Reit Terms Flashcards

Anchor Spaces

Spaces equal to or greater than 10,000 square feet ("SF") of GLA.

Anchor Space Repositioning

Anchor leasing that is primarily focused on reconfiguring or significantly remerchandising existing space with minimal work required outside of normaltenant improvement costs.

Monthly base rent as of a specified date, under leases which have been signed or commenced as of the specified date, multiplied by 12. Annualizedbase rent is calculated on a cash basis and differs from how rent is calculated in accordance with generally accepted accounting principles in theUnited States of America ("GAAP") for purposes of financial statements.

ABR PSF

ABR divided by leased GLA, excluding the GLA of lessee owned leasehold improvements.

Billed GLA

Aggregate GLA of all commenced leases, as of a specified date.

Stabilization

Development and redevelopment projects are deemed stabilized upon the earlier of (i) reaching approximately 90% billed occupancy or (ii) one year after the property is placed in service.

Gross Leasable Area ("GLA")

Represents the total amount of leasable property square footage.

Leased GLA

Aggregate GLA of all signed or commenced leases, as of a specified date.

LIBOR

London Interbank Offered Rate.

Metropolitan Statistical Area ("MSA")

Defined by the United States Office of Management and Budget as a region associated with at least one urbanized area that has a population of atleast 50,000 and comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social andeconomic integration with the central county or counties as measured through commuting.

NAREIT

National Association of Real Estate Investment Trusts.

NAREIT Funds From Operations ("FFO")

A supplemental, non-GAAP performance measure. Please see below for more information on the limitations of non-GAAP performance measures.A reconciliation of net income to NAREIT FFO is provided on page 8.NAREIT defines FFO as net income (loss) presented in accordance with GAAP excluding (i) gain (loss) on disposition of operating properties, plus (ii)depreciation and amortization of operating properties, (iii) impairment of operating properties and real estate equity investments (to the extentequity investee impairment is directly attributable to a decrease in the value of its operating properties) and (iv) after adjustments for unconsolidatedjoint ventures calculated to reflect FFO on the same basis.

Net Effective Rent

Average ABR PSF over the lease term adjusted for tenant improvements and allowances, third party leasing commissions and tenant specific landlordwork.

Net Operating Income ("NOI")

Calculated as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rentalincome, percentage rents and other revenues) less direct property operating expenses (operating costs, real estate taxes and provision for doubtfulaccounts). NOI excludes (i) corporate level expenses (including G&A), (ii) lease termination fees, (iii) straight-line rental income, (iv) accretion of aboveandbelow-market leases and tenant inducements and (v) straight-line ground rent expense.

New Development

Refers to ground up development of new shopping centers. Does not refer to outparcel development.

NOI Yield

Calculated as the projected incremental NOI as a percentage of the incremental third party costs of a specified project, net of any project specificcredits (i.e. lease termination fees or other ancillary credits).

Non-owned Major Tenant

Also known as a shadow anchor. Represents tenants that are situated on parcels which are owned by unrelated third parties, but, due to their locationwithin or immediately adjacent to a shopping center, appear to the consumer as a retail tenant of the shopping center and, as a result, attractadditional consumer traffic to the center.

Outparcel

Refers to a portion of a shopping center, separate from the main retail buildings and generally located on the outer edge of a property, which maycurrently, or in the future, contain one or several freestanding buildings.

Percent Billed

Billed GLA as a percentage of total GLA.

Percent Leased

Leased GLA as a percentage of total GLA.

Redevelopment

Larger scale projects that typically involve new construction, reconfiguration or demolition of a portion of the shopping center to accommodatenew retailers

Rent Spread

Represents the percentage change in cash ABR PSF in the first year of the new lease relative to cash ABR PSF in the last year of the old lease. Rentspreads are presented only for leases deemed comparable.

New Rent Spread

Includes new leases executed on units that were occupied within the prior 12 months. New leases signed on units that have been vacant forlonger than 12 months and new leases signed on first generation space are non-comparable and excluded from New Rent Spreads.

Renewal Rent Spread

Includes renewal leases executed with the same tenant in all or a portion of the same location to extend the term of an expiring lease. Renewals thatinclude the expansion of an existing tenant into space that has been vacant for longer than 12 months are non-comparable and excluded fromRenewal Rent Spreads.

Option Rent Spread

Includes contractual renewal options exercised by tenants in the same location to extend the term of an expiring lease.

Total Rent Spread

Combined spreads for new, renewal and option leases.

Same Property NOI

Represents NOI of properties owned for the entirety of both periods excluding properties under development and completed development propertieswhich have been stabilized for less than one year. Same Property NOI excludes income or expense associated with the Company's captive insuranceentity.