Toys R Us Property Co I, LLC

CIK:0001474301|SEC Filings

Discontinued operations (Tables)

3 Months Ended

May 04, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule of operating results on properties classified as discontinued operations

The operating results for these properties classified as discontinued operations were derived from our historical financial information and have been segregated from continuing operations and reported separately on the Condensed Consolidated Statements of Operations for the thirteen weeks ended May 4, 2013 and April 28, 2012, respectively. These amounts have been summarized below:



	13 Weeks Ended
(In thousands)	May 4, 2013		April 28, 2012
Total revenues (1)	$	4,804	$	2,043
Earnings from discontinued operations	$	4,910	$	2,267

(1) Includes termination payments from Toys-Delaware.

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	May 04, 2013	Apr. 28, 2012
Cash Flows from Operating Activities:
Net earnings	$ 18,181	$ 14,634
Adjustments to reconcile Net earnings to net cash provided by operating activities:
Depreciation	9,013	8,697
Amortization of debt issuance costs	733	732
Amortization of original issue discount	730	650
Gain on sale of real estate	(748)	0
Other non-cash charges	(35)	(25)
Changes in operating assets and liabilities:
Due from affiliate, net and Lease allowance receivable	(4,864)	1,385
Prepaid expenses	(213)	(4,528)
Straight-line rent receivable from affiliate, Other assets and Deferred third party rent liabilities	(5,804)	(6,634)
Accrued interest, Real estate taxes payable and Other current liabilities	25,881	26,385
Deferred related party revenue	(892)	(425)
Net cash provided by operating activities	41,982	40,871
Cash Flows from Investing Activities:
Proceeds from sale of real estate	6,250	0
Net cash provided by investing activities	6,250	0
Cash and cash equivalents:
Net increase during period	48,232	40,871
Cash and cash equivalents at beginning of period	96,899	72,111
Cash and cash equivalents at end of period	$ 145,131	$ 112,982

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	May 04, 2013	Feb. 02, 2013
ASSETS
Cash and cash equivalents	$ 145,131	$ 96,899
Due from affiliate, net	10,528	5,326
Lease allowance receivable	1,055	1,393
Prepaid expenses	6,824	6,611
Total current assets	163,538	110,229
Real Estate, Net:
Land	271,246	274,228
Buildings, net	467,950	474,949
Property and leasehold improvements, net	92,762	97,296
Total real estate, net	831,958	846,473
Straight-line rent receivable from affiliate	164,381	159,164
Debt issuance costs	12,287	13,020
Other assets	530	310
Total Assets	1,172,694	1,129,196
LIABILITIES AND MEMBER’S CAPITAL
Accrued interest	31,032	5,360
Real estate taxes payable	11,505	11,209
Deferred related party revenue	2,469	3,181
Deferred related party revenue	12,098	12,990
Other current liabilities	1,317	1,404
Total current liabilities	58,421	34,144
Long-term debt	939,822	939,092
Deferred third party rent liabilities	112,971	112,626
Other non-current liabilities	3,972	4,007
Member’s capital	57,508	39,327
Total Liabilities and Member’s Capital	$ 1,172,694	$ 1,129,196