increases averaging 4.5%.
. At the end of the quarter the Company's portfolio was 97.1% leased.
The Company paid a cash dividend of $0.50 per share on December 23, 1997, to
shareholders of record on December 12, 1997. The dividend is equivalent to an
annualized dividend of $2.00 per share and represents a payout ratio of 76.8% of
funds from operations for the quarter, compared with 82.0% for the fourth
quarter of 1996.
Page 2 of 17
<PAGE>
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 68 properties, containing approximately 8.3 million
square feet of gross leasable area, located in 12 states. 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.
- --------------------------
Page 3 of 17
<PAGE>
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share data)
Three Months Ended December 31,
1997 1996 Percent
---- ---- -------
Change
------
Total revenues $14,473 $ 9,867 46.7%
Net income $ 7,926 $ 4,598 72.4%
Funds from operations $11,028 $ 6,907 59.7%
Net income per share:
Basic $ 0.47 $ 0.39 21.4%
Diluted $ 0.46 $ 0.38 20.5%
Funds from operations per share $ 0.65 $ 0.58 12.5%
Dividends per share $ 0.500 $ 0.475 5.3%
Year Ended December 31,
1997 1996 Percent
---- ---- -------
Change
------
Total revenues $48,005 $36,623 31.1%
Income before extraordinary items $27,233 $16,682 63.2%
Net income $21,293 $16,682 27.6%
Funds from operations $37,701 $24,683 52.7%
Net income per share:
Basic $ 1.38 $ 1.50 (8.0)%
Diluted $ 1.36 $ 1.50 (9.1)%
Funds from operations per share $ 2.45 $ 2.23 10.1%
Dividends per share $ 1.975 $ 1.880 5.1%
Gross leasable square
footage (operating) (1) 8,327 6,135 35.7 %
Percent leased (1) 97.1% 98.2% (1.1)%
(1) As of the end of the applicable period.
Note: In the fourth quarter of 1997 the Company adopted Statement of Financial
Accounting Standard No. 128 Earnings Per Share and restated all prior earnings
per share to conform to the new requirements. The standard requires the
Company to present two measures of earnings per share. Basic earnings per share
is based upon the weighted average common shares outstanding for the period,
while diluted earnings per share includes the effects of additional shares
resulting primarily from stock-based compensation.
A copy of the Company's supplemental materials for the quarter ended December
31, 1997, is available to interested parties upon written request to:
Charles Talbert, Investor Relations
JDN Realty Corporation
3340 Peachtree Road, N.E.
Suite 1530
Atlanta, Georgia 30326
Fax: (404) 364-6446
Page 4 of 17
<PAGE>
INVESTOR INFORMATION
RESEARCH COVERAGE:
A.G. Edwards & Sons, Inc. Marsha J. Camp (314) 955-5369
Ann L. Melnick (314) 955-2947
BT Alex. Brown Kevin Comer (212) 250-5941
Evelyn Leon-Infurna (212) 250-6325
Equitable Securities Corporation Matt H. Dobson, V (615) 780-4149
Jeff Hoskins (615) 780-9427
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
FIXED INCOME ANALYSTS:
BT Alex. Brown Susan Stack (212) 250-8746
Duff & Phelps Credit Rating Co. Mark L. Berry (212) 908-0236
Merrill Lynch & Co. John Forrey (212) 449-1812
Moody's Investor Service Thierry B. Perrein (212) 553-1331
Smith Barney Inc. Cornell Faunt LeRoy (212) 723-5085
Standard & Poor's William J. Haley (212) 208-1286
SENIOR UNSECURED DEBT RATINGS:
Moody's Investors Service Baa3
Standard & Poor's Corporation BBB-
Duff & Phelps Credit Rating Co. BBB-
QUARTERLY RESULTS:
The Company plans to announce quarterly results according to the following
schedule:
First Quarter 1998 Late April 1998
Second Quarter 1998 Late July 1998
Third Quarter 1998 Late October 1998
Fourth Quarter 1998 Late January 1999
Page 5 of 17
<PAGE>
JDN REALTY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
December 31, December 31,
1997 1996
------------- -------------
(Unaudited)
(In thousands)
<S> <C> <C>
ASSETS
Shopping center properties, at cost:
Land $ 85,837 $ 50,455
Buildings and improvements 397,110 262,568
Property under development 52,356 19,646
--------- ---------
535,303 332,669
Less: accumulated depreciation and amortization (38,306) (27,973)
--------- ---------
Shopping center properties, net 496,997 304,696
Cash and cash equivalents 11,439 2,709
Restricted cash - escrow 186 3,659
Rents receivable 2,745 2,208
Investments in and advances to unconsolidated entities 72,743 41,253
Deferred costs, net of amortization 4,189 6,181
Other assets 11,454 11,280
--------- ---------
$599,753 $371,986
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Unsecured notes payable $159,511 $ --
Unsecured line of credit 43,500 --
