Toys R Us Property Co II, LLC

CIK:0001497188|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015	Jul. 30, 2016	Aug. 01, 2015
Rental revenues:
Base rents	$ 25,544	$ 25,537	$ 51,655	$ 53,778
Tenant reimbursements	3,457	3,375	6,918	6,718
Total revenues	29,001	28,912	58,573	60,496
Depreciation	2,569	2,678	5,141	5,360
Rental expense	666	671	1,332	1,349
Common area maintenance expenses	3,454	3,375	6,918	6,718
Other operating expenses, net	729	437	1,140	1,900
Total operating expenses	7,418	7,161	14,531	15,327
Operating earnings	21,583	21,751	44,042	45,169
Interest expense, net	16,501	16,593	32,999	33,237
Net earnings	$ 5,082	$ 5,158	$ 11,043	$ 11,932

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 30, 2016	Aug. 01, 2015
Cash Flows from Operating Activities:
Net earnings	$ 11,043	$ 11,932
Adjustments to reconcile Net earnings to Net cash provided by operating activities:
Depreciation	5,141	5,360
Amortization and write-off of debt issuance costs and debt discount	2,562	2,517
Loss on sale of real estate	0	1,026
Changes in operating assets and liabilities:
Due from affiliate, net	(464)	(1,375)
Prepaid expenses	529	691
Straight-line rent receivable from affiliate and Deferred third party rent liabilities	(1,857)	(1,476)
Accrued interest, Real estate taxes payable and Other current liabilities	179	190
Other assets	(239)	0
Net cash provided by operating activities	16,894	18,865
Cash Flows from Investing Activities:
Proceeds from sale of real estate	0	592
Net cash provided by investing activities	0	592
Cash Flows from Financing Activities:
Distributions	0	(7,389)
Net cash used in financing activities	0	(7,389)
Cash and cash equivalents:
Net increase during period	16,894	12,068
Cash and cash equivalents at beginning of period	91,362	66,398
Cash and cash equivalents at end of period	$ 108,256	$ 78,466

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 30, 2016	Jan. 30, 2016
Current Assets:
Cash and cash equivalents	$ 108,256	$ 91,362
Due from affiliate, net	4,091	3,627
Prepaid expenses	886	1,415
Total current assets	113,233	96,404
Real Estate, Net:
Land	165,101	165,101
Buildings, net	135,904	138,514
Property and leasehold improvements, net	19,199	21,730
Total real estate, net	320,204	325,345
Straight-line rent receivable from affiliate	100,654	98,635
Other assets	239	0
Total Assets	534,330	520,384
Current Liabilities:
Accrued interest	10,102	10,271
Real estate taxes payable	5,074	4,679
Deferred related party revenue	260	260
Deferred third party rent liabilities	30	30
Other current liabilities	210	257
Total current liabilities	15,676	15,497
Long-term debt	718,020	715,458
Deferred third party rent liabilities	14,191	14,029
Member’s deficit	(213,557)	(224,600)
Total Liabilities and Member’s Deficit	$ 534,330	$ 520,384