August 20, 2014 11:26 AM ET

Real Estate Management and Development

Company Overview of Toys 'R' US Property Company I, LLC

Company Overview

Toys ‘R’ Us Property Company I, LLC engages in the ownership and leasing of retail properties in the United States. The company leases the properties on a triple-net basis under a master lease to Toys ‘R’ Us–Delaware, Inc., the operating entity for Toys ‘R’ Us, Inc.’s North American businesses, which operates the stores or subleases them to alternative retailers. As of January 29, 2011, it owned fee and leasehold interests in 357 properties, which include 235 traditional toy stores; 66 juvenile stores; 52 side-by-side stores; 3 distribution centers; and 1 headquarters property in Wayne. The company was founded in 2005 and is headquartered in Wayne, New Jersey. Toys ‘R’ Us Property Company I,...

One Geoffrey Way

Wayne, NJ 07470-2030

United States

Founded in 2005

Phone:

973-617-3500

Key Executives for Toys 'R' US Property Company I, LLC

President of Toys "R" Us Inc
Age: 66
Chief Financial Officer of Toys“R”Us
Age: 52
Chief Executive Officer of Toys "R" Us Inc
Age: 62
President of Toys“R”Us-Asia
Age: 65
President of Toys“R”Us
Age: 56
Compensation as of Fiscal Year 2014.

Toys 'R' US Property Company I, LLC Key Developments

Toys 'R' US Property Company I, LLC Enters into a Term Loan Credit Agreement with Goldman Sachs Lending Partners LLC

On August 21, 2013, Toys R Us Property Company I, LLC entered into a Term Loan Credit Agreement among Propco I, as the borrower, Goldman Sachs Lending Partners LLC, as administrative agent, and the lenders party thereto. The Credit Agreement provided for unsecured term loans in an aggregate principal amount of $985 million, the net proceeds of which, together with other funds available to Propco I, were used to redeem in full Propco I's $950 million senior unsecured 10.75% notes due 2017, including accrued interest, premiums and expenses, and to pay fees and expenses relating to the Credit Agreement. The term loans under the Credit Agreement mature on August 21, 2019 and bear interest equal to, at the option of Propco I, (i) LIBOR plus a margin of 5.00% per annum or (ii) the Base Rate (defined as the higher of (x) the Federal Funds Rate plus 0.50%, (y) the rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent as its prime rate, and (z) one-month LIBOR plus 1.00%) plus a margin of 4.00% per annum, each of (i) and (ii)(z) subject to a LIBOR floor of 1.00%. The term loans are guaranteed by all of Propco I's subsidiaries (the Guarantors). The term loans are solely the obligations of Propco I and the Guarantors and will not be guaranteed by the Company or Toys-Delaware. The term loans under the Credit Agreement are required to be repaid in equal quarterly installments commencing January 31, 2014 in aggregate annual amounts equal to 1.00% of the original principal amount, with the balance payable on the final maturity date. The Credit Agreement requires Propco I to prepay outstanding term loans with 25% of the Propco I's annual excess cash flow, commencing with the fiscal year ending January 31, 2015, subject to the right of the lenders to decline such prepayment. The Credit Agreement also requires Propco I to prepay outstanding term loans, subject to certain exceptions and reinvestment rights, in connection with certain asset sales in an amount generally equal to 65% of the appraised value of the real property disposed of in such sale.

Toys 'R' Us Property Company I, LLC Announces Earnings Results for the First Quarter Ended May 4, 2013

Toys 'R' US Property Company I, LLC announced earnings results for the first quarter ended May 4, 2013. For the quarter, the company reported total revenues of $71 million, an increase of approximately $1 million versus the prior year, primarily due to an increase in base rents. Operating earnings were $41 million and earnings from continuing operations were $13 million, each increasing by approximately $1 million versus the prior year. Earnings from discontinued operations were $5 million, an increase of $3 million versus the prior year, primarily driven by an increase in termination payments required to be made by Toys“R”Us - Delaware Inc. to Toys“R”Us Property Company I under the master lease agreement for properties sold in early lease terminations.

Toys 'R' US Property Company I, LLC, Q1 2013 Fixed Income Call, Jun 25, 2013

Toys 'R' US Property Company I, LLC, Q1 2013 Fixed Income Call, Jun 25, 2013

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