Mortgage notes payable 13,591 141,882
Accounts payable and accrued expenses 6,719 1,999
Other liabilities 4,844 1,566
--------- ---------
Total Liabilities 228,165 145,447
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 18,497,227 and 13,056,054 shares
in 1997 and 1996, respectively 185 131
Paid-in capital 378,492 233,497
Accumulated deficit (7,089) (7,089)
--------- ---------
Total Shareholders' Equity 371,588 226,539
--------- ---------
$599,753 $371,986
========= =========
</TABLE>
Page 6 of 17
<PAGE>
JDN REALTY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended December 31,
1997 1996
-------- -------
(In thousands)
Revenues:
Minimum and percentage rents $ 13,043 $ 8,878
Recoveries from tenants 1,401 941
Other revenue 29 48
-------- -------
Total revenues 14,473 9,867
Operating expenses:
Operating and maintenance 938 715
Real estate taxes 865 451
General and administrative 1,322 932
Depreciation and amortization 3,005 2,080
-------- -------
Total operating expenses 6,130 4,178
-------- -------
Income from operations 8,343 5,689
Other income (expense):
Interest expense, net (1,559) (1,559)
Other income, net 318 24
Equity in net income of
unconsolidated entities 824 444
-------- -------
Net income $ 7,926 $ 4,598
======== =======
Net income per share:
Basic $ 0.47 $ 0.39
======== =======
Diluted $ 0.46 $ 0.38
======== =======
Page 7 of 17
<PAGE>
JDN REALTY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
Year Ended December 31,
1997 1996
----------------- ------------
(In thousands)
<S> <C> <C>
Revenues:
Minimum and percentage rents $ 43,346 $ 32,933
Recoveries from tenants 4,512 3,475
Other revenue 147 215
------------ ------------
Total revenues 48,005 36,623
Operating expenses:
Operating and maintenance 3,201 2,586
Real estate taxes 2,540 1,817
General and administrative 4,265 3,367
Depreciation and amortization 10,130 7,786
------------ ------------
Total operating expenses 20,136 15,556
------------ ------------
Income from operations 27,869 21,067
Other income (expense):
Interest expense, net (4,856) (5,868)
Other income, net 1,205 68
Equity in net income of unconsolidated entities 3,367 1,415
------------ ------------
Income before net loss on real estate sales and
extraordinary items 27,585 16,682
Net loss on real estate sales (352) -
------------ ------------
Income before extraordinary items 27,233 16,682
Extraordinary items (5,940) -
------------ ------------
Net income $ 21,293 $ 16,682
============ ============
Net income per share:
Basic $ 1.38 $ 1.50
============ ============
Diluted $ 1.36 $ 1.50
============ ============
</TABLE>
Page 8 of 17
<PAGE>
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, Year Ended December 31,
------------------------------- -----------------------
1997 1996 1997 1996
------- ------- ------- -------
<S> <C> <C> <C> <C>
FUNDS FROM OPERATIONS:
Net income $21,293 $ 7,926 $ 4,598 $16,682
Depreciation of real estate assets 2,836 1,950 9,497 7,303
Amortization of tenant allowances and tenant improvements 38 23 144 104
Amortization of deferred leasing commissions 74 67 291 255
Net loss on real estate sales - - 352 15
Extraordinary items - - 5,940 -
Adjustments related to activities in unconsolidated entities 154 269 184 324
------- ------- ------- -------
FFO $11,028 $ 6,907 $37,701 $24,683
======= ======= ======= =======
FFO per share: $ 0.65 $ 0.58 $ 2.45 $ 2.23
======= ======= ======= =======
Weighted average shares outstanding (in thousands) 16,929 11,925 15,377 11,086
======= ======= ======= =======
FUNDS AVAILABLE FOR DISTRIBUTION:
FFO $11,028 $ 6,907 $37,701 $24,683
Adjustments:
Amortization of deferred loan costs 182 335 908 1,278
Other depreciation and amortization 57 40 198 124
Straight-line rent (241) (6) (297) 14
Tenant allowances and tenant improvements (62) (88) (438) (239)
Leasing commissions (12) (53) (153) (163)
Building improvements (287) (78) (723) (288)
------- ------- ------- -------
Funds available for distribution $10,665 $ 7,057 $37,196 $25,409
======= ======= ======= =======
Funds available for distribution per share $ 0.63 $ 0.59 $ 2.42 $ 2.29
======= ======= ======= =======
Dividends per share $ 0.500 $ 0.475 $ 1.975 $ 1.880
======= ======= ======= =======
Payout ratio of FFO 76.8% 82.0% 80.6% 84.4%
======= ======= ======= =======
Payout ratio of funds available for distribution 79.5% 80.3% 81.7% 82.0%
======= ======= ======= =======
</TABLE>
Page 9 of 17
<PAGE>
JDN REALTY CORPORATION AND JDN DEVELOPMENT COMPANY, INC.
