The Company signed 92 new and renewal leases representing 190,000 square feet during the second quarter of 2012, primarily with service oriented entrepreneurial tenants that required less than 3,000 square feet in multi-cultural neighborhoods, which drives premium rents. A summary of leasing activity is shown below:
Community Centered Properties
- An 18% increase in total number of tenants to 963 from 813 for the same period 2011;
- An increase of 19% in the number of new and renewal leases signed: 92 in the second quarter of 2012 versus 77 in the same period of 2011; and
- Signed 190,000 square feet in new and renewal leases, with an average size of 2,060 square feet as compared to a total of 266,000 square feet and average size of 3,458 square feet in the same period of 2011.
As of June 30, 2012, the Company owned 46 Community Centered Properties
with approximately 3.6 million square feet of gross leasable area, including two development land parcels, located in five of the top markets in the United States in terms of population growth: Houston, Dallas, San Antonio, Phoenix and Chicago.
The Company's strategic efforts target entrepreneurial service oriented tenants that target the neighborhoods within three to five miles from each Community Centered Property
. These tenants tend to occupy smaller spaces (less than 3,000 square feet) and, as of June 30, 2012, provided a 60% premium rental rate compared to the Company's larger space tenants. The Company currently services 963 tenants throughout its portfolio. No single tenant accounted for more than 1.5% of the Company's annualized base rental revenues as of June 30, 2012. The tenant base mix is diversified to Drive Traffic and Drive Value
with service offerings concentrated in medical, educational, casual dining and convenience services.
The Company owned 20 properties unencumbered by debt as of June 30 2012, with an undepreciated cost basis of $121 million. The total undepreciated values of the Company's real estate assets and real estate indebtedness were $305 million and $140 million, respectively, as of June 30, 2012. As of June 30, 2012, 65% of the Company's debt was fixed-rate and the Company's weighted average interest rate for the quarter was 5.2%.