PROJECTS UNDER CONSTRUCTION - DECEMBER 31, 1997
<TABLE>
<CAPTION>
TOTAL GLA ACTUAL OR
TOTAL TOTAL GLA PERCENT EXPECTED
GLA UNDER LEASED/ LEASED/ RENTAL STORES UNDER
LOCATION CONSTRUCTION COMMITTED COMMITTED COMMENCEMENT CONSTRUCTION
- --------------------------- ------------ --------- --------- ----------------- -----------------------------------------------
<S> <C> <C> <C> <C> <C>
CUMMING, GA (1) 12,000 12,000 100.0% 1st Qtr 98 Shoe Carnival
GREENSBORO, NC (2) 86,584 86,584 100.0% 1st Qtr 98 Kohl's
MARIETTA, GA (8) 18,200 7,000 38.5% 1st Qtr 98 Shops
GULF BREEZE, FL 206,358 181,558 88.0% 1st Qtr 98 Wal-Mart (3), Shops
GALLIPOLIS, OH 202,158 179,958 89.0% 3rd Qtr 98 Wal-Mart, Shops
SUWANEE, GA (5) 25,200 3,150 12.5% 2nd Qtr 98 Shops
BRANDON, FL 112,000 100,000 89.3% 2nd Qtr 98 Jumbo Sports, Linens N Things (4), Shops
JACKSON, MS 52,917 31,317 59.2% 2nd Qtr 98 Office Depot, Shops
WILMINGTON, NC 261,990 242,540 92.6% 2nd Qtr 98 Target (3), Marshalls, PetsMart,
Office Max, Shops
WINSTON-SALEM, NC 15,000 0 0.0% 3rd Qtr 98 Shops
MURFREESBORO, TN 403,825 398,825 98.8% 4th Qtr 98 Lowe's (3), Target (3), Toys "R" Us (3),
Rhodes (4), T.J. Maxx (4),
BooksAMillion (4), Shops
GREENSBORO, NC - NORTH 249,356 122,000 48.9% 4th Q 98/1st Q 99 Target (3), Grocery Anchor
ALPHARETTA, GA 129,044 129,044 100.0% 3rd Qtr 98 Lowe's
STONE MOUNTAIN, GA 250,336 226,936 90.7% 3rd Q 98/2nd Q 99 Lowe's (4), Grocery, Anchor, Shops
BUFORD, GA 389,459 357,659 91.8% 4th Qtr 98 Wal-Mart (4), Lowe's, Anchor
MONROE, LA (7) 209,540 130,000 62.0% 3rd Q 98/1st Q 99 Home Depot (3)
GREENSBORO, NC - PHII 41,800 0 0.0% 1st Qtr 99 Shops
WOODSTOCK, GA 123,011 123,011 100.0% 3rd Qtr 98 Anchor
TUCKER, GA 255,009 224,332 88.0% 3rd Qtr 98 Wal-Mart (3), Kroger (4), Goody's (4), Shops
MONACA, PA - PH II 182,857 142,857 78.1% 1st Qtr 99 Office Max (4), Shop N Save (4), Petsmart (4)
Phar-Mor (4), Shops
MACON, GA 101,162 101,162 100.0% 1st Qtr 99 Anchor
NASHVILLE, TN - CH. PIKE 386,628 329,128 85.1% 4th Q 98/1st Q 99 Wal-Mart (4), Lowe's (4), Shops
BRANDON, FL 180,420 63,420 35.2% 2nd Q 99/ 1st Q 00 Publix, Anchors, Shops
IRVING, TX 656,598 392,084 59.7% 1st Q 99/4th Q 99 Wal-Mart (3), Theater (3), Anchors, Shops
ROCKY MOUNT, NC 59,025 54,025 91.5% 4th Qtr 98 Goody's (4), Petsmart (4), Pier 1 (4), Shops
--------- ---------
TOTAL 4,610,477 3,638,590 78.9%
========= =========
TOTAL OWNED 3,379,167 2,407,280 71.2%
========= =========
TOTAL NON-OWNED 1,231,310 1,231,310 100.0%
========= =========
</TABLE>
RE-DEVELOPMENT
- ----------------
SOUTH BOSTON, VA Expanding Wal-Mart by 106,316 square feet.
Expected completion 2nd Qtr 98.
CANTON, GA Replacing existing dark Wal-Mart with 60,000
square foot Ingles. Expected completion 4th Qtr 98.
CARTERSVILLE, GA Replacing existing dark Wal-Mart with 60,000 square foot
Ingles. Expected completion 4th Qtr 98.
TOPEKA, KS Relocating Bauerfeld's Grocery to new 47,860 square foot
space. Expected completion 1st Qtr 99.
<PAGE>
<TABLE>
<CAPTION>
TOTAL GLA TOTAL GLA
TOTAL OWNED LEASED/ PERCENT LEASED/ ACTUAL/ESTIMATED
GLA GLA COMMITTED COMMITTED PROJECT COST
--------- --------- --------- --------------- ----------------
<S> <C> <C> <C> <C> <C>
1ST QTR 1997 166,995 166,995 165,395 99.0% $ 12,574,375
2ND QTR 1997 141,900 10,800 141,900 100.0% 1,997,460
3RD QTR 1997 843,366 721,366 833,866 98.9% 55,072,892
4TH QTR 1997 975,153 847,357 925,853 94.9% 63,125,169
--------- --------- --------- ----- ------------
TOTAL 1997 2,127,414 1,746,518 2,067,014 97.2% $132,769,896
========= ========= ========= ===== ============
1ST QTR 1998 (6) 412,142 232,184 376,142 91.3% $ 20,519,921
2ND QTR 1998 (6) 563,665 441,665 466,365 82.7% 41,662,643
3RD QTR 1998 (6) 806,061 541,418 736,984 91.4% 44,970,536
4TH QTR 1998 (6) 1,206,993 802,368 1,132,593 93.8% 59,234,923
--------- --------- --------- ----- ------------
TOTAL 1998 2,988,861 2,017,635 2,712,084 90.7% 166,388,023
TOTAL 1999 AND BEYOND (6) 1,621,616 1,361,532 926,506 57.1% 104,514,871
--------- --------- --------- ----- ------------
TOTAL ESTIMATED 4,610,477 3,379,167 3,638,590 78.9% 270,902,894
========= ========= ========= =====
TOTAL COST TO DATE 86,261,898
------------
TOTAL COST TO COMPLETE $184,640,996
============
</TABLE>
(1) Company has already placed in service 386,648 square feet, of which 256,648
is owned.
(2) This project contains a total of 456,522 square feet of which 369,938
square feet is already in service.
(3) Retailer will build and own its portion of the shopping center.
(4) Tenant has committed to lease but has not yet delivered a signed lease
agreement to the Company and, therefore, there can be no assurance that a
lease agreement with this tenant will be executed.
(5) Shops are adjacent to a 10,800 square foot Pike Nurseries already in
operation.
(6) Estimated based on announced projects for 1998, 1999 and Beyond.
(7) Property held through a Joint Venture interest.
(8) Company placed in service a 132,847 square foot Lowe's November 25, 1997.
Page 10 of 17
<PAGE>
JDN REALTY CORPORATION
KEY RATIOS
DECEMBER 31, 1997
<TABLE>
<CAPTION>
As of or for the
Three Months Ended December 31,
--------------------------------
1997 1996
------------ --------------
<S> <C> <C>
COVERAGE RATIOS
Interest Coverage Ratio (EBITDA/Interest expense) 8.01 5.28
Debt Service Coverage Ratio (EBITDA/Interest expense + Scheduled principal payments) 7.69 4.54
EBITDA/Interest Incurred (Before Capitalized Interest) 2.80 2.68
DEBT/EQUITY RATIO
Total debt/Total market capitalization 26.6% 28.2%
RETURN ON INVESTMENT RATIO
Annualized return on operating real estate investments (EBITDA/Average
operating real estate investments (undepreciated book value)) 11.3% 11.3%
OVERHEAD RATIOS
Annualized general & administrative expenses/Average total assets 0.9% 1.0%
General & administrative expenses/Total revenues 9.1% 9.4%
RECOVERABLE EXPENSES RATIOS
Recoveries as a percent of recoverable expenses 89.8% 94.1%
Recoveries as a percent of operating and maintenance expenses and real estate taxes 74.0% 74.8%
PAYOUT RATIOS
FFO payout ratio (Declared dividends/FFO) 76.8% 82.0%
MARKET CAPITALIZATION CALCULATIONS
Shares outstanding (end of quarter) 18,497,227 13,056,054
Stock price (end of quarter) 32.375 27.625
------------ ------------
Equity market capitalization $598,847,724 $360,673,492
Total debt (end of quarter) 216,602,432 141,882,184
------------ ------------
Total market capitalization $815,450,156 $502,555,676
============= ============
EBITDA CALCULATION
Income before extraordinary items $ 7,926,393 $ 4,597,960
Plus: Depreciation and amortization 3,006,050 2,080,320
Interest expense, net 1,558,615 1,559,382
------------ ------------
EBITDA $ 12,491,058 $ 8,237,662
============ ============
</TABLE>
Page 11 of 17
<PAGE>
JDN REALTY CORPORATION
DEBT ANALYSIS
DECEMBER 31, 1997
OUTSTANDING DEBT:
<TABLE>
<CAPTION>
PERCENT
PRINCIPAL INTEREST MATURITY OF TOTAL MONTHS TO
BALANCE RATE DATE INDEBTEDNESS MATURITY
--------------- ---------- ----------- ------------- ----------
(in thousands)
<S> <C> <C> <C> <C> <C>
Fixed Rate
2004 Bonds Payable $ 74,767 7.09% (1) 04-Aug-04 34.5% 79
2007 Bonds Payable 84,744 7.22% (1) 04-Aug-07 39.2% 115
Mortgage note payable - Richmond, Kentucky 6,429 7.00% 01-Dec-03 3.0% 71
Mortgage note payable - Jackson, Mississippi 7,162 9.25% 01-Mar-17 3.3% 230
------------ ---------- --------- ---------
173,102 7.24% 80.0% 103
Floating Rate
Unsecured Credit Facility 43,500 7.99% (2) 22-May-00 20.0% 29
------------ ---------- ---------- ---------
43,500 7.99% 20.0% 29
------------ ---------- ---------- ---------
$ 216,602 7.39% 100.0% 88
============ ========== ========== =========
</TABLE>
WEIGHTED AVERAGE INTEREST RATES:
<TABLE>
<CAPTION>
WEIGHTED WEIGHTED
PRINCIPAL AVERAGE AVERAGE
BALANCE INTEREST RATE (3) INTEREST RATE (4)
------------- ----------------- -----------------
<S> <C> <C> <C>
Fixed Rate Debt $ 173,102 7.24% 6.98%
Hedged Floating Rate Debt 43,500 8.43% 7.88%
Floating Rate Debt - 7.99% 7.43%
---------- --------- ---------
Total Debt $ 216,602 7.48% 7.16%
========== ========= =========
</TABLE>
<PAGE>
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>
1998 $ 281 $ - $ 281 0.1% 0.1%
1999 304 - 304 0.1% 0.2%
2000 330 43,500 43,830 20.2% 20.4%
2001 358 - 358 0.3% 20.7%
2002 389 - 389 0.2% 20.9%
2003 385 5,462 5,847 2.7% 23.6%
2004 246 74,767 75,013 34.6% 58.2%
2005 269 - 269 0.1% 58.3%
2006 295 - 295 0.1% 58.4%
2007 324 84,744 85,068 39.3% 97.7%
2008 355 - 355 0.2% 97.9%
Thereafter 4,593 - 4,593 2.1% 100.0%
-----------------------------------------------------------------------
$ 8,129 $ 208,473 $ 216,602 100.0%
=======================================================================
</TABLE>
(1) Represents stated rate plus amortization of deferred loan costs.
(2) Stated rate of LIBOR plus 1.25% plus amortization of deferred loan costs.
(3) Interest when the amortization of deferred loan costs is included.
(4) Interest when the amortization of deferred loan costs is not included.
Page 12 of 17
<PAGE>
JDN REALTY CORPORATION
NET OPERATING INCOME (1)
DECEMBER 31, 1997
(dollars in thousands)
<TABLE>
<CAPTION>
Three Months Ended December 31,
-------------------------------
1997 1996 Percent Change
------- ------- --------------
<S> <C> <C> <C>
Same Properties (2) $ 7,491 $ 7,438 0.7%
Acquisitions 2,036 28 7261.5%
Development / Redevelopment 3,154 1,113 183.4%
------- ------- -------
$12,681 $ 8,579 47.8%
======= ======= =======
<CAPTION>
Year Ended December 31,
-------------------------
1997 1996 Percent Change
------- ------- --------------
<S> <C> <C> <C>
Same Properties (2) $29,947 $29,587 1.2%
Acquisitions 4,380 28 15734.8%
Development / Redevelopment 7,840 2,354 233.0%
------- ------- -------
$42,167 $31,969 31.9%
======= ======= =======
</TABLE>
(1) Net operating income represents property revenues less property
expenses excluding interest expense, depreciation and amortization.
(2) Same Properties represents the 40 properties owned and operating during
the current period which were also owned and operated during the same
period of the prior year.
Page 13 of 17
<PAGE>
JDN REALTY CORPORATION AND JDN DEVELOPMENT COMPANY, INC.
TENANT INFORMATION
DECEMBER 31, 1997
SIGNIFICANT TENANTS (GREATER THAN 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 21 10 2,275,157 19.2% 27.3%
Lowe's 11 2 1,239,415 15.8% 14.9%
Kroger 8 2 471,466 6.0% 5.7%
Bruno's 7 1 365,614 3.6% 4.4%
Kmart 4 - 389,564 2.9% 4.7%
Food Lion 8 - 236,079 2.8% 2.8%
Winn-Dixie 5 - 201,453 2.0% 2.4%
Goody's 5 - 125,220 1.6% 1.5%
Pike Nurseries 4 - 43,420 1.6% 0.5%
PETsMART 3 - 78,195 1.2% 0.9%
Ingles 5 - 150,612 1.1% 1.8%
Homeplace 1 - 53,000 1.1% 0.6%
Blockbuster 7 - 44,754 1.1% 0.5%
Dollar Tree 15 - 53,414 1.1% 0.6%
Circuit City 2 - 61,526 1.0% 0.7%
--- -- --------- ---- ----
Total 106 15 5,788,889 62.1% 69.3%
=== == ========= ==== ====
</TABLE>
- -----------
* Represents additional retail 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 LEASED SF
- -------------------- --------- ---------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Anchor 6,429,479 77.2% $40,575,649 69.5% $ 6.31
Non-Anchor 1,651,811 19.9% 17,829,232 30.5% 10.79
Unleased 245,434 2.9% 0 0.0% 0.00
--------- ----- ----------- ----- ------
Total or Average 8,326,724 100.0% $58,404,881 100.0% $ 7.23
========= ===== =========== ===== ======
<CAPTION>
PERCENT OF PERCENT OF ANNUALIZED
COMPANY COMPANY ANNUALIZED ANNUALIZED BASE RENT PER
TYPE OF TENANT SPACE GLA GLA BASE RENT BASE RENT LEASED SF
- -------------------- --------- ---------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
National 5,628,377 67.6% $37,423,760 64.0% $ 6.65
Regional 1,657,768 19.9% 12,827,930 22.0% 7.74
Local 795,145 9.6% 8,153,191 14.0% 10.25
Unleased 245,434 2.9% 0 0.0% 0.00
--------- ----- ----------- ----- ------
Total or Average 8,326,724 100.0% $58,404,881 100.0% $ 7.23
========= ===== =========== ===== ======
<CAPTION>
PERCENT OF PERCENT OF ANNUALIZED
COMPANY COMPANY ANNUALIZED ANNUALIZED BASE RENT PER
TYPE OF RETAILER GLA GLA BASE RENT BASE RENT LEASED SF
- ---------------- --------- ---------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Discount 2,790,513 33.5% $13,894,510 23.8% $ 4.98
Supermarket 1,654,183 19.9% 10,239,078 17.5% 6.19
Home Improvement 1,115,730 13.4% 8,301,288 14.2% 7.44
Apparel 222,583 2.7% 1,883,966 3.2% 8.46
Restaurant 226,971 2.7% 2,953,800 5.1% 13.01
Video 104,221 1.3% 1,257,694 2.2% 12.07
Drug Store 145,596 1.7% 1,004,633 1.7% 6.90
Home Goods 93,223 1.1% 1,047,126 1.8% 11.23
Footwear 130,495 1.6% 1,378,894 2.4% 10.57
Other - Retail 1,122,064 13.5% 10,989,423 18.8% 9.79
Other - Service 475,711 5.7% 5,454,469 9.3% 11.47
Unleased 245,434 2.9% 0 0.0% 0.00
--------- ----- ----------- ----- ------
Total or Average 8,326,724 100.0% $58,404,881 100.0% $ 7.23
========= ===== =========== ===== ======
</TABLE>
Page 14 of 17
<PAGE>
JDN REALTY CORPORATION AND JDN DEVELOPMENT COMPANY, INC.
OPERATING PORTFOLIO - DECEMBER 31, 1997
<TABLE>
<CAPTION>
ANNUALIZED
YEAR BUILT/ BASE RENT
RENOVATED TOTAL COMPANY PERCENT ANNUALIZED PER
LOCATION OR EXPANDED GLA(1) GLA LEASED BASE RENT LEASED SF ANCHOR STORES
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALABAMA
Decatur 1965/1996 122,956 122,956 99.6% $ 803,068 $ 6.56 Food World
Gadsden 1979 131,044 85,341 95.4% 304,262 3.74 Public Wholesale,
Food World(2), Eckerd
Opelika 1993/1995 306,225 306,225 100.0% 1,826,603 5.96 Wal-Mart, Lowe's,
------------------ ----------- Winn-Dixie, Goody's, CVS
Sub Total 560,225 514,522 2,933,933
% of Portfolio Total 5.2% 6.2% 5.0%
FLORIDA
Brandon 1997 127,255 0 0.0% 0 0.00 Lowe's(2)
Fort Walton Beach 1986 124,852 21,901 65.8% 178,626 12.40 Wal-Mart(2)
Ocala 1984/1991 183,818 151,338 92.9% 660,606 4.70 Wal-Mart, Winn Dixie
Tallahassee 1990/1994 265,301 109,052 98.9% 734,060 6.81 Wal-Mart(2), Lowe's
------------------ -----------
Sub Total 701,226 282,291 1,573,292
% of Portfolio Total 6.6% 3.4% 2.7%
GEORGIA
Canton 1983 131,128 65,252 89.7% 367,079 6.27 Ingles, Revco
Canton (5) 1996 238,026 238,026 99.4% 1,693,125 7.16 Wal-Mart
Cartersville 1984 135,813 135,813 95.9% 514,933 3.95 Wal-Mart, Ingles, Eckerd
Cartersville 1995 375,828 375,828 100.0% 2,332,014 6.21 Wal-Mart, Lowe's
Conyers (4) 1996 428,116 126,998 98.6% 1,239,975 9.90 Wal-Mart(2), Home Depot(2),
Rhodes, Sport Shoe Expo,
Goody's, PetsMart
Cordele 1997 176,054 176,054 94.7% 1,008,045 6.05 Wal-Mart
Cumming 1997 387,748 256,648 99.5% 1,615,084 6.32 Wal-Mart, Home Depot(2),
Goody's, OfficeMax
Eastman 1990 82,907 41,603 100.0% 280,378 6.74 Wal-Mart(2), Food Lion
Fayetteville 1990 156,063 156,063 89.2% 1,255,572 9.02 Bruno's, Cinemark Movies,
Revco
Fort Oglethorpe 1973/1992 176,903 176,903 97.7% 779,307 4.51 Kmart, FoodMax, Revco
Griffin 1986 172,546 64,771 95.1% 413,911 6.72 Wal-Mart(2), Winn-Dixie
LaFayette 1990 70,849 70,849 85.0% 369,214 6.13 Food Lion, Goody's, Revco
LaGrange 1984 62,990 62,990 100.0% 233,063 3.70 Wal-Mart
Lawrenceville - LTC 1989/1995 322,349 277,079 98.2% 2,174,588 7.99 Wal-Mart, Kroger,
Regal Cinemas
Lawrenceville - FFV 1990 89,064 89,064 97.2% 875,154 10.11 Winn-Dixie, Eckerd
Lilburn 1990 73,951 73,951 95.8% 620,846 8.76 Kroger
Lilburn 1997 132,847 132,847 100.0% N/A 0.00 Lowe's
Loganville 1995 95,277 91,197 100.0% 926,318 10.16 Kroger
Madison 1989 106,100 106,100 92.3% 471,267 4.81 Wal-Mart, Ingles, Revco
Marietta 1997 132,847 132,847 100.0% N/A 0.00 Lowe's
Newnan 1995 426,725 360,669 99.3% 2,412,555 6.73 Wal-Mart, Lowe's, Uptons(2)
Peachtree City 1997 10,800 10,800 100.0% 221,950 20.55 Pike Nurseries
Riverdale 1989 80,186 22,401 94.6% 289,028 13.63 Kroger(2)
Stockbridge 1988 162,779 162,779 97.9% 785,971 4.93 Kmart, Bruno's
Stockbridge 1997 10,800 10,800 100.0% 221,950 20.55 Pike Nurseries
Stone Mountain 1975 50,922 50,922 92.2% 274,918 5.85 -
Suwanee 1997 10,800 10,800 100.0% 201,250 18.63 Pike Nurseries
Union City 1986 181,957 100,005 97.2% 804,288 8.27 Wal-Mart(2), Ingles,
Drug Emporium
Warner Robins (3) 1997 145,939 145,939 96.5% 1,031,632 7.32 Lowe's
Woodstock 1995 164,453 164,453 100.0% 1,450,740 8.82 Wal-Mart
Woodstock 1997 132,847 132,847 100.0% N/A 0.00 Lowe's
Woodstock 1997 11,020 11,020 100.0% 270,250 24.52 Pike Nurseries
------------------ -----------
Sub Total 4,936,634 4,034,318 28,945,093
% of Portfolio Total 46.2% 48.5% 49.6%
KANSAS
Topeka 1976 125,657 125,657 52.4% 248,820 3.78 Bauersfeld's Grocery
------------------ -----------
Sub Total 125,657 125,657 248,820
% of Portfolio Total 1.2% 1.5% 0.4%
KENTUCKY
Richmond 1992 229,314 158,042 100.0% 1,007,748 6.38 Kmart, Lowe's(2), Food Lion
------------------ -----------
Sub Total 229,314 158,042 1,007,748
% of Portfolio Total 2.1% 1.9% 1.7%
</TABLE>
Page 15 of 17
<PAGE>
JDN REALTY CORPORATION AND JDN DEVELOPMENT COMPANY, INC.
OPERATING PORTFOLIO - DECEMBER 31, 1997
<TABLE>
<CAPTION>
ANNUALIZED
YEAR BUILT/ BASE RENT
RENOVATED TOTAL COMPANY PERCENT ANNUALIZED PER
LOCATION OR EXPANDED GLA (1) GLA LEASED BASE RENT LEASED SF ANCHOR STORES
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MISSISSIPPI
Jackson 1996 328,239 107,980 95.6% 998,283 9.67 Target(2), Home
Depot(2), Office Depot,
------------------------- ----------- PetsMart, Fred's
Sub Total 328,239 107,980 998,283
% of Portfolio Total 3.1% 1.3% 1.7%
NORTH CAROLINA
Asheville 1996 186,970 186,970 99.1% 1,749,011 9.44 Food Lion, Circuit City,
Carmike Cinemas,
Office Max, Michaels
Greensboro 1997 370,480 247,939 88.2% 2,036,310 9.31 Target(2), Kroger,
Homeplace, Babies 'R Us,
PETsMART
Greenville 1996 323,822 226,822 100.0% 2,477,198 10.92 Target(2), Kroger, T.J.
Maxx, Circuit City,
Barnes & Noble,
Reading China
Hendersonville 1988/1995 170,792 133,052 100.0% 720,848 5.42 Wal-Mart, Ingles
Rockingham 1988 168,776 168,776 100.0% 940,647 5.57 Wal-Mart, Lowe's,
Harris Teeter
Wallace 1989 118,991 118,991 100.0% 540,966 4.55 Wal-Mart, Wilson's
Wilmington 1991 169,432 169,432 100.0% 1,103,327 6.51 Wal-Mart, Winn-Dixie
------------------------- -----------
Sub Total 1,509,263 1,251,982 9,568,310
% of Portfolio Total 14.1% 15.0% 16.4%
OHIO
Burlington 1991/1995 356,181 159,359 100.0% 1,039,609 6.52 Lowe's, Sam's Club(2),
------------------------- ----------- Wal-Mart(2)
Sub Total 356,181 159,359 1,039,609
% of Portfolio Total 3.3% 1.9% 1.8%
PENNSYLVANIA
Monaca 1997 142,514 142,514 94.6% 1,102,253 8.18 Lowe's
------------------------- -----------
Sub Total 142,514 142,514 1,102,253
% of Portfolio Total 1.3% 1.7% 1.9%
SOUTH CAROLINA
Charleston 1991 188,886 188,886 98.9% 1,506,280 8.06 Wal-Mart, Food Lion
Cheraw 1990 111,029 45,099 97.6% 307,834 7.00 Wal-Mart(2), Food Lion
Lake City 1991 135,962 135,962 100.0% 724,231 5.33 Wal-Mart, Food Lion
Sumter 1987 158,293 19,143 100.0% 143,591 7.50 Wal-Mart(2), Kroger(2)
------------------------- -----------
Sub Total 594,170 389,090 2,681,936
% of Portfolio Total 5.6% 4.7% 4.6%
TENNESSEE
Chattanooga 1992 214,579 214,579 98.1% 1,529,025 7.26 Kmart, FoodMax
Columbia 1993 68,948 68,948 100.0% 516,214 7.49 FoodMax
Farragut 1991 71,311 71,311 100.0% 519,015 7.28 BI-LO
Franklin 1983 186,000 18,000 100.0% 135,377 7.52 Big Lots(2)
Goodlettsville 1987 84,945 84,945 100.0% 700,243 8.24 Kroger
Memphis 1993 64,223 64,223 100.0% 540,808 8.42 Kroger
Murfreesboro 1972/1993 117,750 117,750 100.0% 796,133 6.76 FoodMax
Murfreesboro 1972/1994 71,028 71,028 100.0% 512,570 7.22 FoodMax
Tullahoma 1989 70,766 70,766 95.0% 420,160 6.25 BI-LO
------------------------- -----------
Sub Total 949,550 781,550 5,669,545
% of Portfolio Total 8.9% 9.4% 9.7%
VIRGINIA
Chester 1977/1978 116,310 116,310 100.0% 1,004,512 8.64 Ukrop's, Rite-Aid
Lexington 1989/1997 93,370 93,370 96.8% 510,066 5.64 Wal-Mart
Midlothian 1985 79,408 79,408 97.0% 668,698 8.68 Food Lion, CVS
South Boston 1989/1997 90,330 90,330 95.4% 452,784 5.26 Wal-Mart
------------------------- -----------
Sub Total 379,418 379,418 2,636,060
% of Portfolio Total 3.6% 4.6% 4.5%
TOTAL 10,686,734 8,326,723 97.1% $58,404,881 $ 7.23
</TABLE>
================================================================================
(1) Total GLA includes anchor stores that are not owned by the Company.
(2) Anchor store that is not owned by the Company.
(3) Lowe's owned by JDN Development Company, Inc. Remainder of center owned by
JDN Realty Corporation.
(4) Property held by JDN Development Company, Inc. through a joint venture
interest.
(5) Wal-Mart owned by JDN Development Company, Inc. Remainder of center owned by
JDN Realty Corporation.
Page 16 of 17
<PAGE>
JDN REALTY CORPORATION AND JDN DEVELOPMENT COMPANY, INC.
LEASE EXPIRATION SCHEDULE
DECEMBER 31, 1997
<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* LEASES* EXPIRING LEASES EXPIRING LEASES
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 165 377,217 $ 3,145,487 $ 8.34 4.7% 5.3%
1999 137 332,104 3,330,261 10.03 4.1% 5.6%
2000 165 459,939 4,327,093 9.41 5.7% 7.2%
2001 84 209,461 2,512,717 12.00 2.6% 4.2%
2002 80 299,496 2,716,106 9.07 3.7% 4.5%
2003 21 108,164 979,431 9.06 1.3% 1.6%
2004 10 332,272 1,463,142 4.40 4.1% 2.5%
2005 11 103,863 794,250 7.65 1.3% 1.3%
2006 20 276,506 1,906,305 6.89 3.4% 3.2%
2007 9 95,634 906,429 9.48 1.2% 1.5%
Thereafter 100 5,486,598 37,813,030 6.89 67.9% 63.1%
--------- -------------- -------------- -------------- --------------- ---------------
Total or Average 802 8,081,254 $59,894,251 $ 7.41 100.0% 100.0%
========= ============== ============== ============== =============== ===============
</TABLE>
* Represents rates in effect at the time of lease expiration.
Page 17 of 17
